Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
29.05.2008 15:00:00
Title
Arco Vara AS I kvartali tulemused 2008
Message
2008. aasta I kvartali majandustulemused PÕHILISED NÄITAJAD I kvartali äritulud kokku moodustasid 111.9 mln krooni (7.1 mln eurot), 67% vähem kui eelmisel aastal Ärikasum oli -29.7 mln krooni (-1.9 mln eurot), 141% vähem kui eelmine aasta Puhaskasum oli -16.7 mln krooni (-1.1 mln eurot), 124% vähem kui eelmine aasta. Omakapital moodustab 54.3% (2007 1 kv: 37.2%) bilansimahust. Omakapitali tootlikkus oli 7.8% (2007 I kv: 38.6%). Investeeritud kapitali tootlikkus oli 6.2% (2007 I kv: 17.2%) Ehituslepingute järelejäänud maht oli 358.3 mln krooni (22.9 mln eurot) võrrelduna 331 mln krooniga (21.1 mln eurot) 4. kvartalis Kvartali jooksul müüdi või broneeriti kortereid ja krunte kokku 59 tükki võrrelduna 15-ga 4.kvartalis -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Müügitulu ja muu | 111.9 | 340.4 | 7.2 | 21.8 | | äritulu | | | | | -------------------------------------------------------------------------------- | Ärikasum | -29.7 | 72.4 | -1.9 | 4.6 | -------------------------------------------------------------------------------- | s.h | -12.4 | 48.7 | -0.8 | 3.1 | | kinnisvarainvesteeringu | | | | | | te ümberhindlused | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksu | -16.4 | 69.4 | -1.0 | 4.4 | -------------------------------------------------------------------------------- | s.h kasum või kahjum | 0.0 | 2.2 | 0.0 | 0.1 | | finantsvarade | | | | | | võõrandamisest | | | | | -------------------------------------------------------------------------------- | Puhaskasum | -16.7 | 69.1 | -1.1 | 4.4 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EPS 1 (kroonides ja | -0.16 | 0.94 | -0.01 | 0.06 | | eurodes) | | | | | -------------------------------------------------------------------------------- | EPS 2 (kroonides ja | -0.16 | 0.94 | -0.01 | 0.06 | | eurodes) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Varad kokku, perioodi | 3,521.8 | 2,153.0 | 225.1 | 137.6 | | lõpu seisuga | | | | | -------------------------------------------------------------------------------- | Investeeritud kapital, | 3,227.8 | 1,897.1 | 206.3 | 121.2 | | perioodi lõpu seisuga | | | | | -------------------------------------------------------------------------------- | Neto laenud, perioodi | 684.4 | 980.8 | 43.7 | 62.7 | | lõpu seisuga | | | | | -------------------------------------------------------------------------------- | Omakapital, perioodi | 1,911.3 | 800.8 | 122.2 | 51.2 | | lõpu seisuga | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | ROIC (rolling 12 kuud) | 6.2% | 17.2% | | | -------------------------------------------------------------------------------- | ROE (rolling 12 kuud) | 7.8% | 38.6% | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Töötajate arv perioodi | 654 | 541 | 654 | 541 | | lõpul | | | | | -------------------------------------------------------------------------------- Juhatuse esimehe kommentaarid Ülikasumite ja kõrgete tootluste aeg on ümber saanud. Baltikumis on kinnisvaraarenduse olukord stabiliseerunud, kuid näeme, et hinnakorrektsioonid vähematraktiivsetes piirkondades või mittekvaliteetsetes varades jätkuvad ka edaspidi. Kuigi Arco Vara kinnisvaraportfellist ligi 75% asub Eestis, on grupi fookus hetkel Ukrainas ja Balkanil. Arendusdivisjoni kasumi langus oli oodatav, arvestades mitmete oluliste projektide (Tivoli, Ahtri3, Laeva, Bišumuiža 2 jne) alles planeerimise faasi. Kuigi arendusdivisjoni tegevusmõõdikud (planeeringute, ehituste, vakantsuste ja korterimüükide seis) on I kvartalis positiivsed, siis käimasolevate projektide ehitusetapid võimaldavad müügitulu kajastamise asemel näidata vaid broneerimistasude laekumisi Kontserni bilansis. Arendusdivisjoni tulemuste suur kõikumine kvartalite lõikes on seega oodatav ning oluliste projektide edenemisega võivad järgnevate kvartalite tulemused oluliselt muutuda. Kvartali tähtsamateks sündmusteks olid: Tivoli planeeringu kiire edasiliikumine, Simferopoli projekti investeerimine ja korterimüügi blokktehing Sofias. Sellel aastal ootame veel Laeva, Ahtri ja MB-3 planeeringute kehtestamist. Teenindusdivisjonitulemus jäi oodatust nõrgemaks. Käesoleval aastal saab olema teenindusdivisjonis keeruline ja aasta kokkuvõttes lõpetatakse kahjumis vaatamata üldkulude jätkuvale kokkutõmbamisele. Kuigi eelmise aasta lõpus näitasid teenindusdivisjoni tulemused paranemise märke, on turu seiskumine Riias ja saneerimiskulud ärikahjumit suurendanud. e. Turupositsioon on Kontsernil siiski tugev ja divisjoni tegevusmõõdikud (tehingute ja hindamisaktide arvud) on langenud oluliselt vähem turu keskmisest. Ehitusdivisjon on jätkuvalt kasumis ning näidanud võimekust võita ehitushankeid keskkonnaehituses Eestis ja Lätis. Ilma suuremaid projekte või kinnistuid müümata ja ümberhindluse kasumiteta jääb käesoleva aasta Kontserni puhaskasum oluliselt alla eelmise aasta tulemusele. Uute hangete võitmine Eestis ja Lätis, on ehitustegevuse tulemuste osakaal grupi tulemustes kasvatanud. Lisaks, tsiviilehituse ja sisekäibe osakaalu vähenemine kinnitab võetud suuna õigsust. A-kategooria ärikinnisvara nõudlus kesklinnades pole vähenenud. Tallinna kesklinna A-kategooria büroo- ja kaubanduspindade vakantsused lähenevad nullile. Lisaks 20% madalam ehitushind loob soodsa pinnase pikaajaliste ja suuremahuliste arenduste teostamiseks, nagu seda on Ahtri 3. 2008. aasta jooksul jätkame käimasolevate projektide - Kolde (Eesti) ja Madrid (Bulgaaria) ehitust. Kasutades turu madalseisust tekkivaid võimalusi Baltikumis ja uusi võimalusi Ukrainas ja Balkanil on Arco käesoleval aastal pigem netoinvesteerija kui suurema käibe taotleja arendustegevusest. TULUD JA KASUM -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Müügitulu ja muu | | | | | | äritulu | | | | | -------------------------------------------------------------------------------- | Teenindus | 29.2 | 30.2 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Arendus | 29.7 | 294.8 | 1.9 | 18.8 | -------------------------------------------------------------------------------- | Ehitus | 89.5 | 57.2 | 5.7 | 3.7 | -------------------------------------------------------------------------------- | Varahaldus | 3.4 | 3.1 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Elimineerimised | -39.9 | -44.8 | -2.6 | -2.9 | -------------------------------------------------------------------------------- | Müügitulu ja muu | 111.9 | 340.4 | 7.2 | 21.8 | | äritulu kokku | | | | | -------------------------------------------------------------------------------- | Ärikasum | | | | | -------------------------------------------------------------------------------- | Teenindus | -9.5 | -3.3 | -0.6 | -0.2 | -------------------------------------------------------------------------------- | Arendus | -16.1 | 86.1 | -1.0 | 5.5 | -------------------------------------------------------------------------------- | Ehitus | 4.2 | -6.3 | 0.3 | -0.4 | -------------------------------------------------------------------------------- | Varahaldus | 1.3 | 1.7 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Elimineerimised | -4.6 | 5.6 | -0.3 | 0.4 | -------------------------------------------------------------------------------- | Jagamatud ärikulud | -5.1 | -11.4 | -0.3 | -0.7 | -------------------------------------------------------------------------------- | Ärikasum kokku | -29.7 | 72.4 | -1.8 | 4.7 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Intressitulud ja | 5.0 | -7.9 | 0.3 | -0.5 | | intressikulud | | | | | -------------------------------------------------------------------------------- | Muud finantstulud | 8.3 | 4.9 | 0.5 | 0.3 | | ja -kulud | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | -0.4 | -0.3 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Puhaskasum | -16.7 | 69.1 | -1.0 | 4.5 | -------------------------------------------------------------------------------- Kontserni olulisima tulu teenis ehitusdivisjon, kasvatades divisjoni kvartalikäivet pea 56,5% - 89.5 mln kroonini (5.7 mln euroni). Oluline käibe kukkumine oli tingitud arendusdivisjoni tulemusest. Kuigi kortereid ja krunte müüdi või broneeriti kokku 59 tükki (Kolde 18, Madrid 52, BM-1 -10 ja MB-5 -1), siis enamus I kv broneeringutest laekuv käive ja brutokasum realiseerub alles 1,5 aasta jooksul, pärast Madridi projekti valmimist. Eelmisel aastal realiseeriti esimeses kvartalis Kerese Keskus, Ulmana Gatve ja Suur-Sõjamäe kinnistud, mis oluliselt tõstsid kvartali äritulusid ja -kasumit. Ka sellel aastal plaanib juhatus müüa suuremaid kinnistuid projektidena, kuid see avaldab mõju alles teise poolaasta tulemustele. Kui müüa ei õnnestu, jääb divisjoni aasta käive oluliselt madalamaks 2007. aasta numbrist. Arendusdivisjoni ärikahjum sisaldab 12.4 mln krooni (0.8 mln eurot) kinnisvarainvesteeringute allahindluste netotulemust ja valuutakursside kahjumeid 4.5 mln krooni (0.3 mln euro) ulatuses. Kuigi sellel aastal on oodata Tivoli, Ahtri, MB-3 ja Laeva planeeringute kehtestamist, mis varade väärtusi oluliselt mõjutab, siis Tivoli ja MB-3 varasid ei saa ümber hinnata, sest nimetatud projekte kajastab Kontsern soetusmaksumuses. Teenindusdivisjon on suutnud käivet hoida, kuid seda peamiselt tänu Eesti operatsioonidele. Koondamis- ja saneerimiskulud on suurendanud divisjoni kahjumit veelgi ja teevad seda ka järgmise kahe kvartali jooksul, kus ootame ka madalaimat teenindusdivisjoni tulemust sellel aastal. Lisaks kajastub divisjoni I kvartali kuludes erakorraline vakantsuse garantii kulu Riia projektist „Duntes“ summas 1.4 mln krooni (0.1 mln eurot). RAHAVOOD -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Äritegevuse rahavood | -33.3 | 31.5 | -2.1 | 2.0 | -------------------------------------------------------------------------------- | Investeerimistegevuse | -180.6 | 89.1 | -11.5 | 5.7 | | rahavood | | | | | -------------------------------------------------------------------------------- | Finantseerimistegevuse | -69.4 | -63.5 | -4.4 | -4.1 | | rahavood | | | | | -------------------------------------------------------------------------------- | Perioodi rahavood kokku | -283.3 | 57.1 | -18.1 | 3.7 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Raha ja raja ekvivalendid | 765.0 | 58.3 | 48.9 | 3.7 | | perioodi alguses | | | | | -------------------------------------------------------------------------------- | Valuutakursi mõju | 0.0 | -0.1 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 481.7 | 115.4 | 30.8 | 7.4 | | perioodi lõpus | | | | | -------------------------------------------------------------------------------- I kvartalis 2008 mõjutasid äritegevuse rahavoogu eelkõige investeeringud elamuarendusprojektidesse Eestis, Lätis ja Bulgaarias ning Madridi projekti korterite broneerimistasude laekumine kokku -11,4 mln krooni (0,7 mln eurot). Investeerimistegevuse rahavoogusid mõjutas enim Simferopoli projekti aktsiate ettemaksu tasumine summas 82,4 mln krooni (5,3 mln eurot) ning lühiajaliste finantsinvesteeringute soetamine summas 80 mln krooni (5,1 mln eurot). Arco likviidsuspositsioon on endiselt kõrge ning juhtkond peab oluliseks säilitada piisavat likviidsuspuhvrit järgnevateks aastateks arvestades jätkuvat ebakindlust kapitaliturgudel. TEENINDUSDIVISJON I kvartal on teenindusdivisjonile olnud keeruline kohanemise aeg. 2007 aasta IV kvartalis vastu võetud kulude vähendamise meetmeid on tulnud korrigeerida kuude lõikes järjest agressiivsemaks. Majanduse jahenemine Baltikumis on olnud oodatust kiirem ja see on tugevalt mõjutanud teenindusdivisjoni esimese kvartali tulemusi. Kui eelmise aasta 2008 aasta eelarve planeerimisel ootasime tõusu 2008 aasta teises pooles, siis täna on tehtud arvestused ja kasvuootused 2009 aasta teise poolde. See on suurendanud oluliselt vajadust saneerida ettevõtte juhtimist ja teostada jätkuvat kulude vähendamist. Vahendusteenuste maht Divisjonis on jäänud küll samale tasemele aga kiiret tõusu Balkani riikides ei ole saavutatud. Akte on väljastatud kuues riigis kokku 2 052 (2007 I kv: 2 378), langedes aastaga 13.7%. Endiselt käib uutel turgudel hindamisteenuse juurutamine ning Baltikumis alustati uue teenusega- kinnisvaraalase nõustamisega. -------------------------------------------------------------------------------- | | I kv 2008 | I kv 2007 | muutus, % | -------------------------------------------------------------------------------- | Vahendatud | 483 | 502 | -3.8% | | objektide arv | | | | -------------------------------------------------------------------------------- | Müügis olevad | 247 | 144 | 71.5% | | projektid, tk | | | | -------------------------------------------------------------------------------- | Hindamisaktide | 2052 | 2378 | -13.7% | | arv | | | | -------------------------------------------------------------------------------- | Hindajate arv | 44 | 45 | -2.2% | -------------------------------------------------------------------------------- | Maaklerite arv | 201 | 198 | 1.5% | -------------------------------------------------------------------------------- | Perioodi keskmine | 367 | 315 | 16.5% | | töötajate arv | | | | -------------------------------------------------------------------------------- Projektimüügi lepingute maht oli 247 tükki, kasvades aastaga 71.5%. Kokku tehti vahendustehinguid 483 tükki, langedes aastaga 3.8%. Divisjonis töötas 31.03.2008 seisuga kokku 377 inimest (2007 I kv: 346). Maaklerite arv on 2008 I kvartal küll veidi suurenenud, kuid see oli tingitud 2007. a laienemisega Balkanil, kus teenindusdivisjon kiirelt arenes. ARENDUSDIVISJON Kinnisvaratehingute arvu kahanemine Baltikumis on väljendunud kõige drastilisemalt Lätis, kus meie projektides olid ostjad valmis loobuma kokku 11 broneeringust (kokku broneeringuid 52). Langus Lätis kompenseeriti kasvuga teistel turgudel- Tallinnas ja Sofias. Kolde projektis müüsime või broneerisime kokku 18 korterit, Sofias 52 korterit. I kvartali põhjal võib väita, et Kolde projektis on ostuhuvi selgelt olemas hinnatasemelt 1900-2000 euro/m2 (29 700-31 300 eek/m2). Kuigi 61% korteritest on Madridi projektis broneeritud, on aktiivne müügitöö alles alanud. Esimese sammuna oleme korterite mahtu vähendanud terve korruse võrra ja vahetanud selle kontori- ja kaubanduspinna vastu. Sofias asuva Manastirski projektis viidi samuti lõpule ümberprojekteerimine ning alustati ehituskonkursi läbiviimist. Eestis jõudsid kooskõlastustega lõppjärku ka Tivoli ja Laeva detailplaneeringud. Suurimaks uusarenduseks kerkis Arco Varal sisenemine Ukraina kaubandusse Simferopoli linnas, tehes ettemaksu 50% aktsiate eest kaubanduskeskuse projektis. I kvartali jooksul müüdi või broneeriti kortereid ja krunte kokku 59 tükki. Divisjonis töötab kokku 55 inimest (2007 I kv: 41). EHITUSDIVISJON Ehitustellimuste vähenemine elukondliku kinnisvara sektoris on Kontserni hinnangul langetanud elukondliku kinnisvara ehitushindu ca 15 - 20%. Sellepärast on ehitusdivisjon võitnud I kv vaid keskkonnaehitus- ning mitte ühtegi tsiviilehituse hanget. Suuremad ettevõtted pürivad juba ka väiksematele hangetele, kus Arco Ehitus on seni ennast kindlamalt tundnud. Positiivne on see, et meie Läti tütarettevõte on saavutanud positsiooni, kus ta võib osaleda riigihangetel. Esimene võidetud konkurss on veepuhastusjaama rauaeraldusjaama projekteerimiseks ja ehitamiseks Lätis Ogre külas mahus 48.5 mln krooni (3.1 mln eurot). Esimeses kvartalis sõlmiti uusi ehituslepinguid 111 mln krooni (7.1 mln euro) väärtuses, mis oli suurem, kui IV kvartalis 2007 ning millest Lätis 50.4 mln krooni (3.2 mln eurot) ja Eestis 60.6 mln krooni (3.9 mln eurot). Ehituslepingute järelejäänud maht esimese kvartali lõpu seisuga on suurenenud ning moodustas 358 mln krooni (22.9 mln eurot). I kvartali kuu kontsernisisene müügitulu moodustas kogutuludest 43%. Divisjonis töötab kokku 195 inimest (2007 I kv: 134). OLULISED MUUTUSED DETAILPLANEERIMISES 2008. AASTA I KVARTALIS Tivoli: Alustati projekteerimistöödega ja kontseptsiooni koostamisega. Detailplaneeringu eeldatav kehtestamine Tallinna volikogus mais 2008. Aruande väljastamise kuupäevaks on planeering kehtestatud. On tõenäoline, et pärast planeeringu kehtestamist laekub ühe korteriomaniku vaie kõrval olevast elamupiirkonnast, mis juhatuse hinnangul projekti tasuvust oluliselt ei mõjuta. Ahtri: Krundil kehtib hetkel detailplaneering koos ehitusõigusega. Siiski, esitasime linnale ka detailplaneeringu eskiisi uue planeeringu saamiseks. Kuni uut planeeringut pole, kehtib eelmise planeeringuga sätestatud ehitusõigus. Detailplaneeringu eskiis kiideti linna planeerimisameti poolt heaks ja viimane valmistab ette detailplaneeringu algatamise eelnõud linnavalitsuse istungiks mai kuus. Uues planeeringus taotletakse maapealset ehitusõigust 51 110m2. Laeva 2: Krundil kehtib hetkel detailplaneering. Siiski, algatasime ka uue detailplaneeringu, mis jätab ehitusmahu samaks, kuid muudab krundil ehitusala piire. Planeering võeti vastu ja suunati avalikule väljapanekule, kus ei laekunud ühtegi pretensiooni. Eeldatav planeeringu algatamine toimub mai kuus. PM80: Linnavalitsusele esitati detailplaneeringu algatamiseks detailplaneeringu eskiis, mis ka heaks kiideti. Linnaplaneerimisamet valmistab ette detailplaneeringu algatamise eelnõud linnavalitsuse istungiks. Kõige varem algatatakse planeering mais. Baltezeres-3: Kehtestati piirkonna üldplaneering, mille järgi on projektialuse maa sihtotstarve elamumaa. Ootame detailplaneeringu kehtestamist II kvartali alguses. MUUTUSED KONTSERNI STRUKTUURIS I kv olulisi muutusi kontserni struktuuri polnud. Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | I | I | I kvartal | I kvartal | | | kvartal | kvartal | 2008 | 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- | tuhandetes | | | | | -------------------------------------------------------------------------------- | Müügitulu teenuste müügist | 88,691 | 53,838 | 5,668 | 3,441 | -------------------------------------------------------------------------------- | Müügitulu kaupade müügist | 18,830 | 237,343 | 1,203 | 15,169 | -------------------------------------------------------------------------------- | Müügitulu kokku | 107,521 | 291,181 | 6,871 | 18,610 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | -86,327 | -226,397 | -5,517 | -14,469 | -------------------------------------------------------------------------------- | Brutokasum | 21,194 | 64,784 | 1,354 | 4,141 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 4,394 | 49,256 | 281 | 3,148 | -------------------------------------------------------------------------------- | Turustuskulud | -4,672 | -7,565 | -299 | -483 | -------------------------------------------------------------------------------- | Üldhalduskulud | -34,075 | -31,390 | -2,178 | -2,006 | -------------------------------------------------------------------------------- | Muud ärikulud | -16,512 | -2,699 | -1,055 | -172 | -------------------------------------------------------------------------------- | Ärikasum | -29,671 | 72,386 | -1,897 | 4,628 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 14,011 | 10,170 | 895 | 650 | | investeerimistegevuse tulud | | | | | -------------------------------------------------------------------------------- | Finants- ja | -703 | -13,168 | -45 | -842 | | investeerimistegevuse kulud | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksu | -16,363 | 69,388 | -1,047 | 4,436 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | -366 | -288 | -23 | -18 | -------------------------------------------------------------------------------- | Puhaskasum | -16,729 | 69,100 | -1,070 | 4,418 | -------------------------------------------------------------------------------- | s.h vähemusosanikele kuuluv | -1,442 | 5,601 | -92 | 358 | | puhaskasum | | | | | -------------------------------------------------------------------------------- | s.h Arco Vara AS | -15,287 | 63,499 | -977 | 4,060 | | aktsionäridele kuuluv | | | | | | puhaskasum | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | | | | | (kroonides ja eurodes) | | | | | -------------------------------------------------------------------------------- | - tava | -0.16 | 0.94 | -0.01 | 0.06 | -------------------------------------------------------------------------------- | - lahustatud | -0.16 | 0.94 | -0.01 | 0.06 | -------------------------------------------------------------------------------- Konsolideeritud bilanss -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | 31.03.20 | 31.12.200 | 31.03.200 | 31.12.200 | | | 08 | 7 | 8 | 7 | -------------------------------------------------------------------------------- | tuhandetes | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 481,722 | 765,008 | 30,788 | 48,893 | -------------------------------------------------------------------------------- | Finantsinvesteeringud | 150,361 | 78,595 | 9,610 | 5,023 | -------------------------------------------------------------------------------- | Nõuded | 290,896 | 297,189 | 18,591 | 18,994 | -------------------------------------------------------------------------------- | Ettemakstud kulud | 10,618 | 10,450 | 679 | 668 | -------------------------------------------------------------------------------- | Varud | 1,216,31 | 1,148,433 | 77,737 | 73,398 | | | 4 | | | | -------------------------------------------------------------------------------- | Bioloogilised varad | 8,376 | 8,360 | 535 | 534 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 1,701 | 0 | 109 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 2,159,98 | 2,308,035 | 138,049 | 147,510 | | | 8 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finantsinvesteeringud | 47,160 | 48,515 | 3,014 | 3,101 | -------------------------------------------------------------------------------- | Nõuded | 150,677 | 40,124 | 9,630 | 2,564 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 1,004,19 | 999,999 | 64,180 | 63,912 | | | 8 | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 134,277 | 141,863 | 8,582 | 9,067 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 25,476 | 25,505 | 1,628 | 1,630 | -------------------------------------------------------------------------------- | Põhivara kokku | 1,361,78 | 1,256,006 | 87,034 | 80,274 | | | 8 | | | | -------------------------------------------------------------------------------- | VARAD KOKKU | 3,521,77 | 3,564,041 | 225,083 | 227,784 | | | 6 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 744,254 | 753,077 | 47,567 | 48,130 | -------------------------------------------------------------------------------- | Võlad | 208,057 | 223,591 | 13,297 | 14,290 | -------------------------------------------------------------------------------- | Ettemaksed | 81,587 | 47,216 | 5,214 | 3,018 | -------------------------------------------------------------------------------- | Eraldised | 4,326 | 3,468 | 276 | 222 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 1,038,22 | 1,027,352 | 66,354 | 65,660 | | | 4 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 566,943 | 600,938 | 36,234 | 38,407 | -------------------------------------------------------------------------------- | Võlad | 4,680 | 4,607 | 299 | 294 | -------------------------------------------------------------------------------- | Edasilükkunud | 616 | 1,321 | 39 | 84 | | tulumaksukohustus | | | | | -------------------------------------------------------------------------------- | Eraldised | 0 | 251 | 0 | 16 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 572,239 | 607,117 | 36,572 | 38,801 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1,610,46 | 1,634,469 | 102,926 | 104,461 | | | 3 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 952,842 | 952,842 | 60,898 | 60,898 | -------------------------------------------------------------------------------- | Ülekurss | 712,514 | 712,514 | 45,538 | 45,538 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 20,084 | 20,084 | 1,284 | 1,284 | -------------------------------------------------------------------------------- | Muud reservid | -241 | 37 | -15 | 2 | -------------------------------------------------------------------------------- | Jaotamata kasum | 203,543 | 218,830 | 13,009 | 13,986 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv | 1,888,74 | 1,904,307 | 120,714 | 121,708 | | omakapital kokku | 2 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Vähemusosalusele kuuluv | 22,571 | 25,265 | 1,443 | 1,615 | | omakapital | | | | | -------------------------------------------------------------------------------- | Omakapital kokku | 1,911,31 | 1,929,572 | 122,157 | 123,323 | | | 3 | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | 3,521,77 | 3,564,041 | 225,083 | 227,784 | | KOKKU | 6 | | | | --------------------------------------------------------------------------------
Title
Arco Vara AS Interim report 2008 Q1
Message
SELECTED FINANCIALS Revenue and other income for Q1 totalled 111.9 million kroons (7.1 million euros), 67% down year-over-year. Operating loss amounted to 29.7 million kroons (1.9 million euros), a 141% decrease from the operating profit of a year ago. Net loss was 16.7 million kroons (1.1 million euros), a 124% decrease from the net profit earned a year ago. Equity to assets ratio was 54.3% (Q1 2007: 37.2%), return on equity 7.8% (Q1 2007: 38.6) and return on invested capital 6.2% (Q1 2007: 17.2%). At 31 March, the Group's order backlog stood at 358.3 million kroons (22.9 million euros) compared to 331 million kroons (21.1 million euros) in 4th quarter. During the reporting period, 59 apartments and plots were sold or reserved compared to 15in the 4th quarter. -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Revenue and other | 111.9 | 340.4 | 7.2 | 21.8 | | income | | | | | -------------------------------------------------------------------------------- | Operating profit / | -29.7 | 72.4 | -1.9 | 4.6 | | loss | | | | | -------------------------------------------------------------------------------- | Including net gain / | -12.4 | 48.7 | -0.8 | 3.1 | | loss on fair value | | | | | | adjustments to | | | | | | investment property | | | | | -------------------------------------------------------------------------------- | Profit before tax | -16.4 | 69.4 | -1.0 | 4.4 | -------------------------------------------------------------------------------- | Including net gain on | 0.0 | 2.2 | 0.0 | 0.1 | | the divestment of | | | | | | financial assets | | | | | -------------------------------------------------------------------------------- | Net profit / loss | -16.7 | 69.1 | -1.1 | 4.4 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EPS 1 (in kroons and | -0.16 | 0.94 | -0.01 | 0.06 | | euros) | | | | | -------------------------------------------------------------------------------- | EPS 2 (in kroons and | -0.16 | 0.94 | -0.01 | 0.06 | | euros) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total assets at | 3,521.8 | 2,153.0 | 225.1 | 137.6 | | period end | | | | | -------------------------------------------------------------------------------- | Invested capital at | 3,227.8 | 1,897.1 | 206.3 | 121.2 | | period end | | | | | -------------------------------------------------------------------------------- | Net loans at period | 684.4 | 980.8 | 43.7 | 62.7 | | end | | | | | -------------------------------------------------------------------------------- | Equity at period end | 1,911.3 | 800.8 | 122.2 | 51.2 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | ROIC (rolling 12 | 6.2% | 17.2% | | | | months) | | | | | -------------------------------------------------------------------------------- | ROE (rolling 12 | 7.8% | 38.6% | | | | months) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Number of staff at | 654 | 541 | 654 | 541 | | period end | | | | | -------------------------------------------------------------------------------- Comments by CEO The time of lavish profits and huge returns is over. The Baltic development market has stabilised even though less attractively located and lower quality properties may undergo further price adjustment. Although approximately 75% of Arco's real estate portfolio is located in Estonia, the Group's focus has shifted to Ukraine and the Balkans. We anticipated the decline in the profit of the Development division because a number of major projects (Tivoli, Ahtri 3, Laeva, Bishumuizhas 2, etc) are still in the planning phase. The division's Q1 performance indicators (planning, construction, vacancies and apartment sales) were positive but the current stages of the projects allow recognising only liabilities for reservation fees received, not sales revenue. The results of the Development division are subject to significant fluctuations and the figures for the following quarters may be radically different as the projects progress. Q1 highlights include rapid progress in the planning of the Tivoli project, investment in a project in Simferopol and an en-bloc apartment sale in Sofia. In 2008, plans should be adopted for the Laeva, Ahtri and MB-3 projects. The Service division performance was lower than expected.. The year will be testing and the Service division will end it with a loss despite continuing cost cutting. Although the performance of the Service division began recovering at the end of the previous year the stagnation of the market in Riga and reorganization expenses have increased its operating loss.. Nevertheless, the Group's market position is strong and the division's performance indicators (number of transactions performed and valuation reports issued) have dropped substantially less than the market's average The Construction division continues turning a profit and has displayed strong capability for winning environmental engineering tenders in Estonia and Latvia. Without the sale of major projects or properties and revaluation gain, the consolidated result of operations will be considerably weaker than a year ago. Winning of tenders in Estonia as well as in Latvia, has increased the proportion of construction revenue in the Group's revenue structure. The decline in the contribution of civil engineering projects and internal sales confirms the strategy adopted. Demand for centrally located category A commercial real estate has not diminished. In Tallinn, vacancies of category A office and commercial premises are almost down to zero. Moreover, a 20% fall in construction prices has created excellent opportunities for executing major long-term development projects such as Ahtri 3. In 2008, we shall continue developing our Kolde (Estonia) and Madrid (Bulgaria) projects and intend to take advantage of opportunities provided by the slump in the Baltics and the opportunities opening up in Ukraine and the Balkans. Accordingly, in 2008 we expect to be a net investor not an achiever of enhanced development revenue. REVENUE AND PROFIT -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Revenue and other income | | | | | -------------------------------------------------------------------------------- | Service | 29.2 | 30.2 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Development | 29.7 | 294.8 | 1.9 | 18.8 | -------------------------------------------------------------------------------- | Construction | 89.5 | 57.2 | 5.7 | 3.7 | -------------------------------------------------------------------------------- | Asset management | 3.4 | 3.1 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Eliminations | -39.9 | -44.8 | -2.6 | -2.9 | -------------------------------------------------------------------------------- | Total revenue and other | 111.9 | 340.4 | 7.2 | 21.8 | | income | | | | | -------------------------------------------------------------------------------- | | Operating profit / | | | | | | | loss | | | | | -------------------------------------------------------------------------------- | | Service | -9.5 | -3.3 | -0.6 | -0.2 | -------------------------------------------------------------------------------- | | Development | -16.1 | 86.1 | -1.0 | 5.5 | -------------------------------------------------------------------------------- | | Construction | 4.2 | -6.3 | 0.3 | -0.4 | -------------------------------------------------------------------------------- | | Asset management | 1.3 | 1.7 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | | Eliminations | -4.6 | 5.6 | -0.3 | 0.4 | -------------------------------------------------------------------------------- | | Unallocated expenses | -5.1 | -11.4 | -0.3 | -0.7 | -------------------------------------------------------------------------------- | | Total operating profit | -29.7 | 72.4 | -1.8 | 4.7 | | | / loss | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | Interest income and | 5.0 | -7.9 | 0.3 | -0.5 | | | expense | | | | | -------------------------------------------------------------------------------- | | Other financial income | 8.3 | 4.9 | 0.5 | 0.3 | | | and expense | | | | | -------------------------------------------------------------------------------- | | Income tax expense | -0.4 | -0.3 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | Net profit / loss for | -16.7 | 69.1 | -1.0 | 4.5 | | | the period | | | | | -------------------------------------------------------------------------------- The bulk of the Group's revenue was generated by the Construction division which increased sales by almost 56.5% to 89.5 million kroons (5.7 million euros). The significant fall in revenue may be attributed to the performance of the Development division. Although 59 apartments and plots were reserved (Kolde 18, Madrid 52, BM-1 -10 and MB-5 -1), most of related revenue and gross profit will realise within the next 1.5 years after the Madrid project has been completed. In Q1 2007, the division realised the Kerese Keskus, Ulmana Gatve and Suur-Sõjamäe properties, which boosted quarterly revenue and profit figures. Management intends to sell larger properties in the form of projects also in 2008 but the impact will be visible in the second half of the year only. If properties cannot be sold, the division's revenue will be considerably weaker than in 2007. The operating result of the Development division includes property revaluation losses (net) of 12.4 million kroons (0.8 million euros) and foreign exchange losses of 4.5 million kroons (0.3 million euros). Although in 2008 plans should be adopted for the Tivoli, Ahtri, MB-3 and Laeva projects, which wiil have a significant impact on the values of the properties, Tivoli and MB-3 cannot be restated because they are carried at cost. The Service division has been able to maintain revenue, largely thanks to its Estonian operations. Restructuring expenses (including redundancy benefits) have expanded the division's loss and will continue expanding it through the next two quarters where we expect the lowest ever results for the Service division. In addition, the division's Q1 expenses include non-recurring vacancy guarantee costs of 1.4 million kroons (0.1 million euros) from the Duntes project in Riga. CASH FLOWS -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Cash flows from operating | -33.3 | 31.5 | -2.1 | 2.0 | | activities | | | | | -------------------------------------------------------------------------------- | Cash flows from investing | -180.6 | 89.1 | -11.5 | 5.7 | | activities | | | | | -------------------------------------------------------------------------------- | Cash flows from financing g | -69.4 | -63.5 | -4.4 | -4.1 | | activities | | | | | -------------------------------------------------------------------------------- | Net cash flow | -283.3 | 57.1 | -18.1 | 3.7 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 765.0 | 58.3 | 48.9 | 3.7 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | 0.0 | -0.1 | 0.0 | 0.0 | | fluctuations | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 481.7 | 115.4 | 30.8 | 7.4 | | end of period | | | | | -------------------------------------------------------------------------------- In Q1 2008, operating cash flows were mainly affected by investment in residential development projects in Estonia, Latvia and Bulgaria and the reservation fees received for apartments in the Madrid project (11.4 million kroons (0.7 million euros) in aggregate). Cash flows from investing activities were primarily influenced by a prepayment of 82.4 million kroons (5.3 million euros) made for a stake in the Simferopol project and the acquisition of short-term financial assets of 80 million kroons (5.1 million euros). Arco's liquidity remains strong and management intends to maintain a sufficient liquidity buffer in the next few years owing to continuing turbulence in the capital markets. SERVICE DIVISION For the Service division, Q1 2008 was a period of taxing adjustment: the cost cutting measures implemented in Q4 2007 needed to be reinforced on a monthly basis to mitigate the impact of the faster than expected cooling of Baltic economies. In making our projections in 2007 we expected a rise in the second half of 2008. Today we expect more positive developments for the second half of 2009. The change in projections has heightened the need for further streamlining and cost cutting. Although division's brokerage revenue has remained steady, the division has not been able to achieve targeted growth in the Balkans. In the reporting period, the Service division issued 2,052 (Q1 2007: 2,378) valuation reports in six countries, a 13.7% decrease year-over-year. The division is still introducing valuation services in the new markets and promoting real estate counselling in the Baltics. -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Change | -------------------------------------------------------------------------------- | Number of properties brokered | 483 | 502 | -3.8% | -------------------------------------------------------------------------------- | Number of projects on sale | 247 | 144 | 71.5% | -------------------------------------------------------------------------------- | Number of valuation reports | 2052 | 2378 | -13.7% | | issued | | | | -------------------------------------------------------------------------------- | Number of appraisers | 44 | 45 | -2.2% | -------------------------------------------------------------------------------- | Number of real estate brokers | 201 | 198 | 1.5% | -------------------------------------------------------------------------------- | Average number of staff | 367 | 315 | 16.5% | -------------------------------------------------------------------------------- Project sales contracts numbered 247, up 71.5% year-over-year, and brokerage transactions totalled 483, a 3.8% decrease year-over-year. At 31 March 2008, the Service division employed 377 people (Q1 2007: 346). The number of brokers has increased slightly in connection with expansion in the Balkans. DEVELOPMENT DIVISION In the Baltics, the number of real estate transactions plummeted steepest in Latvia where our customers were prepared to waive 11 reservations (out of a total of 52). The decline in Latvia was counterbalanced by growth in other markets - Tallinn and Sofia. In our Kolde project in Tallinn 18 and in Sofia 52 apartments were either sold or reserved. The results of Q1 indicate that there is clear interest in the Kolde project from the level of 29,700-31,300 kroons/m2 (1900-2000 euros/m2). Although 61% of the apartments in the Madrid project have been reserved, active sales have only begun. The project's apartment space has been reduced by a floor, which has been redesigned for business and commercial purposes. The Manastirski project in Sofia has also been redesigned and the construction tender launched. Approval of the detailed plans for the Tivoli and Laeva projects in Estonia is in the final stage. A significant development of Q1 was the Group's penetration of the Ukrainian commercial development sector in Simferopol where a prepayment was made for a 50% stake in a shopping mall project. In the reporting period, 59 apartments and plots were sold or reserved. At 31 March, the division employed 55 people (Q1 2007: 41). CONSTRUCTION DIVISION According to management's estimates, the decrease in the demand for residential construction services has lowered residential construction prices by approx. 15 - 20%. As a result, the Construction division has won environmental- but not any civil engineering tenders at the beginning of 2008 - large companies are elbowing their way to smaller tenders where to date Arco Ehitus has had an edge. On the positive side, our Latvian subsidiary has reached a stage in which it can participate in public procurement tenders. The first public procurement contract won in Latvia involves the design and construction of an iron removal plant for a water treatment facility in the village of Ogre. The size of the contract is 48.5 million kroons (3.1 million euros). In Q1 the division acquired construction contracts of 111 million kroons (7.1 million euros), including contracts of 50.4 million kroons (3.2 million euros) in Latvia and contracts of 60.6 million kroons (3.9 million euros) in Estonia, the total figure surpassing the one achieved in Q4 2007. By the end of the reporting period, the division's order backlog had increased to 358 million kroons (22.9 million euros). Intra-group sales for Q1 accounted for 43% of revenue. At period-end, the division employed 195 people (Q1 2007: 134). SIGNIFICANT CHANGES IN DETAIL PLANNING IN Q1 2008 Tivoli: Design work and preparation of a concept has commenced. A detailed plan of the property should be adopted by Tallinn City Council in May 2008. At the date these financial statements are authorised for issue, the detailed plan has been adopted. It's possible that after the approval of the zoning plan one person from the neighbourhood will argue the zoning. According to management's opinion it will not have substantial effect on project profitability. Ahtri: The plot has a detailed plan with building rights. However, we have submitted to the city government a draft of a new detailed plan. Until the new plan is adopted, the building rights provided in the previous plan apply. The Planning Department has approved the draft of the new detailed plan and will prepare resolutions for the initiation of a detailed plan at a session of the city government in May. The new plan includes above-ground building rights to 51,110 m2. Laeva 2: The plot had a detailed plan. We have applied for the initiation of a new detailed plan which maintains the construction volume but changes the boundaries of the construction area. The new plan was approved and referred for public display. No challenges were submitted. The plan should be initiated in May. PM80: City government has approved the draft of a detailed plan. The Planning Department will prepare resolutions for the initiation of a detailed plan at a session of the City government. At the earliest, the plan will be initiated in May. Baltezeres-3: A general plan has been adopted for the area according to which its intended purpose is residential land. We expect a detailed plan to be adopted at the beginning of Q2. CHANGES IN THE GROUP'S STRUCTURE During the reporting period, the Group's structure did not undergo any major changes. Condensed consolidated interim income statement -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- | In thousands | | | | | -------------------------------------------------------------------------------- | Rendering of services | 88,691 | 53,838 | 5,668 | 3,441 | -------------------------------------------------------------------------------- | Sale of goods | 18,830 | 237,343 | 1,203 | 15,169 | -------------------------------------------------------------------------------- | Total revenue | 107,521 | 291,181 | 6,871 | 18,610 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cost of sales | -86,327 | -226,397 | -5,517 | -14,469 | -------------------------------------------------------------------------------- | Gross profit | 21,194 | 64,784 | 1,354 | 4,141 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other income | 4,394 | 49,256 | 281 | 3,148 | -------------------------------------------------------------------------------- | Selling and distribution | -4,672 | -7,565 | -299 | -483 | | costs | | | | | -------------------------------------------------------------------------------- | Administrative expenses | -34,075 | -31,390 | -2,178 | -2,006 | -------------------------------------------------------------------------------- | Other expenses | -16,512 | -2,699 | -1,055 | -172 | -------------------------------------------------------------------------------- | Operating profit / loss | -29,671 | 72,386 | -1,897 | 4,628 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finance income | 14,011 | 10,170 | 895 | 650 | -------------------------------------------------------------------------------- | Finance expenses | -703 | -13,168 | -45 | -842 | -------------------------------------------------------------------------------- | Profit / loss before tax | -16,363 | 69,388 | -1,047 | 4,436 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax expense | -366 | -288 | -23 | -18 | -------------------------------------------------------------------------------- | Profit / loss for the | -16,729 | 69,100 | -1,070 | 4,418 | | period | | | | | -------------------------------------------------------------------------------- | Attributable to minority | -1,442 | 5,601 | -92 | 358 | | interests | | | | | -------------------------------------------------------------------------------- | Attributable to equity | -15,287 | 63,499 | -977 | 4,060 | | holders of the parent | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Earnings per share (in | | | | | | kroons and euros) | | | | | -------------------------------------------------------------------------------- | - Basic | -0.16 | 0.94 | -0.01 | 0.06 | -------------------------------------------------------------------------------- | - Diluted | -0.16 | 0.94 | -0.01 | 0.06 | -------------------------------------------------------------------------------- Condensed consolidated interim balance sheet -------------------------------------------------------------------------------- | | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | | 31 March | 31 | 31 March | 31 | | | 2008 | December | 2008 | December | | | | 2007 | | 2007 | -------------------------------------------------------------------------------- | In thousands | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 481,722 | 765,008 | 30,788 | 48,893 | -------------------------------------------------------------------------------- | Other financial assets | 150,361 | 78,595 | 9,610 | 5,023 | -------------------------------------------------------------------------------- | Receivables | 290,896 | 297,189 | 18,591 | 18,994 | -------------------------------------------------------------------------------- | Prepayments | 10,618 | 10,450 | 679 | 668 | -------------------------------------------------------------------------------- | Inventories | 1,216,31 | 1,148,43 | 77,737 | 73,398 | | | 4 | 3 | | | -------------------------------------------------------------------------------- | Biological assets | 8,376 | 8,360 | 535 | 534 | -------------------------------------------------------------------------------- | Non-current assets held for | 1,701 | 0 | 109 | 0 | | sale | | | | | -------------------------------------------------------------------------------- | Total current assets | 2,159,98 | 2,308,03 | 138,049 | 147,510 | | | 8 | 5 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other financial assets | 47,160 | 48,515 | 3,014 | 3,101 | -------------------------------------------------------------------------------- | Receivables | 150,677 | 40,124 | 9,630 | 2,564 | -------------------------------------------------------------------------------- | Investment property | 1,004,19 | 999,999 | 64,180 | 63,912 | | | 8 | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 134,277 | 141,863 | 8,582 | 9,067 | -------------------------------------------------------------------------------- | Intangible assets | 25,476 | 25,505 | 1,628 | 1,630 | -------------------------------------------------------------------------------- | Total non-current assets | 1,361,78 | 1,256,00 | 87,034 | 80,274 | | | 8 | 6 | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 3,521,77 | 3,564,04 | 225,083 | 227,784 | | | 6 | 1 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Loans and borrowings | 744,254 | 753,077 | 47,567 | 48,130 | -------------------------------------------------------------------------------- | Payables | 208,057 | 223,591 | 13,297 | 14,290 | -------------------------------------------------------------------------------- | Deferred income | 81,587 | 47,216 | 5,214 | 3,018 | -------------------------------------------------------------------------------- | Provisions | 4,326 | 3,468 | 276 | 222 | -------------------------------------------------------------------------------- | Total current liabilities | 1,038,22 | 1,027,35 | 66,354 | 65,660 | | | 4 | 2 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Loans and borrowings | 566,943 | 600,938 | 36,234 | 38,407 | -------------------------------------------------------------------------------- | Other liabilities | 4,680 | 4,607 | 299 | 294 | -------------------------------------------------------------------------------- | Deferred income tax liability | 616 | 1,321 | 39 | 84 | -------------------------------------------------------------------------------- | Provisions | 0 | 251 | 0 | 16 | -------------------------------------------------------------------------------- | Total non-current liabilities | 572,239 | 607,117 | 36,572 | 38,801 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,610,46 | 1,634,46 | 102,926 | 104,461 | | | 3 | 9 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Share capital | 952,842 | 952,842 | 60,898 | 60,898 | -------------------------------------------------------------------------------- | Share premium | 712,514 | 712,514 | 45,538 | 45,538 | -------------------------------------------------------------------------------- | Statutory capital reserve | 20,084 | 20,084 | 1,284 | 1,284 | -------------------------------------------------------------------------------- | Other reserves | -241 | 37 | -15 | 2 | -------------------------------------------------------------------------------- | Retained earnings | 203,543 | 218,830 | 13,009 | 13,986 | -------------------------------------------------------------------------------- | Total equity attributable to | 1,888,74 | 1,904,30 | 120,714 | 121,708 | | equity holders of the parent | 2 | 7 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Minority interests | 22,571 | 25,265 | 1,443 | 1,615 | -------------------------------------------------------------------------------- | Total equity | 1,911,31 | 1,929,57 | 122,157 | 123,323 | | | 3 | 2 | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 3,521,77 | 3,564,04 | 225,083 | 227,784 | | | 6 | 1 | | | --------------------------------------------------------------------------------