Market announcement
Arco Vara AS
LEI code
097900BHCB0000066171
Size of the entity
Small group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
8192
Attachments
Submission date and time
30.07.2020 10:46:26
Content of announcement in Estonian
Title
2020. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID Tulemused teises kvartalis positiivseid üllatusi ei toonud. Seoses Covid-19 jätkuva puhanguga kvartali alguses, oli kinnisvarasektori müügitempo võrreldes paari eelneva aastaga selgelt aeglasem. Siiski on õnnestunud kõik arendused hoida kindlalt ehitusgraafikus ja tööd kordagi seiskunud ei ole. Kodulahe projekti kolmandast hoonest on aruande valmimise hetkeks eelmüüdud ligikaudu 50% korteritest, mille müügitulu on oodatud 2021. aasta esimeses kvartalis. Hoone ehitus on plaanipärane. Algamas on Kodulahe projekti IV ning V hoone ehitushanke koostamine - ehituse algusaeg oleneb soovitud ehitushinna saavutamisest. Tartus Kodukalda 30 korteriga arenduses käib ehitus vastavalt graafikule ja eelmüügilepingud on sõlmitud 13 korteri müügiks. Müügitulu on oodatud 2020. aasta neljandas kvartalis. Bulgaarias Iztok Parkside kortermajad ei ole saanud kasutusluba, kuid klientide huvi on püsiv, mida kinnitab ka asjaolu, et 85% korteritele on sõlmitud eelmüügilepingud. Jätkuvalt probleemiks olevate juurdepääsutänavate teemal loeme positiivseks uudiseks, et kõnealused tänavad on kantud Sofia linna omandisse, tänu millele saab sel aastal võimalikuks kasutusloa taotluse esitamine vajalikele ametkondadele. Samas peame arvestama, et Bulgaarias kasvuteel olevad Covid-19 juhtumid võivad kasutusloa protsessi aeglustada. Madrid BLVD hoones lõpetati Covid-19 poolt kaasa toodud majanduslike raskuste tõttu mõne ettevõttega üürilepingud, kuid Bulgaarias asuv meeskond on taas saavutanud rentnikega ligikaudu 95% täituvuse. Jooksval aastal on peamisteks küsimusteks: millisesse arendusse suunata kapitali, kasutamaks ära kõikuvaid ehitushindu, tõstmaks omakapitali tootlust ning soov leida võimalused maapanga suurendamiseks tulevaste arenduste jaoks Eestis. Arco Vara juhatus on 2020. aasta II kvartali jooksul saanud kinnitust, et tänane olukord erineb paljuski eelmisest kriisist, mida kinnitab turuaktiivsuse tõus juunis ja erakordselt aktiivne juuli. Seega on juhatuse vaade Eesti arenduste osas optimistlik, aga tervishoiu seisu arvestades Bulgaarias konservatiivne. PÕHILISED NÄITAJAD Grupi 2020. aasta II kvartali müügitulu oli 951 tuhat eurot, mis on 37% enam kui 2019. aasta II kvartali müügitulu 695 tuhat eurot. Grupi 2020. aasta 6 kuu müügitulu 3 189 tuhat eurot on 83% suurem 2019. aasta 6 kuu müügitulust 1 746 tuhat eurot. 2020. aasta II kvartali ärikasumiks (=EBIT) kujunes 42 tuhat eurot ja puhaskahjumiks 69 tuhat (6 kuud 2020: ärikasum 175 tuhat eurot ja puhaskahjum oli -49 tuhat eurot). 2019. aasta II kvartalis sai grupp ärikahjumit 59 tuhat eurot ja puhaskahjumit 174 tuhat eurot (6 kuud 2019: ärikahjum 54 tuhat eurot ja puhaskahjum oli 286 tuhat eurot). 2020. aasta II kvartalis müüdi grupi poolt arendatavates projektides 5 korterit (6 kuuga kokku 15 korterit). 2019. aasta II kvartalis müüdi 3 korter ning 6 kuuga kokku 10 korterit. Grupi laenukoormus (netolaenud) tõusis 2020. aasta esimese 6 kuuga 2 420 tuhande euro võrra, tasemele 13 870 tuhat eurot 30.06.2020 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 30.06.2020 seisuga 4,7%, mis on 0,5% võrra kõrgem võrreldes 31.12.2019 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2020. aasta II kvartalis 951 tuhat eurot (II kvartal 2019: 695 tuhat eurot) ja 6 kuuga 3 189 tuhat eurot (6 kuud 2019: 1 746 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas II kvartalis 782 tuhat eurot ja 6 kuuga 2 777 tuhat eurot (2019. aasta: II kvartalis 440 tuhat eurot ja 6 kuuga 1 263 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2020. aasta II kvartalis oli 148 tuhat eurot ja 6 kuuga 310 tuhat eurot (2019. aasta II kvartalis 178 tuhat eurot ja 6 kuuga 350 tuhat eurot). 2020. aasta II kvartal ja Covid-19 tõi kaasa muudatusi rentnike majanduslikus olukorras. Mitmed rentnikud on lähikuude jooksul vahetunud, aga seda üllatuslikult Arco Varale soodsamas suunas, mistõttu näeme võimalust, et 2020. aasta sügisest on kõik kaubandus- ja kontoripinnad koos kaasnevate parkimiskohtadega välja renditud. 2019. aasta lõpus valminud Kodulahe kvartali II etapis on müümata äripind - viimane korter müüdi 2020. aasta II kvartalis. 2020. aastal sai Lahepea 9 maja kasutusloa. 2020. aasta II kvartalis jätkusid ehitustööd Kodulahe kvartali III etapis, kuhu tuleb 50 korteriga eluhoone aadressile Soodi 4 Merimetsas. Ehitus on plaanis valmis jõuda 2021. aasta I kvartalis, kuid soodsate ehitustingimuste jätkumisel võib maja valmida juba ka 2020. aasta IV kvartalis. Vahearuande avaldamise päevaks on eelmüüdud 26 korterit. Kodulahe IV-V etapil on olemas ehitusluba, projekteerimine on lõppenud. IV-V etapi ühist ehitust on plaanis alustada hiljemalt 2021. aastal. Lõppmüügi faasi jõuavad kortermajad umbes poolteist aastat pärast ehituse alustamist. 2020. aasta II kvartalis jätkusid ehitustööd Oa tänava kinnistutel Tartus, kuhu on rajamisel 4 väiksemat kortermaja Kodukalda projektinime all. Ehitus peaks plaanide kohaselt lõppema 2020. aasta IV kvartalis. Vahearuande avaldamise päevaks on eelmüüdud 13 korterit 30st. Iztok Parkside projekti realiseerimine Sofias jätkus 2020. aasta II kvartali lõpus, kuid on suuremas osas planeeritud 2020. aasta III kvartalisse peale kasutusloa saamist. Aruande avaldamise päevaks on eelmüügi lepinguta 10 korterit. Projekt koosneb kolmest kortermajast kokku 67 korteriga. Botanica Lozeni projekti projekteerimistööd Bulgaarias Sofia lähedal on lõppenud. Kuna kavandatud oli preemiumklassi arendus, siis hetkel on otsustatud projekt ajutiselt külmutada ning oodata turu taastumist Covid-19st. Ehitus võiks soodsate turutingimuste jätkudes alata 2021. aasta kolmandas kvartalis, jaotatuna väiksemateks etappideks. Projekti raames on plaanis rajada 179 kodu (korterid ja eramud), kaubanduspinnad ja lasteaed. Oodatav ehitusaeg on vähemalt 2 aastat. Lätis oli 30.06.2020 ja vahearuande avaldamise kuupäeva seisuga müümata veel 4 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- EUR tuhandetes 6 kuud 2020 6 kuud 2019 II kv 2020 II kv 2019 ------------------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 2 777 1 263 782 440 Müügitulu teenuste müügist 412 483 169 255 Müügitulu kokku 3 189 1 746 951 695 Müüdud kinnisvara ja teenuste kulu -2 541 -1 329 -714 -514 Brutokasum 648 417 237 181 Muud äritulud 0 91 0 0 Turustuskulud -57 -153 -15 -68 Üldhalduskulud -415 -382 -179 -149 Muud ärikulud -1 -27 -1 -23 Ärikasum (-kahjum) 175 -54 42 -59 Finantstulud- ja kulud -224 -232 -111 -115 Aruandeperioodi puhaskahjum -49 -286 -69 -174 Aruandeperioodi koondkahjum -49 -286 -69 -174 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) - tava -0,01 -0,03 -0,01 -0,02 - lahustatud -0,01 -0,03 -0,01 -0,02 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE ----------------------------------------------------------- EUR tuhandetes 30.06.2020 31.12.2019 ----------------------------------------------------------- Raha ja raha ekvivalendid 781 870 Nõuded ja ettemaksed 545 544 Varud 18 476 15 807 Käibevara kokku 19 802 17 221 Kinnisvarainvesteeringud 10 696 11 051 Materiaalne põhivara 257 265 Immateriaalne põhivara 184 217 Põhivara kokku 11 137 11 533 VARAD KOKKU 30 939 28 754 Laenukohustused 7 800 6 416 Võlad ja saadud ettemaksed 3 303 3 135 Lühiajalised kohustused kokku 11 103 9 551 Laenukohustused 6 673 5 904 Pikaajalised kohustused kokku 6 673 5 904 KOHUSTUSED KOKKU 17 776 15 455 Aktsiakapital 6 299 6 299 Registreerimata aktsiakapital 273 0 Ülekurss 2 285 2 285 Kohustuslik reservkapital 2 011 2 011 Muud reservid 0 245 Jaotamata kasum 2 295 2 459 OMAKAPITAL KOKKU 13 163 13 299 KOHUSTUSED JA OMAKAPITAL KOKKU 30 939 28 754 ----------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Content of announcement in English
Title
Unaudited consolidated interim report for Q2 and 6 months of 2020
Message
GROUP CEO'S REVIEW The results in the second quarter did not bring any positive surprises. Due to the continuing outbreak of Covid-19 at the beginning of the quarter, the pace of sales in the real estate sector was clearly slower compared to the previous few years. Nevertheless, all developments have been kept on schedule and work has never been stopped. Approximately 50% of the apartments in the third building of the Kodulahe project have been pre-sold by the time the report is completed, the sales revenue of which is expected in the first quarter of 2021. The construction of the building is going according to the schedule. The preparation of the construction procurement for the IV and V buildings of the Kodulahe project is commencing - the starting time of construction depends on the achievement of the desired construction price. In Tartu, Kodukalda 30 apartment development is under construction pursuant to the schedule and pre-sale contracts have been concluded for the sale of 13 apartments. Sales revenue is expected by the fourth quarter of 2020. Iztok Parkside apartment buildings in Bulgaria have not received a permit for use, but the interest of clients is persistent, which is also confirmed by the fact that 85% of the apartments have been awarded pre-sale contracts. On the issues of the access roads that continue to be a problem, we consider it positive news that these streets have been entered into the ownership of the city of Sofia, making it possible this year to submit an application for authorisation to the necessary authorities. However, we must take into account that growing Covid-19 cases in Bulgaria may slow down the authorisation process. In the Madrid BLVD building, leases with some companies were terminated as a result of the economic difficulties brought about by Covid-19, but the Bulgarian-based team again achieved occupancy with tenants by around 95%. The main issues for the current year are: which development to channel capital into, to take advantage of fluctuating construction prices, to increase the return on equity and the desire to find ways to increment the funds of the land bank for future developments in Estonia. The management board of Arco Vara has received confirmation during Q2 that today's situation is very different from the previous crisis, as confirmed by the increase in market activity in June and exceptionally active July. Therefore, the board's view on the developments in Estonia is optimistic, but given the state of health care, in Bulgaria it is conservative. KEY PERFORMANCE INDICATORS In Q2 2020, the group's revenue was 951 thousand euros, which is 37% more than the revenue of 695 thousand euros in Q2 2019. In 6 months 2020, the group's revenue was 3,189 thousand euros, which is 83% more than the revenue of 1,746 thousand euros in 6 months 2019. In Q2 2020, the group's operating profit (=EBIT) was 42 thousand euros and net loss 69 thousand euros (in 6 months 2020: operating profit 175 thousand euros and net loss of 49 thousand euros). In Q2 2019, the group had operating loss of 59 thousand euros and net loss of 174 thousand euros. In 6 months 2019, the group made operating loss of 54 thousand euros and net loss of 286 thousand euros. In Q2 2020, 5 apartments were sold in projects developed by the group (in 6 months 2020 15 apartments). In Q2 2019, 3 apartments were sold (10 apartments in 6 months). In the 6 months of 2020, the group's debt burden (net loans) increased by 2,420 thousand euros up to the level of 13,870 thousand euros as of 30 June 2020. As of 30 June 2020, the weighted average annual interest rate of interest-bearing liabilities was 4.7%. This is an increase of 0.5 percentage points compared to 31 December 2019. OPERATING REPORT The revenue of the group totalled 951 thousand euros in Q2 2020 (in Q2 2019: 695 thousand euros,) and 3,189 thousand euros in 6 months 2020 (in 6 months 2019: 1,746 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 782 thousand euros in Q2 and 2,777 thousand euros in 6 months 2020 (2019: 440 thousand euros in Q2 and 1,263 thousand euros in 6 months). Most of the other revenue of the group consisted of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 148 thousand euros in Q2 2020 and 310 thousand euros in 6 months (2019: 178 thousand euros in Q2 and 350 thousand euros in 6 months). The Q2 of 2020 and Covid-19 brought changes in the economic situation of tenants. Several tenants have been replaced during the last months, but surprisingly in a more favourable direction for Arco Vara, that is why we see the opportunity that starting from the autumn 2020 all retail and office spaces with the accompanying parking spaces will be rented out. In the II Stage of the Kodulahe project, which was completed at the end of 2019, commercial space remains unsold - the last apartment was sold in Q2 2020. In 2020, Lahepea 9 house received building permit. In Q2 2020, construction works continued in Stage III of Kodulahe project, where a building with 50 apartments will be located at Soodi 4 Merimetsa. The project is expected to be finalized by the Q1 2021. By the publishing date of the interim report, 26 apartments have been presold. Stages IV-V of Kodulahe have construction permits, design works are finished. The joint construction of Stages IV and V is scheduled to start latest in 2021. The apartment buildings will become ready for final sale in about 1,5 years after the construction begins. In Q2 2020, construction works of Oa street plots in Tartu continued, where of 4 smaller apartment buildings are constructed under Kodukalda project name. The construction is scheduled to end in Q4 2020. By the publishing time of the interim report, 13 out of 30 apartments have been presold. In Iztok Parkside project in Sofia, the final sale of apartments started at the end of Q4 2019, but the main sales are planned to take place during 2020 after receiving an occupancy permit. By the publishing date of the interim report, presale agreements for 10 apartments have not been concluded. Iztok project consists of three apartment buildings with a total of 67 apartments. In the Lozen project near Sofia in Bulgaria, design works have been completed and construction tender is in process. As the development was designed as a premium class product, it has been decided to temporarily freeze the project and wait for the market to recover from Covid-19. Under favourable market conditions, construction may start in 2021, divided into smaller sub-stages. The project foresees construction of 179 homes (apartments and houses), commercial spaces and a kindergarten. Minimum construction period is 2 years. As of 30 June 2020 and the date of this report, 4 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME --------------------------------------------------------------------------- In thousands of euros 6m 2020 6m 2019 Q2 2020 Q2 2019 --------------------------------------------------------------------------- Revenue from sale of own real estate 2,777 1,263 782 440 Revenue from rendering of services 412 483 169 255 Total revenue 3,189 1,746 951 695 Cost of sales -2,541 -1,329 -714 -514 Gross profit 648 417 237 181 Other income 0 91 0 0 Marketing and distribution expenses -57 -153 -15 -68 Administrative expenses -415 -382 -179 -149 Other expenses -1 -27 -1 -23 Operating profit (loss) 175 -54 42 -59 Financial income and costs -224 -232 -111 -115 Net loss for the period -49 -286 -69 -174 Total comprehensive expense for the period -49 -286 -69 -174 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Earnings per share (in euros) - basic -0.01 -0.03 -0.01 -0.02 - diluted -0.01 -0.03 -0.01 -0.02 --------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------ In thousands of euros 30 June 2020 31 December 2019 ------------------------------------------------------------------ Cash and cash equivalents 781 870 Receivables and prepayments 545 544 Inventories 18,476 15,807 Total current assets 19,802 17,221 Investment property 10,696 11,051 Property, plant and equipment 257 265 Intangible assets 184 217 Total non-current assets 11,137 11,533 TOTAL ASSETS 30,939 28,754 Loans and borrowings 7,800 6,416 Payables and deferred income 3,303 3,135 Total current liabilities 11,103 9,551 Loans and borrowings 6,673 5,904 Total non-current liabilities 6,673 5,904 TOTAL LIABILITIES 17,776 15,455 Share capital 6,299 6,299 Unregistered share capital 273 0 Share premium 2,285 2,285 Statutory capital reserve 2,011 2,011 Other reserves 0 245 Retained earnings 2,295 2,459 TOTAL EQUITY 13,163 13,299 TOTAL LIABILITIES AND EQUITY 30,939 28,754 ------------------------------------------------------------------ Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com