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Ettevõte AS MERKO EHITUS
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Kategooria Muud korporatiivtoimingud
Avaldamise aeg 23 märts 2020 16:15:00 +0200
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Keel English
Valuuta
Pealkiri The effect of the pandemic and restrictions on the group’s business operations and related decisions
Tekst
The management board of AS Merko Ehitus, having consulted with the supervisory
board, has decided as follows:

1) To make a new proposal to the upcoming general meeting of shareholders by
which no dividends shall be paid for the year 2019 (previous stock exchange
announcement https://www.nasdaqbaltic.com/statistics/en/news/311003). The
group's long-term dividend policy (dividend ratio 50-70%) remains in force.

2) The group continues construction activities until completion of all apartment
development projects that are currently in construction phase. The group has
currently in total of ca 800 apartments under construction in the three Baltic
states of which 53% have been sold with preliminary agreements.

3) During the following three months, the group will not initiate construction
works of any new development projects. This includes the third stage of the Uus-
Veerenni project (Uus-Veerenni Park), the decision to launch of which the group
has previously announced via stock exchange
(https://www.nasdaqbaltic.com/statistics/en/news/310974).

The pandemic and restrictions shall have a negative effect on the construction
sector as well as the group's business operations, while the extent of that
effect is currently impossible to assess. Group companies are co-operating with
all parties to complete all objects currently under construction. AS Merko
Ehitus is well capitalized (equity ratio as of 31 December 2019 46%) and the
secured order book, excluding own developments, stood at ca 200 million euros as
of the end of February.

Andres Trink
Chairman of the Management Board
AS Merko Ehitus
+372 650 1250
andres.trink@merko.ee (mailto:andres.trink@merko.ee)

AS Merko Ehitus (group.merko.ee (https://group.merko.ee/en/)) group consists of
AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in
Lithuania and Peritus Entreprenør AS in Norway. Besides providing construction
service as a main contractor, the group's other major area of activity is
apartment development. As at the end of 2019, the group employed 694 people, and
the group's revenue for 2019 was EUR 327 million.