• Powered by Crown Equity Holdings Inc.
      • crown-logo

        Crown Equity Holdings Inc. is publicly traded with the symbol CRWE. The Company primarily provides and offers advertising, branding, marketing solutions and services to boost customer awareness, as well as merchant visibility as a worldwide online multi-media publisher. For list of services offered click here

Post on CRWE World Login
logo Fairfield, UNITED STATES
header-img
  • Home
  • News
  • World
      • World News
      • Español
  • Politics
      • U.S. Legislators
      • Political News
  • Sports
  • Business
      • Markets
      • Hottest Stocks Today
      • CRWEWorld Stocks
      • Blockchain
      • Regulatory
      • Accounting
      • Fundraising Campaigns
      • IPOs
      • Money
      • Career
  • Tech
      • Tech
      • Science
  • Living
      • Arts & Entertainment
      • Family
      • Food
      • Pets
      • Seniors
      • Fashion/Fitness
      • Home & Garden
  • Health
      • Health
      • Pharma & Biotech
  • Opinion
      • Finance
      • Law
      • Healthcare
      • Cannabidiol (CBD)
      • Fashion
      • Podcasts
      • Tech
      • Music
  • Travel
  • Local
      • News
      • Trending Now
      • Real Estate
      • Coupons & Deals
      • Business Directory
  • Jobs
  • More
      • Business 2 Business
      • Press Releases
      • Press Releases Pricing
      • News from GlobeNewswire
      • News from PR Newswire
      • News from Business Wire
      • News from Accesswire
      • Video Channels
      • Beauty
      • Business
      • Comedy
      • Entertainment
      • Fashion
      • Featured
      • Health
      • Instructional
      • News
      • Politics
      • Sports
      • Technology
      • Entertainment
      • Horoscope
      • Sudoku
      • Crossword
      • Games
      • Chat
      • Affiliate | How It Works
      • Join CRWE WORLD Affiliate Program
      • CRWE WORLD Advertising Services Rate
      • Crown Equity Holdings' Overview
      • CRWEWorld Real-Time Global Visitors
      • Content Delivery Solution
        • Contact Us
  • More

Change City


-- OR --
load
load
/assets/img/hottest3.png
/assets/img/hottest2.png

/assets/img/reef2.png
/assets/img/red-line.jpg
/assets/img/reef.png
  • Home
  • Articles
  • News Provided by GlobeNewswire
21ьз╕ Cweather-icon
/assets/img/hottest3.png
/assets/img/hottest2.png

/assets/img/reef2.png
/assets/img/red-line.jpg
/assets/img/reef.png

Unaudited consolidated interim report for Q3 and 9 months of 2020

News Provided by GlobeNewswire2020-10-29
16 Views


GROUP CEO’S REVIEW

We can consider the Q3 2020 positive. The sales recovery turned out to be faster than expected, which confirms that Arco Vara's developments meet the expectations of our clients. Construction work has also continued as planned on ongoing developments.

The most significant shift in the Q3 2020 may be considered the change of the Bulgarian manager as of 30 July. The main tasks of the new manager are to complete the usage permit’s process for Iztok Parkside and to initiate the development of at least two new residential properties in the first half of 2021.

By the time of submitting the report, more than ¾ of the Kodulahe complex in Stage III had been pre-sold. The sales revenue is expected in the Q1 2021, but if favourable construction conditions continue, the start of the final sales in the Q4 2020 is not ruled out. In Stage IV and V of the Kodulahe apartments, negotiations are underway for the prime contracting, but the start of the construction depends on the achievement of the desired construction price.

We started designing the Stage VI of the Kodulahe complex (formerly Paldiski road 74), where the construction of approximately 120 apartments is planned. The completion date of the design process and the estimated start of the construction works is the Q4 2021.

In Tartu, the development of Kodukalda 30 apartments is in the phase of construction according to the schedule and presale contracts have been concluded for the sale of 16 apartments. The buildings are expected to be completed in December 2020. The sales revenue is expected by the Q4 2020.

Bulgaria Iztok Parkside apartment buildings have not received the expected permit for use. In the Q3, we re-launched the application process of the usage permit. Thus, we have reached the final stage of the development process, the result of which we are expecting in the first quarter of 2021. The interest of customers who have entered into a presale contract has continued up to this day.

The Madrid BLVD building offices were slightly refurbished to return to 100% tenant occupancy.

Due to the change of the Bulgarian manager, we are witnessing structural changes in the development team, which has boosted the motivation of the team. The Estonian development team has also obtained good results in managing the constraints related to the Covid-19 crisis. In conclusion, the Management Board of Arco Vara is optimistic about the realisation of ongoing developments, potentially resulting in an increase in sales and construction volumes in the coming years.


KEY PERFORMANCE INDICATORS

In Q3 2020, the group’s revenue was 569 thousand euros, which is 20% more than the revenue of 476 thousand euros in Q3 2019. In 9 months 2020, the group’s revenue was 3,758 thousand euros, which is 69% more than the revenue of 2,222 thousand euros in 9 months 2019.

In Q3 2020, the group’s operating loss (=EBIT) was 126 thousand euros and net loss 228 thousand euros (in 9 months 2020: operating profit 49 thousand euros and net loss of 277 thousand euros). In Q3 2019, the group had operating loss of 64 thousand euros and net loss of 174 thousand euros. In 9 months 2019, the group made operating loss of 118 thousand euros and net loss of 460 thousand euros.

In Q3 2020, 2 apartments were sold in projects developed by the group (in 9 months 2020 17 apartments). In Q3 2019, 2 apartments were sold (12 apartments in 9 months).

In the 9 months of 2020, the group’s debt burden (net loans) increased by 1,901 thousand euros up to the level of 15,771 thousand euros as of 30 September 2020. As of 30 September 2020, the weighted average annual interest rate of interest-bearing liabilities was 5.0%. This is an increase of 0.8 percentage points compared to 31 December 2019.


OPERATING REPORT

The revenue of the group totalled 569 thousand euros in Q3 2020 (in Q3 2019: 476 thousand euros,) and 3,758 thousand euros in 9 months 2020 (in 9 months 2019: 2,222 thousand euros), including revenue from the sale of properties in the group’s own development projects in the amount of 337 thousand euros in Q3 and 3,114 thousand euros in 9 months 2020 (2019: 224 thousand euros in Q3 and 1,487 thousand euros in 9 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 178 thousand euros in Q3 2020 and 488 thousand euros in 9 months (2019: 186 thousand euros in Q3 and 536 thousand euros in 9 months). The Q2 of 2020 and Covid-19 brought changes in the economic situation of tenants. Several tenants have been replaced during the last months, but surprisingly in a more favourable direction for Arco Vara, that is why starting from the autumn 2020 all retail and office spaces with the accompanying parking spaces are rented out.

In the II Stage of the Kodulahe project, which was completed at the end of 2019, commercial space remains unsold – the last apartment was sold in Q2 2020. In 2020, Lahepea 9 house received permit of use.

In Q3 2020, construction works continued in Stage III of Kodulahe project, where a building with 50 apartments will be located at Soodi 4 Merimetsa. The project was expected to be finalized by the Q1 2021, but in continuing favourable construction conditions, the house can be finished by the end of 2020. By the publishing date of the interim report, 38 apartments have been presold.

Stages IV-V of Kodulahe have construction permits, design works are finished. The joint construction of Stages IV and V is scheduled to start latest in 2021. The apartment buildings will become ready for final sale in about 1,5 years after the construction begins.

In Q3 2020, construction works of Oa street plots in Tartu continued, where of 4 smaller apartment buildings are constructed under Kodukalda project name. The construction is scheduled to end in Q4 2020. By the publishing time of the interim report, 16 apartments have been presold.

In Iztok Parkside project in Sofia, the final sale of apartments continued in Q3 2020, but the main sales are planned to take place during Q1 2021 after receiving an occupancy permit. By the publishing date of the interim report, presale agreements for 9 apartments have not been concluded. Iztok project consists of three apartment buildings with a total of 67 apartments.

In the Lozen project near Sofia in Bulgaria, design works have been completed and construction tender is in process. As the development was designed as a premium class product, it has been decided to temporarily freeze the project and wait for the market to recover from Covid-19. Under favourable market conditions, construction may start in 2021, divided into smaller sub-stages. The project foresees construction of 179 homes (apartments and houses), commercial spaces and a kindergarten. Minimum construction period is 2 years.

In Q3 2020 a land plot without accounting value was sold in Latvia. As of 30 September 2020 and the date of this report, 4 Marsili residential plots remained unsold in Latvia.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

In thousands of euros9m 20209m 2019Q3 2020Q3 2019
     
Revenue from sale of own real estate3,1141,487337224
Revenue from rendering of services644725232252
Total revenue3,7582,222569476
     
Cost of sales-2,981-1,641-440-312
Gross profit777581129164
     
Other income09100
Marketing and distribution expenses-66-203-9-51
Administrative expenses-654-538-239-156
Other expenses-8-48-7-21
Operating profit (loss)49-118-126-64
     
Financial income and costs-326-342-102-110
Net loss for the period-277-460-228-174
     
Total comprehensive expense for the period-277-460-228-174
     
Earnings per share (in euros)    
- basic-0.03-0.05-0.03-0.02
- diluted-0.03-0.05-0.02-0.02


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 In thousands of euros30 September 202031 December 2019
   
Cash and cash equivalents618870
Receivables and prepayments368544
Inventories21,68015,807
Total current assets22,66617,221
   
Receivables and prepayments50
Investment property9,35111,051
Property, plant and equipment253265
Intangible assets167217
Total non-current assets9,77611,533
TOTAL ASSETS32,44228,754
   
Loans and borrowings10,2986,416
Payables and deferred income3,5623,135
Total current liabilities13,8609,551
   
Loans and borrowings5,6475,904
Total non-current liabilities5,6475,904
TOTAL LIABILITIES19,50715,455
   
Share capital6,2996,299
Unregistered share capital2730
Share premium2,2852,285
Statutory capital reserve2,0112,011
Other reserves0245
Retained earnings2,0672,459
TOTAL EQUITY12,93513,299
TOTAL LIABILITIES AND EQUITY32,44228,754


Tiina Malm
CFO
Arco Vara AS
Phone: +372 614 4630
www.arcovara.com

Attachment

  • AVG 2020 Q3 ENG



© 2020 GlobeNewswire, Inc. All Rights Reserved.

Read More..
The news, reports, views and opinions of authors (or source) expressed are their own and do not necessarily represent the views of CRWE World.


NIO (NYSE: NIO) Partners with NVIDIA (Nasdaq: NVDA) to Develop a New Generation of Automated Driving Electric Vehicles





/assets/img/cw-stocks.png

/assets/img/wysh-jewels.png

/assets/img/hjli.png

/assets/img/Mars-Parachute-2.png

/assets/img/crweworld-podcast.jpg
Sponsored
Also read
White Metal's Partner Noronex Commences Airborne EM Survey on the DorWit Copper-Silver Project, Namibia
Transfer of Common Shares of GetSwift Technologies Limited by Joel Macdonald
Bear Creek Mining Announces Closing of C$34.5 Million Bought Deal Financing
OPTEC International, Inc. Discusses Acquisition of Z20 App for 24/7 Cleaning and Disinfecting Services with The Stock Day Podcast
DGTL Holdings Inc. Announces Private Placement; Engages Thesis Capital for Investor Relations
ILA Provides Update and Additional Details Relating to Proposed Purchase of  Voxtur Technologies, Brightline Title and Certain Assets of James E. Albertelli, P.A.
Raise Production Inc. Announces Closing of Shares for Debt Transactions
Nasdaq Resumes Trading in Generations Bancorp NY, Inc.


Post on CRWE WorldSign Up for Free E-mail Updates
  • Real Estate Eagle Firm, Real Estate
Signup for free email updates
/assets/img/wall-street-rect2.png
/assets/img/wall-street-sq.png



Join with us
Live Traffic Feed
About CrweWorld
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Finance Disclaimer
  • Jobs
Subscribe for newsletter
3+2
Contact Info
  • contact@crweworld.com

  • P: (702) 683-8946

  • P: (702) 810-0178

  • 11226 Pentland Downs St, Las Vegas, NV 89141

Tweets by CrweWorld
Tweets by @CrweWorld
  • © 2021 crweworld.com
ad1

/assets/images/ad/crwe_tech.jpg

Your Technology Source, Your Technology Team

Server Maintenance, Web Development, Mobile Application Solutions, SEO Services and more

Contact Us: contact@crwetech.com

www.CRWETech.com

ad2

/assets/images/ad/content-delivery-solution.jpg

 

Our content delivery solution through CRWE WORLD, CRWE Press Release and CRWE Tube gives corporations and businesses a vehicle to expand their exposure

CLICK HERE FOR MORE INFORMATION

ad3

/assets/img/crwe_info.png

CRWE Info ( CRWE.Info ) provides news and updates about Crown Equity Holdings Inc. and the CRWE World platform

www.crwe.info

ad4

/assets/images/ad/crwetube.png

Share your videos. Upload your videos for free on CRWETube

www.CRWETube.com

ad5

/assets/images/ad/ad4.png

 

Place Your Ad Here! Advertise your business online on CRWE WORLD. Your Company, product, or service in front of the world!

Contact Us: contact@crweworld.com

www.CRWEWorld.com

Advertisements

/assets/images/ad/crwe_tech.jpg

Your Technology Source, Your Technology Team

Server Maintenance, Web Development, Mobile Application Solutions, SEO Services and more

Contact Us: contact@crwetech.com

www.CRWETech.com

/assets/images/ad/content-delivery-solution.jpg

 

Our content delivery solution through CRWE WORLD, CRWE Press Release and CRWE Tube gives corporations and businesses a vehicle to expand their exposure

CLICK HERE FOR MORE INFORMATION

/assets/img/crwe_info.png

CRWE Info ( CRWE.Info ) provides news and updates about Crown Equity Holdings Inc. and the CRWE World platform

www.crwe.info

/assets/images/ad/crwetube.png

Share your videos. Upload your videos for free on CRWETube

www.CRWETube.com

/assets/images/ad/ad4.png

 

Place Your Ad Here! Advertise your business online on CRWE WORLD. Your Company, product, or service in front of the world!

Contact Us: contact@crweworld.com

www.CRWEWorld.com

CRWE WORLD Advertising Services RateJoin CRWE WORLD Affiliate Program