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Arco Vara AS
LEI kood
097900BHCB0000066171
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
8962
Manused
Esitamise kuupäev ja aeg
29.07.2021 08:37:55
Teate sisu eesti keeles
Pealkiri
2021. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Teade
JUHATAJA KOMMENTAARID Arco Vara on aasta esimesel poolel ootusi ületanud. Korterite müüginumbrid näitavad, et omaniku on leidnud kõik valmisehitatud kodud ning edu on saatnud ka ehituses olevaid projekte: kardetud ehitusmaterjalide tarneraskused on suudetud ületada ja kõikide hoonete ehitused on graafikus. Teise kvartali peamisteks müügitulu allikateks on viimased korterid Kodukalda ja Iztok Parkside arendustes. Seega on nii Tartus kui Sofias kõik korterid müüdud. Eelmüügid on käimas Tallinnas Kodulahe arenduses, kus tänaseks on saadaval vaid 4 korterit, projekti müügitulu summas 12,2 miljonit eurot on oodata 2022. aasta II kvartalis. Põgusalt tulevikku vaadates on 2021. aasta II kvartalis arendusmeeskond Eestis projekteerinud Kodulahe Rannakalda etappi, mille avalikku müüki tulekut ja ehitusluba on oodata septembris ning ehituse algust käesoleva aasta IV kvartalis. Bulgaaria meeskond on teinud ettevalmistusi Botanica Lozen projekti ?sulatamiseks", hinnates võimalusi arendada piirkond välja ainult eramutena, mille vastu on huvi Sofia ümbruses oluliselt kasvanud. Vaadeldes Arco Vara finantstulemusi, oleme saavutanud ühe eesmärkidest: ületada omakapitali tootlust (ROE) 20% aastas. Kiire eelmüük pakkus võimaluse optimeerida intressikulusid ning suurendada sellega käimasolevate projektide kasumimarginaali. Grupil on kasutamata laenulimiite - 60%-line omakapitali suhe varadesse on ajutine nähtus, aasta teises pooles on oodata varade mahu kasvu seoses Kodulahe ehituste laienemisega. Arco Vara soov arendusmahte järgneva viie aasta jooksul oluliselt kasvatada on saanud hoogsa alguse. See ei ole märkamatuks jäänud ka aktsionäridele, kelle hulk on 2021. aastal kasvanud peaaegu kahekordseks, mis viitab eraisikute huvile investeerida kinnisvarasse ilma ise kinnisvara ostmata. Nendele investoritele on suunatud ka septembris planeeritud aktsiate emissioon. PÕHILISED NÄITAJAD Grupi 2021. aasta II kvartali müügitulu oli 1 504 tuhat eurot, mis on 58% enam kui 2020. aasta II kvartali müügitulu 951 tuhat eurot. Grupi 2021. aasta 6 kuu müügitulu 10 670 tuhat eurot on 2,3 korda suurem 2020. aasta 6 kuu müügitulust 3 189 tuhat eurot. 2021. aasta II kvartali ärikasumiks (=EBIT) kujunes 621 tuhat eurot ja puhaskasumiks 523 tuhat (6 kuud 2021: ärikasum 2 430 tuhat eurot ja puhaskasum oli 2 223 tuhat eurot). 2020. aasta II kvartalis sai grupp ärikasumit 42 tuhat eurot ja puhaskahjumit 69 tuhat eurot (6 kuud 2020: ärikasum 175 tuhat eurot ja puhaskahjum oli 49 tuhat eurot). 2021. aasta II kvartalis müüdi grupi poolt arendatavates projektides 5 korterit ja 1 äripind (6 kuuga kokku 63 korterit ja 1 äripind). 2020. aasta II kvartalis müüdi 5 korterit ning 6 kuuga kokku 15 korterit. Grupi laenukoormus (netolaenud) langes 2021. aasta esimese 6 kuuga 765 tuhande euro võrra, tasemele 7 734 tuhat eurot 30.06.2021 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 30.06.2021 seisuga 5,1%, mis on 0,3% võrra kõrgem võrreldes 31.12.2020 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2021. aasta II kvartalis 1 504 tuhat eurot (II kvartal 2020: 951 tuhat eurot) ja 6 kuuga 10 670 tuhat eurot (6 kuud 2020: 3 189 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendusprojektides moodustas II kvartalis 1 234 tuhat eurot ja 6 kuuga 10 136 tuhat eurot (2020. aasta: II kvartalis 782 tuhat eurot ja 6 kuuga 2 777 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2021. aasta II kvartalis oli 200 tuhat eurot ja 6 kuuga 394 tuhat eurot (2020. aasta II kvartalis 148 tuhat eurot ja 6 kuuga 310 tuhat eurot). Käesoleva aruande ilmumise ajal olid kõik kontori- ja kaubanduspinnad koos kaasnevate parkimiskohtadega välja renditud. Merimetsa linnaosas Tallinnas Kodulahe kvartali II etapis on müümata üks äripind. 2020. aastal sai Lahepea 9 maja kasutusloa. 2020. aasta IV kvartalis lõppesid ehitustööd Kodulahe kvartali III etapis, kus valmis 50 korteriga eluhoone aadressile Soodi 4. Käesoleva aruande avaldamise päevaks on kõik korterid müüdud ning majal on olemas kasutusluba. 2020. aasta lõpus alustati Kodulahe IV-V etapi hoonete ehitust. Valmimisel on kaks 36 korteriga eluhoonet aadressile Pagi 3 ja Pagi 5. Lõppmüügi faasi jõuavad kortermajad 2022. aasta suvel. Aastaaruande avaldamise päevaks on 72 korterist 68 eelmüüdud. Kodulahe projekti VI etapp aadressil Paldiski mnt 74 ootab ehitusluba, projekteerimine on töös. Kodulahe VI etapi ehituse algus on kavandatud 2021. aastasse. Plaanis on ehitada paviljon, 4 teeninduspinda ja 108 korterit, millest paljud on merevaatega. Korterelamud saavad valmis umbes 2 aastat pärast ehituse algust. Arco Vara tütarettevõte Aktsiaselts Kolde sõlmis lepingu maa ostuks Harku järve kaldale, aadressile Paldiski mnt 124b, Tallinn. Arendamisele tuleb enam kui 35 000 m(2) elamu- ja ärikinnisvara (brutoehitusmaht), mille oodatav arendusperiood on 6 aastat. Projekti detailplaneeringu eskiislahenduse konkurss on lõppenud, käimas on detailplaneeringu protsess. 2021. aasta II kvartalis lõppesid müügid Oa tänava kinnistutel Tartus, kuhu rajati 4 väiksemat kortermaja kokku 30 korteriga Kodukalda projektinime all. 2021. aasta II kvartalis said Kodukalda majad ka kasutusloa. Iztok Parkside projekti realiseerimine Sofias hoogustus 2020. aasta detsembris, mil hoone sai kasutusloa. Käesoleva kvartaliaruande avaldamise päevaks on kõik korterid müüdud. Projekt koosnes kolmest kortermajast kokku 67 korteriga. Kuna korterid anti bürokraatlike takistuste tõttu kätte aasta hiljem kui lubatud, soovib 2 klienti hüvitist kokku summas 40 tuhat eurot. Kuna nimetatud korteriomanikud soovivad valuraha, aga mitte korteritest loobuda, ei ole hüvitise maksmise kohustus realistlik ja reservi selleks pole moodustatud. Botanica Lozeni projekti oli kavandatud preemiumklassi arendus, mis Covid-19 taandumiseni on otsustatud ajutiselt külmutada. Projekti värskeim vaade näeb ette 65 kodu (eramud) rajamist. Oodatav ehitusaeg on vähemalt 2 aastat. Lätis oli 30.06.2021 ja vahearuande avaldamise kuupäeva seisuga müümata veel 4 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- EUR tuhandetes 6 kuud 2021 6 kuud 2020 II kv 2021 II kv 2020 ------------------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 10 136 2 777 1 234 782 Müügitulu teenuste müügist 534 412 270 169 Müügitulu kokku 10 670 3 189 1 504 951 Müüdud kinnisvara ja teenuste kulu -8 178 -2 541 -1 059 -714 Brutokasum 2 492 648 445 237 Muud äritulud 22 0 12 0 Turustuskulud -65 -57 -30 -15 Üldhalduskulud -401 -415 -217 -179 Muud ärikulud -40 -1 -11 -1 Kasum kinnisvarainvesteeringute ümberhindamisest 422 0 422 0 Ärikasum 2 430 175 621 42 Finantstulud ja -kulud -207 -224 -98 -111 Aruandeperioodi puhaskasum (- kahjum) 2 223 -49 523 -69 Aruandeperioodi koondkasum (- kahjum) 2 223 -49 523 -69 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Puhaskasum aktsia kohta (eurodes) - tava 0,24 -0,01 0,06 -0,01 - lahustatud 0,24 -0,01 0,06 -0,01 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 30.06.2021 31.12.2020 --------------------------------------------------------------------- Raha ja raha ekvivalendid 624 2 200 Nõuded ja ettemaksed 506 1 344 Varud 15 667 14 960 Käibevara kokku 16 797 18 504 Nõuded ja ettemaksed 5 5 Kinnisvarainvesteeringud 9 972 9 564 Materiaalne põhivara 15 22 Immateriaalne põhivara 112 136 Põhivara kokku 10 104 9 727 VARAD KOKKU 26 901 28 231 Laenukohustused 305 3 482 Võlad ja saadud ettemaksed 2 378 3 308 Lühiajalised kohustused kokku 2 683 6 790 Laenukohustused 8 053 7 217 Pikaajalised kohustused kokku 8 053 7 217 KOHUSTUSED KOKKU 10 736 14 007 Aktsiakapital 6 572 6 299 Registreerimata aktsiakapital 0 273 Ülekurss 2 285 2 285 Kohustuslik reservkapital 2 011 2 011 Jaotamata kasum 5 297 3 356 Emaettevõtte omanikele kuuluv omakapital 16 165 14 224 OMAKAPITAL KOKKU 16 165 14 224 KOHUSTUSED JA OMAKAPITAL KOKKU 26 901 28 231 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Teate sisu inglise keeles
Pealkiri
Unaudited consolidated interim report for Q2 and 6 months of 2021
Teade
GROUP CEO'S REVIEW Arco Vara has exceeded expectations during the first half of the year. The sales numbers of apartments indicate that all the completed homes have found an owner, and the projects under construction have also been successful: the feared construction material supply difficulties have been overcome and the construction of all buildings is on schedule. The main sources of sales revenue in the second quarter are the last apartments in the Kodukalda and Iztok Parkside developments. Thus, all apartments in Tartu as well as in Sofia have been sold. Pre-sales are underway in the Kodulahe development in Tallinn, where only 4 apartments are available today; the project sales revenue in the amount of 12.2 million euros is expected in Q2 2022. Taking a brief look into the future, in Q2 2021 the development team in Estonia has been designing Kodulahe Rannakalda phase. Beginning of public sales and construction permit are expected in September and the start of construction in Q4 this year. The Bulgarian team has made preparations for "melting" Botanica Lozen project, assessing the possibilities of developing the area only as private houses, for which there is significant growth of interest in the vicinity of Sofia. Looking at Arco Vara's financial results, we have achieved one of our goals: to exceed 20% return on equity (ROE) per year. The rapid pre-sale provided an opportunity to optimize interest costs and thereby increase the profit margin of ongoing projects. The group has unused loan limits - a 60% equity to assets ratio is a temporary phenomenon; in the second half of the year, the volume of assets is expected to grow due to the expansion of Kodulahe constructions. Arco Vara's desire to significantly increase its development volumes over the next five years has got off to a strong start. This has not gone unnoticed by the shareholders, the number of whom has almost doubled in 2021, which indicates the interest of private individuals to invest in real estate without buying real estate themselves. The issue of shares planned for September is also aimed at these investors. KEY PERFORMANCE INDICATORS In Q2 2021, the group's revenue was 1,504 thousand euros, which is 58% more than the revenue of 951 thousand euros in Q2 2020. In 6 months 2021, the group's revenue was 10,670 thousand euros, which is 2.3 times more than the revenue of 3,189 thousand euros in 6 months 2020. In Q2 2021, the group's operating profit (=EBIT) was 621 thousand euros and net profit 523 thousand euros (in 6 months 2021: operating profit 2,430 thousand euros and net profit of 2,223 thousand euros). In Q2 2020, the group had operating profit of 42 thousand euros and net loss of 69 thousand euros. In 6 months 2020, the group made operating profit of 175 thousand euros and net loss of 49 thousand euros. In Q2 2021, 5 apartments and a commercial space were sold in projects developed by the group (in 6 months 2021 63 apartments and a commercial space). In Q2 2020, 5 apartments were sold (15 apartments in 6 months). In the 6 months of 2021, the group's debt burden (net loans) decreased by 765 thousand euros down to the level of 7,734 thousand euros as of 30 June 2021. As of 30 June 2021, the weighted average annual interest rate of interest-bearing liabilities was 5.1%. This is an increase of 0.3 percentage points compared to 31 December 2020. OPERATING REPORT The revenue of the group totalled 1,504 thousand euros in Q2 2021 (in Q2 2020: 951 thousand euros,) and 10,670 thousand euros in 6 months 2021 (in 6 months 2020: 3,189 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 1,234 thousand euros in Q2 and 10,136 thousand euros in 6 months 2021 (2020: 782 thousand euros in Q2 and 2,777 thousand euros in 6 months). Most of the other revenue of the group consisted of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 200 thousand euros in Q2 2021 and 394 thousand euros in 6 months (2020: 148 thousand euros in Q2 and 310 thousand euros in 6 months). By the time of publishing the present report, all office and commercial spaces, together with parking places, were rented out. One commercial space remains unsold in Stage II of Kodulahe project in Merimetsa district in Tallinn. The house received a usage permit in 2020. In Q4 2020, construction finished in Stage III of Kodulahe project, a residential building with 50 apartments at Soodi 4. By the publishing date of the interim report, all apartments have been sold and the house has the usage permit. At the end of 2020, the joint construction of Stages IV and V of Kodulahe started. Two 36-apartment residential buildings at Pagi 3 and Pagi 5 are under construction. The apartment buildings will become ready for final sale in about 1,5 years. By the publishing date of the annual report, 68 apartments of total 72 have been presold. Stages VI of Kodulahe project is waiting for construction permit, design works are in process. The construction of the Stage VI is scheduled to start in year 2021. The plan is to build a pavilion, 4 commercial areas and 108 apartments, out of which many have sea view. The apartment buildings will become ready in about 2 years after the construction begins. A subsidiary of Arco Vara, Aktsiaselts Kolde, signed an agreement for land acquisition beside Lake Harku, address Paldiski road 124b, Tallinn. More than 35,000 m(2) of residential and commercial real estate (GBA) is planned for development. The expected development period is 6 years with the start of construction planned for 2023. The detailed plan sketch competition of the project has ended, the detailed planning is in process. In Q2 2021, sales on the apartments of Oa street in Tartu ended, where 4 smaller apartment buildings with a total of 30 apartments were built under the Kodukalda project name. In Q2 2021, Kodukalda houses also received a usage permit. In Iztok Parkside project in Sofia, the majority of final sales of apartments started in December 2020, after receiving a usage permit. By the publishing date of the interim report, all apartments have been sold. Iztok project consisted of three apartment buildings with a total of 67 apartments. As the apartments were handed over a year later than promised due to bureaucratic obstacles, 2 clients want compensation in the total amount of 40 thousand euros. As these apartment owners want compensation for pain and suffering, but not to give up the apartments, the obligation to pay compensation is not realistic and no reserve has been formed for this purpose. Botanica Lozen project was designed as a premium class product, it has been decided to temporarily freeze the project until market will recover from Covid- 19. The last view of the project foresees construction of 65 homes (houses). Minimum construction period is 2 years. As of 30 June 2021, and the date of this report, 4 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME In thousands of euros 6m 2021 6m 2020 Q2 2021 Q2 2020 --------------------------------------------------------------------------- Revenue from sale of own real estate 10,136 2,777 782 782 Revenue from rendering of services 534 412 169 169 Total revenue 10,670 3,189 951 951 Cost of sales -8,178 -2,541 -714 -714 Gross profit 2,492 648 237 237 Other income 22 0 12 0 Marketing and distribution expenses -65 -57 -30 -15 Administrative expenses -401 -415 -217 -179 Other expenses -40 -1 -11 -1 Gain on revaluation of investment property 422 0 422 0 Operating profit 2,430 175 621 42 Financial income and costs -224 -224 -111 -111 Profit/ loss before tax 2,223 -49 523 -69 Net loss for the period 2,223 -49 523 -69 Total comprehensive expense for the period 2,223 -49 523 -69 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Earnings per share (in euros) - basic 0.24 -0.01 0.06 -0.01 - diluted 0.24 -0.01 0.06 -0.01 --------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of euros 30 June 2021 31 December 2020 ------------------------------------------------------------------------------- Cash and cash equivalents 624 2,200 Receivables and prepayments 506 1,344 Inventories 15,667 14,960 Total current assets 16,797 18,504 Receivables and prepayments 5 5 Investment property 9,972 9,564 Property, plant and equipment 15 22 Intangible assets 112 136 Total non-current assets 10,104 9,727 TOTAL ASSETS 26,901 28,231 Loans and borrowings 305 3,482 Payables and deferred income 2,378 3,308 Total current liabilities 2,683 6,790 Loans and borrowings 8,053 7,217 Total non-current liabilities 8,053 7,217 TOTAL LIABILITIES 10,736 14,007 Share capital 6,572 6,299 Unregistered share capital 0 273 Share premium 2,285 2,285 Statutory capital reserve 2,011 2,011 Retained earnings 5,297 3,356 Total equity attributable to owners of the parent 16,165 14,224 TOTAL EQUITY 16,165 14,224 TOTAL LIABILITIES AND EQUITY 26,901 28,231 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com