Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
29.02.2008 14:30:00
Title
Auditeerimata vahearuanne 12 kuud 2007
Message
2007. a. IV kvartali ja 12 kuu tegevusaruanne
PÕHILISED NÄITAJAD
12 kuu äritulud kokku moodustasid 886.1 mln krooni (56.6 mln eurot), 2.2% vähem
kui eelmisel aastal
Ärikasum oli 103.1 mln krooni (6.6 mln euroni), 60.4% vähem kui eelmisel aastal
Puhaskasum ulatus 235,5 mln kroonini (15.1 mln euroni), kasvades 10,3% eelmise
aastaga võrreldes
Omakapital moodustab 54.1 % (2006 12 kuud: 32.8%) bilansimahust. Omakapitali
tootlikkus oli 14.2% (2006 12 kuud: 31.5%). Investeeritud kapitali tootlikkus
oli 10.0% (2006 12 kuud 15.7%)
Ehituslepingute järelejäänud maht on 331.4 mln krooni (21.2 mln eurot)
12 kuu jooksul müüdi või broneeriti kortereid ja krunte kokku 110 tükki.
--------------------------------------------------------------------------------
| | EEK | | | | EUR | | | |
--------------------------------------------------------------------------------
| | 12 | 12 | IV | IV | 12 | 12 | IV | IV |
| | kuud | kuud | kvar | kvar | kuud | kuud | kvart | kvart |
| | 2007 | 2006 | tal | tal | 2007 | 2006 | al | al |
| | | | 2007 | 2006 | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja | 886.1 | 906.5 | 199. | 518. | 56.6 | 57.9 | 12.7 | 33.1 |
| muu äritulu | | | 4 | 2 | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 103.1 | 260.4 | -9.3 | 187. | 6.6 | 16.6 | -0.6 | 12.0 |
| | | | | 9 | | | | |
--------------------------------------------------------------------------------
| s.h | 76.6 | 374.9 | 10.5 | 353. | 4.9 | 24.0 | 0.7 | 22.6 |
| kinnisvarainve | | | | 9 | | | | |
| steeringute | | | | | | | | |
| ümberhindlused | | | | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | 250.3 | 226.9 | -28. | 168. | 16.0 | 14.5 | -1.8 | 10.8 |
| tulumaksu | | | 9 | 3 | | | | |
--------------------------------------------------------------------------------
| s.h kasum | 131.1 | 0.0 | 8.1 | 0.0 | 8.4 | 0.0 | 0.5 | 0.0 |
| finantsvarade | | | | | | | | |
| võõrandamisest | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 235.5 | 217.3 | -28. | 162. | 15.1 | 13.9 | -1.8 | 10.4 |
| | | | 6 | 5 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS 1 | 2.76 | 3.07 | -0.3 | 2.26 | 0.18 | 0.20 | -0.02 | 0.14 |
| (kroonides) | | | 0 | | | | | |
--------------------------------------------------------------------------------
| EPS 2 | 2.39 | 3.07 | -0.3 | 2.26 | 0.15 | 0.20 | -0.02 | 0.14 |
| (kroonides) | | | 0 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Varad kokku, | 3,564 | 2,257 | | | 227,9 | 144.3 | | |
| perioodi lõpu | .0 | .4 | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Investeeritud | 3,283 | 1,898 | | | 209.9 | 121.3 | | |
| kapital, | .6 | .7 | | | | | | |
| perioodi lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Neto laenud | 517.7 | 1,142 | | | 33.1 | 73.0 | | |
| | | .5 | | | | | | |
--------------------------------------------------------------------------------
| Omakapital, | 1,929 | 741.9 | | | 123.3 | 47.4 | | |
| perioodi lõpu | .6 | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling | 10.0% | 15.7% | | | 10.0% | 15.7% | | |
| 12 kuud) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (rolling | 14.2% | 31.5% | | | 14.2% | 31.5% | | |
| 12 kuud) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Töötajate arv | 664 | 478 | | | 664 | 478 | | |
| perioodi lõpul | | | | | | | | |
--------------------------------------------------------------------------------
Juhatuse esimehe kommentaarid
Kevadel alguse saanud keeruline turuolukord IV kvartalis Baltikumis jätkus.
Tehingute mahtude langus on saavutanud kolme aasta taguse taseme ning tänaseks
stabiliseerunud. Likviidsusprobleemid lükkavad suuremate projektide arendusi
edasi, mis teistpidi pakub hästi kapitaliseeritud ettevõtjatele atraktiivseid
investeerimisvõimalusi. Siiski liigub Kontserni fookus Ukrainasse ja Balkanile,
kus esimese 112 korteri ehitus juba käib. Uued investeeringud on seotud pigem
büroo- ja kaubanduspindade kinnisvaraarendustega.
Ärikinnisvara nõudlus kesklinnades pole vähenenud. Näiteks Tallinna kesklinna
A-kategooria büroo- ja kaubanduspindade vakantsused lähenevad nullile. Sarnande
olukord valitseb Vilniuses, Kiievis ja Bucharestis. Selline olukord tõstab
Kontserni olemasolevate rahavoogu genereerivate projektide väärtuseid ja loob
head eeldused Tallinnas Ahtri 3 ja Laeva 2 projektide ehituse alustamiseks
järgmise 6 kuu jooksul.
Rõõmustab ehitusdivisjoni hea tulemus, mis näitab 2006. aastal alustatud
saneerimise tulemuslikkust. 12 kuu ärikasum on paranenud pea 15.0 mln krooni
võrra (0.9 mln eurot) ja saavutanud IV kvartalis 7.0 mln krooni (0.5 mln euro)
taseme. Uutes lepingutes on ehitushinna risk tellijatega paremini jagatud.
Teenindusdivisjoni tulemused näitavad paranemise märke. Kui 2007.a. kolmandas
kvartalis oli divisjoni käive 16,4% väiksem kui 2006. aasta kolmandas kvartalis,
siis neljanda kvartali tulemus pakkus üle ootuste head tulemust, ületades
oluliselt eelmise aasta sama perioodi käivet. Vahendatavate objektide arv on
stabiliseerunud.
Aasta üheks suurimaks saavutuseks on oluliste planeeringute kiire edasiliikumine
- Tivoli, Ahtri, Laeva, Baltezers-3, ning arendustegevuse laienemine Balkanile.
AVEC Asset Management AS'i poolt juhitav kinnisvarainvesteerimisettevõtte
Explorer Property Fund - Baltic States AB viis juba 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 | | | |
--------------------------------------------------------------------------------
| miljonite | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| | 12 | 12 | IV | IV | 12 | 12 | IV | IV |
| | kuud | kuud | kvart | kvart | kuud | kuud | kvarta | kvarta |
| | 2007 | 2006 | al | al | 2007 | 2006 | l 2007 | l 2006 |
| | | | 2007 | 2006 | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | | | | | | | |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | 139.6 | 119.4 | 43.2 | 34.5 | 8.9 | 7.6 | 2.8 | 2.2 |
--------------------------------------------------------------------------------
| Arendus | 585.0 | 626.6 | 91.5 | 437.2 | 37.4 | 40.0 | 5.8 | 27.9 |
--------------------------------------------------------------------------------
| Ehitus | 425.5 | 359.3 | 131.8 | 117.9 | 27.2 | 23.0 | 8.4 | 7.5 |
--------------------------------------------------------------------------------
| Elimineer | -264. | -198. | -67.1 | -71.4 | -16.9 | -12.7 | -4.3 | -4.6 |
| imised | 1 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 886.1 | 906.5 | 199.4 | 518.2 | 56.6 | 57.9 | 12.7 | 33.1 |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
| kokku | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | -16.5 | 8.6 | -5.1 | -1.0 | -1.1 | 0.6 | -0.3 | -0.1 |
--------------------------------------------------------------------------------
| Arendus | 162.0 | 278.2 | 16.7 | 181.9 | 10.4 | 17.8 | 1.1 | 11.6 |
--------------------------------------------------------------------------------
| Ehitus | 16.9 | 1.0 | 7.0 | 14.0 | 1.1 | 0.1 | 0.4 | 0.9 |
--------------------------------------------------------------------------------
| Elimineer | -16.5 | 1.4 | -5.2 | 7.8 | -1.1 | 0.1 | -0.3 | 0.5 |
| imised | | | | | | | | |
--------------------------------------------------------------------------------
| Jagamatud | -42.9 | -28.8 | -22.7 | -14.8 | -2.7 | -0.6 | -1.4 | -0.9 |
| ärikulud | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | 103.1 | 260.4 | -9.3 | 187.9 | 6.6 | 17.9 | -0.6 | 12.0 |
--------------------------------------------------------------------------------
| Intressit | -3.7 | -27.4 | 6.6 | -13.5 | -0.2 | -1.8 | 0.4 | -0.9 |
| ulud ja | | | | | | | | |
| intressik | | | | | | | | |
| ulud | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 150.9 | -6.0 | -26.3 | -6.0 | 9.6 | -0.4 | -1.7 | -0.4 |
| finantstu | | | | | | | | |
| lud ja | | | | | | | | |
| -kulud | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksu | -14.8 | -9.6 | 0.3 | -5.9 | -0.9 | -0.6 | 0.0 | -0.4 |
| kulu | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasu | 235.5 | 217.3 | -28.6 | 162.5 | 15.1 | 15.1 | -1.8 | 10.4 |
| m | | | | | | | | |
--------------------------------------------------------------------------------
Kontserni olulisima tulu teenis arendusdivisjon. Realiseeriti kortereid ja
kinnistuid kokku 381.3 mln krooni eest (24.4 mln eurot). Kolde korterite müük
andis käivet 130.0 mln krooni (8.3 mln eurot), Kerese keskuse müük 106 mln
krooni (6.8 mln eurot), Ulmana Gatves 74.0 mln krooni (4.7 mln krooni) ja Kase
projekt 46.0 mln krooni (2.9 mln eurot).
Olulise osa Kontserni 2007. aasta puhaskasumist andsid finantstulu Sportings
Riga SIA osade võõrandamisest summas 118.4 mln krooni (7.6 mln eurot),
kinnisvarainvesteeringute ja põhivara ümberhindlused kokku 76,6 mln krooni (4.5
mln eurot, Kolde projekti puhaskasum 27.6 mln krooni (1.8 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 mõjutas kasumit teenindusdivisjoni kiirest laienemisest võimendatud
kahjum 16.5 mln krooni (1.0 mln eurot). Laienemist uutele turgudele peab
Kontsern endiselt oluliseks.
Ehitusdivisjon teenis nii neljandas kvartalis kui 2007. aastal üle ootuste hea
tulemuse. Viimase kvartali tulemus pole võrreldav 2006. aasta sama perioodiga,
sest siis sõltus kasum mõnest projekti hinnatõusu vaidlusest tellijatega, mis
Kontserni jaoks lahenesid positiivselt ja kajastuvad 2006. a. neljandas
kvartalis. Põhiliseks kasumi allikaks ehitusdivisjoni 2007. a tulemustes on
projektide tellimisraamatu (ing. k. „backlog“) struktuuri muutused - mitmed
kahjulikud lepingud asendusid kasumlikematega.
RAHAVOOD
--------------------------------------------------------------------------------
| | EEK | | EUR | |
--------------------------------------------------------------------------------
| | 12 kuud 2007 | 12 kuud | 12 kuud 2007 | 12 kuud 2006 |
| | | 2006 | | |
--------------------------------------------------------------------------------
| miljonites | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | -547.7 | -117.5 | -35.0 | -7.5 |
| rahavood | | | | |
--------------------------------------------------------------------------------
| Investeerimisteg | 136.7 | -341.9 | 8.7 | -21.8 |
| evuse rahavood | | | | |
--------------------------------------------------------------------------------
| Finantseerimiste | 1,118.2 | 374.9 | 71.5 | 23.9 |
| gevuse rahavood | | | | |
--------------------------------------------------------------------------------
| Perioodi | 707.1 | -84.5 | 45.2 | -5.4 |
| rahavood kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | 58.3 | 144.0 | 3.7 | 9.2 |
| ekvivalendid | | | | |
| perioodi alguses | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | -0.5 | -1.1 | 0.0 | 0 |
| mõju | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | 765.0 | 58.3 | 48.9 | 3.7 |
| ekvivalendid | | | | |
| perioodi lõpus | | | | |
--------------------------------------------------------------------------------
Äritegevuse rahavoogu mõjutas enim Bulgaarias ja Leedus tehtud väljaminekud
kinnistute soetustel summas 348.3 mln krooni (22.2 mln eurot), investeeringud
olemasolevatesse projektidesse summas 266.4 mln krooni (17.0 mln eurot) ja
käibemaksu nõude suurenemine summas 91 mln krooni (5.9 mln eurot).
Investeerimistegevuse rahavoogu mõjutas 127.0 mln krooniga (8.1 mln euroga)
osaluse müük BM-2 projektis ja 78,6 mln krooni (5.0 mln euro) investeerimine
lühiajalistesse võlakirjadesse.
Finantseerimistegevuse rahavoogu mõjutasid enim IPO laekumised 987 mln krooniga
(63.1 mln euroga).
TEENINDUSDIVISJON
Areng Leedu, Bulgaaria ja Rumeenia turul on olnud ootuspärane. Oluline
elavnemine on toimunud ka Ukraina turul. Majanduslikult teenib hetkel parimat
tulemust Bulgaaria büroo. Tugevat negatiivset mõju avaldab endiselt Eesti ja
Läti turu jahtumine. Vähem vahendustehinguid turul avaldab mõju
hindamisteenustele. Olukorraga toimetulekuks on Kontsern optimeerinud
back-office kulusid ning vähendanud töötajate arvu. Nimetatud tegevuse tulemusel
ootame kulude kokkuhoiu efekti alles 2008. aasta tulemustes. Kuigi Rumeenias ja
Bulgaarias oli neljandas kvartalis tunda välisinvestorite huvi jahenemist,
kavatseme jätkata aktiivse kasvu poliitikat.
Teenindusdivisjoni 2007. aasta 17%-line käibe kasv oli väiksem kui neljanda
kvartali 25%-line käibe kasv, võrreldes 2006. aastaga. Uute büroode käibenumbrid
mõjutavad järjest enam divisjoni üldtulemust. Kui 2007.a. kolmandas kvartalis
oli käive 16,4% väiksem kui 2006. aasta kolmandas kvartalis, siis neljanda
kvartali tulemus pakkus üle ootuste head tulemust, ületades oluliselt eelmise
aasta sama perioodi käivet.
Hindamisaktide arv 12 kuu arvestuses on langenud kokku 9%. Kuigi Leedu büroo
näitab pidevat aktide arvu kasvu, siis järsk kukkumine Läti turul viib aktide
kogumahu alla. Akte on väljastatud kuues riigis kokku 8,785 tükki (2006 12 kuud:
9,699). Endiselt käib uutel turgudel hindamisteenuse juurutamine ning Baltikumis
alustati uue teenusega- kinnisvaraalase nõustamisega.
--------------------------------------------------------------------------------
| | 12 kuud | 12 kuud | muutus, % | IV | IV | muutus, % |
| | 2007 | 2006 | | kvartal | kvartal | |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| Vahendatud | 2 007 | 2 509 | -20% | 542 | 603 | -10% |
| objektide | | | | | | |
| arv | | | | | | |
--------------------------------------------------------------------------------
| Müügis | 240 | 124 | 94% | 240 | 124 | 94% |
| olevad | | | | | | |
| projektid, | | | | | | |
| tk | | | | | | |
--------------------------------------------------------------------------------
| Hindamisak | 8 785 | 9 699 | -9% | 1 828 | 2307 | -21% |
| tide arv | | | | | | |
--------------------------------------------------------------------------------
| Hindajate | 45 | 38 | 18% | 46 | 42 | 10% |
| arv | | | | | | |
--------------------------------------------------------------------------------
| Maaklerite | 215 | 126 | 71% | 237 | 153 | 55% |
| arv | | | | | | |
--------------------------------------------------------------------------------
| Eesti | 53 | 43 | 23% | 58 | 44 | 32% |
--------------------------------------------------------------------------------
| Läti | 55 | 49 | 12% | 55 | 50 | 10% |
--------------------------------------------------------------------------------
| Leedu | 31 | 11 | 182% | 34 | 16 | 113% |
--------------------------------------------------------------------------------
| Ukraina | 47 | 19 | 147% | 54 | 35 | 54% |
--------------------------------------------------------------------------------
| Bulgaaria | 18 | 3 | 500% | 21 | 7 | 200% |
--------------------------------------------------------------------------------
| Rumeenia | 11 | 1 | 1000% | 15 | 1 | 1400% |
--------------------------------------------------------------------------------
| Perioodi | 363 | 224 | 62% | 395 | 276 | 43% |
| keskmine | | | | | | |
| töötajate | | | | | | |
| arv | | | | | | |
--------------------------------------------------------------------------------
Projektimüügi lepingute maht oli 240 tükki, kasvades aastaga 94%. Kokku tehti
vahendustehinguid 2,007 tükki, langedes aastaga 20%.
Kontserni ühisettevõtte AVEC Asset Management AS'i poolt juhitavad
kinnisvarainvesteerimisettevõtted soetasid 12 kuu jooksul Kerese Keskuse Narvas,
kolm kaubanduskeskust Jõhvis, Laracija büroomaja Leedus, Hotell Portus'e
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 2007. a. kolmandas
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).
ARENDUSDIVISJON
Arengud uutel turgudel ei suuda elimineerida jahedat turuolukorda Baltikumis.
Arendajate põhiline mure pole mitte võõrkapitali hind, vaid
refinantseerimisvõimaluste vähenemine tulenevalt globaalsest turbulentsist
kapitaliturgudel. Taoline olukord on turuosalisi hirmutanud võimalikust
majanduse stagneerumisest Eestis ja Lätis ning seetõttu lükatakse
kinnisvarasoetused edasi. On hea, et Kontsern on suutnud säilitada likviidsuse
ning reinvesteerida teenitud kasumi. Tänaseks on vahendatavate tehingute arv
kontsernis näidanud seda, et olukord on stabiliseerumas ning turuosalised
hindavad tulevikuootusi positiivsemalt.
Arendusdivisjoni prioriteediks Baltikumi turul on juba ehitatavate projektide
edasiarendamine, kommertskinnisvaraobjektide Ahtri3 ja Laeva2 ehituse algus ja
läbi planeeringute kehtestamiste varade riskitaseme vähendamine. Balkani
piirkonnas Sofias on Kontsern juba alustanud Madrid'i projekti ehitust (112
korterit), millele järgneb Manastirski projekti arendus. Edasist maapanga
loomist iseloomustab Balkanil suurem planeeringuriski võtmine ning võimaluste
realiseerimine Ukrainas.
Arendusdivisjoni 2007. a. aasta käive oli 6.5% väiksem ja ärikasum 41.7% väiksem
kui 2006. aastal, vastavalt 585.0 mln krooni (37.4 mln krooni) ja 162.0 mln
krooni (10.4 mln eurot). Suured kõikumised kvartalikäivetes ja -kasumites on
kinnisvaraarenduses tavaline nähtus. Olulisim on see, et 2007.a. neljandas
kvartalis olid arendusdivisjoni kinnisvarainvesteeringute ja põhivara neto
ümberhindlused 3,5 mln krooni (0.2 mln eurot) ja 2007. aastal kokku 71,6 mln
krooni (4.6 mln eurot), mis tähendab, et arendusdivisjon teenis tänavu
positiivset äritegevuse rahavoogu ehk EBITDA-d 84.5 mln krooni (5.4 mln eurot).
2007.a. 12 kuu jooksul müüdi või broneeriti kortereid ja krunte kokku 110 tükki.
Käimasolevates etappides on veel müümata 139 krunti või korterit. IV kvartalis
müüdi või broneeriti 12 korterit või maatükki.
EHITUSDIVISJON
Ehitustellimuste vähenemine elukondliku kinnisvara sektoris avaldab lähiajal
survet ehitushindade alanemisele 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 18.4% ja ärikasum 17 korda, võrreldes eelmise
aasta 12 kuuga. 2007. aasta ehitusdivisjoni müügitulu moodustas 425.5 mln
krooni (27.2 mln eurot) ja ärikasum 16.9 mln krooni (1.1 mln eurot). Oluline
kasumi paranemine toimus teises poolaastas, 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 2007. aastal oli 55%-lise osaluse soetamine Läti
ehitusettevõttes Dinamo Buve SIA. Tehinguga viidi lõpuni Arco Vara Kontserni
täieliku ärimudeli juurutamine Lätis. Konsolideerumine ehitussektoris jätkub.
Neljandas kvartalis sõlmiti uusi ehituslepinguid 96.7 mln krooni (6.2 mln eurot)
väärtuses, millest Lätis 77.6 mln krooni (5.0 mln krooni) ja Eestis 19.1 mln
krooni (1.2 mln eurot).
Ehituslepingute järelejäänud maht neljanda kvartali lõpu seisuga on 331.4 mln
krooni (21.2 mln eurot), millest suuremad lepingud on Matsalu veevärgi
rekonstrueerimine 67.5 mln krooniga (4.31 mln euroga) ja Bišumuiža kortermajade
ehitus 63.0 mln krooniga (4.0 mln euroga). 12 kuu kontsernisisene müügitulu
moodustas kogutuludest 57.2% (s.h 2007.a. IV kvartalis 52.4%). Töötajate arv
divisjonis 31.12.07 seisuga oli 173, kellest 50.3% töötab Lätis.
KORRIGEERITUD NAV
IPO käigus hindas Colliers International Kontserni olulisemaid projekte DCF
(diskonteeritud rahavoogude analüüs) meetodil. Kuigi Kontserni
kinnisvarainvesteeringud on raamatupidamisaruandes kajastatud õiglase väärtuse
meetodil, ei saa Rahvusvaheliste Finantsaruandluse Standardite (IFRS) kohaselt
kõiki projekte raamatupidamislikult DCF meetodil hinnata, sest DCF meetodi
alusel võetakse arvesse äriplaani-kohaseid tulevikus toimuvaid investeeringuid
ja rahavoogusid, mida aga rahavoogu mitte-genereerivate objektide puhul
raamatupidamisliku õiglase väärtuse leidmisel arvesse võtta ei tohi. Kontsern
jätkab traditsiooni, et üks kord aastas tehakse sõltumatu rahvusvahelise
kinnisvarahindamisbüroo poolt põhilistele projektidele lisaks võrreldavate
tehingute meetodile ka DCF analüüs.
Kõikide varade hindamisel DCF meetodil suureneks 2007. aasta lõpu seisuga
kinnisvaraobjektide raamatupidamislikud väärtused kokku 864 mln krooni (55.2 mln
eurot), millest 76.0 mln krooni (4.8 mln eurot) kajastuks lõpetama ehituse,
335.8 mln krooni (21.5 mln eurot) varude ja 452.9 mln krooni (28.9 mln eurot)
kinnisvarainvesteeringute real.
DCF analüüsi käigus analüüsiti järgmisi projekte: Ahtri3, Laeva2, Narva mnt 67
(Tivoli), TOP Elupindade potentsiaal, Ilmarine, Kaarli 2 ja Hills. Korrigeeritud
NAV ei sisalda endas ehitus- , teenindus- ja varahaldusdivisjonide maksumust,
nagu seda tehti IPO käigus. Oluline on teada, et Colliers International ei ole
hinnanud hoonestusõiguse hinda Baltezers-3 projektis, kus sai detsembris
kehtestatud piirkonna üldplaneering ja mille raamatupidamislik maksumus on 0,6
mln krooni (0,04 mln eurot). Lisaks ei ole hinnatud ka TOP'i äriplaani ja
detailplaneeringu järgset kogu ehitusõiguse mahtu ca 110 000 m2.
Konsolideeritud kasumiaruanne (EEK)
--------------------------------------------------------------------------------
| | Lisa | 12 kuud | 12 kuud | IV kvartal | IV kvartal |
| | | 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| EEK tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 345,856 | 324,656 | 113,422 | 89,761 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 381,332 | 158,930 | 20,023 | 42,509 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 5 | 727,188 | 483,586 | 133,445 | 132,270 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | | -542,135 | -349,067 | -107,194 | -95,070 |
| toodangu kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | 185,053 | 134,519 | 26,251 | 37,200 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | | 158,868 | 422,928 | 65,943 | 385,942 |
--------------------------------------------------------------------------------
| Turustuskulud | | -22,534 | -18,595 | -3,771 | -4,381 |
--------------------------------------------------------------------------------
| Üldhalduskulud | | -136,053 | -115,713 | -42,867 | -69,951 |
--------------------------------------------------------------------------------
| Muud ärikulud | | -82,276 | -162,788 | -54,816 | -160,925 |
--------------------------------------------------------------------------------
| Ärikasum | 5 | 103,058 | 260,351 | -9,260 | 187,885 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | 215,005 | 16,215 | 16,874 | 13,280 |
| investeerimist | | | | | |
| egevuse tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | -67,744 | -49,654 | -36,515 | -32,825 |
| investeerimist | | | | | |
| egevuse kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | 250,319 | 226,912 | -28,901 | 168,340 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -14,808 | -9,563 | 304 | -5,852 |
--------------------------------------------------------------------------------
| Puhaskasum | | 235,511 | 217,349 | -28,597 | 162,488 |
--------------------------------------------------------------------------------
| s.h | | 7,924 | 9,404 | -243 | 9,061 |
| vähemusosanike | | | | | |
| le kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| s.h Arco Vara | | 227,587 | 207,945 | -28,354 | 153,427 |
| AS | | | | | |
| aktsionäridele | | | | | |
| kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 7 | | | | |
| aktsia kohta | | | | | |
| (kroonides) | | | | | |
--------------------------------------------------------------------------------
| - tava | | 2.76 | 3.07 | -0.30 | 2.26 |
--------------------------------------------------------------------------------
| - lahustatud | | 2.76 | 3.07 | -0.30 | 2.26 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (EUR)
--------------------------------------------------------------------------------
| | Lisa | 12 kuud | 12 kuud | IV kvartal | IV kvartal |
| | | 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| EUR tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 22,104 | 20,749 | 7,249 | 5,737 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 24,372 | 10,156 | 1,280 | 2,717 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 5 | 46,476 | 30,907 | 8,529 | 8,454 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | | -34,649 | -22,309 | -6,852 | -6,076 |
| toodangu kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | 11,827 | 8,596 | 1,678 | 2,378 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | | 10,154 | 27,030 | 4,215 | 24,666 |
--------------------------------------------------------------------------------
| Turustuskulud | | -1,440 | -1,188 | -241 | -280 |
--------------------------------------------------------------------------------
| Üldhalduskulud | | -8,695 | -7,395 | -2,740 | -4,470 |
--------------------------------------------------------------------------------
| Muud ärikulud | | -5,259 | -10,404 | -3,503 | -10,286 |
--------------------------------------------------------------------------------
| Ärikasum | 5 | 6,587 | 16,639 | -592 | 12,008 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | 13,741 | 1,036 | 1,078 | 848 |
| investeerimist | | | | | |
| egevuse tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 6 | -4,330 | -3,173 | -2,334 | -2,097 |
| investeerimist | | | | | |
| egevuse kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | 15,997 | 14,502 | -1,847 | 10,759 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -946 | -611 | 19 | -374 |
--------------------------------------------------------------------------------
| Puhaskasum | 7 | 15,052 | 13,891 | -1,828 | 10,385 |
--------------------------------------------------------------------------------
| s.h | | 506 | 601 | -15 | 579 |
| vähemusosanike | | | | | |
| le kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| s.h Arco Vara | | 14,545 | 13,290 | -1,812 | 9,806 |
| AS | | | | | |
| aktsionäridele | | | | | |
| kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | | | | |
| aktsia kohta | | | | | |
| (eurodes) | | | | | |
--------------------------------------------------------------------------------
| - tava | | 0.18 | 0.20 | -0.02 | 0.14 |
--------------------------------------------------------------------------------
| - lahustatud | | 0.18 | 0.20 | -0.02 | 0.14 |
--------------------------------------------------------------------------------
Konsolideeritud bilanss (EEK, EUR)
--------------------------------------------------------------------------------
| | | EEK | | EUR | |
--------------------------------------------------------------------------------
| | Lisa | 31.12.200 | 31.12.200 | 31.12.2007 | 31.12.2006 |
| | | 7 | 6 | | |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 765,008 | 58,345 | 48,893 | 3,729 |
| ekvivalendid | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | 78,595 | 0 | 5,023 | 0 |
| finantsinvesteer | | | | | |
| ingud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 8 | 297,189 | 102,498 | 18,994 | 6,551 |
--------------------------------------------------------------------------------
| Ettemakstud | | 10,450 | 4,429 | 667 | 283 |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Varud | 9 | 1,148,433 | 431,817 | 73,399 | 27,598 |
--------------------------------------------------------------------------------
| Bioloogilised | | 8,360 | 6,141 | 534 | 392 |
| varad | | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 2,308,035 | 603,230 | 147,510 | 38,553 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 8 | 40,124 | 10,673 | 2,564 | 682 |
--------------------------------------------------------------------------------
| Pikaajalised | 10 | 48,515 | 65,769 | 3,101 | 4,203 |
| investeeringud | | | | | |
| väärtpaberitesse | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvest | 11 | 999,999 | 1,479,281 | 63,912 | 94,543 |
| eeringud | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 12 | 141,863 | 81,713 | 9,067 | 5,222 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 13 | 25,505 | 16,705 | 1,630 | 1,069 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 1,256,006 | 1,654,141 | 80,274 | 105,719 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 3,564,041 | 2,257,371 | 227,784 | 144,272 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | 753,077 | 699,568 | 48,130 | 44,710 |
--------------------------------------------------------------------------------
| Võlad | 15 | 223,591 | 249,275 | 14,290 | 15,932 |
--------------------------------------------------------------------------------
| Ettemaksed | | 47,216 | 63,427 | 3,018 | 4,054 |
--------------------------------------------------------------------------------
| Eraldised | | 3,468 | 1,953 | 222 | 124 |
--------------------------------------------------------------------------------
| Lühiajalised | | 1,027,352 | 1,014,223 | 65,660 | 64,820 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | 600,938 | 457,258 | 38,407 | 29,224 |
--------------------------------------------------------------------------------
| Võlad | 15 | 4,607 | 41,561 | 294 | 2,657 |
--------------------------------------------------------------------------------
| Edasilükkunud | | 1,321 | 1,353 | 84 | 86 |
| tulumaksukohustu | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 251 | 1,095 | 16 | 70 |
--------------------------------------------------------------------------------
| Pikaajalised | | 607,117 | 501,267 | 38,802 | 32,037 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 1,634,469 | 1,515,490 | 104,463 | 96,857 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| 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 | | 37 | -184 | 2 | -12 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | 218,830 | 292,002 | 13,986 | 18,663 |
--------------------------------------------------------------------------------
| Emaettevõtte | | 1,904,307 | 724,917 | 121,707 | 46,331 |
| omanikele kuuluv | | | | | |
| omakapital kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele | | 25,265 | 16,964 | 1,615 | 1,084 |
| kuuluv | | | | | |
| omakapital | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 14 | 1,929,572 | 741,881 | 123,322 | 47,415 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | 3,564,041 | 2,257,371 | 227,784 | 144,272 |
| OMAKAPITAL KOKKU | | | | | |
--------------------------------------------------------------------------------
Lisainformatsioon:
Heigo Metsoja
Investorsuhete juht
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com
Title
Unaudited interim report 12 months 2007
Message
Management report for the fourth quarter and 12 months of 2007
SELECTED FINANCIALS FOR 2007
Revenue and other income for 2007 totalled 886.1 million kroons (56.6 million
euros), 2.2% down from 2006.
Operating profit for 2007 was 103.1 million kroons (6.6 million euros), a 60.4%
decrease year-on-year.
Net profit grew to 235.5 million kroons (15.1 million euros), a 10.3%
improvement on 2006.
Equity ratio rose to 54.1 % (2006: 32.8%). Return on equity was 14.2% (2006:
31.5%) and return on invested capital 10.0% (2006: 15.7%)
At 31 December 2007, construction backlog stood at 331.4 million kroons (21.2
million euros)
In 2007, 110 apartments and plots were sold or reserved.
--------------------------------------------------------------------------------
| | EEK | | | | EUR | | | |
--------------------------------------------------------------------------------
| | 12 | 12 | Q4 | Q4 | 12 | 12 | Q4 | Q4 |
| | month | month | 2007 | 2006 | months | months | 2007 | 2006 |
| | s | s | | | 2007 | 2006 | | |
| | 2007 | 2006 | | | | | | |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | 886.1 | 906.5 | 199.4 | 518.2 | 56.6 | 57.9 | 12.7 | 33.1 |
| and | | | | | | | | |
| other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Operatin | 103.1 | 260.4 | -9.3 | 187.9 | 6.6 | 16.6 | -0.6 | 12.0 |
| g profit | | | | | | | | |
--------------------------------------------------------------------------------
| Includin | 76.6 | 374.9 | 10.5 | 353.9 | 4.9 | 24.0 | 0.7 | 22.6 |
| g net | | | | | | | | |
| gain on | | | | | | | | |
| the | | | | | | | | |
| revaluat | | | | | | | | |
| ion of | | | | | | | | |
| investme | | | | | | | | |
| nt | | | | | | | | |
| property | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | 250.3 | 226.9 | -28.9 | 168.3 | 16.0 | 14.5 | -1.8 | 10.8 |
| before | | | | | | | | |
| tax | | | | | | | | |
--------------------------------------------------------------------------------
| Includin | 131.1 | 0.0 | 8.1 | 0.0 | 8.4 | 0.0 | 0.5 | 0.0 |
| g net | | | | | | | | |
| gain on | | | | | | | | |
| the | | | | | | | | |
| divestme | | | | | | | | |
| nt of | | | | | | | | |
| financia | | | | | | | | |
| l assets | | | | | | | | |
--------------------------------------------------------------------------------
| Net | 235.5 | 217.3 | -28.6 | 162.5 | 15.1 | 13.9 | -1.8 | 10.4 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS 1 | | | | | | | | |
--------------------------------------------------------------------------------
| (in | 2.76 | 3.07 | -0.30 | 2.26 | 0.18 | 0.20 | -0.02 | 0.14 |
| kroons/e | | | | | | | | |
| uros) | | | | | | | | |
--------------------------------------------------------------------------------
| EPS 2 | | | | | | | | |
--------------------------------------------------------------------------------
| (in | 2.39 | 3.07 | -0.30 | 2.26 | 0.15 | 0.20 | -0.02 | 0.14 |
| kroons/e | | | | | | | | |
| uros) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 3,564 | 2,257 | | | 227.8 | 144.3 | | |
| assets | .0 | .4 | | | | | | |
| at | | | | | | | | |
| period | | | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
| Invested | 3,283 | 1,898 | | | 209.9 | 121.3 | | |
| capital | .6 | .7 | | | | | | |
| at | | | | | | | | |
| period | | | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
| Net Debt | 517.7 | 1,142 | | | 33.1 | 73.0 | | |
| | | .5 | | | | | | |
--------------------------------------------------------------------------------
| Equity | 1,929 | 741.9 | | | 123.3 | 47.4 | | |
| at | .6 | | | | | | | |
| period | | | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | 10.0% | 15.7% | | | 10.0% | 15.7% | | |
| (rolling | | | | | | | | |
| 12 | | | | | | | | |
| months) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | 14.2% | 31.5% | | | 14.2% | 31.5% | | |
| (rolling | | | | | | | | |
| 12 | | | | | | | | |
| months) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Number | 664 | 478 | | | 664 | 478 | | |
| of staff | | | | | | | | |
| at | | | | | | | | |
| period | | | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
Commentary by chairman of the management board
The difficulties in the Baltic market which emerged in spring 2007 prevailed
through the fourth quarter. The decline in transaction volumes has stabilised at
the level of three years ago. Liquidity issues on international capital markets
are postponing the development of ever larger projects, providing well
capitalised companies attractive investment opportunities. Nevertheless, the
Group's focus is shifting on Ukraine and the Balkans retail- and office sector.
In Sofia the construction of first 112 apartments is under way.
The demand for commercial real estate in city centres has not subsided. For
example, in Tallinn vacancies of centrally located category A office and
commercial premises are almost down to zero. Situation is the same in Vilnius,
Kiev and Bucharest. The situation enhances the value of the Group's existing
cash generating properties in Tallinn and creates a sound basis for launching
the construction of Ahtri 3 and Laeva 2 in Tallinn within the next six months.
We are pleased about the strong results of the Construction division which
indicate that the recovery and restructuring processes launched in 2006 are
bearing fruit. Operating profit for 2007 is almost 15.0 million kroons (0.9
million euros) up on 2006, with fourth quarter operating profit amounting to 7.0
million kroons (0.5 million euros). New contracts include provisions which
better divide construction price risk with the client.
Service division results show some signs of improvement. If third quarter sales
in 2007 was 16.4% less compared to the same period in 2006, then fourth quarter
sales in 2007 improved considerably compared to fourth quarter in 2006. The
number of brokerage deals has stabilised.
Greatest achievements of the period has been the expansion of development
activities to the Balkans and major improvements in the zoning processes in
Tivoli, Ahtri, Laeva and Baltezers-3 projects.
Already in the third quarter, the capital of the two-year old Explorer Property
Fund - Baltic States AB, a real estate investment company managed by AVEC Asset
Management AS, was fully invested. The assets of the fund have grown to 3,129
million kroons (200 million euros) and the average entrance yield is 8.35%.
REVENUE AND PROFIT
--------------------------------------------------------------------------------
| | EEK | | | | EUR | | | |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| million | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| | 12 | 12 | Q4 | Q4 | 12 | 12 | Q4 | Q4 |
| | month | month | 2007 | 2006 | months | months | 2007 | 2006 |
| | s | s | | | 2007 | 2006 | | |
| | 2007 | 2006 | | | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Service | 139.6 | 119.4 | 43.2 | 34.5 | 8.9 | 7.6 | 2.8 | 2.2 |
--------------------------------------------------------------------------------
| Develop | 585.0 | 626.6 | 91.5 | 437.2 | 37.4 | 40.0 | 5.8 | 27.9 |
| ment | | | | | | | | |
--------------------------------------------------------------------------------
| Constru | 425.5 | 359.3 | 131.8 | 117.9 | 27.2 | 23.0 | 8.4 | 7.5 |
| ction | | | | | | | | |
--------------------------------------------------------------------------------
| Elimina | -264. | -198. | -67.1 | -71.4 | -16.9 | -12.7 | -4.3 | -4.6 |
| tions | 1 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Total | 886.1 | 906.5 | 199.4 | 518.2 | 56.6 | 57.9 | 12.7 | 33.1 |
| revenue | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Service | -16.5 | 8.6 | -5.1 | -1.0 | -1.1 | 0.6 | -0.3 | -0.1 |
--------------------------------------------------------------------------------
| Develop | 162.0 | 278.2 | 16.7 | 181.9 | 10.4 | 17.8 | 1.1 | 11.6 |
| ment | | | | | | | | |
--------------------------------------------------------------------------------
| Constru | 16.9 | 1.0 | 7.0 | 14.0 | 1.1 | 0.1 | 0.4 | 0.9 |
| ction | | | | | | | | |
--------------------------------------------------------------------------------
| Elimina | -16.5 | 1.4 | -5.2 | 7.8 | -1.1 | 0.1 | -0.3 | 0.5 |
| tions | | | | | | | | |
--------------------------------------------------------------------------------
| Unalloc | -42.9 | -28.8 | -22.7 | -14.8 | -2.7 | -0.6 | -1.4 | -0.9 |
| ated | | | | | | | | |
| expense | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 103.1 | 260.4 | -9.3 | 187.9 | 6.6 | 17.9 | -0.6 | 12.0 |
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Interes | -3.7 | -27.4 | 6.6 | -13.5 | -0.2 | -1.8 | 0.4 | -0.9 |
| t | | | | | | | | |
| income | | | | | | | | |
| and | | | | | | | | |
| interes | | | | | | | | |
| t | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 150.9 | -6.0 | -26.3 | -6.0 | 9.6 | -0.4 | -1.7 | -0.4 |
| financi | | | | | | | | |
| al | | | | | | | | |
| income | | | | | | | | |
| and | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Income | -14.8 | -9.6 | 0.3 | -5.9 | -0.9 | -0.6 | 0.0 | -0.4 |
| tax | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net | 235.5 | 217.3 | -28.6 | 162.5 | 15.1 | 15.1 | -1.8 | 10.4 |
| profit | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
The largest revenue was earned by the Development division where sales of
apartments and registered properties totalled 381.3 million kroons (24.4 million
euros). Sales of “Kolde” apartments contributed 130.0 million kroons (8.3
million euros), the divestment of the retail and office building “Kerese Keskus”
yielded 106 million kroons (6.8 million euros), and sales of the “Ulmana Gatves”
property and “Kase” project generated 74.0 million kroons (4.7 million euros)
and 46.0 million kroons (2.9 million euros) respectively.
Consolidated net profit for 2007 was significantly improved by net gain of 76.6
million kroons (4.5 million euros) on fair value adjustments to investment
property and property, plant and equipment, finance income of 118.4 million
kroons (7.6 million euros) generated by the sale of the Group's interest in
Sportings Riga SIA, finance income of 42.6 million kroons (2.7 million euros)
contributed by AVEC Asset Management AS, income of 8.4 million kroons (0.5
million euros) derived from the divestment of a stake in Varamaad Kinnisvara OÜ
and net gain of 27.6 million kroons (1.8 million euros) earned on the Kolde
project.
The Group's profit was adversely affected by the loss of the Service division of
16.5 million kroons (1.0 million euros), caused mostly by rapid expansion.
Despite this, expansion to new markets remains a priority.
The Construction division's fourth quarter and whole-year results surpassed all
expectations. The division's fourth quarter results are not comparable with the
same period in 2006 because the previous year's profit figures were affected by
some price disputes which were resolved positively for the Group and recognised
in the fourth quarter. 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.
CASH FLOWS
--------------------------------------------------------------------------------
| | EEK | | EUR | |
--------------------------------------------------------------------------------
| | 12 months | 12 months | 12 months | 12 months |
| | 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| In millions | | | | |
--------------------------------------------------------------------------------
| Cash flows | -547.7 | -117.5 | -35.0 | -7.5 |
| from | | | | |
| operating | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash flows | 136.7 | -341.9 | 8.7 | -21.8 |
| from | | | | |
| investing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash flows | 1,118.2 | 374.9 | 71.5 | 23.9 |
| from | | | | |
| financing g | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Net cash | 707.1 | -84.5 | 45.2 | -5.4 |
| flow | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cash and | 58.3 | 144.0 | 3.7 | 9.2 |
| cash | | | | |
| equivalents | | | | |
| at beginning | | | | |
| of period | | | | |
--------------------------------------------------------------------------------
| Effect of | -0.5 | -1.1 | 0.0 | 0 |
| exchange | | | | |
| rate | | | | |
| fluctuations | | | | |
--------------------------------------------------------------------------------
| Cash and | 765.0 | 58.3 | 48.9 | 3.7 |
| cash | | | | |
| equivalents | | | | |
| at end of | | | | |
| period | | | | |
--------------------------------------------------------------------------------
Operating cash flows were strongly affected by expenditures related to the
acquisition of properties in Bulgaria and Lithuania (348.3 million kroons or
22.2 million euros), investments in ongoing projects (266.4 million kroons or
17.0 million euros) and an increase in VAT receivables (91 million kroons or 5.9
million euros).
Cash flows from investing activities were influenced by the divestment of an
interest in the BM-2 project (127.0 million kroons or 8.1 million euros) and an
investment in short-term bonds (78.6 million kroons or 5.0 million euros).
Cash flows from financing activities were increased by IPO-related proceeds (987
million kroons or 63.1 million euros).
SERVICE DIVISION
Developments in the Lithuanian, Bulgarian and Romanian markets have corresponded
to expectations and the Ukrainian market is perking up. In financial terms, the
best performance is posted by the Bulgarian office. The cooling of the Latvian
and Estonian markets continues to exert a negative effect. A decline in
brokerage transactions affects the provision of valuation services. To resolve
the situation, we are optimising our back-office expenses and right-sizing the
staff. The measures should yield a positive effect in 2008. Although the foreign
investors' interest in Romania and Bulgaria began decreasing in the fourth
quarter, we intend to sustain vigorous growth.
The service division's year-over-year revenue growth was 17% for the year and
25% for the fourth quarter. The divisions' overall result is increasingly
affected by the results of the new offices. If third quarter sales were 16.4%
smaller than in the third quarter of 2006, the result for the fourth quarter was
significantly better than in 2006.
Compared with 2006, the number of valuation reports issued has decreased by 9%.
Although the figures posted by the Lithuanian office are improving steadily, the
overall result is weakened by the nosedive in the Latvian market. In 2007, our
appraisers issued 8,785 valuation reports in six countries (2006: 9,699). The
division is introducing valuation services in the new markets and has launched
property advisory services in the Baltics.
--------------------------------------------------------------------------------
| | 12 | 12 | Change, | Q4 2007 | Q4 2006 | Change, % |
| | months | months | % | | | |
| | 2007 | 2006 | | | | |
--------------------------------------------------------------------------------
| Number | 2 007 | 2 509 | -20% | 542 | 603 | -10% |
| of | | | | | | |
| properti | | | | | | |
| es | | | | | | |
| brokered | | | | | | |
--------------------------------------------------------------------------------
| Number | 240 | 124 | 94% | 240 | 124 | 94% |
| of | | | | | | |
| projects | | | | | | |
| on sale | | | | | | |
--------------------------------------------------------------------------------
| Number | 8 785 | 9 699 | -9% | 1 828 | 2307 | -21% |
| of | | | | | | |
| valuatio | | | | | | |
| n | | | | | | |
| reports | | | | | | |
| issued | | | | | | |
--------------------------------------------------------------------------------
| Number | 45 | 38 | 18% | 46 | 42 | 10% |
| of | | | | | | |
| appraise | | | | | | |
| rs | | | | | | |
--------------------------------------------------------------------------------
| Number | 215 | 126 | 71% | 237 | 153 | 55% |
| of real | | | | | | |
| estate | | | | | | |
| brokers | | | | | | |
--------------------------------------------------------------------------------
| Estonia | 53 | 43 | 23% | 58 | 44 | 32% |
--------------------------------------------------------------------------------
| Latvia | 55 | 49 | 12% | 55 | 50 | 10% |
--------------------------------------------------------------------------------
| Lithuani | 31 | 11 | 182% | 34 | 16 | 113% |
| a | | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 47 | 19 | 147% | 54 | 35 | 54% |
--------------------------------------------------------------------------------
| Bulgaria | 18 | 3 | 500% | 21 | 7 | 200% |
--------------------------------------------------------------------------------
| Romania | 11 | 1 | 1000% | 15 | 1 | 1400% |
--------------------------------------------------------------------------------
| Average | 363 | 224 | 62% | 395 | 276 | 43% |
| number | | | | | | |
| of staff | | | | | | |
--------------------------------------------------------------------------------
Project sales contracts totalled 240, 94% up on 2006. The number of brokerage
transactions was 2,007, a 20% decrease year-over-year.
In 2007, the real estate investment companies managed by the Group's joint
venture AVEC Asset Management AS acquired the retail and office building Kerese
Keskus in Narva, three shopping malls in Jõhvi, the Laracija office block in
Lithuania, Hotel Portus in Tallinn, AS Favor's production complex in Maardu,
Jeruzalemes Centrs in Riga and phase I in the office and commercial building
Papiniidu Keskus in Pärnu. After the acquisition of Papiniidu Keskus, the
capital of AVEC Baltic Property Fund AB was fully invested. In addition, in the
third quarter 56.5 million kroons (3.6 million euros) was raised through the
issue of shares in Arco Balti Kinnisvaraportfell AS. Through the transactions,
the assets of the real estate investment companies managed by AVEC Asset
Management AS have grown to 3,442 million kroons (220 million euros).
DEVELOPMENT DIVISION
Developments in the new markets do not outweigh the cooling in the Baltics. The
discussion is no longer about the devaluation of the Latvian lats or the Baltic
macroeconomic indicators as it was three months ago but a turbulence on global
capital markets. The situation has unnerved market participants who are
postponing their real estate acquisitions because of the risk of a general
economic slump in the Baltics. It is positive that the Group has been able to
maintain its liquidity and to reinvest its profits. Group brokerage already
shows a signs of stabilisation and improvement in the sentiment.
In the Baltic market, the priorities of the Development division are further
development of projects in progress, the launch of the construction of
commercial properties Ahtri 3 and Laeva 2, and the mitigation of the risk levels
of properties by the adoption of detailed plans. In the Balkans, the Group is
already developing the Madrid project in Sofia (112 apartments) and will soon
launch the Manastirski project. Further expansion of the land bank will be
characterized by the assumption of greater zoning risk in the Balkans and
realisation of opportunities in Ukraine.
The Development division ended 2007 with sales of 585.0 million kroons (37.4
million euros), 6.5% down from 2006, and an operating profit of 162.0 million
kroons (10.4 million euros), a 41.7% decrease year-over-year. Major fluctuations
in quarterly sales and profit figures are common in real estate development.
However, it ought to be noted that revaluation gains (fair value adjustments to
investment properties and property, plant and equipment) for the fourth quarter
and full year totalled 3.5 million kroons (0.2 million euros) and 71.6 million
kroons (4.6 million euros) respectively which means that the division earned
positive EBITDA of 84.5 million kroons (5.4 million euros).
In 2007, 110 apartments and plots were sold or reserved. In the current stages
of the projects, 139 plots and apartments remain to be sold.
CONSTRUCTION DIVISION
In the near future, a reduction of orders in the residential sector is going to
exert downward pressure on residential construction prices. The commercial and
industrial sectors are still stable - there is no visible decline in orders. In
connection with allocations from the EU Structural Funds, the number of
environmental engineering projects is going to increase. Development of the
Group's environmental engineering capabilities is a priority. The number of
public procurement tenders for the construction and rehabilitation of local
government facilities remains large as well.
The Construction division ended 2007 with revenue of 425.5 million kroons (27.2
million euros), an 18.4% rise year-over-year, and an operating profit of 16.9
million kroons (1.1 million euros), an exceptional 17-fold improvement on a year
ago. Significant profit growth was achieved in the second half-year because a
number of unfavourable fixed-price environmental engineering contracts in
Saaremaa and commercial construction contracts in Tallinn expired in the first
half-year (the contracts were concluded two years ago). The current market
situation provides better opportunities for sharing the price risk.
A major transaction of 2007 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. Consolidation in the construction sector
will continue.
In the fourth quarter, the division acquired construction contracts of 96.7
million kroons (6.2 million euros), including contracts of 77.6 million kroons
(5.0 million euros) in Latvia and 19.1 million kroons (1.2 million euros) in
Estonia.
At the end of the fourth quarter, the division's order backlog stood at 331.4
million kroons (21.2 million euros). The largest contracts comprised the
rehabilitation of Matsalu water and wastewater systems (67.5 million kroons or
4.31 million euros) and the construction of the Bishumuizhas apartment houses
(63.0 million kroons or 4.0 million euros). Intra-group sales for 12 months and
the fourth quarter of 2007 accounted for 57.2% and 52.4% of the division's sales
respectively. At 31 December 2007, the Construction division employed 173
people, 50.3% of them in Latvia.
ADJUSTED NAV
During the IPO, major projects of the Group were valuated by Colliers
international by discounted cash flow (DCF) method. Although the Group's
investment properties are measured in the financial statements by applying the
fair value model, IFRS provides that it is not always possible to estimate the
values of all properties using the DCF method, ‘cause the method uses cash flows
that take place in the future and this is not an approved method to revalue
non-cash generating properties for accounting purposes. Therefore, the Group
upholds the tradition that once a year an independent international property
valuation company appraises all major projects using the comparable sales method
and the discounted cash flow method.
If all assets had been measured using the DCF method, the carrying amounts of
the Group's properties as at 31 December 2007 would have been 864 million kroons
(55.2 million euros) larger - assets under construction by 76.0 million kroons
(4.8 million euros), inventories by 335.8 million kroons (21.5 million euros)
and investment property by 452.9 million kroons (28.9 million euros).
The following projects were analysed using DCF: Ahtri 3, Laeva 2, Narva mnt 67
(Tivoli), the potential of TOP Residential premises, Ilmarine, Kaarli 2 and
Hills. The adjusted NAV does not include the cost of the Construction and
Service divisions as during the IPO. It should be noted that Colliers
International has not appraised Baltezers-3 for which a general plan was adopted
in December and whose book value is 0.6 million kroons (0.04 million euros). Nor
has the valuation company appraised the whole volume of TOP's detailed plan of
ca 110,000 m2.
Condensed consolidated interim income statement (EEK)
--------------------------------------------------------------------------------
| | Note | 12 months | 12 months | Q4 2007 | Q4 2006 |
| | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In | | | | | |
| thousands | | | | | |
| of kroons | | | | | |
--------------------------------------------------------------------------------
| Rendering | | 345,856 | 324,656 | 113,422 | 89,761 |
| of | | | | | |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 381,332 | 158,930 | 20,023 | 42,509 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | 5 | 727,188 | 483,586 | 133,445 | 132,270 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | | -542,135 | -349,067 | -107,194 | -95,070 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross | | 185,053 | 134,519 | 26,251 | 37,200 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | | 158,868 | 422,928 | 65,943 | 385,942 |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling | | -22,534 | -18,595 | -3,771 | -4,381 |
| and | | | | | |
| distributi | | | | | |
| on costs | | | | | |
--------------------------------------------------------------------------------
| Administra | | -136,053 | -115,713 | -42,867 | -69,951 |
| tive | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other | | -82,276 | -162,788 | -54,816 | -160,925 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating | 5 | 103,058 | 260,351 | -9,260 | 187,885 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | 215,005 | 16,215 | 16,874 | 13,280 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | -67,744 | -49,654 | -36,515 | -32,825 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit | | 250,319 | 226,912 | -28,901 | 168,340 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -14,808 | -9,563 | 304 | -5,852 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit for | | 235,511 | 217,349 | -28,597 | 162,488 |
| the period | | | | | |
--------------------------------------------------------------------------------
| Attributab | | 7,924 | 9,404 | -243 | 9,061 |
| le to | | | | | |
| minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributab | | 227,587 | 207,945 | -28,354 | 153,427 |
| le to | | | | | |
| equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings | 7 | | | | |
| per share | | | | | |
| (in | | | | | |
| kroons) | | | | | |
--------------------------------------------------------------------------------
| - Basic | | 2.76 | 3.07 | -0.30 | 2.26 |
--------------------------------------------------------------------------------
| - Diluted | | 2.76 | 3.07 | -0.30 | 2.26 |
--------------------------------------------------------------------------------
Condensed consolidated interim income statement (EUR)
--------------------------------------------------------------------------------
| | Note | 12 months | 12 months | Q4 2007 | Q4 2006 |
| | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In | | | | | |
| thousand | | | | | |
| of euros | | | | | |
--------------------------------------------------------------------------------
| Rendering | | 22,104 | 20,749 | 7,249 | 5,737 |
| of | | | | | |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 24,372 | 10,156 | 1,280 | 2,717 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | 5 | 46,476 | 30,907 | 8,529 | 8,454 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | | -34,649 | -22,309 | -6,852 | -6,076 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross | | 11,827 | 8,596 | 1,678 | 2,378 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | | 10,154 | 27,030 | 4,215 | 24,666 |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling | | -1,440 | -1,188 | -241 | -280 |
| and | | | | | |
| distributi | | | | | |
| on costs | | | | | |
--------------------------------------------------------------------------------
| Administra | | -8,695 | -7,395 | -2,740 | -4,470 |
| tive | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other | | -5,259 | -10,404 | -3,503 | -10,286 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating | 5 | 6,587 | 16,639 | -592 | 12,008 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | 13,741 | 1,036 | 1,078 | 848 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | -4,330 | -3,173 | -2,334 | -2,097 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit | | 15,997 | 14,502 | -1,847 | 10,759 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -946 | -611 | 19 | -374 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit for | 7 | 15,052 | 13,891 | -1,828 | 10,385 |
| the period | | | | | |
--------------------------------------------------------------------------------
| Attributab | | 506 | 601 | -15 | 579 |
| le to | | | | | |
| minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributab | | 14,545 | 13,290 | -1,812 | 9,806 |
| le to | | | | | |
| equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings | | | | | |
| per share | | | | | |
| (in euros) | | | | | |
--------------------------------------------------------------------------------
| - Basic | | 0.18 | 0.20 | -0.02 | 0.14 |
--------------------------------------------------------------------------------
| - Diluted | | 0.18 | 0.20 | -0.02 | 0.14 |
--------------------------------------------------------------------------------
Condensed consolidated interim balance sheet (EEK, EUR)
--------------------------------------------------------------------------------
| | | EEK | | EUR | |
--------------------------------------------------------------------------------
| | Note | 31 | 31 | 31 | 31 December |
| | | December | December | December | 2006 |
| | | 2007 | 2006 | 2007 | |
--------------------------------------------------------------------------------
| In | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Cash and | | 765,008 | 58,345 | 48,893 | 3,729 |
| cash | | | | | |
| equivalent | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Short-term | | 78,595 | 0 | 5,023 | 0 |
| investment | | | | | |
| s in | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Trade and | 8 | 297,189 | 102,498 | 18,994 | 6,551 |
| other | | | | | |
| receivable | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Prepayment | | 10,450 | 4,429 | 667 | 283 |
| s | | | | | |
--------------------------------------------------------------------------------
| Inventorie | 9 | 1,148,433 | 431,817 | 73,399 | 27,598 |
| s | | | | | |
--------------------------------------------------------------------------------
| Biological | | 8,360 | 6,141 | 534 | 392 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 2,308,035 | 603,230 | 147,510 | 38,553 |
| current | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Long-term | 8 | 40,124 | 10,673 | 2,564 | 682 |
| receivable | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Long-term | 10 | 48,515 | 65,769 | 3,101 | 4,203 |
| investment | | | | | |
| s in | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Investment | 11 | 999,999 | 1,479,281 | 63,912 | 94,543 |
| property | | | | | |
--------------------------------------------------------------------------------
| Property, | 12 | 141,863 | 81,713 | 9,067 | 5,222 |
| plant and | | | | | |
| equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible | 13 | 25,505 | 16,705 | 1,630 | 1,069 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 1,256,006 | 1,654,141 | 80,274 | 105,719 |
| non-curren | | | | | |
| t assets | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 3,564,041 | 2,257,371 | 227,784 | 144,272 |
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Interest-b | 14 | 753,077 | 699,568 | 48,130 | 44,710 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Payables | 15 | 223,591 | 249,275 | 14,290 | 15,932 |
--------------------------------------------------------------------------------
| Advances | | 47,216 | 63,427 | 3,018 | 4,054 |
| received | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 3,468 | 1,953 | 222 | 124 |
--------------------------------------------------------------------------------
| Total | | 1,027,352 | 1,014,223 | 65,660 | 64,820 |
| current | | | | | |
| liabilitie | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Interest-b | 14 | 600,938 | 457,258 | 38,407 | 29,224 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Long-term | 15 | 4,607 | 41,561 | 294 | 2,657 |
| payables | | | | | |
--------------------------------------------------------------------------------
| Deferred | | 1,321 | 1,353 | 84 | 86 |
| income tax | | | | | |
| liability | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 251 | 1,095 | 16 | 70 |
--------------------------------------------------------------------------------
| Total | | 607,117 | 501,267 | 38,802 | 32,037 |
| non-curren | | | | | |
| t | | | | | |
| liabilitie | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1,634,469 | 1,515,490 | 104,463 | 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 | | 37 | -184 | 2 | -12 |
| reserves | | | | | |
--------------------------------------------------------------------------------
| Retained | | 218,830 | 292,002 | 13,986 | 18,663 |
| earnings | | | | | |
--------------------------------------------------------------------------------
| Total | | 1,904,307 | 724,917 | 121,707 | 46,331 |
| equity | | | | | |
| attributab | | | | | |
| le to | | | | | |
| equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Minority | | 25,265 | 16,964 | 1,615 | 1,084 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total | 16 | 1,929,572 | 741,881 | 123,322 | 47,415 |
| equity | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 3,564,041 | 2,257,371 | 227,784 | 144,272 |
| LIABILITIE | | | | | |
| S AND | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
Additional information:
Heigo Metsoja
IRO
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com