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
8752
Manused
Esitamise kuupäev ja aeg
29.04.2021 08:54:11
Teate sisu eesti keeles
Pealkiri
2021. aasta I kvartali ja 3 kuu konsolideeritud auditeerimata vahearuanne
Teade
JUHATAJA KOMMENTAARID Arco Vara jaoks jääb esimest kvartalit iseloomustama fraas, et soovist arendusmahte kasvatada ei pea ainult unistama. Alustasime detailplaneeringu ettevalmistamist Tallinnas ligikaudu 75 000 ruutmeetril, millest 69 500 m(2) asub Harku järve ääres ning 5 500 m(2) Kodulahe piirkonnas. Mõlemast täpsemalt allpool. 2021. aasta kolmel esimesel kuul teenis Arco Vara kasumit Iztok Parkside, Kodulahe III etapi ja Kodukalda lõpumüükide vormistamisel. Loetelus esimese kahe puhul on kõik korterid aruande esitamise hetkeks müüdud, Kodukalda arenduses on veel saadaval 3 korterit. Arco Vara brändi litsentsitasusid teeniti esimeses kvartalis oodatust enam, kuid üüritulu Bulgaaria Madrid BLVD hoonest saadi planeeritust ligi 9% vähem - seoses seni kestvate Covid-19 piirangutega ja lühiajalise vakantsusega poepinnal. Tänaseks on taas saavutatud 100% rentnikega täituvus, mis annab kindlust järgmiste perioodide üüritulu osas. Oleme Tallinnas tegutsedes ootamatult ajas, kus elamukinnisvara nõudlus ületab pakkumist, kuid samal ajal on pikenenud ehitusmaterjalide tarneajad ning kallinenud ehitusmaterjalide hinnad. Kodulahe IV ja V on eellepingutega kaetud juba ligi 75% korteritest ehk ligikaudu 9 miljonit eurot müügitulu 2022. aastaks. Kodulahe IV ja V etapi edukas ehitusprotsess võib aga kujuneda lühiajaliselt väljakutseks. Samuti võib kujuneda väljakutseks Kodulahe VI etapi ehituse alustamine õigel hetkel, kuna ehitusluba on oodata 2021. aasta juunis ja soodne protsess võimaldaks 2023. aastal 24 miljonit eurot müügitulu. 2021. aasta I kvartalis alustasime Tallinnas uute detailplaneeringute ettevalmistamisega, millest esimene asub juba Arco Vara tuntud Kodulahe piirkonnas, aadressil Soodi 6. Vastavalt kehtivale üldplaneeringule hindame arenduse brutomahuks 6 500 m(2) ning ootame müügitulu 14 miljonit eurot aastal 2024. Uutest detailplaneeringutest pikaajalisem, aadressil Paldiski mnt 124b, hõlmab ligikaudu 7 hektari suurust ala, kuhu planeerime arendada enam kui 450 kodu. Projekti esimese etapi oodatav ehituse algus on 2023. aastal ja kogu projekti valmimine 2027. aastal ning kogu projekti müügitulu hindame tänasel hetkel 70 miljonile eurole. Bulgaaria kinnisvaraturg on oluliselt rahulikum: seda mõjutavad ettevaatlikkus tervishoiu keeruliste aegade ja riiklikud valimistega seoses. Peamised ülesanded Bulgaarias on Madrid BLVD hoone edukas majandamine ja uue elamuprojekti arenduse alustamine juba käesoleval aastal. Kokkuvõtvalt oleme 2021. aasta alguses kindlustanud Eestis olulise arendusmahu järgmiseks 5 aastaks, kuid eesmärgiks on ka Bulgaarias regulaarse ja stabiilse elamute arenduse saavutamine. PÕHILISED NÄITAJAD Grupi 2021. aasta I kvartali müügitulu oli 9 166 tuhat eurot, mis on 4,1 korda rohkem kui 2020. aasta I kvartali müügitulu 2 238 tuhat eurot. 2021. aasta I kvartali ärikasumiks (=EBIT) kujunes 1 809 tuhat eurot ja puhaskasumiks 1 700 tuhat eurot. 2020. aasta I kvartalis sai grupp ärikasumit 133 tuhat eurot ja puhaskasumit 20 tuhat eurot. 2021. aasta I kvartalis müüdi grupi poolt arendatavates projektides 58 korterit. 2020. aasta I kvartalis müüdi 10 korterit. Grupi laenukoormus (netolaenud) langes 2021. aasta I kvartalis 6 687 tuhande euro võrra, tasemele 1 812 tuhat eurot 31.03.2021 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.03.2021 seisuga 5,2%, mis on 0,4% kõrgem kui 31.12.2020 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2021. aasta I kvartalis 9 166 tuhat eurot (I kvartal 2020: 2 238 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas I kvartalis 8 902 tuhat eurot (2020. aasta I kvartal: 1 995 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade rendi- ja haldustulu Madrid Blvd hoonest Sofias, mis 2021. aasta I kvartalis oli 194 tuhat eurot (2020. aasta I kvartalis 182 tuhat eurot). Käesoleva aruande ilmumise ajal olid kõik kontori- ja kaubanduspinnad koos kaasnevate parkimiskohtadega välja renditud. Kodulahe kvartali II etapis on müümata äripind. 2020. aastal sai Lahepea 9 maja kasutusloa. 2020. aasta IV kvartalis lõppesid ehitustööd Kodulahe kvartali III etapis, kus valmis 50 korteriga eluhoone aadressile Soodi 4 Merimetsas. Käesoleva aruande avaldamise päevaks on kõik korterid müüdud ning majal on olemas kasutusluba. 2020. aasta lõpus alustati Kodulahe IV-V etapi hoonete ehitust. Valmimisel on kaks 36 korteriga eluhoonet aadressile Pagi 3 ja Pagi 5 Merimetsas. Lõppmüügi faasi jõuavad kortermajad umbes pooleteise aastaga. Aastaaruande avaldamise päevaks on 72 korterist 52 eelmüüdud ja 13 broneeritud. Kodulahe projekti VI etapp aadressil Paldiski mnt 74 ootab ehitusluba, projekteerimine on töös. Kodulahe VI etapi ehituse algus on kavandatud 2021. aastasse. Plaanis on ehitada paviljon ja 112 korterit, millest mitmed on merevaatega. Korterelamud saavad valmis umbes 2 aastat pärast ehituse algust. 2020. aasta IV kvartalis algasid lõppmüügid Oa tänava kinnistutel Tartus, kuhu rajati 4 väiksemat kortermaja Kodukalda projektinime all. Vahearuande avaldamise päevaks on 30 korterist müüdud 27 korterit. Iztok Parkside projekti realiseerimine Sofias hoogustus 2020. aasta detsembris, mil hoone sai kasutusloa. Käesoleva kvartaliaruande avaldamise päevaks on kõik korterid müüdud. Projekt koosnes kolmest kortermajast kokku 67 korteriga. Kuna korterid anti bürokraatlike takistuste tõttu kätte aasta hiljem kui lubatud, soovib 2 klienti hüvitist kokku summas 40 tuhat eurot. Kuna nimetatud korteriomanikud soovivad valuraha, aga mitte korteritest loobuda, ei ole hüvitise maksmise kohustus realistlik ja reservi selleks pole moodustatud. Botanica Lozeni projekti oli kavandatud preemiumklassi arendus, mis Covid-19 taandumiseni on otsustatud ajutiselt külmutada. Projekti raames on plaanis rajada 179 kodu (korterid ja eramud), kaubanduspinnad ja lasteaed. Oodatav ehitusaeg on vähemalt 2 aastat. Lätis oli 31.03.2021 ja vahearuande avaldamise kuupäeva seisuga müümata veel 4 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ----------------------------------------------------------------------- EUR tuhandetes 3 kuud 2021 3 kuud 2020 ----------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 8 902 1 995 Müügitulu teenuste müügist 264 243 Müügitulu kokku 9 166 2 238 Müüdud kinnisvara ja teenuste kulu -7 119 -1 827 Brutokasum 2 047 411 Muud äritulud 10 0 Turustuskulud -35 -42 Üldhalduskulud -184 -236 Muud ärikulud -29 0 Ärikasum 1 809 133 Finantskulud -109 -113 Kasum enne tulumaksu 1 700 20 Aruandeperioodi puhaskasum 1 700 20 Emaettevõtte omanike osa puhaskasumis 1 700 20 Aruandeperioodi koondkasum 1 700 20 Emaettevõtte omanike osa puhaskasumis 1 700 20 ----------------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) ----------------------------------------------------------------------- - tava 0,19 0,00 - lahustatud 0,18 0,00 ----------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 31.03.2021 31.12.2020 --------------------------------------------------------------------- Raha ja raha ekvivalendid 5 872 2 200 Nõuded ja ettemaksed 679 1 344 Varud 11 248 14 960 Käibevara kokku 17 799 18 504 Nõuded ja ettemaksed 104 5 Kinnisvarainvesteeringud 9 550 9 564 Materiaalne põhivara 20 22 Immateriaalne põhivara 124 136 Põhivara kokku 9 798 9 727 VARAD KOKKU 27 597 28 231 Laenukohustused 553 3 482 Võlad ja saadud ettemaksed 3 989 3 308 Lühiajalised kohustused kokku 4 542 6 790 Laenukohustused 7 131 7 217 Pikaajalised kohustused kokku 7 131 7 217 KOHUSTUSED KOKKU 11 673 14 007 Aktsiakapital 6 299 6 299 Registreerimata aktsiakapital 273 273 Ülekurss 2 285 2 285 Kohustuslik reservkapital 2 011 2 011 Jaotamata kasum 5 056 3 356 Emaettevõtte omanikele kuuluv omakapital 15 924 14 224 OMAKAPITAL KOKKU 15 924 14 224 KOHUSTUSED JA OMAKAPITAL KOKKU 27 597 28 231 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4660 www.arcovara.com
Teate sisu inglise keeles
Pealkiri
Unaudited consolidated interim report for Q1 and 3 months of 2021
Teade
GROUP CEO'S REVIEW For Arco Vara, the first quarter will be characterized by the phrase that the desire to increase development volumes does not have to be just a dream. We started the preparation of a detailed plan in Tallinn on approximately 75,000 square meters, of which 69,500 m(2 )is located by Lake Harku and 5,500 m(2) in the Kodulahe area. More on both below. In the first three months of 2021, Arco Vara earned a profit from completing the final sales of Iztok Parkside, Stage III of Kodulahe and Kodukalda. In the case of the first two in the list, all apartments have been sold by the time of submitting the report, 3 apartments are still available in Kodukalda development. More Arco Vara brand licence fees were earned in the first quarter than had been expected, but rental income from the Madrid BLVD building in Bulgaria was almost 9% lower than planned - due to the ongoing Covid-19 restrictions and short-term vacancy on the retail space. Today, 100% occupancy has been reached again, which provides security for rental income for future periods. Operating in Tallinn, we are unexpectedly in a time when the demand for residential real estate exceeds the supply, but at the same time the delivery times of construction materials have become longer and the prices of construction materials have risen. For Kodulahe IV and V, almost 75% of the apartments have already been covered with preliminary contracts, i.e. approximately 9 million euros in sales revenue for 2022. However, the successful construction process of Kodulahe Stages IV and V may present a short-term challenge. It may also be a challenge to start the construction of the VI Stage of Kodulahe at the right time, as the building permit is expected in June 2021 and a favourable process would enable sales revenue of 24 million euros in 2023. In the first quarter of 2021, we started preparing new detailed plans in Tallinn, the first of which is located in Arco Vara's well-known Kodulahe area, at Soodi 6. According to the current comprehensive plan, we estimate the gross volume of the development to be 6,500 m(2) and expect sales revenue of 14 million euros in 2024. The most long-term one of the new detailed plans, at Paldiski road 124b, covers an area of approximately 7 hectares, where we plan to develop more than 450 homes. The expected start of construction of the first stage of the project will be in 2023 and the completion of the entire project will be in 2027, and we currently estimate the sales revenue of the entire project to be at 70 million euros. The Bulgarian real estate market is significantly calmer: it is affected by caution in difficult times of health care and national elections. The main tasks in Bulgaria are the successful management of the Madrid BLVD building and the start of the development of a new residential project already this year. In summary, at the beginning of 2021, we have secured a significant development volume in Estonia for the next 5 years, but the goal is also to achieve regular and stable housing development also in Bulgaria. KEY PERFORMANCE INDICATORS In Q1 2021, the group's revenue was 9,166 thousand euros, which is 4.1 times higher than the revenue of 2,238 thousand euros in Q1 2020. In Q1 2021, the group's operating profit (=EBIT) was 1,809 thousand euros and net profit 1,700 thousand euros. In Q1 2020, the group had operating profit of 133 thousand euros and net profit of 20 thousand euros. In Q1 2021, 58 apartments were sold in projects developed by the group (in Q1 2020: 10 apartments). In the Q1 of 2021, the group's debt burden (net loans) decreased by 6,687 thousand euros down to the level of 1,812 thousand euros as of 31 March 2021. As of 31 March 2021, the weighted average annual interest rate of interest-bearing liabilities was 5.2%. This is an increase of 0.4% compared to 31 December 2020. OPERATING REPORT The revenue of the group totaled 9,166 thousand euros in Q1 2021 (in Q1 2020: 2,238 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 8,902 thousand euros in Q1 2021 (in Q1 2020: 1,995 thousand euros). Most of the other revenue of the group consisted of rental and property management services income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 194 thousand euros in Q1 2021 (in Q1 2020: 182 thousand euros). By the time of publishing the present report, all office and commercial spaces, together with parking places, were rented out. Commercial space remains unsold in Stage II of Kodulahe project. The house received a usage permit in 2020. In Q4 2020, construction finished in Stage III of Kodulahe project, a residential building with 50 apartments at Soodi 4 in Merimetsa district in Tallinn. By the publishing date of the interim report, all apartments have been sold and the house has the usage permit. At the end of 2020, the joint construction of Stages IV and V of Kodulahe started. Two 36-apartment residential buildings at Pagi 3 and Pagi 5 in Merimetsa are under construction. The apartment buildings will become ready for final sale in about 1,5 years. By the publishing date of the annual report, 52 apartments of total 72 have been presold and 13 booked. Stages VI of Kodulahe project is waiting for construction permit, design works are in process. The construction of the Stage VI is scheduled to start in year 2021. The plan is to build a pavilion and 113 apartments, out of which many have sea view. The apartment buildings will become ready in about 2 years after the construction begins. In Q4 2020, sale started of Oa street plots in Tartu, where of 4 smaller apartment buildings are built under Kodukalda project name. By the publishing time of the interim report, 27 apartments have been sold out of 30. In Iztok Parkside project in Sofia, the majority of final sales of apartments started in December 2020, after receiving a usage permit. By the publishing date of the interim report, all apartments have been sold. Iztok project consisted of three apartment buildings with a total of 67 apartments. As the apartments were handed over a year later than promised due to bureaucratic obstacles, 2 clients want compensation in the total amount of 40 thousand euros. As these apartment owners want compensation for pain and suffering, but not to give up the apartments, the obligation to pay compensation is not realistic and no reserve has been formed for this purpose. Botanica Lozen project was designed as a premium class product, it has been decided to temporarily freeze the project until market will recover from Covid- 19. The project foresees construction of 179 homes (apartments and houses), commercial spaces and a kindergarten. Minimum expected construction period is 2 years. As of 31 March 2021 and the date of this report, 4 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME In thousands of euros 3m 2021 3m 2020 ---------------------------------------------------------------- Revenue from sale of own real estate 8,902 1,995 Revenue from rendering of services 264 243 Total revenue 9,166 2,238 Cost of sales -7,119 -1,827 Gross profit 2,047 411 Other income 10 0 Marketing and distribution expenses -35 -42 Administrative expenses -184 -236 Other expenses -29 0 Operating profit 1,809 133 Finance costs -109 -113 Profit before tax 1,700 20 Net profit for the period 1,700 20 attributable to owners of the parent 1,700 20 Total comprehensive income for the period 1,700 20 attributable to owners of the parent 1,700 20 ---------------------------------------------------------------- ---------------------------------------------------------------- Earnings per share (in euros) - basic 0.19 0.00 - diluted 0.18 0.00 ---------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------- In thousands of euros 31 March 2021 31 December 2020 ------------------------------------------------------------------- Cash and cash equivalents 5,872 2,200 Receivables and prepayments 679 1,344 Inventories 11,248 14,960 Total current assets 17,799 18,504 Receivables and prepayments 104 5 Investment property 9,550 9,564 Property, plant and equipment 20 22 Intangible assets 124 136 Total non-current assets 9,798 9,727 TOTAL ASSETS 27,597 28,231 Loans and borrowings 553 3,482 Payables and deferred income 3,989 3,308 Total current liabilities 4,542 6,790 Loans and borrowings 7,131 7,217 Total non-current liabilities 7,131 7,217 TOTAL LIABILITIES 11,673 14,007 Share capital 6,299 6,299 Unregistered share capital 273 273 Share premium 2,285 2,285 Statutory capital reserve 2,011 2,011 Retained earnings 5,056 3,356 TOTAL EQUITY 15,924 14,224 TOTAL LIABILITIES AND EQUITY 27,597 28,231 ------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com