2023 3 months consolidated unaudited interim report
2023年5月5日 - 2:00PM
2023 3 months consolidated unaudited interim report
COMMENTARY FROM MANAGEMENT
Q1 2023 revenue for Merko Ehitus was EUR 76
million, representing 11% growth compared to the same period a year
ago. Net profit for the first quarter was EUR 5.9 million – nearly
double that of Q1 2022. Merko delivered 145 apartments to new
homeowners in Q1.
According to the management of Merko Ehitus,
despite the good profit growth in Q1, it had entered a completely
different apartment market situation than was in 2020 and 2021 when
transaction volume and prices peaked. Today are drawing up the
final contracts under property law for apartments pre-sold earlier,
and this is also showing up in current financial results. The pace
of new sales of apartments has dropped steeply compared to spring
2022 and is several times lower than before. Because of that, Merko
group has launched fewer development projects in the last 12
months, which in turn means fewer apartments in the next few years.
On the positive side of things, the demand for new homes has
increased somewhat in Q1.
In Q1 2023, the group companies entered into new
construction contracts worth EUR 170 million and the balance of
secured order-book grew by approximately 10% to EUR 412 million.
The secured order-book of the group companies is currently strong,
which in the sense of construction volumes does counterbalance the
impacts of the apartment market declining in the next few years.
The project management business directly relies on the volume of
construction orders, and these in turn depend on investment
confidence and the general health of the economy. The outlook in
this area is not good and rapid inflation will mean a number of
risks on the construction contact expense side.
In Q1, Merko delivered 145 apartments to buyers
and launched the fifth phase of Lahekalda apartment development in
Tallinn, with the construction of the above-ground structures. The
decision to build the project to completion depends on the market
situation. As of the end of Q1, the group had 1,004 apartments
under construction, of which more than 40% were covered by
preliminary sale contracts. The largest apartment developments were
Uus-Veerenni, Noblessner and Lahekalda in Tallinn, Erminurme in
Tartu, Viesturdārzs, Mežpilsēta and Magnolijas in Riga and Vilneles
Skverai in Vilnius. In Q1 of 2023, the largest sites
under construction in Estonia were the third phase of the Mustamäe
medical campus of the North Estonia Medical Centre, Rae and
Pelgulinna state gymnasiums, Arter Quarter and the infrastructure
along the south-eastern border of the Republic of Estonia, Defence
Forces buildings on Tapa base, a tram line between Old City Harbour
and Rail Baltic’s Ülemiste passenger terminal and the renovation of
Vana-Kalamaja Street. Projects in progress in Latvia were the
GUSTAVS business centre, Elemental Business Centre office buildings
and NATO infrastructure in Ādaži. In Lithuania, infrastructure for
several wind farms and buildings and infrastructure for NATO
training centres.
OVERVIEW OF THE 3 MONTHS RESULTS
PROFITABILITY2023 3 months’ pre-tax
profit was EUR 6.1 million (3M 2022: EUR 3.5 million), which
brought the pre-tax profit margin to 8.0% (3M 2022: 5.1%).Net
profit attributable to shareholders for 3 months 2023 was EUR 5.9
million (3M 2022: EUR 3.0 million) and 3 months net profit margin
was 7.8% (3M 2022: 4.4%).
REVENUE 2023 3 months’ revenue was EUR
75.8 million (3M 2022: EUR 68.4 million). 3 months’ revenue
increased by 10.7% compared to same period last year. The share of
revenue earned outside Estonia in 3 months 2023 was 46.7% (3M 2022:
56.2%).
SECURED ORDER BOOKAs of 31 March 2023,
the group’s secured order book was EUR 412.2 million (31 March
2022: EUR 376.1 million). In 3 months 2023, group companies signed
contracts in the amount of EUR 170.3 million (3M 2022: EUR 171.2
million).
REAL ESTATE DEVELOPMENTIn 3 months 2023,
the group sold a total of 145 apartments; in 3 months 2022, the
group sold 126 apartments. The group earned a revenue of EUR 19.4
million from sale of own developed apartments in 3 months 2023 and
EUR 15.5 million in 3 months 2022.
CASH POSITIONAt the end of the reporting
period, the group had EUR 14.3 million in cash and cash
equivalents, and equity of EUR 190.1 million (50.0% of total
assets). Comparable figures as of 31 March 2022 were EUR 29.9
million and EUR 170.3 million (50.0% of total assets),
respectively. As of 31 March 2023, the group’s net debt was EUR
72.8 million (31 March 2022: EUR 23.6 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOMEunauditedin thousand euros
|
20233 months |
20223 months |
202212 months |
Revenue |
75,751 |
68,426 |
409,633 |
Cost of
goods sold |
(65,776) |
(60,554) |
(355,975) |
Gross profit |
9,975 |
7,872 |
53,658 |
|
|
|
|
Marketing expenses |
(1,077) |
(1,115) |
(4,077) |
General
and administrative expenses |
(3,965) |
(3,723) |
(15,860) |
Other
operating income |
817 |
686 |
3,144 |
Other
operating expenses |
(62) |
(61) |
(1,834) |
Operating profit |
5,688 |
3,659 |
35,031 |
|
|
|
|
Finance
income/costs |
391 |
(160) |
2,067 |
incl. finance income/costs from joint ventures |
1,280 |
(2) |
3,516 |
interest expense |
(655) |
(162) |
(1,180) |
foreign exchange gain (loss) |
(210) |
52 |
(138) |
other financial income (expenses) |
(24) |
(48) |
(131) |
Profit before tax |
6,079 |
3,499 |
37,098 |
|
|
|
|
Corporate income tax expense |
(292) |
(421) |
(2,995) |
|
|
|
|
Net
profit for financial year |
5,787 |
3,078 |
34,103 |
incl. net profit attributable to equity holders of the parent |
5,880 |
3,006 |
34,640 |
net profit attributable to non-controlling interest |
(93) |
72 |
(537) |
|
|
|
|
Other comprehensive income, which can subsequently be classified
in the income statement |
|
|
|
Currency translation differences of foreign entities |
53 |
16 |
30 |
Comprehensive income for the period |
5,840 |
3,094 |
34,133 |
incl. net profit attributable to equity holders of the parent |
5,910 |
3,020 |
34,648 |
net profit attributable to non-controlling interest |
(70) |
74 |
(515) |
Earnings per share for profit attributable to equity holders of the
parent (basic and diluted, in EUR) |
0.33 |
0.17 |
1.96 |
CONSOLIDATED STATEMENT OF FINANCIAL
POSITIONunauditedin thousand euros
|
31.03.2023 |
31.03.2022 |
31.12.2022 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash
and cash equivalents |
14,295 |
29,881 |
17,665 |
Trade
and other receivables |
54,206 |
57,331 |
77,959 |
Prepaid
corporate income tax |
89 |
53 |
38 |
Inventories |
244,549 |
187,848 |
225,661 |
|
313,139 |
275,113 |
321,323 |
Non-current assets |
|
|
|
Investments in joint ventures |
14,175 |
9,377 |
12,895 |
Other
long-term loans and receivables |
22,685 |
23,878 |
22,982 |
Deferred income tax assets |
873 |
793 |
693 |
Investment property |
11,460 |
13,803 |
11,485 |
Property, plant and equipment |
17,287 |
16,966 |
17,452 |
Intangible assets |
564 |
653 |
582 |
|
67,044 |
65,470 |
66,089 |
|
|
|
|
TOTAL ASSETS |
380,183 |
340,583 |
387,412 |
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Borrowings |
59,753 |
11,554 |
49,687 |
Payables and prepayments |
88,907 |
103,801 |
96,248 |
Income
tax liability |
1,290 |
956 |
1,241 |
Short-term provisions |
8,973 |
6,825 |
9,820 |
|
158,923 |
123,136 |
156,996 |
Non-current liabilities |
|
|
|
Long-term borrowings |
27,347 |
41,938 |
42,236 |
Deferred income tax liability |
2,327 |
3,159 |
2,355 |
Other
long-term payables |
2,054 |
2,244 |
2,133 |
|
31,728 |
47,341 |
46,724 |
|
|
|
|
TOTAL LIABILITIES |
190,651 |
170,477 |
203,720 |
|
|
|
|
EQUITY |
|
|
|
Non-controlling interests |
(565) |
(153) |
(495) |
Equity attributable to equity holders of the parent |
|
|
|
Share
capital |
7,929 |
7,929 |
7,929 |
Statutory reserve capital |
793 |
793 |
793 |
Currency translation differences |
(753) |
(777) |
(783) |
Retained earnings |
182,128 |
162,314 |
176,248 |
|
190,097 |
170,259 |
184,187 |
TOTAL EQUITY |
189,532 |
170,106 |
183,692 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
380,183 |
340,583 |
387,412 |
Interim report is attached to the announcement
and is also published on NASDAQ Tallinn and Merko’s web page
(group.merko.ee).
Urmas SomelarHead of FinanceAS Merko Ehitus+372
650 1250urmas.somelar@merko.ee
AS Merko Ehitus (group.merko.ee) group companies develop real
estate and construct buildings and infrastructure. We create a
better living environment and build the future. We operate in
Estonia, Latvia, Lithuania and Norway. As at the end of 2022, the
group employed 661 people, and the group’s revenue for 2022 was EUR
410 million.
- Merko_Ehitus_2023_3M_interim_report
Merko Ehitus As (LSE:0JKW)
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