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
9334
Attachments
Submission date and time
17.02.2022 09:14:39
Content of announcement in Estonian
Title
2021. aasta IV kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID
Seoses kinnisvaraarenduse tsüklilise iseloomuga, oli 2021. aasta IV kvartal
oodatult väikeste müügimahtudega ja rõhk seati uute projektide ettevalmistusse.
12 kuu kokkuvõttes on tänane Arco Vara meeskond tõstnud ettevõtte omakapitali
tootluse lati järgmisele tasemele, kuid eesmärk tõsta näitaja 20%-ni vajab veel
tööd.
Ehituses olevatest arendustest Kodulahe kõik 72 kodu on leidnud omanikud ning
lõppmüükide vormistamine toimub 2022. aasta II kvartalis. Oleme suutnud püsida
graafikus nii ajaliselt kui eelarveliselt, mis seab kõrged ootused ka järgmise
Kodulahe etapi, Rannakalda jaoks.
Kodulahe Rannakalda eelmüük on aruande ilmumise hetkeks alanud - huviliste
nimekirjas on enam kui 1000 inimest. Rannakalda ehituse algatamine mõnevõrra
viibis, kuna peatöövõtja leidmine oli keeruline. Peamiseks takistuseks
ehituslepingu sõlmimisel oli teadmatus ehitusturul. Arco Vara kasutas
ebakindlust ära võimalusena värbamaks oma ehitusmeeskonda, et Arco Vara oleks ka
tuleviku arendusi silmas pidades oma aja peremees, tagades ise võimalused
ehitusprotsessi algatamise eelplaneeritud aegadel.
2021. aasta lõpus alustasime butiikhoone projekteerimist Lehiku tee 11
aadressile, mida arendame edaspidi Kuldlehe nime all. Kuldlehe hoonesse tuleb
vaid 5 korterit, kõigil maa-alune parkimine ja panipaigad juba hinnas. Ehituse
planeeritud algusaeg on 2022. aasta III kvartal ning müügi algus 2022. aasta II
kvartal.
Bulgaaria meeskond on tegelenud Botanica Lozen Residences eramute
projekteerimisega, mille esimesed 3D fotod on tänaseks leitavad ka arenduse
kodulehel. 54 eramut arendatakse välja kolmes etapis. Esimese etapi
ehitustegevuse algus on kavandatud 2022. aasta III kvartalisse.
Harjumuspäraseks väljakutseks on Sofias asuv Madrid BLVD hoone, kus aruande
ilmumise hetkel on vabad 2 kontoripinda 9-st. Vaba netopinda on vähem kui 900
m(2), kuid uute üürnike leidmine on osutunud esialgsest loodetust
aeganõudvamaks. Madrid BLVD hoone kaubanduspindadel vabu ühikuid ei ole.
2022. aasta eesmärk on suurendada mahte ja kasvada läbi uute investeeringute.
Arco Vara 2021. aasta omakapitali positsioon oli ajalooliselt kõrgeimal tasemel
ning ettevaatlikult, kuid tugevana vaatame otsa 2022. aastale.
PÕHILISED NÄITAJAD
Grupi 2021. aasta IV kvartali müügitulu oli 330 tuhat eurot, mis on kordi vähem
kui 2020. aasta IV kvartali müügitulu 10 298 tuhat eurot, mis oli seotud Iztoki
Parkside ning Kodulahe projekti Soodi 4 maja realiseerumisega 2020. a
detsembris. Grupi 2021. aasta 12 kuu müügitulu 11 613 tuhat eurot on 17% väiksem
2020. aasta 12 kuu müügitulust 14 056 tuhat eurot.
2021. aasta IV kvartali ärikahjumiks (=EBIT) kujunes 155 tuhat eurot ja
puhaskahjumiks 354 tuhat (12 kuud 2021: ärikasum 2 569 tuhat eurot ja puhaskasum
oli 2 071 tuhat eurot). 2020. aasta IV kvartalis sai grupp ärikasumit 1 400
tuhat eurot ja puhaskasumit 1 289 tuhat eurot (12 kuud 2020: ärikasum 1 449
tuhat eurot ja puhaskasum oli 1 012 tuhat eurot).
2021. aasta IV kvartalis vormistati lõppmüük garaazhidele ja Lahepea 9
äripinnale, kuid kinnisvarainvesteeringute müüke kajastatakse netosummas muu
ärituluna, mistõttu käibena enda kinnisvara müügist kajastus IV kvartalis vaid
37 tuhat eurot. 2021. aasta 12 kuuga müüdi kokku 63 korterit ja 2 äripinda.
2020. aasta IV kvartalis müüdi 64 korterit ning 12 kuuga kokku 81 korterit ja
kinnistu Lätis.
Grupi laenukoormus (netolaenud) tõusis 2021. aasta 12 kuuga 485 tuhande euro
võrra, tasemele 11 184 tuhat eurot 31.12.2021 seisuga. Grupi intressikandvate
kohustuste kaalutud keskmine intressimäär oli 31.12.2021 seisuga 5,2%, mis on
0,4% võrra kõrgem võrreldes 31.12.2020 seisuga.
TEGEVUSTE ARUANNE
Grupi müügitulu oli 2021. aasta IV kvartalis 330 tuhat eurot (IV kvartal
2020: 10 298 tuhat eurot) ja 12 kuuga 11 613 tuhat eurot (12 kuud 2020: 14 056
tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas
IV kvartalis 37 tuhat eurot ja 12 kuuga 10 478 tuhat eurot (2020. aasta: IV
kvartalis 10 015 tuhat eurot ja 12 kuuga 13 129 tuhat eurot).
Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu
Madrid Blvd hoonest Sofias, mis 2021. aasta IV kvartalis oli 202 tuhat eurot ja
12 kuuga 810 tuhat eurot (2020. aasta IV kvartalis 211 tuhat eurot ja 12 kuuga
699 tuhat eurot). Käesoleva aruande ilmumise ajal olid 2 kontori pinda vaba,
kuid kõik kaubanduspinnad kaasnevate parkimiskohtadega välja renditud.
Rentnikuta kontori pind moodustab 11,7% renditavast büroo- ja kaubanduspinnast.
2020. aasta IV kvartalis lõppesid ehitustööd Merimetsa piirkonnas Kodulahe
kvartali III etapis, kus valmis 50 korteriga eluhoone aadressile Soodi 4.
Projektis said 2021. aastal kõik korterid müüdud ning majal on olemas
kasutusluba.
2020. aasta lõpus alustati Kodulahe IV-V etapi hoonete ehitust. Valmimisel on
kaks 36 korteriga eluhoonet aadressile Pagi 3 ja Pagi 5. Ehitus on kulgenud
plaanipäraselt. Lõppmüügi faasi jõuavad kortermajad 2022. aasta suvel. Kõik 72
korterit on eelmüüdud.
Kodulahe projekti VI etapi ehitus aadressil Lammi 8 algas 2022. aasta veebruaris
Arco Vara enda ehitusettevõtte Arco Tarc OÜ poolt. Plaanis on ehitada paviljon,
4 teeninduspinda ja 108 korterit, millest paljud on merevaatega. Korterelamud
saavad valmis umbes 2 aastat pärast ehituse algust.
Arco Vara tütarettevõte Aktsiaselts Kolde sõlmis 2021. aastal lepingu maa ostuks
Harku järve kaldale, aadressile Paldiski mnt 124b, Tallinn. Arendamisele tuleb
enam kui 35 000 m(2) elamu- ja ärikinnisvara (brutoehitusmaht), mille oodatav
arendusperiood on 6 aastat. Projekti esimese etapi ehituse algus on planeeritud
2023. aastasse. Käimas on detailplaneeringu protsess.
2021. aasta II kvartalis lõppesid müügid Oa tänava kinnistutel Tartus, kuhu
rajati 4 väiksemat kortermaja kokku 30 korteriga Kodukalda projektinime all.
2021. aasta II kvartalis said Kodukalda majad ka kasutusloa.
Iztok Parkside projekti realiseerimine Sofias hoogustus 2020. aasta detsembris,
mil hoone sai kasutusloa. 2021. aasta aprillis müüdi viimane korter. Kuna
korterid anti bürokraatlike takistuste tõttu kätte aasta hiljem kui lubatud,
soovib 2 klienti hüvitist kokku summas 21 tuhat eurot. Nõudele on koostatud
provisjon.
Botanica Lozeni projekti värskeim vaade näeb ette 54 kodu (eramud) rajamist
kolme etapis. Oodatav ehituse alguse aeg on 2022. aasta sügis, mis alustatakse
esimese 16 hoone ehitusega. Ehitusaeg on vähemalt 2 aastat.
Lätis oli 31.12.2021 müümata 4 Marsili elamukrunti, millest 1 on vahearuande
avaldamise kuupäeva seisuga omaniku leidnud.
KONSOLIDEERITUD KOONDKASUMIARUANNE
-------------------------------------------------------------------------------
EUR tuhandetes 12 kuud
12 kuud 2021 2020 IV kv 2021 IV kv 2020
-------------------------------------------------------------------------------
Müügitulu enda kinnisvara
müügist 10 478 13 129 37 10 015
Müügitulu teenuste müügist 1 135 927 293 283
Müügitulu kokku 11 613 14 056 330 10 298
Müüdud kinnisvara ja teenuste
kulu -8 578 -11 313 -123 -8 332
Brutokasum 3 035 2 743 207 1 966
Muud äritulud 277 10 5 10
Turustuskulud -200 -89 -91 -23
Üldhalduskulud -1 106 -922 -475 -268
Muud ärikulud -95 -273 -37 -265
Kasum kinnisvarainvesteeringute
ümberhindamisest 658 -20 236 -20
Ärikasum (-kahjum) 2 569 1 449 -155 1 400
Finantstulud ja -kulud -390 -437 -91 -111
Kasum (kahjum) enne tulumaksu 2 179 1 012 -246 1 289
Tulumaksukulu -108 0 -108 0
Aruandeperioodi puhaskasum (-
kahjum) 2 071 1 012 -354 1 289
Aruandeperioodi koondkasum (-
kahjum) 2 071 1 012 -354 1 289
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
- tava 0,22 0,11 -0,03 0,14
- lahustatud 0,22 0,11 -0,03 0,14
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
---------------------------------------------------------------------
EUR tuhandetes 31.12.2021 31.12.2020
---------------------------------------------------------------------
Raha ja raha ekvivalendid 1 863 2 200
Nõuded ja ettemaksed 3 701 1 344
Varud 15 761 14 960
Käibevara kokku 21 325 18 504
Nõuded ja ettemaksed 5 5
Kinnisvarainvesteeringud 9 943 9 564
Materiaalne põhivara 154 22
Immateriaalne põhivara 87 136
Põhivara kokku 10 189 9 727
VARAD KOKKU 31 514 28 231
Laenukohustused 6 043 3 482
Võlad ja saadud ettemaksed 2 368 3 308
Lühiajalised kohustused kokku 8 411 6 790
Laenukohustused 5 141 7 217
Pikaajalised kohustused kokku 5 141 7 217
KOHUSTUSED KOKKU 13 552 14 007
Aktsiakapital 7 272 6 299
Registreerimata aktsiakapital 0 273
Ülekurss 3 835 2 285
Kohustuslik reservkapital 2 011 2 011
Jaotamata kasum 4 844 3 356
Emaettevõtte omanikele kuuluv omakapital 17 962 14 224
OMAKAPITAL KOKKU 17 962 14 224
KOHUSTUSED JA OMAKAPITAL KOKKU 31 514 28 231
---------------------------------------------------------------------
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 2021
Message
GROUP CEO'S REVIEW Due to the cyclical nature of real estate development, Q4 of 2021 had a predictably low sales volume and the focus was on preparing new projects. Across 12 months, the current team of Arco Vara has raised the bar of ROE to the next level, but the objective of raising it to 20% still needs more work. Out of the developments being built, all 72 homes of Kodulahe have found their owners and final sales will be formalised in Q2 of 2022. We have managed to stay on schedule in terms of both time and budget, meaning that expectations are also high for the next stage of Kodulahe - Rannakalda. Pre-sales of Kodulahe Rannakalda have commenced at the time of publishing this report - over 1,000 people are listed as interested. Commencement of construction works at Rannakalda was somewhat delayed, since it was difficult to find a main contractor. The primary hindrance in concluding a building contract was uncertainty on the construction market. Arco Vara made use of the uncertainty as an opportunity to recruit its own construction team, so that Arco Vara would be able to be the master of its own time when going forward with future developments, ensuring that construction works can commence at pre- planned times. At the end of 2021, we began the designing works for a boutique building at Lehiku tee 11, which continued developments under the name Kuldlehe. The Kuldlehe building will contain only five apartments, all of which include underground parking and storage spaces as part of the price. Construction is expected to begin in Q3 of 2022 and sales in Q2 of 2022. The Bulgarian team has been designing the private homes of Botanica Lozen Residences, the first 3D photos of which are now also available at the website of the development. 54 residences are to be developed in three stages. Construction works of the first stage should commence in Q3 of 2022. A usual challenge is the building at Madrid BLVD in Sofia, where two office premises out of nine are available at the time of publishing this report. Unoccupied net area is less than 900 m(2), but finding new tenants has turned out to be more time-consuming than initially hoped. There are no unoccupied trade premises at Madrid BLVD. The objective of 2022 is to increase volumes and grow via new investments. The equity position of 2021 of Arco Vara was at an all-time high and we face 2022 with caution, but from a strong standpoint. KEY PERFORMANCE INDICATORS In Q4 2021, the group's revenue was 330 thousand euros, which is several times less than the revenue of 10,298 thousand euros in Q4 2020, which was related to the realization of the Iztok Parkside and Soodi 4 house in Kodulahe project in December 2020. In 12 months 2021, the group's revenue was 11,613 thousand euros, which is 17% less than the revenue of 14,056 thousand euros in 12 months 2020. In Q4 2021, the group's operating loss (=EBIT) was 155 thousand euros and net loss 354 thousand euros (in 12 months 2021: operating profit 2,569 thousand euros and net profit of 2,071 thousand euros). In Q4 2020, the group had operating profit of 1,400 thousand euros and net profit of 1,289 thousand euros. In 12 months 2020, the group made operating profit of 1,449 thousand euros and net profit of 1,012 thousand euros. In Q4 2021, final sales were made in garages and commercial space in Lahepea 9, but as the sale of real estate investments is recorded in the net amount as other operating income, the revenue from the sale of own real estate in the Q4 was only 37 thousand euros. In 12 months 2021 a total of 63 apartments and two commercial spaces were sold. In Q4 2020, 64 apartments were sold (81 apartments and a land plot in Latvia in 12 months). In the 12 months of 2021, the group's debt burden (net loans) increased by 485 thousand euros up to the level of 11,184 thousand euros as of 31 December 2021. As of 31 December 2021, the weighted average annual interest rate of interest- bearing liabilities was 5.2%. This is an increase of 0.4 percentage points compared to 31 December 2020. OPERATING REPORT The revenue of the group totalled 330 thousand euros in Q4 2021 (in Q4 2020: 10 298 thousand euros,) and 11,613 thousand euros in 12 months 2021 (in 12 months 2020: 14,056 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 37 thousand euros in Q4 and 10,478 thousand euros in 12 months 2021 (2020: 10,015 thousand euros in Q4 and 13,129 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 202 thousand euros in Q4 2021 and 810 thousand euros in 12 months (2020: 211 thousand euros in Q4 and 699 thousand euros in 12 months). By the time of publishing the present report, two office spaces were vacant, but all commercial spaces, together with parking places, were rented out. The free office spaces make 11.7% of the rented office and retail area. In Q4 2020, construction finished in Stage III of Kodulahe project, a residential building with 50 apartments at Soodi 4. All apartments were sold in 2021 and the house has the usage permit. At the end of 2020, the joint construction of Stages IV and V of Kodulahe started. Two 36-apartment residential buildings at Pagi 3 and Pagi 5 are under construction. The apartment buildings will become ready for final sale in the summer of 2022. All 72 apartments have been presold. The construction of the Stage VI of Kodulahe project at Lammi 8 started in February 2022 by Arco Vara's own construction company Arco Tarc OÜ. The plan is to build a pavilion, 4 commercial areas and 108 apartments, out of which many have sea view. The apartment buildings will become ready in about 2 years after the construction begins. A subsidiary of Arco Vara, Aktsiaselts Kolde, signed an agreement for land acquisition beside Lake Harku, address Paldiski road 124b, Tallinn. More than 35,000 m(2) of residential and commercial real estate (GBA) is planned for development. The expected development period is 6 years with the start of construction planned for 2023. The detailed planning is in process. In Q2 2021, sales on the apartments of Oa street in Tartu ended, where 4 smaller apartment buildings with a total of 30 apartments were built under the Kodukalda project name. In 2021, Kodukalda houses also received a usage permit. In Iztok Parkside project in Sofia, the majority of final sales of apartments started in December 2020, after receiving a usage permit. The last apartment was sold in April 2021. As the apartments were handed over a year later than promised due to bureaucratic obstacles, 2 clients want compensation in the total amount of 21 thousand euros. A provision has been prepared for the claim. The last vision of the Botanica Lozen project foresees construction of 54 homes (houses) in three stages. The expected start time of construction is the autumn of 2022, when the construction of the first 16 buildings will start. Minimum construction period is 2 years. As of 31 December 2021, 4 Marsili residential plots were unsold in Latvia, of which 1 has found an owner as of the date of publication of the interim report. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ------------------------------------------------------------------------------- In thousands of euros 12m 2021 12m 2020 Q4 2021 Q4 2020 ------------------------------------------------------------------------------- Revenue from sale of own real estate 10,478 13,129 37 10,015 Revenue from rendering of services 1,135 927 293 283 Total revenue 11,613 14,056 330 10,298 Cost of sales -8,578 -11,313 -123 -8,332 Gross profit 3,035 2,743 207 1,966 Other income 277 10 5 10 Marketing and distribution expenses -200 -89 -91 -23 Administrative expenses -1,106 -922 -475 -268 Other expenses -95 -273 -37 -265 Gain on investment property 658 -20 236 -20 Operating profit/ loss 2,569 1,449 -155 1,400 Financial income and costs -390 -437 -91 -111 Profit/ loss before tax 2,179 1,012 -246 1,289 Income tax -108 0 -108 0 Net profit/ loss for the period 2,071 1,012 -354 1,289 Total comprehensive income/ expense for the period 2,071 1,012 -354 1,289 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Earnings per share (in euros) - basic 0.22 0.11 -0.03 0.14 - diluted 0.22 0.11 -0.03 0.14 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 31 December 2021 31 December 2020 ------------------------------------------------------------------------------- Cash and cash equivalents 1,863 2,200 Receivables and prepayments 3,701 1,344 Inventories 15,761 14,960 Total current assets 21,325 18,504 Receivables and prepayments 5 5 Investment property 9,943 9,564 Property, plant and equipment 154 22 Intangible assets 87 136 Total non-current assets 10,189 9,727 TOTAL ASSETS 31,514 28,231 Loans and borrowings 6,043 3,482 Payables and deferred income 2,368 3,308 Total current liabilities 8,411 6,790 Loans and borrowings 5,141 7,217 Total non-current liabilities 5,141 7,217 TOTAL LIABILITIES 13,552 14,007 Share capital 7,272 6,299 Unregistered share capital 0 273 Share premium 3,835 2,285 Statutory capital reserve 2,011 2,011 Retained earnings 4,844 3,356 Total equity attributable to owners of the parent 17,962 14,224 TOTAL EQUITY 17,962 14,224 TOTAL LIABILITIES AND EQUITY 31,514 28,231 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com