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
Annual financial report
Unique data record identifier
9444
Attachments
Submission date and time
07.04.2022 09:38:37
Content of announcement in Estonian
Title
Arco Vara majandusaasta aruanne 2021
Message
JUHATAJA KOMMENTAARID 2021. aastal muutlikuks kujunenud kinnisvaramaastikul suutis Arco Vara kollektiiv kindlustada enam kui 40 000 m(2) jagu uusi arendusmahte, mis loovad ettevõttele tugeva vundamendi järgnevaks viieks aastaks. Samuti suudeti täita seatud eesmärgid aktsiaemissioonil ja ehituses olevate objektide müügimahtudega. Lisaks eelnevale ei ole Arco Vara sõjaga seotud ohtude valguses peatanud ühtegi arendusprojekti ehk jätkame kodude pakkumise ja ehitamisega nähes, et pakkumist on nõudlusest vähem, olenemata sõjategevusest Ukrainas. Suurimaks muudatuseks Arco Vara Grupis on ehitusettevõtte Arco Tarc loomine, mille meeskond alustas Kodulahe Rannakalda projektiga käesoleva aasta jaanuaris. Peamiseks ehitusettevõtte loomise põhjuseks oli ka eelmainitud loodud pikaajalisem vundament, mille edukaks arendamiseks soovime olla ka ehitusprotsessi ajakanali juhid. Rannakalda müügiprotsess on aastaaruande avaldamise hetkeks saanud alguse ja eelmüüdud või broneeritud on juba 30% korterite koguarvust. Kodulahe Kvartalis, mis on Arco Vara suurim müügis olev projekt, suudeti 2021. aastal eelmüüa 100% kodudest Pagi 3 ja Pagi 5 aadressil. Projekti ehituspartner on suutnud tagada tähtsad tarned, tänu millele on hoonete valmimine graafikus ja kodude üleandmised algavad juba kahe kuu jooksul. Bulgaaria meeskonna peamisteks ülesanneteks on seni Botanica Lozen Residences projekti projekteerimine ja Madrid BLVD üüritootluse tagamine. Madrid BLVD üüripindadest on käesolevaks hetkeks vaba üks kontoripind, mille suuruseks on ligikaudu 800 m(2). Suurimaks ülesandeks Bulgaarias ongi Madrid BLVD üürnikega 100% täituvuse saavutamine, mis jahenenud äripindade turul on peamiseks väljakutseks. Samuti tegeleb Bulgaaria meeskond uute kinnistute otsingutega, et luua Sofias kestev arendustegevuse vundament. Kuna ärikinnisvara üüriturg ei ole Arco Vara põhitegevus, on Grupp sobiva kokkuleppe saavutamisel valmis Madrid BLVD hoone müüma ning kasutama vabanevat omakapital uute maade soetamiseks. Botanica Lozen Residences projekt on saavutanud tugeva kohaliku huvi, mille materjalidega saab tutvuda www.botanicalozen.bg (http://www.botanicalozen.bg) leheküljel. Müügiprotsessis alustati eelbroneeringute sõlmimisega, kuid eelmüügilepingu sõlmimisteni planeerime jõuda peale ehituslepingu allkirjastamist, et vältida kodude kahjumlikku müümist. Ehituse algus on planeeritud käesoleva aasta III kvartalisse. Väljakutsetena 2022. aastal näeme ehitushinna ja inflatsiooni riski. Nendest esimest saame kontrollida Arco Tarc meeskonna tõhusa tegevuse näol, mida peamiselt mõjutab materjalitarnijatega heade kokkulepete saavutamine. Inflatsiooni riski maandamiseks rakendame pikalt ette müüdud kodude puhul õigust kinnisvara müügihinda vähesel määral tõsta teatud THI väärtuste saavutamisel. Ukraina sõja mõju ehitusmaterjali- ning tööjõuturgudele ei ole usaldusväärselt prognoositav. Esmakordselt üle aastakümnete suhtutakse materjalide tarneraskusesse kui arendaja ühesse suurimasse ettevõtlusriski. Käimasolevatesse projektidesse oleme suure osa metallmaterjalidest ette soetanud ning hoiame fookuses ka muude materjalide hindu ning kättesaadavust. Makromajanduslike mõjudega võitlemine on 2022. aasta Arco Vara sõjatanner, milles meie motiveeritud meeskond näeb uusi, aga ületatavaid väljakutseid. PÕHILISED NÄITAJAD Grupi 2021. aasta müügitulu oli 11 613 tuhat eurot, mis on 17% väiksem 2020. aasta müügitulust 14 056 tuhat eurot. 2021. aasta ärikasum oli 2 569 tuhat eurot ja puhaskasumiks kujunes 2 071 tuhat eurot, 2020. aasta lõppes ärikasumiga 1 449 tuhat eurot ja puhaskasumiga 1 012 tuhat eurot. 2021. aasta müüdi grupi poolt arendatavates projektides kokku 63 korterit ja 2 äripinda, 2020. aastal 81 korterit ja 1 kinnistu Lätis. Grupi laenukoormus (netolaenud) tõusis 2021. aastal 822 tuhande euro võrra, tasemele 9 321 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. aastal 11 613 tuhat eurot (2020: 14 056 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas 10 478 tuhat eurot (2020. aastal 13 129 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu Madrid Blvd hoonest Sofias, mis oli 2021. aastal 810 tuhat eurot (2020. aasta 614 tuhat eurot). Covid-19 tõi 2020. aastal kaasa muudatusi rentnike majanduslikus olukorras. Käesoleva aruande ilmumise ajal oli üks kontori pind vaba, kuid kõik kaubanduspinnad kaasnevate parkimiskohtadega välja renditud. Rentnikuta kontori pind moodustab 11,7% renditavast büroo- ja kaubanduspinnast. 2020. aasta 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. Kodulahe IV-V etapi hoonete ehitus on lõpusirgel. 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. Korterite müük algas samuti 2022. aasta veebruaris. Aastaaruande avaldamise kuupäevaks on 108 korterist 24 eelmüüdud. Ettevõte piirab eelmüüki antavate korterite mahtu, et arendusperioodi jooksul vajadusel reageerida inflatsiooni mõjule. 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. aastal 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 kolmes 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 aruande avaldamise kuupäeva seisuga omaniku leidnud. 2020. aastal müüdi Lätis samuti üks krunt. KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------- EUR tuhandetes 2021 2020 -------------------------------------------------------------- Müügitulu enda kinnisvara müügist 10 478 13 129 Müügitulu teenuste müügist 1 135 927 Müügitulu kokku 11 613 14 056 Müüdud kinnisvara ja teenuste kulu -8 578 -11 313 Brutokasum 3 035 2 743 Muud äritulud 258 10 Turustuskulud -200 -89 Üldhalduskulud -1 106 -922 Muud ärikulud -76 -273 Kasum/kahjum kinnisvarainvesteeringutest 658 -20 Ärikasum 2 569 1 449 Finantstulud ja -kulud -390 -437 Kasum enne tulumaksu 2 179 1 012 Tulumaksukulu -108 0 Aruandeperioodi puhaskasum 2 071 1 012 Emaettevõtte omanike osa puhaskasumis 2 071 1 012 Aruandeperioodi koondkasum 2 071 1 012 Emaettevõtte omanike osa koondkasumis 2 071 1 012 -------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) -------------------------------------------------------------- - tava 0,22 0,11 - lahustatud 0,22 0,11 -------------------------------------------------------------- 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
2021 Annual Report of Arco Vara
Message
GROUP CEO'S REVIEW In the field of real estate that became volatile in 2021, Arco Vara's collective was able to secure more than 40,000 m(2) of new development volumes which will provide the Company with a solid foundation for the next five years. We also met the set targets with issuing new shares and ongoing project's sales volumes. In addition, in light of the war-related threats, Arco Vara has not suspended any development projects which means that we will continue to provide and build homes, seeing that there is less supply than demand, regardless of the military activity in Ukraine. The most substantial change in the Arco Vara Group is the establishment of the construction company Arco Tarc of which team commenced the Kodulahe Rannakalda project in January this year. The main reason for the establishment of the construction company was the long-term foundation mentioned above, where we wish to be the managers of the time frame of our construction processes to achieve a successful development. The sale process on the Rannakalda area has started at the time of publishing the annual report and 30% of the total number of apartments have already been pre-sold or booked. In Kodulahe Quarter, which is the largest on-sale project by Arco Vara, in 2021 it was possible to pre-sell 100% of homes at Pagi 3 and Pagi 5. The construction partner of the project has managed to secure important deliveries, thanks to which the completion of the buildings is on schedule and the delivery of the houses commences already within two months. The main tasks of the Bulgarian team so far are the design of the Botanica Lozen Residences project and securing the rental yield of Madrid BLVD. Madrid BLVD as of today has a single office space of approximately 800 m(2) available for lease. The most important task in Bulgaria is to achieve 100% occupancy with the tenants of Madrid BLVD which is the main challenge in the cooled commercial space market. The Bulgarian team is also looking for new properties in order to create a lasting foundation for development in Sofia. As the commercial real estate rental market is not Arco Vara's core business, the Group is ready to sell the Madrid BLVD building and use the vacated equity to acquire new land upon reaching a suitable agreement. The Botanica Lozen Residences project has attracted strong local interest, the materials of which can be found at www.botanicalozen.bg (http://www.botanicalozen.bg). The sale process started with making pre- reservations as plans to reach pre-sale agreements are after signing the construction contract in order to avoid selling houses at a loss. The start of construction is planned for the Q3 of this year. Challenges in 2022 are the risk of construction price and inflation. The first of these we can control in the form of effective action by the Arco Tarc team which is chiefly affected by achieving favourable agreements with material suppliers. In order to mitigate the risk of inflation, we apply the right to slightly increase the sale price of real estate when reaching certain HICP values in the case of homes that have been sold long in advance. The impact of the war in Ukraine on the construction materials and labour markets cannot be reliably predicted. For the first time in decades, the supply difficulty of materials is perceived as one of the developer's greatest entrepreneurial risks. We have purchased majority of steel in advance for our ongoing projects, and we also keep the prices and availability of other materials in focus. Fighting macroeconomic impacts is the battlefield of 2022 of Arco Vara, where our motivated team sees new but exceedable challenges. KEY PERFORMANCE INDICATORS In 2021, the Group's revenue was 11,613 thousand euros, which is 17% less than the revenue of 14,056 thousand euros in 2020. In 2021, the Group's operating profit (=EBIT) was 2,569 thousand euros and net profit 2,071 thousand euros. In 2020, the Group made operating profit of 1,449 thousand and net profit of 1,012 thousand euros. In 2021, 63 apartments and two commercial spaces were sold in the development projects of the Group (in 2020: 81 apartments and one land plot in Latvia). In 2021, the Group's debt burden (net loans) increased by 822 euros up to the level of 9,321 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%, which is 0.4% higher than on 31 December 2020. OPERATING REPORT The revenue of the Group totalled 11,613 thousand euros in 2021 (in 2020: 14,056 thousand euros), including revenue from the sale of properties in the Group's own development projects in the amount of 10,478 thousand euros (in 2020: 13,129 thousand euros). Most of the other revenue consists of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 810 thousand euros in 2021 (in 2020: 614 thousand euros). In 2020, Covid-19 brought changes in the economic situation of tenants. By the time of publishing the present report, one office space was vacant, but all commercial spaces, together with parking places, were rented out. The free office space makes 11.7% of the rented office and retail area. In 2020, construction finished in Merimetsa area 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. The construction of buildings in Stages IV-V of Kodulahe is nearing completion. Two 36-apartment residential buildings at Pagi 3 and Pagi 5 in Merimetsa are under construction. Construction has progressed according to plan. The apartment buildings will reach the stage of final sales in summer 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. Apartment sales also commenced in February 2022. As at the date of publishing the annual report, 24 apartments out of the 108 had been presold. The company is limiting the number of apartments to be presold, in order to respond to the effects of inflation in the course of the development as necessary. 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 remained unsold in Latvia, one of which has found an owner as at the date of publishing the report. One plot was also sold in Latvia in 2020. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME --------------------------------------------------------------- In thousands of euros 2021 2020 --------------------------------------------------------------- Revenue from sale of own real estate 10,478 13,129 Revenue from rendering of services 1,135 927 Total revenue 11,613 14,056 Cost of sales -8,578 -11,313 Gross profit 3,035 2,743 Other income 258 10 Marketing and distribution expenses -200 -89 Administrative expenses -1,106 -922 Other expenses -76 -273 Gain/loss on investment property 658 -20 Operating profit 2,569 1,449 Financial income and costs -390 -437 Profit before tax 2,179 1,012 Income tax -108 0 Net profit for the period 2,071 1,012 attributable to owners of the parent 2,071 1,012 Total comprehensive income for the period 2,071 1,012 attributable to owners of the parent 2,071 1,012 --------------------------------------------------------------- --------------------------------------------------------------- Earnings per share (in euros) - basic 0.22 0.11 - diluted 0.22 0.11 --------------------------------------------------------------- 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