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
9492
Attachments
Submission date and time
28.04.2022 08:24:18
Content of announcement in Estonian
Title
2022. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID Käesoleva aasta esimene kvartal tõi Arco Vara gruppi olulise muudatuse, kui asutasime ehituse peatöövõtu ettevõtte Arco Tarc OÜ. Tegemist on Arco Vara arendustele teenust pakkuva ettevõttega, mille peamine ülesanne on tagada efektiivne ehitustegevus. Arco Tarc meeskonnas on tänaseks tööl 5 oma ala spetsialisti, kelle esimeseks objektiks on juba teada Kodulahe Rannakalda etapp. Just preemium klassi hoone Rannakaldas on esimese kvartali geopoliitilise seisu tõttu olnud vaatluse all nii müügimahtude kui ehitushindade teemal. Arvestades, et ehitushindade kõikumine mõjutab ka müügihindasid ja majade valmimine on planeeritud 2024. aasta algusse, siis eelmüügiga kiirustada me ei plaani. Oleme projekti algusfaasis sõlminud müügilepinguid ligikaudu 30%-le kogumahust ning jätkame rahulikus tempos. Kasvavate intressimäärade taustal saab Arco Vara rõõmustada, et Rannakalda 18- miljoniline arenduslaen Coop Pangast on sõlmitud fikseeritud intressiga ning euribori kõikumise pärast lähiaastatel muretsema ei pea. Teises kvartalis on oodata Kodulahe aadresside Pagi 3 ja Pagi 5 etappide valmimist, kuna tööd on graafikus ja käesolevaks kuupäevaks on sõlmitud eelmüügilepingud kõikidele korteritele. Taaskord saame näha kasumiaruandes müügitulu ja kasumit! 2022. aastal täitub 100 aastat Bulgaaria ja Eesti vahelistel diplomaatilistel suhetel. Ka Arco Vara läheb pidustustest osa saama, riikidevaheline koostöö on kasulik mõlemale poolele. Covidi järellainena on tunda teatud jahenenud huvi kontoripindade vastu kogu Sofia ulatuses. Bulgaaria meeskonna väljakutseks täna on Madrid BLVD hoones üks vaba, ligikaudu 800 m(2) suurune kontoripind, kuhu uue üürniku leidmine on võtnud oodatust kauem. Botanica Lozen Residences arendus on jõudmas aga lähedale ehitusloa taotlemise protsessile, mille olemasolu eesmärgiks on seatud selle aasta teine kvartal. Kuigi hooned on veel projekteerimise faasis, on vahepeal sõlmitud esimese kliendiga ka broneerimisleping ning huvi esimese 16 eramaja jaoks lisandub igapäevaselt. Meie meeskonna järgmise kvartali eesmärgiks on Kodulahe hoonete jätkuv eel- ja lõppmüükide vormistamine ja Botanica Lozen broneerimislepingute sõlmimine. PÕHILISED NÄITAJAD Grupi 2022. aasta I kvartali müügitulu oli 302 tuhat eurot, mis on kordi vähem kui 2021. aasta I kvartali müügitulu 9 166 tuhat eurot. Grupi tulu perioodis sõltub kortermajade valmimisajast. 2022. aasta I kvartali ärikasumiks (=EBIT) kujunes 103 tuhat eurot ja puhaskasumiks 16 tuhat eurot. 2021. aasta I kvartalis sai grupp ärikasumit 1 809 tuhat eurot ja puhaskasumit 1 700 tuhat eurot. 2022. aasta I kvartalis müüdi 1 maa Lätis. 2021. aasta I kvartalis müüdi grupi poolt arendatavates projektides 58 korterit. Grupi laenukoormus (netolaenud) tõusis 2022. aasta I kvartalis 979 tuhande euro võrra, tasemele 10 300 tuhat eurot 31.03.2022 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.03.2022 seisuga 5,3%, mis on 0,1% kõrgem kui 31.12.2021 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2022. aasta I kvartalis 302 tuhat eurot (I kvartal 2029: 9 166 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas I kvartalis 31 tuhat eurot (2021. aasta I kvartal: 8 902 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade rendi- ja haldustulu Madrid Blvd hoonest Sofias, mis 2022. aasta I kvartalis oli 203 tuhat eurot (2021. aasta I kvartalis 194 tuhat eurot). Käesoleva aruande ilmumise ajal oli üks kontoripind vaba, kuid kõik kaubanduspinnad kaasnevate parkimiskohtadega välja renditud. Rentnikuta kontoripind moodustab 11,7% renditavast büroo- ja kaubanduspinnast. 2022. aasta I kvartalis loodi ehitusettevõte Arco Tarc OÜ, mis pani aluse uuele ärisegmendile. 2022. aastal pakutakse teenust vaid grupisiseselt fikseeritud kasumimarginaliga 4%. 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. Rannakalda ehk 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. Kvartaliaruande avaldamise kuupäevaks on 108 korterist 28 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. Pirita Kuldlehe projektis on plaanis ehitada 5 koduga kobarelamu. Käivad platsi ettevalmistustööd. Ehituse alguseks on plaanitud 2022. a II pool ning maja valmib aasta jooksul. Projekti müük ei ole alanud. 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 31.03.2022 ja vahearuande avaldamise kuupäeva seisuga müümata 3 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ----------------------------------------------------------------------- EUR tuhandetes 3 kuud 2022 3 kuud 2021 ----------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 31 8 902 Müügitulu teenuste müügist 271 264 Müügitulu kokku 302 9 166 Müüdud kinnisvara ja teenuste kulu -109 -7 119 Brutokasum 193 2 047 Muud äritulud 194 10 Turustuskulud -44 -35 Üldhalduskulud -239 -184 Muud ärikulud -1 -29 Ärikasum 103 1 809 Finantskulud -87 -109 Kasum enne tulumaksu 16 1 700 Aruandeperioodi puhaskasum 16 1 700 Emaettevõtte omanike osa puhaskasumis 16 1 700 Aruandeperioodi koondkasum 16 1 700 Emaettevõtte omanike osa puhaskasumis 16 1 700 ----------------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) ----------------------------------------------------------------------- - tava 0,00 0,19 - lahustatud 0,00 0,18 ----------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 31.03.2022 31.12.2021 --------------------------------------------------------------------- Raha ja raha ekvivalendid 2 460 1 863 Nõuded ja ettemaksed 3 893 3 701 Varud 18 212 15 761 Käibevara kokku 24 565 21 325 Nõuded ja ettemaksed 22 5 Kinnisvarainvesteeringud 9 419 9 943 Materiaalne põhivara 176 154 Immateriaalne põhivara 78 87 Põhivara kokku 9 695 10 189 VARAD KOKKU 34 260 31 514 Laenukohustused 7 626 6 043 Võlad ja saadud ettemaksed 3 522 2 368 Lühiajalised kohustused kokku 11 148 8 411 Laenukohustused 5 134 5 141 Pikaajalised kohustused kokku 5 134 5 141 KOHUSTUSED KOKKU 16 282 13 552 Aktsiakapital 7 272 7 272 Ülekurss 3 835 3 835 Kohustuslik reservkapital 2 011 2 011 Jaotamata kasum 4 860 4 844 Emaettevõtte omanikele kuuluv omakapital 17 978 17 962 OMAKAPITAL KOKKU 17 978 17 962 KOHUSTUSED JA OMAKAPITAL KOKKU 34 260 31 514 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Content of announcement in English
Title
Unaudited consolidated interim report for Q1 2022
Message
GROUP CEO'S REVIEW The first quarter of this year brought important changes to the Arco Vara group - we founded a construction contracting company Arco Tarc OÜ. This company provides services to the developments of Arco Vara with the main task of ensuring efficient construction activities. Today, the team of Arco Tarc employs five specialists of their field whose first site is Kodulahe Rannakalda stage. The premium-class building in Rannakalda in particular has been under observation both in terms of sales volumes and construction prices due to the geopolitical situation of the first quarter. Considering that the fluctuation of construction prices also impacts sales prices and the completion of buildings is planned for early 2024, we do not intend to hurry up with preliminary sales. In the starting stages of the project, we have concluded sales contracts on approximately 30% of total volume and we continue at an easy pace. With increasing interest rates, Arco Vara can be glad that the 18 million development loan for Rannakalda from Coop Bank is concluded with a fixed interest rate and we have no reason to worry about the fluctuations of Euribor in the next few years. The second quarter is expected to bring the completion of the stages of Pagi 3 and Pagi 5 at Kodulahe, as works are in schedule and preliminary sales contracts have been concluded for all apartments as of today. Again, sales revenue and profit should be seen on the income statement! The year 2022 marks 100 years of diplomatic relations between Bulgaria and Estonia. Arco Vara will also attend the celebrations, international cooperation is useful for both parties. As an aftershock of Covid, there is certain waned interest in office premises across Sofia. Currently, the challenge for the Bulgarian team is one vacant office space sized nearly 800 m(2) in Madrid Blvd building and finding a tenant for it has taken longer than anticipated. However, the development of Botanica Lozen Residences is nearing the process of applying for a construction permit, the objective of acquiring it is set for the second quarter of this year. Even though the buildings are still being designed, a booking agreement has also been concluded with a client in the interim and new interest in the first 16 private homes is seen daily. The objective of our team for the next quarter is the continued concluding of preliminary and final sales for the Kodulahe buildings and booking contracts for Botanica Lozen. KEY PERFORMANCE INDICATORS In Q1 2022, the group's revenue was 302 thousand euros, which is times higher than the revenue of 9,166 thousand euros in Q1 2021.The group's revenue for a period depends on the completion time of the apartment buildings. In Q1 2022, the group's operating profit (=EBIT) was 103 thousand euros and net profit 16 thousand euros. In Q1 2021, the group had operating profit of 1,809 thousand euros and net profit of 1,700 thousand euros. In Q1 2022, one land plot was sold in Latvia. In Q1 2021, 58 apartments had final sales in projects developed by the group. In the Q1 of 2022, the group's debt burden (net loans) increased by 979 thousand euros up to the level of 10,300 thousand euros as of 31 March 2022. As of 31 March 2022, the weighted average annual interest rate of interest-bearing liabilities was 5.3%. This is an increase of 0.1% compared to 31 December 2021. OPERATING REPORT The revenue of the group totalled 302 thousand euros in Q1 2022 (in Q1 2021: 9,166 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 31 thousand euros in Q1 2022 (in Q1 2021: 8,902 thousand euros). Most of the other revenue of the group consisted of rental and property management services income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 203 thousand euros in Q1 2022 (in Q1 2021: 194 thousand euros). 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 Q1 2022, the construction company Arco Tarc OÜ was established, which laid the foundation for a new business segment. In 2022, the service will be offered only intra-group with a fixed profit margin of 4%. 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, 28 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. The plan is to build a cluster house with 5 homes Pirita Kuldlehe project. Preparations for the site are underway. Construction is planned for the second half of 2022 and the house will be completed within a year. The sale of the project has not started. 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 March 2022 and the date of this report, 3 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ---------------------------------------------------------------- In thousands of euros 3m 2022 3m 2021 ---------------------------------------------------------------- Revenue from sale of own real estate 31 8,902 Revenue from rendering of services 271 264 Total revenue 302 9,166 Cost of sales -109 -7,119 Gross profit 193 2,047 Other income 194 10 Marketing and distribution expenses -44 -35 Administrative expenses -239 -184 Other expenses -1 -29 Operating profit 103 1,809 Finance costs -87 -109 Profit before tax 16 1,700 Net profit for the period 16 1,700 attributable to owners of the parent 16 1,700 Total comprehensive income for the period 16 1,700 attributable to owners of the parent 16 1,700 ---------------------------------------------------------------- ---------------------------------------------------------------- Earnings per share (in euros) - basic 0.00 0.19 - diluted 0.00 0.18 ---------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 31 March 2022 31 December 2021 ------------------------------------------------------------------------------- Cash and cash equivalents 2,460 1,863 Receivables and prepayments 3,893 3,701 Inventories 18,212 15,761 Total current assets 24,565 21,325 Receivables and prepayments 22 5 Investment property 9,419 9,943 Property, plant and equipment 176 154 Intangible assets 78 87 Total non-current assets 9,695 10,189 TOTAL ASSETS 34,260 31,514 Loans and borrowings 7,626 6,043 Payables and deferred income 3,522 2,368 Total current liabilities 11,148 8,411 Loans and borrowings 5,134 5,141 Total non-current liabilities 5,134 5,141 TOTAL LIABILITIES 16,282 13,552 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Retained earnings 4,860 4,844 Total equity attributable to owners of the parent 17,978 17,962 TOTAL EQUITY 17,978 17,962 TOTAL LIABILITIES AND EQUITY 34,260 31,514 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com