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Arco Vara AS
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097900BHCB0000066171
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Väikekontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
5350
Manused
Esitamise kuupäev ja aeg
11.02.2016 16:17:06
Teate sisu eesti keeles
Pealkiri
Arco Vara AS-i 2015. aasta IV kvartali ja 12 kuu vahearuanne (auditeerimata)
Teade
Üldinfo
31.12.2015 seisuga kuulus kontserni 25 ettevõtet, mida on üks rohkem kui 2014.
aasta lõpus. 31. juulil 2015 registreeriti Bulgaarias kinnisvarafond Arco Real
Estate Fund REIT, algkapitaliga 256 tuhat eurot. Kontserni osalus fondis on
70%.
Olulised tütarettevõtted
Ettevõtte nimi Asukoh Tegevus- Aktsia- või Omakapital Kontserni
ariik segment osakapital 31.12.2015 osalus
(nominaalväärtuses)
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Arco Bulgaa arendus 2 676 3 679 100%
Manastirski ria
EOOD
--------------------------------------------------------------------------------
Arco Invest Bulgaa arendus 26 826 -106 100%
EOOD ria
--------------------------------------------------------------------------------
Arco Real Bulgaa arendus 256 256 70%
Estate Fund ria
REIT ¹
--------------------------------------------------------------------------------
Kodulahe OÜ Eesti arendus 3 -115 100%
--------------------------------------------------------------------------------
Kerberon OÜ Eesti arendus 5 1 280 100%
--------------------------------------------------------------------------------
Marsili II SIA Läti arendus 1 524 934 100%
--------------------------------------------------------------------------------
Arco Real Eesti teenindu 42 -855 100%
Estate AS s
--------------------------------------------------------------------------------
Arco Real Läti teenindu 1 905 49 70,6%
Estate SIA ¹ s
--------------------------------------------------------------------------------
Arco Imoti Bulgaa teenindu 444 290 100%
EOOD ria s
--------------------------------------------------------------------------------
¹ - Arco Real Estate SIA ja Arco Real Estate Fund REIT mitte-kontrollivad
osalused moodustavad kokku kontserni mitte-kontrolliva osaluse.
Põhilised näitajad
· Kontserni 2015. aasta 12 kuu müügitulu oli 10,7 miljonit
eurot, ehk 16% rohkem võrrelduna 2014. aasta 12 kuu müügituluga 9,1 miljonit
eurot. IV kvartali müügitulu oli 2,1 miljonit eurot (2014. aasta IV kvartalis
5,8 miljonit eurot). Aastane müügitulu kasv tuleb arendusdivisjonist, kus
müügitulu oli 2015. aasta 12 kuuga 7,9 miljonit eurot (2014. aasta 12 kuud: 6,5
miljonit eurot). Samas, neljanda kvartali arendusdivisjoni müügitulu 1,4
miljonit eurot jäi eelmise aasta sama perioodi tulemusele alla 3,8 miljoni
euroga. Teenindusdivisjoni müügitulu oli 2015. aasta 12 kuuga 3,3 miljonit
eurot, mis on 4% rohkem võrreldes eelmise aastaga. 2015. aasta IV kvartali
teenindusdivisjoni müügitulu ületas eelmise aasta IV kvartalit 10% võrra.
Vahendus- ja hindamisteenuste müük näitab kasvu kolmandat kvartalit järjest,
seda peale vahepealset langustrendi 2014. aasta teises pooles ja 2015. aasta
alguses.
· Kontserni 2015. aasta 12 kuu ärikasum (=EBIT) oli 1,3
miljonit eurot ja puhaskasum 0,5 miljonit eurot, aasta varem olid samad
näitajad vastavalt 2,2 miljonit eurot ja 1,0 miljonit eurot. Seejuures mõjutas
2014. aasta tulemust oluliselt kaks ühekordset sündmust, mille kogumõju
kasumile oli 1,2 miljonit eurot: tütarettevõtte müügikasum ja tulu varude
allahindluse tühistamisest. Neljanda kvartali lõpetas kontsern ärikahjumiga 0,2
miljonit eurot ning puhaskahjumit kogunes 0,4 miljonit eurot. 2014. aasta
viimane kvartal lõpetati ärikasumiga 1,2 miljonit eurot ja puhaskasumiga 0,8
miljonit eurot.
· Kontsern on 2015. aastal hoogsalt vähendanud
laenukoormust. Netolaenud on 2015. aasta 12 kuuga vähenenud 1,3 miljoni euro
võrra, tasemele 12,0 miljonit eurot 31.12.2015 seisuga. Laenukohustused
moodustasid 31.12.2015 seisuga 12,8 miljonit eurot, vähenedes aasta jooksul 2,2
miljoni euro võrra. Laenude keskmine intressimäär oli 31.12.2015 seisuga 5,0%,
mis on 0,8 protsendipunkti võrra vähem kui 31.12.2014.
· 2015. aasta 12 kuuga müüdi kontserni poolt arendatavates
projektides kokku 96 korterit ja äripinda ning neli elamukrunti (sealhulgas IV
kvartalis: 17 korterit ja kolm krunti). 2014. aasta 12 kuuga müüdi 77 korterit
ja äripinda ning 4 krunti, neist IV kvartalis 73 korterit ja äripinda.
12 kuud 12 kuud IV kvartal IV kvartal
2015 2014 2015 2014
--------------------------------------------------------------------------------
EUR miljonites
----------- -------------
Müügitulu
--------------------------------------------------------------------------------
Arendus 7,9 6,5 1,4 5,2
--------------------------------------------------------------------------------
Teenindus 3,3 3,1 0,8 0,7
--------------------------------------------------------------------------------
Elimineerimine -0,5 -0,5 -0,1 -0,1
--------------------------------------------------------------------------------
Müügitulu kokku 10,7 9,1 2,1 5,8
--------------------------------------------------------------------------------
----------- -------------
Ärikasum
--------------------------------------------------------------------------------
Arendus 1,8 1,9 0,2 1,2
--------------------------------------------------------------------------------
Teenindus -0,1 0,2 -0,2 0,1
--------------------------------------------------------------------------------
Jagamatud tulud-kulud 0,1 0,0 0,1 -0,3
--------------------------------------------------------------------------------
Elimineerimine -0,5 0,1 -0,3 0,1
--------------------------------------------------------------------------------
Ärikasum kokku 1,3 2,2 -0,2 1,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud -0,7 -1,1 -0,1 -0,4
--------------------------------------------------------------------------------
Tulumaksukulu -0,1 -0,1 -0,1 0,0
------------------------------------------- --------------------------
Puhaskasum 0,5 1,0 -0,4 0,7
--------------------------------------------------------------------------------
Peamised suhtarvud
--------------------------------------------------------------------------------
-------------------------------- ----------- -------------
Puhaskasum aktsia kohta 0,08 0,15 -0,07 0,07
(eurodes)
----------- -------------
-------------
Lahustatud puhaskasum aktsia 0,07 0,14 -0,07 0,07
kohta (eurodes)
-------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) 2,0% 3,4%
--------------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) 4,6% 10,7%
-------------------------------- -------------------------------------
ROA (jooksev 4 kvartalit) 1,8% 3,1%
--------------------------------------------------------------------------------
31.12.2015 31.12.2014
------------------------------------------------------------
EUR miljonites
------------
------------------------------------- -----------
Varad kokku 24,5 27,0
------------
Investeeritud kapital 22,4 24,1
------------------------------------------------------------
Netolaenud 12,0 13,3
------------------------------------------------------------
Omakapital 9,6 9,1
------------------------------------------------------------
------------------------------------------------------------
Lühiajaliste kohustuste kattekordaja 3,22 2,43
------------------------------------------------------------
Likviidsuskordaja 0,32 0,47
------------------------------------------------------------
Finantsvõimendus 2,54 2,98
------------------------------------------------------------
Laenude keskmine pikkus (aastates) 1,7 2,3
------------------------------------------------------------
Laenude keskmine intress (aastas) 5,0% 5,8%
------------------------------------------------------------
Töötajate arv perioodi lõpul 178 189
------------------------------------------------------------
Rahavood
12 kuud 12 kuud IV kvartal IV kvartal
2015 2014 2015 2014
--------------------------------------------------------------------------------
EUR miljonites
----------- -------------
Äritegevuse rahavood 2,4 0,4 -0,6 3,7
--------------------------------------------------------------------------------
Investeerimistegevuse rahavood -0,2 0,2 -0,1 0,0
--------------------------------------------------------------------------------
Finantseerimistegevuse rahavood -3,2 0,3 0,2 -3,4
--------------------------------------------------------------------------------
Perioodi rahavood kokku -1,0 0,9 -0,5 0,3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raja ekvivalendid 1,7 0,8 1,2 1,4
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 0,7 1,7 0,7 1,7
perioodi lõpus
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade müügitulu ja puhaskasum
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
2013 2013 2013 2013 2013 2014 2014 2014 2014
2014 2015 2015 2015 2015 2015
--------------------------------------------------------------------------------
----------------------------------------------
EUR
miljo
nites
--------------------------------------------------------------------------------
----------------------------------------------
Müügit 1,7 3,5 3,5 2,0 10,7 1,1 1,1 1,2 5,8
9,2 4,4 2,1 2,1 2,1 10,7
ulu
--------------------------------------------------------------------------------
----------------------------------------------
Puhask 0,0 1,4 0,1 2,0 3,5 0,4 -0,3 0,4 0,6
1,1 0,7 0,0 0,2 -0,4 0,5
asum
--------------------------------------------------------------------------------
----------------------------------------------
KASUTATUD VALEMITE KIRJELDUS
Puhaskasum aktsia kohta (EPS) = emaettevõtte omanikele kuuluv puhaskasum /
(perioodi kaalutud keskmine lihtaktsiate arv - oma aktsiad)
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
Aasta lõppu tuleks alustada resümeega. Resümee on järgmine: olime kasumlikud ja
kasvasime. Aga: neljas kvartal ning kogu aasta osutusid nõrgemaks, kui
ootasime. Me ootasime kontserni aasta müügituluks 11 miljonit eurot ning
puhaskasumiks 1 miljon eurot. Tegelikult saavutasime 10,7 miljonit eurot
müügitulu ja ainult 0,5 miljonit eurot puhaskasumit. Juhatus ei ole selle üle
uhke. Tulemusi tuleb parandada. Järgnev osa kommentaaridest on pühendatud
sellele, mis on tehtud ja mis täpselt peaks olema paremini, et ettevõte areneks
vajaliku kiirusega.
Teenindusdivisjon
Teenindusdivisjoni ettevõtetesse paigutatud omakapital on negatiivne ja 2015.
aasta jooksul me sinna täiendavat omakapitali ei investeerinud. Divisjon
tervikuna toimib kasumlikkuse piiril, kuigi riikide lõikes on tulemused
erinevad. Rõõmustavalt kasumliku tulemuse tegi 2015. aastal Bulgaaria üksus.
Läti turuolukorda arvestades rahuldava tulemuse saavutas Läti üksus. Kogu
kontserni ainsa selgelt kahjumliku tulemuse saavutas Eesti üksus. Põhjused on
ettevõtte enda sees ning lahendused juhtkonna käes. Teenindusdivisjoni Eesti
osas oleme alustanud ümberkorraldusi teenusprotsesside parandamiseks, ning
samuti oleme aasta lõpuks teinud muudatusi keskastme juhtkonna seas.
2016. aasta eesmärk on saavutada teenindusdivisjoni kasumlikkus tervikuna ning
tõsta tema kasutegurit Arco Vara arendusprojektide ettevalmistamisel ja
realiseerimisel.
Suures plaanis määrab kontserni tulemused aga arendusdivisjon, kuhu on
paigutatud 100% kontserni omakapitalist. Arendusdivisjoni tulemuse määravad
valdavalt selle koosseisus olevad kolm suurt sammast, milleks on (i) Madrid
Blvd renditulu teeniv hoone Sofias, (ii) Manastirski korteriarendusprojekt
Sofias (ja selle võimalik jätkuprojekt Izstok Parkside) ning (iii) Kodulahe
korteriarendusprojekt Tallinnas.
Madrid Blvd hoone
Madrid Blvd hoone suure kontoripinna renoveerimine ja restruktureerimine
seitsmeks autonoomseks pinnaks on aruande kuupäeva seisuga lõpule viidud. Käib
potentsiaalsete üürnikega läbirääkimine. Rendileantava kontoripinna suuruseks
(GLA) pärast restruktureerimist on kokku ca 4 700 m2, millele lisandub 113
maa-alust parkimiskohta, mida renditakse tükikaupa.
Kuna Madrid Blvd hoone kontoripindadelt IV kvartalis tulu ei teenitud, mõjutas
see negatiivselt nii aasta müügitulu kui ka puhaskasumit. Saamatajäänud rendi-
ja haldustasud on üle 150 tuhande euro ning mõju puhaskasumile on ligikaudu
samaväärne. Neljanda kvartali renditulu vähenemine on üks põhjuseid, miks me ei
saavutanud oma aastast tulu- ja kasumieesmärki.
Oleme seadnud eesmärgiks saavutada hoone kontoripindade 100%-line täituvus
pikaajaliste rendilepingutega hiljemalt käesoleva aasta III kvartalis.
Muus osas jätkame hoone rendipindade (sh. kaubanduspinnad ca 2 200 m2 GLA ja
korterid ca 1 500 m2 GLA) tulutoovat opereerimist ning müügiks allesjäänud
korterite (ca 1 700 m2 GSA) realiseerimist. Neljandas kvartalis vormistati
eelmüük kahele korterile, millelt müügitulu kajastub 2016. aastal. Hoonel
lasuva Piraeus panga laenukohustuse jääk on alla 10,5 miljoni euro.
Manastirski Livadi
Bloki D ehitus lõppes novembris ja kasutusloa saime 22. detsembril ehk rohkem
kui kahenädalase viivitusega, võrreldes meie prognoosiga. Seetõttu nihkus edasi
ka korterite asjaõiguslepingute sõlmimine ja üleandmine klientidele ja vastava
müügitulu konteerimine raamatupidamises. Üleandmine ja müügitulu konteerimine
jääb 2016. aasta esimesse kvartalisse. Neljanda kvartali müügitulu Manastirski
D blokist oli 628 tuhat eurot, viivitusest tingitud negatiivne mõju 2015. aasta
müügitulule on üle 800 tuhande euro ja puhaskasumile üle 300 tuhande euro. Hea
uudis on see, et neljandas kvartalis saamata jäänud tulu ja kasum kandus edasi
2016. aasta esimesse kvartalisse. Viivitus on veel elav näide sellest kui
haavatavad on kontserni tulemused ja peamised kasumlikkust näitavad suhtarvud
(nagu ROE ja ROA) aja kaotuse tõttu, isegi nii lühikesel perioodil kui 2
nädalat.
Kvartali lõpu seisuga oli eelmüügilepingutega kaetud 95% bloki D korteritest.
Aruande avalikustamise päeva seisuga on kogu Manastirski projekt välja
arendatud ning arenduseks võetud pangalaen UniCredit Bulbankile täies osas
tasutud. Ainuüksi bloki D oodatud vaba rahavoog kontsernile ületab kaks
miljonit eurot.
Alates 2016. aasta esimesest kvartalist saame Manastirskis tegeleda ainult
allesjäänud laoseisu realiseerimisega. Eesmärk on viimased tooted maha müüa
2016. aasta jooksul ning põhitähelepanu koondada jätkuprojekti alustamisele
esimeses kvartalis. Hetkel välja valitud jätkuprojektiks on Izstok Parkside,
mille omandamiseks vajalikke eeltingimusi ei olnud krundi müüja poolt neljanda
kvartali lõpuks veel täidetud.
Kodulahe
Meie pikaajalised jõupingutused kandsid neljanda kvartali lõpuks vilja ning
saime valida erinevate pakkujate seast välja nii parima finantseerimispakkumise
kui ka parima ehituspakkumise tegija. Käesoleva kvartaliaruande kirjutamisega
paralleelselt toimub ka Kodulahe projekti käivitamiseks vajalike
finantseerimis- ja ehituslepingute allkirjastamine, millest ettevõte annab
eraldi teada.
Kodulahe projekti esimese etapi maht on 130 korterit ja äripinda (GSA ca 8700
m2), millele lisanduvad parkimiskohad ja panipaigad. Kogu esimese etapi
ehitusmaht (GBA) ületab 15 000 m2. Esimese etapi oodatav müügitulu ületab 15
miljonit eurot ning esimene võlaõiguslik müügileping ostjaga sõlmiti 9.02.2016.
Kokkuvõtteks võib öelda, et Arco Vara on Kodulahega tagasi Tallinna
korteriarendusturul. Tallinna turg on vähem tormiline ja tihedama konkurentsiga
võrreldes Sofiaga, kuid ka siin on võimalik raha teenida.
Muud arendussuunad
Ülaltoodud kolme arendusprojekti kõrval oleme võtnud kaks lisasihti: A.
realiseerida kõik varad, mis ei ole koheselt tootmisküpsed või mille
arendusmaht on liiga väike. Ajalooliselt kogunenud maapanga realiseerimine
võimaldab meil oma jõud arenduseks konsolideerida ning tegeleda ainult meile
olulisega ning B. käivitada Sofias Arco kinnisvarafond (Arco REIT), et Arco
Vara juhtimisel kaasata võõrkapitali ning jätkata Bulgaarias suurte
arendusprojektide otsimist ja elluviimist võõrkapitaliga, kasutades seejuures
ära Arco Vara enda meeskonna oskusteavet ja renomeed.
Varade realiseerimisel oli neljas kvartal edukas, kuna müüsime kasumlikult kaks
arendusprojekti: Instituudi tee kinnistud Harku vallas ning Suur-Sepa kinnistu
Pärnus. Väärib märkimist, et müügimeeskonnale müügikorralduse andmise hetkest
kuni kinnistute eest raha laekumiseni kulus vähem kui kolm nädalat. See annab
meile lihtsalt kindlust, et bilansis olev vara on konservatiivselt hinnatud.
Jätkame muu kinnisvara realiseerimist, võimalusel saavutades eelnevalt
detailplaneeringu kehtestamise või muu väärtustamise. Neljandas kvartalis
jõustus näiteks Tallinnas, Liimi 1b kinnistu detailplaneering, kuhu on lubatud
kuni 8-korruselise büroohoone ehitus.
Arco REIT projekt on kulgenud oodatud tempos. Aruande avalikustamise kuupäeva
seisuga on ARCO REIT Sofia börsil noteeritud ettevõte, milles Arco Varal on
ainuosalus (aasta lõpu seisuga oli osalus veel 70%) ning mille osakapitali
oleme paigutanud 332 tuhat eurot. Järgmine samm on täiendava osakute
noteerimisprospekti registreerimine ja võõrkapitali kaasamine fondi 2016. aasta
jooksul, et alustada sisulist tegevust aasta lõpus.
Kokkuvõtteks
Võtan kokku selle, millega alustasin: 2015. aasta kasum 0,5 miljonit eurot ei
vasta juhatuse ootustele (1 miljon eurot).
Lisaks eelpoolkirjeldatud puhaskasumi mõjutajatele (edasilükkunud Manastirski D
müük: negatiivne mõju ca 300 tuhat eurot; ning saamatajäänud Madrid Blvd
renditulu 4. kvartalis: negatiivne mõju ca 150 tuhat eurot) on veel üks
raamatupidamislik kasumi vähendaja, mille põhjustajaks on juhatusele 2013.
aastal antud optsioon 390,000 Arco Vara aktsia omandamiseks 2016. aasta jooksul
hinnaga 70 senti aktsia kohta.
Vastavalt IFRS-i regulatsioonidele peab ettevõte kajastama kasumiaruandes ka
juhatusele väljastatud aktsiaoptsiooni mõju ettevõtte kasumile, ning mõju tuleb
vastavalt ette kirjutatud metoodikale hinnata aktsiate omandamise nominaalhinna
(70 senti) ja metoodika kohaselt määratud hinna (1,46 senti) erinevusena, mille
katteks tuli moodustada eraldis, ning mis bilansis väljendub omakapitali
reservina. Nimetatud reservi moodustamisega seotud kulu jaguneb 2,5 aastale
alates optsiooni andmisest juulis 2013 kuni optsiooni kasutamise võimaluse
tekkeni 1. jaanuarist 2016. 2015. aasta kanda jääb kogu eraldisest 119 tuhat
eurot. 2016. aasta ja järgnevate aastate kasumit juhatusele antud optsioon ei
mõjuta.
Olles ise osaline nimetatud raamatupidamisliku kahjumi tekkes, märgib juhatus
siiski, et sisulist kahju ei ole sündinud. Optsiooni realiseerimisega kaasneb
juhatuse liikme kohustus ettevõttesse 273 tuhat eurot aktsiakapitalina sisse
maksta, millega ettevõtte rahaline seis tugevneb. Optsiooni realiseerimine ei
anna juhatusele õigust ettevõttest raha välja võtta.
2016. aasta Arco Vara tuluks prognoosib juhatus 10,3 miljonit eurot ja
puhaskasumiks 0,8 miljonit eurot. Erinevalt 2015. aastast, kui ehitusfaasis oli
üks arendusprojekt müügitulu potentsiaaliga 4…5 miljonit eurot (Manastriski D
construction in Sofia), peaks 2016. aastal ehitusfaasis olema juba kaks
arendusprojekti potentsiaalse müügituluga ca 20 miljonit eurot (Kodukolde I
etapp Tallinnas ja Manastirski jätkuprojekti Sofias). See positiivne dünaamika
peaks selgelt kajastuma 2017. aasta tulemustes.
TEENINDUSDIVISJON
Teenindusdivisjoni müügituluks kujunes 2015. aasta IV kvartalis 814 tuhat eurot
(2014 IV kvartal: 738 tuhat eurot), sealhulgas kontsernisisene müügitulu oli
100 tuhat eurot (2014 IV kvartalis 130 tuhat eurot). Teenindusdivisjoni
põhitegevuste (kinnisvara vahendus- ja hindamisteenused) müügitulu oli 2015.
aasta 12 kuuga 2 926 tuhat eurot, ehk 2% rohkem kui eelmise aastal. IV kvartali
põhiteenuste müügitulu ületas 2014. aasta IV kvartali tulemust 9% võrra.
Müügitulu näitab korralikku kasvu Bulgaarias: aastases võrdluses on kasv 39% ja
IV kvartali võrdluses 35%. IV kvartalis kasvas müügitulu ka Eesti büroos,
ületades 2014. aasta IV kvartali näitajat tubli 33% võrra. Tugevas languses
põhiteenuste müügitulu Läti kinnisvarabüroos, vähenedes 12 kuu võrdluses 23% ja
IV kvartali võrdluses 25%.
Kinnisvarabüroode müügikäive vahendusest ja hindamisest
12 kuud 12 kuud Muutus IV kvartal IV kvartal Muutus
2015 2014 % 2015 2014 %
--------------------------------------------------------------------------------
EUR
tuhandetes
Eesti 1 282 1 166 10% 319 239 33%
--------------------------------------------------------------------------------
Läti 898 1 170 -23% 219 291 -25%
--------------------------------------------------------------------------------
Bulgaaria 746 536 39% 208 154 35%
--------------------------------------------------------------------------------
Kokku 2 926 2 872 2% 746 684 9%
--------------------------------------------------------------------------------
2015. aasta 12 kuud on nii Eesti kui Läti kinnisvarabüroo töötanud kahjumiga,
vastavalt 209 tuhat ja 73 tuhat eurot (2014. aasta 12 kuuga saadi puhaskasumit
vastavalt 48 tuhat ja 65 tuhat eurot). Ka IV kvartali lõpetasid Eesti ja Läti
büroo kahjumiga, vastavalt 141 tuhat ja 22 tuhat eurot (2014. aasta IV
kvartalis 17 tuhat eurot kahjumit Eestis ja 3 tuhat eurot kasumit Lätis). Eesti
büroo kasumlikkuse langus 2015. aastal on tingitud eelkõige turundus- ja
IT-kulude olulisest kasvust: eesmärgiks on seatud müügikäibes kõrgemale
tasemele jõudmine ning seeläbi ka kasumi tõstmine. Müügikäivet aitab tõsta
suurem tuntus ja kontaktide arv, kliendikesksem andmetöötlus ja nutikam
töökeskkond. Bulgaaria büroo puhaskasum oli 2015. aasta 12 kuuga 109 tuhat
eurot (2014. aasta 12 kuud: 90 tuhat eurot). 2015. aasta IV kvartalis oli
Bulgaaria büroo puhaskahjum 29 tuhat eurot, 2014. aasta IV kvartalis teeniti 9
tuhat eurot kasumit.
Teenindusdivisjon osutab lisaks vahendus- ja hindamisteenusele ka kinnisvara
haldamise ja majutusteenust Bulgaarias. Haldustegevuse müügikäive 2015. aasta
12 kuuga oli 141 tuhat eurot, sealhulgas 105 tuhat eurot oli kontsernisisene
(12 kuud 2014: vastavalt 148 tuhat ja 105 tuhat eurot). Majutusteenuse
müügitulu oli 2015. aasta 12 kuuga 132 tuhat eurot, sellest 27 tuhat eurot IV
kvartalis (2014. aasta 12 kuud ja IV kvartal vastavalt 74 tuhat ja 19 tuhat
eurot). Majutusteenuste müük kasvas 2015. aastal võrreldes eelmise aastaga
koguni 78%.
Teenindusdivisjonis hõivatud inimeste arv on 2015. aasta 12 kuuga vähenenud
165-le, see on 11 inimest vähem kui 2014. aasta lõpus. Töötajate arv on
vähenenud Eestis ja Lätis ning kasvanud Bulgaarias.
ARENDUSDIVISJON
Arendusdivisjoni müügitulu oli 2015. aasta 12 kuuga 7 947 tuhat eurot (12 kuud
2014: 6 503 tuhat eurot) ja IV kvartalis 1 403 tuhat eurot (IV kvartal 2014:
5 214 tuhat eurot). Arenduse müügitulu suur kasv tuleneb eelkõige kontserni
enda arendusprojektides kinnisvara müügist: 2015. aasta 12 kuuga kokku 7 019
tuhat eurot (12 kuud 2014: 5 414 tuhat eurot).
Muust arendusdivisjoni müügitulust moodustab suurema osa kaubandus- ja
kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2015. aasta IV
kvartalis oli 77 tuhat ja 12 kuud kokku 838 tuhat eurot (2014. aasta IV
kvartalis 236 tuhat ja 12 kuuga 953 tuhat eurot). IV kvartalis on renditulu
väiksem, kuna osa rendilepinguid lõppesid ja rendipinnad renoveeriti. 2016.
esimeses pooles seisab ees uute rentnike leidmine. Senine renditulu tase on
plaanis taastada kõige hiljem 2016. aasta kolmandas kvartalis.
Arendusdivisjoni ärikasumiks kujunes 2015. aasta 12 kuuga 1 790 tuhat eurot,
sellest IV kvartalis 192 tuhat eurot. 2014. aasta 12 kuuga teeniti ärikasumit 1
942 tuhat eurot, sellest 1 246 tuhat eurot IV kvartalis.
IV kvartalis valmis Sofias Manastirski Livadi projekti III etapi kortermaja,
kasutusluba saadi 22. detsembril. 2015. aasta lõpus jõuti klientidele kätte
anda 13 korterit, mis müügitulus väljendatuna vastab 628 tuhandele eurole.
31.12.2015 seisuga oli müüdud või eelmüüdud 76 korterit 80-st ja üks äripind
kaheksast.
Bulgaarias jätkati ka Manastirski Livadi projekti kahe esimese etapi korterite
müügiga. IV kvartalis müüdi kolm viimast II etapi korterit. Projekti kahest
esimesest etapist (blokid C ja AB) jäi 31.12.2105 seisuga müüa veel kaks
äripinda ja mõned parkimiskohad.
Madrid Blvd kompleksis Sofias on müümata veel 26 korterit ja 113 parkimiskohta.
2015. aasta IV kvartalis vormistati eelmüük kahele korterile, lõppmüügid
toimuvad 2016. aastal. Madridi müümata korteritest 16 teenivad kontsernile tulu
majutusteenusega. Lisaks renditakse välja ka seni müümata parkimiskohti.
2015. aasta 12 kuuga müüdi kontserni Bulgaaria projektides kokku 92 korterit ja
äripinda (2014. aasta 12 kuuga kokku 63).
Lätis müüdi IV kvartalis kõige viimane Bišumuiža-1 projekti korter, millega
võib selle projekti lugeda lõppenuks kontserni jaoks. Lätis on kontserni
müügivalmis laost jäänud veel 14 Marsili elamukrunti, neist ühele vormistati
eelmüügileping 2015. aasta IV kvartalis.
Tallinnas on lõpetatud Kodulahe projekti esimese etapi, 125 korteri ja 5
äripinnaga kortermaja, projekteerimine. Ehitusluba saadi kortermajale septembri
lõpus. Vahearuande avaldamise päevaks on sõlmitud ka ehituse peatöövõtu ja
finantseerimise lepingud ning sõlmitud ka esimene korteri eelmüügileping.
Kortermaja ehitus algab 2016. aasta veebruaris.
Juunis 2015 soetati kontserni maapanka üks väiksem korterelamu rajamiseks sobiv
krunt Pärnu kesklinnas, Suur-Sepa tänaval. Pärast kortermaja eskiisprojekti
koostamist müüdi krunt oktoobri alguses kasumiga edasi. Samuti oktoobri alguses
müüs kontsern teisegi väiksema arenduse, 2014. aasta veebruaris soetatud
Instituudi tee elamuarenduse projekti. Ka seda projekti oli vahepeal
väärtustatud kortermajade eskiisprojekti koostamisega. Väiksemate projekti müük
kannab endas eesmärki keskenduda kõige olulisematele projektidele Eestis ja
Bulgaarias.
31.12.2015 seisuga töötas arendusdivisjonis kokku 5 inimest, sama palju kui
2014. aasta lõpus.
ARCO VARA AKTIIVSETE PROJEKTIDE KOONDTABEL 31.12.2015
Projekti Aadress Toote Projek Kinnistu Kogu Ühikute arv
nimi peamine ti suurus müüdav/renditav ülevalpool
liik etapp m2 pind ülevalpool maapinda
maapinda
--------------------------------------------------------------------------------
Manastir Manastirs korterid S5 - 140 2
ski A/B ki, Sofia
Manastir Manastirs korterid S5 - 5 832 75
ski D ki, Sofia
--------------------------------------------------------------------------------
Madrid Madrid Rent: S5/S6 - 7 350 21
Blvd Blvd, kauband
Sofia us/konto
r
--------------------------------------------------------------------------------
Madrid Madrid korterid S5/S6 - 3 216 28
Blvd Blvd,
Sofia
--------------------------------------------------------------------------------
Marsili Marsili, elamukru S5 - 25 389 14
elamukr Riia ndid
undid lähedal
--------------------------------------------------------------------------------
Marsili Marsili, elamukru S2 120 220 <120 220> <68>
elamukr Riia ndid
undid lähedal
--------------------------------------------------------------------------------
Kodulahe Lahepea Korterid S3 6 102 8 732 130
I etapp tn 7,
Tallinn
--------------------------------------------------------------------------------
Kodulahe Lahepea, Korterid S2 22 396 <13 300> <200>
II-V Soodi,
etapp Pagi tn,
Tallinn
--------------------------------------------------------------------------------
Lehiku Lehiku Korterid S2 5 915 <1 100> <5>
vaipela 21,23
mu Tallinn
--------------------------------------------------------------------------------
Liimi Liimi 1b, Rent: S2/S5 2 463 <6 500> 1
Tallinn kontor
--------------------------------------------------------------------------------
Viimsira Haabneeme kontor/k S3/S5 14 174 500 1
nna , Viimsi aubandus
vald
--------------------------------------------------------------------------------
Märkus: Tabelis toodud väärtused mis on paigutatud märkide <> vahele,
tähistavad oodatavat mahtu, sest arendusprojekt on alles S1 või S2 etapis ja
tegelikku ehitusõigust või ehitusprojekti pole veel. 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
PERSONAL
Kontserni heaks töötavate inimeste arv oli 31.12.2015 seisuga 178 (31.12.2014
seisuga: 189). 2015. aasta 12 kuu tööjõukulu oli 2,7 miljonit eurot (2014.
aasta 12 kuud: 2,5 miljonit eurot), sellest 2015. aasta IV kvartalis 0,8
miljonit eurot (2014. aasta IV kvartal: 0,7 miljonit eurot),.
Kontserni emaettevõtte juhatajale ja nõukogu liikmetele arvestatud tasud koos
sotsiaalmaksuga moodustasid 2015. aasta 12 kuuga 108 tuhat eurot (2014. aasta
12 kuud: 102 tuhat eurot).
JUHATUS JA NÕUKOGU
Arco Vara AS-i juhatus on üheliikmeline. Alates 22.10.2012 on Arco Vara AS-i
juhataja Tarmo Sild. Septembris 2015 toimunud nõukogu koosolekul pikendati
juhataja volitusi kolme aasta võrra, oktoobrini 2018.
31.12.2015 seisuga on Arco Vara AS nõukogu 5-liikmeline. 2014. aasta lõpus oli
nõukogu veel 7-liikmeline. 10. veebruaril 2015 toimunud
erakorralisel üldkoosolekul kutsuti senine nõukogu täies koosseisus tagasi ja
valiti uus 5-liikmeline nõukogu. Eelmisest nõukogu koosseisust jätkavad
Hillar-Peeter Luitsalu, Allar Niinepuu ja Rain Lõhmus ning uued nõukogu liikmed
on Steven Yaroslav Gorelik ja Kert Keskpaik. Uues nõukogus ei jätka eelmise
nõukogu liikmed Toomas Tool, Arvo Nõges, Aivar Pilv ja Stephan David Balkin.
Arco Vara võtmeisikute kohta on rohkem infot ettevõtte veebilehel
www.arcorealestate.com.
PEAMISTE RISKIDE KIRJELDUS
Strateegiline risk
Enamus kontserni omakapitalist on paigutatud arendustegevusse. Arendustegevuses
on kontsern keskendunud peamiselt elukondliku kinnisvara arendusele.
Elukondliku kinnisvara arendustsükkel alates algusest (maa soetamine) kuni
lõpuni (lõpptoodete müük tarbijani) kestab aastaid, hõlmates
planeerimismenetlust, projekteerimist, ehitust ja müüki. Omakapital
investeeritakse valdavalt tsükli algusetapis (maa soetamine) eeldusel, et
teatud liiki arendustoote järele tekib tulevikus nõudlus. Kuivõrd arendustoote
nõudlus põhineb valdavalt prognoosil ja mitte tehingul, siis on kontserni
põhiriskiks omakapitali paigutamine sellisesse arendusprojekti, mille järele
tulevikus nõudlus puudub, või on oodatust nõrgem, või oodatust erinev.
Riski maandamiseks (i) paigutab kontsern omakapitali erinevatesse
arendusprojektidesse ning erinevatel turgudel (2016: Tallinn ja Sofia), (ii)
monitoorib jooksvat nõudlust ja pakkumist oma koduturgudel ning (iii) kasutab
võimalusi investeeringu tegemise hetke ja nõudluse tekkimise hetke
lähendamiseks - sõlmib ostjatega eellepinguid, hangib maad omakapitali
paigutamiseta või seda edasi lükates, kasutab erinevaid projekti
finantseerimise võimalusi selleks omakapitali kasutamata.
Krediidirisk
Kontserni krediidiriskid tulenevad peamiselt kahest allikast: kinnisvara
arendustegevusest ning deposiitide hoidmiseks kasutatavate pankade
usaldusväärsusest. Kuna paljude kinnisvaratehingute puhul toimub tehingu
vastaspoole finantseerimine läbi krediidiasutuste, tehakse tehingupartneri
riski maandamiseks koostööd ka erinevate tehinguid finantseerivate pankadega.
Samuti ei hoita raha ja raha ekvivalente ainult ühes pangas. Eelnevast
tulenevalt hindab kontsern krediidiriski enda jaoks olulises osas maandatuks.
Likviidsus- ja intressirisk
Kõik kontserni laenulepingud on sõlmitud eurodes ja baasintressiks on 3- või
6-kuu EURIBOR. Seega on kontsern avatud rahvusvahelistel kapitaliturgudel
toimuvale. Pikaajaline intressirisk on tuletisinstrumentidega maandamata.
Kontserni intressikandvad kohustused on 2015. aasta 12 kuuga vähenenud 2,2
miljoni euro võrra. Seisuga 31.12.2015 on kontsernil intressikandvaid kohustusi
summas 12,8 miljonit eurot, millest 2,3 miljonit eurot kuulub tasumisele lähima
12 kuu jooksul. Samas on kontserni raha ja raha ekvivalentide saldo 31.12.2015
seisuga 0,7 miljonit eurot (31.12.2014 seisuga: 1,7 miljonit eurot). 2015.
aasta 12 kuuga tasuti intressikandvatelt kohustustelt 0,8 miljonit eurot
intresse (2014. aasta 12 kuuga 1,1 miljonit eurot). Kontserni laenude kaalutud
keskmine intressimäär on 31.12.2015 seisuga 5,0%, see on vähenenud 0,8
protsendipunkti võrra võrreldes 2014. aasta lõpu seisuga. Laenukohutuste
keskmise intressimäära languse põhjuseks on keskmisest kõrgema intressimääraga
võlakirjade ennetähtaegne lunastamine veebruaris 2015. Täiendavat mõju on
avaldanud ka EURIBOR-i langemine alla nullmäära.
Valuutarisk
Teenuste ostu- ja müügilepingud on enamasti sõlmitud kohalikes valuutades:
eurodes (EUR) või Bulgaaria levides (BGN). Kinnisvara ostu-müügi tehingud
sõlmitakse valdavas osas eurodes, millest tulenevalt kontserni varade ja
kohustuste struktuur ei kanna endas olulist valuutariski. Kontsern ei ole
kaitstud valuutade devalveerimise vastu. Enamus likviidsetest vahenditest
hoitakse nõudmiseni ja lühiajalise tähtajaga euro hoiustel.
Aktsia ja aktsionärid
Arco Vara AS-il on emiteeritud kokku 6 117 012 lihtaktsiat nominaalväärtusega
0,7 eurot aktsia kohta. Arco Vara aktsiad on vabalt kaubeldavad NASDAQ OMX
Tallinna börsil. 31.12.2015 seisuga on ettevõttel kokku 1 600 aktsionäri
(31.12.2014 seisuga: 1 668), sealhulgas 1 381 eraisikust aktsionäri (31.12.14
seisuga: 1 441 eraisikut). Aktsia hind sulgus tasemel 1,15 eurot, olles 2015.
aasta 12 kuuga tõusnud 39% (aktsia sulgemishind 2014. aasta lõpus oli 0,828
eurot). Perioodi jooksul oli aktsia kõrgeim tehinguhind 1,29 eurot ja madalaim
hind 0,83 eurot. Aktsiate turukapitalisatsioon oli 31.12.2015 seisuga 7 035
tuhat eurot ja aktsia P/E suhe 15,8 (31.12.2014 seisuga vastavalt: 5 065 tuhat
eurot ja 5,5).
Suuremad osanikud 31.12.2015 seisuga Aktsiate arv Osalus %
NORDEA BANK FINLAND PLC klient 862 820 14,1%
AS Lõhmus Holdings 602 378 9,8%
Gamma Holding Investment OÜ 565 356 9,2%
Alarmo Kapital OÜ 489 188 8,0%
LHV PENSIONIFOND L 389 765 6,4%
FIREBIRD REPUBLICS FUND LTD 356 428 5,8%
OÜ HM Investeeringud 325 505 5,3%
FIREBIRD AVRORA FUND, LTD. 185 800 3,0%
LHV PENSIONIFOND XL 173 583 2,8%
FIREBIRD FUND L.P. 150 522 2,5%
Teised aktsionärid 2 015 667 33,0%
------------------------------------------------------------
Kokku 6 117 012 100,0%
Juhatuse ja nõukogu liikmete Ametikoht Aktsiate Osaluse
aktsiapositsioonid arv %
seisuga 31.12.2015
Rain Lõhmus (AS Lõhmus Holdings) Nõukogu liige 602 378 9,8%
Tarmo Sild ja Allar Niinepuu (Alarmo Juhatuse 489 188 8,0%
Kapital OÜ) liige/nõukogu liige
Hillar-Peeter Luitsalu (OÜ HM Nõukogu esimees 428 649 7,0%
Investeeringud, lähikondsed)
Kert Keskpaik (eraisikuna ja läbi K Nõukogu liige 194 633 3,2%
Vara OÜ)
Steven Yaroslav Gorelik ¹ Nõukogu liige 3 150 0,1%
--------------------------------------------------------------------------------
Kokku 1 717 998 28,1%
¹ - Lisaks on Steven Yaroslav Gorelik 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 11,3% osalus).
Konsolideeritud raamatupidamise vahearuanne
Konsolideeritud koondkasumiaruanne
Lisa 12 kuud 12 kuud IV IV kvartal
2015 2014 kvartal 2014
2015
--------------------------------------------------------------------------------
EUR tuhandetes
---------- -----------
Jätkuvad tegevusvaldkonnad
--------------------------------------------------------------------------------
Müügitulu enda kinnisvara 7 019 5 414 1 306 4 929
müügist
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 3 633 3 744 791 883
--------------------------------------------------------------------------------
Müügitulu kokku 2,3 10 652 9 158 2 097 5 812
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud kinnisvara ja teenuste 4 -6 865 -5 902 -1 432 -4 004
kulu
--------------------------------------------------------------------------------
Brutokasum 3 787 3 256 665 1 808
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 80 37 10 16
--------------------------------------------------------------------------------
Turustuskulud 5 -530 -324 -170 -84
--------------------------------------------------------------------------------
Üldhalduskulud 6 -2 020 -1 811 -648 -602
--------------------------------------------------------------------------------
Muud ärikulud -151 -82 -119 -48
--------------------------------------------------------------------------------
Kasum kinnisvarainvesteeringute 11 95 0 95 0
ümberhindamisest
--------------------------------------------------------------------------------
Kasum varude allahindluse 10 0 572 0 0
tühistamisest
--------------------------------------------------------------------------------
Kasum ühisettevõtetega seotud 0 -27 0 -27
tehingutelt
--------------------------------------------------------------------------------
Kasum tütarettevõtte müügist 0 662 0 0
--------------------------------------------------------------------------------
Ärikasum 1 261 2 283 -167 1 063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud- ja kulud 7 -666 -1 062 -128 -368
--------------------------------------------------------------------------------
Kasum enne tulumaksu 595 1 221 -295 695
--------------------------------------------------------------------------------
Tulumaksukulu -135 -75 -135 -75
--------------------------------------------------------------------------------
Puhaskasum jätkuvatest 460 1 146 -430 620
tegevusvaldkondadest
-------------------------------------- ---------- -----------
---------- -----------
-------------------------------------- ---------- -----------
---------- -----------
Lõpetatud tegevusvaldkond
-------------------------------------- ---------- -----------
---------- -----------
Kahjum lõpetatud -15 -324 -2 -196
tegevusvaldkonnast
-------------------------------------- ---------- -----------
---------- -----------
-------------------------------------- ---------- -----------
Aruandeperioodi puhaskasum 445 822 -432 424
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 467 803 -425 423
puhaskasumis
---------- -----------
Mitte-kontrolliva osaluse osa -22 19 -7 1
puhaskasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum 445 822 -432 424
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 467 803 -425 423
koondkasumis
---------- -----------
Mitte-kontrolliva osaluse osa -22 19 -7 1
koondkasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia puhaskasum 8
---------- -----------
- tava 0,08 0,15 -0,07 0,07
--------------------------------------------------------------------------------
- lahustatud 0,07 0,14 -0,07 0,07
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 31.12.2015 31.12.2014
----------------------------------------------------------------------
EUR tuhandetes
------------
Raha ja raha ekvivalendid 745 1 691
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 679 1 205
----------------------------------------------------------------------
Varud 10 12 818 11 970
----------------------------------------------------------------------
Käibevara kokku 14 242 14 866
----------------------------------------------------------------------
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 0 5
----------------------------------------------------------------------
Kinnisvarainvesteeringud 11 9 513 11 585
----------------------------------------------------------------------
Materiaalne põhivara 489 434
----------------------------------------------------------------------
Immateriaalne põhivara 229 113
----------------------------------------------------------------------
Põhivara kokku 10 231 12 137
----------------------------------------------------------------------
VARAD KOKKU 24 473 27 003
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 2 345 3 194
----------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 1 935 2 659
----------------------------------------------------------------------
Eraldised 146 274
----------------------------------------------------------------------
Lühiajalised kohustused kokku 4 426 6 127
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 10 417 11 826
----------------------------------------------------------------------
Pikaajalised kohustused kokku 10 417 11 826
----------------------------------------------------------------------
KOHUSTUSED KOKKU 14 843 17 953
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital 4 282 4 282
----------------------------------------------------------------------
Ülekurss 292 292
----------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
----------------------------------------------------------------------
Muud reservid 8 298 179
----------------------------------------------------------------------
Jaotamata kasum 2 656 2 250
----------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 9 539 9 014
----------------------------------------------------------------------
Mittekontrolliv osalus 91 36
----------------------------------------------------------------------
OMAKAPITAL KOKKU 9 630 9 050
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 24 473 27 003
----------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa 12 kuud 12 kuud IV IV
2015 2014 kvartal kvartal
2015 2014
--------------------------------------------------------------------------------
EUR tuhandetes
---------- -----------
Laekumised klientidelt 13 770 10 812 2 825 5 745
--------------------------------------------------------------------------------
Tasumised tarnijatele -7 679 -8 945 -2 926 -1 775
--------------------------------------------------------------------------------
Tulumaksu tasumine kasumilt -197 -4 -24 0
--------------------------------------------------------------------------------
Muude maksude tasumine ja -2 399 -341 -267 -32
maksutagastused (neto)
--------------------------------------------------------------------------------
Väljamaksed töötajatele -1 015 -866 -249 -249
--------------------------------------------------------------------------------
Muud tasumised ja laekumised 9 -41 -15 -7
äritegevusest
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna -15 -250 -2 -2
rahavood (neto)
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU 2 474 365 -658 3 680
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tasumised materiaalse ja -196 -71 -59 -39
immateriaalse põhivara
soetamisel
--------------------------------------------------------------------------------
Tütarettevõtte müük 0 10 0 0
--------------------------------------------------------------------------------
Sidusettevõtte müük 0 1 0 0
--------------------------------------------------------------------------------
Antud laenud 0 -3 0 0
--------------------------------------------------------------------------------
Tagatisdeposiitide avamine 0 -438 0 0
--------------------------------------------------------------------------------
Tagatisdeposiitide vabanemine 0 701 0 0
--------------------------------------------------------------------------------
Saadud intressid 4 5 0 2
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST -192 205 -59 -37
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 12 2 734 4 885 1 349 832
--------------------------------------------------------------------------------
Laenukohustuste tagasimaksed 12 -5 025 -4 800 -916 -3 608
--------------------------------------------------------------------------------
Makstud intressid -788 -1 091 -200 -576
--------------------------------------------------------------------------------
Makstud dividendid -61 0 0 0
--------------------------------------------------------------------------------
Aktsiakapitali emissioonil 0 1 375 0 0
laekunud
--------------------------------------------------------------------------------
Muud tasumised -88 -76 -6 -25
finantseerimistegevusest
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST -3 228 293 227 -3 377
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -946 863 -490 266
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 691 818 1 235 1 415
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide -946 863 -490 266
muutus
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide 0 10 0 10
muutus tütarettevõtte ostul
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 745 1 691 745 1 691
perioodi lõpus
--------------------------------------------------------------------------------
Konsolideeritud omakapitali muutuse aruanne
------------
Emaettevõtte omanikele kuuluv omakapital Mitte-kon Omakap
trolliv ital
osalus kokku
--------------------------------------------------------------------
Aktsia Ülekur Kohustusl Muud Jaotam Kokku
kapita ss ik reserv ata
l reservkap id kasum
ital
--------------------------------------------------------------
EUR
tuhandetes
-------
Saldo 3 319 0 2 011 60 1 452 6 842 12 6 854
31.12.2013
--------------------------------------------------------------------------------
Muutus 0 0 0 0 -5 -5 5 0
mittekontr
ollivas
osaluses
--------------------------------------------------------------------------------
Aktsiakapit 963 292 0 0 0 1 255 0 1 255
ali
suurendami
ne
--------------------------------------------------------------------------------
Muude 0 0 0 119 0 119 0 119
reservide
moodustami
ne
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 803 803 19 822
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 179 2 250 9 014 36 9 050
31.12.2014
--------------------------------------------------------------------------------
-------
Saldo 4 282 292 2 011 179 2 250 9 014 36 9 050
31.12.2014
--------------------------------------------------------------------------------
Kasumi 0 0 0 0 -61 -61 0 -61
jaotamine
--------------------------------------------------------------------------------
Muutus 0 0 0 0 0 0 77 77
miite-kont
rollivas
osaluses
--------------------------------------------------------------------------------
Muude 0 0 0 119 0 119 0 119
reservide
moodustami
ne
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 467 467 -22 445
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 298 2 656 9 539 91 9 630
31.12.2015
--------------------------------------------------------------------------------
Marek Pontus
Finantsjuht
Arco Vara AS
Tel: +372 614 4662
[email protected]
http://www.arcorealestate.com
Teate sisu inglise keeles
Pealkiri
Arco Vara AS Interim Report (unaudited) for fourth quarter and twelve months 2015
Teade
General information
As at 31 12 2015: the group comprised 25 companies, this is one more than at
the end of year 2014. On 31 July 2015, was registered a real estate fund in
Bulgaria named Arco Real Estate Fund REIT, with starting capital of 256
thousand euros. The group holds 70% interest in the fund.
Significant subsidiaries
Company name Locati Segment Share capital Equity The group's
on (nominal value) balance interest
at 31 Dec
2015
--------------------------------------------------------------------------------
In thousands of
euros
Arco Manastirski Bulgar Develop 2,676 3,679 100%
EOOD ia ment
--------------------------------------------------------------------------------
Arco Invest EOOD Bulgar Develop 26,826 -106 100%
ia ment
--------------------------------------------------------------------------------
Arco Real Estate Bulgar Develop 256 256 70%
Fund REIT ¹ ia ment
--------------------------------------------------------------------------------
Kodulahe OÜ Estoni Develop 3 -115 100%
a ment
--------------------------------------------------------------------------------
Kerberon OÜ Estoni Develop 5 1,280 100%
a ment
--------------------------------------------------------------------------------
Marsili II SIA Latvia Develop 1,524 934 100%
ment
--------------------------------------------------------------------------------
Arco Real Estate Estoni Service 42 -855 100%
AS a
--------------------------------------------------------------------------------
Arco Real Estate Latvia Service 1,905 49 70.6%
SIA ¹
--------------------------------------------------------------------------------
Arco Imoti EOOD Bulgar Service 444 290 100%
ia
--------------------------------------------------------------------------------
¹ - Non-controlling interest in Arco Real Estate SIA and Arco Real Estate Fund
REIT equals to the group’s total non-controlling interest
Key Performance Indicators
· In 12 months 2015, the group’s revenue was 10.7 million
euros, exceeding by 16% the revenue of 12 months 2014, when revenue amounted to
9.1 million euros. In Q4, revenue was 2.1 million euros (in Q4 2014: 5.8
million euros). The increase of the group’s annual revenue comes from
Development division, where revenue amounted to 7.9 million euros in 12 months
2015 (in 12 months 2014: 6.5 million euros). Though, revenue of Development
division amounted to 1.4 million euros in Q4 2015, 3.8 million euros less than
Q4 2014. The revenue of Service division amounted 3.3 million euros in 12
months 2014, increased by 4% compared to 12 months 2014. In Q4 2015, revenue of
Service division increased by 10% compared to Q4 of previous year. The sales
figures of brokerage and valuation services shows growth third quarter in a
row, after the falling trend in second half of year 2014 and in the beginning
of year 2015.
· In 12 months 2015, the group’s operating profit (=EBIT)
was 1.3 million euros and net profit 0.5 million euros, a year ago the same
figures were 2.2 million euros and 1.0 million euros respectively. The result
of 2014 was impacted by two single events with total effect of 1.2 million
euros on profit: gain from the sale of a subsidiary and reversal of inventory
write-down. In Q4, operating loss was 0.2 million euros and net loss amounted
to 0.4 million euros. In Q4 2014, the group had operating profit of 1.2 million
euros and net profit of 0.8 million euros.
· The group’s net loans have decreased by 1.3 million euros
in 12 months 2015, down to the level of 12.0 million euros as at 31 December
2015. Total loans and borrowings amounted 12.8 million euros at 31 December
2015, decreased by 2.2 million euros through a year. As at 31 December 2015,
the weighted average annual interest rate of loans was 5.0%. This is a decrease
by 0.8 percentage points compared to 31 December 2015.
· In 12 months 2015, were sold 96 apartments and commercial
spaces and four residential plots (of which 17 apartments and three plots in
Q4) in projects developed in the group. In 12 months 2014, were sold 77
apartments and commercial spaces and 4 plots (of which 73 apartments and
commercial spaces in Q4).
12 months 12 months Q4 2015 Q4 2014
2015 2014
--------------------------------------------------------------------------------
In millions of euros
--------------- ---------
Revenue
--------------------------------------------------------------------------------
Development 7.9 6.5 1.4 5.2
--------------------------------------------------------------------------------
Service 3.3 3.1 0.8 0.7
--------------------------------------------------------------------------------
Eliminations -0.5 -0.5 -0.1 -0.1
--------------------------------------------------------------------------------
Total revenue 10.7 9.1 2.1 5.8
--------------------------------------------------------------------------------
--------------- ---------
Operating profit (EBIT)
--------------------------------------------------------------------------------
Development 1.8 1.9 0.2 1.2
--------------------------------------------------------------------------------
Service -0.1 0.2 -0.2 0.1
--------------------------------------------------------------------------------
Unallocated income and expenses 0.1 0.0 0.1 -0.3
--------------------------------------------------------------------------------
Eliminations -0.5 0.1 -0.3 0.1
--------------------------------------------------------------------------------
Total operating profit (EBIT) 1.3 2.2 -0.2 1.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income and expense -0.7 -1.1 -0.1 -0.4
--------------------------------------------------------------------------------
Income tax -0.1 -0.1 -0.1 0.0
------------------------------------------------- -----------------
Net profit 0.5 1.0 -0.4 0.7
--------------------------------------------------------------------------------
Main ratios
--------------------------------------------------------------------------------
---------------------------------- -------------- --------
Earnings per share, EPS (in 0.08 0.15 -0.07 0.07
euros)
--------------- ---------
--------
Diluted earnings per share (in 0.07 0.14 -0.07 0.07
euros)
------------------------------------------------------------------------
ROIC (rolling, four quarters) 2.0% 3.4%
--------------------------------------------------------------------------------
ROE (rolling, four quarters) 4.6% 10.7%
---------------------------------- -------------------------------
ROA (rolling, four quarters) 1.8% 3.1%
--------------------------------------------------------------------------------
---------------------------------------------------------------
31 Dec 2015 31 Dec 2014
---------------------------------------------------------------
In millions of euros
---------------------------------------------------------------
Total assets 24.5 27.0
---------------------------------------------------------------
Invested capital 22.4 24.1
---------------------------------------------------------------
Net loans 12.0 13.3
---------------------------------------------------------------
Equity 9.6 9.1
---------------------------------------------------------------
---------------------------------------------------------------
Current ratio 3.22 2.43
---------------------------------------------------------------
Quick ratio 0.32 0.47
---------------------------------------------------------------
Financial leverage 2.54 2.98
---------------------------------------------------------------
Average loan term (in years) 1.7 2.3
---------------------------------------------------------------
Average annual interest rate of loans 5.0% 5.8%
---------------------------------------------------------------
Number of staff, at period end 178 189
---------------------------------------------------------------
Cash flows
12 months 12 months Q4 Q4
2015 2014 2015 2014
--------------------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------------------
Cash flows from/used in operating 2.4 0.4 -0.6 3.7
activities
--------------------------------------------------------------------------------
Cash flows from/used in investing -0.2 0.2 -0.1 0.0
activities
--------------------------------------------------------------------------------
Cash flows from/used in financing -3.2 0.3 0.2 -3.4
activities
--------------------------------------------------------------------------------
Net cash flows -1.0 0.9 -0.5 0.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at 1.7 0.8 1.2 1.4
beginning of period
--------------------------------------------------------------------------------
Cash and cash equivalents at end of 0.7 1.7 0.7 1.7
period
--------------------------------------------------------------------------------
Revenue and net profit/loss from continuing operations
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4
Total Q1 Q2 Q3 Q4 Total
2013 2013 2013 2013 2013 2014 2014 2014 2014
2014 2015 2015 2015 2015 2015
--------------------------------------------------------------------------------
----------------------------------------------
In
milli
ons of
euros
--------------------------------------------------------------------------------
----------------------------------------------
Revenu 1.7 3.5 3.5 2.0 10.7 1.1 1.1 1.2 5.8
9.2 4.4 2.1 2.1 2.1 10.7
e
--------------------------------------------------------------------------------
----------------------------------------------
Net 0.0 1.4 0.1 2.0 3.5 0.4 -0.3 0.4 0.6
1.1 0.7 0.0 0.2 -0.4 0.5
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 – own
shares)
Invested capital = current interest-bearing liabilities + non-current
liabilities + equity (at end of period)
Net loans = current interest-bearing liabilities + non-current liabilities –
cash and cash equivalents – short-term investments in securities (at 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 Chief Executive’s review
One should start the year’s end with a resume. The resume is as follows: we
were profitable and grew. Yet the fourth quarter and full year results turned
out weaker than we expected. We expected the group’s revenue to be at least 11
million euros and net profit at least 1 million euros. Actually we achieved
10.7 million euros revenue and only 0.5 million euros profit. The management is
not proud at all. We need to improve our results. The following part of
comments sums up, what has been done and what exactly should be improved in
order to keep the group moving forward with necessary speed.
Service division
The equity in service division companies is negative and during 2015 we did not
invest additional equity into them. The division as a whole operates on the
edge of profitability, although countrywise the results are different. We are
pleased with profitable results and cash earned during 2015 by our Bulgarian
unit. Considering the Latvian real estate market’s prolonged weakness, the
Latvian unit’s results were satisfactory. The single outstanding lossmaking
unit of the group is in Estonia. The reasons of loss lie within the company
itself and the solutions are in the hands of management. We have started
rearrangements within the service division to improve the work processes and
along with rearrangements, executed also replacements in the middle management.
The objective of 2016 is to achieve the profitability of services division as a
whole and also increase its usability factor for Arco’s development projects –
both in preparatory and in sales phase.
In the big picture the group’s results are determined by development division,
where 100% of the group’s equity is allocated to. Development division’s
results in turn are determined overwhelmingly by three pillars within it: (i)
Madrid Blvd cash flow property in Sofia, (ii) Manastirski residential
development in Sofia (and its possible successor project Izstok Parkside) and
(iii) Kodulahe residential development in Tallinn.
Madrid Blvd property
By publication date of this report, the renovation works of 1st and 2nd floor
office space and restructuration of it into seven autonomous lettable office
units has been completed. There are ongoing negotiations with potential
tenants. The post-restructuration gross lettable area (GLA) of the office space
is ca 4,700 sqm, in addition to 113 underground parking places, that are rented
out by piece.
Since there was no rent income from the offices during their renovation in Q4,
it affected negatively both the Q4 and full year’s revenue and profit. The loss
of income from rents and maintenance fees amounted to more than 150 thousand
euros. The impact to net profitability is approximately the same amount. It is
one of the reasons, why we did not achieve our annual revenue and net profit
target.
Our objective is 100% coverage of the office spaces with long-term lease
contracts during Q3 of 2016 at the latest.
In other parts of the property we continue profitable operation of the lettable
premises (incl. Shopping area GLA ca 2,200 sqm and short-term rental apartments
ca 1,500 sqm GLA) and sale of remaining apartments (GSA ca 1,700 sqm). In Q4,
pre-sale agreements were concluded for two apartments, revenue will be
recognized in 2016. The remaining balance of Piraeus bank loan on the property
is below 10.5 million euros.
Manastirski Livadi
Construction of Block D was complete in November and the permission of usage
was issued on 22 December, ie more than 2 weeks later than we forecasted. Due
to this delay we had to suspend also execution of many apartments’ sales
agreements and accounting of respective revenue in our books into Q1 2016. Q4
revenue from Manastirski Block D amounted to 628 thousand euros. The negative
impact of the delay on targeted Q4 and full year results amounted to 800
thousand euros in revenue and over 300 thousand euros in net profit. The good
news is that the missed revenue and profit is carried over into Q1 2016 revenue
and net profit. However, the delay is also a live demonstration, how exposed
the group’s results and key parameters such as ROE and ROA are to loss of time,
even only for two weeks.
By end of Q4, 95% of apartments in Block D were presold. As at the publication
date of this report, the whole Manastirski Livadi project is completed and the
outstanding bank loan to UniCredit Bulbank repaid in full. Expected free
cashflow from Block D alone is expected to exceed 2 million euros.
Since the beginning of Q1 2016 we can concentrate only to selling out the last
remaining products in Manastirski. Our objective is full sale of outstanding
inventory by end of 2016 at the latest. However the main focus from now on is
on commencement of successor project in Sofia during Q1. At the moment the
selected sucessor project is Izstok Parkside. By end of Q4, the preconditions
of closing the purchase contract were not yet fulfilled by the Seller.
Kodulahe
Our long term efforts eventually bore fruit by end of Q4 and we could select
amongst competing offers both the best bidder of project finance, and
construction works. Simultaneously to drafting this report, we are busy with
execution of finance and construction contracts that are necessary to complete
the first phase of the project. We will make formal announcement on launch of
Kodulahe separately, once the execution is completed.
Kodulahe first phase volume is 130 apartments and shops (GSA ca 8,700 sqm), and
in addition to it respective number of parking places and storages. Gross
build-up area (GBA) exceeds 15,000 sqm. Expected sale revenue of first phase
exceeds 15 million euros and first presale contract was signed on February 9,
2016.
In summary, Arco Vara is back on Tallinn residential development market with
Kodulahe project. Comparing with Sofia, Tallinn residential market is less
stormy waters and has tighter competition, but it is possible to make money
here, too.
Other directions of development
Besides the three development pillars described above we have undertaken two
additional directions: A. to sell off all assets, that are not
production-ready immediately or where the development volume is too small.
Selling off the land bank that the group has historically accumulated allows us
to concentrate our forces for developments that really matter; and B. launch
Arco Real Estate Investment Trust (Arco REIT) in Sofia. We want to engage
external capital under our management and continue in Bulgaria with targeting
and implementation of new development projects, utilizing the knowhow and
reputation of Arco’s team.
In terms of selling off the assets, Q4 was successful. We sold profitably two
development projects: Instituudi road properties in Harku paris and Suur-Sepa
properties in Pärnu. It’s worth noting that it took only three weeks from the
moment of communicating the sales team the order to commence the sale, until
the moment of receiving sale price to the account. It gives credibility to our
own conservative valuation of our assets in our books. We will continue selling
off other properties and adding maximum value before that, for example by
achieving construction rights through a detail plan or otherwise. For example,
the detail plan allowing 8-floor office building onto Liimi 1b, Tallinn,
entered into force in Q4.
ARCO REIT project has progressed as anticipated. As of the publication date of
this report, ARCO REIT is listed on Sofia stock exchange where Arco Vara is the
sole shareholder (by end of Q4 the shareholding was 70%). We have placed 332
thousand euros into its share capital. The next and crucial step ahead is issue
of additional shares and raising external capital into the fund during 2016, in
order to commence effective business operations by end of the year.
Summary
To sum up with what I began with: 2015 profit of 0.5 million euros does not
meet management’s expectations (1 million euros).
In addition to already described reasons of smaller profit (suspended
Manastirski D sale: negative effect of ca 300 thousand euros; and dropping rent
income from Madrid Blvd offices in Q4: negative effect of ca 150 thousand
euros) there is one more accounting factor that killed part of the profit. It
is the accounting effect of share option issued to the management in 2013, what
entitled the option holder to subscribe 390,000 Arco Vara shares at 70 cents
per share during 2016.
According to IFRS regulations, the company must account in the profit statement
also the effect of share option issued to the management board. According to
the prescribed methodology, the effect has to be measured as difference between
the nominal acquisition price (70 cents) and the measurement price determined
according to the rules (1.46 cents). Respective provision into equity reserve
had to be established. The cost of establishing the provision is distributed
between 2.5 years since issue of the share option in July 2013 until January 1
2016 (first possible date for using the option). Respective cost for 2015 year
is 119 thousand euros. The 2013 share option will not impact in any way the
profit statement of 2016 or following years.
While being the stakeholder and cause of the additional 119 thousand euros
accounting loss, the management board would still like to point out that there
is no effective damage to the company. In order to effectuate the option, one
has to pay into the company share capital 273 thousand euros and to improve the
cash position of the company. The option does not give any right to cash out
from the company.
Now, having covered important issues of Q4 and full year 2015, we sum up our
expectations for 2016.
The company’s target revenue for 2016 is 10.3 million euros and net profit 0.8
million euros. Year 2016 should be distinct from 2015 with one big feature:
instead of one development under construction with revenue potential of ca
4...5 million euros (Manastirski D construction in Sofia), there should be two
developments under construction with revenue potential of ca 20 million euros
(Kodulahe 1st phase in Tallinn and Manastirski successor project in Sofia).
That positive dynamics should reflect strongly in 2017 results.
SERVICE DIVISION
In Q4 2015, revenue of service division was 814 thousand euros (in Q4 2014: 738
thousand euros), that included intra-group revenue of 100 thousand euros (in Q4
2014: 130 thousand euros). Revenue of service division from main services (real
estate brokerage and valuation services) was 2,926 thousand euros increased by
2% compared to previous year. In fourth quarter, revenue from main services
increased by 9% compared to Q4 2014. Revenue continues to increase in Bulgaria,
seeing 39% annual increase and 35% increase if fourth quarters are compared. In
Q4, revenue increased also in Estonian agency, exceeding by 33% the figures of
Q4 2014. The revenue from main services is strongly decreasing in Latvian real
estate agency: by 23% if compared 12 months periods and by 25% if fourth
quarters are compared.
Revenue of real estate agencies from brokerage and valuation
12 months 12 months Change, Q4 Q4 Change,
2015 2014 % 2015 2014 %
--------------------------------------------------------------------------------
In thousands of
euros
--------------------------------------------------------------------------------
Estonia 1,282 1,166 10% 319 239 33%
------------------ ------------------------ -----------------
------------- --------
Latvia 898 1,170 -23% 219 291 -25%
------------------ ------------------------ -----------------
Bulgaria 746 536 39% 208 154 35%
--------------------------------------------------------------------------------
Total 2,926 2,872 2% 746 684 9%
--------------------------------------------------------------------------------
During 12 months 2015, the Estonian and Latvian agencies have operated on a
loss: 209 thousand and 73 thousand euros, respectively. In 12 months 2014,
Estonian and Latvian agencies had net profit of 48 thousand euros and 65
thousand euros, respectively. In Q4, Estonian and Latvian agencies ended also
with the loss, 141 thousand euros and 22 thousand euros respectively (in Q4
2014: loss of 17 thousand in Estonia and profit of 3 thousand euros in Latvia).
The decrease in profitability of Estonian agency is caused by significant
increase of marketing and IT expenses: the goal is set to reach higher level in
revenues and accordingly growth of profit. Revenues will increase with the help
of wider reputation and bigger number of contacts, customer oriented data
processing and smarter work environment. Bulgarian agency’s net profit was 109
thousand euros in 12 months 2015 (in 12 months 2014: 90 thousand euros). In Q4
2015, Bulgarian agency accumulated a loss of 29 thousand euros (in Q4 2014: 9
thousand euros profit was earned).
In addition to brokerage and valuation services, the service division also
provides real estate management services as well as accommodation service in
Bulgaria. The revenue from real estate management was 141 thousand euros in 12
months 2015, 105 thousand euros of which was intra-group revenue (in 12 months
2014: 148 thousand and 105 thousand euros, respectively). Revenue from
accommodation services amounted to 132 thousand euros in 12 months of 2015, of
which 27 thousand euros in Q4 (in 12 months and Q4 2014: 74 thousand and 19
thousand euros, respectively). In 2015, the sales of accommodation service have
shown a nice 78% growth.
The number of staff in service division has been decreased down to 165
employees as at 31 December 2015, which is 11 people less compared to year end
2014. The number of staff is decreased in Estonia and Latvia and increased in
Bulgaria.
DEVELOPMENT DIVISION
In 12 months 2015, revenue of development division totalled 7,947 thousand
euros (in 12 months 2014: 6,503 thousand euros), of which 1,403 thousand euros
in Q4 2015 (in Q4 2014: 5,214 thousand euros). The leap in revenues comes from
the sale of properties in the group’s own development projects, amounting to
7,019 thousand euros in 12 months 2015 (5,414 thousand euros in 12 months
2014).
Most of the remaining revenue of development division consist of rental income
from commercial and office premises in Madrid Blvd building in Sofia, amounted
to 77 thousand euros in Q4 2015 and 838 thousand euros in 12 months (in Q4
2014: 236 thousand euros and 12 months 2014: 953 thousand euros). In Q4, rental
income has decreased due to conclusion of rental agreements and the rental
spaces were renovated. In first half of 2016, the search of new tenants is in
pipeline. The rental income is planned to recover on the previous level in Q3
2016 at latest.
In 12 months 2015, operating profit of development division was 1,790 thousand
euros, of which 192 thousand euros in Q4. In 12 months 2014, was earned 1,942
thousand euros of operating profit, of which 1,246 thousand euros in Q4.
In Q4, the apartment building of third stage in Manastirski Livadi project was
completed and permit of use was obtained on 22 December. In 2015, 13 apartments
were handed over, which corresponds to revenue of 628 thousand euros. As at 31
December 2015, 76 apartments out of 80 and one commercial space out of 8 have
been sold or presold.
In Bulgaria, has been continued the apartment sales of first two stages in
Manastirski Livadi project. In Q4 2015, were sold 3 last apartments from second
stage. At 31 December 2015, two commercial spaces and some parking places
remained in stock from first two stages of the project (blocks C and AB).
26 apartments and 113 parking places remained unsold in Madrid Blvd complex in
Sofia. Two apartments were presold in Q4, final sales will be concluded in
2016. 16 apartments, out of all Madrid Blvd unsold apartments, are rented out
as accommodation service. Unsold parking places are also rented out.
In 12 months 2015, 92 apartments and commercial spaces were sold in the group’s
Bulgarian projects (in 12 months 2014: 63 apartments and commercial spaces).
In Q4, the last apartment in Bishumuiza-1 project was sold in Latvia. That
means the whole project could be considered as closed for the group. There
remains 14 residential plots in Marsili to be sold in from the group’s stock in
Latvia. A presale agreement was concluded for one of these plots in Q4.
In Estonia, there were concluded design works of the first stage apartment
building (with 125 apartments and 5 commercial spaces) in Kodulahe project.
Permit for construction of apartment building was obtained at the end of
September. At the publishing date of the interim report, the construction and
financing contracts have been signed as well as the first apartment presale
agreement. The construction of the apartment building starts in February 2016.
In June 2015, a smaller land plot in Suur-Sepa street, in centre town of Pärnu,
was acquired as an addition to the group’s land bank. The plot is suitable for
apartment building. After preparing preliminary design the plot was sold
profitably at the beginning of October. Also at the beginning of October, the
group sold another smaller development: Instituudi road residential development
project, acquired in February 2014. The latter project was also up-valued with
the preliminary design. Selling smaller projects bears the goal of focusing on
most important projects in Estonia and Bulgaria.
At 31 December 2015, 5 people were employed in development division, the same
number as at the end of year 2014.
SUMMARY TABLE OF ARCO VARA’S ACTIVE PROJECTS AS AT 31 DECEMBER 2015
Project Address Product Stage Area of GSA / GLA No of units
name main plot(s) (above grade) (above grade)
type (m2) available or available or
<future <future target>
target>
--------------------------------------------------------------------------------
Manastir Manastirski, Apartme S5 - 140 2
ski A/B Sofia nts
--------------------------------------------------------------------------------
Manastir Manastirski, Apartme S5 - 5,832 75
ski D Sofia nts
--------------------------------------------------------------------------------
Madrid Madrid Blvd, Lease: S5/S6 - 7,350 12/8
Blvd Sofia Retail
/Office
--------------------------------------------------------------------------------
Madrid Madrid Blvd, Apartme S5/S6 - 3,216 12/16
Blvd Sofia nts
--------------------------------------------------------------------------------
Marsili Marsili, Residen S5 - 25,389 14
residen near Riga tial
tial plots
plots
--------------------------------------------------------------------------------
Marsili Marsili, Residen S2 120,220 <120,220> <68>
residen near Riga tial
tial plots
plots
--------------------------------------------------------------------------------
Kodulahe Lahepea 7, Apartme S3 6,102 8,732 130
, stage Tallinn nts
1
--------------------------------------------------------------------------------
Kodulahe Lahepea, Apartme S2 22,396 <13,300> <200>
, stages Soodi, Pagi nts
2-5 streets,
Tallinn
--------------------------------------------------------------------------------
Lehiku Lehiku 21,23 Apartme S2 5,915 <1,100> <5>
carpet Tallinn nts
buildin
g
--------------------------------------------------------------------------------
Liimi Liimi 1b, Lease: S2/S5 2,463 <6,500> 1
Tallinn Office
--------------------------------------------------------------------------------
Viimsira Haabneeme, Office/ S3/S5 14,174 500 1
nna Viimsi vald Mix
--------------------------------------------------------------------------------
Note: Value presented inbetween < > means future target value as the project is
in early (S1, S2) development stage and 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 provide
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
PEOPLE
As at 31 December 2015, 178 people worked for the group (189 as at 31 December
2014). Employee remuneration expenses in 12 months 2015 amounted to 2.7 million
euros (in 12 months 2014: 2.5 million euros), including 0.8 million euros in Q4
2015 (0.7 million euros in Q4 2014).
The remuneration of the member of the management board/chief executive and the
members of the supervisory board of the group’s parent company including social
security charges in 12 months 2015 amounted to 108 thousand euros (102 thousand
euros in 12 months 2014).
MANAGEMENT BOARD AND SUPERVISORY COUNCIL
The management board of Arco Vara AS has one member. Since 22 October 2012, the
member of the management board and chief executive of Arco Vara AS has been
Tarmo Sild. The mandate of the chief executive was prolonged by 3 years (until
October 2018) on the supervisory board meeting held in September 2015.
At 30 September 2015, the supervisory board of Arco Vara AS has 5 members. As
at the end of 2014, the supervisory board had 7 members. On 10 February 2015,
extraordinary shareholders meeting recalled previous supervisory board and
elected new supervisory board with 5 members: Hillar-Peeter Luitsalu, Allar
Niinepuu and Rain Lõhmus (re-elected from the previous board), and Steven
Yaroslav Gorelik and Kert Keskpaik (newly elected to the new board). The
members of previous supervisory board Toomas Tool, Arvo Nõges, Aivar Pilv and
Stephan David Balikn will not continue in new board.
More information on key persons of Arco Vara you can find on company’s
corporate web page www.arcorealestate.com.
DESCRIPTION OF THE MAIN RISKS
Strategic risk
Most of the group’s equity is placed in real estate development. The group is
focused mainly on residential real estate development where development cycle
lasts for years consisting of detail planning, designing, construction and sale
- starts from purchase of land plot and finishes with the sale of end products
to customers. The equity is invested mainly in starting phase of the cycle
(purchase of land) on the assumption that there will be a demand for certain
products in the future. Considering that the demand for development product is
largely based on forecast and not on transaction then the main risk for the
group is investing equity to the development product for which there is no
demand in the future.
For mitigating the risk: (i) the group invests equity into different
development project in different markets (in 2016, in Sofia and Tallinn), (ii)
monitoring current demand and supply in its home markets and (iii) makes
efforts to narrow the time between moment of investment and moment of the
demand is rising - signing pre-agreements with clients, purchases land without
using equity or postpones it using project financing alternatives there equity
placement is not necessary.
Credit risk
The group’s credit risk arises mainly from two sources: real estate development
activities and reliability of the banks where bank deposits are placed. As on
real estate transactions a lot of counterparty financing goes through banks,
co-operation with financing banks is common to mitigate counterparty risk. And
not all cash and cash equivalents are placed on the same banking group. As a
consequence, the group considers credit risk as substantially mitigated.
Liquidity and interest rate risks
The base currency of all of the group’s loan agreements is euro and the base
interest rate is 3 or 6 months EURIBOR. As a result, the group is exposed to
developments on the international capital markets. The group does not use
hedging instruments to mitigate its long-term interest rate risk. In 12 months
2015, the group’s interest-bearing liabilities have decreased by 2.2 million
euros and at 31 December 2015 amounted to 12.8 million euros, of which 2.3
million euros is due within next 12 months. At the same time, the group’s cash
and cash equivalents totalled 0.7 million euros as at 31 December 2015 (at 31
December 2014: 1.7 million euros). In 12 months 2015, interest payments on
interest-bearing liabilities totalled 0.8 million euros (in 12 months 2014: 1.1
million euros). The group’s weighted average loan interest rate was 5.0% as at
31 December 2015. This is a decrease by 0.8 percentage points in 12 months
2015. The main reason for the decrease of average interest rate is the
premature redemption of bonds in February 2015. The bonds bore higher than
average interest rate. Marginal effect had also the decrease of EURIBOR rates
even below zero-level.
Currency risk
Purchase and sales contracts of provided services are mostly signed in local
currencies: euros (EUR) or Bulgarian lev (BGN). Real estate sales are mostly
nominated in euros, as a result of which the group’s assets and liabilities
structure does not denote a significant currency risk. The group is not
protected against currency devaluations. Most liquid funds are held in demand
or short-term deposits denominated in euros.
Share and shareholders
Arco Vara AS has issued a total of 6,117,012 ordinary shares with nominal value
of 0.7 euros per share. The shares are freely traded on NASDAQ OMX Tallinn
stock exchange. As at 31 December 2015, the company had 1,600 shareholders (at
31 December 2014: 1,668) including 1,381 individuals as shareholders (at 31
December 2014: 1,441 individuals). The share price closed at 1.15 euros. The
price has increased by 39% within 12 months 2015 (closing price at the end of
2014 was 0.828 euros). During the period, the highest price per share was 1.29
euros and lowest price 0.83 euros. As at 31 December 2015, market
capitalization of shares amounted to 7,035 thousand euros and P/E ratio of the
share was 15.8 (at 31 December 2014: 5,065 thousand euros and 5.5,
respectively).
Major shareholders at 31 December 2015 No of shares Interest %
NORDEA BANK FINLAND PLC client 862,820 14.1%
AS Lõhmus Holdings 602,378 9.8%
Gamma Holding Investment OÜ 565,356 9.2%
Alarmo Kapital OÜ 489,188 8.0%
LHV PENSIONIFOND L 389,765 6.4%
FIREBIRD REPUBLICS FUND LTD 356,428 5.8%
OÜ HM Investeeringud 325,505 5.3%
FIREBIRD AVRORA FUND, LTD. 185,800 3.0%
LHV PENSIONIFOND XL 173,583 2.8%
FIREBIRD FUND L.P. 150,522 2.5%
Other shareholders 2,015,667 33.0%
----------------------------------------------------------------
Total 6,117,012 100.0%
Holdings of members of the management and Position No of Intere
supervisory boards at 31 December 2015 shares st %
Rain Lõhmus (AS Lõhmus Holdings) member of 602,378 9.8%
supervisory
board
Tarmo Sild and Allar Niinepuu (Alarmo member of 489,188 8.0%
Kapital OÜ) management
board/
member of
supervisory
board
Hillar-Peeter Luitsalu (OÜ HM chairman of 428,649 7.0%
Investeeringud, related persons) supervisory
board
Kert Keskpaik (privately and through K Vara member of 194,633 3.2%
OÜ) supervisory
board
Steven Yaroslav Gorelik ¹ member of 3,150 0.1%
supervisory
board
--------------------------------------------------------------------------------
Total 1,717,998 28.1%
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 11.3% interest).
Condensed consolidated interim financial statements
Consolidated statement of comprehensive income
Note 12 months 12 months Q4 Q4
2015 2014 2015 2014
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Revenue from sale of own real 7,019 5,414 1,306 4,929
estate
--------------------------------------------------------------------------------
Revenue from rendering of 3,633 3,744 791 883
services
--------------------------------------------------------------------------------
Total revenue 2, 3 10,652 9,158 2,097 5,812
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 4 -6,865 -5,902 -1,432 -4,004
--------------------------------------------------------------------------------
Gross profit 3,787 3,256 665 1,808
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 80 37 10 16
--------------------------------------------------------------------------------
Marketing and distribution 5 -530 -324 -170 -84
expenses
--------------------------------------------------------------------------------
Administrative expenses 6 -2,020 -1,811 -648 -602
--------------------------------------------------------------------------------
Other expenses -151 -82 -119 -48
--------------------------------------------------------------------------------
Gain on revaluation of 11 95 0 95 0
investment property
--------------------------------------------------------------------------------
Gain on reversal of inventory 10 0 572 0 0
write-down
--------------------------------------------------------------------------------
Gain on transactions involving 0 -27 0 -27
joint ventures
--------------------------------------------------------------------------------
Gain on sale of subsidiary 0 662 0 0
-----------------------------------------------
Operating profit/loss 1,261 2,283 -167 1,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income and costs 7 -666 -1,062 -128 -368
--------------------------------------------------------------------------------
Profit/loss before tax 595 1,221 -295 695
-----------------------------------------------
Income tax -135 -75 -135 -75
--------------------------------------------------------------------------------
Net profit/loss from continuing 460 1,146 -430 620
operations
--------------------------------- ------------- -------
------------------- --------
---------------------------------
-----------------------------------------------
Discontinued operations
---------------------------------
--------------------------------
Loss from discontinued -15 -324 -2 -196
operations
---------------
--------------------------------
---------------------------------
Net profit/loss for the period 445 822 -432 424
--------------------------------------------------------------------------------
---------------------------------------
attributable to owners of the 467 803 -425 423
parent
-----------------------------------------
attributable to non-controlling -22 19 -7 1
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive 445 822 -432 424
income/expense for the period
--------------------------------------------------------------------------------
---------------------------------------
attributable to owners of the 467 803 -425 423
parent
-----------------------------------------
attributable to non-controlling -22 19 -7 1
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in euros) 8
--------------------------------------------------------------------------------
- basic 0.08 0.15 -0.07 0.07
--------------------------------------------------------------------------------
- diluted 0.07 0.14 -0.07 0.07
--------------------------------------------------------------------------------
Consolidated statement of financial position
Note 31 December 31 December
2015 2014
--------------------------------------------------------------------------------
In thousands of euros
----------------
Cash and cash equivalents 745 1,691
--------------------------------------------------------------------------------
Receivables and prepayments 9 679 1,205
--------------------------------------------------------------------------------
Inventories 10 12,818 11,970
--------------------------------------------------------------------------------
Total current assets 14,242 14,866
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Receivables and prepayments 9 0 5
--------------------------------------------------------------------------------
Investment property 11 9,513 11,585
--------------------------------------------------------------------------------
Property, plant and equipment 489 434
--------------------------------------------------------------------------------
Intangible assets 229 113
--------------------------------------------------------------------------------
Total non-current assets 10,231 12,137
--------------------------------------------------------------------------------
TOTAL ASSETS 24,473 27,003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 2,345 3,194
--------------------------------------------------------------------------------
Payables and deferred income 13 1,935 2,659
--------------------------------------------------------------------------------
Provisions 146 274
--------------------------------------------------------------------------------
Total current liabilities 4,426 6,127
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 10,417 11,826
--------------------------------------------------------------------------------
Total non-current liabilities 10,417 11,826
--------------------------------------------------------------------------------
TOTAL LIABILITIES 14,843 17,953
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 4,282 4,282
--------------------------------------------------------------------------------
Share premium 292 292
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Other reserves 8 298 179
--------------------------------------------------------------------------------
Retained earnings 2,656 2,250
--------------------------------------------------------------------------------
Total equity attributable to owners of the 9,539 9,014
parent
--------------------------------------------------------------------------------
Equity attributable to non-controlling 91 36
interests
--------------------------------------------------------------------------------
TOTAL EQUITY 9,630 9,050
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 24,473 27,003
--------------------------------------------------------------------------------
Consolidated statement of cash flows
Note 12 months 12 months Q4 Q4
2015 2014 2015 2014
--------------------------------------------------------------------------------
In thousands of euros
----------- --------
Cash receipts from customers 13,770 10,812 2,825 5,745
--------------------------------------------------------------------------------
Cash paid to suppliers -7,679 -8,945 -2,926 -1,775
--------------------------------------------------------------------------------
Income tax paid from profits -197 -4 -24 0
--------------------------------------------------------------------------------
Other taxes paid and recovered (net) -2,399 -341 -267 -32
--------------------------------------------------------------------------------
Cash paid to employees -1,015 -866 -249 -249
--------------------------------------------------------------------------------
Other cash payments and receipts 9 -41 -15 -7
related to operating activities
(net)
--------------------------------------------------------------------------------
Net cash flow of discontinued -15 -250 -2 -2
operations
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING 2,474 365 -658 3,680
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Payments made on purchase of -196 -71 -59 -39
tangible and intangible assets
--------------------------------------------------------------------------------
Proceeds from sale of a subsidiary 0 10 0 0
--------------------------------------------------------------------------------
Proceeds from sale of an associated 0 1 0 0
company
--------------------------------------------------------------------------------
Loans provided 0 -3 0 0
--------------------------------------------------------------------------------
Placement of security deposits 0 -438 0 0
--------------------------------------------------------------------------------
Release of security deposits 0 701 0 0
--------------------------------------------------------------------------------
Interest received 4 5 0 2
--------------------------------------------------------------------------------
NET CASH FROM/USED IN INVESTING -192 205 -59 -37
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 12 2,734 4,885 1,349 832
--------------------------------------------------------------------------------
Settlement of loans and borrowings 12 -5,025 -4,800 -916 -3,608
--------------------------------------------------------------------------------
Interest paid -788 -1,091 -200 -576
--------------------------------------------------------------------------------
Dividends paid -61 0 0 0
--------------------------------------------------------------------------------
Proceeds from share capital issue 0 1,375 0 0
--------------------------------------------------------------------------------
Other payments related to financing -88 -76 -6 -25
activities
--------------------------------------------------------------------------------
NET CASH FROM/USED IN FINANCING -3,228 293 227 -3,377
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -946 863 -490 266
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at 1,691 818 1,235 1,415
beginning of period
--------------------------------------------------------------------------------
Increase or decrease in cash and -946 863 -490 266
cash equivalents
--------------------------------------------------------------------------------
Increase in cash and cash equivalents 0 10 0 10
through purchase of a subsidiary
--------------------------------------------------------------------------------
Cash and cash equivalents at end of 745 1,691 745 1,691
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 3,319 0 2,011 60 1,452 6,842 12 6,854
at 31
December
2013
--------------------------------------------------------------------------------
Change in 0 0 0 0 -5 -5 5 0
non-control
ling
interests
--------------------------------------------------------------------------------
Increase of 963 292 0 0 0 1,255 0 1,255
share
capital
--------------------------------------------------------------------------------
Formation of 0 0 0 119 0 119 0 119
equity
reserve
--------------------------------------------------------------------------------
Total 0 0 0 0 803 803 19 822
comprehensi
ve income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 179 2,250 9,014 36 9,050
at 31
December
2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 179 2,250 9,014 36 9,050
at 31
December
2014
--------------------------------------------------------------------------------
Profit 0 0 0 0 -61 -61 0 -61
distributio
n
--------------------------------------------------------------------------------
Change in 0 0 0 0 0 0 77 77
non-control
ling
interest
--------------------------------------------------------------------------------
Formation of 0 0 0 119 0 119 0 119
equity
reserve
--------------------------------------------------------------------------------
Total 0 0 0 0 467 467 -22 445
comprehensi
ve income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 298 2,656 9,539 91 9,630
at 31
December
2015
--------------------------------------------------------------------------------
Marek Pontus
CFO
Arco Vara AS
Ph: +372 614 4662
[email protected]
http://www.arcorealestate.com