Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
29.11.2007 10:41:10
Title
2007 9 kuu konsolideeritud auditeerimata tulemused
Message
PÕHILISED NÄITAJAD Äritulud kokku moodustasid 686.7 mln krooni (43.9 mln eurot), 76.8% enam kui eelmisel aastal samal perioodil Ärikasum tõusis 112.3 mln kroonini (7.1 mln euroni), 55.0% enam kui eelmisel aastal samal perioodil Puhaskasum ulatus 264.1 mln kroonini (16.9 mln euroni), kasvades 4.8 korda eelmise aasta sama perioodiga võrreldes Omakapital moodustab 55.3 % (2006 9 kuud: 31.1 %) bilansimahust. Omakapitali tootlikkus oli 31.2 % (2006 9 kuud: 15.8 %) Investeeritud kapitali tootlikkus oli 19.4 % (2006 9 kuud 7.7 %) Ehituslepingute järelejäänud maht on 361 mln krooni (23.1 mln eurot) 9 kuu jooksul müüdi või broneeriti kortereid ja krunte kokku 98 tükki. -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | 9 | 9 | III | III | 9 | 9 | III | III | | | kuud | kuud | kvart | kvart | kuud | kuud | kvart | kvart | | | 2007 | 2006 | al | al | 2007 | 2006 | al | al | | | | | 2007 | 2006 | | | 2007 | 2006 | -------------------------------------------------------------------------------- | miljonid | | | | | | | | | -------------------------------------------------------------------------------- | Müügitulu ja | 686. | 388. | 199.1 | 155.7 | 43.9 | 24.8 | 12.7 | 9.9 | | muu äritulu | 7 | 3 | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | 112. | 72.5 | 24.2 | 21.1 | 7.2 | 4.6 | 1.5 | 1.3 | | | 3 | | | | | | | | -------------------------------------------------------------------------------- | s.h neto | 66.1 | 21.0 | 17.4 | 21.0 | 4.1 | 1.3 | 1.1 | 1.3 | | kinnisvarainve | | | | | | | | | | steeringute | | | | | | | | | | ümberhindlused | | | | | | | | | -------------------------------------------------------------------------------- | Kasum enne | 279. | 58.6 | 42.1 | 15.4 | 17.8 | 3.7 | 2.7 | 1.0 | | tulumaksu | 2 | | | | | | | | -------------------------------------------------------------------------------- | s.h neto kasum | 123. | 0 | 8.4 | 0 | 7.9 | 0 | 0.5 | 0 | | finantsvarade | 0 | | | | | | | | | võõrandamisest | | | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | 264. | 54.9 | 36.9 | 15.1 | 16.9 | 3.5 | 2.4 | 1.0 | | | 1 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EPS 1 | 3.27 | 0.80 | 0.36 | 0.22 | 0.21 | 0.05 | 0.02 | 0.01 | | (kroonides/eur | | | | | | | | | | odes) | | | | | | | | | -------------------------------------------------------------------------------- | EPS 2 | 3.68 | 0.80 | 0.48 | 0.22 | 0.24 | 0.05 | 0.03 | 0.01 | | (kroonides/eur | | | | | | | | | | odes) | | | | | | | | | -------------------------------------------------------------------------------- | EPS 3 | 2.69 | 0.80 | 0.36 | 0.22 | 0.17 | 0.05 | 0.02 | 0.01 | | (kroonides/eur | | | | | | | | | | odes) | | | | | | | | | -------------------------------------------------------------------------------- | Varad kokku | 3,53 | 1,81 | | | 225.9 | 115.9 | | | | | 5.6 | 2.7 | | | | | | | -------------------------------------------------------------------------------- | Investeeritud | 3,23 | 1,55 | | | 206.5 | 99.6 | | | | kapital | 0.7 | 7.8 | | | | | | | -------------------------------------------------------------------------------- | Neto laenud | 372. | 1,05 | | | 27.6 | 67.2 | | | | | 4 | 2.2 | | | | | | | -------------------------------------------------------------------------------- | Omakapital | 1,95 | 564. | | | 125.1 | 36.1 | | | | | 7.9 | 9 | | | | | | | -------------------------------------------------------------------------------- | ROIC | 19.4 | 7.7% | | | 19.4% | 7.7% | | | | | % | | | | | | | | -------------------------------------------------------------------------------- | ROE | 31.2 | 15.8 | | | 31.2% | 15.8% | | | | | % | % | | | | | | | -------------------------------------------------------------------------------- | Töötajate arv | 649 | | | | 649 | | | | -------------------------------------------------------------------------------- Juhatuse esimehe kommentaarid Elamupindade müük muutus 2007. a. III kvartalis Eestis ja Lätis keerulisemaks, Leedus laiaulatuslikku probleemi tunda ei olnud. Tehingute mahud langevad, väikearendajad ei suuda arenduseks võetud laene soodsalt refinantseerida ja inimesed on hakanud kinnisvara ostutehinguid edasi lükkama. Arco Vara poolt ehitatavate elukondlike projektide realiseerimine on muutunud lühiajaliselt keerulisemaks, mis mõjutab Kontserni kasumit lühiajalises perspektiivis. Arco planeeritavad projektid Baltikumis tulevad turule alles 2 kuni 3 aasta pärast ja nende tänane väärtus sõltub pigem inimeste maksevõimest ja nõudlusest pealinnades 2 aasta pärast. Ärikinnisvara nõudlus kesklinnades pole vähenenud. Kesklinna A kategooria büroo- ja kaubanduspindade vakantsused lähenevad nullile. Selline olukord tõstab Kontserni enda olemasolevate rahavoogu genereerivate projektide väärtuseid ja loob head eeldused Ahtri 3 ja Laeva 2 projektide ehituse alustamiseks järgmise 12 kuu jooksul. Kuigi Arco Vara oluliste projektide väärtus pole vähenenud ja situatsioon loob suurtele ja hästi kapitaliseeritud arendajatele palju võimalusi, liigub Kontserni fookus siiski Balkanile, kus esimese 112 korteri ehitus juba käib. Rõõmustab ehitusdivisjoni hea tulemus, mis näitab 2006. aastal alustatud saneerimise ja reorganiseerimise tulemuslikkust. 9 kuu ärikasum on paranenud pea 23.0 mln krooni võrra (1.5 mln eurot) ja saavutanud 9.9 mln krooni (0.6 mln euro) taseme. Kahjulikud lepingud on lõppenud ja uutes lepingutes on ehitushinna risk tellijatega jagatud. AVEC Asset Management AS'i poolt juhitav kinnisvarainvesteerimisettevõtte Explorer Property Fund - Baltic States AB viis kolmandas kvartalis lõpuni kaks aasta tagasi kaasatud kapitali täieliku investeerimise. Fondi maht on saavutanud 3,129 mln kroonise taseme (200 mln eurot) keskmise sisenemise tootlikkusega 8.35%. (ingl. k. „entrance yield“) TULUD JA KASUM -------------------------------------------------------------------------------- | | EEK | | | | EUR | | | | -------------------------------------------------------------------------------- | | 9 | 9 | III | III | 9 | 9 | III | III | | | kuud | kuud | kvart | kvart | kuud | kuud | kvarta | kvarta | | | 2007 | 2006 | al | al | 2007 | 2006 | l 2007 | l 2006 | | | | | 2007 | 2006 | | | | | -------------------------------------------------------------------------------- | mln | | | | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | | | | | | | | | ja muu | | | | | | | | | | äritulu | | | | | | | | | -------------------------------------------------------------------------------- | Teenindus | 96.4 | 84.9 | 25.5 | 30.5 | 6.1 | 5.4 | 1.6 | 1.9 | -------------------------------------------------------------------------------- | Arendus | 493.5 | 189.4 | 111.0 | 91.2 | 31.5 | 12.1 | 7.1 | 5.8 | -------------------------------------------------------------------------------- | Ehitus | 293.7 | 241.4 | 136.2 | 101.9 | 18.8 | 15.4 | 8.7 | 6.5 | -------------------------------------------------------------------------------- | Elimineeri | -196. | -127. | -73.6 | -67.9 | -12.6 | -8.1 | -4.7 | -4.3 | | mised | 9 | 5 | | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 686.7 | 388.3 | 199.1 | 155.8 | 43.9 | 24.8 | 12.7 | 9.9 | | ja muu | | | | | | | | | | äritulu | | | | | | | | | | kokku | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | | | | | | | | | -------------------------------------------------------------------------------- | Teenindus | -11.5 | 9.6 | -4.8 | 3.9 | -0.7 | 0.6 | -0.3 | 0.2 | -------------------------------------------------------------------------------- | Arendus | 145.3 | 96.3 | 30.9 | 25.5 | 9.3 | 6.1 | 1.9 | 1.6 | -------------------------------------------------------------------------------- | Ehitus | 9.9 | -12.9 | 13.2 | 2.0 | 0.6 | -0.8 | 0.8 | 0.1 | -------------------------------------------------------------------------------- | Elimineeri | -11.3 | -6.4 | -12.2 | -6.1 | -0.7 | -0.4 | -0.8 | -0.4 | | mised | | | | | | | | | -------------------------------------------------------------------------------- | Jagamatud | -20.2 | -14.0 | -2.9 | -4.2 | -1.3 | -0.6 | -0.2 | -0.3 | | ärikulud | | | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | 112.3 | 72.5 | 24.1 | 21.1 | 7.2 | 4.9 | 1.5 | 1.3 | | kokku | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intressitu | -10.3 | -13.9 | 4.8 | -5.8 | -0.7 | -0.9 | 0.3 | -0.4 | | lud ja | | | | | | | | | | intressiku | | | | | | | | | | lud | | | | | | | | | -------------------------------------------------------------------------------- | Muud | 177.1 | 0 | 13.1 | 0 | 11.3 | 0 | 0.8 | 0 | | finantstul | | | | | | | | | | ud ja | | | | | | | | | | -kulud | | | | | | | | | -------------------------------------------------------------------------------- | Tulumaksuk | -15.1 | -3.7 | -5.2 | -0.3 | -0.9 | -0.2 | -0.3 | 0 | | ulu | | | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | 264.1 | 54.9 | 36.9 | 15.1 | 16.9 | 3.8 | 2.4 | 1.0 | -------------------------------------------------------------------------------- Kontserni põhiline käibe ja kasumi kasv tulenes arendustegevuse heast majandustulemusest. Realiseeriti kortereid ja kinnistuid kokku 336 mln krooni eest (21.5 mln eurot). Olulise osa Kontserni 9 kuu kasumist andsid kinnisvarainvesteeringute üleshindlused 89.0 mln krooni (5.7 mln eurot), finantstulu Sportings Riga SIA osade võõrandamisest summas 118.4 mln krooni (7.6 mln eurot), AVEC Asset Management AS'i finantstulud summas 42.6 mln krooni (2.7 mln eurot) ja osaluse müük Varamaad Kinnisvara OÜ's 8.4 mln krooni (0.5 mln eurot). Negatiivselt mõjutasid kasumit teenindusdivisjoni konsolideeritud kahjum 7.1 mln krooni (0.45 mln eurot) ja kinnisvarainvesteeringute allahindlused summas 22.9 mln krooni (1.5 mln eurot). Teenindusdivisjoni kahjumit võimendas ka kiire laienemine, mida peame jätkuvalt oluliseks. Samuti aitas teenindusdivisjoni kahjumi kujunemisele kaasa tehingute üldine vähenemine Eesti ja Läti kinnisvaraturul. Kui aasta esimese pooles kompenseeris tehingute langust keskmise tehinguhinna tõus, siis kolmandas kvartalis olid keskmised tehinguhinnad madalamad ning halvenenud turuolukorra mõju maaklertegevusele kahekordistus. Olukorra parandamiseks on juhtkond juba alustanud üldhalduskulude kokkuhoiuprogrammiga. Ehitusdivisjon teenis kolmandas kvartalis üle ootuste hea tulemuse, kompenseerides seeläbi negatiivset esimest poolaastat. Põhiliseks kasumi allikaks on projektide tellimisraamatu (ing. k. „backlog“) struktuuri muutused- mitmed kahjulikud lepingud asendusid kasumlikematega. TEENINDUSDIVISJON Areng Leedu, Bulgaaria ja Rumeenia turul on olnud ootuspärane. Tugevat negatiivset mõju on avaldanud Eesti ja Läti turu passiivsus. Olukorraga toimetulekuks kärbib Kontsern back-office kulusid ning vähendab töötajate arvu. Nimetatud tegevuse tulemusel ootame kulude kokkuhoiu efekti alles järgmise aasta esimeses kvartalis. Rumeenias, Bulgaarias ja Ukrainas jätkub aktiivse kasvu poliitika. Järgmises kvartalis turuolukorra paranemist Eesti ja Läti maakleri- ja hindamisturul oodata pole. Divisjoni tulude 30%-line kasv esimesel poolaastal aeglustus 13.5%-ni 9 kuu arvestuses, moodustades kokku 96.4 mln krooni (6.2 mln eurot) võrreldes 85.0 mln krooniga (5.4 mln euroga) eelmisel aastal samal perioodil. Kui 6 kuu seisuga saime raporteerida heast käibe kasvust, siis III kvartalis tuli vastu võtta 15.6%-line käibe langus võrreldes II kvartaliga sellel aastal. Põhjuseks pole hindamisaktide arvu languses, vaid vahendustehingute keskmise väärtuse olulises languses III kvartali jooksul Eestis ja Lätis. Hindamisaktide arv 9 kuu arvestuses on samuti veidi langenud, kokku 187 võrra, ehk -2.6% eelmise aasta sama perioodi tulemusest. Kuigi Leedu büroo näitab pidevat aktide arvu kasvu, siis järsk kukkumine Läti turul viib aktide kogumahu alla. Akte on väljastatud kuues riigis kokku 6,957 tükki (2006 9 kuud: 7,144), millest 53.5% on väljastatud Eestis. Endiselt käib uutel turgudel hindamisteenuse juurutamine, ning Baltikumis alustati uue teenusega- kinnisvaraalane nõustamine. Projektimüügi lepingute maht oli 188 tükki, kasvades II kvartaliga võrreldes 4.4%. Kokku oli vahendatavate objektide arv 12 187 tükki, kasvades kvartaliga 16.6%. Kvartaliga on vahendatavate objektide arv Bulgaarias langenud 10%, kuid Baltikumi turgudel tõusnud 47.5%. Kontserni ühisettevõte AVEC Asset Management AS'i poolt juhitavad kinnisvarainvesteerimisettevõtted soetasid 9 kuu jooksul Kerese Keskuse Narvas, 3 kaubanduskeskust Jõhvis, Laracija büroomaja Leedus, Hotell Portus Tallinnas, AS'i Favor tootmiskompleksi Maardus, Jeruzalemes Centrs Riias ja Papiniidu Keskuse I osa Pärnus. Viimase soetamisega jõudis lõpuni AVEC Baltic Property Fund AB täielik investeerimine. Lisaks viidi III kvartalis edukalt lõpuni Arco Balti Kinnisvaraportfell AS'i aktsiaemissioon summas 56.5 mln krooni (3.6 mln eurot). Tehingute tulemusena on AVEC Asset Management AS'i poolt juhitavate kinnisvarainvesteerimisettevõtete varade mahud jõudnud 3,442 mln kroonini (220 mln euroni). Võrreldes eelmise aasta 9 kuuga, on töötajate arv divisjonis tõusnud 67.1%- 346 inimeseni. Põhiline kasvu allikas on olnud maaklerite värbamine Leedus, Ukrainas ja Bulgaarias. ARENDUSDIVISJON Edu Bulgaarias ei suuda hetkel elimineerida jahedat turuolukorda Baltikumis. Spekulatsioonid lati devalveerimisest on inimesi hirmutanud võimalikust majanduse stagneerumisest kogu Baltikumis ning seetõttu lükatakse kinnisvarasoetuseid edasi. Divisjoni prioriteediks Baltikumi turul on juba ehitatavate projektide edasiarendamine ja läbi planeeringute kehtestamiste varade riskitaseme vähendamine. Balkani piirkonnas juba ehitame Madrid'i projekti (112 korterit) Sofias ja peatselt alustame Manastirski projektiga. Edasist maapanga loomist iseloomustab Balkanil suurem planeeringuriski võtmine. Arendusdivisjoni 9 kuu käive oli 2.6 korda kõrgem ja ärikasum 1.5 korda kõrgem eelmise aasta samast perioodist. Käibele mõjus oluliselt Kerese Keskuse müük 106 mln krooniga (6.8 mln euroga), Ulmana Gatves maa müük 74 mln krooniga (4.7 mln euroga), Kolde projektis uute korterite müük ning varem sõlmitud broneeringute puhul asjaõiguslepingute sõlmimine 110 mln krooniga (7.0 mln euroga) ja Kase tänava ridaelamubokside müük 46 mln krooniga (2.9 mln euroga). III kvartali ärikasumile avaldas positiivset mõju Kolde projekti kasum 13,3 mln krooniga (0,8 mln euroga), osaluse müük Varamaad Kinnisvara OÜ's 8.4 mln krooniga (0.5 mln euroga) ja kinnisvarainvesteeringute neto ümberhindlused 10.7 mln krooniga (0.7 mln euroga). Negatiivset mõju avaldas divisjoni emaettevõtte kahjum 8.1 mln krooniga (0.5 mln eurot). 9 kuu jooksul müüdi või broneeriti kortereid ja krunte kokku 98 tükki. Hetkel ehitatavas etappides on müüa veel kokku 136 ühikut kortereid ja krunte. Ettevõte ootab investeeringutega kokku 212 elamukrundiga projektidesse (Tooma, Vahi, Pärtli) Tallinna lähistel. Arendusdivisjonis töötab kokku kolmanda kvartali lõpu seisuga 59 inimest, neist 42 Eestis. EHITUSDIVISJON Kolmanda kvartali turusituatsioon on võrreldav II kvartali omaga. Kuigi, tööjõu ja materjalide kallinemine pole enam niivõrd absoluutne. Ehitustellimuste vähenemine elukondliku kinnisvara sektoris avaldab lähiajal survet ehitushindade stabiliseerumisele antud valdkonnas. Äri- ja tootmishoonete ehituses veel tellimuste vähenemist tunda pole. Seoses Euroopa toetusfondide rahaeraldusega keskkonnaehituse sektorisse on lähiajal oodata sellealaste projektide kasvu turul. Keskkonnaehituse arendamine on juhtkonna põhiline fookus. Endiselt toimub palju avaliku sektori poolseid tellimusi omavalitsuste sotsiaalobjektide ehituses ja renoveerimises. Ehitusdivisjoni müügikäive kasvas 21.6% ja ärikasum 176.6% võrreldes eelmise aasta sama perioodiga. Müügitulu moodustas 293.6 mln krooni (18.8 mln eurot) ja ärikasum 9.9 mln krooni (0.63 mln eurot), mis on 22.9 mln krooni (1.5 mln eurot) parem tulemus kui eelmine aasta samal perioodil. Oluline kasumi paranemine toimus kolmandas kvartalis, sest esimeses poolaastas lõppesid ära kaks aastat tagasi sõlmitud kahjulikud fikseeritud hindadega lepingud Saaremaal keskkonnaehituses ja kommertskinnisvara ehituses Tallinnas. Hetke turuolukord jätab ehitajatele võimaluse ehitushinna riske paremini jagada. Oluliseks tehinguks 9 kuu jooksul oli 55%-lise osaluse soetamine Läti ehitusettevõttes Dinamo Buve SIA. Tehinguga viidi lõpuni Arco Vara Kontserni täieliku ärimudeli juurutamine Lätis. Konsolideerumine ehitussektoris jätkub. Kolmandas kvartalis olulisi ehituslepinguid juurde ei sõlmitud. Uusi lepinguid lisandus Eestis 34.6 mln krooni (2.2 mln euro) eest ja Lätis 20.2 mln krooni eest (1.3 mln euro) eest. Ehituslepingute järelejäänud maht kolmanda kvartali lõpu seisuga on 361 mln krooni (23.1 mln eurot), millest suuremad lepingud on Matsalu veevärgi rekonstrueerimine 93.8 mln krooniga (6.0 mln euroga) ja Bišumuiša kortermajade ehitus 83.6 mln krooniga (5.3 mln euroga). 9 kuu kontsernisisene müügitulu moodustas 51.4%, III kvartali kontsernisisene müügitulu moodustas 50.8%. Töötajate arv divisjonis on 172, millest 50.6% töötab Lätis. KONSOLIDEERITUD KASUMIARUANNE 9 KUUD 2007, EEK tuhandetes -------------------------------------------------------------------------------- | | Lis | 9 kuud | 9 kuud | III | III | | | a | 2007 | 2006 | kvartal | kvartal | | | | | | 2007 | 2006 | -------------------------------------------------------------------------------- | EEK tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu teenuste müügist | | 232,434 | 234,895 | 96,813 | 93,811 | -------------------------------------------------------------------------------- | Müügitulu kaupade müügist | | 361,309 | 116,421 | 84,172 | 57,079 | -------------------------------------------------------------------------------- | Müügitulu kokku | 5 | 593,743 | 351,316 | 180,985 | 150,890 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | | -434,94 | -253,99 | -133,704 | -107,305 | | | | 1 | 7 | | | -------------------------------------------------------------------------------- | Brutokasum | | 158,802 | 97,319 | 47,281 | 43,585 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud äritulud | | 92,925 | 36,986 | 18,106 | 4,873 | -------------------------------------------------------------------------------- | Turustuskulud | | -18,763 | -14,214 | -5,888 | -1,869 | -------------------------------------------------------------------------------- | Üldhalduskulud | | -93,886 | -45,762 | -29,754 | -23,921 | -------------------------------------------------------------------------------- | Muud ärikulud | | -26,760 | -1,863 | -5,565 | -1,572 | -------------------------------------------------------------------------------- | Ärikasum | | 112,318 | 72,466 | 24,180 | 21,096 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 6 | 198,131 | 2,935 | 25,087 | 976 | | investeerimistegevuse tulud | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 6 | -31,229 | -16,829 | -7,114 | -6,690 | | investeerimistegevuse kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksu | | 279,220 | 58,572 | 42,153 | 15,382 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | | -15,112 | -3,711 | -5,208 | -299 | -------------------------------------------------------------------------------- | Puhaskasum | | 264,108 | 54,861 | 36,945 | 15,083 | -------------------------------------------------------------------------------- | s.h vähemusosanikele kuuluv | | 8,167 | 343 | 2,985 | 222 | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | s.h Arco Vara AS | | 255,941 | 54,518 | 33,960 | 14,861 | | aktsionäridele kuuluv | | | | | | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | 7 | | | | | | (kroonides) | | | | | | -------------------------------------------------------------------------------- | - tava | | 3.27 | 0.80 | 0,36 | 0.22 | -------------------------------------------------------------------------------- | - lahustatud | | 3.27 | 0.80 | 0,36 | 0.22 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE 9 KUUD 2007, EUR tuhandetes -------------------------------------------------------------------------------- | | Lisa | 9 kuud | 9 kuud | III | III | | | | 2007 | 2006 | kvartal | kvartal | | | | | | 2007 | 2006 | -------------------------------------------------------------------------------- | EUR tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu teenuste müügist | | 14,855 | 15,013 | 6,187 | 5,996 | -------------------------------------------------------------------------------- | Müügitulu kaupade müügist | | 23,092 | 7,440 | 5,380 | 3,648 | -------------------------------------------------------------------------------- | Müügitulu kokku | 5 | 37,947 | 22,453 | 11,567 | 9,644 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | | -27,79 | -16,234 | -8,545 | -6,858 | | | | 8 | | | | -------------------------------------------------------------------------------- | Brutokasum | | 10,149 | 6,219 | 3,022 | 2,786 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | | 5,939 | 2,364 | 1,157 | 311 | -------------------------------------------------------------------------------- | Turustuskulud | | -1,199 | -908 | -376 | -119 | -------------------------------------------------------------------------------- | Üldhalduskulud | | -6,000 | -2,925 | -1,902 | -1,529 | -------------------------------------------------------------------------------- | Muud ärikulud | | -1,709 | -119 | -356 | -101 | -------------------------------------------------------------------------------- | Ärikasum | | 7,178 | 4,631 | 1,545 | 1,348 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finants- ja | 6 | 12,663 | 188 | 1,603 | 62 | | investeerimistegevuse tulud | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 6 | -1,996 | -1,076 | -455 | -427 | | investeerimistegevuse kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksu | | 17,844 | 3,743 | 2,694 | 983 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaksukulu | | -965 | -237 | -333 | -19 | -------------------------------------------------------------------------------- | Puhaskasum | 7 | 16,880 | 3,506 | 2,361 | 964 | -------------------------------------------------------------------------------- | s.h vähemusosanikele kuuluv | | 522 | 22 | 190 | 14 | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | s.h Arco Vara AS | | 16,358 | 3,484 | 2,170 | 950 | | aktsionäridele kuuluv | | | | | | | puhaskasum | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | | | | | | (eurodes) | | | | | | -------------------------------------------------------------------------------- | - tava | | 0.24 | 0.05 | 0.02 | 0.01 | -------------------------------------------------------------------------------- | - lahustatud | | 0.24 | 0.05 | 0.02 | 0.01 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS, tuhandetes (EEK, EUR) -------------------------------------------------------------------------------- | | | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | 30.09.20 | 31.12.200 | 30.09.200 | 31.12.200 | | | | 07 | 6 | 7 | 6 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 847,754 | 58,345 | 54,181 | 3,729 | | ekvivalendid | | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | 58,557 | 0 | 3,742 | 0 | | finantsinvesteeringud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 8 | 255,803 | 102,498 | 16,349 | 6,551 | -------------------------------------------------------------------------------- | Ettemakstud kulud | | 15,748 | 4,429 | 1,006 | 283 | -------------------------------------------------------------------------------- | Varud | 9 | 1,062,23 | 431,817 | 67,890 | 27,598 | | | | 1 | | | | -------------------------------------------------------------------------------- | Bioloogilised varad | | 6,285 | 6,141 | 402 | 392 | -------------------------------------------------------------------------------- | Käibevara kokku | | 2,246,37 | 603,230 | 143,570 | 38,553 | | | | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nõuded | | 42,386 | 10,673 | 2,709 | 682 | -------------------------------------------------------------------------------- | Pikaajalised | 10 | 108,805 | 65,769 | 6,954 | 4,203 | | investeeringud | | | | | | | väärtpaberitesse | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteering | 11 | 1,010,33 | 1,479,281 | 64,572 | 94,543 | | ud | | 2 | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 12 | 104,497 | 81,713 | 6,679 | 5,222 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 13 | 23,210 | 16,705 | 1,483 | 1,069 | -------------------------------------------------------------------------------- | Põhivara kokku | | 1,289,23 | 1,654,141 | 82,397 | 105,719 | | | | 0 | | | | -------------------------------------------------------------------------------- | VARAD KOKKU | | 3,535,60 | 2,257,371 | 225,967 | 144,272 | | | | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | | 481,964 | 699,568 | 30,803 | 44,710 | -------------------------------------------------------------------------------- | Võlad | | 243,880 | 249,275 | 15,587 | 15,932 | -------------------------------------------------------------------------------- | Ettemaksed | | 53,625 | 63,427 | 3,427 | 4,054 | -------------------------------------------------------------------------------- | Eraldised | | 1,384 | 1,953 | 88 | 125 | -------------------------------------------------------------------------------- | Lühiajalised | | 780,853 | 1,014,223 | 49,906 | 64,821 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | | 790,790 | 457,258 | 50,541 | 29,224 | -------------------------------------------------------------------------------- | Võlad | | 4,380 | 41,561 | 280 | 2,657 | -------------------------------------------------------------------------------- | Edasilükkunud | | 1,368 | 1,353 | 87 | 86 | | tulumaksukohustus | | | | | | -------------------------------------------------------------------------------- | Eraldised | | 261 | 1,095 | 17 | 70 | -------------------------------------------------------------------------------- | Pikaajalised | | 796,799 | 501,267 | 50,925 | 32,037 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | | 1,577,65 | 1,515,490 | 100,831 | 96,857 | | | | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | | 952,842 | 304,530 | 60,898 | 19,463 | -------------------------------------------------------------------------------- | Ülekurss | | 712,514 | 123,083 | 45,538 | 7,866 | -------------------------------------------------------------------------------- | Kohustuslik | | 20,084 | 5,486 | 1,284 | 351 | | reservkapital | | | | | | -------------------------------------------------------------------------------- | Muud reservid | | -176 | -184 | -12 | -12 | -------------------------------------------------------------------------------- | Jaotamata kasum | | 247,184 | 292,002 | 15,798 | 18,663 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele | | 1,932,44 | 724,917 | 123,506 | 46,331 | | kuuluv omakapital | | 8 | | | | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vähemusosalusele | | 25,508 | 16,964 | 1,630 | 1,084 | | kuuluv omakapital | | | | | | -------------------------------------------------------------------------------- | Omakapital kokku | 14 | 1,957,95 | 741,881 | 125,136 | 47,415 | | | | 6 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 3,535,60 | 2,257,371 | 225,967 | 144,272 | | OMAKAPITAL KOKKU | | 8 | | | | -------------------------------------------------------------------------------- Lisainformatsioon: Heigo Metsoja Investorsuhete juht +372 6144 654 heigo.metsoja@arcovara.ee www.arcorealestate.com
Title
Interim unaudited report, 9 months 2007
Message
Financial highlights Revenue and other income totalled 686.7 million kroons (43.9 million euros), a solid 76.8% increase year-on-year Operating profit reached 112.3 million kroons (7.1 million euros), 55.0% up year-on-year Net profit reached 264.1 million kroons (16.9 million euros), 4.8-fold increase Equity to assets ratio rose to 55.3% (9 months 2006: 31.1%) and return on equity improved to 31.2% (9 months 2006: 15.8%) Return on invested capital was 19.4 % (9 months 2006: 7.7%) Order backlog at period-end stood at 361 million kroons (23.1 million euros) In 9 months were sold or booked apartments or land plots 98 pieces. -------------------------------------------------------------------------------- | | EEK | | | | EUR | | | | -------------------------------------------------------------------------------- | | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 | | | month | month | 2007 | 2006 | month | months | 2007 | 2006 | | | s | s | | | s | 2006 | | | | | 2007 | 2006 | | | 2007 | | | | -------------------------------------------------------------------------------- | Millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenue | 686.7 | 388.3 | 199.1 | 155.7 | 43.9 | 24.8 | 12.7 | 9.9 | | and other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | 112.3 | 72.5 | 24.2 | 21.1 | 7.2 | 4.6 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Including | 66.1 | 21.0 | 17.4 | 21.0 | 4.1 | 1.3 | 1.1 | 1.3 | | net gains | | | | | | | | | | on | | | | | | | | | | revaluati | | | | | | | | | | on of | | | | | | | | | | real | | | | | | | | | | estate | | | | | | | | | | investmen | | | | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | EBT | 279.2 | 58.6 | 42.1 | 15.4 | 17.8 | 3.7 | 2.7 | 1.0 | -------------------------------------------------------------------------------- | Including | 123.0 | 0 | 8.4 | 0 | 7.9 | 0 | 0.5 | 0 | | net gains | | | | | | | | | | on | | | | | | | | | | divestmen | | | | | | | | | | t of | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | -------------------------------------------------------------------------------- | Net | 264.1 | 54.9 | 36.9 | 15.1 | 16.9 | 3.5 | 2.4 | 1.0 | | profit | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EPS 1 (in | 3.27 | 0.80 | 0.36 | 0.22 | 0.21 | 0.05 | 0.02 | 0.01 | | kroons/au | | | | | | | | | | ros) | | | | | | | | | -------------------------------------------------------------------------------- | EPS 2 (in | 3.68 | 0.80 | 0.48 | 0.22 | 0.24 | 0.05 | 0.03 | 0.01 | | kroons/eu | | | | | | | | | | ros) | | | | | | | | | -------------------------------------------------------------------------------- | EPS 3 (in | 2.69 | 0.80 | 0.36 | 0.22 | 0.17 | 0.05 | 0.02 | 0.01 | | kroons/eu | | | | | | | | | | ros) | | | | | | | | | -------------------------------------------------------------------------------- | Total | 3,535 | 1,812 | | | 225.9 | 115.9 | | | | Assets | .6 | .7 | | | | | | | -------------------------------------------------------------------------------- | Invested | 3,230 | 1,557 | | | 206.5 | 99.6 | | | | Capital | .7 | .8 | | | | | | | -------------------------------------------------------------------------------- | Net Debt | 372.4 | 1,052 | | | 27.6 | 67.2 | | | | | | .2 | | | | | | | -------------------------------------------------------------------------------- | Equity | 1,957 | 564.9 | | | 125.1 | 36.1 | | | | | .9 | | | | | | | | -------------------------------------------------------------------------------- | ROIC | 19.4% | 7.7% | | | 19.4% | 7.7% | | | -------------------------------------------------------------------------------- | ROE | 31.2% | 15.8% | | | 31.2% | 15.8% | | | -------------------------------------------------------------------------------- | Number of | 649 | | | | 649 | | | | | Staff | | | | | | | | | -------------------------------------------------------------------------------- Comments from Arco's CEO Viljar Arakas: In Estonia and Latvia the sales of residential properties became more complicated in the third quarter. In Lithuania the situation is more favourable compared to the rest of the Baltic region. Deal volumes have dropped, small players can't get refinancing on favourable terms and customers have postponed their purchasing decisions for a while. This has also affected Arco's residential projects that are right now under construction in the Baltic's and continue to effect in short-term. In case of Arco, most of the residential pipeline in the Baltic's is planned to come to market after two to three years. The value of these assets depends more on the purchasing power and market situation in the capital cities after two years. Demand for commercial spaces in the city centre hasn't decreased. Downtown A-category office- and retail vacancies are close to zero. The situation increases the value of Arco's existing cash flow generating projects and creates favourable conditions for the start of construction of Ahtri 3 and Laeva 2 commercial projects in Tallinn in the next 12 months. Although the value of Arco's assets haven't increased in Q3 and the situation favours big and well capitalised developers, the focus of the group is in the Balkan region, where we already started the construction of 112 apartment project called “Madrid”. We are pleased on the results of our construction division that represents the success of restructuring that already started in 2006. 9 month EBIT has improved almost 23.0 million kroons (1.5 million euros) and reached a level of 9.9 million kroons (0.6 million euros). Loss-generating contracts have expired and in the new ones the construction price risk is more diversified among the client and constructor In Q3 the funds of Explorer Property Fund - Baltic States AB, managed by Arco's joint-venture with East Capital, were fully invested. It took two years of hard work to close the portfolio. The asset volume in total is 3,129 million kroons (200 million euros) and the average entrance yield is 8.35%. REVENUES AND PROFIT -------------------------------------------------------------------------------- | | EEK | | | | EUR | | | | -------------------------------------------------------------------------------- | | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 | | | month | month | 2007 | 2006 | months | months | 2007 | 2006 | | | s | s | | | 2007 | 2006 | | | | | 2007 | 2006 | | | | | | | -------------------------------------------------------------------------------- | Millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenues | | | | | | | | | | and other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Services | 96.4 | 84.9 | 25.5 | 30.5 | 6.1 | 5.4 | 1.6 | 1.9 | -------------------------------------------------------------------------------- | Developme | 493.5 | 189.4 | 111.0 | 91.2 | 31.5 | 12.1 | 7.1 | 5.8 | | nt | | | | | | | | | -------------------------------------------------------------------------------- | Construct | 293.7 | 241.4 | 136.2 | 101.9 | 18.8 | 15.4 | 8.7 | 6.5 | | ion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminati | -196. | -127. | -73.6 | -67.9 | -12.6 | -8.1 | -4.7 | -4.3 | | ons | 9 | 5 | | | | | | | -------------------------------------------------------------------------------- | Total | 686.7 | 388.3 | 199.1 | 155.8 | 43.9 | 24.8 | 12.7 | 9.9 | | revenues | | | | | | | | | | and other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBIT | | | | | | | | | -------------------------------------------------------------------------------- | Services | -11.5 | 9.6 | -4.8 | 3.9 | -0.7 | 0.6 | -0.3 | 0.2 | -------------------------------------------------------------------------------- | Developme | 145.3 | 96.3 | 30.9 | 25.5 | 9.3 | 6.1 | 1.9 | 1.6 | | nts | | | | | | | | | -------------------------------------------------------------------------------- | Construct | 9.9 | -12.9 | 13.2 | 2.0 | 0.6 | -0.8 | 0.8 | 0.1 | | ion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminati | -11.3 | -6.4 | -12.2 | -6.1 | -0.7 | -0.4 | -0.8 | -0.4 | | ons | | | | | | | | | -------------------------------------------------------------------------------- | Unallocat | -20.2 | -14.0 | -2.9 | -4.2 | -1.3 | -0.6 | -0.2 | -0.3 | | ed | | | | | | | | | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | 112.3 | 72.5 | 24.1 | 21.1 | 7.2 | 4.9 | 1.5 | 1.3 | | Total | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Net | -10.3 | -13.9 | 4.8 | -5.8 | -0.7 | -0.9 | 0.3 | -0.4 | | interests | | | | | | | | | -------------------------------------------------------------------------------- | Other | 177.1 | 0 | 13.1 | 0 | 11.3 | 0 | 0.8 | 0 | | financial | | | | | | | | | | income | | | | | | | | | | and | | | | | | | | | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | Income | -15.1 | -3.7 | -5.2 | -0.3 | -0.9 | -0.2 | -0.3 | 0 | | tax | | | | | | | | | | expense | | | | | | | | | -------------------------------------------------------------------------------- | Net | 264.1 | 54.9 | 36.9 | 15.1 | 16.9 | 3.8 | 2.4 | 1.0 | | Profit | | | | | | | | | -------------------------------------------------------------------------------- The Group's revenue and profit growth may be attributed to the good results of the development division. Revenue from the sale of apartments and property totalled 336 million kroons (21.5 million euros). Significant part of Group's profit was contributed by gains from asset revaluations in amount of 89 million kroons (5.7 million euros), financial income of 118.4 million kroons (7.6 million euros) from the sale of the Group's interest in Sportings Riga SIA, finance income of 42.6 million kroons (2.7 million euros) generated by AVEC Asset Management AS and income of 8.4 million kroons (0.5 million euros) from the divestment of a stake in Varamaad Kinnisvara OÜ. The Group's result of operations was adversely affected by the consolidated loss of the Service division of 7.1 million kroons (0.45 million euros) and the write-down of investment properties by 22.9 million kroons (1.5 million euros). The adverse result was also effected by the fast expansion strategy on the new markets, that is considered an important goal for our service division. The loss in service division was triggered by the drop in the number of real estate deals on Latvian and Estonian markets in third quarter. If in the first half of the year the decline in the number of transactions was countered by a rise in the average value of a transaction, then in the third quarter transaction values began dropping and the impact of the deteriorating market situation on brokerage activities doubled. In order to coupe with the situation the management has started to cut fixed costs in Latvia and Estonia. The Construction division's third quarter results surpassed expectations, compensating the difficulties of the first half-year. The improvement in profitability may be ascribed to structural changes in the division's order backlog where many unfavourable contracts were replaced with more profitable ones. SERVICE DIVISION Developments on Lithuanian, Bulgarian and Romanian markets have been according to our expectations. Adverse developments have taken place in Latvia and Estonia in terms of lower amount of transactions. In order to cope with the new market situation management is cutting back on back-office expenses and decreases the number of employees. The positive result of downsizing program will effect first quarter next year. In Romania, Bulgaria and Ukraine we continue with our aggressive growth strategy. According to our estimates during next quarter the improvement of the situation on Estonian and Latvian agency and property valuation markets will not occur. In the third quarter, the Service division's revenue growth decelerated from 30% for the first half-year to 13.5% for nine months. Nine months' revenues totalled 96.4 million kroons (6.2 million euros) against 85.0 million kroons (5.4 million euros) a year ago. If at the end of the first six months we were able to report strong revenue growth, the third quarter brought a 15.6% decline compared with the second quarter. This was not due to a decrease in the number of valuation reports issued but because in the third quarter the average value of a brokerage transaction fell substantially both in Estonia and Latvia. Compared with the first nine months of 2006 the number of valuation reports declined by 187, i.e. 2.6%. Although the figures posted by the Lithuanian office have been improving steadily, the overall result was weakened by the nosedive in the Latvian market. During the nine-month period, our appraisers issued 6,957 valuation reports in six countries (9 months 2006: 7,144), 53.5% of them in Estonia. The division continued introducing valuation services in the new markets and launched real estate advisory services in the Baltics. Project sales contracts totalled 188, 4.4% up on the second quarter. At period end, the number of properties being brokered was 12,187, a 16.6% increase on the second quarter. In the third quarter, the number of properties being brokered in Bulgaria dropped by 10% year-on year whereas in the Baltic market grew by 47.5%. DEVELOPMENT DIVISION The success in Bulgaria is not able to eliminate the challenging times right now in the Baltic. Speculations on the devaluation of Latvian currency have created fair of economical stagnation in all the Baltic states and this in turn makes people to wait for a while before purchasing a new apartment. The priority in the Baltic is to finish current phases in on-going projects and through zoning process decrease the risk level of major assets. In the Balkan we have already started the construction of “Madrid” project (112 apartments) in Sofia and soon will also start to construct “Manastirski” project. Expansion strategy from now on in the region foresees bearing more zoning risks. The nine-month sales and operating profit of the Development division grew 2.6-fold and 1.5-fold on the same period in 2006 respectively. Strong sales results were supported by the sale of Kerese Keskus for 106 million kroons (6.8 million euros) and the Ulmana Gatves property for 74 million kroons (4.7 million euros). The sale of apartments and conclusion of real right contracts in Kolde residential project contributed 110 million kroons (7.0 million euros) and the sale of terraced houses in Kase street generated a further 46 million kroons (2.9 million euros). Operating profit for the third quarter was enhanced by sales gains of 13.3 million kroons (0.8 million euros) yielded by Kolde project, the divestment of a stake in Varamaad Kinnisvara OÜ for 8.4 million kroons (0.5 million euros) and net revaluation gains of 10.7 million kroons (0.7 million kroons), and weakened by a loss of 8.1 million kroons (0.5 million euros) incurred by the division's parent company. During the first nine months of 2007, 98 apartments were sold or reserved. In the current stages of the projects, 136 units remain to be sold. For a while company holds back the investments in three residential land plot projects (Tooma, Vahi, Pärtli) near Tallinn consisting of the development of 212 land plots. At the end of the third quarter, the Development division employed 59 people including 42 in Estonia. CONSTRUCTION DIVISION The market situation in third quarter is comparable to second quarter. Although, the increase of labour and raw material costs are not so absolute any more. The prices of residential property should stabilise in the near future owing to shrinking demand and stiff competition. Demand for business and production premises has not yet subsided. In connection with allocations made from the EU structural funds, the state is going to arrange several public procurement tenders for environmental engineering projects. Development of environmental engineering competencies and capacities is the main focus of the management. The number of public procurement tenders for the construction and rehabilitation of buildings belonging to local government remains large as well. Compared to the same period last year 9 month revenues of the division increased 21.6% and EBIT 176.6%. Revenues were 293.6 million kroons (18.8 million euros) and EBIT 9.9 mln kroons (0,63 million euros), which is 22.9 million kroons (1.5 million euros) better result than last year in the same period. Significant profit growth was achieved in the third quarter when a number of unfavourable fixed-price environmental engineering contracts in Saaremaa and commercial construction contracts in Tallinn had expired (the contracts were concluded two years ago). The current market situation provides better opportunities for sharing the price risk. A major transaction of the nine-month period was the acquisition of a 55% stake in the Latvian construction company Dinamo Buve SIA which completed the implementation of the Group's full business model in Latvia. In the third quarter, no significant construction contracts were acquired. The contracts acquired in Estonia totalled 34.6 million kroons (2.2 million euros) and the ones acquired in Latvia amounted to 20.2 million kroons (1.3 million euros). At the end of September, the division's order backlog was 361 million kroons (23.1 million euros). The largest contracts comprised the rehabilitation of Matsalu water and wastewater systems of 93.8 million kroons (6.0 million euros) and the construction of the Bishumuizhas apartment houses of 83.6 million kroons (5.3 million euros). Intra-group sales for nine months and the third quarter accounted for 51.4% and 50.8% of the division's sales respectively. At the end of September, the Construction division employed 172 people, including 50.6% in Latvia. CONSOLIDATED UNAUDITED INCOME STATEMENT 9 months 2007, thousands of kroons -------------------------------------------------------------------------------- | | Note | 9 months | 9 months | Q3 2007 | Q3 2006 | | | | 2007 | 2006 | | | -------------------------------------------------------------------------------- | In | | | | | | | thousands | | | | | | | of kroons | | | | | | -------------------------------------------------------------------------------- | Rendering | | 232,434 | 234,895 | 96,813 | 93,811 | | of services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 361,309 | 116,421 | 84,172 | 57,079 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | 5 | 593,743 | 351,316 | 180,985 | 150,890 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | | -434,941 | -253,997 | -133,704 | -107,305 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross | | 158,802 | 97,319 | 47,281 | 43,585 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | | 92,925 | 36,986 | 18,106 | 4,873 | | income | | | | | | -------------------------------------------------------------------------------- | Selling and | | -18,763 | -14,214 | -5,888 | -1,869 | | distributio | | | | | | | n costs | | | | | | -------------------------------------------------------------------------------- | Administrat | | -93,886 | -45,762 | -29,754 | -23,921 | | ive | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | | -26,760 | -1,863 | -5,565 | -1,572 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating | | 112,318 | 72,466 | 24,180 | 21,096 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 6 | 198,131 | 2,935 | 25,087 | 976 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 6 | -31,229 | -16,829 | -7,114 | -6,690 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit | | 279,220 | 58,572 | 42,153 | 15,382 | | before tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | -15,112 | -3,711 | -5,208 | -299 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit for | | 264,108 | 54,861 | 36,945 | 15,083 | | the period | | | | | | -------------------------------------------------------------------------------- | Attributabl | | 8,167 | 343 | 2,985 | 222 | | e to | | | | | | | minority | | | | | | | interests | | | | | | -------------------------------------------------------------------------------- | Attributabl | | 255,941 | 54,518 | 33,960 | 14,861 | | e to equity | | | | | | | holders of | | | | | | | the parent | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Earnings | 7 | | | | | | per share | | | | | | | (in kroons) | | | | | | -------------------------------------------------------------------------------- | - Basic | | 3.27 | 0.80 | 0,36 | 0.22 | -------------------------------------------------------------------------------- | - Diluted | | 3.27 | 0.80 | 0,36 | 0.22 | -------------------------------------------------------------------------------- CONSOLIDATED UNAUDITED INCOME STATEMENT 9 months 2007, thousands of euros -------------------------------------------------------------------------------- | | Note | 9 months | 9 months | Q3 2007 | Q3 2006 | | | | 2007 | 2006 | | | -------------------------------------------------------------------------------- | In | | | | | | | thousands | | | | | | | of euros | | | | | | -------------------------------------------------------------------------------- | Rendering | | 14,855 | 15,013 | 6,187 | 5,996 | | of services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 23,092 | 7,440 | 5,380 | 3,648 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | 5 | 37,947 | 22,453 | 11,567 | 9,644 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | | -27,798 | -16,234 | -8,545 | -6,858 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross | | 10,149 | 6,219 | 3,022 | 2,786 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | | 5,939 | 2,364 | 1,157 | 311 | | income | | | | | | -------------------------------------------------------------------------------- | Selling and | | -1,199 | -908 | -376 | -119 | | distributio | | | | | | | n costs | | | | | | -------------------------------------------------------------------------------- | Administrat | | -6,000 | -2,925 | -1,902 | -1,529 | | ive | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | | -1,709 | -119 | -356 | -101 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating | | 7,178 | 4,631 | 1,545 | 1,348 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 6 | 12,663 | 188 | 1,603 | 62 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 6 | -1,996 | -1,076 | -455 | -427 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit | | 17,844 | 3,743 | 2,694 | 983 | | before tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | -965 | -237 | -333 | -19 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit for | | 16,880 | 3,506 | 2,361 | 964 | | the period | | | | | | -------------------------------------------------------------------------------- | Attributabl | | 522 | 22 | 190 | 14 | | e to | | | | | | | minority | | | | | | | interests | | | | | | -------------------------------------------------------------------------------- | Attributabl | | 16,358 | 3,484 | 2,170 | 950 | | e to equity | | | | | | | holders of | | | | | | | the parent | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Earnings | | | | | | | per share | | | | | | | (in kroons) | | | | | | -------------------------------------------------------------------------------- | - Basic | | 0.24 | 0.05 | 0.02 | 0.01 | -------------------------------------------------------------------------------- | - Diluted | | 0.24 | 0.05 | 0.02 | 0.01 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET, 9 months 2007 (EEK, EUR) -------------------------------------------------------------------------------- | | | EEK | | EUR | | -------------------------------------------------------------------------------- | | Note | 30.09.2007 | 31.12.2006 | 30.09.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | In | | | | | | | thousands | | | | | | -------------------------------------------------------------------------------- | Cash and | | 847,754 | 58,345 | 54,181 | 3,729 | | cash | | | | | | | equivalent | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Financial | | 58,557 | 0 | 3,742 | 0 | | assets | | | | | | | held for | | | | | | | trading | | | | | | -------------------------------------------------------------------------------- | Trade and | 8 | 255,803 | 102,498 | 16,349 | 6,551 | | other | | | | | | | receivable | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Prepayment | | 15,748 | 4,429 | 1,006 | 283 | | s | | | | | | -------------------------------------------------------------------------------- | Inventorie | 9 | 1,062,231 | 431,817 | 67,890 | 27,598 | | s | | | | | | -------------------------------------------------------------------------------- | Biological | | 6,285 | 6,141 | 402 | 392 | | assets | | | | | | -------------------------------------------------------------------------------- | Total | | 2,246,378 | 603,230 | 143,570 | 38,553 | | current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Long-term | | 42,386 | 10,673 | 2,709 | 682 | | receivable | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Long-term | 10 | 108,805 | 65,769 | 6,954 | 4,203 | | investment | | | | | | | s in | | | | | | | financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Investment | 11 | 1,010,332 | 1,479,281 | 64,572 | 94,543 | | property | | | | | | -------------------------------------------------------------------------------- | Property, | 12 | 104,497 | 81,713 | 6,679 | 5,222 | | plant and | | | | | | | equipment | | | | | | -------------------------------------------------------------------------------- | Intangible | 13 | 23,210 | 16,705 | 1,483 | 1,069 | | assets | | | | | | -------------------------------------------------------------------------------- | Total | | 1,289,230 | 1,654,141 | 82,397 | 105,719 | | non-curren | | | | | | | t assets | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 | | ASSETS | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Interest-b | | 481,964 | 699,568 | 30,803 | 44,710 | | earing | | | | | | | loans and | | | | | | | borrowings | | | | | | -------------------------------------------------------------------------------- | Payables | | 243,880 | 249,275 | 15,587 | 15,932 | -------------------------------------------------------------------------------- | Advances | | 53,625 | 63,427 | 3,427 | 4,054 | | received | | | | | | -------------------------------------------------------------------------------- | Provisions | | 1,384 | 1,953 | 88 | 125 | -------------------------------------------------------------------------------- | Total | | 780,853 | 1,014,223 | 49,906 | 64,821 | | current | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Interest-b | | 790,790 | 457,258 | 50,541 | 29,224 | | earing | | | | | | | loans and | | | | | | | borrowings | | | | | | -------------------------------------------------------------------------------- | Long-term | | 4,380 | 41,561 | 280 | 2,657 | | payables | | | | | | -------------------------------------------------------------------------------- | Deferred | | 1,368 | 1,353 | 87 | 86 | | income tax | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Provisions | | 261 | 1,095 | 17 | 70 | -------------------------------------------------------------------------------- | Total | | 796,799 | 501,267 | 50,925 | 32,037 | | non-curren | | | | | | | t | | | | | | | liabilitie | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1,577,652 | 1,515,490 | 100,831 | 96,857 | | LIABILITIE | | | | | | | S | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Share | | 952,842 | 304,530 | 60,898 | 19,463 | | capital | | | | | | -------------------------------------------------------------------------------- | Share | | 712,514 | 123,083 | 45,538 | 7,866 | | premium | | | | | | -------------------------------------------------------------------------------- | Statutory | | 20,084 | 5,486 | 1,284 | 351 | | capital | | | | | | | reserve | | | | | | -------------------------------------------------------------------------------- | Other | | -176 | -184 | -12 | -12 | | reserves | | | | | | -------------------------------------------------------------------------------- | Retained | | 247,184 | 292,002 | 15,798 | 18,663 | | earnings | | | | | | -------------------------------------------------------------------------------- | Total | | 1,932,448 | 724,917 | 123,506 | 46,331 | | equity | | | | | | | attributab | | | | | | | le to | | | | | | | equity | | | | | | | holders of | | | | | | | the parent | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Minority | | 25,508 | 16,964 | 1,630 | 1,084 | | interests | | | | | | -------------------------------------------------------------------------------- | Total | 14 | 1,957,956 | 741,881 | 125,136 | 47,415 | | equity | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 | | LIABILITIE | | | | | | | S AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- Additional information: Heigo Metsoja Investor Relations Manager +372 6144 654 heigo.metsoja@arcovara.ee www.arcorealestate.com