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Arco Vara AS
LEI kood
097900BHCB0000066171
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
6099
Manused
Esitamise kuupäev ja aeg
11.05.2017 16:30:06
Teate sisu eesti keeles
Pealkiri
Arco Vara AS-i 2017. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
ÜLDINFO
Arco Vara AS ning tema kontserni kuuluvate ettevõtete (edaspidi „kontsern“)
tegevus hõlmab kinnisvaraarendust ning kinnisvaraga seotud teenuseid. Kontserni
aktiivseteks turgudeks on Eesti, Läti ja Bulgaaria. Kontserni tegevus on
jaotatud kaheks tegevussegmendiks: teenindusdivisjon ja arendusdivisjon.
Teenindusdivisjoni põhitegevus on kinnisvara vahendamine ja hindamine,
kinnisvara haldamine, nõustamine, samuti lühiajalised investeeringud
elamukinnisvarasse. Teenindusdivisjoni pakutavaks lisaväärtuseks kontsernile on
analüütilised andmed turu nõudluse ja pakkumise, samuti ostjaskonna käitumise
kohta. Analüütilised andmed võimaldavad langetada paremaid otsuseid
kinnisvaraarenduses: maatükkide soetamisel, planeerimisel ja projekteerimisel,
lõpptoodete hinnastamisel ning otsuse langetamisel ehituse alustamise kohta.
Arendusdivisjoni põhitegevus on terviklike elukeskkondade ning ärikinnisvara
väljaarendamine. Elukeskkonna arendamisel müüakse valminud objektid
lõpptarbijale. Teatud juhtudel tegeleb kontsern ka ärikinnisvara arendusega,
kus eesmärk on luua rahavoogu genereeriv kinnisvaraobjekt kas enda rahavoogude
tugevdamiseks või edasimüügiks. Kontsern juba omab lõpetatud
ärikinnisvaraobjekte, millelt teenitakse renditulu.
31.03.2017 seisuga kuulus kontserni 22 ettevõtet, sama palju kui 31.12.2016
seisuga. Aasta esimese kolme kuuga kontserni struktuuris muutusi toimunud ei
ole.
Olulised tütarettevõtted 31.03.2017
Ettevõtte Asukoh Tegevus-s Aktsia- või Omakapital Kontserni
nimi ariik egment osakapital 31.03.2017 osalus
(nominaalväärtuses)
--------------------------------------------------------------------------------
EUR
tuhandetes
--------------------------------------------------------------------------------
Arco Invest Bulgaa arendus 26 826 -1 359 100%
EOOD ria
--------------------------------------------------------------------------------
Iztok Bulgaa arendus 1 433 1 120 100%
Parkside ria
EOOD
--------------------------------------------------------------------------------
Arco Real Bulgaa arendus 332 307 100%
Estate Fund ria
REIT
--------------------------------------------------------------------------------
Kodulahe OÜ Eesti arendus 3 -380 100%
--------------------------------------------------------------------------------
Kerberon OÜ Eesti arendus 5 1 413 100%
--------------------------------------------------------------------------------
Marsili II Läti arendus 1 524 735 100%
SIA
--------------------------------------------------------------------------------
Arco Real Eesti teenindus 42 -32 100%
Estate AS
--------------------------------------------------------------------------------
Arco Imoti Bulgaa teenindus 444 206 100%
EOOD ria
--------------------------------------------------------------------------------
PÕHILISED NÄITAJAD
· Kontserni 2017. aasta I kvartali müügitulu oli 1,6
miljonit eurot, mis on 68% vähem võrrelduna 2016. aasta I kvartali müügituluga
5,1 miljonit eurot. Arendusdivisjoni müügitulu oli I kvartalis 1,1 miljonit
eurot (I kvartal 2016: 4,4 miljonit eurot) ja teenindusdivisjoni müügitulu 0,7
miljonit eurot (I kvartal 2016: 0,8 miljonit eurot).
· 2017. aasta I kvartali ärikahjumiks (=EBIT) kujunes 0,2
miljonit eurot ja puhaskahjumiks 0,3 miljonit eurot. 2016. aasta I kvartalis
sai kontsern ärikasumit 1,2 miljonit eurot ja puhaskasumit 1,1 miljonit eurot.
Arendusdivisjoni 2017. aasta I kvartali ärikahjumiks oli 14 tuhat eurot ja
teenindusdivisjonil 12 tuhat eurot. Võrdluseks, 2016. aasta I kvartalis sai
arendusdivisjon 1,4 miljonit eurot ärikasumit ja teenindusdivisjon sai 0,1
miljonit eurot ärikahjumit
· 2017. aasta I kvartalis müüdi kontserni poolt
arendatavates projektides kokku 1 korter ja 3 hoonestamata kinnistut, samas kui
2016. aasta I kvartalis müüdi 68 korterit ja 2 äripinda. See selgitab ka suurt
erinevust arendusdivisjoni müügitulu ja ärikasumi näitajates. 2016. aasta I
kvartalis toimus aktiivne müük Manastirski projektis Bulgaarias, kuid 2017.
aasta I kvartalis ükski arendusprojekt valmimisjärku ei olnud jõudnud.
· Kontserni laenukoormus (netolaenud) suurenes 2017. aasta
esimese 3 kuuga 1,2 miljoni euro võrra, tasemele 14,6 miljonit eurot 31.03.2017
seisuga. Kontserni intressikandvate kohustuste kaalutud keskmine intressimäär
oli 31.03.2017 seisuga 5,1%, mis on 0,2 protsendipunkti võrra madalam võrreldes
31.12.2016 seisuga.
Olulisemad finantsnäitajad
EUR miljonites I kvartal 2017 I kvartal 2016
--------------------------------------------------------------------------
----------------
Müügitulu
--------------------------------------------------------------------------
Arendus 1,1 4,4
--------------------------------------------------------------------------
Teenindus 0,7 0,8
--------------------------------------------------------------------------
Elimineerimine -0,2 -0,1
--------------------------------------------------------------------------
Müügitulu kokku 1,6 5,1
--------------------------------------------------------------------------
----------------
Ärikasum
--------------------------------------------------------------------------
Arendus 0,0 1,4
--------------------------------------------------------------------------
Teenindus 0,0 -0,1
--------------------------------------------------------------------------
Jagamatud tulud-kulud -0,2 -0,2
--------------------------------------------------------------------------
Elimineerimine 0,0 0,1
--------------------------------------------------------------------------
Ärikasum kokku -0,2 1,2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Finantstulud ja -kulud -0,1 -0,2
--------------------------------------------------------------------------
Tulumaksukulu 0,0 0,0
--------------------------------------------------------------------------
Puhaskasum -0,3 1,1
--------------------------------------------------------------------------
------------------------------------------- ---------------
Varad kokku 30,0 27,7
----------------
Investeeritud kapital 24,4 23,2
--------------------------------------------------------------------------
Netolaenud 14,6 13,4
--------------------------------------------------------------------------
Omakapital 8,7 9,0
--------------------------------------------------------------------------
Äritegevuse rahavood -0,6 2,9
--------------------------------------------------------------------------
Investeerimistegevuse rahavood -0,3 -0,1
--------------------------------------------------------------------------
Finantseerimistegevuse rahavood 1,2 -1,7
--------------------------------------------------------------------------
Perioodi rahavood kokku 0,3 1,1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Raha ja raja ekvivalendid perioodi alguses 0,8 0,8
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1,1 1,9
--------------------------------------------------------------------------
Peamised suhtarvud
----------------------------------------------------------
--------------------------------------------- -----
Puhaskasum aktsia kohta (eurodes) -0,04 0,17
--------
Lahustatud puhaskasum aktsia kohta (eurodes) -0,04 0,16
----------------------------------------------------------
ROIC (jooksev 4 kvartalit) -9,6% 3,6%
----------------------------------------------------------
ROE (jooksev 4 kvartalit) -22,4% 7,9%
----------------------------------------------------------
ROA (jooksev 4 kvartalit) -8,1% 3,3%
Lühiajaliste kohustuste kattekordaja 0,88 1,15
----------------------------------------------------------
Likviidsuskordaja 0,09 0,09
----------------------------------------------------------
Finantsvõimendus 3,45 3,09
----------------------------------------------------------
Laenude keskmine pikkus (aastates) 0,9 1,2
----------------------------------------------------------
Laenude keskmine intress (aastas) 5,1% 5,3%
----------------------------------------------------------
Töötajate arv perioodi lõpul 120 110
----------------------------------------------------------
Jätkuvate tegevusvaldkondade müügitulu ja puhaskasum/-kahjum
I kv II kv III kv IV kv Kokku I kv II kv III kv IV kv
Kokku I kv II kv III kv IV kv Kokku I kv
2014 2014 2014 2014 2014 2015 2015 2015 2015
2015 2016 2016 2016 2016 2016 2017
--------------------------------------------------------------------------------
------------------------------------------------------
EUR
miljo
nites
--------------------------------------------------------------------------------
------------------------------------------------------
Müügit 1,1 1,1 1,2 5,8 9,2 4,4 2,1 2,1 2,1
10,7 5,1 2,1 1,2 1,3 9,7 1,6
ulu
--------------------------------------------------------------------------------
------------------------------------------------------
Puhask 0,4 -0,3 0,4 0,6 1,1 0,7 0,0 0,2 -0,4
0,5 1,1 -0,2 -0,4 -1,3 -0,8 -0,3
asum
--------------------------------------------------------------------------------
------------------------------------------------------
Kasutatud valemite kirjeldus:
Puhaskasum aktsia kohta = emaettevõtte omanikele kuuluv puhaskasum / perioodi
kaalutud keskmine lihtaktsiate arv
Lahustatud puhaskasum aktsia kohta = emaettevõtte omanikele kuuluv puhaskasum /
(perioodi kaalutud keskmine lihtaktsiate arv + potentsiaalselt emiteeritavate
aktsiate arv)
Investeeritud kapital = lühiajalised intressikandvad kohustused + pikaajalised
kohustused + omakapital (perioodi lõpus)
Netolaenud = lühiajalised intressikandvad kohustused + pikaajalised kohustused
- raha ja raha ekvivalendid - lühiajalised investeeringud väärtpaberitesse
(perioodi lõpus)
Investeeritud kapitali tootlus (ROIC) = viimase nelja kvartali maksueelse
kasumi ja intressikulude summa / keskmine investeeritud kapital
Omakapitali tootlus (ROE) = viimase nelja kvartali puhaskasum / keskmine
omakapital
Varade tootlus (ROA) = viimase nelja kvartali puhaskasum / keskmine varad kokku
Lühiajaliste kohustuste kattekordaja = käibevarad / lühiajalised kohustused
Likviidsuskordaja = (käibevarad - varud) / lühiajalised kohustused
Finantsvõimendus = varad kokku / omakapital
Töötajate arv perioodi lõpul = töölepinguga ja käsunduslepinguga kontserni
jaoks töötavate isikute arv
JUHATAJA KOMMENTAARID
Nagu lubatud, oli 1. kvartal igav kvartal ning peaks olema eelviimane
finantsiliselt kasina mahuga periood sel aastal. Jätkasime juba tühjaks jäänud
lao väljamüüki. Aasta esimese kolme kuuga kasvas meie bilanss 10% võrra 30
miljoni euroni. Nii investorid kui niisama kõrvaltvaatajad võisid näha Kodulahe
esimese hoone kerkimist ning jälgida selle eelmüügi taset, mis hetkeseisuga
ületab 70%. Eelmüük muutub müügituluks alates kolmandast kvartalist, kui
hakkame kortereid klientidele üle andma. Kui ennast ületame, hakkame kortereid
klientidele üle andma juba 2. kvartali lõpus. Kogu 1. etapi oodatud müügitulu
ületab 16 miljonit eurot.
Iztok Parkside arenduses Sofias, mis on veel üks kontserni olulise
potentsiaalse tulu (üle 8 miljoni euro) ja kasumi allikas, jäime bürokraatlikku
ummikusse. Probleemiks on ehitusloa saamine rajatavale juurdepääsutänavale, mis
asub riigi maal. Me sõltume Sofia linnavalitsuse ja valitsusasutuste koostööst,
mis loodetavasti on tõhus ja sujuv, nii et saame peatselt ehitusega alustada.
Saavutatud eelmüük ületab praeguseks 20% taset, kuid kuna me ei saa klientidele
lubada kindlat korteri üleandmise tähtaega, oleme eelmüügi peatanud.
Madrid Blvd hoonesse oleme leidnud uusi üürnikke, millega kontoripindade
vakants on vähenenud kahe pinnani (vaba renditav kogupindala GLA on langenud
2000 m2-ni) ning uued üürnikud on sisse kolinud. Samuti müüsime Liimi 1b
kinnistu Tallinnas hinnaga, mis ületas meie ootusi.
Liikusime edasi ka Oa (Tartu) arenduse projekteerimisega ning Kodulahe II etapi
projekteerimisega. Arco Vara eesmärk on alustada mõlema projekti ehitusega
käesoleva aasta lõpus. Arvestades juba toimunut ja toimuvat, oleks juba paslik
lisada, et eeltingimuseks on ehitusloa saamine vastavalt meie ajakavale.
Kõige vähem on põhjust rõõmustada Sofias uute maatükkide omandamise üle, kuna
see pole meil senini õnnestunud ja millestki seekord ette kanda ei ole.
1. kvartali tulemuste selgrooks on seekord Eestis ja Bulgaarias jätkuvate
vahendus- ja hindamisteenuste tulemused. Omaette võetuna on teenindusüksused
oma tasuvuspiiri ületanud ning katavad osaliselt kontserni üldhalduskulusid
ajal, mil kontsern alles planeerib ja ehitab uusi arendusi. 1. kvartali jooksul
teenindasime üle 2000 kliendi ning nendelt klientidelt teenitud tasud ületavad
660,000 EUR, mis on parem kui 2016. aasta 1. kvartalis (siis teenisime Lätit
arvestamata 520,000 EUR).
Kokkuvõttes hoiab kontsern oma 2017 aasta eesmärkide saavutamise kurssi päris
hästi.
TEENINDUSDIVISJON
Kontserni teenindusdivisjoni 2017. aasta I kvartali müügitulu oli 680 tuhat
eurot (I kvartal 2016: 748 tuhat eurot), sealhulgas kontsernisisene müügitulu
oli 120 tuhat eurot (I kvartal 2016: 77 tuhat eurot). Teenindusdivisjoni
põhitegevuste (kinnisvara vahendus- ja hindamisteenused) müügitulu on 2017.
aasta I kvartalis 11% väiksem võrreldes 2016. aasta I kvartaliga.
Teenindusdivisjoni langenud müügitulu põhjuseks on Läti kinnisvarabüroo müük
2016 aasta IV kvartalis ehk 2016. aasta I kvartali müügitulu sisaldas veel Läti
kinnisvarabüroo müügitulu summas 235 tuhat eurot. Allolevas tabelis toodud
kinnisvarabüroode müügikäibe näitajate puhul rõõmustab Eesti ja Bulgaaria
büroode tublisti kasvanud müügitulu (kasv vastavalt 35% ja 38% võrreldes 2016.
aasta I kvartaliga).
Kinnisvarabüroode müügikäive vahendusest ja hindamisest
I kvartal 2017 I kvartal 2016 Muutus %
--------------------------------------------------------
EUR tuhandetes
Eesti 406 300 35%
--------------------------------------------------------
Bulgaaria 197 143 38%
--------------------------------------------------------
Läti - 235 -
--------------------------------------------------------
Kokku 603 678 -11%
--------------------------------------------------------
2017. aasta I kvartalis sai Eesti kinnisvarabüroo puhaskahjumit 62 tuhat eurot
(I kvartal 2016 saadi puhaskahjumit 73 tuhat eurot), Bulgaaria büroo aga teenis
puhaskasumit 35 tuhat eurot (I kvartal 2016: 9 tuhat eurot puhaskasumit).
Teenindusdivisjon osutab lisaks vahendus- ja hindamisteenusele ka kinnisvara
haldamise ja majutusteenust Bulgaarias. Haldustegevuse müügikäive oli 2017.
aasta I kvartalis 29 tuhat eurot, sellest 24 tuhat eurot oli kontsernisisene (I
kvartal 2016 vastavalt 27 tuhat ja 23 tuhat eurot). Majutusteenuse müügitulu
oli 2017. aasta I kvartalis 39 tuhat eurot (I kvartal 2016: 30 tuhat eurot).
Teenindusdivisjoni maakler- ja hindamisteenuste tehingute ja töötajate arvu
dünaamika viimasel kolmel aastal on toodud kahel järgmisel graafikul.
Võrreldavuse huvides on graafikutel toodud ainult Eesti ja Bulgaaria näitajad.
Teenindusdivisjonis hõivatud inimeste arv oli 31.03.2017 seisuga 107 inimest
(31.12.2016: 97 inimest).
ARENDUSDIVISJON
Arendusdivisjoni müügitulu oli 2017. aasta I kvartalis 1 063 tuhat eurot (I
kvartal 2016: 4 412 tuhat eurot), sealhulgas kinnisvara müük kontserni enda
arendusprojektides moodustas 938 tuhat eurot (2016. aasta I kvartal: 4 305
tuhat eurot).
Muust arendusdivisjoni müügitulust moodustab suurema osa kaubandus- ja
kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2017. aasta I
kvartalis oli 92 tuhat eurot (2016. aasta I kvartalis 76 tuhat eurot). 2017.
aasta I kvartalis sõlmiti kaks uut rendilepingut. Vahearuande päevaks on vabad
veel kaks kontoripinda, mis loodetakse välja rentida II kvartali jooksul.
Arendusdivisjoni ärikahjumiks kujunes 2017. aasta I kvartalis 14 tuhat eurot,
2016. aasta I kvartalis oli arendusdivisjoni ärikasum 1 386 tuhat eurot.
Kasumlikkuse ja müügitulu näitajad olid 2016. aasta I kvartalis oluliselt
kõrgemad, kuna sellesse perioodi jäi Sofias Manastirski projektis suurema osa
viimase etapi korterite müügi vormistamine (maja valmis 2015. aasta
detsembris).
Kontserni suurimas arendusprojektis, Kodulahe elamukvartalis Tallinnas, jätkati
I kvartalis 125 korteri ja 5 äripinnaga I etapi kortermaja ehitust ja korterite
eelmüüki. Vahearuande avaldamise päevaks on sõlmitud eelmüügilepingud kokku
92-le korterile ja kahele äripinnale. Kortermaja planeeritav valmimisaeg on
2017. aasta suvel.
2017. aasta I kvartalis alustati ettevalmistustöid Kodulahe kvartali 2. etapis,
kuhu on kavandamisel ca 70 korteriga ja äripindadega hoone. Samuti algasid
ettevalmistustööd Oa tänava kinnistutel Tartus, kuhu on plaanis rajada 4
väiksemat kortermaja. Mõlemad projektid on plaanis realiseerida 2019. a.
keskpaigaks.
Madrid Blvd kompleksis Sofias müüdi I kvartalis üks korter. 31. märtsi 2017
seisuga oli müümata veel 4 korterit. Lisaks on 15 korterit möbleeritud ja
teenivad kontsernile tulu majutusteenusega. Välja renditakse ka seni müümata
parkimiskohti.
I kvartalis tekkisid viivitused Iztok Parkside projektis Sofias, Bulgaarias.
Probleemiks on kujunenud ehitusloa saamine rajatavale juurdepääsutänavale, mis
asub riigi maal. Vahearuande avaldamise päevaks on sõlmitud eelmüügilepingud 18
korteri osas, kuid praeguseks on eelmüük kuni ehitusloa osas selguse saamiseni
peatatud. Projekt koosneb kolmest kortermajast kokku 68 korteriga (korterite
müüdav pind 7 070 m2).
Lätis oli 31.03.2017 seisuga müümata veel 9 Marsili elamukrunti, neist ühele on
2016. aasta lõpus sõlmitud eelmüügileping. 2017. aasta I kvartalis müüdi
projektis üks elamukrunt. Lisaks viidi Lätis jaanuaris lõpule Baltezers-3
projekti (68 arendamata kinnistut kogumina) müük.
31.03.2017 seisuga töötas arendusdivisjonis kokku 5 inimest, sama palju kui
2016. aasta lõpus.
Arco Vara aktiivsete projektide koondtabel 31.03.2017
Projekti Aadress Toote Projek Kinnist Kogu Ühikute arv
nimi peamine ti u müüdav/renditav ülevalpool
liik etapp suurus pind ülevalpool maapinda
m2 maapinda
--------------------------------------------------------------------------------
Madrid Madrid Rent: S5/S6 - 7 350 21
Blvd Blvd, kaubandu
Sofia s/kontor
--------------------------------------------------------------------------------
Madrid Madrid Korterid S5/S6 - 1 874 19
Blvd Blvd,
Sofia
--------------------------------------------------------------------------------
Iztok Iztok, Korterid S3 2 470 7 070 68
Parksid Sofia
e
--------------------------------------------------------------------------------
Marsili Marsili, Elamukrun S5 - 15 839 9
elamukr Riia did
undid lähedal
--------------------------------------------------------------------------------
Kodulahe Lahepea tn Korterid S4/S5 6 102 8 732 130
I etapp 7, Tallinn
--------------------------------------------------------------------------------
Kodulahe Lahepea tn Korterid S3 3 686 <5 200> <70>
II 9, Tallinn
etapp
--------------------------------------------------------------------------------
Kodulahe Soodi 4, Korterid S2 10 578 <8 100> <120>
III-V Pagi 3 ja
etapp 5, Tallinn
--------------------------------------------------------------------------------
Oa tn Oa tn, Korterid S3 5 915 <1 100> <40>
korterm Tartu
ajad
--------------------------------------------------------------------------------
Lehiku Lehiku tee Korterid S2 2 463 <6 500> <5>
vaipela 21,23,
mu Tallinn
--------------------------------------------------------------------------------
Märkus: Tabelis toodud väärtused, mis on paigutatud märkide <> vahele,
tähistavad oodatavat mahtu, sest arendusprojektil pole veel tegelikku
ehitusõigust või ehitusprojekti. Tabel ei kajasta maa-aluseid müüdavaid või
renditavaid mahte, sealhulgas parkimiskohti ja panipaiku. Tabel ei anna
täielikku ülevaadet kontserni maapangast.
Projekti etappide kirjeldus
S1: Kinnistu soetatud
S2: Ehitusõiguse menetlus
S3: Projekteerimine jm ettevalmistustööd
S4: Ehitus
S5: Turundus ja müük
S6: Kinnisvara haldus, rent
AKTSIAD JA AKTSIONÄRID
Aktsiate hind
Arco Vara AS-il on emiteeritud kokku 6 507 012 lihtaktsiat nominaalväärtusega
0,7 eurot aktsia kohta. Arco Vara aktsiad on vabalt kaubeldavad NASDAQ Tallinna
börsil. Aktsia hind sulgus 31.03.2017 seisuga tasemel 1,24 eurot, ehk samal
tasemel, mis oli aktsia sulgemishind 2016. aasta lõpus. Perioodi jooksul oli
aktsia kõrgeim tehinguhind 1,39 eurot ja madalaim hind 1,15 eurot. Aktsiate
turukapitalisatsioon oli 31.03.2017 seisuga 8 069 tuhat eurot, aktsia P/B suhe
oli 0,93 (31.12.2016 seisuga vastavalt 8 069 tuhat eurot ning 0,90). Aktsia P/E
suhe oli nii 31.03.2017 kui 31.12.2016 seisuga negatiivne.
Aktsionäride struktuur
Arco Varal oli 31.03.2017 seisuga kokku 1 453 aktsionäri (31.12.2016 seisuga: 1
502), sealhulgas 1 256 eraisikust aktsionäri (31.12.2016 seisuga: 1 297), kes
omasid kokku 12,4% osalust ettevõttes (31.12.2016 seisuga 12,5%).
Suuremad aktsionärid 31.03.2017
Nimi Aktsiate arv Osaluse %
-------------------------------------------------------
-------------------------------------------------------
Alarmo Kapital OÜ 920 646 14,1%
NORDEA BANK FINLAND PLC klient 862 820 13,3%
AS Lõhmus Holdings 602 378 9,3%
Gamma Holding Investment OÜ 553 975 8,5%
LHV PENSIONIFOND L 389 765 6,0%
FIREBIRD REPUBLICS FUND LTD 356 428 5,5%
HM Investeeringud OÜ 330 505 5,1%
FIREBIRD AVRORA FUND, LTD. 185 800 2,9%
LHV PENSIONIFOND XL 173 583 2,7%
FIREBIRD FUND L.P. 150 522 2,3%
Teised aktsionärid 1 980 590 30,4%
-------------------------------------------------------
Kokku 6 507 012 100,0%
-------------------------------------------------------
Juhatuse ja nõukogu liikmete aktsiapositsioonid 31.03.2017
Nimi Ametikoht Aktsiate Osaluse
arv %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tarmo Sild ja Allar Niinepuu (Alarmo Juhatuse 920 646 14,1%
Kapital OÜ) liige/nõukogu liige
Rain Lõhmus (AS Lõhmus Holdings) Nõukogu liige 602 378 9,3%
Hillar-Peeter Luitsalu (HM Nõukogu esimees 369 259 5,7%
Investeeringud OÜ, lähikondsed)
Kert Keskpaik (eraisikuna ja läbi K Nõukogu liige 202 623 3,1%
Vara OÜ)
Steven Yaroslav Gorelik ¹ Nõukogu liige 0 -
--------------------------------------------------------------------------------
Kokku 2 094 906 32,2%
--------------------------------------------------------------------------------
¹ - Steven Yaroslav Gorelik on fondijuhina seotud Arco Vara osalust omava kolme
investeerimisfondiga (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd ja
Firebird Fund L.P), mis kokku omavad 692 750 Arco Vara aktsiat (kokku 10,6%
osalus).
KONSOLIDEERITUD RAAMATUPIDAMISE VAHEARUANNE
KONSOLIDEERITUD KOONDKASUMIARUANNE
Lisa I kvartal 2017 I kvartal 2016
--------------------------------------------------------------------------------
EUR tuhandetes
----------------
Müügitulu enda kinnisvara müügist 938 4 305
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 662 752
--------------------------------------------------------------------------------
Müügitulu kokku 2,3 1 600 5 057
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud kinnisvara ja teenuste kulu 4 -1 251 -3 179
--------------------------------------------------------------------------------
Brutokasum 349 1 878
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 10 1
--------------------------------------------------------------------------------
Turustuskulud 5 -109 -142
--------------------------------------------------------------------------------
Üldhalduskulud 6 -412 -499
--------------------------------------------------------------------------------
Muud ärikulud -8 -6
--------------------------------------------------------------------------------
Ärikasum -170 1 232
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud- ja kulud 7 -115 -172
--------------------------------------------------------------------------------
Kasum enne tulumaksu -285 1 060
--------------------------------------------------------------------------------
Tulumaksukulu 0 0
--------------------------------------------------------------------------------
Puhaskasum -285 1 060
------------------------------------------------- ---------------
----------------
------------------------------------------------- ---------------
Aruandeperioodi puhaskasum -285 1 060
--------------------------------------------------------------------------------
Emaettevõtte omanike osa puhaskasumis -285 1 060
----------------
Mitte-kontrolliva osaluse osa puhaskasumis 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum -285 1 060
--------------------------------------------------------------------------------
Emaettevõtte omanike osa koondkasumis -285 1 060
----------------
Mitte-kontrolliva osaluse osa koondkasumis 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia puhaskasum 8
----------------
- tavaline -0,04 0,17
--------------------------------------------------------------------------------
- lahustatud -0,04 0,16
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Lisa 31.03.2017 31.12.2016
----------------------------------------------------------------------
EUR tuhandetes
------------
Raha ja raha ekvivalendid 1 133 845
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 676 470
----------------------------------------------------------------------
Varud 10 16 093 14 593
----------------------------------------------------------------------
Käibevara kokku 17 902 15 908
----------------------------------------------------------------------
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 11 11
----------------------------------------------------------------------
Kinnisvarainvesteeringud 11 11 153 10 835
----------------------------------------------------------------------
Materiaalne põhivara 716 718
----------------------------------------------------------------------
Immateriaalne põhivara 253 248
----------------------------------------------------------------------
Põhivara kokku 12 133 11 812
----------------------------------------------------------------------
VARAD KOKKU 30 035 27 720
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 14 690 9 372
----------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 5 550 4 369
----------------------------------------------------------------------
Eraldised 44 108
----------------------------------------------------------------------
Lühiajalised kohustused kokku 20 284 13 849
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 1 051 4 886
----------------------------------------------------------------------
Pikaajalised kohustused kokku 1 051 4 886
----------------------------------------------------------------------
KOHUSTUSED KOKKU 21 335 18 735
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital 4 555 4 555
----------------------------------------------------------------------
Ülekurss 292 292
----------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
----------------------------------------------------------------------
Muud reservid 8 52 52
----------------------------------------------------------------------
Jaotamata kasum 1 790 2 075
----------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 8 700 8 985
----------------------------------------------------------------------
Mittekontrolliv osalus 0 0
----------------------------------------------------------------------
OMAKAPITAL KOKKU 8 700 8 985
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 30 035 27 720
----------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Lisa I kvartal I kvartal
2017 2016
--------------------------------------------------------------------------------
EUR tuhandetes
--------------
Laekumised klientidelt 2 039 5 826
--------------------------------------------------------------------------------
Tasumised tarnijatele -2 362 -1 764
--------------------------------------------------------------------------------
Maksude tasumine ja maksutagastused (neto) -79 -771
--------------------------------------------------------------------------------
Väljamaksed töötajatele -212 -324
--------------------------------------------------------------------------------
Muud tasumised ja laekumised äritegevusest -10 -47
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU -624 2 920
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tasumised materiaalse ja immateriaalse -15 -39
põhivara soetamisel
--------------------------------------------------------------------------------
Tasumised kinnisvarainvesteeringute soetamisel 11 -318 -18
ja arendamisel
--------------------------------------------------------------------------------
Antud laenud -5 0
--------------------------------------------------------------------------------
Muud tasumised investeerimistegevusest 0 -3
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU -338 -60
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 12 1 654 1 020
--------------------------------------------------------------------------------
Laenukohustuste tagasimaksed 12 -171 -2 418
--------------------------------------------------------------------------------
Makstud intressid -233 -202
--------------------------------------------------------------------------------
Muud tasumised finantseerimistegevusest 0 -128
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST KOKKU 1 250 -1 728
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU 288 1 132
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 845 745
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide muutus 288 1 132
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1 133 1 877
--------------------------------------------------------------------------------
KONSOLIDEERITUD OMAKAPITALI MUUTUSE ARUANNE
------------
Emaettevõtte omanikele kuuluv omakapital Mitte-ko Omakap
ntrolliv ital
osalus kokku
--------------------------------------------------------------------
Aktsia Ülekur Kohustusl Muud Jaotam Kokku
-kapit ss ik reserv ata
al reservkap id kasum
ital
---------------------------------------------------------------
EUR
tuhandetes
--------
Saldo 4 282 292 2 011 298 2 656 9 539 91 9 630
31.12.2015
--------------------------------------------------------------------------------
Muutus 0 0 0 0 0 0 -77 -77
mitte-kont
rollivas
osaluses
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 1 060 1 060 0 1 060
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 298 3 716 10 599 14 10 613
31.03.2016
--------------------------------------------------------------------------------
--------
Saldo 4 555 292 2 011 52 2 075 8 985 0 8 985
31.12.2016
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 -285 -285 0 -285
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 555 292 2 011 52 1 790 8 700 0 8 700
31.03.2017
--------------------------------------------------------------------------------
Kristel Tumm
Finantsjuht
Arco Vara AS
Tel: +372 614 4662
[email protected]
www.arcorealestate.com
Teate sisu inglise keeles
Pealkiri
Arco Vara AS unaudited consolidated interim report for the first quarter of 2017
Teade
GENERAL INFORMATION
Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the
group’) are engaged in real estate development and services related to real
estate. The group considers Estonia, Latvia and Bulgaria as its home markets.
The group has two business lines: the Service Division and the Development
Division.
The Service Division is engaged in real estate brokerage, valuation, management
and consulting as well as in short-term investment in residential real estate.
The Service Division offers to the group additional value by generating
analytical data on market demand and supply, and behaviour of potential
clients. Analytical data allows making better decisions on real estate
development: purchase of land plots, planning and designing, pricing end
products, and timing the start of construction.
The Development Division develops complete living environments and commercial
real estate. Fully developed housing solutions are sold to the end-consumer. In
some cases the group also develops commercial properties until they start to
generate cash flow for two possible purposes: for the support of the group’s
cash flows or for resale. The group is currently holding completed commercial
properties that generate rental income.
As of 31 March 2017, the group consisted of 22 companies, the same as on 31
December 2016. During first three months of the year, there were no changes in
the group’s structure.
Significant subsidiaries as of 31 March 2017
Company name Locati Segment Share capital Equity The group's
on (nominal value) balance interest
on 31 March
2017
--------------------------------------------------------------------------------
In thousands of
euros
--------------------------------------------------------------------------------
Arco Invest EOOD Bulgar Develop 26,826 -1,359 100%
ia ment
--------------------------------------------------------------------------------
Iztok Parkside Bulgar Develop 1,433 1,120 100%
EOOD ia ment
--------------------------------------------------------------------------------
Arco Real Estate Bulgar Develop 332 307 100%
Fund REIT ia ment
--------------------------------------------------------------------------------
Kodulahe OÜ Estoni Develop 3 -380 100%
a ment
--------------------------------------------------------------------------------
Kerberon OÜ Estoni Develop 5 1,413 100%
a ment
--------------------------------------------------------------------------------
Marsili II SIA Latvia Develop 1,524 735 100%
ment
--------------------------------------------------------------------------------
Arco Real Estate Estoni Service 42 -32 100%
AS a
--------------------------------------------------------------------------------
Arco Imoti EOOD Bulgar Service 444 206 100%
ia
--------------------------------------------------------------------------------
KEY PERFORMANCE INDICATORS
· In Q1 2017, the group’s revenue was 1.6 million euros,
which is 68% less compared to the revenue of 5.1 million euros in Q1 2016. In
Q1 2017, revenue of the Development Division amounted to 1.1 million euros (Q1
2016: 4.4 million euros) and revenue of the Service Division amounted to 0.7
million euros (Q1 2016: 0.8 million euros).
· In Q1 2017, the group’s operating loss (=EBIT) was 0.2
million euros and net loss 0.3 million euros. In Q1 2016, the group earned
operating profit of 1.2 million euros and net profit of 1.1 million euros. In
Q1 2017, the Development Division made operating loss of 14 thousand euros and
the Service Division made operating loss of 12 thousand euros. In Q1 2016, the
Development Division earned operating profit of 1.4 million euros and the
Service Division made operating loss of 0.1 million euros.
· In Q1 2017, 1 apartment and 3 land plots were sold in
projects developed in the group (in Q1 2016: 68 apartments and 2 commercial
spaces were sold). Number of sold properties explains big differences in
revenue and operating profit figures of the Development Division. In Q1 2016,
active sale was ongoing in Manastirski project in Bulgaria, but no development
projects were completed in Q1 2017.
· In the first 3 months 2017, the group’s debt burden (net
loans) increased by 1.2 million euros up to the level of 14.6 million euros as
of 31 March 2017. As of 31 March 2017, the weighted average annual interest
rate of interest bearing liabilities was 5.1%. This is a decrease of 0.2
percentage points compared to 31 December 2016.
Main financial figures
In millions of euros Q1 2017 Q1 2016
----------------------------------------------------------------------
---------
Revenue
----------------------------------------------------------------------
Development 1,1 4,4
----------------------------------------------------------------------
Service 0,7 0,8
----------------------------------------------------------------------
Eliminations -0,2 -0,1
----------------------------------------------------------------------
Total revenue 1,6 5,1
----------------------------------------------------------------------
---------
Operating profit (EBIT)
----------------------------------------------------------------------
Development 0,0 1,4
----------------------------------------------------------------------
Service 0,0 -0,1
----------------------------------------------------------------------
Unallocated income and expenses -0,2 -0,2
----------------------------------------------------------------------
Eliminations 0,0 0,1
----------------------------------------------------------------------
Total operating profit/loss (EBIT) -0,2 1,2
----------------------------------------------------------------------
----------------------------------------------------------------------
Finance income and expense -0,1 -0,2
----------------------------------------------------------------------
Income tax 0,0 0,0
----------------------------------------------------------------------
Net profit/loss -0,3 1,1
----------------------------------------------------------------------
----------------------------------------------------- --------
Total assets at the end of period 30,0 27,7
---------
Invested kapital at the end of period 24,4 23,2
----------------------------------------------------------------------
Net loans at the end of period 14,6 13,4
----------------------------------------------------------------------
Equity at the end of period 8,7 9,0
----------------------------------------------------------------------
Cash flows from/used in operating activities -0,6 2,9
----------------------------------------------------------------------
Cash flows used in investing activities -0,3 -0,1
----------------------------------------------------------------------
Cash flows from/used in financing activities 1,2 -1,7
----------------------------------------------------------------------
Net cash flows 0,3 1,1
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash and cash equivalents at the beginning of period 0,8 0,8
----------------------------------------------------------------------
Cash and cash equivalents at the end of period 1,1 1,9
----------------------------------------------------------------------
Key ratios
---------------------------------------------------
-------------------------------------- -----
EPS (in euros) -0,04 0,17
--------
Diluted EPS (in euros) -0,04 0,16
---------------------------------------------------
ROIC (rolling, four quarters) -9,6% 3,6%
---------------------------------------------------
ROE (rolling, four quarters) -22,4% 7,9%
-------------------------------------- -----
ROA (rolling, four quarters) -8,1% 3,3%
-------------
Current ratio 0,88 1,15
---------------------------------------------------
Quick ratio 0,09 0,09
---------------------------------------------------
Financial leverage 3,45 3,09
---------------------------------------------------
Average loan term (in years) 0,9 1,2
---------------------------------------------------
Average annual interest rate of loans 5,1% 5,3%
---------------------------------------------------
Number of staff, at period end 120 110
---------------------------------------------------
Revenue and net profit/loss from continuing operations
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4
Total Q1 Q2 Q3 Q4 Total Q1
2014 2014 2014 2014 2014 2015 2015 2015 2015
2015 2016 2016 2016 2016 2016 2017
--------------------------------------------------------------------------------
------------------------------------------------------
In
milli
ons of
euros
--------------------------------------------------------------------------------
------------------------------------------------------
Revenu 1.1 1.1 1.2 5.8 9.2 4.4 2.1 2.1 2.1
10.7 5.1 2.1 1.2 1.3 9.7 1.6
e
--------------------------------------------------------------------------------
------------------------------------------------------
Net 0.4 -0.3 0.4 0.6 1.1 0.7 0.0 0.2 -0.4
0.5 1.1 -0.2 -0.4 -1.3 -0.8 -0.3
profi
t/loss
--------------------------------------------------------------------------------
------------------------------------------------------
Formulas used:
Earnings per share (EPS) = net profit attributable to owners of the parent /
weighted average number of ordinary shares outstanding during the period
Diluted earnings per share (Diluted EPS) = net profit attributable to owners of
the parent / (weighted average number of ordinary shares outstanding during the
period + number of all potentially issued shares)
Invested capital = current interest-bearing liabilities + non-current
liabilities + equity (at the end of period)
Net loans = current interest-bearing liabilities + non-current liabilities –
cash and cash equivalents – short-term investments in securities (at the end of
period)
Return on invested capital (ROIC) = past four quarters’ net profit / average
invested capital
Return on equity (ROE) = past four quarters’ net profit / average equity
Return on assets (ROA) = past four quarters’ net profit / average total assets
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventory) / current liabilities
Financial leverage = total assets / equity
Number of staff at period-end = number of people working for the group under
employment or authorization (service) contracts
GROUP CEO’S REVIEW
Aspromised, Q1 2017 was a boring quarter and should remain the last but one
boring quarter with modest financial volumes. We continued selling the last
units from already empty stock. During the first 3 months, our balance sheet
grew by 10% to 30M EUR. Investors and bypassers alike could watch construction
works of Kodulahe phase I and follow its presale levels, which by now exceed
70% and which will convert into effective sales numbers starting from Q3. If we
outperform ourselves, Kodulahe sales may commence already at the end of Q2.
Expected revenue from phase I exceeds 16M EUR.
We have run into bureacuratic delays with Iztok Parkside, another potential
source of significant revenue (more than 8M EUR) and profit. The problem lies
in getting the construction permit for future access street that will be
constructed on the landplots belonging to the state. We depend on cooperation
of Sofia municipality and the government, which hopefully will be efficient and
smooth so that we can commence the construction very soon. Achieved presale
levels exceed 20%, but currently we have stopped presales as we cannot
guarantee to our clients the delivery time.
We made progress in Madrid Blvd building where the offices vacancy has dropped
to only two premises (unoccupied GLA has decreased to 2000 sqm) and new tenants
have moved in. We also sold the Liimi 1b landplot in Tallinn for a price that
exceeded our expectations.
We progressed well with Oa development in Tartu where we are in design phase,
and Kodulahe phase II building design. Arco Vara’s aim is to commence
construction of both projects by year-end. Taking into account our recent
experience, it should be added - subject to getting the construction permit
according to our schedule.
We have been the least successful with acquiring new landplots in Sofia. There
is nothing to report about it at this time.
The backbone of Q1 results are the ongoing brokerage and evaluation services in
Estonia and in Bulgaria that on a stand-alone basis have crossed the breakeven
point and have started to support the Group’s overhead costs. In the first
quarter, the number of served customers exceeded 2000 people and the combined
revenue from those customers exceeded 660,000 EUR, which is better than in Q1
2016 (when our revenue without Latvia was 520,000 EUR).
To sum up, the Group stays well on the course of meeting its 2017 targets.
SERVICE DIVISION
Revenue of the Service Division amounted to 680 thousand euros in Q1 2017 (Q1
2016: 748 thousand euros), which included intra-group revenue of 120 thousand
euros (Q1 2016: 77 thousand euros). In Q1 2017, revenue of the Service Division
from main services (real estate brokerage and valuation services) decreased by
11% compared to Q1 2016. The main reason is the fact that the revenue in the
amount of 235 thousand euros from Latvian agency (which was sold in Q4 2016)
was included in the group revenue Q1 2016. It is pleasant to see from the table
below that the revenue from main services increased significantly both in
Estonian and Bulgarian agencies (increases compared to the Q1 2016 by 35% and
38%, respectively).
Revenue of real estate agencies from brokerage and valuation
Q1 2017 Q1 2016 Change, %
------------------------------------------------------------
In thousands of euros
Estonia 406 300 35%
------------------------------------------------------------
Bulgaria 197 143 38%
------------------------------------------------------------
Latvia - 235 -
------------------------------------------------------------
Total 603 678 -11%
------------------------------------------------------------
In Q1 2017, Estonian agency had net loss of 62 thousand euros (Q1 2016: net
loss of 73 thousand euros), but Bulgarian agency earned net profit of 35
thousand euros (Q1 2016: net profit of 9 thousand euros).
In addition to brokerage and valuation services, the Service Division also
provides real estate management services and accommodation service in Bulgaria.
The revenue from real estate management was 29 thousand euros in Q1 2017, 24
thousand euros of which was intra-group revenue (Q1 2016: 27 thousand and 23
thousand euros, respectively). Revenue from accommodation services amounted to
39 thousand euros in Q1 2017 (Q1 2016: 30 thousand euros).
The numbers of brokerage deals and valuation reports of the Service Division,
together with the number of staff are shown in the following graphs. For better
comparability, only Bulgarian and Estonian figures are shown.
On 31 March 2017, the number of staff in the Service division was 107 (on
31.12.2016: 97).
DEVELOPMENT DIVISION
In Q1 2017, revenue of the Development Division totalled 1,063 thousand euros
(in Q1 2016: 4,412 thousand euros) including revenue of 938 thousand euros (Q1
2016: 4,305 thousand euros) from the sale of properties in the group’s own
development projects.
Most of the other revenue of the Development Division consists of rental income
from commercial and office premises in Madrid Blvd building in Sofia, amounting
to 92 thousand euros in Q1 2017 (Q1 2016: 76 thousand euros). Two new rental
agreements were concluded in Q1 2017. By the publishing date of the interim
report, last two office spaces remained vacant. The group expects to rent out
all vacant spaces during Q2 2017.
In Q1 2017, operating loss of the Development Division was 14 thousand euros.
In Q1 2016, operating profit in the amount of 1,386 thousand euros was earned.
Revenue and profitability figures were significantly higher in Q1 2016 due to
the conclusion of most of sale agreements in the last stage of Manastirski
project in Sofia in that period (the construction of apartment building was
finished in December 2015).
During Q1 2017, the construction and presale of apartments of the first stage
apartment building (with 125 apartments and 5 commercial spaces) in the group’s
largest development project Kodulahe continued in Tallinn. By the publishing
date of the interim report, presale agreements for 92 apartments and two
commercial spaces have been concluded. The construction of the apartment
building should be finished by summer 2017.
In Q1 2017, preparatory works in the second stage of Kodulahe project started,
where a building with ca 70 apartments and commercial spaces is planned.
Preparatory works also started for Oa street properties in Tartu, where 4
smaller apartment buildings are planned. Both of these projects are expected to
be finalised by mid-2019.
In Q1 2017, one apartment was sold in Madrid Blvd complex in Sofia. As of 31
March 2017, 4 apartments remained unsold. Additional 15 apartments are
furnished and are being rented out as accommodation service. Unsold parking
places are also being rented out.
In Q1 2017, delays emerged in the development of Iztok Parkside project in
Sofia, Bulgaria. The problem lies in obtaining construction permit for the
construction of access road, which is located on state-owned land. By the
publication date of interim report, presale agreements for 18 apartments have
been concluded, but presale has been stopped by now until the construction
permit issue will be cleared out. Iztok project consists of three apartment
buildings with 68 apartments (7,070 square meters of apartments’ sellable
area).
As of 31 March 2017, 9 Marsili residential plots remained unsold in Latvia, out
of which a presale agreement for one had been concluded in December 2016. In Q1
2017, one plot was sold in the project. Additionally, the sale of Baltezers-3
project (68 undeveloped land plots as a whole) was finished in Latvia in
January.
As of 31 March 2017, 5 people were employed in the Development Division, the
same number as at the end of 2016.
Summary table of Arco Vara’s active projects as of 31 March 2017
Project Address Product Stage Area of GSA / GLA (above No of units
name main plot(s) grade) available (above grade)
type (m2) or <future available or
target> <future target>
--------------------------------------------------------------------------------
Madrid Madrid Lease: S5/S6 - 7,350 21
Blvd Blvd, Retail
Sofia /Office
--------------------------------------------------------------------------------
Madrid Madrid Apartme S5/S6 - 1,874 19
Blvd Blvd, nts
Sofia
--------------------------------------------------------------------------------
Iztok Iztok, Apartme S3 2,470 7,070 68
Parksid Sofia nts
e
--------------------------------------------------------------------------------
Marsili Marsili, Residen S5 - 15,839 9
residen near tial
tial Riga plots
plots
--------------------------------------------------------------------------------
Kodulahe Lahepea Apartme S4/S5 6,102 8,732 130
, stage 7, nts
1 Tallinn
--------------------------------------------------------------------------------
Kodulahe Lahepea Apartme S3 3,686 <4,850> <70>
, stage 9, nts
2 Tallinn
--------------------------------------------------------------------------------
Kodulahe Soodi 4, Apartme S2 10,578 <8,100> <120>
, stages Pagi 3, nts
3-5 5,
Tallinn
--------------------------------------------------------------------------------
Oa Oa Apartme S3 4,146 <2,300> <40>
street street nts
apartme 37,39,4
nts 1, Tartu
--------------------------------------------------------------------------------
Lehiku Lehiku Apartme S2 5,915 <1,100> <5>
carpet 21,23 nts
buildin Tallinn
g
--------------------------------------------------------------------------------
Note: Values presented between < > sign represent future target values for
projects where the building rights or the design have not been finished yet.
The table does not reflect sellable or lettable volumes below grade including
parking spaces and storages. The table does not give complete overview of the
group’s land bank.
Description of stages
S1: Land plot acquired
S2: Building Rights Procedure
S3: Design and Preparation Works
S4: Construction
S5: Marketing and Sale
S6: Facility Management and/or Lease
SHARES AND SHAREHOLDERS
Share price
Arco Vara AS has issued a total of 6,507,012 ordinary shares with nominal value
of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock
exchange. The share price closed at 1.24 euros on 31 March 2017 2016, the same
price as on 31 December 2016. During the period, the highest traded price per
share was 1.39 euros and the lowest price 1.15 euros. As of 31 March 2017,
market capitalization of shares amounted to 8,069 thousand euros and P/B ratio
was 0.93 (31 December 2016: 8,069 thousand euros and 0.90, respectively). P/E
ratio of the share was negative on 31 March 2017 and also on 31 December 2016.
Shareholder structure
As of 31 March 2017, Arco Vara had 1,453 shareholders (on 31 December 2016:
1,502) including 1,256 individuals as shareholders (on 31 December 2016: 1,297
individuals) who jointly owned 12.4% (on 31 December 2016: 12.5%) out of all
Arco Vara shares.
Major shareholders on 31 March 2017
Name No of shares Share, %
------------------------------------------------------
------------------------------------------------------
Alarmo Kapital OÜ 920,646 14.1%
NORDEA BANK FINLAND PLC client 862,820 13.3%
AS Lõhmus Holdings 602,378 9.3%
Gamma Holding Investment OÜ 553,975 8.5%
LHV PENSIONIFOND L 389,765 6.0%
FIREBIRD REPUBLICS FUND LTD 356,428 5.5%
HM Investeeringud OÜ 330,505 5.1%
FIREBIRD AVRORA FUND, LTD. 185,800 2.9%
LHV PENSIONIFOND XL 173,583 2.7%
FIREBIRD FUND L.P. 150,522 2.3%
Other shareholders 1,980,590 30.4%
------------------------------------------------------
Total 6,507,012 100.0%
------------------------------------------------------
Holdings of management and supervisory board members on 31 March 2017
Name Position No of shares Share,
%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tarmo Sild ja Allar Niinepuu member of management board/ 920,646 14.1%
(Alarmo Kapital OÜ) member of supervisory
board
Rain Lõhmus (AS Lõhmus member of supervisory board 602,378 9.3%
Holdings)
Hillar-Peeter Luitsalu (HM chairman of supervisory 369,259 5.7%
Investeeringud OÜ, related board
persons)
Kert Keskpaik (privately and member of supervisory board 202,623 3.1%
through K Vara OÜ)
Steven Yaroslav Gorelik ¹ member of supervisory board 0 -
--------------------------------------------------------------------------------
Total 2,094,906 32.2%
--------------------------------------------------------------------------------
¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds
holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora
Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 10.6% interest).
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note Q1 2017 Q1 2016
-------------------------------------------------------------------------
In thousands of euros
---------
Revenue from sale of own real estate 938 4,305
-------------------------------------------------------------------------
Revenue from rendering of services 662 752
-------------------------------------------------------------------------
Total revenue 2, 3 1,600 5,057
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cost of sales 4 -1,251 -3,179
-------------------------------------------------------------------------
Gross profit 349 1,878
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Other income 10 1
-------------------------------------------------------------------------
Marketing and distribution expenses 5 -109 -142
-------------------------------------------------------------------------
Administrative expenses 6 -412 -499
-------------------------------------------------------------------------
Other expenses -8 -6
-------------------------------------------------------------------------
Operating profit/loss -170 1,232
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Finance income and costs 7 -115 -172
-------------------------------------------------------------------------
Profit/loss before tax -285 1,060
-------------------------------------------------------------------------
Income tax 0 0
-------------------------------------------------------------------------
Net profit/loss -285 1,060
-------------------------------------------------------- --------
---------
-------------------------------------------------------- --------
Net profit/loss for the period -285 1,060
-------------------------------------------------------------------------
attributable to owners of the parent -285 1,060
---------
attributable to non-controlling interests 0 0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total comprehensive income/expense for the period -285 1,060
-------------------------------------------------------------------------
attributable to owners of the parent -285 1,060
---------
attributable to non-controlling interests 0 0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share (in euros) 8
---------
- basic -0.04 0.17
-------------------------------------------------------------------------
- diluted -0.04 0.16
-------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 31 March 31 December
2017 2016
--------------------------------------------------------------------------------
In thousands of euros
--------------
Cash and cash equivalents 1,133 845
--------------------------------------------------------------------------------
Receivables and prepayments 9 676 470
--------------------------------------------------------------------------------
Inventories 10 16,093 14,593
--------------------------------------------------------------------------------
Total current assets 17,902 15,908
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Receivables and prepayments 9 11 11
--------------------------------------------------------------------------------
Investment property 11 11,153 10,835
--------------------------------------------------------------------------------
Property, plant and equipment 716 718
--------------------------------------------------------------------------------
Intangible assets 253 248
--------------------------------------------------------------------------------
Total non-current assets 12,133 11,812
--------------------------------------------------------------------------------
TOTAL ASSETS 30,035 27,720
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 14,690 9,372
--------------------------------------------------------------------------------
Payables and deferred income 13 5,550 4,369
--------------------------------------------------------------------------------
Provisions 44 108
--------------------------------------------------------------------------------
Total current liabilities 20,284 13,849
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 1,051 4,886
--------------------------------------------------------------------------------
Total non-current liabilities 1,051 4,886
--------------------------------------------------------------------------------
TOTAL LIABILITIES 21,335 18,735
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 4,555 4,555
--------------------------------------------------------------------------------
Share premium 292 292
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Other reserves 8 52 52
--------------------------------------------------------------------------------
Retained earnings 1,790 2,075
--------------------------------------------------------------------------------
Total equity attributable to owners of the 8,700 8,985
parent
--------------------------------------------------------------------------------
Equity attributable to non-controlling 0 0
interests
--------------------------------------------------------------------------------
TOTAL EQUITY 8,700 8,985
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 30,035 27,720
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Note Q1 Q1
2017 2016
--------------------------------------------------------------------------------
In thousands of euros
--------
Cash receipts from customers 2,039 5,826
--------------------------------------------------------------------------------
Cash paid to suppliers -2,362 -1,764
--------------------------------------------------------------------------------
Other taxes paid and recovered (net) -79 -771
--------------------------------------------------------------------------------
Cash paid to employees -212 -324
--------------------------------------------------------------------------------
Other cash payments and receipts related to operating -10 -47
activities (net)
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING ACTIVITIES -624 2,920
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Payments made on purchase of tangible and intangible -15 -39
assets
--------------------------------------------------------------------------------
Payments made on purchase and development of investment 11 -318 -18
property
--------------------------------------------------------------------------------
Loans provided -5 0
--------------------------------------------------------------------------------
Other payments related to investing activities 0 -3
--------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES -338 -60
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 12 1,654 1,020
--------------------------------------------------------------------------------
Settlement of loans and borrowings 12 -171 -2,418
--------------------------------------------------------------------------------
Interest paid -233 -202
--------------------------------------------------------------------------------
Other payments related to financing activities 0 -128
--------------------------------------------------------------------------------
NET CASH FROM/USED IN FINANCING ACTIVITIES 1,250 -1,728
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW 288 1,132
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 845 745
--------------------------------------------------------------------------------
Increase in cash and cash equivalents 288 1,132
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 1,133 1,877
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
------------
Equity attributable to owners of the parent Non-cont Total
rolling equity
interest
s
--------------------------------------------------------------------
Share Share Statutory Other Retain Total
capita premiu capital reserv ed
l m reserve es earnin
gs
---------------------------------------------------------------
In
thousands
of euros
--------
Balance as 4,282 292 2,011 298 2,656 9,539 91 9,630
of 31
December
2015
--------------------------------------------------------------------------------
Change in 0 0 0 0 0 0 -77 -77
non-contro
lling
interest
--------------------------------------------------------------------------------
Total 0 0 0 0 1,060 1,060 0 1,060
comprehens
ive income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 298 3,716 10,599 14 10,613
of 31
March 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Balance as 4,555 292 2,011 52 2,075 8,985 0 8,985
of 31
December
2016
--------------------------------------------------------------------------------
Total 0 0 0 0 -285 -285 0 -285
comprehens
ive income
for the
period
--------------------------------------------------------------------------------
Balance as 4,555 292 2,011 52 1,790 8,700 0 8,700
of 31
March 2017
--------------------------------------------------------------------------------
Kristel Tumm
CFO
Arco Vara AS
Tel: +372 614 4662
[email protected]
www.arcorealestate.com