Börsiteade
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
6347
Manused
Esitamise kuupäev ja aeg
09.11.2017 16:54:53
Teate sisu eesti keeles
Pealkiri
Arco Vara AS-i 2017. aasta III kvartali konsolideeritud auditeerimata vahearuanne
Teade
PÕHILISED NÄITAJAD
· Kontserni 2017. aasta III kvartali müügitulu oli 7,7
miljonit eurot, mis on 5,9 korda rohkem võrrelduna 2016. aasta III kvartali
müügituluga 1,3 miljonit eurot. Kontserni 2017. aasta 9 kuu müügitulu 10,3
miljonit eurot on 22,6% suurem 2016. aasta 9 kuu müügitulust 8,4 miljonit
eurot. Arendusdivisjoni müügitulu oli III kvartalis 7,0 miljonit eurot ja 9
kuuga 8,5 miljonit eurot ning teenindusdivisjoni müügitulu oli III kvartalis
0,8 miljonit eurot ja 9 kuuga 2,2 miljonit eurot.
· 2017. aasta III kvartali ärikasumiks (=EBIT) kujunes 0,8
miljonit eurot ja puhaskasumiks 0,7 miljonit eurot ; 9 kuu ärikasum oli 0,4
miljonit eurot ja puhaskasum 0,1 miljonit eurot. Arendusdivisjoni 2017. aasta
III kvartali ja ka 9 kuu ärikasumiks kujunes 0,9 miljonit eurot.
Teenindusdivisjon teenis 2017. aastal vastavalt väikese ärikasumi ja -kahjumi
(alla 0,1 miljoni euro).
· 2017. aasta III kvartalis müüdi kontserni poolt
arendatavates projektides kokku 59 korterit ja 2 äripinda ning 9 kuuga kokku 60
korterit, 2 äripinda ja 6 hoonestamata kinnistut. 2016. aasta 9 kuuga müüdi
kokku 75 korterit, 5 äripinda ja 6 hoonestamata kinnistut. 2016. aasta esimesel
poolel toimus aktiivne müük Manastirski projektis Bulgaarias, 2017. aasta III
kvartalis jõudis lõpusirgele Lahepea 7 arendusprojekt.
· Kontserni laenukoormus (netolaenud) suurenes 2017. aasta
esimese 9 kuuga 0,3 miljoni euro võrra, tasemele 13,7 miljonit eurot 30.09.2017
seisuga. Kontserni intressikandvate kohustuste kaalutud keskmine intressimäär
oli 30.09.2017 seisuga 5,3%, mis ole muutunud võrreldes 31.12.2016 seisuga.
Olulisemad finantsnäitajad
9 kuud 9 kuud III kvartal III kvartal
2017 2016 2017 2016
--------------------------------------------------------------------------------
EUR miljonites
----------- -------------
Müügitulu
--------------------------------------------------------------------------------
Arendus 8,5 6,4 7,0 0,6
--------------------------------------------------------------------------------
Teenindus 2,2 2,4 0,8 0,8
--------------------------------------------------------------------------------
Elimineerimine -0,4 -0,4 -0,1 -0,1
--------------------------------------------------------------------------------
Müügitulu kokku 10,3 8,4 7,7 1,3
--------------------------------------------------------------------------------
----------- -------------
Ärikasum
--------------------------------------------------------------------------------
Arendus 0,9 1,5 0,9 0,0
--------------------------------------------------------------------------------
Teenindus -0,1 -0,1 0,0 0,0
--------------------------------------------------------------------------------
Jagamatud tulud-kulud -0,4 -0,5 -0,1 -0,2
--------------------------------------------------------------------------------
Elimineerimine 0,0 0,1 0,0 0,0
--------------------------------------------------------------------------------
Ärikasum kokku 0,4 1,0 0,8 -0,2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud -0,3 -0,5 -0,1 -0,2
--------------------------------------------------------------------------------
Puhaskasum 0,1 0,5 0,7 -0,4
--------------------------------------------------------------------------------
Äritegevuse rahavood -2,3 2,6 0,7 -1,0
--------------------------------------------------------------------------------
Investeerimistegevuse rahavood -0,4 -2,0 0,0 -1,1
--------------------------------------------------------------------------------
Finantseerimistegevuse rahavood 3,0 -0,9 -0,3 1,6
--------------------------------------------------------------------------------
Perioodi rahavood kokku 0,3 -0,3 0,4 -0,5
--------------------------------------------------------------------------------
Raha ja raja ekvivalendid 0,8 0,7 0,7 0,9
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 1,1 0,4 1,1 0,4
perioodi lõpus
--------------------------------------------------------------------------------
--------------------------------
Varad kokku, perioodi lõpus 28,4 26,6
----------------------
Investeeritud kapital, perioodi 23,9 22,7
lõpus
------------------------------------------------------
Netolaenud, perioodi lõpus 13,7 12,3
------------------------------------------------------
Omakapital, perioodi lõpus 9,0 10,0
------------------------------------------------------
Peamised suhtarvud
--------------------------------------------------------------------------------
9 kuud 9 kuud III kvartal III kvartal
2017 2016 2017 2016
--------------------------------------------------------------------------------
-------------------------------- ----------- -------------
Puhaskasum aktsia kohta 0,01 0,08 0,11 -0,06
(eurodes)
----------- -------------
-------------
Lahustatud puhaskasum aktsia 0,01 0,07 0,10 -0,05
kohta (eurodes)
-------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) -5,1% 0,3%
------------------------------------------------------
ROE (jooksev 4 kvartalit) -14,0% 0,6%
------------------------------------------------------
ROA (jooksev 4 kvartalit) -4,3% 0,3%
----------------------
Lühiajaliste kohustuste 0,88 3,22
kattekordaja
------------------------------------------------------
Likviidsuskordaja 0,10 0,20
------------------------------------------------------
Finantsvõimendus 3,16 2,67
------------------------------------------------------
Laenude keskmine pikkus 0,4 1,2
(aastates)
------------------------------------------------------
Laenude keskmine intress 5,3% 6,1%
(aastas)
------------------------------------------------------
Töötajate arv perioodi lõpul 132 185
------------------------------------------------------
JUHATAJA KOMMENTAARID
Õiged tegevused toovad tulemuse. Arco Vara missioon on pakkuda inimestele üle
ootuste elamusi kinnisvara valdkonnas. Tahame olla kõige inimesekesksem
kinnisvarafirma. Kolmandas kvartalis tuli see meil juba päris hästi välja. Me
aitasime oma vahendus- ja hindamisteenustega Eestis ja Bulgaarias kokku rohkem
kui 2000 inimest ning andsime asjaõiguslepinguga üle umbes pooled Kodulahe 1.
etapi korteritest ja äripindadest. Klientide tagasiside on olnud valdavalt hea
ning annab meile energiat oma mahte kasvatada ning ennast edasi arendada.
Kolmandas kvartalis pöörasime kahjumis aasta (6 kuu -0,6M EUR) jooksvasse
kasumisse. Me teenime oma teenustega üle 20% rohkem raha kui eelmisel aastal.
Ootame grupina ka head neljandat kvartalit, mille lõpuks peaks üle 90% Kodulahe
I etapi majast olema müüdud. Täielik väljamüük ei ole plaanis ning ei ole ka
kriitiline, arvestades seda, et pärast Kodulahe I etapi väljamüüki on meie ladu
uuesti tühi. Positiivne võrreldes varasemaga on see, et on käimas Sofias Iztok
Parkside I etapi ehitus, millest 1/3 on eellepingutega müüdud, ning et 2018.
aasta esimeses kvartalis peaks käivituma ehitus ka Kodulahe II etapis (ca 68
korterit) ja teises kvartalis Tartus Oa tn arendusprojektis (ca 40 korterit).
2018. a. esimeses kvartalis peaksime jõudma omandada Arco Vara maapanka kaks
täiendavat arendusprojekti, ühe Tallinnas ja teise Sofias.
Madrid Blvd renditulud on kasvanud ja hoone rahavoog on pärast intressimaksete
tasumist positiivne. Hoonesse heade klientide leidmine on küll osutunud
oodatust aeganõudvamaks, aga pikemas perspektiivis peame tõenäoliseks hoone
renditulude kasvu. Aasta lõpuks on plaanis pikendada olemasolev pangalaen.
Jätkame oma oskuste ja protsesside arendamist ning lõikame korraks 3. ja 4.
kvartalis ka juba tehtud töö viljad. 2018. a. esimene pool kujuneb tulude
poolelt uuesti tagasihoidlikuks, kuigi paremaks kui 2017. a. võrreldav periood.
Uuesti hakkame arvestatavat tulu ja kasumit teenima 2018. aasta lõpus, kui
tänased kraanad lõpetavad töö ning algab korterite üleandmine.
TEENINDUSDIVISJON
Kontserni teenindusdivisjoni 2017. aasta III kvartali müügitulu oli 780 tuhat
eurot (III kvartal 2016: 806 tuhat eurot), sealhulgas kontsernisisene müügitulu
oli 115 tuhat eurot (III kvartal 2016: 76 tuhat eurot). 2017. aasta 9 kuu
müügitulu 2 142 tuhat eurot on 10,9% väiksem 2016. aasta 9 kuu müügitulust 2
404 tuhat eurot.
Teenindusdivisjoni põhitegevuste (kinnisvara vahendus- ja hindamisteenused)
müügitulu on 2017. aasta 9 kuuga 13% väiksem võrreldes 2016. aasta 9 kuuga.
Teenindusdivisjoni langenud müügitulu põhjuseks on Läti kinnisvarabüroo müük
2016 aasta IV kvartalis ehk 2016. aasta 9 kuu müügitulu sisaldas veel Läti
kinnisvarabüroo müügitulu summas 694 tuhat eurot. Nagu allolevast tabelist
näha, on tegelikult tublisti tõusnud nii Eesti kui Bulgaaria kinnisvarabüroode
müügikäibed.
Kinnisvarabüroode müügikäive vahendusest ja hindamisest
9 kuud 9 kuud Muutus III kvartal III kvartal Muutus
2017 2016 % 2017 2016 %
--------------------------------------------------------------------------------
EUR
tuhandetes
-------------
Eesti 1 325 1 036 28% 484 381 27%
--------------------------------------------------------------------------------
Bulgaaria 560 444 29% 206 115 90%
--------------------------------------------------------------------------------
Läti - 694 - - 226 -
--------------------------------------------------------------------------------
Kokku 1 885 2 174 -13% 690 722 -3%
--------------------------------------------------------------------------------
2017. aasta III kvartalis sai Eesti kinnisvarabüroo puhaskahjumit 4 tuhat eurot
ja 9 kuuga 112 tuhat eurot (2016. aasta III kvartalis saadi puhaskahjumit 33
tuhat eurot ja 9 kuuga 152 tuhat eurot). Bulgaaria büroo teenis puhaskasumit
III kvartalis 12 tuhat eurot ja 9 kuuga 53 tuhat eurot (2016. aasta III
kvartalis 15 tuhat eurot ja 9 kuuga 17 tuhat eurot puhaskahjumit).
Teenindusdivisjon osutab lisaks vahendus- ja hindamisteenusele ka kinnisvara
haldamise ja majutusteenust Bulgaarias. Haldustegevuse müügikäive oli 2017.
aasta 9 kuuga 92 tuhat eurot, sellest 78 tuhat eurot oli kontsernisisene (2016.
aasta 9 kuuga 87 tuhat eurot, sellest kontsernisisene 75 tuhat eurot).
Majutusteenuse müügitulu oli 2017. aasta 9 kuuga 135 tuhat eurot, sellest III
kvartalis 49 tuhat eurot (2016. aastal 104 tuhat eurot 9 kuuga ja 40 tuhat
eurot III kvartalis).
Teenindusdivisjonis hõivatud inimeste arv oli 30.09.2017 seisuga 118 inimest
(31.12.2016: 97 inimest).
ARENDUSDIVISJON
Arendusdivisjoni müügitulu oli 2017. aasta III kvartalis 7 042 tuhat eurot (III
kvartal 2016: 586 tuhat eurot) ja 9 kuuga kokku 8 511 tuhat eurot (2016. aasta
9 kuud: 6 401 tuhat eurot), sealhulgas kinnisvara müük kontserni enda
arendusprojektides moodustas III kvartalis 6 627 tuhat eurot ja 9 kuuga 6 875
tuhat eurot (2016. aasta III kvartal: 367 tuhat eurot ja 9 kuud: 6 043 tuhat
eurot). Kontserni suurimas arendusprojektis, Kodulahe elamukvartalis Tallinnas,
jõudis III kvartalis lõpusirgele 125 korteri ja 5 äripinnaga I etapi kortermaja
ehitus ja algas korterite müük. Vahearuande avaldamise päevaks oli müüdud 107
korterit ja 2 äripinda ning sõlmitud lisaks eelmüügilepingud neljale korterile.
Muust arendusdivisjoni müügitulust moodustab suurema osa kaubandus- ja
kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2017. aasta III
kvartalis oli 148 tuhat eurot ja 9 kuuga 360 tuhat eurot (2016. aasta III
kvartalis 89 tuhat eurot ja 9 kuuga 252 tuhat eurot). Vahearuande päevaks on
vabad veel kaks kontoripinda, mis loodetakse välja rentida IV kvartali jooksul.
Arendusdivisjoni ärikasumiks kujunes 2017. aasta III kvartalis 894 tuhat eurot
ja 9 kuuga 851 tuhat eurot, 2016. aasta III kvartalis oli arendusdivisjoni
ärikasum 33 tuhat eurot ja 9 kuuga 1 524 tuhat eurot. 2016. aasta algusesse
jäi Sofias Manastirski projektis suurema osa viimase etapi korterite müügi
vormistamine (maja valmis 2015. aasta detsembris).
Madrid Blvd kompleksis Sofias müüdi III kvartalis üks korter ja eelmüüdi veel
üks. Kvartali lõpuks oli müümata veel 1 korter. Lisaks on 15 korterit
möbleeritud ja teenivad kontsernile tulu majutusteenusega. Välja renditakse ka
seni müümata parkimiskohti.
2017. aasta III kvartalis jätkati ettevalmistustöid Kodulahe kvartali 2.
etapis, kuhu on kavandamisel ca 70 korteriga ja äripindadega hoone. Samuti
jätkusid ettevalmistustööd Oa tänava kinnistutel Tartus, kuhu on plaanis rajada
4 väiksemat kortermaja. Mõlemad projektid on plaanis realiseerida 2019. aasta
keskpaigaks.
III kvartalis lahenesid aasta alguses tekkinud viivitused Iztok Parkside
projektis Sofias. Septembri lõpuks saadi ehitusluba ning oktoobris algasid
ehitustööd. Vahearuande avaldamise päevaks on eelmüüdud 23 korterit. Projekt
koosneb kolmest kortermajast kokku 68 korteriga (korterite müüdav pind 7 070
m2).
Lätis oli 30.09.2017 seisuga müümata veel 6 Marsili elamukrunti. 2017. aastal
on müüdud projektis 4 elamukrunti ning viidud lõpule Baltezers-3 projekti (68
arendamata kinnistut kogumina) müük.
30.09.2017 seisuga töötas arendusdivisjonis kokku 5 inimest, sama palju kui
2016. aasta lõpus.
KONSOLIDEERITUD RAAMATUPIDAMISE VAHEARUANNE
KONSOLIDEERITUD KOONDKASUMIARUANNE
Lisa 9 kuud 9 kuud III kvartal III kvartal
2017 2016 2017 2016
--------------------------------------------------------------------------------
EUR tuhandetes
---------- -------------
Müügitulu enda kinnisvara 8 063 6 043 6 877 461
müügist
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 2 228 2 395 806 826
--------------------------------------------------------------------------------
Müügitulu kokku 2,3 10 291 8 438 7 683 1 287
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud kinnisvara ja 4 -8 273 -5 554 -6 340 -862
teenuste kulu
--------------------------------------------------------------------------------
Brutokasum 2 018 2 884 1 343 425
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 54 35 35 7
--------------------------------------------------------------------------------
Turustuskulud 5 -347 -418 -131 -138
--------------------------------------------------------------------------------
Üldhalduskulud 6 -1 225 -1 519 -401 -498
--------------------------------------------------------------------------------
Muud ärikulud -43 -29 -19 -11
--------------------------------------------------------------------------------
Kasum tütarettevõtete 0 1 0 0
müügist
--------------------------------------------------------------------------------
Ärikasum 457 954 827 -215
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud- ja kulud 7 -384 -459 -112 -163
--------------------------------------------------------------------------------
Puhaskasum 73 495 715 -378
----------------------------------- ---------- ------------
---------- -------------
----------------------------------- ---------- ------------
Aruandeperioodi puhaskasum 73 495 715 -378
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 8 73 500 715 -373
puhaskasumis
---------- -------------
Mitte-kontrolliva osaluse 0 -5 0 -5
osa puhaskasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum 73 495 715 -378
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 73 500 715 -378
koondkasumis
---------- -------------
Mitte-kontrolliva osaluse 0 -5 0 0
osa koondkasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta 8
(eurodes)
---------- -------------
- tava- 0,01 0,08 0,11 -0,06
--------------------------------------------------------------------------------
- lahustatud 0,01 0,07 0,10 -0,05
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Lisa 30.09.2017 31.12.2016
----------------------------------------------------------------------
EUR tuhandetes
------------
Raha ja raha ekvivalendid 1 158 845
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 691 470
----------------------------------------------------------------------
Varud 10 14 349 14 593
----------------------------------------------------------------------
Käibevara kokku 16 198 15 908
----------------------------------------------------------------------
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 11 11
----------------------------------------------------------------------
Finantsinvesteeringud 23 0
----------------------------------------------------------------------
Kinnisvarainvesteeringud 11 11 177 10 835
----------------------------------------------------------------------
Materiaalne põhivara 701 718
----------------------------------------------------------------------
Immateriaalne põhivara 276 248
----------------------------------------------------------------------
Põhivara kokku 12 188 11 812
----------------------------------------------------------------------
VARAD KOKKU 28 386 27 720
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 12 993 9 372
----------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 5 299 4 369
----------------------------------------------------------------------
Eraldised 44 108
----------------------------------------------------------------------
Lühiajalised kohustused kokku 18 336 13 849
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 1 057 4 886
----------------------------------------------------------------------
Pikaajalised kohustused kokku 1 057 4 886
----------------------------------------------------------------------
KOHUSTUSED KOKKU 19 393 18 735
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital 4 555 4 555
----------------------------------------------------------------------
Ülekurss 292 292
----------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
----------------------------------------------------------------------
Muud reservid 8 52 52
----------------------------------------------------------------------
Jaotamata kasum 2 083 2 075
----------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 8 993 8 985
----------------------------------------------------------------------
Mittekontrolliv osalus 0 0
----------------------------------------------------------------------
OMAKAPITAL KOKKU 8 993 8 985
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 28 386 27 720
----------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Lisa 9 kuud 9 kuud III III
2017 2016 kvartal kvartal
2017 2016
--------------------------------------------------------------------------------
EUR tuhandetes
--------- ------------
Laekumised klientidelt 7 436 12 282 3 795 2 647
--------------------------------------------------------------------------------
Tasumised tarnijatele -8 130 -7 133 -1 859 -2 948
--------------------------------------------------------------------------------
Maksude tasumine ja -548 -1 627 -650 -478
maksutagastused (neto)
--------------------------------------------------------------------------------
Väljamaksed töötajatele -703 -894 -243 -258
--------------------------------------------------------------------------------
Muud tasumised ja laekumised -278 -73 -290 -11
äritegevusest
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU -2 223 2 555 753 -1 048
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tasumised materiaalse ja -74 -81 -26 -7
immateriaalse põhivara
soetamisel
--------------------------------------------------------------------------------
Tasumised 11 -346 0 -15 0
kinnisvarainvesteeringute
soetamisel ja arendamisel
--------------------------------------------------------------------------------
Laekumine tütarettevõtete 0 1 0 0
müügist
--------------------------------------------------------------------------------
Tasumised tütarettevõtte 0 -1 890 0 -1 050
soetamisel
--------------------------------------------------------------------------------
Antud laenud -7 0 0 0
--------------------------------------------------------------------------------
Antud laenude tagasimaksed 2 0 2 0
--------------------------------------------------------------------------------
Muud laekumised 23 0 23 0
investeerimistegevusest
--------------------------------------------------------------------------------
Muud tasumised -23 -3 -15 0
investeerimistegevusest
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST -425 -1 973 -31 -1 057
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 12 5 202 3 285 1 026 2 214
--------------------------------------------------------------------------------
Laenukohustuste tagasimaksed 12 -1 456 -3 378 -1 117 -380
--------------------------------------------------------------------------------
Makstud intressid -616 -621 -165 -230
--------------------------------------------------------------------------------
Makstud dividendid -65 -61 0 0
--------------------------------------------------------------------------------
Muud tasumised -104 -138 -60 -10
finantseerimistegevusest
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST 2 961 -913 -316 1 594
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU 313 -331 406 -511
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 845 745 752 925
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide 313 -331 406 -511
muutus
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 158 414 1 158 414
perioodi lõpus
--------------------------------------------------------------------------------
KONSOLIDEERITUD OMAKAPITALI MUUTUSE ARUANNE
------------
Emaettevõtte omanikele kuuluv omakapital Mitte-kon Omakap
trolliv 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
--------------------------------------------------------------------------------
Dividendide 0 0 0 0 -61 -61 0 -61
maksmine
--------------------------------------------------------------------------------
Muutus 0 0 0 0 0 0 -77 -77
mitte-kont
rollivas
osaluses
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 500 500 -5 495
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 298 3 095 9 978 9 9 987
30.09.2016
--------------------------------------------------------------------------------
-------
Saldo 4 555 292 2 011 52 2 075 8 985 0 8 985
31.12.2016
--------------------------------------------------------------------------------
Dividendide 0 0 0 0 -65 -65 0 -65
maksmine
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 73 73 0 73
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 555 292 2 011 52 2 083 8 993 0 8 993
30.09.2017
--------------------------------------------------------------------------------
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 third quarter and 9 months of 2017
Teade
KEY PERFORMANCE INDICATORS
· In Q3 2017, the group’s revenue was 7.7 million euros,
which is 5.9 times higher compared to the revenue of 1.3 million euros in Q3
2016. In 9 months 2017, the group’s revenue was 10.3 million euros, which is
22.6% higher compared to the revenue of 8.4 million euros in 9 months 2016. The
revenue of the Development Division amounted to 7.0 million euros in Q3 2017
and 8.5 million euros in 9 months of 2017, and the revenue of the Service
Division amounted to 0.8 million euros in Q3 and 2.2 million euros in 9 months
of 2017.
· In Q3 2017, the group’s operating profit (=EBIT) was 0.8
million euros and net profit 0.7 million euros. In 9 months of 2017, operating
profit was 0.4 million euros and net profit 0.1 million euros. The operating
profit of the Development Division amounted to 0.9 million euros in Q3 2017 as
well as in 9 months 2017. The Service Division earned a small operating loss
(less than 0.1 million euros) in Q3 2017.
· In Q3 2017, 59 apartments and 2 commercial spaces were
sold in projects developed by the group (in 9 months of 2017: 60 apartments, 2
commercial spaces and 6 land plots). In 9 months of 2016, 75 apartments, 5
commercial spaces and 6 land plots were sold. In the first half of 2016, active
sale was made in Manastirski project in Bulgaria; in Q3 2017, Kodulahe I stage
apartments got ready for final sale.
· In the first 9 months of 2017, the group’s debt burden
(net loans) increased by 0.3 million euros up to the level of 13.7 million
euros as of 30 September 2017. As of 30 September 2017, the weighted average
annual interest rate of interest bearing liabilities was 5.3%, the same as on
31 December 2016.
Main financial figures
9 months 9 months Q3 Q3
2017 2016 2017 2016
--------------------------------------------------------------------------------
In millions of euros
------------- --------
Revenue
--------------------------------------------------------------------------------
Development 8.5 6.4 7.0 0.6
--------------------------------------------------------------------------------
Services 2.2 2.4 0.8 0.8
--------------------------------------------------------------------------------
Eliminations -0.4 -0.4 -0.1 -0.1
--------------------------------------------------------------------------------
Total revenue 10.3 8.4 7.7 1.3
--------------------------------------------------------------------------------
------------- --------
Operating profit (EBIT)
--------------------------------------------------------------------------------
Development 0.9 1.5 0.9 0.0
--------------------------------------------------------------------------------
Services -0.1 -0.1 0.0 0.0
--------------------------------------------------------------------------------
Unallocated income and expenses -0.4 -0.5 -0.1 -0.2
--------------------------------------------------------------------------------
Eliminations 0.0 0.1 0.0 0.0
--------------------------------------------------------------------------------
Total operating profit/loss (EBIT) 0.4 1.0 0.8 -0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses -0.3 -0.5 -0.1 -0.2
--------------------------------------------------------------------------------
Net profit/loss 0.1 0.5 0.7 -0.4
--------------------------------------------------------------------------------
Cash flows of operating activities -2.3 2.6 0.7 -1.0
--------------------------------------------------------------------------------
Cash flows of investing activities -0.4 -2.0 0.0 -1.1
--------------------------------------------------------------------------------
Cash flows of financing activities 3.0 -0.9 -0.3 1.6
--------------------------------------------------------------------------------
Net cash flows 0.3 -0.3 0.4 -0.5
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning 0.8 0.7 0.7 0.9
of period
--------------------------------------------------------------------------------
Cash and cash equivalents at end of 1.1 0.4 1.1 0.4
period
--------------------------------------------------------------------------------
--------------------------------------- -------------
Total assets, at period end 28.4 26.6
-------------
Invested capital, at period end 23.9 22.7
-----------------------------------------------------------------
Net loans, at period end 13.7 12.3
-----------------------------------------------------------------
Equity, at period end 9.0 10.0
-----------------------------------------------------------------
Key ratios
--------------------------------------------------------------------------------
9 months 9 months Q3 Q3
2017 2017 2017 2016
--------------------------------------------------------------------------------
--------------------------------------- ------------- -------
EPS (in euros) 0.01 0.08 0.11 -0.06
------------- --------
-------
Diluted EPS (in euros) 0.01 0.07 0.10 -0.05
-------------------------------------------------------------------------
ROIC (rolling, four quarters) -5.1% 0.3%
-----------------------------------------------------------------
ROE (rolling, four quarters) -14.0% 0.6%
--------------------------------------- -------------
ROA (rolling, four quarters) -4.3% 0.3%
--------------------------
Current ratio 0.88 3.22
-----------------------------------------------------------------
Quick ratio 0.10 0.20
-----------------------------------------------------------------
Financial leverage 3.16 2.67
-----------------------------------------------------------------
Average loan term (in years) 0.4 1.2
-----------------------------------------------------------------
Average annual interest rate of loans 5.3% 6.1%
-----------------------------------------------------------------
Number of staff, at period end 132 185
-----------------------------------------------------------------
GROUP CEO’S REVIEW
Right actions bring a result. Arco Vara’s mission is to exceed people’s
expectations in real estate business. We want to be the most people-oriented
company. In the 3rd quarter, we already did quite well in this. We helped over
2000 people with our brokerage and appraisal services in Estonia and Bulgaria
and sold about half of the apartments and commercial spaces of Kodulahe I
stage. Feedback from clients has been mainly positive and that gives us a boost
for increasing our volumes and developing ourselves.
In Q3, we moved from making a loss (-0,6m EUR in 6M) to becoming profitable. We
earned over 20% more money with our services than in the previous year. As a
group, we also anticipate a positive 4th quarter, by the end of which over 90%
of Kodulahe I stage should be sold. Full sell-out is not planned or essential,
considering that after such sell-out our stock will be empty again. Other
positive developments are that construction is going on in the Iztok project in
Sofia, out of which 1/3 has been presold, and that construction of Kodulahe II
stage (ca 68 apartments) should commence in Q1 and construction of Oa street
development in Tartu (ca 40 apartments) in Q2 of 2018. In Q1 2018, we should be
able to acquire two new development land plots, one in Tallinn and another one
in Sofia.
In Madrid Blvd building, rental income has increased and cash flows after loan
interest payments have become positive. Although finding good tenants into the
building has proved to be more time-consuming than we initially expected, we
believe that the rental income of the building will increase in the future. We
plan to extend the existing bank loan by year-end.
We will continue to develop our skills and processes. In Q3 and Q4, we will
harvest the crops of the work already done. The first half of 2018 will be
modest again in terms of revenue, although better that H1 of 2017. We will
start making substantial revenue and profit again at the end of 2018, when the
cranes of today’s projects will finish their work and the final sales of
apartments will start.
SERVICE DIVISION
In Q3 2017, revenue of the Service Division amounted to 780 thousand euros (Q3
2016: 806 thousand euros), which included intra-group revenue of 115 thousand
euros (Q3 2016: 76 thousand euros). In 9 months 2017, the revenue decreased by
10.9% to 2,142 thousand euros, compared to the revenue of 2,404 thousand euros
in 9 months 2016.
In 9 months of 2017, revenue of the Service Division from main services (real
estate brokerage and valuation services) decreased by 13% compared to 9 months
of 2016. The main reason is the that the revenue in the amount of 694 thousand
euros from the Latvian agency (which was sold in Q4 2016) was included in the
group revenue in 9 months of 2016. As the table below demonstrates, sales
revenues of both Estonian and Bulgarian real estate agencies have actually
increased significantly.
Revenue of real estate agencies from brokerage and valuation
9 months 9 months Change, Q3 2017 Q3 2016 Change,
2017 2016 % %
--------------------------------------------------------------------------------
In thousands of
euros
Estonia 1,325 1,036 28% 484 381 27%
--------------------------------------------------------------------------------
Bulgaria 560 444 26% 206 115 79%
--------------------------------------------------------------------------------
Latvia - 694 - - 226 -
--------------------------------------------------------------------------------
Total 1,885 2,174 -13% 690 722 -4%
--------------------------------------------------------------------------------
In Q3 and 9 months 2017, Estonian agency had net loss of 4 thousand euros and
112 thousand euros, respectively (in 2016: net loss of 33 thousand euros in Q3
and 152 thousand euros in 9 months). Bulgarian agency earned net profit of 12
thousand euros in Q3 2017 and 53 thousand euros in 9 months 2017. (2016: net
profit of 15 thousand euros in Q3 and net loss of 17 thousand euros in 9
months).
In addition to brokerage and valuation services, the Service Division also
provides real estate management and accommodation services in Bulgaria. The
revenue from real estate management was 92 thousand euros in 9 months 2017, 78
thousand euros of which was intra-group revenue (9 months 2016: 87 thousand and
75 thousand euros, respectively). Revenue from accommodation services amounted
to 135 thousand euros in 9 months 2017, of which 49 thousand euros was made in
Q3 (2016: 104 thousand euros in 9 months and 40 thousand euros in Q3).
On 30 September 2017, the number of staff in the Service Division was 118 (on
31.12.2016: 97).
DEVELOPMENT DIVISION
The revenue of the Development Division totalled 7,042 thousand euros in Q3
2017 (in Q3 2016: 586 thousand euros) and 8,511 thousand euros in 9 months 2017
(in 9 months 2016: 6,401 thousand euros), including revenue from the sale of
properties in the group’s own development projects in the amount of 6,627
thousand euros in Q3 and 6,875 thousand euros in 9 months (2016: 367 thousand
euros in Q3 and 6,043 thousand euros in 9 months). In Q3, the construction of
apartments of the first stage apartment building (with 125 apartments and 5
commercial spaces) in the group’s largest development project Kodulahe came
close to an end, and final sales started. By the publishing date of the interim
report, sale agreements for 107 apartments and two commercial spaces, plus 4
presale agreements have been concluded.
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 148 thousand euros in Q3 2017 and 360 thousand euros in 9 months 2017 (2016:
89 thousand euros in Q3 and 252 thousand euros in 9 months). By the publishing
date of the interim report, last two office spaces remain vacant. The group
expects to rent out all vacant spaces during Q4 2017.
In Q3 and 9 months 2017, the Development Division had operating profit of 894
thousand euros and 851 thousand euros, respectively. In 2016, the Development
Division earned operating profit of 33 thousand euros in Q3 and 1,524 thousand
euros in 9 months. In early 2016, most of sale agreements in the last stage of
Manastirski project in Sofia were concluded (the construction of apartment
building was finished in December 2015).
In Q3 2017, one apartment was sold and another one presold in Madrid Blvd
complex in Sofia. By the end of the quarter, 1 apartment remained unsold.
Additional 15 apartments are furnished and are being rented out as
accommodation service. Unsold parking places are also being rented out.
In Q3 2017, preparatory works in the second stage of Kodulahe project
continued, where a building with ca 70 apartments and commercial spaces is
planned. Preparatory works also continued 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 Q3 2017, the delay that had emerged in early 2017 in the development of
Iztok Parkside project in Sofia ended. Construction permit was received in
September and construction started in October. By the publication date of
interim report, presale agreements for 23 apartments have been signed. Iztok
project consists of three apartment buildings with 68 apartments (7,070 square
meters of apartments’ sellable area).
As of 30 September 2017, 6 Marsili residential plots remained unsold in Latvia.
During 2017, four plots have been sold in the project. Additionally, the sale
of Baltezers-3 project (68 undeveloped land plots as a whole) was finished in
January.
As of 30 September 2017, 5 people were employed in the Development Division,
the same number as at the end of 2016.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSCONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Note 9 months 9 months Q3 Q3
2017 2016 2017 2016
--------------------------------------------------------------------------------
In thousands of euros
------------ --------
Revenue from sale of own real 8,063 6,043 6,877 461
estate
--------------------------------------------------------------------------------
Revenue from rendering of services 2,228 2,395 806 826
--------------------------------------------------------------------------------
Total revenue 2, 3 10,291 8,438 7,683 1,287
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 4 -8,273 -5,554 -6,340 -862
--------------------------------------------------------------------------------
Gross profit 2,018 2,884 1,343 425
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 54 35 35 7
--------------------------------------------------------------------------------
Marketing and distribution 5 -347 -418 -131 -138
expenses
--------------------------------------------------------------------------------
Administrative expenses 6 -1,225 -1,519 -401 -498
--------------------------------------------------------------------------------
Other expenses -43 -29 -19 -11
--------------------------------------------------------------------------------
Gain on sale of subsidiaries 0 1 0 0
--------------------------------------------------------------------------------
Operating profit/loss 457 954 827 -215
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income and costs 7 -384 -459 -112 -163
--------------------------------------------------------------------------------
Net profit/loss 73 495 715 -378
----------------------------------------- ------------ -------
------------ --------
----------------------------------------- ------------ -------
Net profit/loss for the period 73 495 715 -378
--------------------------------------------------------------------------------
attributable to owners of the 8 73 500 715 -373
parent
------------ --------
attributable to non-controlling 0 -5 0 -5
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income/expense 73 495 715 -378
for the period
--------------------------------------------------------------------------------
attributable to owners of the 73 500 715 -378
parent
------------ --------
attributable to non-controlling 0 -5 0 0
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in euros) 8
------------ --------
- basic 0.01 0.08 0.11 -0.06
--------------------------------------------------------------------------------
- diluted 0.01 0.07 0.10 -0.05
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 30 Sept 31 December
2017 2016
--------------------------------------------------------------------------------
In thousands of euros
-------------
Cash and cash equivalents 1,158 845
--------------------------------------------------------------------------------
Receivables and prepayments 9 691 470
--------------------------------------------------------------------------------
Inventories 10 14,349 14,593
--------------------------------------------------------------------------------
Total current assets 16,198 15,908
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Receivables and prepayments 9 11 11
--------------------------------------------------------------------------------
Investments 23 0
--------------------------------------------------------------------------------
Investment property 11 11,177 10,835
--------------------------------------------------------------------------------
Property, plant and equipment 701 718
--------------------------------------------------------------------------------
Intangible assets 276 248
--------------------------------------------------------------------------------
Total non-current assets 12,188 11,812
--------------------------------------------------------------------------------
TOTAL ASSETS 28,386 27,720
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 12,993 9,372
--------------------------------------------------------------------------------
Payables and deferred income 13 5,299 4,369
--------------------------------------------------------------------------------
Provisions 44 108
--------------------------------------------------------------------------------
Total current liabilities 18,336 13,849
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 1,057 4,886
--------------------------------------------------------------------------------
Total non-current liabilities 1,057 4,886
--------------------------------------------------------------------------------
TOTAL LIABILITIES 19,393 18,735
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 4,555 4,555
--------------------------------------------------------------------------------
Additional paid-in capital 292 292
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Other reserves 8 52 52
--------------------------------------------------------------------------------
Retained earnings 2,083 2,075
--------------------------------------------------------------------------------
Total equity attributable to owners of the 8,993 8,985
parent
--------------------------------------------------------------------------------
Equity attributable to non-controlling 0 0
interests
--------------------------------------------------------------------------------
TOTAL EQUITY 8,993 8,985
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 28,386 27,720
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Note 9 months 9 months Q3 Q3
2017 2016 2017 2016
--------------------------------------------------------------------------------
In thousands of euros
---------- --------
Cash receipts from customers 7,436 12,282 3,795 2,647
--------------------------------------------------------------------------------
Cash paid to suppliers -8,130 -7,133 -1,859 -2,948
--------------------------------------------------------------------------------
Other taxes paid and recovered (net) -548 -1,627 -650 -478
--------------------------------------------------------------------------------
Cash paid to employees -703 -894 -243 -258
--------------------------------------------------------------------------------
Other cash payments and receipts -278 -73 -290 -11
related to operating activities (net)
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING -2,223 2,555 753 -1,048
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Payments made on purchase of tangible -74 -81 -26 -7
and intangible assets
--------------------------------------------------------------------------------
Payments made on purchase and 11 -346 0 -15 0
development of investment property
--------------------------------------------------------------------------------
Proceeds from sale of a subsidiary 0 1 0 0
--------------------------------------------------------------------------------
Payments made on purchase of a 0 -1,890 0 -1,050
subsidiary
--------------------------------------------------------------------------------
Loans provided -7 0 0 0
--------------------------------------------------------------------------------
Repayment of loans provided 2 0 2 0
--------------------------------------------------------------------------------
Other receipts related to investing 23 0 23 0
activities
--------------------------------------------------------------------------------
Other payments related to investing -23 -3 -15 0
activities
--------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES -425 -1,973 -31 -1,057
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 12 5,202 3,285 1,026 2,214
--------------------------------------------------------------------------------
Settlement of loans and borrowings 12 -1,456 -3,378 -1,117 -380
--------------------------------------------------------------------------------
Interest paid -616 -621 -165 -230
--------------------------------------------------------------------------------
Dividends paid -65 -61 0 0
--------------------------------------------------------------------------------
Other payments related to financing -104 -138 -60 -10
activities
--------------------------------------------------------------------------------
NET CASH FROM/USED IN FINANCING 2,961 -913 -316 1,594
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW 313 -331 406 -511
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning 845 745 752 925
of period
--------------------------------------------------------------------------------
Increase in cash and cash equivalents 313 -331 406 -511
--------------------------------------------------------------------------------
Cash and cash equivalents at the end 1,158 414 1,158 414
of period
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
Dividends 0 0 0 0 -61 -61 0 -61
paid
--------------------------------------------------------------------------------
Change in 0 0 0 0 0 0 -77 -77
non-control
ling
interest
--------------------------------------------------------------------------------
Total 0 0 0 0 500 500 -5 495
comprehensi
ve income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 298 3,095 9,978 9 9,987
at 30
September
2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Balance as 4,555 292 2,011 52 2,075 8,985 0 8,985
of 31
December
2016
--------------------------------------------------------------------------------
Dividends 0 0 0 0 -65 -65 0 -65
paid
--------------------------------------------------------------------------------
Total 0 0 0 0 73 73 0 73
comprehensi
ve income
for the
period
--------------------------------------------------------------------------------
Balance as 4,555 292 2,011 52 2,083 8,993 0 8,993
of 30
September
2017
--------------------------------------------------------------------------------
Kristel Tumm
CFO
Arco Vara AS
Tel: +372 614 4662
www.arcorealestate.com