Börsiteade
Arco Vara AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
25.07.2024 09:00:00
Pealkiri
2024. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Teade
JUHATAJA KOMMENTAARID Juba tavaks on saanud D-vitamiini puhangule järgnev kinnisvaravaldkonna madal aktiivsus, mida ilmestab ka Arco Vara teise kvartali tulemus. Sealjuures ei veel ole olulist mõju avaldanud vähene baasintressimäärade langetamine. Olenemata vähesest aktiivsusest on meie meeskond suutnud jätkata Kodulahe Rannakalda projekti müügiga ja samuti alustasime eelmüüke Kodulahe järgmises etapis. Kui Rannakaldal müüdi eelmises kvartalis 3 kodu, siis aruande ilmumise hetkeks müüdi tulevas Soodi 6 arenduses 8 kodu ja 2 äripinda. Kodulahe järgmise etapi ehitamise algus on planeeritud selle aasta lõppu. Kodulahe arendusalal oleme jõudnud ka selle viimase etapi, Lammi 6, detailplaneeringu algatamiseni. Lammi 6 alale planeerime ligikaudu 175 kodu, mille ehituse algus on oodata ligikaudu kahe aasta pärast. Arco Vara järgmise suurprojekti, Arcojärve, detailplaneeringu menetlus on jõudmas vastuvõtmise faasi. Sellega seoses oleme alustanud I etapi projekteerimisega ja huviliste registreerimisega. Meie Bulgaaria meeskond jätkab arendustegevusega Botanica Lozen aladel, kus on arenduse mahust müüdud ligikaudu 40% hoonetest. Sealse positiivse märgina oleme märganud mõningast aktiivsuse suurenemist huviliste osas, kuid oluline on päringute konverteerimine müükideks, mis veel pole saavutanud soovitud efektiivsust. Arco Tarc-i meeskond jätkab ehitustegevusega Helme 18 kinnistule rajatavas padelikeskuses, mille valmimine on planeeritud juba selle aasta kolmandasse kvartalisse. Sealjuures oleme märganud ka vähesel määral ehitushinna langust, mis võimaldab suurendada üürikinnisvara tootluse määra hoone rendiperioodil. Lähitulevikus on peamiseks väljakutseks Kuldlehe ja Kodulahe valminud kodude müük, mille lepinguta kodude turuväärtus on ligikaudu 15 miljonit eurot. Mainitud projektide puhul on võimalik laekuvat tulu suunata olemasolevatesse projektidesse ja uutesse kinnistutesse. PÕHILISED NÄITAJAD Grupi 2024. aasta II kvartali müügitulu oli 943 tuhat eurot, mis on 3,7 korda rohkem kui 2023. aasta II kvartali müügitulu 254 tuhat eurot. Grupi 2024. aasta 6 kuu müügitulu 1 933 tuhat eurot on 3,8 korda suurem kui 2023. aasta 6 kuu müügitulu 507 tuhat eurot. 2024. aasta II kvartali ärikahjumiks (=EBIT) kujunes 103 tuhat eurot ja puhaskahjumiks 339 tuhat eurot (6 kuud 2024: ärikahjum 311 tuhat eurot ja puhaskahjum oli 688 tuhat eurot). 2023. aasta II kvartalis sai grupp ärikahjumit 249 tuhat eurot ja puhaskahjumit 347 tuhat eurot (6 kuud 2023: ärikahjum 433 tuhat eurot ja puhaskahjum 638 tuhat eurot. 2024. aasta II kvartalis müüdi grupi poolt arendatavates projektides 3 korterit, 2024. aasta 6 kuuga müüdi kokku 7 korterit. 30.06.2024 seisuga oli laos valmis 44 korterit ja 1 äripind. 2023. aasta II kvartalis asjaõiguslepinguid ei sõlmitud (6 kuuga müüdi 1 parkimiskoht), sest siis ettevõttel puudusid valmis korterid. Grupi laenukoormus (netolaenud) tõusid 2024. aasta 6 kuuga 5 610 tuhande euro võrra, tasemele 14 218 tuhat eurot 30.06.2024 seisuga. Grupi intressi-kandvate kohustuste kaalutud keskmine intressimäär oli 30.06.2024 seisuga 9,4%, mis on 1,2% võrra kõrgem võrreldes 31.12.2023 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2024. aasta II kvartalis 943 tuhat eurot (II kvartal 2023: 254 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendus- projektides moodustas II kvartalis 870 tuhat eurot (2023. aasta II kvartalis 0 eurot). 2023. aastal saadi tulu Madridi ärihoone käitusest Sofias - ärihoone müüdi ära 2023. aastal. Muu müügitulu 2024. aastal hõlmab peamiselt tulu kinnisvarabüroode frantsiisitasudest Eestist, Lätist ja Bulgaariast. 2024. aasta II kvartali frantsiisitasud olid 73 tuhat eurot (6 kuuga 128 tuhat eurot), 2023. aasta II kvartali frantsiisitulud olid 66 tuhat eurot (6 kuuga 119 tuhat eurot). 2024. aasta II kvartalis algas Kodulahe järgmise etapi eelmüük: Soodi 6 aadressile kerkib kolme maja kujul 62 korterit ning 4 äripinda. Käesoleva aruande ilmumise ajaks on 8 korterit ning 2 äripinda broneeritud. Kodud on planeeritud valmima 2025. aasta lõpuks. Rannakalda ehk Kodulahe kõige premium etapis on valminud paviljon, 4 teeninduspinda ja 108 korterit (kolme eraldiseisva kortermajana), millest paljud on merevaatega. Kvartaliaruande avaldamise kuupäevaks on 113 pinnast 36 vabad. Arcojärve OÜ sõlmis 2021. aastal lepingu maa ostuks Harku järve kaldale, aadressile Paldiski mnt 124b, Tallinn. Arendamisele tuleb enam kui 35 000 m(2) elamu- ja ärikinnisvara (brutoehitusmaht), mille oodatav arendusperiood on 6 aastat. Projekti nimeks on Arcojärve. 30.06.2024 seisuga on nimetatud maa ettemaks kokku 4 978 tuhat eurot. Arco Vara tütarettevõttel on kohustus tasuda maa ostu eest täiendavalt 1 627 tuhat eurot kolme kuu jooksul alates kinnistule detailplaneeringu kehtestamisest Tallinna Linnavalitsuse poolt, kuid mitte hiljem kui 30.04.2026. Esimese etapi ehituse algus on planeeritud 2025. aastasse. Kuldlehe projektis ehitati 2023. aastal 5 koduga avar ja eksklusiivne kobarelamu Piritale. Korterid on müügis. Botanica Lozeni projekt näeb ette 54 kodu (eramud) rajamist kolmes etapis. Esimese 16 hoone ehitus ja müük on alanud - esimese etapi eramud valmivad 2024. aasta lõpuks. Kvartaliaruande avaldamise kuupäevaks on 16st majast 6 eelmüüdud. Arco Vara tütarettevõtte Kerberon OÜ arendab ehitusfirma Arco Tarc OÜ abil kuue siseväljakuga täisautomaatset padelikeskust aadressile Helme 18. Hall on antud täisrendile ning plaani järgi avab uksed 2024. aasta IV kvartalis. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- EUR tuhandetes 6 kuud 2024 6 kuud 2023 II kv 2024 II kv 2023 ------------------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 1 797 7 870 0 Müügitulu teenuste müügist 136 500 73 254 Müügitulu kokku 1 933 507 943 254 Müüdud kinnisvara ja teenuste kulu -1 376 -191 -559 -105 Brutokasum 557 316 384 149 Muud äritulud 0 76 0 54 Turustuskulud -219 -177 -149 -120 Üldhalduskulud -632 -646 -336 -331 Muud ärikulud -17 -2 -2 -1 Ärikahjum -311 -433 -103 -249 Finantskulud -377 -205 -236 -98 Kahjum enne tulumaksu -688 -638 -339 -347 Aruandeperioodi puhaskahjum -688 -638 -339 -347 Aruandeperioodi koondkahjum -638 -638 -339 -347 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- - tava -0,07 -0,06 -0,03 -0,03 - lahustatud -0,07 -0,06 -0,03 -0,03 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 30.06.2024 31.12.2023 --------------------------------------------------------------------- Raha ja raha ekvivalendid 1 504 1 472 Nõuded ja ettemaksed 6 245 5 798 Varud 29 619 27 637 Käibevara kokku 37 368 34 907 Nõuded ja ettemaksed 18 18 Kinnisvarainvesteeringud 1 430 20 Materiaalne põhivara 186 221 Immateriaalne põhivara 19 24 Põhivara kokku 1 653 283 VARAD KOKKU 39 021 35 190 Laenukohustused 3 391 3 391 Võlad ja saadud ettemaksed 3 388 4 013 Eraldised 206 80 Lühiajalised kohustused kokku 6 985 7 484 Laenukohustused 12 331 6 689 Pikaajalised kohustused kokku 12 331 6 689 KOHUSTUSED KOKKU 19 316 14 173 Aktsiakapital 7 272 7 272 Ülekurss 3 835 3 835 Kohustuslik reservkapital 2 011 2 011 Muud reservid 56 56 Jaotamata kasum 6 531 7 843 Emaettevõtte omanikele kuuluv omakapital 19 705 21 017 OMAKAPITAL KOKKU 19 705 21 017 KOHUSTUSED JA OMAKAPITAL KOKKU 39 021 35 190 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Pealkiri
Unaudited consolidated interim report for Q2 and 6 months of 2024
Teade
GROUP CEO'S REVIEW The decrease in activity of the real estate sector following the surge in Vitamin D has now become the norm, which is well illustrated by the Q2 results of Arco Vara. At that, the slight drop in base interest rates has not yet shown a significant impact. Despite low activity, our team has managed to continue sales of the Kodulahe Rannakalda project and we also commenced preliminary sales in the next stage of Kodulahe. While three homes were sold at Rannakalda in the previous quarter, eight homes and two commercial premises had been sold in the future Soodi 6 development as at the publishing of this report. The construction of the next stage of Kodulahe should commence at the end of this year. We have also reached the point of initiating the detailed plan of the final stage of the Kodulahe development: Lammi 6. Approximately 175 homes are planned for the Lammi 6 property, construction is expected to begin in about two years. The proceedings of the detailed plan of Arcojärve, the next major project of Arco Vara, are nearing the stage of approval. Due to this, we have begun the designing works for stage I and are registering interested parties. Our Bulgarian team is continuing development activities at Botanica Lozen, where approximately 40% of the development volume has been sold. We have noticed the positive sign of a certain increase in interest, but the important thing is to convert inquiries into sales, which has not yet reached the desired degree of efficiency. The team of Arco Tarc is continuing construction at the padel centre being built at Helme 18, intended to be completed as early as Q3 of this year. Here, we have also noticed a slight decrease in construction prices, allowing to increase the ROE of rental properties during the lease period of the facility. Our primary challenges in the near future are the sales of the homes completed at Kuldlehe and Kodulahe, which contain nearly 15 million euros' worth of homes without contracts. With these projects, any revenue can be redirected into existing projects and new properties. KEY PERFORMANCE INDICATORS In Q2 2024, the group's sales revenue was 943 thousand euros, which is 3.7 times more than the sales revenue of the Q2 2023 of 254 thousand euros. The group's sales revenue was 1,933 thousand euros for the 6 months of 2024 which is 3.8 times higher than the sales revenue of 507 thousand euros for the 6 months of 2023. In Q2 2024, the group's operating loss (=EBIT) was 103 thousand euros and net loss 339 thousand euros (in 6 months 2024: operating loss 311 thousand euros and net loss of 688 thousand euros). In Q2 2023, the group had operating loss of 249 thousand euros and net loss of 347 thousand euros. In 6 months 2023, the group had operating loss of 433 thousand euros and net loss of 638 thousand euros. In Q2 2024, 3 apartments were sold, 7 apartments were sold in total in 6 months 2024. As of 30 of June 2024, 44 apartments and one commercial space were ready in stock. In Q2 2023, no final sales were formalized (in 6 months only 1 parking space was sold), because group did not have any apartments ready for sale that time. In the first 6 months of 2024, the group's debt burden (net loans) increased by 5,610 thousand euros up to the level of 14,218 thousand euros as of 30 June 2024. As of 30 June 2024, the weighted average annual interest rate of interest- bearing liabilities was 9.4%. This is an increase of 1.2 percentage points compared to 31 December 2023. OPERATING REPORT The group's sales revenue was 943 thousand euros in Q2 2024 (Q2 2023: 254 thousand euros), including the sale of real estate in the group's own development projects 870 thousand euros (0 euros in Q2 2023). In 2023, income was received from the operation of the commercial building in Madrid in Sofia - the commercial building was sold in 2023. Other sales revenue in 2024 mainly includes revenue from franchise fees of real estate agencies in Estonia, Latvia and Bulgaria. Franchise fees for the Q2 2024 were 73 thousand euros (in 6 months 128 thousand euros), franchise revenues for the Q2 2023 were 66 thousand euros (in 6 months 119 thousand euros). In Q2 2024, the pre-sale of the next stage of Kodulahe began: 66 apartments and 4 commercial premises in the form of three buildings will be built at Soodi 6. By the time this report is published, 8 apartments and 2 commercial premises have been booked. The homes are planned to be completed by the very end of 2025. In the most premium phase of Kodulahe, Rannakalda, a pavilion, 4 service areas and 108 apartments (as three separate apartment buildings), many of which have a sea view, have been completed. As of the publication date of the quarterly report, 36 of the 113 are vacant. A subsidiary of Arco Vara, Arcojärve OÜ, in 2021 signed an agreement for land acquisition beside Lake Harku, address Paldiski road 124b, Tallinn. More than 35,000 m(2) of residential and commercial real estate (GBA) is planned for development. The project is called Arcojärve. As of 30.06.2024, the total advance payment for the land is 4,978 thousand euros. The subsidiary of Arco Vara is obliged to pay an additional 1,627 thousand euros for the purchase of the land within three months from the establishment of the detailed plan for the property by the Tallinn City Government, but no later than 30.04.2026. The start of the construction of the first stage is planned for 2025. In the Kuldlehe project, a spacious and exclusive cluster house with 5 homes was built in Pirita. The sale of the project has started. The Botanica Lozen project foresees construction of 54 homes (houses) in three stages. Construction and sales of the first 16 buildings have begun - the private houses of the first phase will be completed by the end of 2024. By the date of publication of the quarterly report, 6 out of 16 houses have been pre- sold. Kerberon OÜ, a subsidiary of Arco Vara, is developing a fully automatic padel center with six indoor courts at Helme 18 with the help of the construction company Arco Tarc OÜ. The hall is fully leased and according to the plan, will open its doors in the Q4 2024. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ------------------------------------------------------------------------ In thousands of euros 6m 2024 6m 2023 Q2 2024 Q2 2023 ------------------------------------------------------------------------ Revenue from sale of own real estate 1,797 7 870 0 Revenue from rendering of services 136 500 73 254 Total revenue 1,933 507 943 254 Cost of sales -1,376 -191 -559 -105 Gross profit 557 316 384 149 Other income 0 76 0 54 Marketing and distribution expenses -219 -177 -149 -120 Administrative expenses -632 -646 -336 -331 Other expenses -17 -2 -2 -1 Operating loss -311 -433 -103 -249 Financial costs -377 -205 -236 -98 Loss before tax -688 -638 -339 -347 Net loss for the period -688 -638 -339 -347 Total comprehensive loss for the period -688 -638 -339 -347 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Earnings per share (in euros) - basic -0.07 -0.06 -0.03 -0.03 - diluted -0.07 -0.06 -0.03 -0.03 ------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 30 June 2024 31 December 2023 ------------------------------------------------------------------------------- Cash and cash equivalents 1,504 1,472 Receivables and prepayments 6,245 5,798 Inventories 29,619 27,637 Total current assets 37,368 34,907 Receivables and prepayments 18 18 Investment property 1,430 20 Property, plant and equipment 186 221 Intangible assets 19 24 Total non-current assets 1,653 283 TOTAL ASSETS 39,021 35,190 Loans and borrowings 3,391 3,391 Payables and deferred income 3,388 4,013 206 80 Total current liabilities 6,985 7,484 Loans and borrowings 12,331 6,689 Total non-current liabilities 12,331 6,689 TOTAL LIABILITIES 19,316 14,173 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Other reserves 56 56 Retained earnings 6,531 7,843 Total equity attributable to owners of the parent 19,705 21,017 TOTAL EQUITY 19,705 21,017 TOTAL LIABILITIES AND EQUITY 39,021 35,190 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com