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Arco Vara AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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29.05.2009 20:09:25
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2009. AASTA I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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2009. AASTA I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
TEGEVUSARUANNE
Juhatuse esimehe kommentaarid majandustulemustele
2009. aasta esimese kvartali jooksul müüdi Arco Vara projektides 14 korterit või
krunti ning broneeriti 13 objekti. Boulevard Residence Madrid'i projektis Sofias
sõlmiti 30-aastane üürileping Austria supermarketi ketiga Billa, millega
supermarket võtab üürile ca 900 m2 hoone esimese korruse kaubanduspinnast.
Arco Vara arendusdivisjoni strateegia on pooleliolevad korterid Kodukolde ja
elamukrundid Merivälja2 Tallinnas, Bišumuiža-1 Riias, Boulevard Residence Madrid
ja Manastirski Sofias soodsamaks muutunud ehitushindadega valmis ehitada ja
realiseerida, vabastades investeeritud omakapitali ja vähendades Kontserni
kohustusi. Koos ehitushindade langusega ja konkurentsis püsimise eesmärgiga
oleme langetanud I kvartalis ka Arco Vara projektides kruntide ja korterite
hindasid.
Ehitusdivisjonis sõlmiti I kvartali jooksul uusi lepinguid 103 mln
krooni (6,6 mln euro) ulatuses (2008 : I kvartal 111 mln krooni, 7,1 mln eurot).
Arvestades Eesti ehitusturu üldist olukorda on Arco Vara ehitusdivisjoni uute
lepingute mahu vähenemine võrreldes eelmise aasta sama perioodiga olnud väike,
7,3 % võrra. Võrreldes eelmise aasta IV kvartaliga, kui olukord järsult
kinnisvara- ja ehitussektoris muutus, on uute ehituslepingute maht kasvanud 35
%, 69 mln kroonilt (4,4 mln eurolt) 103 mln kroonini (6,6 mln euroni).
Ehitusdivisjoni üks olulisemaid lähiaja eesmärke on sarnaselt Eestis läbiviidud
kokkuhoiuprogrammile vähendada ka Läti tütarettevõtte üldhalduskulusid. Ilma
erakorraliste koondamistasudeta oli Eesti ehitusdivisjoni ärikahjum ca 0,5 mln
krooni (0,03 mln eurot).
Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni
üldhalduskulusid. Töötajate arv on aastaga vähenenud 290 inimese võrra, ehk
80%, samas on käive kahenenud vähem. I kvartali jooksul muudeti mõnede
väiksemate väljaspool pealinna asuvate kontorite töökorraldust, kus loobusime
klassikalisest kontoripõhisest töökorraldusest kodukontorite süsteemi kasuks,
säilitades samas kogu teenuste valiku. Teistes kontorites jätkatakse koostöös
töötajatega kuluefektiivsemate töökorraldusvormide rakendamist.
Teenindusdivisjonis on haldusosakond suutnud
käivet ning kasumlikkust säilitada ning bilansipäevajärgselt on Arco Vara
Halduse portfelli lisandunud 2 objekti.
Teenindusdivisjoni I kvartali erakorralised kulud summas 1,5 mln krooni (0,1
mln eurot) on tingitud koondamistasude maksmisest, lahkunud töötajate
materiaalse põhivara ning nende kasutuses olnud transpordivahendite müügist,
mis turuolukorrast tulenevalt toimus enamasti alla liisinglepingutes
fikseeritud jääkmaksumuse, ning varasematel aastatel lühiajaliseks
investeeringuks soetatud kinnistute müügist enamasti alla omahinna.
Teenindusdivisjoni eesmärk on jätkata osaliselt juba juurutatud ning praeguses
turusituatsioonis end õigustanud töökorralduse sisseviimist ka välisturgudel,
mis võimaldab piiratumate vahenditega suurendada teenuste pakkumist antud
riikides, keskendudes edaspidi eelkõige Eestile, Lätile ning Bulgaariale.
Kokkuvõtvalt oleme suutnud Kontsernipõhiselt I kvartalis, võrreldes eelmise
aasta sama perioodiga, üldhaldus- ja turustuskuludelt kokku hoida üle 17 mln
krooni (1,1 mln eurot), mis tähendab, et liigume oma sügisel seatud eesmärgist
hoida kokku kulusid 60 mln krooni (4 mln eurot) aastas eespool. Kontsernis
töötavate inimeste arv on vähenenud 654-lt inimeselt I kvartalis 2008 258-le
inimesele I kvartalis 2009. Siiski teenis Kontsern I kvartaliga kahjumit 14,7
mln krooni (0,8 mln eurot), millest erakorraliste tegevuskulude osakaal oli ca 5
mln krooni (0,3 mln eurot).
2009. AASTA I KVARTALI PÕHILISED NÄITAJAD
I kvartali äritulud kokku moodustasid 95,6 mln krooni (6,1 mln eurot), 15% vähem
kui eelmisel aastal
Ärikahjum oli -13,9 mln krooni (-0,9 mln eurot), 53,2% parem kui eelmine aasta
Puhaskahjum oli -14,7 mln krooni (-0,9 mln eurot), 12,0% parem kui eelmine aasta
Omakapital moodustab 36,8% (2008 I kv: 54.3%) bilansimahust. Omakapitali
tootlikkus oli -92,4% (2008 I kv: 7,8%). Investeeritud kapitali tootlikkus oli
-46,7% (2008 I kv: 6,1%)
Ehitusdivisjonis sõlmiti uusi lepinguid 103 mln krooni (6,6 mln euro) ulatuses,
2008 I kvartalis 111 mln krooni (7,1 mln eurot)
Ehituslepingute järelejäänud maht on I kvartali lõpu seisuga 232,0 mln krooni
(14,8 mln eurot), 2008 I kvartalis 358 mln krooni (22,9 mln eurot)
Kvartali jooksul müüdi kortereid ja krunte kokku 14 tükki (2008 I kv: 11) ja
broneeriti 13 tükki (2008 I kv: 48).
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | I kvartal | I kvartal | I kvartal | I kvartal |
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| miljonites | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja muu | 95,6 | 111,9 | 6,1 | 7,2 |
| äritulu | | | | |
--------------------------------------------------------------------------------
| Ärikahjum | -13,9 | -29,7 | -0,9 | -1,9 |
--------------------------------------------------------------------------------
| s.h | 0,0 | -12,4 | 0,0 | -0,8 |
| kinnisvarainvesteeri | | | | |
| ngute ümberhindlused | | | | |
--------------------------------------------------------------------------------
| Kahjum enne | -14,7 | -16,4 | -0,9 | -1,0 |
| tulumaksu | | | | |
--------------------------------------------------------------------------------
| s.h kasum või kahjum | 0,0 | 0,0 | 0,0 | 0,0 |
| finantsvarade | | | | |
| võõrandamisest | | | | |
--------------------------------------------------------------------------------
| Puhaskahjum | -14,7 | -16,7 | -0,9 | -1,1 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| EPS 1 (kroonides ja | -0,15 | -0,16 | -0,01 | -0,01 |
| eurodes) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Varad kokku, | 1 894,2 | 3 521,8 | 121,1 | 225,1 |
| perioodi lõpu | | | | |
| seisuga | | | | |
--------------------------------------------------------------------------------
| Investeeritud | 1 689,4 | 3 227,8 | 108,0 | 206,3 |
| kapital, perioodi | | | | |
| lõpu seisuga | | | | |
--------------------------------------------------------------------------------
| Neto laenud, | 877,8 | 684,4 | 56,1 | 43,7 |
| perioodi lõpu | | | | |
| seisuga | | | | |
--------------------------------------------------------------------------------
| Omakapital, perioodi | 697,1 | 1 911,3 | 44,6 | 122,2 |
| lõpu seisuga | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lühiajaliste | 1,9 | 2,1 | | |
| kohustuste | | | | |
| kattekordaja | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling 12 | -46,7% | 6,2% | | |
| kuud) | | | | |
--------------------------------------------------------------------------------
| ROE (rolling 12 | -92,4% | 7,8% | | |
| kuud) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Töötajate arv | 258 | 654 | | |
| perioodi lõpul | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | I kvartal | I kvartal | I kvartal | I kvartal |
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| miljonites | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja muu | | | | |
| äritulu | | | | |
--------------------------------------------------------------------------------
| Teenindus | 10,8 | 32,6 | 0,7 | 2,1 |
--------------------------------------------------------------------------------
| Arendus | 30,1 | 29,7 | 1,9 | 1,9 |
--------------------------------------------------------------------------------
| Ehitus | 58,9 | 89,5 | 3,8 | 5,7 |
--------------------------------------------------------------------------------
| Elimineerimised | -4,2 | -39,9 | -0,3 | -2,5 |
--------------------------------------------------------------------------------
| Müügitulu ja muu | 95,6 | 111,9 | 6,1 | 7,2 |
| äritulu kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | | | |
--------------------------------------------------------------------------------
| Teenindus | -5,2 | -8,2 | -0,3 | -0,5 |
--------------------------------------------------------------------------------
| Arendus | -0,3 | -16,1 | 0,0 | -1,0 |
--------------------------------------------------------------------------------
| Ehitus | -3,4 | 4,2 | -0,2 | 0,3 |
--------------------------------------------------------------------------------
| Elimineerimised | -0,1 | -4,6 | 0,0 | -0,3 |
--------------------------------------------------------------------------------
| Jagamatud ärikulud | -4,9 | -5,1 | -0,3 | -0,3 |
--------------------------------------------------------------------------------
| Ärikasum kokku | -13,9 | -29,7 | -0,8 | -1,8 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | -5,0 | 5,0 | -0,3 | 0,3 |
| intressikulud | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud ja | 4,3 | 8,3 | 0,3 | 0,5 |
| -kulud | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | 0,0 | -0,4 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Puhaskasum | -14,7 | -16,7 | -0,8 | -1,0 |
--------------------------------------------------------------------------------
Kontsern müüs kortereid ja krunte kokku 14 tükki (2008 I kvartal 11 tükki).
Äritulu suutis säilitada arendusdivisjon, ehitusdivisjoni käive langes 34% ja
teenindusdivisjoni 67% võrra.
Praeguse madala valmistoodangu laoseisu tõttu on käibe paranemist oodata
käesoleva aasta IV kvartalis. Sügisel lõpetatakse Sofias projekt Boulevard
Residence Madrid, Tallinnas lisandub Kodukolde projektis üle 60 korteri ja
Merivälja2 projektis üle 50 elamukrundi koos väljaarendatud infrastruktuuriga,
senised broneeringud ning uued müügid kajastatakse käibena alles peale ehitamise
lõppu ja kasutuslubade saamist.
I kvartalis olulisi varade ümberhindlusi ei toimunud. Võrreldes varasemaga
kajastame makstud intresse rohkem ka intressikuluna, sest osa projekte on
külmutatud ja Kontsern nende intresse enam ei kapitaliseeri. Finantstulusid ja
-kulusid mõjutas enim AS-i Ühendatud Kapital vastu USA dollarites kajastatud
nõude valuutakursi kasum 4,2 mln krooni (0,3 mln eurot). Kontsernil on
konsolideerituna kvartali lõpus likviidseid vahendeid 114,5 mln krooni (7,3 mln
eurot). Intressikandvaid kohustusi on kokku 979,4 mln krooni (62,6 mln eurot),
millest 477,3 mln krooni (30,5 mln eurot) on lühiajalisi.
RAHAVOOD
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | I kvartal | I kvartal | I kvartal | I kvartal |
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| miljonites | | | | |
--------------------------------------------------------------------------------
| Äritegevuse rahavood | -1,1 | -33,3 | -0,1 | -2,1 |
--------------------------------------------------------------------------------
| Investeerimistegevus | 27,6 | -180,6 | 1,8 | -11,6 |
| e rahavood | | | | |
--------------------------------------------------------------------------------
| Finantseerimistegevu | -84,4 | -69,4 | -5,4 | -4,4 |
| se rahavood | | | | |
--------------------------------------------------------------------------------
| Perioodi rahavood | -57,9 | -283,3 | -3,7 | -18,1 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Raha ja raja | 172,6 | 765,0 | 11,0 | 48,9 |
| ekvivalendid | | | | |
| perioodi alguses | | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | -0,1 | 0,0 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Raha ja raha | 114,5 | 481,7 | 7,3 | 30,8 |
| ekvivalendid | | | | |
| perioodi lõpus | | | | |
--------------------------------------------------------------------------------
Jaanuaris 2009 maksti erakorraliselt tagasi 40 mln krooni Tivoli ja Laeva
projektidega seotud laenude põhiosa SEB pangale, vabastades seeläbi Kontserni
150 mln kroonisest (9,6 mln eurot) likviidsete vahendite hoidmise kohustusest
SEB pangas.
Suurimad lühiajalised kohustused on lunastatavad võlakirjad ca 52 mln krooni
(3,3 mln eurot), Ahtri projektiga seotud laen 97,2 mln krooni (6,2 mln eurot),
ligi 77 mln krooni (4,9 mln eurot) on arvestuslikke põhiosatagastusi varade
müügilt („Kodukolde”, „Merivälja2” ja „Boulevard Residence Madrid”). Lühiajalisi
kohustusi on enim mõjutanud projektide „Tivoli” ja „Laeva2” laenude kajastamine
lühiajalisena, laenude saldod on summas 120 mln krooni (7,7 mln eurot) tähtajaga
31.03.2010. Jooksvalt on makstud laene projektis „Kodukolde” Tallinnas, Eestis
ja „Bišumuiža-1” Riias, Lätis. Bilansipäevajärgselt on vastavad laenud
refinantseeritud ja uus laenuteeninduse tase jääb allapoole müügihindasid,
jättes Kontsernile rohkem vaba raha. Bilansipäevajärgselt on enamus Kontserni
kohustusi eurodes.
TEENINDUSDIVISJON
Sügisel alustatud kulude ja ärimudeli optimeerimine on andnud häid tulemusi,
kuid ei ole olnud veel piisav puhaskasumi teenimiseks. Rahavooliselt on I
kvartalis divisjoni kulud ja tulud tasakaalus ning emaettevõtte dotatsiooni ei
vajatud. Seades esikohale ettevõtte likviidsuse müüs divisjon I kvartalis
varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte,
turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Töötajate arv
divisjonis on vähenenud 12 kuuga 80 % võrra, kokku 290 inimese võrra, kuid käive
on kahanenud 60 % võrra. Kontserni vahendustehingute arv 12 kuu võrdluses on
langenud 57%, hindamisaktide arv on langenud 60% võrra. Haldusosakond on suutnud
käivet ning kasumlikkust säilitada, kus bilansipäevajärgselt on portfelli
lisandunud ka veel 2 objekti.
Divisjoni erakorralised tegevuskulud ulatusid üle
1,5 mln krooni (0,1 mln euro), mis olid seotud koondamistasude ning varade
müügiga alla omahinna.
Töötajate arv divisjonis on kvartali jooksul kahanenud
66 inimese võrra. I kvartali lõpu seisuga töötas divisjonis kokku 73 inimest
(2008 I kvartal: 360 inimest).
--------------------------------------------------------------------------------
| | I kv 2009 | I kv 2008 | muutus, % |
--------------------------------------------------------------------------------
| Vahendatud | 208 | 483 | -56,9% |
| objektide arv | | | |
--------------------------------------------------------------------------------
| Müügis olevad | 186 | 247 | -24,7% |
| projektid, tk | | | |
--------------------------------------------------------------------------------
| Hindamisaktide | 810 | 2 052 | -60,5% |
| arv | | | |
--------------------------------------------------------------------------------
| Hindajate arv* | 33 | 44 | -25,0% |
--------------------------------------------------------------------------------
| Maaklerite arv* | 111 | 201 | -44,8% |
--------------------------------------------------------------------------------
| Divisjoni | 73 | 360 | -79,7% |
| töötajate arv | | | |
| perioodi lõpus | | | |
--------------------------------------------------------------------------------
* Sisaldab käsunduslepinguid
ARENDUSDIVISJON
I kvartali jooksul müüdi 14 korterit või krunti ning broneeriti 13 objekti.
Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m2
hõlmav üürileping Austria supermarketi ketiga Billa. Tallinna Halduskohus
tühistas Tivoli detailplaneeringu (vt. Lisa 16). Bilansipäevajärgselt on
apellatsioonkaebus koostamisel.
Arendusdivisjoni suurimaks riskiks on kujunenud tühjade kruntide laenude
refinantseerimine Eestis.
Kuigi Kontserni rahavoog on pingeline, peame õigeks
ehitada soodsamaks muutunud ehitushindadega pooleliolevad korterid ja krundid
lõpuni, et reageerida turunõudlusele müügivalmis laovaruga. Uute
investeeringutega ei ole plaanis alustada.
Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides
müügi edendamiseks hindasid langetatud ning aasta jooksul plaanime müüa
rahavoogu genereerivaid projekte. Osadel töötajatel on vähendatud nii töötasusid
kui ka tööaega. Märtsi lõpus töötas divisjonis kokku 43 inimest (2008 I kvartal:
55 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on võitnud hankeid põhiliselt keskkonna- ja
infrastruktuuriehituses. Hangete keskmine maht on langenud ja tellijaks on riik
või omavalitsused.
I kvartalis olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee
projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt.
I kvartalis sõlmiti uusi ehituslepinguid 103 mln krooni (6,6 mln euro)
väärtuses, 2008 I kvartalis
111 mln krooni (7,1 mln eurot). Kvartali lõpu seisuga on ehituslepingute
järelejäänud maht 232 mln krooni (14,8 mln eurot) ja kontsernisisene müügitulu
moodustas kogutuludest 0%, 2008 I kvartalis oli ehituslepingute järelejäänud
maht 358 mln krooni (22,9 mln eurot). I kvartali lõpu seisuga töötas divisjonis
kokku 127 inimest (2008 I kvartal: 195 inimest).
KONSOLIDEERITUD KOONDKASUMIARUANNE
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Lisa | I kvartal | I kvartal | I kvartal | I kvartal
|
| | | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 75 914 | 88 691 | 4 852 | 5 668 |
| teenuste müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 18 408 | 18 830 | 1 176 | 1 203 |
| kaupade müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 2 | 94 322 | 107 521 | 6 028 | 6 871 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud toodangu | | -87 592 | -86 327 | -5 598 | -5 517 |
| kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | 6 730 | 21 194 | 430 | 1 354 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 3 | 1 308 | 4 394 | 84 | 281 |
--------------------------------------------------------------------------------
| Turustuskulud | 4 | -879 | -4 672 | -56 | -299 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 5 | -20 602 | -34 075 | -1 317 | -2 178 |
--------------------------------------------------------------------------------
| Muud ärikulud | 3 | -475 | -16 512 | -30 | -1 055 |
--------------------------------------------------------------------------------
| Ärikahjum | | -13 918 | -29 671 | -889 | -1 897 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | 7 772 | 14 011 | 497 | 895 |
| investeerimisteg | | | | | |
| evuse tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | -8 529 | -703 | -545 | -45 |
| investeerimisteg | | | | | |
| evuse kulud | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne | | -14 675 | -16 363 | -937 | -1 047 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | 0 | -366 | 0 | -23 |
--------------------------------------------------------------------------------
| Aruandeperioodi | | -14 675 | -16 729 | -937 | -1 070 |
| puhaskahjum | | | | | |
--------------------------------------------------------------------------------
| Muu koondkahjum | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | 0 | -278 | 0 | -18 |
| vahed | | | | | |
| välisettvõtte | | | | | |
| ümberarvestamise | | | | | |
| l | | | | | |
--------------------------------------------------------------------------------
| Muu | | -14 675 | -17 007 | -938 | -1 087 |
| aruandeperioodi | | | | | |
| koondkahjum | | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi | | -14 675 | -17 007 | -938 | -1 087 |
| koonkahjum | | | | | |
--------------------------------------------------------------------------------
| Perioodi kasumi | | | | | |
| jaotus: | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -860 | -1 442 | -55 | -92 |
| osalus kahjumis | | | | | |
--------------------------------------------------------------------------------
| Vähemus osalus | | -13 815 | -15 287 | -883 | -977 |
| kahjumis | | | | | |
--------------------------------------------------------------------------------
| | | -14 675 | -16 729 | -938 | -1 069 |
--------------------------------------------------------------------------------
| Perioodi | | | | | |
| koondkasumi | | | | | |
| jaotus: | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -860 | -1 442 | -55 | -92 |
| osalus | | | | | |
| koondkahjumis | | | | | |
--------------------------------------------------------------------------------
| Vähemus osalus | | -13 815 | -15 565 | -883 | -995 |
| koondkahjumis | | | | | |
--------------------------------------------------------------------------------
| | | -14 675 | -17 007 | -938 | -1 087 |
--------------------------------------------------------------------------------
| Aktsia | 7 | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| - tava | | -0,15 | -0,16 | -0,01 | -0,01 |
--------------------------------------------------------------------------------
| - lahustatud | | -0,15 | -0,16 | -0,01 | -0,01 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSEISUNDI ARUANNE
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Lisa | I kvartal | I kvartal | I kvartal | I kvartal
|
| | | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 114 514 | 172 574 | 7 319 | 11 029 |
| ekvivalendid | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteer | | 0 | 40 416 | 0 | 2 583 |
| ingud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 8 | 275 323 | 294 352 | 17 596 | 18 813 |
--------------------------------------------------------------------------------
| Ettemakstud | | 6 934 | 6 165 | 443 | 394 |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Varud | 9 | 871 588 | 849 440 | 55 705 | 54 289 |
--------------------------------------------------------------------------------
| Bioloogilised | | 2 940 | 3 679 | 188 | 235 |
| varad | | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 1 271 299 | 1 366 626 | 81 251 | 87 343 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteer | | 255 | 255 | 16 | 16 |
| ingud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 8 | 9 666 | 6 671 | 618 | 427 |
--------------------------------------------------------------------------------
| Kinnisvarainvest | 10 | 547 114 | 542 753 | 34 967 | 34 688 |
| eeringud | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 11 | 53 464 | 41 812 | 3 417 | 2 672 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 12 | 12 381 | 12 475 | 791 | 797 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 622 880 | 603 966 | 39 809 | 38 600 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 894 179 | 1 970 592 | 121 060 | 125 943 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 13 | 477 342 | 353 417 | 30 508 | 22 587 |
--------------------------------------------------------------------------------
| Võlad | 14 | 123 370 | 132 677 | 7 885 | 8 480 |
--------------------------------------------------------------------------------
| Ettemaksed | | 75 962 | 65 174 | 4 855 | 4 165 |
--------------------------------------------------------------------------------
| Eraldised | | 5 419 | 5 917 | 346 | 378 |
--------------------------------------------------------------------------------
| Lühiajalised | | 682 093 | 557 185 | 43 594 | 35 610 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 13 | 502 089 | 692 919 | 32 089 | 44 286 |
--------------------------------------------------------------------------------
| Võlad | 14 | 8 588 | 4 404 | 549 | 281 |
--------------------------------------------------------------------------------
| Edasilükkunud | | 20 | 20 | 1 | 1 |
| tulumaksukohustu | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 4 291 | 4 291 | 274 | 274 |
--------------------------------------------------------------------------------
| Pikaajalised | | 514 988 | 701 634 | 32 913 | 44 842 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 1 197 081 | 1 258 819 | 76 507 | 80 452 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Ülekurss | | 712 514 | 712 514 | 45 538 | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik | | 31 463 | 31 463 | 2 011 | 2 011 |
| reservkapital | | | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | | -998 483 | -984 668 | -63 815 | -62 932 |
--------------------------------------------------------------------------------
| Oma aktsiad | | -3 992 | -3 992 | -255 | -255 |
| (miinus) | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | 694 344 | 708 159 | 44 377 | 45 260 |
| omanikele kuuluv | | | | | |
| omakapital kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele | | 2 754 | 3 614 | 176 | 231 |
| kuuluv | | | | | |
| omakapital | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | 697 098 | 711 773 | 44 553 | 45 491 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | 1 894 179 | 1 970 592 | 121 060 | 125 943 |
| OMAKAPITAL KOKKU | | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Lisa | I kvartal | I kvartal | I kvartal | I kvartal
|
| | | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -14 675 | -16 729 | -938 | -1 070 |
| (-kahjum) | | | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | 6 | 5 014 | -5 019 | 320 | -321 |
| intressikulud | | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud | 6 | -52 | 507 | -3 | 32 |
| muudelt | | | | | |
| pikaajalistelt | | | | | |
| finantsinvesteer | | | | | |
| ingutelt | | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 6 | 14 | -13 264 | 1 | -848 |
| allahindluskulu | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | 1 094 | 1 325 | 70 | 85 |
| immateriaalse | | | | | |
| põhivara | | | | | |
| amortisatsioon | | | | | |
| ja väärtuse | | | | | |
| langus | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3 | 263 | -1 | 17 | -1 |
| immateriaalse | | | | | |
| põhivara müügi | | | | | |
| kasum või kahjum | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvest | 3 | 43 | 4 | 3 | 1 |
| eeringute müügi | | | | | |
| kasum või kahjum | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvest | 3 | 0 | 12 437 | 0 | 795 |
| eeringute ja | | | | | |
| bioloogilise | | | | | |
| vara õiglase | | | | | |
| väärtuse muutus | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | 6 | -4 219 | 4 468 | -270 | 286 |
| kasumid ja | | | | | |
| kahjumid | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | 6 | 0 | 366 | 0 | 23 |
| tulumaksukulu | | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | | -12 518 | -15 906 | -800 | -1 018 |
| rahavood enne | | | | | |
| käibekapitali | | | | | |
| muutuseid | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega | | 19 659 | 20 767 | 1 256 | 1 327 |
| seotud nõuete ja | | | | | |
| ettemaksude | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Varude muutus | | -30 430 | -44 466 | -1 945 | -2 842 |
--------------------------------------------------------------------------------
| Bioloogiliste | | 447 | -16 | 29 | -1 |
| varade muutus | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega | | 21 727 | 6 313 | 1 389 | 403 |
| seotud | | | | | |
| kohustuste | | | | | |
| ettemaksude | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -1 115 | -33 308 | -71 | -2 131 |
| ÄRITEGEVUSEST | | | | | |
| KOKKU | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | -13 701 | -7 242 | -876 | -463 |
| immateriaalse | | | | | |
| põhivara soetus | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | 341 | 89 | 22 | 6 |
| immateriaalse | | | | | |
| põhivara müük | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvest | | -5 100 | -516 | -326 | -33 |
| eeringute soetus | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvest | | 205 | 103 | 13 | 7 |
| eeringute müük | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | | 0 | -82 616 | 0 | -5 280 |
| ühisettevõtete | | | | | |
| soetus | | | | | |
--------------------------------------------------------------------------------
| Muude | | 0 | -80 000 | 0 | -5 113 |
| finantsinvesteer | | | | | |
| ingute soetus | | | | | |
--------------------------------------------------------------------------------
| Muude | | 41 123 | 8 332 | 2 628 | 533 |
| finantsinvesteer | | | | | |
| ingute müük | | | | | |
--------------------------------------------------------------------------------
| Antud laenud | | -942 | -30 667 | -60 | -1 960 |
--------------------------------------------------------------------------------
| Antud laenude | | 3 417 | 832 | 218 | 53 |
| tagasimaksed | | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | 2 284 | 11 052 | 146 | 706 |
--------------------------------------------------------------------------------
| RAHAVOOD | | 27 627 | -180 633 | 1 765 | -11 544 |
| INVESTEERIMISTEG | | | | | |
| EVUSEST KOKKU | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Saadud laenud | | 28 720 | 12 115 | 1 836 | 774 |
--------------------------------------------------------------------------------
| Laenude ja | | -98 978 | -58 656 | -6 326 | -3 749 |
| kapitalirendikoh | | | | | |
| ustuste | | | | | |
| tagasimaksed | | | | | |
--------------------------------------------------------------------------------
| Arvelduskrediidi | | 869 | 43 | 56 | 3 |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Kontsernikonto | | 0 | -804 | 0 | -51 |
| kohustuse muutus | | | | | |
--------------------------------------------------------------------------------
| Makstud | | -15 050 | -17 156 | -962 | -1 096 |
| intressid | | | | | |
--------------------------------------------------------------------------------
| Makstud | | 0 | -2 557 | 0 | -163 |
| dividendid | | | | | |
--------------------------------------------------------------------------------
| Makstud | | 0 | -2 338 | 0 | -149 |
| dividendide | | | | | |
| tulumaks | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -84 439 | -69 353 | -5 396 | -4 431 |
| FINANTSEERIMISEG | | | | | |
| EVUSEST KOKKU | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | | -57 927 | -283 294 | -3 702 | -18 106 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 172 574 | 765 008 | 11 029 | 48 893 |
| ekvivalendid | | | | | |
| perioodi alguses | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | -57 927 | -283 294 | -3 702 | -18 106 |
| ekvivalentide | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | -133 | 8 | -9 | 0 |
| mõju | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 114 514 | 481 722 | 7 318 | 30 787 |
| ekvivalendid | | | | | |
| perioodi lõpus | | | | | |
--------------------------------------------------------------------------------
Arco Vara AS
Pealkiri
FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Teade
FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
Management report for the first quarter of 2009
Comments by the CEO
During the 1st quarter 2009, 14 apartments or plots were sold and 13 objects
reserved in Arco Vara projects. In the Boulevard Residence Madrid project in
Sofia, a 30-year rental agreement was concluded with the Austrian supermarket
chain Billa, by which the supermarket will rent approx. 900 m2 of the ground
floor sales space of the building.
The strategy of Arco Vara development division is to complete and sell the
unfinished apartments in project Kodukolde and plots in project Merivälja2 in
Tallinn, Bišumuiža-1 in Riga, Boulevard Residence in Madrid and Manastirski in
Sofia by using the benefits of dropped construction prices and releasing this
way invested equity as well as reducing the liabilities of the Group. Together
with the drop in construction prices and considering our goal to maintain our
competitiveness, we have decreased the prices of plots and apartments of Arco
Vara projects in the 1st quarter.
In the construction division, new agreements in the amount of 103 million
kroons (6.6
million euros) were concluded in the 1st quarter (2008 Q1: 11 million kroons,
7.1 million euros). Considering the general situation on the Estonian
construction market, the decrease in contract prices of Arco Vara construction
division has been low on year-over-year basis - 7.3%. Compared to the 4th
quarter 2008 when the situation in the real estate and construction sector
changed rapidly, the volume of new construction agreements has increased 35%,
from 69 million kroons (4.4 million euros) to 103 million kroons (6.6 million
euros). One of the most important goals of the construction division for the
near future is to decrease the administration costs of the Latvian subsidiary,
similarly to what has already been done in Estonia. The operating loss of the
Estonian construction division (without nonrecurring redundancy costs) was
approx. 0.5 million kroons (0.03 million euros).
By restructuring the service division, we have considerably decreased its
administration costs. The number of employees has been reduced by 290 persons
(80%), at the same time, the turnover has decreased less. During the 1st
quarter, the work organisation of some smaller offices outside the capital was
changed: the classical office-based work organisation was given up and replaced
by the home office system, whereby all services were maintained. In other
offices, more cost effective work organisation solutions are being implemented
in cooperation with employees. In
the service division, the property management department has managed to maintain
the turnover and profitability, after the balance sheet date, 2 objects have
been added to their portfolio.
The nonrecurring expenditure of the service division in the 1st quarter
amounting to 1.5 million kroons (0.1 million euros) was caused by redundancy
payments, sales of intangible assets and vehicles used by redundants, which
was, due to market situation, made under the price level fixed in leasing
contracts, and sales of properties acquired in earlier years as current
investments under their cost price.
The aim of the service division is to continue implementing the partially
applied and in the current market situation justified work organisation also in
foreign markets, which allows increasing service provision with unlimited means
in these countries, with a future focus on Estonia, Latvia and Bulgaria.
All in all, we have managed to save in the 1st quarter on y-o-y basis more than
17 million kroons (1.1 million euros) administration and marketing costs, which
means that we are ahead our annual schedule of saving 60 million kroons (4
million euros) that we set ourselves in autumn. The number of persons employed
by the Group has decreased from 654 persons in 1st quarter 2008 to 259 persons
in 1st quarter 2009. However, the Group earned a loss of 14.7 million kroons
(0.8 million euros) in the first quarter, wherefrom the portion of nonrecurring
expenditures was approx. 5 million kroons (0.3 million euros).
KEY FINANCALS
Revenue and other income for the 1st quarter totalled 95.6 million kroons (6.1
million euros), 15% down year-over-year.
EBIT amounted to -13.9 million kroons (-0.9 million euros), 53.2% up
year-over-year.
Net profit amounted to -14.7 million kroons (-0.9 million euros), 12.0% up
year-over-year.
Equity ratio was 36.8% (2008 Q1: 54.3%). ROE was -92.4% (2008 Q1: 7.8%). ROIC
was -46.7% (2008 Q1: 6.1%)
Construction division was awarded new construction contracts worth 103 million
kroons (6.6 million euros), (2008 Q1: 111 million kroons, 7.1 million euros)
Group's order backlog in the Construction division stood at 232.0 million kroons
(14.8 million euros), (2008 Q1: 358 million kroons, 22.9 million euros)
Over the quarter, a total of 14 apartments and plots were sold (2008 Q1: 11) and
13 reserved (2008 Q1: 48).
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 |
--------------------------------------------------------------------------------
| In millions | | | | |
--------------------------------------------------------------------------------
| Revenue and other | 95.6 | 111.9 | 6.1 | 7.2 |
| income | | | | |
--------------------------------------------------------------------------------
| EBIT | -13.9 | -29.7 | -0.9 | -1.9 |
--------------------------------------------------------------------------------
| incl. revaluation of | 0.0 | -12.4 | 0.0 | -0.8 |
| investment property | | | | |
--------------------------------------------------------------------------------
| Profit / loss before | -14.7 | -16.4 | -0.9 | -1.0 |
| tax | | | | |
--------------------------------------------------------------------------------
| incl. profit or loss | 0.0 | 0.0 | 0.0 | 0.0 |
| from transfer of | | | | |
| financial assets | | | | |
--------------------------------------------------------------------------------
| Net profit / loss | -14.7 | -16.7 | -0.9 | -1.1 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| EPS 1 (in kroons and | -0.15 | -0.16 | -0.01 | -0.01 |
| euros) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Total assets at | 1,894.2 | 3,521.8 | 121.1 | 225.1 |
| period end | | | | |
--------------------------------------------------------------------------------
| Invested capital at | 1,689.4 | 3,227.8 | 108.0 | 206.3 |
| period end | | | | |
--------------------------------------------------------------------------------
| Net loans at period | 877.8 | 684.4 | 56.1 | 43.7 |
| end | | | | |
--------------------------------------------------------------------------------
| Equity at period end | 697.1 | 1,911.3 | 44.6 | 122.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current Ratio | 1.9 | 2.1 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ROIC (rolling 12 | -46.7% | 6.2% | | |
| months) | | | | |
--------------------------------------------------------------------------------
| ROE (rolling 12 | -92.4% | 7.8% | | |
| months) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Number of staff at | 258 | 654 | | |
| period end | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 |
--------------------------------------------------------------------------------
| In millions | | | | |
--------------------------------------------------------------------------------
| Revenue and other | | | | |
| income | | | | |
--------------------------------------------------------------------------------
| Services | 10.8 | 32.6 | 0.7 | 2.1 |
--------------------------------------------------------------------------------
| Development | 30.1 | 29.7 | 1.9 | 1.9 |
--------------------------------------------------------------------------------
| Construction | 58.9 | 89.5 | 3.8 | 5.7 |
--------------------------------------------------------------------------------
| Eliminations | -4.2 | -39.9 | -0.3 | -2.5 |
--------------------------------------------------------------------------------
| Total revenue and | 95.6 | 111.9 | 6.1 | 7.2 |
| other income | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | |
--------------------------------------------------------------------------------
| Services | -5.2 | -8.2 | -0.3 | -0.5 |
--------------------------------------------------------------------------------
| Development | -0.3 | -16.1 | 0.0 | -1.0 |
--------------------------------------------------------------------------------
| Construction | -3.4 | 4.2 | -0.2 | 0.3 |
--------------------------------------------------------------------------------
| Eliminations | -0.1 | -4.6 | 0.0 | -0.3 |
--------------------------------------------------------------------------------
| Unallocated expenses | -4.9 | -5.1 | -0.3 | -0.3 |
--------------------------------------------------------------------------------
| Total EBIT | -13.9 | -29.7 | -0.8 | -1.8 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Interest income and | -5.0 | 5.0 | -0.3 | 0.3 |
| expense | | | | |
--------------------------------------------------------------------------------
| Net other financial | 4.3 | 8.3 | 0.3 | 0.5 |
| items | | | | |
--------------------------------------------------------------------------------
| Income tax expense | 0.0 | -0.4 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Net profit / loss | -14.7 | -16.7 | -0.8 | -1.0 |
--------------------------------------------------------------------------------
The Group sold a total of 14 apartments and plots (2008 Q1: 11). The development
division was able to maintain the revenue, the revenue of the construction
division decreased 34% and the one of the service division 67%.
Due to the low stock-in-trade an improvement in turnover can be expected in the
4th quarter 2009. In autumn, the project “Boulevard Residence Madrid” will be
completed in Sofia. In Tallinn, more than 60 apartments add in the “Kodukolde”
project and in the “Merivälja2” project more than 50 plots with full
infrastructure. The recent reservations and new sales will be reflected after
the end of construction and authorisation for use are obtained as turnover.
No substantial revaluations were made in the 1st quarter. More than before,
interests paid are recognised as interest costs, as some of the projects have
been frozen and the Group is not capitalizing these interests anymore. The
financial income and expenses were mainly influenced by the exchange rate profit
of 4.2 million kroons (0.3 million euros) from the claim against AS Ühendatud
Kapital in US dollars. As at the end of the quarter the Group has liquid assets
in value of 114.5 million kroons (7.3 million euros). Interest-bearing
liabilities amount to 979.4 million kroons (62.6 million euros) of which 477.3
million kroons (30.5 euros) are short-term.
CASH FLOWS
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 |
--------------------------------------------------------------------------------
| In millions | | | | |
--------------------------------------------------------------------------------
| Cash flows from | -1.1 | -33.3 | -0.1 | -2.1 |
| operating activities | | | | |
--------------------------------------------------------------------------------
| Cash flows from | 27.6 | -180.6 | 1.8 | -11.6 |
| investing activities | | | | |
--------------------------------------------------------------------------------
| Cash flows from | -84.4 | -69.4 | -5.4 | -4.4 |
| financing activities | | | | |
--------------------------------------------------------------------------------
| Net cash flow | -57.9 | -283.3 | -3.7 | -18.1 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 172.6 | 765.0 | 11.0 | 48.9 |
| equivalents at | | | | |
| beginning of period | | | | |
--------------------------------------------------------------------------------
| Effect of exchange | -0.1 | 0.0 | 0.0 | 0.0 |
| rate fluctuations | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 114.5 | 481.7 | 7.3 | 30.8 |
| equivalents at end | | | | |
| of period | | | | |
--------------------------------------------------------------------------------
In January 2009 the company made an extraordinary repayment of 40 million kroons
related to Tivoli and Laeva projects loans to SEB Bank by releasing the Group
from the obligation to maintain liquid assets worth 150 million kroons (9.6
million euros) in SEB bank accounts.
The biggest short-term liabilities are the bond stock in the amount of approx.
52 million kroons (3.3 million euros) to be redeemed, the loan related to the
Ahtri project in the amount of 97.2 million kroons (6.2 million euros), and
approx. 77 million kroons (4.9 million euros) calculated principal returns from
the sales of assets („Kodukolde”, „Merivälja2” and „Boulevard Residence
Madrid”). Short-term liabilities have been mostly affected by accounting the
Tivoli and Laeva2 project loans as short-term loans, in the amount of 120
million kroons (7.7 million euros) with an expiry date of 31.03.2010. On a
current basis, loans in the project „Kodukolde” in Tallinn and „Bišumuiža-1” in
Riga, Latvia have been paid, where the recent loan payments per sold square
meter are higher than the sales turnover. After the balance sheet date, the
relevant loans have been refunded and the loan servicing costs remained under
the sales prices, by leaving the Group more disposable funds. After the balance
sheet date, most of the Group liabilities will be in euros.
SERVICE DIVISION
Cost and business model optimisation started in autumn has had good results but
is still not sufficient for earning net profit. By cash flow, the revenues and
expenses of the division in 1st quarter are in balance and didn't need any
subsidy from parent company.
In the 1st quarter, as the liquidity of the company is most important, the
division sold objects that were acquired earlier as short-term investments, due
to the market situation, the prices have been sometimes under the cost price.
The number of employees in the division has decreased within 12 months by 80%, a
total of 290 persons, while the turnover has decreased by 67%.The number of
brokerage transactions of the Group in 12 months has decreased by 57%, and the
number of valuation reports has decreased by 60%.
The property management department has managed to maintain the turnover and the
profitability, after the balance sheet date, 2 more objects were added to the
portfolio.
The nonrecurring operating costs of the division amounted to more than 1.5
million kroons (0.1 million euros) and were related to redundancy payments and
sales of assets under their cost price.
The number of employees in the division has been reduced by 66 persons. At the
end of the 1st quarter the division employed 73 persons (2008 Q1: 360 persons).
--------------------------------------------------------------------------------
| | 2009 Q1 | 2008 Q1 | change, % |
--------------------------------------------------------------------------------
| Number of | 208 | 483 | -56,9% |
| brokered objects | | | |
--------------------------------------------------------------------------------
| Projects being | 186 | 247 | -24,7% |
| sold, pcs. | | | |
--------------------------------------------------------------------------------
| Number of | 810 | 2 052 | -60,5% |
| valuation | | | |
| reports | | | |
--------------------------------------------------------------------------------
| Number of | 33 | 44 | -25,0% |
| appraisers* | | | |
--------------------------------------------------------------------------------
| Number of real | 111 | 201 | -44,8% |
| estate brokers* | | | |
--------------------------------------------------------------------------------
| Number of | 73 | 360 | -79,7% |
| division staff | | | |
| at the end of | | | |
| period | | | |
--------------------------------------------------------------------------------
* Includes authorisation agreements
DEVELOPMENT DIVISION
In the 1st quarter 2009, 14 apartments or plots were sold and 13 were reserved.
Within the “Boulevard Residence Madrid” project in Sofia, long-term lease
agreement was concluded with the Austrian supermarket chain “Billa”; the
supermarket will lease 900 m2 of retail premises. Tallinn Administrative Court
annulled the decision of Tallinn City Council with what detailed plan of Tivoli
project in Tallinn was established, (see Note 16). After the balance sheet date
an appeal is drafting.
The main risk factor for the development division is the
refinancing of loans of empty plots in Estonia.
Although the cash flow of the Group is tense, we will finish the construction of
unfinished apartments and plots with more favourable construction prices in
order to satisfy the demand with ready to be sold stock. No new investments are
planned.
In order to reduce liquidity risk, the prices in current projects in
the Baltic's as well as in Sofia have been decreased substantially and during
the year we aim at selling cash flow generating projects. For some employees,
salaries and working times have been reduced. At the end of the 1st quarter the
division employed 43 persons (2008 Q1: 55 persons).
Further information on the projects: www.arcorealestate.com/development
CONSTRUCTION DIVISION
The construction division has mostly won tenders of environmental and
infrastructure engineering. The average volume of the tenders has decreased and
the contractor is usually the state or local governments.
The biggest new contracts in the 1st quarter were the Emajõe-Võhandu drinking
water project and the Kohtla-Järve-Kiviõli sewerage project.
In the 1st quarter the division was awarded construction contracts worth 103
million kroons (6.6 million euros), in the 1st quarter of 2008 the corresponding
figure was 111 million kroons (7.1 million euros). At the end of the 1st
quarter, the division's order backlog was 232 million kroons (14.8 million
euros) and the internal sales accounted for 0%, in the 1st quarter of 2008 the
division's order backlog was 358 million kroons (22.9 million euros).
At the end of the 1st quarter the division employed 127 persons (2008 Q1: 195
persons).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1
|
| | | | | | |
--------------------------------------------------------------------------------
| in thousands | | | | | |
--------------------------------------------------------------------------------
| Rendering of | | 75 914 | 88 691 | 4 852 | 5 668 |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of goods | | 18 408 | 18 830 | 1 176 | 1 203 |
--------------------------------------------------------------------------------
| Total revenue | 2 | 94 322 | 107 521 | 6 028 | 6 871 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | | -87 592 | -86 327 | -5 598 | -5 517 |
--------------------------------------------------------------------------------
| Gross profit | | 6 730 | 21 194 | 430 | 1 354 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other income | 3 | 1 308 | 4 394 | 84 | 281 |
--------------------------------------------------------------------------------
| Selling and | 4 | -879 | -4 672 | -56 | -299 |
| distribution | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Administrative | 5 | -20 602 | -34 075 | -1 317 | -2 178 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 3 | -475 | -16 512 | -30 | -1 055 |
--------------------------------------------------------------------------------
| EBIT | | -13 918 | -29 671 | -889 | -1 897 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance income | 6 | 7 772 | 14 011 | 497 | 895 |
--------------------------------------------------------------------------------
| Finance expenses | 6 | -8 529 | -703 | -545 | -45 |
--------------------------------------------------------------------------------
| Profit / loss | | -14 675 | -16 363 | -937 | -1 047 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | 0 | -366 | 0 | -23 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Net profit / | | -14 675 | -16 729 | -937,00 | -1 070 |
| loss | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | |
| Comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Exchange | | 0 | -278 | 0 | -18 |
| differences on | | | | | |
| translation | | | | | |
| foreign | | | | | |
| subsidiaries | | | | | |
--------------------------------------------------------------------------------
| Other | | -14 675 | -17 007 | -938 | -1 087 |
| Comprehensive | | | | | |
| income for the | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Total | | -14 675 | -17 007 | -938,00 | -1 087 |
| comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Profit | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders | | -860 | -1 442 | -55 | -92 |
| of the parent | | | | | |
--------------------------------------------------------------------------------
| Minority | | -13 815 | -15 287 | -883 | -977 |
| interest | | | | | |
--------------------------------------------------------------------------------
| | | -14 675 | -16 729 | -938 | -1 069 |
--------------------------------------------------------------------------------
| Comprehensive | | | | | |
| income | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders | | -860 | -1 442 | -55 | -92 |
| of the parent | | | | | |
--------------------------------------------------------------------------------
| Minority | | -13 815 | -15 565 | -883 | -995 |
| interest | | | | | |
--------------------------------------------------------------------------------
| | | -14 675 | -17 007 | -938 | -1 087 |
--------------------------------------------------------------------------------
| Earnings per | 7 | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
| - Basic earnings | | -0.15 | -0.16 | -0.01 | -0.01 |
| per share | | | | | |
--------------------------------------------------------------------------------
| - Diluted | | -0.15 | -0.16 | -0.01 | -0.01 |
| earnings per | | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1
|
| | | | | | |
--------------------------------------------------------------------------------
| in thousands | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 114 514 | 172 574 | 7 319 | 11 029 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Other financial | | 0 | 40 416 | 0 | 2 583 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Receivables | 8 | 275 323 | 294 352 | 17 596 | 18 813 |
--------------------------------------------------------------------------------
| Prepayments | | 6 934 | 6 165 | 443 | 394 |
--------------------------------------------------------------------------------
| Inventories | 9 | 871 588 | 849 440 | 55 705 | 54 289 |
--------------------------------------------------------------------------------
| Biological | | 2 940 | 3 679 | 188 | 235 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total current | | 1 271 299 | 1 366 626 | 81 251 | 87 343 |
| assets | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Financial assets | | 255 | 255 | 16 | 16 |
--------------------------------------------------------------------------------
| Receivables | 8 | 9 666 | 6 671 | 618 | 427 |
--------------------------------------------------------------------------------
| Investment | 10 | 547 114 | 542 753 | 34 967 | 34 688 |
| property | | | | | |
--------------------------------------------------------------------------------
| Property, plant | 11 | 53 464 | 41 812 | 3 417 | 2 672 |
| and equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible | 12 | 12 381 | 12 475 | 791 | 797 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 622 880 | 603 966 | 39 809 | 38 600 |
| non-current | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 894 179 | 1 970 592 | 121 060 | 125 943 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 13 | 477 342 | 353 417 | 30 508 | 22 587 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Liabilities | 14 | 123 370 | 132 677 | 7 885 | 8 480 |
--------------------------------------------------------------------------------
| Deferred income | | 75 962 | 65 174 | 4 855 | 4 165 |
--------------------------------------------------------------------------------
| Provisions | | 5 419 | 5 917 | 346 | 378 |
--------------------------------------------------------------------------------
| Total current | | 682 093 | 557 185 | 43 594 | 35 610 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 13 | 502 089 | 692 919 | 32 089 | 44 286 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Liabilities | 14 | 8 588 | 4 404 | 549 | 281 |
--------------------------------------------------------------------------------
| Deferred income | | 20 | 20 | 1 | 1 |
| tax liability | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 4 291 | 4 291 | 274 | 274 |
--------------------------------------------------------------------------------
| Total | | 514 988 | 701 634 | 32 913 | 44 842 |
| non-current | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 197 081 | 1 258 819 | 76 507 | 80 452 |
| LIABILITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Share capital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Share premium | | 712 514 | 712 514 | 45 538 | 45 538 |
--------------------------------------------------------------------------------
| Statutory | | 31 463 | 31 463 | 2 011 | 2 011 |
| capital reserve | | | | | |
--------------------------------------------------------------------------------
| Other reserves | | -998 483 | -984 668 | -63 815 | -62 932 |
--------------------------------------------------------------------------------
| Retained | | -3 992 | -3 992 | -255 | -255 |
| earnings | | | | | |
--------------------------------------------------------------------------------
| Own shares | | 694 344 | 708 159 | 44 377 | 45 260 |
| (minus) | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Minority | | 2 754 | 3 614 | 176 | 231 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 697 098 | 711 773 | 44 553 | 45 491 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 894 179 | 1 970 592 | 121 060 | 125 943 |
| LIABILITIES AND | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | EEK | EUR |
--------------------------------------------------------------------------------
| | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1
|
| | | | | | |
--------------------------------------------------------------------------------
| in thousands | | | | | |
--------------------------------------------------------------------------------
| Net profit / | | -14 675 | -16 729 | -938 | -1 070 |
| loss | | | | | |
--------------------------------------------------------------------------------
| Interest income | 6 | 5 014 | -5 019 | 320 | -321 |
| and expense | | | | | |
--------------------------------------------------------------------------------
| Gains and losses | 6 | -52 | 507 | -3 | 32 |
| on other | | | | | |
| financial assets | | | | | |
--------------------------------------------------------------------------------
| Impairment | 6 | 14 | -13 264 | 1 | -848 |
| losses on | | | | | |
| financial assets | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | | 1 094 | 1 325 | 70 | 85 |
| amortisation and | | | | | |
| impairment | | | | | |
| losses on | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on | 3 | 263 | -1 | 17 | -1 |
| the sale of | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on | 3 | 43 | 4 | 3 | 1 |
| the sale of | | | | | |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Change in the | 3 | 0 | 12 437 | 0 | 795 |
| fair value of | | | | | |
| investment | | | | | |
| property and | | | | | |
| biological | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Exchange gains | 6 | -4 219 | 4 468 | -270 | 286 |
| and losses | | | | | |
--------------------------------------------------------------------------------
| Corporate income | 6 | 0 | 366 | 0 | 23 |
| tax expense | | | | | |
--------------------------------------------------------------------------------
| Operating cash | | -12 518 | -15 906 | -800 | -1 018 |
| flow before | | | | | |
| working capital | | | | | |
| changes | | | | | |
--------------------------------------------------------------------------------
| Change in | | 19 659 | 20 767 | 1 256 | 1 327 |
| receivables and | | | | | |
| prepayments | | | | | |
--------------------------------------------------------------------------------
| Change in | | -30 430 | -44 466 | -1 945 | -2 842 |
| inventories | | | | | |
--------------------------------------------------------------------------------
| Change in | | 447 | -16 | 29 | -1 |
| biological | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Change in | | 21 727 | 6 313 | 1 389 | 403 |
| payables and | | | | | |
| deferred income | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN | | -1 115 | -33 308 | -71 | -2 131 |
| OPERATING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | -13 701 | -7 242 | -876 | -463 |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 341 | 89 | 22 | 6 |
| sale of | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | -5 100 | -516 | -326 | -33 |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 205 | 103 | 13 | 7 |
| sale of | | | | | |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | 0 | -82 616 | 0 | -5 280 |
| subsidiaries and | | | | | |
| interests in | | | | | |
| jointly | | | | | |
| controlled | | | | | |
| entities, net of | | | | | |
| cash acquired | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | 0 | -80 000 | 0 | -5 113 |
| other financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 41 123 | 8 332 | 2 628 | 533 |
| sale of other | | | | | |
| financial assets | | | | | |
--------------------------------------------------------------------------------
| Loans granted | | -942 | -30 667 | -60 | -1 960 |
--------------------------------------------------------------------------------
| Repayment of | | 3 417 | 832 | 218 | 53 |
| loans granted | | | | | |
--------------------------------------------------------------------------------
| Interest | | 2 284 | 11 052 | 146 | 706 |
| received | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN | | 27 627 | -180 633 | 1 765 | -11 544 |
| / FROM INVESTING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 28 720 | 12 115 | 1 836 | 774 |
| loans received | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | -98 978 | -58 656 | -6 326 | -3 749 |
| loans and | | | | | |
| payment of | | | | | |
| finance lease | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Change in | | 869 | 43 | 56 | 3 |
| overdraft | | | | | |
--------------------------------------------------------------------------------
| Change in group | | 0 | -804 | 0 | -51 |
| account | | | | | |
| liability | | | | | |
--------------------------------------------------------------------------------
| Interest paid | | -15 050 | -17 156 | -962 | -1 096 |
--------------------------------------------------------------------------------
| Dividends paid | | 0 | -2 557 | 0 | -163 |
--------------------------------------------------------------------------------
| Income tax paid | | 0 | -2 338 | 0 | -149 |
| on dividends | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN | | -84 439 | -69 353 | -5 396 | -4 431 |
| / FROM FINANCING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW | | -57 927 | -283 294 | -3 702 | -18 106 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 172 574 | 765 008 | 11 029 | 48 893 |
| equivalents at | | | | | |
| beginning of | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Decrease / | | -57 927 | -283 294 | -3 702 | -18 106 |
| increase in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Effect of | | -133 | 8 | -9 | 0 |
| exchange rate | | | | | |
| fluctuations | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 114 514 | 481 722 | 7 318 | 30 787 |
| equivalents at | | | | | |
| end of period | | | | | |
--------------------------------------------------------------------------------
Arco Vara AS