Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
03.12.2007 14:30:00
Title
9 kuu ja kolmanda kvartali tulemuste tegevusaruande parandusteade
Message
Parandatud on tegevusaruandes finantsnäitajate koondtabelis olevaid ridasid
„s.h kinnisvarainvesteeringute ümberhindlused” ja „s.h kasum finantsvarade
võõrandamisest”. Parandused ei mõjuta käivet, kasumit ega bilanssi. Järgneb
parandatud teade:
2007 9 kuu konsolideeritud auditeerimata tulemused
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 | 10.7 | 0 | 4.1 | 1.3 | 0.7 | 0 |
| 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 | 131. | 0.2 | 8.2 | 0.2 | 8.4 | 0 | 0.5 | 0 |
| finantsvarade | 3 | | | | | | | |
| 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
http://www.arcorealestate.com
Title
Correction in interim unaudited operating report, 9 months 2007
Message
The rows “including net gains on revaluation of real estate investments” and
“including net gains on divestment of financial assets” in table „Selected
Financials” have been changed. The corrections don't effect revenues, profits
or balance sheet. The corrected report follows:
Interim unaudited report, 9 months 2007
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 | 10.7 | 0 | 4.1 | 1.3 | 0.7 | 0 |
| 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 | 131.3 | 0.2 | 8.2 | 0.2 | 8.4 | 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
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| | Note | 9 months | 9 months | Q3 2007 | Q3 2006 |
| | | 2007 | 2006 | | |
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| In | | | | | |
| thousands | | | | | |
| of euros | | | | | |
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| Rendering | | 14,855 | 15,013 | 6,187 | 5,996 |
| of services | | | | | |
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| Sale of | | 23,092 | 7,440 | 5,380 | 3,648 |
| goods | | | | | |
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| Total | 5 | 37,947 | 22,453 | 11,567 | 9,644 |
| revenue | | | | | |
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| | | | | | |
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| Cost of | | -27,798 | -16,234 | -8,545 | -6,858 |
| sales | | | | | |
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| Gross | | 10,149 | 6,219 | 3,022 | 2,786 |
| profit | | | | | |
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| | | | | | |
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| Other | | 5,939 | 2,364 | 1,157 | 311 |
| income | | | | | |
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| Selling and | | -1,199 | -908 | -376 | -119 |
| distributio | | | | | |
| n costs | | | | | |
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| Administrat | | -6,000 | -2,925 | -1,902 | -1,529 |
| ive | | | | | |
| expenses | | | | | |
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| Other | | -1,709 | -119 | -356 | -101 |
| expenses | | | | | |
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| Operating | | 7,178 | 4,631 | 1,545 | 1,348 |
| profit | | | | | |
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| | | | | | |
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| Finance | 6 | 12,663 | 188 | 1,603 | 62 |
| income | | | | | |
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| Finance | 6 | -1,996 | -1,076 | -455 | -427 |
| expenses | | | | | |
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| Profit | | 17,844 | 3,743 | 2,694 | 983 |
| before tax | | | | | |
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| | | | | | |
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| Income tax | | -965 | -237 | -333 | -19 |
| expense | | | | | |
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| Profit for | | 16,880 | 3,506 | 2,361 | 964 |
| the period | | | | | |
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| Attributabl | | 522 | 22 | 190 | 14 |
| e to | | | | | |
| minority | | | | | |
| interests | | | | | |
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| Attributabl | | 16,358 | 3,484 | 2,170 | 950 |
| e to equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
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| | | | | | |
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| Earnings | | | | | |
| per share | | | | | |
| (in kroons) | | | | | |
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| - Basic | | 0.24 | 0.05 | 0.02 | 0.01 |
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| - Diluted | | 0.24 | 0.05 | 0.02 | 0.01 |
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CONSOLIDATED BALANCE SHEET, 9 months 2007 (EEK, EUR)
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| | | EEK | | EUR | |
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| | Note | 30.09.2007 | 31.12.2006 | 30.09.2007 | 31.12.2006 |
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| In | | | | | |
| thousands | | | | | |
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| Cash and | | 847,754 | 58,345 | 54,181 | 3,729 |
| cash | | | | | |
| equivalent | | | | | |
| s | | | | | |
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| Financial | | 58,557 | 0 | 3,742 | 0 |
| assets | | | | | |
| held for | | | | | |
| trading | | | | | |
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| Trade and | 8 | 255,803 | 102,498 | 16,349 | 6,551 |
| other | | | | | |
| receivable | | | | | |
| s | | | | | |
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| Prepayment | | 15,748 | 4,429 | 1,006 | 283 |
| s | | | | | |
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| Inventorie | 9 | 1,062,231 | 431,817 | 67,890 | 27,598 |
| s | | | | | |
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| Biological | | 6,285 | 6,141 | 402 | 392 |
| assets | | | | | |
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| Total | | 2,246,378 | 603,230 | 143,570 | 38,553 |
| current | | | | | |
| assets | | | | | |
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| | | | | | |
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| Long-term | | 42,386 | 10,673 | 2,709 | 682 |
| receivable | | | | | |
| s | | | | | |
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| Long-term | 10 | 108,805 | 65,769 | 6,954 | 4,203 |
| investment | | | | | |
| s in | | | | | |
| financial | | | | | |
| assets | | | | | |
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| Investment | 11 | 1,010,332 | 1,479,281 | 64,572 | 94,543 |
| property | | | | | |
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| Property, | 12 | 104,497 | 81,713 | 6,679 | 5,222 |
| plant and | | | | | |
| equipment | | | | | |
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| Intangible | 13 | 23,210 | 16,705 | 1,483 | 1,069 |
| assets | | | | | |
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| Total | | 1,289,230 | 1,654,141 | 82,397 | 105,719 |
| non-curren | | | | | |
| t assets | | | | | |
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| TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 |
| ASSETS | | | | | |
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| | | | | | |
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| Interest-b | | 481,964 | 699,568 | 30,803 | 44,710 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
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| Payables | | 243,880 | 249,275 | 15,587 | 15,932 |
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| Advances | | 53,625 | 63,427 | 3,427 | 4,054 |
| received | | | | | |
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| Provisions | | 1,384 | 1,953 | 88 | 125 |
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| Total | | 780,853 | 1,014,223 | 49,906 | 64,821 |
| current | | | | | |
| liabilitie | | | | | |
| s | | | | | |
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| | | | | | |
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| Interest-b | | 790,790 | 457,258 | 50,541 | 29,224 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
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| Long-term | | 4,380 | 41,561 | 280 | 2,657 |
| payables | | | | | |
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| Deferred | | 1,368 | 1,353 | 87 | 86 |
| income tax | | | | | |
| liabilitie | | | | | |
| s | | | | | |
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| Provisions | | 261 | 1,095 | 17 | 70 |
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| Total | | 796,799 | 501,267 | 50,925 | 32,037 |
| non-curren | | | | | |
| t | | | | | |
| liabilitie | | | | | |
| s | | | | | |
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| TOTAL | | 1,577,652 | 1,515,490 | 100,831 | 96,857 |
| LIABILITIE | | | | | |
| S | | | | | |
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| | | | | | |
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| Share | | 952,842 | 304,530 | 60,898 | 19,463 |
| capital | | | | | |
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| Share | | 712,514 | 123,083 | 45,538 | 7,866 |
| premium | | | | | |
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| Statutory | | 20,084 | 5,486 | 1,284 | 351 |
| capital | | | | | |
| reserve | | | | | |
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| Other | | -176 | -184 | -12 | -12 |
| reserves | | | | | |
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| Retained | | 247,184 | 292,002 | 15,798 | 18,663 |
| earnings | | | | | |
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| Total | | 1,932,448 | 724,917 | 123,506 | 46,331 |
| equity | | | | | |
| attributab | | | | | |
| le to | | | | | |
| equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
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| | | | | | |
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| Minority | | 25,508 | 16,964 | 1,630 | 1,084 |
| interests | | | | | |
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| Total | 14 | 1,957,956 | 741,881 | 125,136 | 47,415 |
| equity | | | | | |
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| | | | | | |
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| TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 |
| LIABILITIE | | | | | |
| S AND | | | | | |
| EQUITY | | | | | |
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Additional information:
Heigo Metsoja
Investor Relations Manager
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com