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Arco Vara AS
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25.04.2024 09:00:00
Pealkiri
2024. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
JUHATAJA KOMMENTAARID Alanud aasta alguses on vedavaks teemaks keskpanga intressimäära langetamine, mis annab lootust majanduse aktiivsemaks muutumisele. Siiski ei tasu loota meist sõltumatute tegurite abile, vaid peame realistlikult hinnates jätkama valminud ja planeerimisel olevate arenduste realiseerimisega. Esimeses kvartalis tegelesime peamiselt Kodulahe valminud korterite müügi ja Soodi 6 arenduse müügi ettevalmistusega. Lisaks oleme jätkanud ehitustöödega Bulgaarias ja detailplaneeringu menetlusega Arcojärvel. Kolme läinud kuu müügitempo osutus planeeritust natuke aeglasemaks, mistõttu on Arco Vara grupi müügitulu ja kasum seatud plaanist vähesel määral madalam. Vaatamata planeeritud väiksemast müügitulust on ettevõtte kapitaliseeritus väga hea, kuna näeme ligi 60%-list omakapitali suhet varadesse. Samuti on ettevõtte jooksva 4 kvartali omakapitali tootlus lähedal meie eesmärgile 20%. Arco Tarci meeskond jätkab ehitustöid Helme 18 aadressile rajatava padelikeskusega, mida soodustab ka lõpliku ehitushinna prognoositav mõningane vähenemine. Ehitatav padelikeskus on üürilepinguga 100% kaetud ja sporti saab keskuses harrastama hakata aasta viimases kvartalis. Graafikus jätkab ka meie Bulgaaria meeskond Botanica Lozen Residences ehituse ja arendusega. Arenduses on müüdud ligikaudu 40% hoonetest, kui valmimiseni on eeldatavalt 9 kuud. Teises kvartalis on oodata Botanica Lozen arenduse järgmise etapi ehitusluba, mis võimaldab soodsas turuolukorras alustada järgmiste hoonete müügi ja ehitusega. Järgmisse kvartalisse vaadates on meie peamiseks väljakutseks juba valminud kodude müük Kodulahe ja Kuldlehe hoonetes, mis annaks kindlust uute ehitustegevustega alustamiseks. Samuti peame kriitiliselt oluliseks uue arenduskinnistu soetamist, mis on kinnisvaraäri pikaajalisust vaadeldes ettevõtte järgneva viie aasta vaates äärmiselt oluline. PÕHILISED NÄITAJAD Grupi 2024. aasta I kvartali müügitulu oli 990 tuhat eurot, mis on peaaegu 4 korda rohkem kui 2023. aasta I kvartali müügitulu 253 tuhat eurot. 2023. aasta I kvartali müügitulu koosnes peamiselt Madridi ärihoone käitusest. 2024. aastal Madridi ärihoonet enam grupis ei ole - 2024. aasta I kvartalis müüdi oma kinnisvara. 2024. aasta I kvartali ärikahjumiks (=EBIT) kujunes 208 tuhat eurot ja puhaskahjumiks 349 tuhat eurot. 2023. aasta I kvartalis sai grupp ärikahjumit 184 tuhat eurot ja puhaskahjumit 291 tuhat eurot. 2024. aasta I kvartalis müüdi 3 korterit ja 1 äripind. 2023. aasta I kvartalis vormistati lõppmüüke grupi poolt arendatavates projektides vaid 1 parkimiskohale. Grupi laenukoormus (netolaenud) kasvas 2024. aasta 3 kuuga 1 951 tuhande euro võrra, tasemele 10 559 tuhat eurot 31.03.2024 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.03.2024 seisuga 7,8%, mis on 0,4% võrra madalam võrreldes 31.12.2023 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2024. aasta I kvartalis 990 tuhat eurot (I kvartal 2023: 253 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendus- projektides moodustas I kvartalis 927 tuhat eurot (2023. aasta I kvartalis 7 tuhat eurot). Muu müügitulu 2024. aastal hõlmab peamiselt tulu kinnisvarabüroode frantsiisitasudest Eestist, Lätist ja Bulgaariast. 2024. aasta I kvartali frantsiisitasud olid 55 tuhat eurot, 2023. aasta I kvartali frantsiisitulud olid 53 tuhat eurot. Rannakalda ehk Kodulahe kõige premium etapis on valminud paviljon, 4 teeninduspinda ja 108 korterit (kolme eraldiseisva kortermajana), millest paljud on merevaatega. Kvartaliaruande avaldamise kuupäevaks on 113 pinnast 71 müüdud. Arcojärve OÜ (endise nimega Kolde OÜ) 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. 31.12.2023 seisuga on nimetatud maa ettemaks kokku 4 978 tuhat eurot. Arco Vara tütarettevõttel on kohustus tasuda maa ostu eest täiendavalt 1 627 tuhat eurot kolme kuu jooksul alates kinnistule detailplaneeringu kehtestamisest Tallinna Linnavalitsuse poolt, kuid mitte hiljem kui 30.04.2026. Esimese etapi ehituse algus on planeeritud 2024. aasta lõppu. Kuldlehe projektis ehitati 2023. aastal 5 koduga avar ja eksklusiivne kobarelamu Piritale. 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. Kvartaliaruande avaldamise kuupäevaks on 16st majast 6 eelmüüdud. KONSOLIDEERITUD KOONDKASUMIARUANNE ----------------------------------------------------------------------- EUR tuhandetes I kvartal 2024 I kvartal 2023 ----------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 927 7 Müügitulu teenuste müügist 63 246 Müügitulu kokku 990 253 Müüdud kinnisvara ja teenuste kulu -817 -86 Brutokasum 173 167 Muud äritulud 0 22 Turustuskulud -70 -57 Üldhalduskulud -297 -315 Muud ärikulud -14 -1 Ärikahjum -208 -184 Finantskulud -141 -107 Kahjum enne tulumaksu -349 -291 Aruandeperioodi puhaskahjum -349 -291 Aruandeperioodi koondkahjum -349 -291 ----------------------------------------------------------------------- ----------------------------------------------------------------------- - tava -0,03 -0,03 - lahustatud -0,03 -0,03 ----------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 31.03.2024 31.12.2023 --------------------------------------------------------------------- Raha ja raha ekvivalendid 734 1 427 Nõuded ja ettemaksed 5 486 5 798 Varud 28 276 27 637 Käibevara kokku 34 496 34 907 Nõuded ja ettemaksed 18 18 Kinnisvarainvesteeringud 341 20 Materiaalne põhivara 203 221 Immateriaalne põhivara 21 24 Põhivara kokku 583 283 VARAD KOKKU 35 079 35 190 Laenukohustused 3 391 3 391 Võlad ja saadud ettemaksed 2 931 4 013 Garantiireserv 187 80 Lühiajalised kohustused kokku 6 509 7 484 Laenukohustused 7 902 6 689 Pikaajalised kohustused kokku 7 902 6 689 KOHUSTUSED KOKKU 14 411 14 173 Aktsiakapital 7 272 7 272 Ülekurss 3 835 3 835 Kohustuslik reservkapital 2 011 2 011 Muud reservid 56 56 Jaotamata kasum 7 494 7 843 Emaettevõtte omanikele kuuluv omakapital 20 668 21 017 OMAKAPITAL KOKKU 20 668 21 017 KOHUSTUSED JA OMAKAPITAL KOKKU 35 079 35 190 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Pealkiri
Arco Vara unaudited consolidated interim report for Q1 of 2024
Teade
GROUP CEO'S REVIEW The beginning of the year was dominated by the European Central Bank's benchmark rate cut, aimed at bringing about economic revival. However, instead of relying on factors that are outside of our control, we should continue to realize completed and planned developments, assessing them realistically. In the first quarter, we were mainly engaged in the preparation of the sale of completed apartments of the Kodulahe development and the sale of Soodi 6 development. In addition, we have continued the construction works in Bulgaria and the detailed planning procedure at Arcojärve. In the last three months, the pace of sales has slowed down a little, which is why the sales revenue and profit of Arco Vara Group are slightly lower than the plan. Despite the lower-than-planned sales revenue, the Company's capitalisation remains very good, as the equity to assets ratio is almost 60%. The Company's current 4-quarter return on equity is also close to our target of 20%. Arco Tarc's team continues construction works on the padel centre that is being built at Helme 18, which is likely to benefit also from the predicted slight decrease in the final construction price. The padel center is 100% covered by a lease agreement and will be open for sports in the final quarter of the year. Our Bulgarian team is also on track to continue with the construction and development of the Botanica Lozen Residences. Approximately 40% of the development which is expected to be completed in 9 months have been sold. In the second quarter, we expect to be granted a building permit for the Stage 2 of the Botanica Lozen development, which will enable us to start sale and construction of the buildings, provided that the market situation is favourable. Looking at the next quarter, our main challenge is the sale of already completed homes in the Kodulahe and Kuldlehe buildings, which would provide confidence for starting new construction activities. We also consider it critically important to acquire a new property for development, which is extremely important in the Company's view of the next five years in terms of the long-term nature of the real estate business. KEY PERFORMANCE INDICATORS In Q1 2024, the group's sales revenue was 990 thousand euros, which is about four times more than the sales revenue of the Q1 2023 of 253 thousand euros. The sales revenue of Q1 2023 consisted mainly of the operation of the commercial building in Madrid. In 2024, the Madrid commercial building is no longer part of the group - in the Q1 2024 own real estate property was sold. In Q1 2024, the group's operating loss (=EBIT) was 208 thousand euros and net loss 349 thousand euros. In Q1 2024, the group had an operating loss of 184 thousand euros and net loss of 291 thousand euros. In Q1 2024, 3 apartments and 1 commercial premise were sold. In Q1 2023, final sales were formalized for only 1 parking space in the projects developed by the group. In the first 3 months of 2024, the group's debt burden (net loans) increased by 1,951 thousand euros up to the level of 10,559 thousand euros as of 31 March 2024. As of 31 March 2024, the weighted average annual interest rate of interest-bearing liabilities was 7.8%. This is a decrease of 0.4 percentage points compared to 31 December 2023. OPERATING REPORT The group's sales revenue was 990 thousand euros in Q1 2024 (Q1 2023: 253 thousand euros), including the sale of real estate in the group's own development projects 927 thousand euros (7 thousand euros in Q1 2023). Other sales revenue in 2024 mainly includes revenue from franchise fees of real estate agencies in Estonia, Latvia and Bulgaria. Franchise fees for the Q1 2024 were 55 thousand euros, franchise revenues for the Q1 2023 were 53 thousand euros. In the most premium phase of Kodulahe, Rannakalda, a pavilion, 4 service areas and 108 apartments (as three separate apartment buildings), many of which have a sea view, have been completed. As of the publication date of the quarterly report, 71 of the 113 plots have been sold. A subsidiary of Arco Vara, Arcojärve OÜ (previously called Kolde OÜ), 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. As of 31.03.2024, the total advance payment for the land is 4,978 thousand euros. The subsidiary of Arco Vara is obliged to pay an additional 1,627 thousand euros for the purchase of the land within three months from the establishment of the detailed plan for the property by the Tallinn City Government, but no later than 30.04.2026. The start of the construction of the first stage is planned for the end of 2024. In the Kuldlehe project, a spacious and exclusive cluster house with 5 homes was built in Pirita. The sale of the project has started. The Botanica Lozen project foresees construction of 54 homes (houses) in three stages. Construction and sales of the first 16 buildings have begun - the private houses of the first phase will be completed by the end of 2024. By the date of publication of the quarterly report, 6 out of 16 houses have been pre- sold. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------- In thousands of euros Q1 2024 Q1 2023 -------------------------------------------------------------- Revenue from sale of own real estate 927 7 Revenue from rendering of services 63 246 Total revenue 990 253 Cost of sales -817 -86 Gross profit 173 167 Other income 0 22 Marketing and distribution expenses -70 -57 Administrative expenses -297 -315 Other expenses -14 -1 Operating loss -208 -184 Financial costs -141 -107 Loss before tax -349 -291 Net loss for the period -349 -291 Total comprehensive loss for the period -349 -291 -------------------------------------------------------------- -------------------------------------------------------------- Earnings per share (in euros) - basic -0.03 -0.03 - diluted -0.03 -0.03 -------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 31 March 2024 31 December 2023 ------------------------------------------------------------------------------- Cash and cash equivalents 734 1,472 Receivables and prepayments 5,486 5,798 Inventories 28,276 27,637 Total current assets 34,496 34,907 Receivables and prepayments 18 18 Investment property 341 20 Property, plant and equipment 203 221 Intangible assets 21 24 Total non-current assets 583 283 TOTAL ASSETS 35,079 35,190 Loans and borrowings 3,391 3,391 Payables and deferred income 2,931 4,013 Warranty provision 187 80 Total current liabilities 6,509 7,484 Loans and borrowings 7,902 6,689 Total non-current liabilities 7,902 6,689 TOTAL LIABILITIES 14,411 14,173 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Other reserves 56 56 Retained earnings 7,494 7,843 Total equity attributable to owners of the parent 20,668 21,017 TOTAL EQUITY 20,668 21,017 TOTAL LIABILITIES AND EQUITY 35,079 35,190 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com