Market announcement
Nordecon AS
Category
Half-yearly financial report
Attachments
Date
11.08.2008 09:08:52
Title
2008 II KVARTALI JA ESIMESE POOLAASTA KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
Message
TEGEVUSARUANNE AS Eesti Ehitus kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on täiendavateks tegevusvaldkondadeks teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on AS Eesti Ehitus, mis on registreeritud ja asub Tallinnas, Eestis. Alates 18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas. Missioon Olla oma klientidele parim partner hoonete ja rajatiste projekteerimisel ja ehitamisel, aidates neil seeläbi oma vara väärtust kasvatada. Tagada kontserni töötajate motivatsioon, selged arenguvõimalused ja moderne töökeskkond ning suurendada seeläbi ettevõtte väärtust. Visioon Kasvada ehituskontserniks, mis suudab alati pakkuda pisut enam kui klient oodata oskab. Jagatud väärtused Kvaliteet Oleme professionaalsed ehitajad - rakendame läbimõeldult asjakohaseid töövõtteid ja tehnoloogiaid ning järgime tunnustatud kvaliteedistandardeid. Pakume klientidele madalate kogukuludega terviklahendusi. Hoolime ümbritsevast keskkonnast ja tegutseme säästlikult. Väärtustame oma töötajaid, tagades neile modernse, loovusele innustava töökeskkonna ning ettevõtlikkust soosiva motivatsioonisüsteemi. Usaldusväärsus Pidades kinni antud lubadustest ja kokkulepetest, oleme oma klientidele usaldusväärseks partneriks. Tegutseme avatult ja läbipaistvalt. Seisame ehitusala heade tavade järgimise eest. Me ei võta riske klientide arvel. Innovatiivsus Oleme inseneridena uuendusmeelsed ja loovusele orienteeritud. Kasutame optimaalselt infotehnoloogia poolt pakutavaid võimalusi. Arendame oma töötajaid läbi järjepideva koolituse ja tasakaalustatud karjäärivõimaluste. AS Eesti Ehitus kontserni struktuur ja tegevusalad 2008 I poolaasta auditeerimata majandustulemused on konsolideeritud emaettevõtte ja järgmiste konsolideerimisgruppi kuuluvate ettevõtete raamatupidamisaruannete põhjal: -------------------------------------------------------------------------------- | AS Eesti Ehitus otsene ja kaudne osalus kontserni ettevõtetes | | | kokku: | | -------------------------------------------------------------------------------- | Ettevõte | 30.06.2008 | 30.06.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | AS Linnaehitus | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | AS ASPI | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | AS Järva Teed | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | OÜ Hiiu Teed | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | Estcon OY | Soome | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | OÜ EE Ressursid | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | UAB Eurocon LT | Leedu | 70,0% | 100,0% | 70,0% | -------------------------------------------------------------------------------- | OÜ Kaurits | Eesti | 66,0% | 52,0% | 52,0% | -------------------------------------------------------------------------------- | Infra Ehitus OÜ | Eesti | 66,0% | 52,0% | 52,0% | -------------------------------------------------------------------------------- | OÜ Eurocon | Eesti | 63,0% | 64,0% | 64,0% | -------------------------------------------------------------------------------- | Eurocon Ukraine | Ukraina | 63,0% | 61,4% | 61,4% | | LLC | | | | | -------------------------------------------------------------------------------- | TOV Eurocon West | Ukraina | 63,0% | 61,4% | 61,4% | -------------------------------------------------------------------------------- | Instar Property OÜ | Eesti | 63,0% | 0% | 0% | -------------------------------------------------------------------------------- | TOV Instar | Ukraina | 63,0% | 0% | 0% | | Property | | | | | -------------------------------------------------------------------------------- | TOV Bukovina | Ukraina | 62,4% | 60,8% | 60,8% | | Developments | | | | | -------------------------------------------------------------------------------- | SIA Abagars | Läti | 56,0% | 34,3% | 34,3% | -------------------------------------------------------------------------------- | SIA Vides Tikli | Läti | 56,0% | 34,3% | 34,3% | -------------------------------------------------------------------------------- | OÜ Mapri Projekt | Eesti | 52,0% | 52,0% | 52,0% | -------------------------------------------------------------------------------- | AS Eston Ehitus | Eesti | 52,0% | 0,0% | 52,0% | -------------------------------------------------------------------------------- | OÜ DSN | Eesti | 43,6% | 0,0% | 34,3% | | Ehitusmasinad | | | | | -------------------------------------------------------------------------------- | TOV V.I. Center | Ukraina | 32,8% | 32,0% | 32,0% | -------------------------------------------------------------------------------- | TOV EA Reng Proekt | Ukraina | 32,1% | 31,3% | 31,3% | -------------------------------------------------------------------------------- | TOV Technopolis-2 | Ukraina | 31,5% | 30,7% | 30,7% | -------------------------------------------------------------------------------- | P/S BKT | Läti | 28,0% | 17,2% | 17,2% | -------------------------------------------------------------------------------- | OÜ Kastani | Eesti | 26,0% | 26,0% | 26,0% | | Kinnisvara | | | | | -------------------------------------------------------------------------------- | OÜ Sepavara | Eesti | 26,0% | 0% | 26,0% | -------------------------------------------------------------------------------- | OÜ Kalda Kodu | Eesti | 22,9% | 0% | 22,9% | -------------------------------------------------------------------------------- | TOV Passage | Ukraina | 17,0% | 55,3% | 17,8% | | Theatre | | | | | -------------------------------------------------------------------------------- | OÜ Crislivnica | Eesti | 17,7% | 0% | 17,7% | -------------------------------------------------------------------------------- | AS E-Trading | Eesti | 6,2% | 0% | 6,2% | -------------------------------------------------------------------------------- | TOV European | Ukraina | 0% | 0% | 6,1% | | House* | | | | | -------------------------------------------------------------------------------- | TOV Baltik | Ukraina | 0% | 30,7% | 30,7% | | Development | | | | | -------------------------------------------------------------------------------- | TOV Eurobeton | Ukraina | 0% | 30,7% | 0% | -------------------------------------------------------------------------------- * seoses sõlmitud eellepingutega on ettevõtted tervikuna või nende osad kajastatud kui müügiootel põhivara (vt tegevusaruandes „Muudatused Kontserni struktuuris 2008 I poolaastal“ ja raamatupidamisaruande lisa 5) Kontserni ettevõtete tegevusalad Eesti Ehitus kontserni tütarettevõtted Eestis osutavad ehitusteenuseid kõikides kontserni tegevussegmentides. Emaettevõte AS Eesti Ehitus, AS Linnaehitus ja AS Eston Ehitus tegelevad peamiselt ehituse peatöövõtuga ja projektijuhtimisega. AS ASPI koos oma tütarettevõtetega ehitab keskkonnarajatisi ja teid ning teostab teehooldust. AS ASPI kontserni kuuluvad lisaks ettevõtted, kes tegelevad ehitusmasinate renditeenuste osutamisega. OÜ Mapri Projekt teenib olulise osa oma müügitulust betoonitöödest ning ülejäänu põhiosas projektijuhtimisest ning peatöövõtust. Eesti Ehitus kontserni tütarettevõtted Ukrainas on keskendunud tegevusele hoonete segmendis. Olulised tütarettevõtted Eurocon Ukraine LLC ja TOV Eurocon West on tegevad peamiselt ärihoonete ning tööstus- ja laohoonete ehitamisega. EA Reng Proekt TOV on projekteerimisteenuseid osutav ettevõte. Muud Ukrainas asuvad tütarettevõtted on seotud peamiselt erinevate kinnisvara- ja ehitusprojektide arendamisega Kiievis ja Lvovis. Lätis registreeritud ja tegutsev tütarettevõte Abagars SIA koos oma tütarettevõtetega on keskendunud peamiselt rajatiste segmendis muude infrastruktuuri (teedealused torustikud jms.) projektide teostamisele. Leedu tütarettevõte Eurocon LT UAB põhitegevus toimub hoonete segmendis ning ettevõte keskendub peamiselt äri- ja elamuhoonete ehitamisele. Muudatused Kontserni struktuuris 2008 I poolaastal Osaluste omandamine ja tütarettevõtete asutamine 05. veebruaril 2008 omandas OÜ Eurocon 4%lise osaluse TOV Eurocon Ukrainas ja sai seega nimetatud ettevõtte ainuomanikuks. 12. veebruaril 2008. aastal omandas AS Eesti Ehitus OÜ Eurocon vähemusaktsionärilt 2,5% tema osalusest ning tehingujärgselt on AS Eesti Ehituse osalus OÜs Eurocon 66,5%. 18. veebruaril 2008 asutas AS Eesti Ehitus tütarettevõtja OÜ Eurocon uue äriühingu Instar Property OÜ (osalus 100%). Instar Property OÜ osakapital asutamisel on 40 000 krooni (ligikaudu 2 557 eurot). Instar Property OÜ hakkab tegutsema peamiselt valdusäriühinguna, millesse kavatsetakse kontsernisiseste ümberkorralduste käigus koondada otsesed ja kaudsed osalused Ukrainas teostatavates kinnisvaraarendusprojektides. 02. mail 2008 omandas AS Eesti Ehitus 100%line tütarettevõtja AS ASPI 56%lise osaluse oma tütarettevõtjalt OÜ Kaurits Läti Vabariigis tegutsevas ettevõttes SIA Abagars. Peale tehingut omab AS ASPI otseosalust Abagras SIAs 56%. 19. mail 2008 suurendas AS ASPI (AS Eesti Ehitus 100%line tütarettevõte) oma osalust OÜs Kaurits 14% võrra. Peale tehingut omab AS ASPI OÜs Kaurits osalust 66%. Osaluste võõrandamine 04. aprillil 2008 võõrandas AS Eesti Ehitus osakapitali suurendamise teel Ukraina residendile 4%lise osaluse ettevõttes Eurocon OÜ. 10. aprillil 2008 võõrandas AS Eesti Ehitus tütarettevõtja Eurocon Ukraine TOV 33%lise osaluse Ukraina äriühingus TOV Passage Theatre. 14. aprillil 2008 võõrandas AS Eesti Ehitus tütarettevõtja Eurocon Ukraine TOV 50%lise osaluse Ukraina äriühingus TOV Baltic Development. Juunis sõlmis AS Eesti Ehitus tütarettevõtja Eurocon Ukraine TOV aktsiate müügilepingu, mille kohaselt ta müüb oma kogu 10% suuruse finantsinvesteeringu Ukraina äriühingus TOV European House. Poolaastaaruande koostamise seisuga on TOV European House kajastatud kui müügiootel põhivara (vt raamatupidamisaruande lisa 5). Juunis müüs AS Eesti Ehitus tütarettevõtja Eurocon Ukraine TOV varem müügiootel põhivarana kajastatud 30% osaluse Ukraina äriühingus TOV Passage Theatre. Tehingujärgselt on Eurocon Ukraine TOV osalus TOVs Passage Theatre 27%. Majandustulemuste kokkuvõte 2008 I poolaasta Kontserni kasumlikkus AS Eesti Ehitus kontserni 2008 I poolaasta brutokasum moodustas 238,7 miljonit krooni (15,3 miljonit eurot), mis on võrreldes eelmise aastaga kasvanud 10,4%, millal brutokasumi suuruseks kujunes 216,2 miljonit krooni (13,8 miljonit eurot). Kontserni 2008 I poolaasta puhaskasum oli 110,8 miljonit krooni (7,1 miljonit eurot). Võrreldes aastataguse perioodiga, kus I poolaasta puhaskasum oli 129,9 miljonit krooni (8,3 miljonit eurot), on puhaskasum vähenenud 14,8%. Puhaskasumi vähenemisele avaldasid suuremat mõju põhitegevusega mitteseotud valdkonnad nagu finantstulud- ja kulud ning kontserni poolt eelmiste majandusaastate tulemuste põhjal väljamakstud rekordiliste dividendide tulumaksukulu. Oodatult on kontserni rentaablusnäitajatele mõju avaldanud ehitusturul tihenenud konkurentsitingimused ja majanduskasvu ning koos sellega ehitusturu kasvu pidurdumine Eestis. Kontserni juhtkonna poolt jälgitavates olulistes rentaablusnäitajates on toimunud vähenemine eelkõige nimetatud põhjustel. 2008 I poolaasta brutokasumi määra näitajaks kujunes 12,8% kui võrreldaval perioodil oli brutokasumi määr müügitulust 14,2%. Siiski on brutokasumi absoluutnumbreid suudetud kasvatada ning brutokasumi marginaal püsib piirides, mis on Kontserni juhtkonna hinnangul tegevusharu kontekstis hea tulemus. Marginaalide langemise tendentsi on eelpool viidatud sündmustele (sh tulumaksukulu) viidates oodatult näha ka äri- ja puhaskasumi rentaablusnäitajates, mis on poolaasta seisuga vastavalt 7,8% ja 5,9% (2007: 9,6% ja 8,6%). Kontserni ettevõtete arvu suurenemine ja kiirenenud inflatsioon ei ole kaasa toonud üldhalduskulude olulist kasvu. Üldhalduskulud moodustavad poolaasta seisuga müügitulust 5,0% (2007: 4,6%), mis Kontserni juhtkonna hinnangul annab tunnistust tegevusharu konteksti silmas pidades efektiivsest kulude juhtimisest. Kontserni juhtkonna eesmärk on proovida säilitada sarnastes suurusjärkudes üldhalduskulude taset müügitulude suhtes ka järgmistes perioodides. Kontserni rahavood Kontserni äritegevuse rahavoog 2008 I poolaastal on positiivne 107 miljoni krooniga (6,8 miljonit eurot) kui võrreldaval perioodil eelmisel majandusaastal oli vastav näitaja negatiivne 75 miljoni krooniga (4,8 miljonit eurot). Positiivse rahavooni on viinud eelkõige ostjatelt laekumiste suurenemine, sh lõpetatud ehitusprojektide lepinguliste maksete laekumine. Võrreldes eelmise aastaga (-1,6 miljonit krooni / -0,1 miljonit eurot) on Kontserni investeerimistegevusega seotud väljaminekud märgatavalt suurenenud ning 30.06.2008 seisuga oli investeerimistegevuse rahavoog negatiivne 130 miljonit krooni (8,3 miljonit eurot). Olulise osa väljaminekutest moodustavad tütarettevõtete soetamisega seotud väljaminekud 215 miljonit krooni (13,8 miljonit eurot), mis on tasutud osaliselt ka eelmistel perioodidel toimunud äriühenduste eest. Raha sissetulek investeerimistegevusest on seotud peamiselt eelmistel perioodidel antud laenude tagasimaksetega ning sidusettevõtete müügiga. Finantseerimistegevuse positiivne rahavoog 109 miljonit krooni (7 miljonit eurot) on seotud peamiselt võetud laenumahtude suurenemisega. Võrreldes eelmise aastaga on saadud ja tagasimakstud laenusummade rahavoogude netosumma suurenenud 174 miljonit krooni (11,1 miljonit eurot). Suurimad ühekordsed väljaminekud seoses finantseerimistegevusega on seotud dividendimaksetega, mis võrreldes eelmise aastaga suurenesid 2 korda ning moodustasid 104 miljonit krooni (6,6 miljonit eurot). Kontserni rahajäägi muutus oli 2008 I poolaastal positiivne 86 miljonit krooni (5,5 miljonit eurot) ning võrreldaval perioodil negatiivne 85 miljonit krooni (5,4 miljonit eurot). Bilansipäeva seisuga oli Kontsernil vabu rahalisi vahendeid 321,8 miljonit krooni (20,6 miljonit eurot) (I poolaasta 2007: 70,9/4,5 miljonit krooni/eurot). Olulisemad suhtarvud ja näitajad -------------------------------------------------------------------------------- | Suhtarv / näitaja | 6k 2008 | 6k 2007 | 6k 2006 | 2007 | -------------------------------------------------------------------------------- | Kaalutud keskmine aktsiate arv, | 30 756 | 30 | 30 756 72 | 30 756 | | tk | 728 | 756 728* | 8* | 728 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 3,39 | 4,03 | 1,78 | 8,70 | | krooni | | | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 0,22 | 0,26 | 0,11 | 0,56 | | eurot | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu kasv | 23,1% | 64,0% | 192,3% | 49,9% | -------------------------------------------------------------------------------- | Keskmine töötajate arv | 1209 | 1113 | 882 | 1103 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 1 547 | 1 365 | 1 050 | 3 402 | | krooni | | | | | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 98 | 87 | 67 | 217 | | eurot | | | | | -------------------------------------------------------------------------------- | Tööjõukulude määr müügitulust, | 12,4% | 11,6% | 11,0% | 12,3% | | % | | | | | -------------------------------------------------------------------------------- | Üldhalduskulude määr | 5,0% | 4,6% | 5,0% | 4,7% | | müügitulust, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA, tuhat krooni | 179 579 | 176 310 | 85 208 | 370 575 | -------------------------------------------------------------------------------- | EBITDA, tuhat eurot | 11 477 | 11 268 | 5 446 | 23 684 | -------------------------------------------------------------------------------- | EBITDA määr müügitulust, % | 9,6% | 11,6% | 9,2% | 9,9% | -------------------------------------------------------------------------------- | Brutokasumi määr müügitulust, % | 12,8% | 14,2% | 9,9% | 13,3% | -------------------------------------------------------------------------------- | Ärikasumi määr müügitulust, % | 7,8% | 9,6% | 7,7% | 8,2% | -------------------------------------------------------------------------------- | Ärikasumi määr ilma varamüügi | 7,6% | 9,2% | 4,9% | 7,8% | | kasumita, % | | | | | -------------------------------------------------------------------------------- | Puhaskasumi määr müügitulust, % | 5,9% | 8,6% | 5,8% | 7,7% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investeeritud kapitali tootlus, | 11,7% | 17,8% | 12,6% | 32,7% | | % | | | | | -------------------------------------------------------------------------------- | Vara tootlus, % | 6,3% | 9,3% | 6,4% | 17,1% | -------------------------------------------------------------------------------- | Omakapitali tootlus, % | 13,7% | 23,9% | 19,2% | 44,1% | -------------------------------------------------------------------------------- | Omakapitali osakaal, % | 33,0% | 33,7% | 27,5% | 36,9% | -------------------------------------------------------------------------------- | Finantsvõimendus | 27,4% | 32,5% | 12,1% | 13,5% | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste | 1,45 | 1,45 | 1,20 | 1,30 | | kattekordaja | | | | | -------------------------------------------------------------------------------- | | 30.06.2 | 30.06.20 | 30.06.200 | 31.12.200 | | | 008 | 07 | 6 | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ehituslepingute teostamata osa, | 3 196 | 2 730 | 1 987 547 | 2 526 652 | | tuhat krooni | 937 | 813 | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata osa, | 204 322 | 174 531 | 127 027 | 161 482 | | tuhat eurot | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast fondiemissioone -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS) = | Puhaskasumi määr müügitulust = | | Emaettevõtte aktsionäride osa | Aruandeperioodi puhaskasum / | | puhaskasumist/Kaalutud keskmine | Müügitulu | | aktsiate arv | Investeeritud kapitali tootlus = | | Müügitulu töötaja kohta = Müügitulu | (Kasum enne tulumaksustamist + | | / Keskmine töötajate arv | intressikulud) / Perioodi keskmine | | Tööjõukulude määr müügitulust = | (intressi kandvad kohustused + | | Tööjõukulud / Müügitulu | omakapital) | | Üldhalduskulude osakaal müügitulust | Vara tootlus = Ärikasum / Perioodi | | = Üldhalduskulud / müügitulu | keskmine vara kokku | | EBITDA = Ärikasum + Kulum | Omakapitali tootlus = Aruandeperioodi | | EBITDA määr müügitulust = EBITDA / | puhaskasum / Perioodi keskmine | | Müügitulu | omakapital kokku | | Brutokasumi määr müügitulust = | Omakapitali osakaal = Omakapital | | Brutokasum / Müügitulu | kokku / Kohustused ja omakapital | | Ärikasumi määr müügitulust = | kokku | | Ärikasum / Müügitulu | Finantsvõimendus = (Intressikandvad | | Ärikasumi määr ilma varamüügi | kohustused - raha ja raha | | kasumita = (Ärikasum - põhivara | ekvivalendid) / (Intressikandvad | | müügikasum - kinnisvara müügikasum) | kohustused + omakapital) | | / Müügitulu | Lühiajaliste kohustuste kattekordaja | | | = Käibevara kokku / Lühiajalised | | | kohustused kokku | -------------------------------------------------------------------------------- Müügitulu jaotus geograafiliste segmentide lõikes -------------------------------------------------------------------------------- | | 6k 2008 | 6k 2007 | 6k 2006 | 2007 | -------------------------------------------------------------------------------- | Eesti | 80,1% | 90,0% | 94,3% | 87,9% | -------------------------------------------------------------------------------- | Ukraina | 14,9% | 10,0% | 5,7% | 11,6% | -------------------------------------------------------------------------------- | Leedu | 2,2% | 0% | 0% | 0,5% | -------------------------------------------------------------------------------- | Läti | 2,8% | 0% | 0% | 0% | -------------------------------------------------------------------------------- Kontsern on 2008 I poolaastal võrreldes varasemaga suurendanud oma tegevust Ukrainas, Lätis ja Leedus. Eesti Ehitus Kontserni väljaspool Eestit teenitud müügitulud moodustavad 2008 I poolaasta seisuga 20% kogu müügituludest kui see sama perioodil aasta tagasi ning eelmisel majandusaastal oli 10% piirides. Müügitulu hajutamine erinevate geograafiliste segmentide vahel on olnud Kontserni juhtkonna eesmärgistatud strateegia, mille abil hajutatakse riske, mis võivad tuleneda liigsest kontsentreeritusest ühele turule. 2008 I poolaasta tegevusvaldkondade lõikes Eesti Ehitus kontsern on keskendunud hoonete ja rajatiste ehituse projektijuhtimisele ja peatöövõtule ning tegutseb muuhulgas teedeehituse, -hoolduse, keskkonnaehituse, betoonitööde ja kinnisvaraarenduse vallas. Kontserni müügitulu 2008 I poolaastal oli 1 870,6 miljonit krooni (119,6 miljonit eurot). Võrreldes eelmise perioodiga, mil vastav näitaja oli 1 519,6 miljonit krooni (97,1 miljonit eurot), on müügitulu kasvanud 23%. Müügitulu kasvule absoluutnumbrites on mõju avaldanud konsolideeritavate ettevõtete lisandumine. Kontserni üheks eesmärgiks on hoida erinevate segmentide esindatust võimalikult tasakaalus, kuna see võimaldab hajutada riske ja tagab kindlama seljataguse ka raskemates turutingimustes. Ettevõtte fookusest ja strateegiast lähtuvalt hoitakse elamuarendusprojektide osakaalu suhteliselt madalal müügitulust (mitte rohkem kui 20%). Hoonete ja rajatiste segmendi tulud ehituslepingutest olid vastavalt 1 327,6 ja 520,1 miljonit krooni (84,8 ja 33,2 miljonit eurot). 2007 vastavad näitajad olid 793,2 ja 667,3 miljonit krooni (50,7 ja 42,7 miljonit eurot). Müügitulu langus rajatiste segmendis võrreldes eelmise aastaga tuleneb peamiselt suurprojektide teostamise ajastamisega seotud asjaoludest keskkonna- ja sadamaehituses. Müügitulu jaotus põhisegmentides on Kontserni juhtkonnale ootuspärane ning teisel poolaastal on oodata mahtude kasvamist rajatiste segmendis tulenevalt eelkõige teedeehituse sesoonsusest ning samuti sõlmitud uutest ehituslepingutest (vt tegevusaruandes „2008 I poolaastal sõlmitud olulisemad ehituslepingud“). Hoonete segmendis on müügitulu jaotus püsinud eelmiste perioodidega sarnastes vahemikes, kus ärihoonete osakaal moodustab üle 50% kogu müügitulust. Võrreldes aastataguse olukorraga on oodatult turuolukorrast tingituna vähenenud korterelamute ehitamisest saadud tulud. Rajatiste segmendis on võrreldes eelmise perioodiga suurenenud teedeehituse- ja hoolduse osakaal segmendi müügitulus. Kasv teedeehituse alamsegmendis on tingitud nii teedeehituse mahtude kasvust kui ka eelmisel aastal samal perioodil kestnud sadama- ja keskkonnaehituse suurprojektide lõpetamisest käesolevaks ajaks. -------------------------------------------------------------------------------- | Müügitulu jaotus | | | | | | | segmenditi | | | | | | -------------------------------------------------------------------------------- | Ärisegmendid | 6k 2008 | 6k 2007 | 6k 2006 | 2007 | | -------------------------------------------------------------------------------- | Hooned | 72% | 54% | 62% | 53% | | -------------------------------------------------------------------------------- | Rajatised | 28% | 46% | 38% | 47% | | -------------------------------------------------------------------------------- | Müügitulu jaotus hoonete | 6k 2008 | 6k 2007 | 6k 2006 | 2007 | | segmendis | | | | | -------------------------------------------------------------------------------- | Ärihooned | 59% | 53% | 47% | 61% | -------------------------------------------------------------------------------- | Tööstus- ja laohooned | 20% | 10% | 25% | 11% | -------------------------------------------------------------------------------- | Ühiskondlikud hooned | 13% | 20% | 17% | 16% | -------------------------------------------------------------------------------- | Korterelamud | 8% | 17% | 11% | 12% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu jaotus rajatiste | 6k 2008 | 6k 2007 | 6k 2006* | 2007 | | segmendis | | | | | -------------------------------------------------------------------------------- | Teedeehitus ja -hooldus | 51% | 30% | - | 41% | -------------------------------------------------------------------------------- | Sadamaehitus | 26% | 28% | - | 33% | -------------------------------------------------------------------------------- | Muud rajatised | 19% | 17% | - | 13% | -------------------------------------------------------------------------------- | Keskkonnaehitus | 4% | 25% | - | 13% | -------------------------------------------------------------------------------- *Rajatiste segmendis ei olnud 2006. aastal detailset jaotust Ehituslepingute teostamata tööde mahud ja 2008 sõlmitud olulisemad ehituslepingud Ehituslepingute teostamata tööde mahud -------------------------------------------------------------------------------- | | 30.06.2 | 30.06.20 | 30.06.200 | 31.12.200 | | | 008 | 07 | 6 | 7 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata osa, | 3 196 | 2 730 | 1 987 547 | 2 526 652 | | tuhat krooni | 937 | 813 | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata osa, | 204 322 | 174 531 | 127 027 | 161 482 | | tuhat eurot | | | | | -------------------------------------------------------------------------------- Kontserni ettevõtete poolt sõlmitud ehituslepingute teostamata tööde maht seisuga 30.06.2008 oli 3 197 miljonit krooni (204 miljonit eurot), mis on 17% enam võrreldes aastataguse 2 731 miljoni krooniga (175 miljonit eurot). Teostamata tööde portfelli mahu kasvu mõjutab võrreldes eelmise aastaga lisaks kontserni edukatele pakkumisvõitudele (vt tegevusaruande alapeatükk „2008 I poolaastal sõlmitud olulisemad ehituslepingud“) ka konsolideerimise ulatus võrreldavas perioodis. 2008 I poolaastal sõlmitud olulisemad ehituslepingud -------------------------------------------------------------------------------- | Ehituslepingu lühikirjeldus | Maksumus | Regioon | Planeeritud | | | (tuh | | valmimine | | | EEK/tuhEUR) | | | -------------------------------------------------------------------------------- | Riigimaantee 92 Rõhu-Puhja | 92 336 / 5 901 | Eesti | august 2009 | | lõigu taastusremont | | | | -------------------------------------------------------------------------------- | Paldiski Lõunasadama kai nr. 8 | 316 363 / 20 | Eesti | mai 2009 | | ja 9 ehitamine | 219 | | | -------------------------------------------------------------------------------- | Teaduskeskus AHHAA hoone | 179 100 / 11 | Eesti | august 2010 | | projekteerimine | 447 | | | | ja ehitamine | | | | -------------------------------------------------------------------------------- | Tarmeko KV sisustuskaubamaja | 63 000 / 4 026 | Eesti | oktoober | | Tartus | | | 2008 | -------------------------------------------------------------------------------- | Väike-Paala ärihoone Tallinnas | 101 500 / 6 487 | Eesti | mai 2009 | -------------------------------------------------------------------------------- | Tallinn-Tartu maantee Mäo | 402 881 / 25 | Eesti | august 2010 | | möödasõidu projekteerimine ja | 749 | | | | ehitamine | | | | -------------------------------------------------------------------------------- | Sempeterise linnaosa vee- ja | 194 242 / 12 | Läti | detsember | | kanalisatsioonivõrgustiku | 414 | | 2009 | | laiendamistööd Riias | | | | -------------------------------------------------------------------------------- | Tartu Lõunakeskuse | 284 270 / 18 | Eesti | september | | laiendamistööd | 168 | | 2009 | -------------------------------------------------------------------------------- 2008 I poolaastaaruande koostamise käigus perioodil 01.07.2008 kuni 06.08.2008 sõlmis Eesti Ehitus järgmised olulisemad ehituslepingud: -------------------------------------------------------------------------------- | Ehituslepingu lühikirjeldus | Maksumus | Regioon | Planeeritud | | | (tuh | | valmimine | | | EEK/tuhEUR) | | | -------------------------------------------------------------------------------- | Vabaaja- ja kaubanduskeskuse | 112 398 / 7 184 | Ukraina | mai 2009 | | ehitustööd Darnitski rajoonis | | | | | Kiievis | | | | -------------------------------------------------------------------------------- | Koidula Raudteepiirijaama | 279 760 / | Eesti | detsember | | esimene ehitushange (Eesti | 17 880 | | 2010 | | Ehitus ja AS Teede REV-2 | | | | | ühishange) | | | | -------------------------------------------------------------------------------- Töötajad ja tööjõukulud 2008 I poolaasta seisuga töötas kontserni tütarettevõtetes kokku keskmiselt 1221 inimest, neist pea 500 omab insenertehnilist haridust. Viimastel aastatel on insenertehnilise personali osakaal seoses kontserni ja projektide mahtude suurenemisega tõusnud ning mõningast kasvu jätkumist on oodata ka lähiaastatel, seda muuhulgas ka seoses Kontserni laienemisega Leedu, Läti ja Ukraina turul. Võrreldes eelmise aastaga on töötajate arv samas perioodis suurenenud pea 100 töötaja võrra, mis on tingitud peamiselt Läti ettevõtte Abagars SIA saamisega tütarettevõtteks alates maist 2008 (vt vt tegevusaruandes „Muudatused Kontserni struktuuris 2008 I poolaastal“). Töötajate arv kontserni tütarettevõtetes: -------------------------------------------------------------------------------- | Periood | ITP | Töölised | Keskmine kokku | -------------------------------------------------------------------------------- | 6k 2008 | 493 | 716 | 1209 | -------------------------------------------------------------------------------- | 6k 2007 | 412 | 701 | 1113 | -------------------------------------------------------------------------------- | 6k 2006 | 316 | 566 | 882 | -------------------------------------------------------------------------------- | 2007 | 425 | 678 | 1103 | -------------------------------------------------------------------------------- Kontserni 2008 I poolaasta tööjõukulud olid 232,9 miljonit krooni (14,9 miljonit eurot), mida on 32% rohkem kui 2007 võrreldavas perioodis. Tööjõukulude kasv on tingitud peamiselt uute tütarettevõtete soetamisega, aga ka tulenevalt Kontserni personalipoliitikast. 2008 I poolaastal on AS-i Eesti Ehitus kontserni nõukogu liikmetele arvestatud tasusid 545 tuhat krooni (35 tuhat eurot). AS-i Eesti Ehitus juhatuse liikmetele on arvestatud tasusid 8 257 tuhat krooni (528 tuhat eurot). 2007 I poolaasta andmed on nõukogu ja juhatuse liikmetele arvestatud tasude osas vastavalt 540 tuhat krooni (35 tuhat eurot) ja 5 252 tuhat krooni (336 tuhat eurot). Aktsia ja aktsionärid -------------------------------------------------------------------------------- | ISIN | EE3100039496 | -------------------------------------------------------------------------------- | Väärtpaberi lühinimi | EEH1T | -------------------------------------------------------------------------------- | Nominaal | 10,00 EEK/0,64EUR | -------------------------------------------------------------------------------- | Emiteeritud väärtpabereid | 30 756 728 | -------------------------------------------------------------------------------- | Noteeritud väärtpabereid | 30 756 728 | -------------------------------------------------------------------------------- | Noteerimise kuupäev | 18.05.2006 | -------------------------------------------------------------------------------- Aktsionäride struktuur Seisuga 30.06.2008 oli Eesti väärpaberite keskregistri andmetel AS Eesti Ehitus aktsionäride struktuur järgmine: -------------------------------------------------------------------------------- | | Aktsionäride arv | Osaluse protsent (%) | | | (tk) | | -------------------------------------------------------------------------------- | Aktsionärid osalusega > 5% | 1 | 61,15% | -------------------------------------------------------------------------------- | Aktsionärid osalusega 1%-5% | 15 | 21,88% | -------------------------------------------------------------------------------- | Aktsionärid osalusega < 1% | 1 381 | 16,97% | -------------------------------------------------------------------------------- | Kokku | 1 397 | 100,00% | -------------------------------------------------------------------------------- Riskide kirjeldus Äririskid Igapäevaste ehitustegevuse riskide haldamiseks on kontserniettevõtted sõlminud ehituse koguriskikindlustuse lepingud. Sõltuvalt konkreetse projekti iseloomust kasutatakse nii üldiseid raamlepinguid kui ka konkreetse projekti eripära ning tellija soove arvestavaid projektipõhiseid kindlustusi. Alltöövõtjatega sõlmitud töövõtulepingutest tulenevate alltöövõtjate kohustuste täitmise tagamiseks esitatakse AS-i Eesti Ehitus kasuks reeglina pangagarantii. Garantiiperioodil ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on kõigis kontserniettevõtetes loodud garantiieraldiste reserv. 2008 I poolaasta lõpus moodustas reserv (lühi- ja pikaajaline osa) kokku 11,7 miljonit krooni (0,75 miljonit eurot). Võrreldava perioodi vastav näitaja on 8 miljonit krooni (0,5 miljonit eurot). Krediidiriskid Krediidiriski haldamisel analüüsitakse juba pakkumistegevuse etapis tulevase võimaliku lepingupartneri senist maksekäitumist ja -võimet. Lepingu sõlmimise järgselt aga toimub kliendi maksekäitumise pidev monitooring, alates ettemaksu lepingukohasest tasumisest kuni edaspidise lepingujärgsest maksegraafikust kinnipidamiseni, mis omakorda on reeglina sõltuvuses valminud ehitustööde akteerimisest. Usume, et kirjeldatud viisil toimimine võimaldab maksehäirete ilmnemisele piisava kiirusega reageerida. Aruandeperioodi lõpu seisuga hindame oma klientide maksekäitumist heaks. Kontserni 2008 I poolaasta hinnang kahjumile nõudesummade mittetähtaegsest laekumisest oli 7 miljonit krooni (0,5 miljonit eurot) (2007: 0 krooni/eurot). Likviidsusriskid Vabu rahalisi vahendeid hoiab ettevõte Eesti suurimates pankades üleöö- või fikseeritud intressiga tähtajalistel hoiustel. Kohustuste tähtaegse täitmise tagamiseks hoitakse arveldus- või üleöödeposiidi kontodel ligikaudu kahe nädala käiberaha ning vajadusel kasutatakse arvelduskrediiti. Kontserni käibevara ületab lühiajalisi kohustusi 1,45 kordselt (2007: 1,45). Bilansipäeva seisuga oli Kontsernil vabu rahalisi vahendeid 322 miljonit krooni (20,6 miljonit eurot), mis koos sõlmitud arvelduskrediidi lepingute kasutamata jääkidega moodustab piisava likviidsusvaru Kontserni majandusaasta tegevustsükli lõpetamiseks senisest ebakindlates majandustingimustes võrreldes eelmise aastaga. Intressiriskid Kontserni poolt Eesti, Läti ja Ukraina pankadelt võetud laenud on peamiselt fikseeritud intressimääraga. Kapitalirendi lepingud on ujuva intressimääraga ja põhinevad EURIBOR-il. Kontserni intressikandvad laenukohustused on kasvanud võrreldes eelmise aasta I poolaastaga 362 miljoni krooni võrra (23 miljonit eurot) ehk 94%. Intressikulud on samal perioodil kasvanud 11,2 miljonit krooni (0,71 miljonit eurot) ning kokku moodustavad 18,4 miljonit krooni (1,18 miljonit eurot). Valuutariskid Ehituslepingud ja allhankelepingud on reeglina sõlmitud asukohamaa valuutas, Eesti kroonides (EEK), Läti lattides (LVL), Leedu littides (LTL) ja Ukraina grivnades (UAH). Välisriikidest sisseostetud teenused on olulises osas eurodes, mille osas valuutarisk kontserni Eesti, Läti ja Leedu ettevõtetele puudub. Ukrainas võib esineda üksikuid materjalide tarneid, mille arveldusvaluutaks on euro. Samuti arveldab kontserni emaettevõte AS Eesti Ehitus oma Ukraina tütarettevõtte Eurocon Ukraine LLC-ga eurodes, kuid mitte olulises mahus. Arvestades, et Ukraina grivna kursi kõikumine USA dollari suhtes jääb väga väikesesse vahemikku, eksisteerib sellest tulenevalt Ukrainas grivna kursikõikumistes euro suhtes valuutarisk, kuid mõistlikud võimalused selle riski maandamiseks koostöös kohalike pankadega on pea olematud. Ukraina tegevusest sai Kontsern 2008 I poolaastas kahjumit valuutakursi muutustest 6,1 miljonit krooni (0,39 miljonit eurot), mis on 4 miljonit krooni (0,26 miljonit eurot) rohkem kui võrreldaval perioodil eelmisel majandusaastal. Väljavaated lähitulevikuks Eesti Järgnevatel aastatel prognoositav majanduskasvu aeglustumine Eestis väljendub kohalikul ehitusturul eeldatavasti eelkõige järgnevates trendides: ehitusturu senisest suurem sõltuvus riigihangetest ning Euroopa Liidu finantstoel alustatavate (infrastruktuuri, keskkonna jmt) projektide hulgast ning hinnakujundusest; infrastruktuuri objektide tähtsustumise kaudu kujunevad senisest olulisemateks eduteguriteks eriline (insenertehniline) oskusteave ja kogemused, spetsiifiliste ressursside olemasolu; elamuarenduse ja -ehituse mahtude kahanemine. Elamuarendusele ja -ehitusele spetsialiseerunud ettevõtete hulga vähenemine (konsolideerumine). Esmase konsolideerumisprotsessiga kaasneb ettevõtetevahelise konkurentsi teravnemine ning surve kasumimarginaalidele; viimastel aastatel teravnenud tööjõupuuduse kahanemine-kadumine ehituses ning sedakaudu tööjõukulude kasvu normaliseerumine; kinnisvaraarendusettevõtete olemasolevate laenude teenindamise võime ja uute laenude võtmisel krediidikõlbulikkuse vähenemine. Ehitusettevõtetel ebatõenäoliselt laekuvate ja lootusetute nõudesummade kasvamise suurenev tõenäosus; ehitusprojektide finantseerimisskeemide muutumine ning täiendavad nõuded seetõttu projektide peatöövõtu ettevõtete poolsele finantseerimisele ehitustegevuse perioodil, mis avaldab survet ettevõtete likviidsusele. Kontsern on valmistunud selliseks majanduskeskkonna muutumiseks eelkõige riskide hajutamisega projektiportfelli kujundamise kaudu (viimaste aastate elamuehituse osakaal ei ületa 20% müügitulust) ning geograafiliselt (senine Eesti osatähtsus kogutegevustes väheneb teiste riikide osatähtsuse kasvu kaudu). Läti ja Leedu Läti ja Leedu ehitusturgu mõjutab Eestiga sarnane majandussituatsioon. Segmendid, kus Kontserni tütarettevõtted on nendel turgudel esindatud, on lähitulevikus oodata järgmisi trende: Lätis jätkub samal tasemel või suurenevad riigi- ja kohalike omavalitsuste poolt Euroopa Liide toetusfondide rahade abil finantseeritavate mitmesuguste infrastruktuuriprojektide mahud. Ehitushindadele avaldab survet eelkõige kõrge inflatsioon. Leedus on kolmest Balti riigist kõige paremad väljavaated lähiaastate majanduskasvu osas, millel on otsene mõju ehitusturu arengule. Hoonete segmendis on head väljavaated korterelamute (Kontserni ettevõte kui peatöövõtja, mitte arendaja) ning muude äri- ja ühiskondlike hoonete ehitamise jätkumisele. Olulisemad riskid on seotud inflatsiooni mõjudega ehitushindadele. Ukraina Ukrainas jätkub eelduste kohaselt majanduskasv, mis ületab Baltimaade oma ning seoses sellega on aktiivne ka kohalik ehitusturg, mis on koondunud hetkel suuremate linnade juurde. Ärihoonete segmendis on põhiline nõudlus mitmesuguste kaubandus- ja logistikahoonete ning büroopindade järele. Kontsern jätkab Ukrainas selliste kinnisvara arendusprojektide läbiviimist, mille osas on läbi viidud põhjalik eelanalüüs ning koostatud nõuetekohane äriplaan. Samuti tegelevad kontserni ettevõtted Ukrainas jätkuvalt kui ehituse peatöövõtuettevõtted. Kohalikku ehitusturu põhilised riskid on seotud riigi- ja omavalitsuse nõrga toimimisefektiivsusega, Ukraina grivna sõltuvusest USA dollariga, inflatsiooni ja kvaliteetsete ehitussisendite kättesaadavusega. Konsolideeritud bilanss -------------------------------------------------------------------------------- | Auditeerimata EEK`000 | 30.06.2008 | 30.06.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 321 768 | 70 871 | 236 112 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 440 501 | 511 810 | 511 819 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 354 171 | 261 793 | 264 551 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 1 905 | 1 015 | 1 905 | -------------------------------------------------------------------------------- | Varud | 428 925 | 377 859 | 393 529 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 14 956 | 0 | 43 362 | -------------------------------------------------------------------------------- | Käibevara kokku | 1 562 226 | 1 223 348 | 1 451 277 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 73 326 | 51 082 | 111 686 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 133 523 | 24 199 | 133 984 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 365 853 | 264 647 | 221 748 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 308 105 | 165 413 | 273 223 | -------------------------------------------------------------------------------- | Põhivara kokku | 880 807 | 505 341 | 740 641 | -------------------------------------------------------------------------------- | VARAD KOKKU | 2 443 033 | 1 728 689 | 2 191 918 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 192 492 | 97 666 | 135 856 | -------------------------------------------------------------------------------- | Võlad hankijatele | 424 585 | 347 739 | 335 754 | -------------------------------------------------------------------------------- | Maksuvõlad | 60 056 | 42 293 | 54 771 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 393 338 | 363 615 | 574 722 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 7 761 | 6 097 | 12 458 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 1 078 232 | 857 410 | 1 113 561 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 554 370 | 287 186 | 263 723 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 761 | 490 | 714 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 4 001 | 1 885 | 4 328 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 559 132 | 289 561 | 268 765 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1 637 364 | 1 146 971 | 1 382 326 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 78 431 | 39 492 | 90 095 | -------------------------------------------------------------------------------- | Aktsiakapital | 307 567 | 307 567 | 307 567 | -------------------------------------------------------------------------------- | Ülekurss | 509 | 0 | 0 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 34 800 | 8 216 | 11 766 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -891 | 2 416 | 2 354 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 385 253 | 224 027 | 397 810 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 727 238 | 542 226 | 719 497 | | omakapital | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 805 669 | 581 718 | 809 592 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 443 033 | 1 728 689 | 2 191 918 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Konsolideeritud bilanss -------------------------------------------------------------------------------- | Auditeerimata EUR`000 | 30.06.2008 | 30.06.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 20 565 | 4 529 | 15 090 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 28 153 | 32 711 | 32 711 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 22 636 | 16 732 | 16 908 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 122 | 65 | 122 | -------------------------------------------------------------------------------- | Varud | 27 413 | 24 150 | 25 151 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 956 | 0 | 2 771 | -------------------------------------------------------------------------------- | Käibevara kokku | 99 844 | 78 186 | 92 753 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Pikaajalised | 4 686 | 3 265 | 7 138 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 8 534 | 1 547 | 8 563 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 23 382 | 16 914 | 14 172 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 19 691 | 10 572 | 17 462 | -------------------------------------------------------------------------------- | Põhivara kokku | 56 294 | 32 297 | 47 336 | -------------------------------------------------------------------------------- | VARAD KOKKU | 156 138 | 110 483 | 140 089 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 12 302 | 6 242 | 8 683 | -------------------------------------------------------------------------------- | Võlad hankijatele | 27 136 | 22 225 | 21 459 | -------------------------------------------------------------------------------- | Maksuvõlad | 3 838 | 2 703 | 3 501 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 25 139 | 23 239 | 36 731 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 496 | 390 | 796 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 68 912 | 54 798 | 71 170 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 35 431 | 18 355 | 16 855 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 49 | 31 | 46 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 256 | 120 | 277 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 35 735 | 18 506 | 17 177 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 104 647 | 73 305 | 88 347 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 5 013 | 2 524 | 5 758 | -------------------------------------------------------------------------------- | Aktsiakapital | 19 657 | 19 657 | 19 657 | -------------------------------------------------------------------------------- | Ülekurss | 33 | 0 | 0 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 2 224 | 525 | 752 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -57 | 154 | 150 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 24 622 | 14 318 | 25 425 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele | 46 479 | 34 655 | 45 984 | | kuuluv omakapital | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 51 492 | 37 179 | 51 742 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 156 138 | 110 483 | 140 089 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | II KV | II KV | 6 kuud | 6 kuud | 2007 | | Auditeerimata EEK`000 | 2008 | 2007 | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu | 1 097 | 959 | 1 870 | 1 519 | 3 752 | | | 125 | 847 | 635 | 582 | 028 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 959 | 809 | 1 631 | 1 303 | 3 252 | | | 741 | 545 | 897 | 330 | 051 | -------------------------------------------------------------------------------- | Brutokasum | 137 | 150 | 238 738 | 216 252 | 499 977 | | | 384 | 302 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turunduskulud | 2 575 | 1 437 | 3 402 | 1 969 | 2 395 | -------------------------------------------------------------------------------- | Üldhalduskulud | 49 595 | 42 090 | 93 088 | 70 509 | 176 273 | -------------------------------------------------------------------------------- | Muud äritulud | 11 298 | 3 569 | 18 420 | 6 539 | 16 411 | -------------------------------------------------------------------------------- | Muud ärikulud | 12 577 | 2 412 | 15 689 | 4 178 | 30 256 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 83 935 | 109 | 144 978 | 146 135 | 307 464 | | | | 369 | | | | -------------------------------------------------------------------------------- | Finantstulud | 18 868 | 3 384 | 23 427 | 13 209 | 31 486 | -------------------------------------------------------------------------------- | Finantskulud | 5 284 | 5 964 | 25 135 | 12 001 | 30 028 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | 13 584 | -2 580 | -1 708 | 1 208 | 1 458 | | kokku | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -16 | 237 | 0 | 994 | 856 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -381 | 688 | 347 | 926 | 4 031 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 365 | -451 | -347 | 68 | -3 175 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne | 97 884 | 105 | 142 923 | 147 411 | 305 747 | | tulumaksu | | 806 | | | | -------------------------------------------------------------------------------- | Tulumaks | 32 005 | 7 275 | 32 150 | 17 467 | 15 976 | -------------------------------------------------------------------------------- | Aruandeperioodi | 65 879 | 98 531 | 110 773 | 129 944 | 289 771 | | puhaskasum (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Sh emaettevõtte | 58 134 | 94 386 | 104 273 | 123 878 | 267 482 | | aktsionäride osa kasumist | | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa | 7 745 | 4 145 | 6 501 | 6 066 | 22 289 | | kasumist | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | 1,89 | 3,07 | 3,39 | 4,03 | 8,70 | | kohta (kroonides)* | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 1,89 | 3,07 | 3,39 | 4,03 | 8,70 | | aktsia kohta (kroonides)* | | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast (fondi)emissioone ehk 30 756 728 aktsiat Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | Auditeerimata EUR`000 | II KV | II KV | 6 kuud | 6 kuud | 2007 | | | 2008 | 2007 | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu | 70 119 | 61 345 | 119 555 | 97 119 | 239 798 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 61 339 | 51 739 | 104 297 | 83 298 | 207 844 | -------------------------------------------------------------------------------- | Brutokasum | 8 780 | 9 606 | 15 258 | 13 821 | 31 954 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turunduskulud | 165 | 92 | 217 | 126 | 153 | -------------------------------------------------------------------------------- | Üldhalduskulud | 3 170 | 2 690 | 5 949 | 4 506 | 11 266 | -------------------------------------------------------------------------------- | Muud äritulud | 722 | 228 | 1 177 | 418 | 1 049 | -------------------------------------------------------------------------------- | Muud ärikulud | 804 | 154 | 1 003 | 267 | 1 934 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 5 364 | 6 990 | 9 266 | 9 340 | 19 651 | -------------------------------------------------------------------------------- | Finantstulud | 1 206 | 216 | 1 497 | 844 | 2 012 | -------------------------------------------------------------------------------- | Finantskulud | 338 | 381 | 1 606 | 767 | 1 919 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | 868 | -165 | -109 | 77 | 93 | | kokku | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -1 | 15 | 0 | 64 | 55 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -24 | 44 | 22 | 59 | 258 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 23 | -29 | -22 | 4 | -203 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne | 6 256 | 6 762 | 9 134 | 9 421 | 19 541 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | Tulumaks | 2 045 | 465 | 2 055 | 1 116 | 1 021 | -------------------------------------------------------------------------------- | Aruandeperioodi | 4 210 | 6 297 | 7 080 | 8 305 | 18 520 | | puhaskasum (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Sh emaettevõtte | 3 715 | 6 032 | 6 664 | 7 917 | 17 095 | | aktsionäride osa | | | | | | | kasumist | | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa | 495 | 265 | 415 | 388 | 1 425 | | kasumist | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | 0,12 | 0,20 | 0,22 | 0,26 | 0,56 | | kohta (eurodes)* | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,12 | 0,20 | 0,22 | 0,26 | 0,56 | | aktsia kohta (eurodes)* | | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast (fondi)emissioone ehk 30 756 728 aktsiat. Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | | EEK`000 | EUR`000 | -------------------------------------------------------------------------------- | | 6 kuud | 6 kuud | 6 kuud | 6 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | | | -------------------------------------------------------------------------------- | Laekumised ostjatelt | 2 235 724 | 1 529 072 | 142 889 | 97 726 | -------------------------------------------------------------------------------- | Maksed hankijatele | -1 828 | -1 402 07 | -116 860 | -89 609 | | | 465 | 2 | | | -------------------------------------------------------------------------------- | Maksed töötajatele ja | -286 494 | -196 846 | -18 310 | -12 581 | | töötajate eest | | | | | -------------------------------------------------------------------------------- | Makstud tulumaks | -13 868 | -5 200 | -886 | -332 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | 106 897 | -75 046 | 6 832 | -4 796 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavood | | | | | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | Materiaalse põhivara | -6 109 | -15 506 | -390 | -991 | | soetamine | | | | | -------------------------------------------------------------------------------- | Põhivara müük | 6 329 | 11 560 | 404 | 739 | -------------------------------------------------------------------------------- | Tütarettevõtete soetamine | -215 370 | -9 342 | -13 765 | -597 | -------------------------------------------------------------------------------- | Tütarettevõtete müük | 9 800 | 0 | 626 | 0 | -------------------------------------------------------------------------------- | Lisandunud raha | 4 116 | 0 | 263 | 0 | | tütarettevõtte soetamisest | | | | | -------------------------------------------------------------------------------- | Sidusettevõtete müük | 32 605 | 8 449 | 2 084 | 540 | -------------------------------------------------------------------------------- | Muud investeeringud | 0 | -4 104 | 0 | -262 | -------------------------------------------------------------------------------- | Antud laenud | -17 776 | -4 811 | -1 136 | -307 | -------------------------------------------------------------------------------- | Antud laenude laekumised | 46 815 | 7 980 | 2 992 | 510 | -------------------------------------------------------------------------------- | Saadud intressid | 9 357 | 4 126 | 598 | 264 | -------------------------------------------------------------------------------- | Netorahavoog | -130 233 | -1 648 | -8 323 | -105 | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavood | | | | | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | Saadud laenud | 332 686 | 90 140 | 21 263 | 5 761 | -------------------------------------------------------------------------------- | Saadud laenude maksed | -78 279 | -9 800 | -5 003 | -626 | -------------------------------------------------------------------------------- | Kapitalirendi maksed | -29 295 | -32 230 | -1 872 | -2 060 | -------------------------------------------------------------------------------- | Makstud dividendid | -103 790 | -52 135 | -6 633 | -3 332 | -------------------------------------------------------------------------------- | Makstud intressid | -12 465 | -4 391 | -797 | -281 | -------------------------------------------------------------------------------- | Muud maksed | 148 | 12 | 9 | 1 | -------------------------------------------------------------------------------- | Netorahavoog | 109 005 | -8 404 | 6 967 | -537 | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavoog kokku | 85 669 | -85 098 | 5 475 | -5 439 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 236 112 | 155 980 | 15 090 | 9 969 | | perioodi algul | | | | | -------------------------------------------------------------------------------- | Valuutakursimuutused | -13 | -11 | -1 | -1 | -------------------------------------------------------------------------------- | Raha jäägi muutus | 85 669 | -85 098 | 5 475 | -5 439 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 321 768 | 70 871 | 20 565 | 4 529 | | perioodi lõpul | | | | | -------------------------------------------------------------------------------- AS Eesti Ehitus kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on täiendavateks tegevusvaldkondadeks lisaks teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on AS Eesti Ehitus, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub lisaks emaettevõttele üle 20 tütarettevõtte. Kontserni 2007. aasta konsolideeritud müügitulu oli 3,8 miljardit krooni (240 miljonit eurot) ja konsolideeritud puhaskasum 290 miljonit krooni (19 miljonit eurot). AS Eesti Ehitus kontsern annab tööd rohkem kui 1200 inimesele. Alates 18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas. 1 euro = 15,6466 krooni Raimo Talviste AS Eesti Ehitus Investorsuhete juht Tel: +372 6400 450 Email: raimo.talviste@eestiehitus.ee http://www.eestiehitus.ee
Title
2008 II QUARTER AND SIX MONTHS ENDED 30 JUNE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Message
DIRECTORS' REPORT Eesti Ehitus is a group of construction companies whose core business is general contracting and project management. Group entities are involved in the construction of buildings and civil engineering in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia. Since 18 May 2006, the parent company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. Our mission We are committed to providing premier value added design and construction services by creating a successful partnership with our customers. We seek to add value to the company by motivating our employees and providing them with clear development opportunities and a contemporary work environment. Our vision We strive to be a construction group which can always surpass the customer's expectations. Shared values Quality We are professionals - we apply appropriate and effective construction techniques and technologies and observe generally accepted quality standards. We provide our customers with integrated cost efficient solutions. We are environmentally aware and operate sustainably. We value our employees by providing them with a modern work environment which encourages creativity and a motivation system which fosters initiative. Reliability We always keep our promises and honour our agreements. We act openly and transparently. We consistently support and promote the best construction practices. We do not take risks at the expense of our customers. Innovation We are innovative and creative engineers. We take maximum advantage of the benefits offered by information technology. We inspire our employees to grow through continuous training and balanced career opportunities. Eesti Ehitus Group as at 30 June 2008 The unaudited consolidated financial statements for six months ended 30 June 2008 comprise the parent and the parent's interests in following Group entities. -------------------------------------------------------------------------------- | Direct and indirect ownership interests of AS Eesti | | | Ehitus: | | -------------------------------------------------------------------------------- | Company | 30 June 2008 | 30 June | 31 December | | | | 2007 | 2007 | -------------------------------------------------------------------------------- | AS Linnaehitus | Estonia | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | AS ASPI | Estonia | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | AS Järva Teed | Estonia | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | OÜ Hiiu Teed | Estonia | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | Estcon OY | Finland | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | OÜ EE Ressursid | Estonia | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | UAB Eurocon LT | Lithuania | 70.0% | 100.0% | 70.0% | -------------------------------------------------------------------------------- | OÜ Kaurits | Estonia | 66.0% | 52.0% | 52.0% | -------------------------------------------------------------------------------- | Infra Ehitus OÜ | Estonia | 66.0% | 52.0% | 52.0% | -------------------------------------------------------------------------------- | OÜ Eurocon | Estonia | 63.0% | 64.0% | 64.0% | -------------------------------------------------------------------------------- | Eurocon Ukraine | Ukraine | 63.0% | 61.4% | 61.4% | | LLC | | | | | -------------------------------------------------------------------------------- | TOV Eurocon West | Ukraine | 63.0% | 61.4% | 61.4% | -------------------------------------------------------------------------------- | Instar Property | Estonia | 63.0% | 0% | 0% | | OÜ | | | | | -------------------------------------------------------------------------------- | TOV Instar | Ukraine | 63.0% | 0% | 0% | | Property | | | | | -------------------------------------------------------------------------------- | TOV Bukovina | Ukraine | 62.4% | 60.8% | 60.8% | | Developments | | | | | -------------------------------------------------------------------------------- | SIA Abagars | Latvia | 56.0% | 34.3% | 34.3% | -------------------------------------------------------------------------------- | SIA Vides Tikli | Latvia | 56.0% | 34.3% | 34.3% | -------------------------------------------------------------------------------- | OÜ Mapri Projekt | Estonia | 52.0% | 52.0% | 52.0% | -------------------------------------------------------------------------------- | AS Eston Ehitus | Estonia | 52.0% | 0.0% | 52.0% | -------------------------------------------------------------------------------- | OÜ DSN | Estonia | 43.6% | 0.0% | 34.3% | | Ehitusmasinad | | | | | -------------------------------------------------------------------------------- | TOV V.I. Center | Ukraine | 32.8% | 32.0% | 32.0% | -------------------------------------------------------------------------------- | TOV EA Reng | Ukraine | 32.1% | 31.3% | 31.3% | | Proekt | | | | | -------------------------------------------------------------------------------- | TOV Technopolis-2 | Ukraine | 31.5% | 30.7% | 30.7% | -------------------------------------------------------------------------------- | P/S BKT | Latvia | 28.0% | 17.2% | 17.2% | -------------------------------------------------------------------------------- | OÜ Kastani | Estonia | 26.0% | 26.0% | 26.0% | | Kinnisvara | | | | | -------------------------------------------------------------------------------- | OÜ Sepavara | Estonia | 26.0% | 0% | 26.0% | -------------------------------------------------------------------------------- | OÜ Kalda Kodu | Estonia | 22.9% | 0% | 22.9% | -------------------------------------------------------------------------------- | TOV Passage | Ukraine | 17.0% | 55.3% | 17.8% | | Theatre | | | | | -------------------------------------------------------------------------------- | OÜ Crislivnica | Estonia | 17.7% | 0% | 17.7% | -------------------------------------------------------------------------------- | AS E-Trading | Estonia | 6.2% | 0% | 6.2% | -------------------------------------------------------------------------------- | TOV European | Ukraine | 0% | 0% | 6.1% | | House* | | | | | -------------------------------------------------------------------------------- | TOV Baltik | Ukraine | 0% | 30.7% | 30.7% | | Development | | | | | -------------------------------------------------------------------------------- | TOV Eurobeton | Ukraine | 0% | 30.7% | 0% | -------------------------------------------------------------------------------- * Based on a preliminary agreement already signed, either the whole company or a part of it has been recognised as a non-current asset held for sale (see Changes in the Group's structure in the first half of 2008 in the Directors' report and note 5 to the consolidated financial statements). The business of Group entities The Estonian entities of Eesti Ehitus Group provide services in all business segments in which the Group is involved. The parent AS Eesti Ehitus, AS Linnaehitus and AS Eston Ehitus are mainly engaged in general construction contracting and project management. AS ASPI and its subsidiaries build environmental structures and roads and provide road maintenance services. In addition, ASPI group includes companies that rent out construction machinery and equipment. OÜ Mapri Projekt earns a major share of its revenue from concrete works and the rest from project management and general contracting. The Group's Ukrainian subsidiaries operate in the residential and non-residential segment. The largest Ukrainian subsidiaries Eurocon Ukraine LLC and TOV Eurocon West build mostly commercial buildings and industrial and warehouse facilities. EA Reng Proekt TOV provides design services. Other Ukrainian subsidiaries are involved in the development of real estate and construction projects in Kiev and Lviv. The Latvian subsidiary Abagars SIA and its subsidiaries perform infrastructure projects (such as pipeline construction, etc) in the civil engineering segment. T he Lithuanian subsidiary Eurocon LT UAB operates in the residential and non-residential segment focusing on the construction of residential and commercial premises. Changes in the Group's structure in the first half of 2008 Acquisitions of interests and establishment of subsidiaries On 5 February, OÜ Eurocon acquired a 4 per cent stake in Eurocon Ukraine LLC, raising its interest in the entity to 100 per cent. On 12 February, AS Eesti Ehitus acquired a 2.5 per cent stake in OÜ Eurocon from a minority shareholder, increasing its holding in OÜ Eurocon to 66.5 per cent. On 18 February, AS Eesti Ehitus' subsidiary OÜ Eurocon established a wholly-owned subsidiary - Instar Property OÜ. At the date of establishment, the share capital of Instar Property OÜ was 40,000 kroons (approx. 2,557 euros). Instar Property OÜ is going to operate as a holding company for the Group's direct and indirect interests in development projects performed in Ukraine. On 2 May, AS Eesti Ehitus' wholly-owned subsidiary AS ASPI performed a transaction with its subsidiary OÜ Kaurits, acquiring a 56 per cent interest in the Latvian entity SIA Abagars. After the transaction, AS ASPI's direct interest in SIA Abagars is 56 per cent. On 19 May, AS ASPI increased its shareholding in OÜ Kaurits by 14 per cent to 66 per cent. Divestment of interests On 4 April, AS Eesti Ehitus sold a 4 per cent interest in Eurocon OÜ to a Ukrainian resident. The transaction was performed by increasing share capital. On 10 April, AS Eesti Ehitus' subsidiary Eurocon Ukraine LLC divested a 33 per cent stake in the Ukrainian company TOV Passage Theatre. On 14 April, Eurocon Ukraine LLC divested a 50 per cent stake in the Ukrainian company TOV Baltic Development. In June, Eurocon Ukraine LLC signed an agreement in which it undertook to sell its entire 10 per cent interest in the Ukrainian company TOV European House. At the date these interim financial statements are authorised for issue, the investment in TOV European House is carried as a non-current asset held for sale (see note 5 to the consolidated financial statements). In June, Eurocon Ukraine LLC sold a 30 per cent stake in the Ukrainian company TOV Passage Theatre which had already been classified as a non-current asset held for sale. After the transaction, Eurocon Ukraine LLC's interest in TOV Passage Theatre is 27 per cent. Financial review Margins Eesti Ehitus Group ended the first six months of 2008 with a gross profit of 238.7 million kroons (15.3 million euros), a 10.4 per cent improvement on the 216.3 million kroons (13.8 million euros) earned a year ago. Consolidated net profit for the period amounted to 110.8 million kroons (7.1 million euros). Compared with the 129.9 million kroons (8.3 million euros) generated in the first half of 2007 net profit has decreased by 14.8 per cent, mainly on account of non-operating items such as financial income and expenses and income tax expense on the record dividends distributed for the prior financial years. As anticipated, margins were influenced by keen competition and rapid deceleration in the growth of the Estonian economy which triggered a slowdown in the construction market. Although gross margin for the first half-year was 12.8 per cent against 14.2 per cent a year ago, it is important to note that gross profit increased and the margin remained strong in the context of the industry. Owing to operating and non-operating developments (including growth in dividend tax expense), operating and net margin dropped to 7.8 per cent and 5.9 per cent respectively (2007: 9.6 per cent and 8.6 per cent). Despite the growth of the Group and high inflation, administrative expenses have not increased significantly. At period end, the ratio of administrative expenses to revenue was 5.0 per cent (2007: 4.6 per cent), referring to effective cost management in the context of the industry. The Group's position is to try to maintain the ratio at a similar level also in subsequent periods. Cash flows The Group's net operating cash flow for the first half-year was positive at 107 million kroons (6.8 million euros) while the corresponding figure for the prior year was negative at 75 million kroons (4.8 million euros). Operating cash flow has improved, above all, thanks to an increase in receipts from customers including settlements received on the completed contracts. Compared with the first half of 2007, net outflow from investing activities increased from 1.6 million kroons (0.1 million euros) to 130 million kroons (8.3 million euros). Payments made for acquisition of subsidiaries including business combinations of prior periods accounted for 215 million kroons (13.8 million euros) of outflow while inflow comprised mainly loan settlements and proceeds from disposal of associates. Financing activities generated net inflow of 109 million kroons (7.0 million euros), mainly through borrowing. Compared with the first half of 2007, net loan proceeds and repayments increased by 174 million kroons (11.1 million euros). The largest one-off outflow resulted from the distribution of dividends which at 104 million kroons (6.6 million euros) were two times larger than in the prior financial year. In the first half of 2008, the Group's cash and cash equivalents increased by 86 million kroons (5.5 million euros); in the first half of 2007 cash and cash equivalents decreased by 85 million kroons (5.4 million euros). At 30 June 2008, the Group's cash and cash equivalents stood at 321.8 million kroons (20.6 million euros) against 70.9 million kroons (4.5 million euros) at 30 June 2007. Key financial figures and ratios -------------------------------------------------------------------------------- | Figure / ratio | 6 | 6 | 6 months to | Full year 2007 | | | months | months | 30 June | | | | to | to | 2006 | | | | 30 June | 30 June | | | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Weighted average number | 30,756, | 30,756, | 30,756,728* | 30,756,728 | | of shares | 728 | 728* | | | -------------------------------------------------------------------------------- | Earnings per share (in | 3.39 | 4.03 | 1.78 | 8.70 | | kroons) | | | | | -------------------------------------------------------------------------------- | Earnings per share (in | 0.22 | 0.26 | 0.11 | 0.56 | | euros) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue growth | 23.1% | 64.0% | 192.3% | 49.9% | -------------------------------------------------------------------------------- | Average number of | 1209 | 1113 | 882 | 1103 | | employees | | | | | -------------------------------------------------------------------------------- | Revenue per employee (in | 1,547 | 1,365 | 1,050 | 3,402 | | thousands of kroons) | | | | | -------------------------------------------------------------------------------- | Revenue per employee (in | 98 | 87 | 67 | 217 | | thousands of euros) | | | | | -------------------------------------------------------------------------------- | Personnel expenses to | 12.4% | 11.6% | 11.0% | 12.3% | | revenue, % | | | | | -------------------------------------------------------------------------------- | Administrative expenses | 5.0% | 4.6% | 5.0% | 4.7% | | to revenue, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA (in thousands of | 179,579 | 176,310 | 85,208 | 370,575 | | kroons) | | | | | -------------------------------------------------------------------------------- | EBITDA (in thousands of | 11,477 | 11,268 | 5,446 | 23,684 | | euros) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA margin, % | 9.6% | 11.6% | 9.2% | 9.9% | | -------------------------------------------------------------------------------- | Gross margin, % | 12.8% | 14.2% | 9.9% | 13.3% | | -------------------------------------------------------------------------------- | Operating margin, % | 7.8% | 9.6% | 7.7% | 8.2% | | -------------------------------------------------------------------------------- | Operating margin | 7.6% | 9.2% | 4.9% | 7.8% | | | excluding gains on asset | | | | | | | sales, % | | | | | | -------------------------------------------------------------------------------- | Net margin, % | 5.9% | 8.6% | 5.8% | 7.7% | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on invested | 11.7% | 17.8% | 12.6% | 32.7% | | | capital, % | | | | | | -------------------------------------------------------------------------------- | Return on assets, % | 6.3% | 9.3% | 6.4% | 17.1% | | -------------------------------------------------------------------------------- | Return on equity, % | 13.7% | 23.9% | 19.2% | 44.1% | | -------------------------------------------------------------------------------- | Equity ratio, % | 33.0% | 33.7% | 27.5% | 36.9% | | -------------------------------------------------------------------------------- | Gearing, % | 27.4% | 32.5% | 12.1% | 13.5% | | -------------------------------------------------------------------------------- | Current ratio | 1.45 | 1.45 | 1.20 | 1.30 | | -------------------------------------------------------------------------------- | As at | 30 June | 30 June | 30 June | 31 December | | | | 2008 | 2007 | 2006 | 2007 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog (in | 3,196,9 | 2,730,8 | 1,987,5 | 2,526,652 | | | thousands of kroons) | 37 | 13 | 47 | | | -------------------------------------------------------------------------------- | Order backlog (in | 204,322 | 174,531 | 127,027 | 161,482 | | | thousands of euros) | | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares is the number of shares after the bonus issues. -------------------------------------------------------------------------------- | Earnings per share (EPS) = net | Operating margin excluding gains on | | profit attributable to equity | asset sales = (operating profit - | | holders of the parent / weighted | gains on sale of property, plant and | | average number of shares outstanding | equipment - gains on sale of real | | Revenue per employee = revenue / | estate) / revenue | | average number of employees | Net margin = net profit for the | | Personnel expenses to revenue = | period / revenue | | personnel expenses / revenue | Return on invested capital = (profit | | Administrative expenses to revenue = | before tax + interest expense) / the | | administrative expenses / revenue | period's average (interest-bearing | | EBITDA = earnings before interest, | liabilities + equity) | | taxes, depreciation and amortisation | Return on assets = operating profit / | | EBITDA margin = EBITDA / revenue | the period's average total assets | | Gross margin = gross profit / | Return on equity = net profit for the | | revenue | period /the period's average total | | Operating margin = operating profit | equity | | / revenue | Equity ratio = total equity / total | | | equity and liabilities | | | Gearing = (interest-bearing | | | liabilities - cash and cash | | | equivalents) / (interest bearing | | | liabilities + equity) | | | Current ratio = total current assets | | | / total current liabilities | -------------------------------------------------------------------------------- Revenue by geographical segments -------------------------------------------------------------------------------- | | 6 months | 6 months | 6 months to | Full year | | | to | to | 30 June | 2007 | | | 30 June | 30 June | 2006 | | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Estonia | 80.1% | 90.0% | 94.3% | 87.9% | -------------------------------------------------------------------------------- | Ukraine | 14.9% | 10.0% | 5.7% | 11.6% | -------------------------------------------------------------------------------- | Lithuania | 2.2% | 0% | 0% | 0.5% | -------------------------------------------------------------------------------- | Latvia | 2.8% | 0% | 0% | 0% | -------------------------------------------------------------------------------- Compared with prior periods, we have increased operations in Ukraine, Latvia and Lithuania - if in the first half of 2007 and full 2007 revenue earned outside Estonia accounted for around 10 per cent of the total, in the first half of 2008 the figure rose to 20 per cent. Revenue distribution across geographical segments has been a devised strategy for mitigating the risks arising from excessive reliance on a single market. Business review The core business of Eesti Ehitus Group is general contracting and construction management in the construction of buildings and structures. In addition, the Group is involved in road construction and maintenance, environmental engineering, concrete works and real estate development. Consolidated revenue for the first half of 2008 amounted to 1,870.6 million kroons (119.6 million euros), 23 per cent up on the 1,519.6 million kroons (97.1 million euros) generated in the first half of 2007. Revenue growth has been supported by the growth of the Group (addition of consolidated entities). The Group tries to keep the revenues generated by different segments in balance as this helps disperse risks and provides a more solid foundation under stressed circumstances. In line with the strategy, the proportion of residential development revenue is consistently maintained at a relatively low level (at or below 20 per cent). The residential and non-residential segment contributed 1,327.6 million kroons (84.8 million euros) and the civil engineering segment 520.1 million kroons (33.2 million euros) of total construction contract revenue. The corresponding figures for the first half of 2007 were 793.2 million kroons and 667.3 million kroons (50.7 million euros and 42.7 million euros) respectively. The decrease in the revenue generated by the civil engineering segment results mostly from the timing of major environmental and port construction projects. Revenue distribution between the primary segments corresponds to management's expectations. In the second half-year, the revenues of the civil engineering segment will increase because of the seasonal nature of road construction operations and new contracts (see Significant construction contracts signed in the first half of 2008 in the Directors' report). In the residential and non-residential segment, revenue distribution has remained stable with commercial buildings accounting for over 50 per cent of the segment's revenue. The contribution of residential buildings sub-segment has decreased in line with changes in the market situation. In the civil engineering segment, the contribution of road construction and maintenance has increased both because of growth in road construction operations and the completion of several major environmental engineering and port construction projects which in the first half of 2007 were still in progress. Revenue by segments Business segments -------------------------------------------------------------------------------- | | 6 | 6 | 6 months to | | | | months | months | 30 June | | | | to | to | 2006 | | | | 30 | 30 | | | | | June | June | | | | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- | Residential and | 72% | 54% | 62% | 53% | | non-residential | | | | | -------------------------------------------------------------------------------- | Civil engineering | 28% | 46% | 38% | 47% | -------------------------------------------------------------------------------- | Revenue distribution in the | 6 | 6 months | 6 months to | 2007 | | residential and | months | to | 30 June | | | non-residential segment | to | 30 June | 2006 | | | | 30 | 2007 | | | | | June | | | | | | 2008 | | | | -------------------------------------------------------------------------------- | Commercial buildings | 59% | 53% | 47% | 61% | -------------------------------------------------------------------------------- | Industrial and warehouse | 20% | 10% | 25% | 11% | | facilities | | | | | -------------------------------------------------------------------------------- | Public buildings | 13% | 20% | 17% | 16% | -------------------------------------------------------------------------------- | Residential buildings | 8% | 17% | 11% | 12% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue distribution in the | 6 months | 6 months | 6 months | 2007 | | civil engineering segment | to | to | to | | | | 30 June | 30 June | 30 June | | | | 2008 | 2007 | 2006* | | -------------------------------------------------------------------------------- | Road construction and | 51% | 30% | - | 41% | | maintenance | | | | | -------------------------------------------------------------------------------- | Port construction | 26% | 28% | - | 33% | -------------------------------------------------------------------------------- | Other engineering | 19% | 17% | - | 13% | -------------------------------------------------------------------------------- | Environmental engineering | 4% | 25% | - | 13% | -------------------------------------------------------------------------------- * In 2006, the civil engineering segment was not divided into sub-segments Order backlog and significant construction contracts signed in the first half of 2008 Order backlog -------------------------------------------------------------------------------- | As at | 30 June | 30 June | 30 June | 31 December | | | 2008 | 2007 | 2006 | 2007 | -------------------------------------------------------------------------------- | Order backlog, in | 3,196,93 | 2,730,813 | 1,987,547 | 2,526,652 | | thousands of kroons | 7 | | | | -------------------------------------------------------------------------------- | Order backlog, in | 204,322 | 174,531 | 127,027 | 161,482 | | thousands of euros | | | | | -------------------------------------------------------------------------------- At 30 June 2008, the Group's order backlog was 3,197 million kroons (204 million euros), a 17 per cent improvement on the 2,731 million kroons (175 million euros) posted a year ago. The growth in order backlog may be attributed to successful tendering (see Significant construction contracts signed in the first half of 2008 in the Directors' report) and the addition of consolidated entities. Significant construction contracts signed in the first half of 2008 -------------------------------------------------------------------------------- | Brief description | Cost | Region | Expected | | | | | delivery | | | (EEK '000 / EUR | | | | | '000) | | | -------------------------------------------------------------------------------- | Rehabilitation of the Rõhu-Puhja | 92,336 / 5,901 | Estoni | August 2009 | | section of national road no 92 | | a | | -------------------------------------------------------------------------------- | Construction of berths no 8 and 9 | 316,363 / | Estoni | May 2009 | | at Paldiski South Harbour | 20,219 | a | | -------------------------------------------------------------------------------- | Design and construction of Science | 179,100 / | Estoni | August 2010 | | Centre AHHAA building | 11,447 | a | | -------------------------------------------------------------------------------- | Tarmeko KV interior decoration | 63,000 / 4,026 | Estoni | October | | store in Tartu | | a | 2008 | -------------------------------------------------------------------------------- | Väike-Paala business building in | 101,500 / 6,487 | Estoni | May 2009 | | Tallinn | | a | | -------------------------------------------------------------------------------- | Design and construction of Mäo | 402,881 / | Estoni | August 2010 | | overtake on Tallinn-Tartu road | 25,749 | a | | -------------------------------------------------------------------------------- | Extension of water and sewerage | 194,242 / | Latvia | December | | networks in Sempeteris district in | 12,414 | | 2009 | | Riga | | | | -------------------------------------------------------------------------------- | Extension of the Lõunakeskus | 284,270 / | Estoni | September | | shopping centre in Tartu | 18,168 | a | 2009 | -------------------------------------------------------------------------------- During the preparation of the interim financial statements, i.e. from 1 July to 6 August 2008, the Group was awarded the following major contracts: -------------------------------------------------------------------------------- | Brief description | Cost | Region | Expected | | | | | delivery | | | (EEK '000 / EUR | | | | | '000) | | | -------------------------------------------------------------------------------- | Construction of a leisure and | 112 398 / 7 184 | Ukraine | May 2009 | | shopping centre in Darnitski | | | | | district in Kiev | | | | -------------------------------------------------------------------------------- | Stage one in the construction of | 279 760 / | Estonia | December | | Koidula railway border station | 17 880 | | 2010 | | (joint tender with AS Teede REV-2) | | | | -------------------------------------------------------------------------------- People and personnel expenses In the first half of 2008 the Group employed, on average, 1221 people including around engineers and technical personnel of 500 people. The proportion of engineers and technical personnel (ETP) has increased during the past couple of years due to the growth of the Group and the size of the contracts. We expect the trend to continue, among other things, because of the Group's growth in Lithuania, Latvia and Ukraine. Compared with the first half of 2007, the number of staff has increased by approximately 100, mainly on account of the transformation of the Latvian entity Abagars SIA into a subsidiary in May 2008 (see Changes in the Group's structure in the first half of 2008 in the Directors' report). Number of employees: -------------------------------------------------------------------------------- | Period | ETP | Workers | Total average | -------------------------------------------------------------------------------- | 6 months to 30 | 493 | 716 | 1209 | | June 2008 | | | | -------------------------------------------------------------------------------- | 6 months to 30 | 412 | 701 | 1113 | | June 2007 | | | | -------------------------------------------------------------------------------- | 6 months to 30 | 316 | 566 | 882 | | June 2006 | | | | -------------------------------------------------------------------------------- | Full year 2007 | 425 | 678 | 1103 | -------------------------------------------------------------------------------- The Group's personnel expenses for the first half of 2008 totalled 232.9 million kroons (14.9 million euros), a 32 per cent increase on the first half of 2007. The rise in personnel expenses is attributable to the acquisition of subsidiaries and the Group's personnel policy. In the first half of 2008, the remuneration of the Group's council totalled 545 thousand kroons (35 thousand euros) and the remuneration of the Group's board amounted to 8,257 thousand kroons (528 thousand euros). The corresponding figures for the first half of 2007 were 540 thousand kroons (35 thousand euros) and 5,252 thousand kroons (336 thousand euros) respectively. Share and shareholders -------------------------------------------------------------------------------- | ISIN code | EE3100039496 | -------------------------------------------------------------------------------- | Short name of the security | EEH1T | -------------------------------------------------------------------------------- | Nominal value | 10.00 kroons / 0.64 euros | -------------------------------------------------------------------------------- | Total number of securities | 30,756,728 | -------------------------------------------------------------------------------- | Number of listed securities | 30,756,728 | -------------------------------------------------------------------------------- | Listing date | 18 May 2006 | -------------------------------------------------------------------------------- Shareholder structure According to the Estonian Central Register of Securities, at 30 June 2008 the shareholder structure was the following: -------------------------------------------------------------------------------- | | Number of | Ownership interest | | | shareholders | (%) | -------------------------------------------------------------------------------- | Shareholders with interest | 1 | 61.15% | | exceeding 5% | | | -------------------------------------------------------------------------------- | Shareholders with interest | 15 | 21.88% | | between 1% and 5% | | | -------------------------------------------------------------------------------- | Shareholders with interest below | 1,381 | 16.97% | | 1% | | | -------------------------------------------------------------------------------- | Total | 1,397 | 100.00% | -------------------------------------------------------------------------------- Risks Business risks To manage daily construction risks, Group companies purchase Contractors' All Risks insurance. Depending on the nature of the project, both general frame agreements and specially tailored project-specific contracts are used. In addition, as a rule, subcontractors are required to secure the performance of their obligations with a bank guarantee issued for the benefit of AS Eesti Ehitus. To remedy builder-caused deficiencies which may be detected during the warranty period, all Group companies create warranty provisions. At the end of the first six months of 2008, the provisions (including current and non-current ones) totalled 11.7 million kroons (0.75 million euros). The corresponding figure for the first half of 2007 was 8 million kroons (0.5 million euros). Credit risk For credit risk management, a potential customer's settlement behaviour and creditworthiness are analysed already in the tendering stage. Subsequent to the conclusion of a contract, customers' settlement behaviour is monitored on an ongoing basis from the making of an advance payment to adherence to the contractual settlement schedule, which usually depends on the documentation of the delivery of work performed. We believe that the system in place allows us to respond to customers' settlement difficulties with sufficient speed. As at the end of the reporting period, our customers' settlement practice was good. In the first half of 2008, the Group's estimated loss from impaired receivables amounted to 7 million kroons (0.5 million euros) (2007: 0 kroons / euros). Liquidity risk Free funds are placed in overnight or fixed-interest term deposits with the largest banks in Estonia. To ensure timely settlement of liabilities, approximately two weeks' working capital is kept in current accounts or overnight deposits. Where necessary, overdraft facilities are used. At the reporting date, the Group's current assets exceeded its current liabilities 1.45-fold (2007: 1.45) and available cash funds totalled 322 million kroons (20.6 million euros). Together with unused overdraft facilities, the cash balances provide a sufficient liquidity buffer for completing the operating cycle in an economic environment which is more uncertain than last year. Interest rate risk The loans taken from banks operating in Estonia, Latvia and Ukraine have mainly fixed interest rates. Finance lease contracts have floating interest rates and are linked to EURIBOR. Compared with the first half of 2007, the Group's interest-bearing loan liabilities have increased by 362 million kroons (23 million euros) or 94 per cent and interest expense has grown by 11.2 million kroons (0.71 million euros) to 18.4 million kroons (1.18 million euros). Currency risk As a rule, construction contracts and subcontractors' service contracts are made in the currency of the host country: in Estonia contracts are made in Estonian kroons (EEK), in Latvia in Latvian lats (LVL), in Lithuania in Lithuanian litas (LTL) and in Ukraine in Ukrainian grivnas (UAH). A significant proportion of services purchased from other countries are priced in euro which does not constitute a currency risk for the Group's Estonian, Latvian and Lithuanian entities. In Ukraine, some materials supply contracts are made in euro. In addition, the Group's parent AS Eesti Ehitus settles accounts with its Ukrainian subsidiary Eurocon Ukraine LLC in euros but the volumes are immaterial. The Ukrainian grivna fluctuates slightly against the US dollar. Therefore, in Ukraine the fluctuations of the grivna against the euro give rise to a currency risk but there are almost no reasonable possibilities for hedging the risk in cooperation with local banks. In the first half of 2008, the Group's foreign exchange loss from Ukrainian operations amounted to 6.1 million kroons (0.39 million euros), 4 million kroons (0.26 million euros) up on the same period in 2007. Future outlook Estonia We believe that in the construction sector the deceleration in economic growth will trigger the following trends: the construction sector will become more dependent on public procurement tenders and the number and pricing of infrastructure, environmental and other projects launched with the support of the European Union funds; the importance of infrastructure projects will increase and, accordingly, critical success factors will include specialised engineering expertise and the availability of specialised resources; housing development and construction volumes will shrink and the number of related companies will decrease (consolidation). The consolidation process will heighten competition and exert downward pressure on profit margins; the past years' labour deficit in the construction sector will decline and growth in personnel expenses will normalise; real estate developers' ability to service existing loans and take new ones will weaken due to a decrease in their creditworthiness. For construction companies, this may mean an increase in doubtful and irrecoverable receivables; construction projects' financing schemes will change and additional requirements to the financing provided by general contractors will impose pressure on the contractors' liquidity. We have prepared ourselves for changes in the economic environment by designing our project portfolio so that our risks would be dispersed between activities (for a number of years the proportion of residential construction has not exceeded 20 per cent) and markets (the importance of the Estonian market will decline as the importance of other markets increases). Latvia and Lithuania The Latvian and Lithuanian construction markets are influenced by an economic environment which is similar to the one prevailing in Estonia. In the near future, the segments where the Group's subsidiaries are represented will be subject to the following trends. In Latvia the volumes of infrastructure projects financed by the state and local government with the support of EU funding will remain stable or increase. Construction prices will be affected by high inflation. Out of the three Baltic countries, Lithuania has the best outlook for economic growth, which has a direct impact on the development of the construction market. In the residential and non-residential segment, there are strong prospects for continuing the construction of apartment houses (as a general contractor not a developer) as well as commercial and public buildings. The greatest risk is inflation and its impact on construction prices. Ukraine Ukrainian economy should continue growing faster than the Baltic ones. This will facilitate the development of the local construction market which is currently concentrated around major cities. In the commercial buildings segment, there will be strong demand for trading, logistics and office premises. In Ukraine, we will continue performing development projects which have passed careful preliminary analysis and are supported by a properly drafted and viable business plan. In addition, our Ukrainian entities will continue acting as general contractors in the construction sector. The main risks in the Ukrainian market are the low administrative efficiency of the national and local government, the dependence of the Ukrainian currency on the US dollar, inflation and the availability of quality construction inputs. Consolidated interim balance sheet -------------------------------------------------------------------------------- | Unaudited | 30 June | 30 June | 31 December | | EEK '000 | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 321,768 | 70,871 | 236,112 | -------------------------------------------------------------------------------- | Trade receivables | 440,501 | 511,810 | 511,819 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 354,171 | 261,793 | 264,551 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,905 | 1,015 | 1,905 | -------------------------------------------------------------------------------- | Inventories | 428,925 | 377,859 | 393,529 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 14,956 | 0 | 43,362 | -------------------------------------------------------------------------------- | Total current assets | 1,562,226 | 1,223,348 | 1,451,277 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Long-term investments | 73,326 | 51,082 | 111,686 | -------------------------------------------------------------------------------- | Investment property | 133,523 | 24,199 | 133,984 | -------------------------------------------------------------------------------- | Property, plant and equipment | 365,853 | 264,647 | 221,748 | -------------------------------------------------------------------------------- | Intangible assets | 308,105 | 165,413 | 273,223 | -------------------------------------------------------------------------------- | Total non-current assets | 880,807 | 505,341 | 740,641 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2,443,033 | 1,728,689 | 2,191,918 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 192,492 | 97,666 | 135,856 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 424,585 | 347,739 | 335,754 | -------------------------------------------------------------------------------- | Tax liabilities | 60,056 | 42,293 | 54,771 | -------------------------------------------------------------------------------- | Other payables and advances | 393,338 | 363,615 | 574,722 | | received | | | | -------------------------------------------------------------------------------- | Provisions | 7,761 | 6,097 | 12,458 | -------------------------------------------------------------------------------- | Total current liabilities | 1,078,232 | 857,410 | 1,113,561 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 554,370 | 287,186 | 263,723 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 761 | 490 | 714 | -------------------------------------------------------------------------------- | Provisions | 4,001 | 1,885 | 4,328 | -------------------------------------------------------------------------------- | Total non-current liabilities | 559,132 | 289,561 | 268,765 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,637,364 | 1,146,971 | 1,382,326 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Minority interest | 78,431 | 39,492 | 90,095 | -------------------------------------------------------------------------------- | Share capital | 307,567 | 307,567 | 307,567 | -------------------------------------------------------------------------------- | Share premium | 509 | 0 | 0 | -------------------------------------------------------------------------------- | Statutory capital reserve | 34,800 | 8,216 | 11,766 | -------------------------------------------------------------------------------- | Translation reserve | -891 | 2,416 | 2,354 | -------------------------------------------------------------------------------- | Retained earnings | 385,253 | 224,027 | 397,810 | -------------------------------------------------------------------------------- | Total equity attributable to | 727,238 | 542,226 | 719,497 | | equity holders of the parent | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 805,669 | 581,718 | 809,592 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 2,443,033 | 1,728,689 | 2,191,918 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Consolidated interim balance sheet -------------------------------------------------------------------------------- | Unaudited | 30 June | 30 June | 31 December | | EUR '000 | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 20,565 | 4,529 | 15,090 | -------------------------------------------------------------------------------- | Trade receivables | 28,153 | 32,711 | 32,711 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 22,636 | 16,732 | 16,908 | -------------------------------------------------------------------------------- | Deferred tax assets | 122 | 65 | 122 | -------------------------------------------------------------------------------- | Inventories | 27,413 | 24,150 | 25,151 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 956 | 0 | 2,771 | -------------------------------------------------------------------------------- | Total current assets | 99,844 | 78,186 | 92,753 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Long-term investments | 4,686 | 3,265 | 7,138 | -------------------------------------------------------------------------------- | Investment property | 8,534 | 1,547 | 8,563 | -------------------------------------------------------------------------------- | Property, plant and equipment | 23,382 | 16,914 | 14,172 | -------------------------------------------------------------------------------- | Intangible assets | 19,691 | 10,572 | 17,462 | -------------------------------------------------------------------------------- | Total non-current assets | 56,294 | 32,297 | 47,336 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 156,138 | 110,483 | 140,089 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 12,302 | 6,242 | 8,683 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 27,136 | 22,225 | 21,459 | -------------------------------------------------------------------------------- | Tax liabilities | 3,838 | 2,703 | 3,501 | -------------------------------------------------------------------------------- | Other payables and advances | 25,139 | 23,239 | 36,731 | | received | | | | -------------------------------------------------------------------------------- | Provisions | 496 | 390 | 796 | -------------------------------------------------------------------------------- | Total current liabilities | 68,912 | 54,798 | 71,170 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 35,431 | 18,355 | 16,855 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 49 | 31 | 46 | -------------------------------------------------------------------------------- | Provisions | 256 | 120 | 277 | -------------------------------------------------------------------------------- | Total non-current liabilities | 35,735 | 18,506 | 17,177 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 104,647 | 73,305 | 88,347 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Minority interest | 5,013 | 2,524 | 5,758 | -------------------------------------------------------------------------------- | Share capital | 19,657 | 19,657 | 19,657 | -------------------------------------------------------------------------------- | Share premium | 33 | 0 | 0 | -------------------------------------------------------------------------------- | Statutory capital reserve | 2,224 | 525 | 752 | -------------------------------------------------------------------------------- | Translation reserve | -57 | 154 | 150 | -------------------------------------------------------------------------------- | Retained earnings | 24,622 | 14,318 | 25,425 | -------------------------------------------------------------------------------- | Total equity attributable to | 46,479 | 34,655 | 45,984 | | equity holders of the parent | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 51,492 | 37,179 | 51,742 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 156,138 | 110,483 | 140,089 | -------------------------------------------------------------------------------- Consolidated interim income statement -------------------------------------------------------------------------------- | | Q2 | Q2 | 6 months | 6 months | 2007 | | Unaudited | 2008 | 2007 | to 30 | to 30 | | | EEK '000 | | | June | June | | | | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Revenue | 1,097, | 959,84 | 1,870,63 | 1,519,58 | 3,752,02 | | | 125 | 7 | 5 | 2 | 8 | -------------------------------------------------------------------------------- | Cost of sales | 959,74 | 809,54 | 1,631,89 | 1,303,33 | 3,252,05 | | | 1 | 5 | 7 | 0 | 1 | -------------------------------------------------------------------------------- | Gross profit | 137,38 | 150,30 | 238,738 | 216,252 | 499,977 | | | 4 | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | 2,575 | 1,437 | 3,402 | 1,969 | 2,395 | -------------------------------------------------------------------------------- | Administrative expenses | 49,595 | 42,090 | 93,088 | 70,509 | 176,273 | -------------------------------------------------------------------------------- | Other operating income | 11,298 | 3,569 | 18,420 | 6,539 | 16,411 | -------------------------------------------------------------------------------- | Other operating expenses | 12,577 | 2,412 | 15,689 | 4,178 | 30,256 | -------------------------------------------------------------------------------- | Operating profit | 83,935 | 109,36 | 144,978 | 146,135 | 307,464 | | | | 9 | | | | -------------------------------------------------------------------------------- | Financial income | 18,868 | 3,384 | 23,427 | 13,209 | 31,486 | -------------------------------------------------------------------------------- | Financial expenses | 5,284 | 5,964 | 25,135 | 12,001 | 30,028 | -------------------------------------------------------------------------------- | Net financial items | 13,584 | -2,580 | -1,708 | 1,208 | 1,458 | -------------------------------------------------------------------------------- | Share of profit of equity | -16 | 237 | 0 | 994 | 856 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | -381 | 688 | 347 | 926 | 4,031 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 365 | -451 | -347 | 68 | -3,175 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Profit before income tax | 97,884 | 105,80 | 142,923 | 147,411 | 305,747 | | | | 6 | | | | -------------------------------------------------------------------------------- | Income tax expense | 32,005 | 7,275 | 32,150 | 17,467 | 15,976 | -------------------------------------------------------------------------------- | Profit for the period | 65,879 | 98,531 | 110,773 | 129,944 | 289,771 | -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 58,134 | 94,386 | 104,273 | 123,878 | 267,482 | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 7,745 | 4,145 | 6,501 | 6,066 | 22,289 | -------------------------------------------------------------------------------- | Basic earnings per share | 1.89 | 3.07 | 3.39 | 4.03 | 8.70 | | (in kroons)* | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 1.89 | 3.07 | 3.39 | 4.03 | 8.70 | | share (in kroons)* | | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares used is the number of shares after the bonus issues, i.e. 30,756,728 shares. Consolidated interim income statement -------------------------------------------------------------------------------- | Unaudited | Q2 2008 | Q2 2007 | 6 | 6 months | 2007 | | EUR '000 | | | months | to 30 | | | | | | to 30 | June | | | | | | June | 2007 | | | | | | 2008 | | | -------------------------------------------------------------------------------- | Revenue | 70,119 | 61,345 | 119,555 | 97,119 | 239,798 | -------------------------------------------------------------------------------- | Cost of sales | 61,339 | 51,739 | 104,297 | 83,298 | 207,844 | -------------------------------------------------------------------------------- | Gross profit | 8,780 | 9,606 | 15,258 | 13,821 | 31,954 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | 165 | 92 | 217 | 126 | 153 | -------------------------------------------------------------------------------- | Administrative expenses | 3,170 | 2,690 | 5,949 | 4,506 | 11,266 | -------------------------------------------------------------------------------- | Other operating income | 722 | 228 | 1,177 | 418 | 1,049 | -------------------------------------------------------------------------------- | Other operating expenses | 804 | 154 | 1,003 | 267 | 1,934 | -------------------------------------------------------------------------------- | Operating profit | 5,364 | 6,990 | 9,266 | 9,340 | 19,651 | -------------------------------------------------------------------------------- | Financial income | 1,206 | 216 | 1,497 | 844 | 2,012 | -------------------------------------------------------------------------------- | Financial expenses | 338 | 381 | 1,606 | 767 | 1,919 | -------------------------------------------------------------------------------- | Net financial items | 868 | -165 | -109 | 77 | 93 | -------------------------------------------------------------------------------- | Share of profit of | -1 | 15 | 0 | 64 | 55 | | equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | -24 | 44 | 22 | 59 | 258 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 23 | -29 | -22 | 4 | -203 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Profit before income tax | 6,256 | 6,762 | 9,134 | 9,421 | 19,541 | -------------------------------------------------------------------------------- | Income tax expense | 2,045 | 465 | 2,055 | 1,116 | 1,021 | -------------------------------------------------------------------------------- | Profit for the period | 4,210 | 6,297 | 7,080 | 8,305 | 18,520 | -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 3,715 | 6,032 | 6,664 | 7,917 | 17,095 | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 495 | 265 | 415 | 388 | 1,425 | -------------------------------------------------------------------------------- | Basic earnings per share | 0.12 | 0.20 | 0.22 | 0.26 | 0.56 | | (in euros)* | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.12 | 0.20 | 0.22 | 0.26 | 0.56 | | share (in euros)* | | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares used is the number of shares after the bonus issues, i.e. 30,756,728 shares. Consolidated interim statement of cash flows -------------------------------------------------------------------------------- | | EEK '000 | EUR '000 | -------------------------------------------------------------------------------- | | 6 months | 6 months | 6 months | 6 months | | | to 30 | to 30 | to 30 | to 30 | | | June 2008 | June 2007 | June 2008 | June 2007 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 2,235,724 | 1,529,072 | 142,889 | 97,726 | -------------------------------------------------------------------------------- | Cash paid to suppliers | -1,828,46 | -1,402,07 | -116,860 | -89,609 | | | 5 | 2 | | | -------------------------------------------------------------------------------- | Cash paid to and for | -286,494 | -196,846 | -18,310 | -12,581 | | employees | | | | | -------------------------------------------------------------------------------- | Income taxes paid | -13,868 | -5,200 | -886 | -332 | -------------------------------------------------------------------------------- | Net cash from / used in | 106,897 | -75,046 | 6,832 | -4,796 | | operating activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisition of property, | -6,109 | -15,506 | -390 | -991 | | plant and equipment | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 6,329 | 11,560 | 404 | 739 | | property, plant and | | | | | | equipment | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries | -215,370 | -9,342 | -13,765 | -597 | -------------------------------------------------------------------------------- | Proceeds from sale of | 9,800 | 0 | 626 | 0 | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Cash acquired on acquisition | 4,116 | 0 | 263 | 0 | | of subsidiaries | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 32,605 | 8,449 | 2,084 | 540 | | associates | | | | | -------------------------------------------------------------------------------- | Acquisition of other | 0 | -4,104 | 0 | -262 | | investments | | | | | -------------------------------------------------------------------------------- | Loans granted | -17,776 | -4,811 | -1,136 | -307 | -------------------------------------------------------------------------------- | Repayment of loans granted | 46,815 | 7,980 | 2,992 | 510 | -------------------------------------------------------------------------------- | Interest received | 9,357 | 4,126 | 598 | 264 | -------------------------------------------------------------------------------- | Net cash used in investing | -130,233 | -1,648 | -8,323 | -105 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from loans received | 332,686 | 90,140 | 21,263 | 5,761 | -------------------------------------------------------------------------------- | Repayment of loans received | -78,279 | -9,800 | -5,003 | -626 | -------------------------------------------------------------------------------- | Payment of finance lease | -29,295 | -32,230 | -1,872 | -2,060 | | liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | -103,790 | -52,135 | -6,633 | -3,332 | -------------------------------------------------------------------------------- | Interest paid | -12,465 | -4,391 | -797 | -281 | -------------------------------------------------------------------------------- | Other settlements | 148 | 12 | 9 | 1 | -------------------------------------------------------------------------------- | Net cash from / used in | 109,005 | -8,404 | 6,967 | -537 | | financing activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow | 85,669 | -85,098 | 5,475 | -5,439 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 236,112 | 155,980 | 15,090 | 9,969 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | -13 | -11 | -1 | -1 | | fluctuations | | | | | -------------------------------------------------------------------------------- | Increase / decrease in cash | 85,669 | -85,098 | 5,475 | -5,439 | | and cash equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 321,768 | 70,871 | 20,565 | 4,529 | | end of period | | | | | -------------------------------------------------------------------------------- Eesti Ehitus is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 20 subsidiaries in the Group. The consolidated revenue of the Group in 2007 was 3,8 billion kroons (240 million euros) and the consolidated net profit was 290 million kroons (19 million euros). Eesti Ehitus Group employs more than 1200 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. 1 EUR = 15,6466 EEK Raimo Talviste AS Eesti Ehitus Head of Investor Relations Tel:+372 6400 450 Email: raimo.talviste@eestiehitus.ee http://www.eestiehitus.ee