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
8565
Attachments
Submission date and time
11.02.2021 09:57:17
Content of announcement in Estonian
Title
2020. aasta IV kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID Arco Vara 2020. aasta IV kvartal kuulus suuresti eelmüükide realiseerimisele. Korterite kätteandmise ja lõpumüügi protsessis ei tulnud olulisi tagasilööke, milleks olime valmistunud seoses kestva ebakindlusega tervishoiu valdkonnas. Samuti möödus 2020. aasta IV kvartal positiivses valguses projektide finantseerimisel. Arco Vara detsembris väljastatud võlakirju märgiti oodatust enam ja on paranenud arenduslaenude tingimused. Ettevõtte usaldusväärsus on finantspartnerite ees suurenenud. Olulisteks arendusvaldkonna edasiminekuteks IV kvartalis peame Iztok Parkside kasutusloa väljastamist, Tartu Kodukalda tähtajalist valmimist ja Kodulahe Kvartali järgmise etapi ehitusega alustamist. Kodulahe Kvartalis alustasime IV ja V etapi ehitusega, kuhu on kokku projekteeritud 72 korterit. Aruande esitamise ajaks, kahekuuse müügiperioodi jooksul, on siduva lepinguga 33 korterit. Kiire müügitempo annab kindlust, et pakutav kinnisvara vastab klientide ootustele ja suurendab me soovi Kodulahe piirkonna edasi arendamiseks. Kodulahe Kvartalis alustasime ühtlasi III etapi kodude klientidele kätteandmist. Tänu soodsatele ehitustingimustele ja projektimeeskonna operatiivsele tööle loovutasime poolte kodude võtmed oodatust kaks kuud varem, 2020. aasta detsembris. Ülejäänud korterite kätteandmine jäi 2021. aasta algusesse. Tartu Kodukalda arendus valmis vastavalt planeeritule, kus on tänaseks üle antud 20 kodu, millest ligikaudu 95% müügitulu jäi 2020. aastasse. Bulgaaria Iztok Parkside kortermajad said kauaoodatud kasutusloa, mis võimaldas 2020. aasta lõpuks kokku müüa 38 korterit. Projekti ülejäänud müügitulu on oodatud 2021. aasta I kvartalis. Hoonetes on aruande esitamise ajaks kokku ilma eelmüügilepinguta vaid 3 korterit. Madrid BLVD hoones on ligikaudu 95%-ne üürnikega täituvus, mis on kõikuv seoses Bulgaarias püsivate COVID-19 piirangutega. Tulenevalt kohalikust seadusandlusest peame arvestama üksikute üüritasude ajutise vähendamisega, kuid hoone erinevate funktsioonide tõttu on lubatud Arco Vara kaubandus- ja büroohoonel olla avatud vaatamata piirangutele ülejäänud kaubanduskeskustele. Peame Arco Vara IV kvartalit edukaks. Oleme suutnud arvestatavalt kasvatada omakapitali tootlust, mis kinnitab ettevõtte efektiivsuse kasvu. Samuti on Arco Vara käimasolevad arendused liikumas vastavalt planeeritule, mis annab ettevõttele kindlust alustada uusi arendusi nii Eestis kui Bulgaarias. PÕHILISED NÄITAJAD Grupi 2020. aasta IV kvartali müügitulu oli 10 298 tuhat eurot, mis on 5% vähem kui 2019. aasta IV kvartali müügitulu 10 887 tuhat eurot. Grupi 2020. aasta 12 kuu müügitulu 14 056 tuhat eurot on 7% suurem 2019. aasta 12 kuu müügitulust 13 109 tuhat eurot. 2020. aasta IV kvartali ärikasumiks (=EBIT) kujunes 1 400 tuhat eurot ja puhaskasumiks 1 289 tuhat (12 kuud 2020: ärikasum 1 449 tuhat eurot ja puhaskasum oli 1 012 tuhat eurot). 2019. aasta IV kvartalis sai grupp ärikasumit 1 068 tuhat eurot ja puhaskasumit 848 tuhat eurot (12 kuud 2019: ärikasum 950 tuhat eurot ja puhaskasum oli 388 tuhat eurot). 2020. aasta IV kvartalis müüdi grupi poolt arendatavates projektides 64 korterit (12 kuuga kokku 81 korterit ja 1 kinnistu Lätis). 2019. aasta IV kvartalis müüdi 70 korterit ning 12 kuuga kokku 82 korterit. Grupi laenukoormus (netolaenud) langes 2020. aasta 12 kuuga 2 951 tuhande euro võrra, tasemele 8 499 tuhat eurot 31.12.2020 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.12.2020 seisuga 4,8%, mis on 0,6% võrra kõrgem võrreldes 31.12.2019 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2020. aasta IV kvartalis 10 298 tuhat eurot (IV kvartal 2019: 10 887 tuhat eurot) ja 12 kuuga 14 056 tuhat eurot (12 kuud 2019: 13 109 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas IV kvartalis 10 015 tuhat eurot ja 12 kuuga 13 129 tuhat eurot (2019. aasta: IV kvartalis 10 665 tuhat eurot ja 12 kuuga 12 152 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2020. aasta IV kvartalis oli 211 tuhat eurot ja 12 kuuga 699 tuhat eurot (2019. aasta IV kvartalis 160 tuhat eurot ja 12 kuuga 696 tuhat eurot). 2020. aasta II kvartal ja Covid-19 tõi kaasa muudatusi rentnike majanduslikus olukorras. Mitmed rentnikud 2020. aastal vahetusid, aga seda üllatuslikult Arco Varale soodsamas suunas, mistõttu hetkel on 95% kaubandus- ja kontoripindadest koos kaasnevate parkimiskohtadega välja renditud. 2019. aasta lõpus valminud Kodulahe Kvartali II etapis (Lahepea 9) on müümata äripind - viimane korter müüdi 2020. aasta II kvartalis. 2020. aastal sai Lahepea 9 maja kasutusloa. 2020. aasta IV kvartalis lõppesid ehitustööd Kodulahe Kvartali III etapis, kus valmis 50 korteriga eluhoone aadressile Soodi 4 Merimetsas. Käesoleva aruande avaldamise päevaks on müüdud 49 ning eelmüüdud 1 korter. 2020. aasta IV kvartalis alustati ka Kodulahe IV-V etapi hoonete ehitust. Valmimisel on kaks 36 korteriga eluhoonet aadressile Pagi 3 ja Pagi 5 Merimetsas. Lõppmüügi faasi jõuavad kortermajad umbes pooleteise aasta pärast. Vahearuande avaldamise päevaks on 72 korterist 16 eelmüüdud ja 17 broneerituna notari ootel. 2020. aasta IV kvartalis algasid lõppmüügid Oa tänava kinnistutel Tartus, kuhu rajati 4 väiksemat kortermaja Kodukalda projektinime all. Vahearuande avaldamise päevaks on 30 korterist müüdud 20 korterit ja eelmüüdud 1. Iztok Parkside projekti realiseerimine Sofias hoogustus 2020. aasta detsembris, mil hoone sai kasutusloa. Aruande avaldamise päevaks on eelmüügi lepinguta 3 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. 2020. aasta III kvartalis müüdi Lätis 1 krunt, millel raamatupidamislik väärtus puudus. Lätis oli 31.12.2020 ja vahearuande avaldamise kuupäeva seisuga müümata veel 4 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- EUR tuhandetes 12 kuud 2020 12 kuud 2019 IV kv 2020 IV kv 2019 ------------------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 13 129 12 152 10 015 10 665 Müügitulu teenuste müügist 927 957 283 222 Müügitulu kokku 14 056 13 109 10 298 10 887 Müüdud kinnisvara ja teenuste kulu -11 313 -11 295 -8 332 -9 654 Brutokasum 2 743 1 814 1 966 1 233 Muud äritulud 10 137 10 46 Turustuskulud -89 -96 -23 108 Üldhalduskulud -922 -777 -268 -239 Muud ärikulud -273 -121 -265 -73 Kahjum kinnisvara allahindlusest -20 -7 -20 -7 Ärikasum 1 449 950 1 400 1 068 Finantstulud- ja kulud -437 -562 -111 -220 Aruandeperioodi puhaskasum 1 012 388 1 289 848 Aruandeperioodi koondkasum 1 012 388 1 289 848 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) - tava 0,11 0,04 0,14 0,09 - lahustatud 0,11 0,04 0,14 0,09 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE ----------------------------------------------------------- EUR tuhandetes 31.12.2020 31.12.2019 ----------------------------------------------------------- Raha ja raha ekvivalendid 2 200 870 Nõuded ja ettemaksed 1 344 544 Varud 14 960 15 807 Käibevara kokku 18 504 17 221 Nõuded ja ettemaksed 5 0 Kinnisvarainvesteeringud 9 564 11 051 Materiaalne põhivara 22 265 Immateriaalne põhivara 136 217 Põhivara kokku 9 727 11 533 VARAD KOKKU 28 231 28 754 Laenukohustused 3 482 6 416 Võlad ja saadud ettemaksed 3 308 3 135 Lühiajalised kohustused kokku 6 790 9 551 Laenukohustused 7 217 5 904 Pikaajalised kohustused kokku 7 217 5 904 KOHUSTUSED KOKKU 14 007 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 3 356 2 459 OMAKAPITAL KOKKU 14 224 13 299 KOHUSTUSED JA OMAKAPITAL KOKKU 28 231 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 Q4 and 12 months of 2020
Message
GROUP CEO'S REVIEW Arco Vara's fourth quarter of 2020 was largely spent on the realisation of pre- sales. There were no significant setbacks in the process of handing over nor final sales of the apartments, for which we had been prepared due to the ongoing uncertainty in the field of healthcare. The fourth quarter of 2020 was also spent in a positive light in terms of project financing. The bonds issued by Arco Vara in December were oversubscribed and the terms of development loans have improved. The company's credibility with financial partners has increased. We consider the issuance of authorisation of the use of Iztok Parkside, the timely completion of Tartu Kodukalda and the start of the construction of the next stage of the Kodulahe quarter to be important advances in the development area in the fourth quarter. In the Kodulahe quarter, we started the construction of stage IV and V, where a total of 72 apartments have been designed. By the time of submitting the report, during the two-month sales period, 33 apartments have binding agreements. The fast pace of sales provides confidence that the offered real estate meets the expectations of our customers and increases our desire for further development of the Kodulahe region. In the Kodulahe quarter, we also started to deliver the III stage homes to customers. Thanks to favourable construction conditions and the operative work of the project team, we handed over the keys of half of the homes two months earlier than expected, in December 2020. The delivery of the remaining apartments was carried out at the beginning of 2021. The development of Tartu Kodukalda was completed according to plan, where 20 homes have been handed over by today, of which approximately 95% of the sales revenue remained in 2020. Bulgaria's Iztok Parkside apartment buildings received the long-awaited usage permit, which enabled the sale of a total of 38 apartments by the end of 2020. The remaining sales revenue of the project is expected in the first quarter of 2021. At the time of submitting the report, there are only 3 apartments in the buildings without a pre-sale agreement. The Madrid BLVD building has a tenant occupancy rate of around 95%, which fluctuates due to the persistent COVID-19 restrictions in Bulgaria. Due to local legislation, we have to take into account the temporary reduction of some rental payments, but due to the different functions of the building, the Arco Vara retail and office building is allowed to be open despite restrictions on other shopping centres. We consider the fourth quarter of Arco Vara successful. We have been able to significantly increase the return on equity, which confirms the increase in the company's efficiency. Arco Vara's ongoing developments are also moving according to plan, which gives the company the confidence to start new developments in both Estonia and Bulgaria. KEY PERFORMANCE INDICATORS In Q4 2020, the group's revenue was 10,298 thousand euros, which is 5% less than the revenue of 10,887 thousand euros in Q4 2019. In 12 months 2020, the group's revenue was 14,056 thousand euros, which is 7% more than the revenue of 13,109 thousand euros in 12 months 2019. In Q4 2020, the group's operating profit (=EBIT) was 1,400 thousand euros and net profit 1,289 thousand euros (in 12 months 2020: operating profit 1,449 thousand euros and net profit of 1,012 thousand euros). In Q4 2019, the group had operating profit of 1,068 thousand euros and net profit of 848 thousand euros. In 12 months 2019, the group made operating profit of 950 thousand euros and net profit of 388 thousand euros. In Q4 2020, 64 apartments were sold in projects developed by the group (in 12 months 2020 81 apartments and 1 land plot in Latvia). In Q4 2019, 70 apartments were sold (82 apartments in 12 months). In the 12 months of 2020, the group's debt burden (net loans) decreased by 2,951 thousand euros down to the level of 8,499 thousand euros as of 31 December 2020. As of 31 December 2020, the weighted average annual interest rate of interest-bearing liabilities was 4.8%. This is an increase of 0.6 percentage points compared to 31 December 2019. OPERATING REPORT The revenue of the group totalled 10,298 thousand euros in Q4 2020 (in Q4 2019: 10,887 thousand euros) and 14,056 thousand euros in 12 months 2020 (in 12 months 2019: 13,109 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 10,015 thousand euros in Q4 and 13,129 thousand euros in 12 months 2020 (2019: 10,665 thousand euros in Q4 and 12,152 thousand euros in 12 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 211 thousand euros in Q4 2020 and 699 thousand euros in 12 months (2019: 160 thousand euros in Q4 and 696 thousand euros in 12 months). The Q2 of 2020 and Covid-19 brought changes in the economic situation of tenants. Several tenants have been replaced during 2020, but surprisingly in a more favourable direction for Arco Vara, that is why at the moment 95% of retail and office spaces with the accompanying parking spaces are rented out. In the II Stage of the Kodulahe quarter, 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 permit of use. In Q4 2020, construction works ended in Stage III of Kodulahe quarter, where a building with 50 apartments was finished at Soodi 4 Merimetsa. By the publishing date of the interim report, 49 apartments have been sold and 1 presold. In Q4 2020, the joint construction of Stages IV and V of Kodulahe started. Two 36-apartment residential buildings at Pagi 3 and Pagi 5 in Merimetsa are under construction. The apartment buildings will become ready for final sale in about 1,5 years. By the publishing date of the interim report, 16 apartments of total 72 have been presold and 17 booked for waiting for notary. In Q4 2020, final sales of Oa street plots in Tartu started, where 4 smaller apartment buildings were constructed under the Kodukalda project name. By the publishing time of the interim report, 20 of the 30 apartments have been sold and 1 presold. In Iztok Parkside project in Sofia, the majority of final sales of apartments started in December 2020, after receiving an occupancy permit. By the publishing date of the interim report, presale agreements for 3 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. 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 Q3 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. In Q3 2020 a land plot without accounting value was sold in Latvia. As of 31 December 2020 and the date of this report, 4 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ----------------------------------------------------------------------------- In thousands of euros 12m 2020 12m 2019 Q4 2020 Q4 2019 ----------------------------------------------------------------------------- Revenue from sale of own real estate 13,129 12,152 10,015 10,665 Revenue from rendering of services 927 957 283 222 Total revenue 14,056 13,109 10,298 10,887 Cost of sales -11,313 -11,295 -8,332 -9,654 Gross profit 2,743 1,814 1,966 1,233 Other income 10 137 10 46 Marketing and distribution expenses -89 -96 -23 108 Administrative expenses -922 -777 -268 -239 Other expenses -273 -121 -265 -73 Loss on revaluation of investment property -20 -7 -20 -7 Operating profit 1,449 950 1,400 1,068 Financial income and costs -437 -562 -111 -220 Net profit for the period 1,012 388 1,289 848 Total comprehensive income for the period 1,012 388 1,289 848 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Earnings per share (in euros) - basic 0.11 0.04 0.14 0.09 - diluted 0.11 0.04 0.14 0.09 ----------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ---------------------------------------------------------------------- In thousands of euros 31 December 2020 31 December 2019 ---------------------------------------------------------------------- Cash and cash equivalents 2,200 870 Receivables and prepayments 1,344 544 Inventories 14,960 15,807 Total current assets 18,504 17,221 Receivables and prepayments 5 0 Investment property 9,564 11,051 Property, plant and equipment 22 265 Intangible assets 136 217 Total non-current assets 9,727 11,533 TOTAL ASSETS 28,231 28,754 Loans and borrowings 3,482 6,416 Payables and deferred income 3,308 3,135 Total current liabilities 6,790 9,551 Loans and borrowings 7,217 5,904 Total non-current liabilities 7,217 5,904 TOTAL LIABILITIES 14,007 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 3,356 2,459 TOTAL EQUITY 14,224 13,299 TOTAL LIABILITIES AND EQUITY 28,231 28,754 ---------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com