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Arco Vara AS
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Majandusaasta aruanne
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Kuupäev
04.04.2024 09:00:00
Pealkiri
Arco Vara majandusaasta aruanne 2023
Teade
JUHATAJA KOMMENTAARID Kui 2021. ja 2022. aasta möödusid kinnisvaraturul kui sprindidistants, siis läinud aastal anti start euribori kuumuses joostavale maratonile. Keskpanga baasintressid on nii investorid kui tarbijad lülitanud mugavale sörgile, kus intressimäärade langetamist oodatakse kui joogipunkti pikamaajooksul, mis majandusse uut energiat süstiks. Samas saab tagasi vaadates näha positiivseid märke, mis Arco Vara edasisi äritegevuse riske ka vähendavad. Näiteks oleme läbi tulnud äärmiselt volatiilsest materjalihinna keskkonnast, mida näitab stabiliseerunud ehitushind. Kodude valmimine Kodulahe Kvartalis oli meie jaoks eelmise aasta tähtsündmus, kui andsime üle 66 uut kodu Rannakalda arenduses. Sealjuures oli ka Rannakalda objekti õnnestumine seotud ka stabiliseerunud ehitushinnaga, mille abil grupi kasum kerkis 3,6 miljoni euroni. Lisaks kodude valmimisele alustas Arco Vara keskkonnamõjude hindamisega, kui viisime läbi esimese elukaare analüüsi Kodulahe Rannakalda hoones, mille abil parendada järgmiste projektide mõju juba projekteerimise faasis. Analüüsi tulemuste kohta saab täpsemalt lugeda käesoleva aruande leheküljel 19. Suurim muutuja meie Bulgaaria tegemistes oli eelmisel aastal Madrid BLVD hoone müük, mis jõudis teises kvartalis eduka lõpuni. Hoone müük oli seotud pika strateegiaga keskenduda elamukinnisvara arendamisele ja jõuda 200 kodu üleandmiseni igal aastal. Ehitustegevus Bulgaarias jätkus vastavalt graafikule Botanica Lozen alal. Aruande avalikustamise hetkel on 16-st hoonest eelmüüdud 6, mille valmimine on planeeritud 2024. aasta lõppu. Botanica Lozeni arendustegevuses on järgmiseks verstapostiks II etapi ehitusloa väljastamine, kuhu planeerime 24 eramut. Vaadeldes finantsnäitajatesse jõudis Arco Vara uue tähiseni, kui saavutati 20% omakapitali tootluse määr, mis on ettevõtte pikaajaliseks eesmärgiks. Arvestades kodude üleandmist vähenes ettevõtte varade maht, samas tõusis omakapitali suhe varadesse ligi 60%-ni, mis keerulises intressikeskkonnas annab ettevõttele kindlust ja võimekust arendustegevusega vastavalt plaanitule jätkata. 2024. aastal jätkub pingelise majandustsükli aeg, milles Arco Vara meeskond suunab tähelepanu uute investeeringute tegemisele. Oleme perioodis, kus ehitushind on stabiilne, kuid ettevõtete varud on vähenemas ja intressikulud püsivad kõrgetena, mis loob meile võimalusi uute arendusmahtude soetamiseks. PÕHILISED NÄITAJAD Grupi 2023. aasta müügitulu 18 339 tuhat eurot on 36% suurem kui 2022. aasta müügitulu 13 494 tuhat eurot. 2023. aasta ärikasumiks (=EBIT) kujunes 3 940 tuhat eurot ja puhaskasum oli 3 550 tuhat eurot. 2022. aastal sai grupp ärikasum 1 062 tuhat eurot ja puhaskasum oli 695 tuhat eurot. 2023. aastal müüdi grupi poolt arendatavates projektides 66 korterit ja 3 äripinda Eestis ning 3 maad Lätis. 2022. aastal müüdi 72 korterit Eestis ja 1 maa Lätis. Grupi laenukoormus (netolaenud) langes 2023. aastal 6 054 tuhande euro võrra, tasemele 8 608 tuhat eurot 31.12.2023 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.12.2023 seisuga 8,2%, mis on 2,4% võrra suurem võrreldes 31.12.2022 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2023. aastal 18 339 tuhat eurot (2022: 13 494 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendus-projektides moodustas 2023. aastal 17 581 tuhat eurot ning 2022. aastal 12 426 tuhat eurot. Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade rendi- ja haldustulu Madrid Blvd hoonest Sofias, mis esimese poolaastaga oli 371 tuhat eurot. Madridi hoone müügiprotsess jõudis 2023. aasta juulis lõpule. Hoone müügist ei saadud 2023. aastal kasumit ega kahjumit, sest allahindlused kajastati 2022. aastas. Tehing ei kajastu müügitulus, kuna tegemist oli netosummas kajastatava kinnisvarainvesteeringu müügiga muudes ärituludes. Tehingust vabanes 4,1 miljoni euro väärtuses omakapitali. Rannakalda ehk Kodulahe kõige premium etapi peatöövõtjaks on Arco Vara enda ehitusettevõte Arco Tarc OÜ. 2023. aasta lõpuks valmis paviljon, 4 teeninduspinda ja 108 korterit (kolme eraldiseisva kortermajana), millest paljud on merevaatega. Aastaaruande avaldamise kuupäevaks on 113 pinnast 70 müüdud. 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 nimeks on Arcojärve. Projekti esimese etapi ehituse algus on planeeritud 2024. aastasse. Pirita Kuldlehe projektis ehitati 2023. aastal 5 koduga avar ning eksklusiivne kobarelamu. Projekti müük on alanud. Botanica Lozeni projekt näeb ette 54 kodu (eramud) rajamist kolmes etapis. Esimese 16 hoone ehitus ja müük on alanud - esimese etapi eramud valmivad 2024. aasta lõpuks. Aastaaruande avaldamise kuupäevaks on 16st majast 6 eelmüüdud. Lätis oli 31.12.2022 varudes 3 Marsili elamukrunti, mis müüdi 2023. aastal. Aruandekuupäeva seisuga Lätis arendustegevust ei toimu. KONSOLIDEERITUD KOONDKASUMIARUANNE --------------------------------------------------------------- EUR tuhandetes 2023 2022 --------------------------------------------------------------- Müügitulu enda kinnisvara müügist 17 581 12 426 Müügitulu teenuste müügist 758 1 068 Müügitulu kokku 18 339 13 494 Müüdud kinnisvara ja teenuste kulu -12 740 -10 913 Brutokasum 5 599 2 581 Muud äritulud 107 67 Turustuskulud -387 -249 Üldhalduskulud -1 387 -1 118 Muud ärikulud -20 -14 Kasum/kahjum kinnisvarainvesteeringutest 28 -205 Ärikasum 3 940 1 062 Finantskulud -390 -367 Kasum enne tulumaksu 3 550 695 Aruandeperioodi puhaskasum 3 550 695 Emaettevõtte omanike osa puhaskasumis 3 550 695 Aruandeperioodi koondkasum 3 550 695 Emaettevõtte omanike osa koondkasumis 3 550 695 --------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) --------------------------------------------------------------- - tava 0,34 0,07 - lahustatud 0,34 0,07 --------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 31.12.2023 31.12.2022 --------------------------------------------------------------------- Raha ja raha ekvivalendid 1 472 3 427 Nõuded ja ettemaksed 5 798 4 387 Varud 27 637 22 511 Müügiootel kinnisvarainvesteering 0 9 050 Käibevara kokku 34 907 39 375 Nõuded ja ettemaksed 18 18 Kinnisvarainvesteeringud 20 82 Materiaalne põhivara 221 284 Immateriaalne põhivara 24 46 Põhivara kokku 283 430 VARAD KOKKU 35 190 39 805 Laenukohustused 3 391 5 255 Võlad ja saadud ettemaksed 4 013 3 681 Garantiieraldis 80 0 Lühiajalised kohustused kokku 7 484 8 936 Laenukohustused 6 689 12 834 Pikaajalised kohustused kokku 6 689 12 834 KOHUSTUSED KOKKU 14 173 21 770 Aktsiakapital 7 272 7 272 Ülekurss 3 835 3 835 Kohustuslik reservkapital 2 011 2 011 Muud reservid 56 0 Jaotamata kasum 7 843 4 917 Emaettevõtte omanikele kuuluv omakapital 21 017 18 035 OMAKAPITAL KOKKU 21 017 18 035 KOHUSTUSED JA OMAKAPITAL KOKKU 35 190 39 805 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Pealkiri
2023 Annual Report of Arco Vara
Teade
GROUP CEO'S REVIEW While 2021 and 2022 were a sprint on the real estate market, last year marked the start of a marathon in the heat of Euribor. The base interest rates of the central bank have pushed both investors and consumers into a comfortable trot, waiting for the lowering of interest rates like a drinking station at a distance run to inject new energy into the economy. At the same time, looking back shows us positive signs that also alleviate future business risks of Arco Vara. For example, we have come through an extremely volatile time for prices of materials, as indicated by the stabilised construction prices. The completion of homes at Kodulahe Quarter was the peak of last year for us, as we delivered 66 new homes in the Rannakalda development. The success of the Rannakalda site was also tied to the stabilised construction costs, boosting the profits of the group to 3.6 million euros. In addition to completing the homes, Arco Vara commenced the assessment of environmental impact, having conducted the initial lifetime analysis in the Kodulahe Rannakalda building to be used to improve the impact of future projects as early as in the designing stage. The results of the analysis are provided in more depth on page 19 of this report. The largest factor in our Bulgarian activities last year was the sale of the Madrid Blvd building, which was successfully completed in Q2. The sale of the building was connected to the long-term strategy of focusing on developing residential real estate and reach the delivery of 200 homes every year. The Bulgarian construction activities continued as scheduled at Botanica Lozen. At the time of publishing this report, six of the 16 houses have been pre-sold, intended to be completed at the end of 2024. The next milestone in the Botanica Lozen development is issuing the stage II construction permit, which is planned to cover 24 residential buildings. Looking at financial indicators, Arco Vara reached a new level of 20% ROE, which is one of the long-term goals of the company. Considering the delivery of homes, the volume of assets of the company decreased while the equity-to-asset ratio increased to nearly 60%, enhancing the security and capacity of the company to continue developments as planned despite the difficult times in the world of interest rates. The period of tension continues in 2024 while the team of Arco Vara focuses on making new investments. We are in a period where the construction costs have stabilised but the stock of the company is decreasing and interest expenses remain high, creating opportunities for us to obtain new development volumes. KEY PERFORMANCE INDICATORS The group's revenue was 18,339 thousand euros, which is 36% more than the revenue of 13,494 thousand euros in 2022. In 2023, the Group's operating profit (=EBIT) was 3,940 thousand euros and net profit 3,550 thousand euros. In 2022, the group made operating profit of 1,062 thousand euros and net profit of 695 thousand euros. In 2023, 66 apartments and 3 commercial spaces were sold in projects developed by the group in Estonia and three land plots in Latvia. In 2022, 72 apartments and a land plot in Latvia. In 2023, the group's debt burden (net loans) decreased by 6,054 thousand euros down to the level of 8,608 thousand euros as of 31 December 2022. As of 31 December 2023, the weighted average annual interest rate of interest-bearing liabilities was 8.2%. This is an increase of 2.4 percentage points compared to 31 December 2022. OPERATING REPORT The revenue of the Group totaled 18,339 thousand euros in 2023 (in 2022: 13,494 thousand euros), including revenue from the sale of properties in the Group's own development projects in the amount of 17,581 thousand euros (in 2022: 12,426 thousand euros). Most of the other revenue consisted of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 371 thousand euros in the first half of 2023. The sale process of the Madrid building was completed in July 2023. There was no profit or loss from the sale of the building in 2023, because discounts were recognized in 2022. The transaction is not reflected in the sales revenue, as it was a sale of real estate investments that is reported in the net amount in other income. Equity capital worth 4.1 million euros was released from the transaction. Arco Vara's own construction company Arco Tarc OÜ is the main contractor for the most premium stage of Kodulahe called Rannakalda. By the end of 2023, a pavilion, 4 commercial spaces and 108 apartments (in three separate apartment buildings), many of which have a sea view, were completed. As of the publication date of the annual report, 70 of the 113 plots have been sold. A subsidiary of Arco Vara, Aktsiaselts Kolde, in 2021 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 project is called Arcojärve. The expected development period is 6 years with the start of construction planned for 2024. In the Pirita Kuldlehe project, a spacious and exclusive cluster housing with 5 homes was built in 2023. The sale of the project has started. The Botanica Lozen project foresees construction of 54 homes (houses) in three stages. The construction and sale of the first 16 buildings has started - the private houses of the first stage will be completed by the end of 2024. By the date of publication of the annual report, 6 out of 16 houses have been pre-sold. There were 3 Marsili residential plots in stock in Latvia on 31.12.2022, which were sold in 2023. As of the reporting date, there is no development activity in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ---------------------------------------------------------------- In thousands of euros 2023 2022 ---------------------------------------------------------------- Revenue from sale of own real estate 17,581 12,426 Revenue from rendering of services 758 1,068 Total revenue 18,339 13,494 Cost of sales -12,740 -10,913 Gross profit 5,599 2,581 Other income 107 67 Marketing and distribution expenses -387 -249 Administrative expenses -1,387 -1,118 Other expenses -20 -14 Gain/loss on investment property 28 -205 Operating profit 3,940 1,062 Financial income and costs -390 -367 Profit before tax 3,550 695 Net profit for the period 3,550 695 attributable to owners of the parent 3,550 695 Total comprehensive income for the period 3,550 695 attributable to owners of the parent 3,550 695 ---------------------------------------------------------------- ---------------------------------------------------------------- Earnings per share (in euros) - basic 0.34 0.07 - diluted 0.34 0.07 ---------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 31 December 2023 31 December 2022 ------------------------------------------------------------------------------- Cash and cash equivalents 1,472 3,427 Receivables and prepayments 5,798 4,387 Inventories 27,637 22,511 Investment property held for sale 0 9,050 Total current assets 34,907 39,375 Receivables and prepayments 18 18 Investment property 20 82 Property, plant and equipment 221 284 Intangible assets 24 46 Total non-current assets 283 430 TOTAL ASSETS 35,190 39,805 Loans and borrowings 3,391 5,255 Payables and deferred income 4,013 3,681 Warranty provision 80 0 Total current liabilities 7,484 8,936 Loans and borrowings 6,689 12,834 Total non-current liabilities 6,689 12,834 TOTAL LIABILITIES 14,173 21,770 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Other reserves 56 0 Retained earnings 7,843 4,917 Total equity attributable to owners of the parent 21,017 18,035 TOTAL EQUITY 21,017 18,035 TOTAL LIABILITIES AND EQUITY 35,190 39,805 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com