Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
13.03.2009 19:46:17
Title
2008. aasta IV kvartali ja 12 kuu auditeerimata tegevusaruanne
Message
2008 IV KVARTALI JA 12 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
TEGEVUSARUANNE
Juhatuse esimehe kommentaarid 2008. aasta majandustulemustele
Hoolimata ostu-müügitehingute arvu langusest on Arco Vara enda projektides
suutnud 13 % rohkem müüa kui 2007. aastal. Arco Vara kliendid on ostnud ja
broneerinud 12 kuuga Arco Vara projektides 128 korterit ja krunti, mis on 15
tükki rohkem kui 2007. aastal.
Neljandas kvartalis toimus oluline muutus
kinnisvaraarenduse marginaalides ja müügiperioodides, mis on sundinud tegema
raamatupidamises täiendavaid allahindlusi kõigi projektide lõikes ning jätkama
uutelt hinnatasemetelt. Oluline muudatus toimus oktoobris, kus pankadevaheline
kapitaliturg peatus, kuid mille pikaajaline mõju kinnisvaraturu likviidsusele,
väljavaatele ja hinnaootustele Kontserni koduturgudel sai selgeks neljanda
kvartali jooksul. Olukorda arvestades käivitus oktoobris püsikulude
kokkuhoiuprogramm, millega hoitakse püsikulusid kokku vähemalt 50 mln krooni
(3.2 mln eurot). 2009. aasta märtsis töötab Kontsernis kokku ca 250 inimest.
Bilansipäevajärgselt on vähendatud ka tippjuhtkonna tasusid 10% võrra.
Lähtuvalt kinnisvaraturul toimunud muudatustest on Arco Vara Teenindusdivisjoni
oluliselt saneeritud: Leedu ja Rumeenia kontorid on endisel kujul suletud,
teiste riikide väiksemates linnades on esindusi suletud või tegutsetakse
frantsiisipõhiselt. Ukraina ja Bulgaaria büroo vahendustegevust Kontsern enam
lisaks ei doteeri. 2009. aasta märtsis töötab teenindusdivisjonis 107 inimest.
Bilansipäevajärgselt saab öelda, et teenindusdivisjon veel tervikuna kasumis ei
ole, kuid kahjumi vähenemine on olnud märkimisväärne. Teenindusdivisjoni eesmärk
on edaspidi keskenduda eelkõige Eesti, Läti ja Bulgaaria turgudele.
Arendusdivisjoni tegevusmõõdikud (planeeringute, ehituste, vakantsuste ja
korterimüükide seis) olid 12 kuu kokkuvõttes positiivsed. Tähtsamateks
sündmusteks olid: detailplaneeringute kehtestamised Tallinnas Tivoli ja Laeva 2
ning Lätis MB-3 projektidele, Simferopoli projektist väljumine ja korterite
müügi blokktehing Sofias. Kuigi kortereid ja krunte müüdi või broneeriti kokku
128 (Kolde 45, Merivälja2 7, Madrid 69, Manastirski 14, BM-1 -5 ja MB-5 -2),
realiseerub enamus 12 kuu broneeringutest laekuv käive ja brutokasum alles 2009.
aasta lõpus ja 2010 kevadel, peale Madridi, Merivälja ja BM-1 projektide
valmimist ja võlaõiguslike lepingute sõlmimist juba broneeritud korterite osas.
2009. aasta jooksul ongi oluline lõpetada nimetatud pooleliolevad projektid, et
seeläbi võlakoormust vähendada. Projektide lõpetamiseks on ka panga
finantseerimine kindlustatud nii Eestis, Lätis kui ka Bulgaarias.
2009. aasta
esimese kolme kuu jooksul on müüdud või broneeritud üle 20 korteri, millest 13
Kodukolde projektis Tallinnas.
Ehitusdivisjon kasvatas divisjoni 12 kuu käivet 2,3% 435.3 mln kroonini (27.8
mln euroni). Ehitusdivisjoni kasum ning võime võita ehitushankeid
keskkonnaehituses nii Eestis kui ka Lätis muutub päev-päevalt kriitilisemaks.
Tööstusharus on küll palju lepinguid allkirjastatud, kuid riigipoolne
finantseerimine on hakanud venima. Kontserni enda tellimused on pea olematuks
muutunud ning ka edaspidi annavad välised tellimused olulise osa käibest.
Bilansipäevajärgselt on divisjonis töötajate arv oluliselt vähenenud, mille
tingis ühe projekti valmimine Lätis.
Kontsernis on konsolideerituna aasta lõpus likviidseid vahendeid 213.0 mln
krooni (13.6 mln eurot). Intressikandvad kohustused on kokku 1 051.0 mln krooni
(67.2 mln eurot), millest 351.5 mln krooni (22.5 mln eurot) on lühiajalised.
Likviidsus- ja refinantseerimisriski vähendamiseks peab Arco Vara müüma nii maa
panka kui olulisi rahavoogu genereerivaid projekte. 2009. aasta eesmärk on
projektide müügiga vähendada netovõlga 300 mln krooni (19.2 mln euro) võrra.
Põhilised näitajad 2008. aastal
12 kuu jooksul müüdi või broneeriti Arco Vara arendusprojektides kortereid ja
krunte kokku128 tükki (2007 12 kuud: 113 tükki).
12 kuu äritulud kokku moodustasid 684.5 mln krooni (43.7 mln eurot), mis on
21,1% vähem kui eelmisel aastal;
Ärikasum oli -1 118,6 mln krooni (-71.5 mln eurot);
Puhaskasum oli -1 159.6 mln krooni (-74,1 mln eurot), millest kõigi varade
allahindlused moodustasid 1 104,2 mln krooni (70,6 mln eurot);
Omakapital moodustab 36.0% (2007 12 kuud: 54,1%) bilansimahust. Omakapitali
tootlikkus oli -74.5% (2007 12 kuud:14.3%). Investeeritud kapitali tootlikkus
oli -39.6% (2007 12 kuud: 10.0%);
Ehituslepingute järelejäänud maht oli185.0 mln krooni (11.8 mln eurot)
võrrelduna 331.0 mln krooniga (21.2 mln euroga) eelmisel aastal;
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | IV | IV | 2008 | 2007 | IV | IV |
| | | | kvart | kvarta | | | kvarta | kvart |
| | | | al | l 2007 | | | l 2008 | al |
| | | | 2008 | | | | | 2007 |
--------------------------------------------------------------------------------
| Miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 684,5 | 867,3 | 144,5 | 199,4 | 43,7 | 55,4 | 9,2 | 12,7 |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -1 | 103,1 | -1 | -9,3 | -71,5 | 6,6 | -64,7 | -0,6 |
| | 118,6 | | 011,9 | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | -1 | 250,3 | -1 | -28,9 | -73,6 | 16,0 | -67,7 | -1,8 |
| tulumaksu | 150,8 | | 059,1 | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -1 | 235,5 | -1 | -28,6 | -74,1 | 15,1 | -67,6 | -1,8 |
| | 159,6 | | 057,1 | | | | | |
--------------------------------------------------------------------------------
| sh. varade | -1 | 76,6 | -1 | 10,5 | -70,6 | 4,9 | -66,7 | 0,7 |
| neto | 104,2 | | 043 | | | | | |
| ümberhindl | | | | | | | | |
| used ja | | | | | | | | |
| mahakandmi | | | | | | | | |
| sed | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS | -12,1 | 2,76 | -11,0 | -0,30 | -0,78 | 0,18 | -0,70 | -0,02 |
| (kroonides | 4 | | | | | | | |
| ja eurodes | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Varad | 1 | 3 | | | 126,1 | 227,8 | | |
| kokku, | 973,0 | 564,0 | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Investeeri | 1 | 3 | | | 112,5 | 209,9 | | |
| tud | 760,7 | 283,6 | | | | | | |
| kapital, | | | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Neto | 838,0 | 517,7 | | | 53,6 | 33,1 | | |
| laenud, | | | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | 709,7 | 1 | | | 45,4 | 123,3 | | |
| , perioodi | | 929,6 | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | 2,5 | 2,2 | | | 2,5 | 2,2 | | |
| keskmine | | | | | | | | |
| pikkus | | | | | | | | |
| (aastates) | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude | 7,0% | 6,7% | | | 7,0% | 6,7% | | |
| keskmine | | | | | | | | |
| intress | | | | | | | | |
| (aastas) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | -39,6 | 10,0% | | | -39,6 | 10,0% | | |
| (jooksev 4 | % | | | | % | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | -74,5 | 14,2% | | | -74,5 | 14,2% | | |
| (jooksev 4 | % | | | | % | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Töötajate | 396 | 664 | | | 396 | 664 | | |
| arv | | | | | | | | |
| perioodi | | | | | | | | |
| lõpul | | | | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | IV | IV | 2008 | 2007 | IV | IV |
| | | | kvart | kvarta | | | kvarta | kvart |
| | | | al | l 2007 | | | l 2008 | al |
| | | | 2008 | | | | | 2007 |
--------------------------------------------------------------------------------
| Miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | | | | | | | |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | 94,7 | 139,6 | 11,0 | 43,2 | 6,1 | 8,9 | 0,7 | 2,8 |
--------------------------------------------------------------------------------
| Arendus | 217,2 | 566,3 | 21,5 | 91,5 | 13,9 | 36,2 | 1,4 | 5,8 |
--------------------------------------------------------------------------------
| Ehitus | 435,3 | 425,5 | 112,0 | 131,8 | 27,8 | 27,2 | 7,2 | 8,4 |
--------------------------------------------------------------------------------
| Varahaldus | 6,8 | 10,2 | 0,1 | 0,0 | 0,4 | 0,7 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Elimineeri | -69,5 | -274, | 0,0 | -67,1 | -4,4 | -17,5 | 0,0 | -4,3 |
| mised | | 3 | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 684,5 | 867,3 | 144,6 | 199,4 | 43,7 | 55,4 | 9,2 | 12,7 |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
| kokku | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | -50,1 | 8,6 | -17,0 | -5,1 | -3,2 | 0,6 | -1,1 | -0,3 |
--------------------------------------------------------------------------------
| Arendus | -1 | 78,1 | -1 | 16,7 | -74,4 | 5,0 | -70,0 | 1,1 |
| | 163,5 | | 095,6 | | | | | |
--------------------------------------------------------------------------------
| Ehitus | 4,8 | 14,9 | -2,9 | 7,0 | 0,3 | 1,0 | -0,2 | 0,4 |
--------------------------------------------------------------------------------
| Varahaldus | 2,4 | 4,4 | 0,0 | 0,0 | 0,2 | 0,3 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Elimineeri | 103,4 | 17,2 | 103,4 | -5,2 | 6,6 | 1,1 | 6,6 | -0,3 |
| mised | | | | | | | | |
--------------------------------------------------------------------------------
| Jagamatud | -15,7 | -20,2 | 0,0 | -22,7 | -1,0 | -1,3 | 0,0 | -1,5 |
| ärikulud | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -1 | 103,1 | -1 | -9,3 | -71,6 | 6,7 | -64,7 | -0,6 |
| kokku | 118,6 | | 011,9 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Intressitu | -17,3 | -3,7 | -39,9 | 6,6 | -1,1 | -0,2 | -2,5 | 0,4 |
| lud ja | | | | | | | | |
| intressiku | | | | | | | | |
| lud | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | -14,9 | 150,9 | -7,4 | -26,3 | -1,0 | 9,6 | -0,5 | -1,7 |
| finantstul | | | | | | | | |
| ud ja | | | | | | | | |
| -kulud | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksuk | -8,8 | -14,8 | 2,0 | 0,3 | -0,6 | -0,9 | 0,1 | 0,0 |
| ulu | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -1 | 235,5 | -1 | -28,6 | -74,3 | 15,2 | -67,6 | -1,9 |
| | 159,6 | | 057,2 | | | | | |
--------------------------------------------------------------------------------
Kontserni olulisima tulu teenis ehitusdivisjon, kasvatades divisjoni 12 kuu
käivet 2,3% 435.3 mln kroonini (27.8 mln euroni). Oluline käibe kukkumine oli
tingitud arendusdivisjoni tulemusest. Kuigi kortereid ja krunte müüdi või
broneeriti kokku 128 (Kolde 45, Merivälja2 7, Madrid 69, Manastirski 14, BM-1 -5
ja MB-5 -2), realiseerub enamus 12 kuu broneeringutest laekuv käive ja
brutokasum alles 2009. aasta lõpus ja 2010 kevadel, peale Madridi, Merivälja ja
BM-1 projektide valmimist ja võlaõiguslike lepingute sõlmimist juba broneeritud
korterite osas. Madridi projektis on ligi 50% kogu müüdavast või üüritavast
pinnast broneeritud.
12 kuuga tuli vastu võtta puhaskahjum - 1 159.6 mln krooni (-74.3 mln eurot).
Kahjum sisaldab varude allahindlusi 439,87 mln krooni (28,11 mln eurot),
kinnisvarainvesteeringute allahindlusi 544, 32 mln krooni (34,79 mln eurot), AS
Ühendatud Kapitali nõude allahindlust 45%, mis on 54,46 mln krooni (3,48 mln
eurot), muude nõuete allahindlusi kokku 44,13 mln krooni (2,82 mln eurot) ja
materiaalse ja immateriaalse põhivara sh firmaväärtuste allahindlusi kokku 18,04
mln krooni (1,15 mln eurot).
Põhilised finantstulud 12 kuu jooksul olid: intressitulud 49,69 mln krooni (2,98
mln eurot) sh. Kippsala projekti intressi ja põhiosa nõude allahindluse
tühistamine 27.9 mln krooni (1.8 mln eurot) ning valuutakursi muutuse kasum 4,56
mln krooni (0,29 mln eurot).
Põhilised finantskulud 12 kuu jooksul olid: AVEC Asset Management AS'i aktsiate
võõrandamise kahjum 45,13 mln krooni (2,88 mln eurot) ning intressikulud 66,96
mln krooni (4,28 mln eurot).
RAHAVOOD
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | IV | IV | 2008 | 2007 | IV | IV |
| | | | kvart | kvarta | | | kvarta | kvart |
| | | | al | l 2007 | | | l 2008 | al |
| | | | 2008 | | | | | 2007 |
--------------------------------------------------------------------------------
| Miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevus | -274, | -547, | -173, | -129,6 | -17,6 | -35,0 | -11,1 | -8,3 |
| e rahavood | 9 | 9 | 5 | | | | | |
--------------------------------------------------------------------------------
| Investeeri | -52,9 | 136,7 | 75,8 | -22,1 | -3,4 | 8,7 | 4,8 | -1,4 |
| mistegevus | | | | | | | | |
| e rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Finantseer | -264, | 1 | 58,8 | 68,8 | -16,9 | 71,5 | 3,8 | 4,4 |
| imistegevu | 6 | 118,4 | | | | | | |
| se | | | | | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | -592, | 707,2 | -38,9 | -82,9 | -37,9 | 45,2 | -2,5 | -5,3 |
| rahavood | 4 | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja | 765,0 | 58,3 | 211,5 | 848,2 | 48,9 | 3,7 | 13,5 | 54,2 |
| raha | | | | | | | | |
| ekvivalend | | | | | | | | |
| id | | | | | | | | |
| perioodi | | | | | | | | |
| alguses | | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakur | 0,0 | -0,5 | 0,0 | -0,3 | 0,0 | 0,0 | 0,0 | 0,0 |
| si mõju | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja | 172,6 | 765,0 | 172,6 | 765,0 | 11,0 | 48,9 | 11,0 | 48,9 |
| raha | | | | | | | | |
| ekvivalend | | | | | | | | |
| id | | | | | | | | |
| perioodi | | | | | | | | |
| lõpus | | | | | | | | |
--------------------------------------------------------------------------------
Äritegevuse negatiivse rahavoo oluline komponent on varude muutus, kus
kajastuvad elamispindade projektide investeeringud projektides: Kodukolde, BM-1,
Madrid ja Manastirski. Neljanda kvartaliga on oluliselt vähenenud ka käibemaksu
ettemaks, kuid ikkagi ulatub saldo 46.7 mln kroonini (3.0 mln euroni), millest
22.0 mln krooni (1.4 mln krooni) võlgneb meile Läti maksuamet.
Investeerimistegevuse rahavoo olulised negatiivsed komponendid olid:
järelmaksuga ostetud tütarettevõtete maksetähtaja saabumine summas ca 44.0 mln
krooni (2.8 mln eurot), Ukraina investeeringud ja laenud 108.4 mln krooni (6.9
mln eurot) ning likviidsete vahendite deponeerimine ja võlakirjainvesteeringud.
Finantseerimistegevuse rahavoo olulised komponendid olid: makstud intressid 81.6
mln krooni (5.2 mln eurot), makstud dividendid koos tulumaksuga 57.7 mln krooni
(3.7 mln eurot), laenude netomuutus 239.5 mln krooni (15.30 mln eurot), millest
enamus oli seotud laenude pikendamiste käigus tagasi küsitud põhiosadega ja
võlakirjade lunastamisega neljandas kvartalis.
Olulise löögi lühiajalisele likviidsusele on andnud AS Ühendatud Kapitali poolt
ca $11m (136.4 mln kroonise; 8.7 mln eurose) nõude mittetasumine. Pooled peavad
hetkel läbirääkimisi võla ajatamise ja lisatagatiste seadmise osas. Arco Vara
nõue on sissenõutavaks muutunud.
Jaanuaris 2009 maksti tagasi ka erakorraliselt 40 mln krooni Tivoli ja Laeva2
projektidega seotud laen SEB Pangale, vabastades seeläbi Kontserni 150 mln
kroonisest (9.6 mln eurosest) likviidsete vahendite hoidmise kohustusest SEB
pangas. Pärast Tivoli ja Laeva2 laenude erakorralist makset jaanuaris 2009 jääb
lühiajalisi kohustusi järele veel ca 310 mln krooni (19.8 mln eurot), millest
suurimad kohustused on suvised võlakirjad ca 60 mln krooni (3.8 mln eurot) ja
Ahtri3 projektiga seotud maalaen 97.2 mln krooni (6.2 mln krooni) ning Vilniuse
projektiga Hills seotud maalaen ca 20 mln krooni (1.3 mln eurot). Ligi 90 mln
krooni (5.6 mln euro) väärtuses laene on kajastatud lühiajalistena, sest nende
tagastamine sõltub korterite müükidest ja juhatuse hinnangust müügitempole. Kui
kortereid ei õnnestu müüa, ei pea ka laenu tagastama.
Kogu laenuportfellist ca 650 mln krooni (41.5 mln eurot) on seotud Eesti
projektidega, millest omakorda 240 mln krooni (15.3 mln eurot) on kroonilaenud,
ülejäänud eurolaenud. 190 mln krooni (12.1 mln eurot) laene on seotud Bulgaaria
projektidega, millest suur osa on eurodes. 190 mln krooni (12.1 mln eurot) laene
on seotud Läti projektidega, millest enamus on eurolaenud.
Divisjonide kokkuvõtted ja tuleviku väljavaated
TEENINDUSDIVISJON
2008. aastal vahendas Arco Vara 1674 kinnisvara ostu-müügitehingut, mis annab
vähenenud maaklerite arvu tõttu kohta rohkem tehinguid ühe maakleri kohta kui
2007. aastal. Kui 2007. aastal vahendas üks maakler ca 9 tehingut, siis 2008.
aastal ca 14 tehingut. Arco Vara vahendustehingute arv 12 kuu võrdluses on
kukkunud 17%, hindamisaktide arv on kukkunud 22%. Neljanda kvartali kukkumine on
olnud eriti märkimisväärne: tehingute arv kukkus 47%, hindamisaktide arv 44%.
Turuolukorda arvestades oleme sulgenud 12 kuu jooksul 10 kontorit ning väljunud
Leedu ja Rumeenia turult. 12 kuu seisuga opereerib teenindusdivisjon 18-s
asukohas.
Bulgaaria ja Kiievi büroosid emaettevõte enam ei doteeri ning need
välisesindused peavad ise hakkama saama. Oluliselt on koondatud terves
divisjonis tipp- ja keskastmejuhte. Põhiline tegevus teenindusdivisjonis on
hetkel ärimudeli ja kulude struktuuri kohandamine 50%-se turu kukkumisega.
Aasta lõpus töötas divisjonis kokku 139 inimest (2007: 402 inimest).
--------------------------------------------------------------------------------
| | 12 kuud | 12 kuud | Muutus, | IV | IV | Muutus, % |
| | 2008 | 2007 | % | kvartal | kvartal | |
| | | | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Vahendatu | 1 674 | 2 006 | -17% | 258 | 484 | -47% |
| d | | | | | | |
| objektide | | | | | | |
| arv, tk | | | | | | |
--------------------------------------------------------------------------------
| Müügisole | 282 | 183 | 54% | 317 | 188 | 69% |
| vad | | | | | | |
| projektid | | | | | | |
| (perioodi | | | | | | |
| keskmine) | | | | | | |
| , tk | | | | | | |
--------------------------------------------------------------------------------
| Hindamisa | 6 816 | 8 785 | -22% | 1 135 | 2 027 | -44% |
| ktide | | | | | | |
| arv, tk | | | | | | |
--------------------------------------------------------------------------------
| Hindajate | 38 | 46 | -17% | | | |
| arv | | | | | | |
| perioodi | | | | | | |
| lõpus, tk | | | | | | |
--------------------------------------------------------------------------------
| Maaklerit | 114 | 237 | -52% | | | |
| e arv | | | | | | |
| perioodi | | | | | | |
| lõpus | | | | | | |
--------------------------------------------------------------------------------
| Divisjoni | 139 | 402 | -65% | | | |
| töötajate | | | | | | |
| arv | | | | | | |
| perioodi | | | | | | |
| lõpus | | | | | | |
--------------------------------------------------------------------------------
ARENDUSDIVISJON
Arco Vara kliendid on ostnud ja broneerinud 12 kuuga Arco Vara projektides 128
korterit ja krunti, mis on 15 tükki rohkem kui 2007. aastal. Arendusdivisjoni
suurimaks riskiks on osutunud tühjalt seisva maa panga laenude refinantseerimine
Eestis. Arco Vara pooleliolevad projektid on vaja lõpetada ja selleks on ka
pangafinantseerimine kindlustatud nii Eestis, Lätis kui Bulgaarias. 2009. aasta
esimene kahe kuu korterimüügid ja broneeringud on olnud kokku üle 20 ühiku.
Madridi projektis Sofias on kogu projektist 47% müüdavast ja renditavast pinnast
broneeritud, Manastirski projektis on sama näitaja 10%. Tallinnas Kodukolde
projektis ehitame kahte uut elamut, millest osad viienda korruse suurte
terrassidega korteritest on juba broneeritud.
Likviidsusriski maandamiseks on käimasolevates Baltikumi ja Sofia projektides
hindasid oluliselt langetatud ning aasta jooksul tahame müüa olulisi rahavoogu
genereerivaid projekte ja osaliselt ka maa panka Kontserni võlakoormuse
vähendamiseks.
Aasta lõpus töötas divisjonis kokku 44 inimest (2007: 55 inimest). Projektide
kohta leiab lisainfot: www.arcorealestate.com/arendus.
EHITUSDIVISJON
Ehitusdivisjon on võitnud hankeid keskkonna- ja infrastruktuuriehituses. Hangete
keskmine suurus on langenud ja tellijaks on riik või omavalitsused. Neljandas
kvartalis oli suurimaks võidetud hankeks Riias jalakäijate tunneli ehituse ja
projekteerimise töö Stockmanni kaubamajale.
IV kvartalis sõlmiti uusi ehituslepinguid 69.0 mln krooni (4.4 mln euro)
väärtuses. 12 kuu seisuga on ehituslepingute järelejäänud maht 185 mln krooni
(11.89 mln eurot) ja kontsernisisene müügitulu moodustas kogutuludest 2%. 2008.
aasta lõpus töötas divisjonis kokku 191 inimest (2007: 183 inimest).
Konsolideeritud kasumiaruanne (EEK)
--------------------------------------------------------------------------------
| | Lisa | 2008 | 2007 | IV kvartal | IV kvartal |
| | | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| EEK tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 488 249 | 345 856 | 119 421 | 113 422 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 172 301 | 381 332 | 33 482 | 20 023 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 5 | 660 550 | 727 188 | 152 903 | 133 445 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | | -995 501 | -542 135 | -564 788 | -107 194 |
| toodangu kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | -334 951 | 185 053 | -411 885 | 26 251 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 6 | 23 979 | 140 090 | -8 385 | 65 943 |
--------------------------------------------------------------------------------
| Turustuskulud | | -12 351 | -22 534 | -575 | -3 771 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 7 | -225 436 | -136 053 | -115 491 | -42 867 |
--------------------------------------------------------------------------------
| Muud ärikulud | 8 | -569 844 | -63 498 | -475 534 | -54 816 |
--------------------------------------------------------------------------------
| Ärikasum | | -1 118 | 103 058 | -1 011 870 | -9 260 |
| | | 603 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 9 | 93 659 | 215 005 | 37 518 | 16 874 |
| investeerimist | | | | | |
| egevuse tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 10 | -125 868 | -67 744 | -84 700 | -36 515 |
| investeerimist | | | | | |
| egevuse kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | -1 150 | 250 319 | -1 059 052 | -28 901 |
| tulumaksu | | 812 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -8 811 | -14 808 | 1 976 | 304 |
--------------------------------------------------------------------------------
| Puhaskasum | | -1 159 | 235 511 | -1 057 076 | -28 597 |
| | | 623 | | | |
--------------------------------------------------------------------------------
| s.h | | -2 516 | 7 924 | -9 712 | -243 |
| vähemusosanike | | | | | |
| le kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| s.h Arco Vara | | -1 157 | 227 587 | -1 047 364 | -28 354 |
| AS | | 107 | | | |
| aktsionäridele | | | | | |
| kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 11 | | | | |
| aktsia kohta | | | | | |
| (kroonides) | | | | | |
--------------------------------------------------------------------------------
| - tava | | -12,14 | 2,76 | -10,99 | -5,38 |
--------------------------------------------------------------------------------
| - lahustatud | | -12,14 | 2,76 | -10,99 | -5,38 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (EUR)
--------------------------------------------------------------------------------
| | Lisa | 2008 | 2007 | IV kvartal | IV kvartal |
| | | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| EUR tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 31 205 | 22 104 | 7 632 | 7 249 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 11 012 | 24 372 | 2 140 | 1 280 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 5 | 42 217 | 46 476 | 9 772 | 8 529 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | | -63 624 | -34 649 | -36 097 | -6 851 |
| toodangu kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | -21 407 | 11 827 | -26 324 | 1 678 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | 6 | 1 533 | 8 953 | -536 | 4 215 |
--------------------------------------------------------------------------------
| Turustuskulud | | -789 | -1 440 | -37 | -241 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 7 | -14 408 | -8 695 | -7 381 | -2 740 |
--------------------------------------------------------------------------------
| Muud ärikulud | 8 | -36 420 | -4 058 | -30 392 | -3 503 |
--------------------------------------------------------------------------------
| Ärikasum | | -71 490 | 6 587 | -64 670 | -591 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finants- ja | 9 | 5 986 | 13 741 | 2 398 | 1 078 |
| investeerimist | | | | | |
| egevuse tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 10 | -8 044 | -4 330 | -5 413 | -2 334 |
| investeerimist | | | | | |
| egevuse kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | -73 549 | 15 998 | -67 685 | -1 847 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -563 | -946 | 126 | 19 |
--------------------------------------------------------------------------------
| Puhaskasum | | -74 111 | 15 052 | -67 559 | -1 828 |
--------------------------------------------------------------------------------
| s.h | | -161 | 506 | -621 | -16 |
| vähemusosanike | | | | | |
| le kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| s.h Arco Vara | | -73 953 | 14 545 | -66 939 | -1 812 |
| AS | | | | | |
| aktsionäridele | | | | | |
| kuuluv | | | | | |
| puhaskasum | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 11 | | | | |
| aktsia kohta | | | | | |
| (eurodes) | | | | | |
--------------------------------------------------------------------------------
| - tava | | -0,78 | 0,18 | -0,70 | -0,34 |
--------------------------------------------------------------------------------
| - lahustatud | | -0,78 | 0,18 | -0,70 | -0,34 |
--------------------------------------------------------------------------------
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| | Lisa | 2008 | 2007 | IV kvartal | IV kvartal |
| | | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 172 581 | 765 008 | 11 030 | 48 893 |
| ekvivalendid | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteer | | 40 416 | 78 595 | 2 583 | 5 023 |
| ingud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 12 | 295 672 | 297 189 | 18 897 | 18 994 |
--------------------------------------------------------------------------------
| Ettemakstud | | 6 328 | 10 450 | 404 | 668 |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Varud | 13 | 849 440 | 1 148 433 | 54 289 | 73 398 |
--------------------------------------------------------------------------------
| Bioloogilised | | 3 679 | 8 360 | 235 | 534 |
| varad | | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 1 368 | 2 308 035 | 87 438 | 147 510 |
| | | 116 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantsinvesteer | | 1 635 | 48 515 | 104 | 3 101 |
| ingud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | 12 | 1 176 | 40 124 | 75 | 2 564 |
--------------------------------------------------------------------------------
| Kinnisvarainvest | 14 | 529 377 | 999 999 | 33 833 | 63 912 |
| eeringud | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 15 | 60 265 | 141 863 | 3 852 | 9 067 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 16 | 12 475 | 25 505 | 797 | 1 630 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 604 928 | 1 256 006 | 38 661 | 80 274 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 973 | 3 564 041 | 126 099 | 227 784 |
| | | 044 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 17 | 351 508 | 753 077 | 22 465 | 48 130 |
--------------------------------------------------------------------------------
| Võlad | 18 | 138 197 | 223 591 | 8 832 | 14 290 |
--------------------------------------------------------------------------------
| Ettemaksed | 19 | 65 174 | 47 216 | 4 165 | 3 018 |
--------------------------------------------------------------------------------
| Eraldised | | 8 936 | 3 468 | 571 | 222 |
--------------------------------------------------------------------------------
| Lühiajalised | | 563 815 | 1 027 352 | 36 033 | 65 660 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 17 | 693 827 | 600 938 | 44 344 | 38 407 |
--------------------------------------------------------------------------------
| Võlad | 18 | 4 404 | 4 607 | 281 | 294 |
--------------------------------------------------------------------------------
| Edasilükkunud | | 20 | 1 321 | 1 | 84 |
| tulumaksukohustu | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 1 271 | 251 | 81 | 16 |
--------------------------------------------------------------------------------
| Pikaajalised | | 699 522 | 607 117 | 44 707 | 38 801 |
| kohustused kokku | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 1 263 | 1 634 469 | 80 740 | 104 461 |
| | | 337 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Ülekurss | | 712 514 | 712 514 | 45 538 | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik | | 31 463 | 20 084 | 2 011 | 1 284 |
| reservkapital | | | | | |
--------------------------------------------------------------------------------
| Muud reservid | | 84 | 37 | 5 | 2 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | -986 818 | 218 830 | -63 069 | 13 986 |
--------------------------------------------------------------------------------
| Oma aktsiad | | -3 992 | 0 | -255 | 0 |
| (miinus) | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | 706 093 | 1 904 307 | 45 128 | 121 708 |
| omanikele kuuluv | | | | | |
| omakapital kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele | | 3 614 | 25 265 | 231 | 1 615 |
| kuuluv | | | | | |
| omakapital | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | 709 707 | 1 929 572 | 45 359 | 123 323 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | 1 973 | 3 564 041 | 126 099 | 227 784 |
| OMAKAPITAL KOKKU | | 044 | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| | EEK | | EUR | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| tuhandetes | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -1 159 623 | 235 511 | -74 111 | 15 053 |
--------------------------------------------------------------------------------
| Intressitulud ja | 17 265 | 3 663 | 1 103 | 234 |
| intressikulud | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | 63 895 | -131 083 | 4 084 | -8 378 |
| tütar- ja | | | | |
| ühisettevõtete | | | | |
| müügist | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud | -31 033 | -47 861 | -1 983 | -3 059 |
| muudelt | | | | |
| pikaajalistelt | | | | |
| finantsinvesteeringut | | | | |
| elt | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 7 411 | 25 768 | 474 | 1 647 |
| allahindluskulu | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 20 194 | -13 606 | 1 291 | -871 |
| immateriaalse | | | | |
| põhivara | | | | |
| amortisatsioon ja | | | | |
| väärtuse langus | | | | |
--------------------------------------------------------------------------------
| Firmaväärtuse | 347 | -283 | 22 | -18 |
| allahindlus ja | | | | |
| negatiivse | | | | |
| firmaväärtuse tulusse | | | | |
| kandmine | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 1 625 | -57 | 104 | -4 |
| immateriaalse | | | | |
| põhivara müügi kasum | | | | |
| või kahjum | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteerin | -1 536 | 1 633 | -97 | 104 |
| gute müügi kasum või | | | | |
| kahjum | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteerin | 545 864 | -59 874 | 34 887 | -3 827 |
| gute ja bioloogilise | | | | |
| vara õiglase väärtuse | | | | |
| muutus | | | | |
--------------------------------------------------------------------------------
| Valuutakursi kasumid | -4 564 | 2 252 | -292 | 144 |
| ja kahjumid | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | 8 811 | 14 591 | 563 | 933 |
| tulumaksukulu | | | | |
--------------------------------------------------------------------------------
| Äritegevuse rahavood | -531 344 | 30 654 | -33 955 | 1 959 |
| enne käibekapitali | | | | |
| muutuseid | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | -151 959 | -80 085 | -9 712 | -5 118 |
| nõuete ja ettemaksude | | | | |
| muutus | | | | |
--------------------------------------------------------------------------------
| Varude ja | 159 855 | -424 902 | 10 217 | -27 156 |
| bioloogiliste varade | | | | |
| muutus | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | 248 546 | -73 596 | 15 885 | -4 704 |
| kohustuste | | | | |
| ettemaksude muutus | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | -274 902 | -547 929 | -17 565 | -35 019 |
| ÄRITEGEVUSEST KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | -31 512 | -47 204 | -2 014 | -3 017 |
| immateriaalse | | | | |
| põhivara soetus | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 737 | 8 436 | 47 | 539 |
| immateriaalse | | | | |
| põhivara müük | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteerin | -4 218 | -12 000 | -270 | -767 |
| gute soetus | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteerin | 53 664 | 51 834 | 3 430 | 3 313 |
| gute müük | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | -128 326 | -20 176 | -8 202 | -1 289 |
| ühisettevõtete soetus | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | 1 330 | 222 650 | 85 | 14 230 |
| ühisettevõtete müük | | | | |
--------------------------------------------------------------------------------
| Muude | -202 665 | -92 529 | -12 953 | -5 914 |
| finantsinvesteeringut | | | | |
| e soetus | | | | |
--------------------------------------------------------------------------------
| Muude | 286 164 | 14 639 | 18 289 | 936 |
| finantsinvesteeringut | | | | |
| e müük | | | | |
--------------------------------------------------------------------------------
| Antud laenud | -58 945 | -52 681 | -3 767 | -3 367 |
--------------------------------------------------------------------------------
| Antud laenude | 2 423 | 40 878 | 155 | 2 613 |
| tagasimaksed | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | 28 464 | 19 684 | 1 819 | 1 258 |
--------------------------------------------------------------------------------
| Saadud dividendid | 0 | 3 147 | 0 | 201 |
--------------------------------------------------------------------------------
| RAHAVOOD | -52 884 | 136 678 | -3 381 | 8 736 |
| INVESTEERIMISTEGEVUSE | | | | |
| ST KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Saadud laenud | 343 945 | 800 488 | 21 982 | 51 161 |
--------------------------------------------------------------------------------
| Laenude ja | -583 420 | -572 650 | -37 287 | -36 599 |
| kapitalirendikohustus | | | | |
| te tagasimaksed | | | | |
--------------------------------------------------------------------------------
| Arvelduskrediidi | -13 875 | -18 516 | -887 | -1 183 |
| muutus | | | | |
--------------------------------------------------------------------------------
| Kontsernikonto | 131 656 | 382 | 8 414 | 24 |
| kohustuse muutus | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | -81 560 | -55 486 | -5 213 | -3 546 |
--------------------------------------------------------------------------------
| Aktsiate emiteerimine | 0 | 987 514 | 0 | 63 114 |
--------------------------------------------------------------------------------
| Oma aktsiate | -3 992 | 0 | -255 | 0 |
| tagasiost | | | | |
--------------------------------------------------------------------------------
| Makstud dividendid | -42 274 | -16 006 | -2 702 | -1 023 |
--------------------------------------------------------------------------------
| Makstud dividendide | -15 121 | -7 324 | -966 | -468 |
| tulumaks | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | -264 641 | 1 118 402 | -16 914 | 71 480 |
| FINANTSEERIMISEGEVUSE | | | | |
| ST KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | -592 427 | 707 151 | -37 860 | 45 196 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | 765 008 | 58 345 | 48 893 | 3 729 |
| ekvivalendid perioodi | | | | |
| alguses | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | -592 427 | 707 151 | -37 863 | 45 196 |
| ekvivalentide muutus | | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | | -488 | -1 | -31 |
--------------------------------------------------------------------------------
| Raha ja raha | 172 581 | 765 008 | 11 030 | 48 893 |
| ekvivalendid perioodi | | | | |
| lõpus | | | | |
--------------------------------------------------------------------------------
Title
IV QUARTER AND 12 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED)
Message
Management report for the fourth quarter and twelve months of 2008
Comments by the CEO
Arco Vara has sold in its project 13 % more apartments and plots as in year
2007. Our clients have purchased or booked 128 apartments and plots in twelve
months - 15 more than the previous year. In the fourth quarter substantial
correction in the margins and sales periods of the business resulted in
additional write downs of all assets in accounting and in continuing business at
a much lower price level. A significant shift in the market took place in
October when the interbank lending market froze, whereas the negative long term
effect of the situation on liquidity, outlook and price expectations of property
market in the Group's home markets became obvious by the end of the year.
Considering the situation the Group initiated a fixed cost reduction programme
in value of at least 50 million kroons (3.2 million euros). As at the end of
March 2009 the Group employed about 250 people. Top management salaries have
also been cut by 10% after the balance sheet date.
Due the changes in real estate markets has Arco Vara restructured service
division: the offices in Lithuania and Romania are closed, also some of the
offices in smaller locations have been closed or franchised. The Group is no
longer subsidising the brokerage offices in Ukraine and Bulgaria. The number of
employees in service division has decreased to 107 by March 2009. After the
balance sheet date it can be said that the service division does not yet
break-even but there has been a substantial decrease in losses. The division
concentrates its activities foremost on the Estonian, Latvian and Bulgarian
markets.
Development division's performance indicators (planning, construction, vacancies
and apartment sales) for the twelve months were positive. Highlights of the
period included: adoption of zonings in projects Tivoli, Laeva 2 and MB-2,
exiting from the Simferopol project and the apartment sales block deal in Sofia.
Although 128 apartments and land plots were sold or booked, the majority of
revenue and gross profit is recorded at the end of 2009 and in spring 2010,
after completion of the projects Madrid, Merivalja, Kolde and BM-1. It is
essential to complete the ongoing projects within the year 2009 (Madrid in
Sofia, Merivälja and Kolde in Tallinn, Bišumuiža-1 and Mazais Baltezers-3 in
Riga) to enable us to sell the already booked product and to decrease the
leverage. By the beginning of March 2009 an additional more than 20 apartments
have already been sold, including 13 in Kolde project in Tallinn.
The turnover of 12 months of construction divison is increased 2.3 % (435.3 mln
EEK, 27.8 mln EUR). It is a growing challenge for the construction division to
turn a profit and to be able to win environmental engineering tenders in both
Estonia and Latvia. Many contracts have been signed in the industry as a whole,
however, the state financing is pending. Internal sales have almost vanished and
future pipeline consists mainly of external orders. After the balance sheet date
the number of employees has been decreased substantially due to completion of a
major project in Latvia.
As at the end of the year the Group has liquid assets in value of 213.0 million
kroons (13.6 million euros). Interest-bearing liabilities amount to 1,051.0
million kroons (67.2 million euros) of which 351.5 million kroons (22.5 euros)
are short-term. To decrease liquidity and refinancing risks the Group has to
sell some of the land bank and cash flow generating properties. The goal for
2009 is to decrease the net debt position by 300 million kroons (19.2 million
euros). The refinancing risk in 2009 is mainly related to Latvian SEB and Sampo
Bank in Estonia.
KEY FINANCIALS OF 2008
During the 12 month period, 128 apartments and plots were sold or booked (12
months 2007: 113).
Revenue and other income for the twelve months totalled 684.5 million kroons
(43.7 million euros), 21.1% down year-over-year.
EBIT amounted to -1 118.6 million kroons (-71.5 million euros);
Net loss was -1,159.6 million kroons (-74.1 million euros), of which fair value
adjustments -1,104.2 million kroons (70.6 million euros);
Equity ratio was 36.0% (12 months 2007: 54.1%). ROE -74.5% (12 months 2007:
14.3%). ROIC -39.6% (12 months 2007: 10.0%);
Group's order backlog in the construction business stood at 185.0 million kroons
(11.8 million euros) against 331.0 million kroons (21.2 million euros) last
year.
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | Q4 | Q4 | 2008 | 2007 | Q4 | Q4 |
| | | | 2008 | 2007 | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | 684,5 | 867,3 | 144,5 | 199,4 | 43,7 | 55,4 | 9,2 | 12,7 |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -1 | 103,1 | -1 | -9,3 | -71,5 | 6,6 | -64,7 | -0,6 |
| | 118,6 | | 011,9 | | | | | |
--------------------------------------------------------------------------------
| Profit / | -1 | 250,3 | -1 | -28,9 | -73,6 | 16,0 | -67,7 | -1,8 |
| loss | 150,8 | | 059,1 | | | | | |
| before tax | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | -1 | 235,5 | -1 | -28,6 | -74,1 | 15,1 | -67,6 | -1,8 |
| / loss | 159,6 | | 057,1 | | | | | |
--------------------------------------------------------------------------------
| Incl. net | -1 | 76,6 | -1 | 10,5 | -70,6 | 4,9 | -66,7 | 0,7 |
| revaluatio | 104,2 | | 043 | | | | | |
| ns and | | | | | | | | |
| write-offs | | | | | | | | |
| of all | | | | | | | | |
| assets | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS (in | -12,1 | 2,76 | -11,0 | -0,30 | -0,78 | 0,18 | -0,70 | -0,02 |
| kroons and | 4 | | | | | | | |
| euros) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1 | 3 | | | 126,1 | 227,8 | | |
| assets at | 973,0 | 564,0 | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Invested | 1 | 3 | | | 112,5 | 209,9 | | |
| capital at | 760,7 | 283,6 | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Net loans | 838,0 | 517,7 | | | 53,6 | 33,1 | | |
| at period | | | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 709,7 | 1 | | | 45,4 | 123,3 | | |
| period end | | 929,6 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Average | 2,5 | 2,2 | | | 2,5 | 2,2 | | |
| loan term | | | | | | | | |
| (in years) | | | | | | | | |
--------------------------------------------------------------------------------
| Average | 7,0% | 6,7% | | | 7,0% | 6,7% | | |
| interest | | | | | | | | |
| rate of | | | | | | | | |
| loans (per | | | | | | | | |
| year) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | -39,6 | 10,0% | | | -39,6 | 10,0% | | |
| (rolling 4 | % | | | | % | | | |
| quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | -74,5 | 14,2% | | | -74,5 | 14,2% | | |
| (rolling 4 | % | | | | % | | | |
| quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Number of | 396 | 664 | | | 396 | 664 | | |
| staff at | | | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | Q4 | Q4 | 2008 | 2007 | Q4 | Q4 |
| | | | 2008 | 2007 | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Service | 94,7 | 139,6 | 11,0 | 43,2 | 6,1 | 8,9 | 0,7 | 2,8 |
--------------------------------------------------------------------------------
| Developmen | 217,2 | 566,3 | 21,5 | 91,5 | 13,9 | 36,2 | 1,4 | 5,8 |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Constructi | 435,3 | 425,5 | 112,0 | 131,8 | 27,8 | 27,2 | 7,2 | 8,4 |
| on | | | | | | | | |
--------------------------------------------------------------------------------
| Asset | 6,8 | 10,2 | 0,1 | 0,0 | 0,4 | 0,7 | 0,0 | 0,0 |
| management | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminatio | -69,5 | -274, | 0,0 | -67,1 | -4,4 | -17,5 | 0,0 | -4,3 |
| ns | | 3 | | | | | | |
--------------------------------------------------------------------------------
| Total | 684,5 | 867,3 | 144,6 | 199,4 | 43,7 | 55,4 | 9,2 | 12,7 |
| revenue | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Service | -50,1 | 8,6 | -17,0 | -5,1 | -3,2 | 0,6 | -1,1 | -0,3 |
--------------------------------------------------------------------------------
| Developmen | -1 | 78,1 | -1 | 16,7 | -74,4 | 5,0 | -70,0 | 1,1 |
| t | 163,5 | | 095,6 | | | | | |
--------------------------------------------------------------------------------
| Constructi | 4,8 | 14,9 | -2,9 | 7,0 | 0,3 | 1,0 | -0,2 | 0,4 |
| on | | | | | | | | |
--------------------------------------------------------------------------------
| Asset | 2,4 | 4,4 | 0,0 | 0,0 | 0,2 | 0,3 | 0,0 | 0,0 |
| management | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminatio | 103,4 | 17,2 | 103,4 | -5,2 | 6,6 | 1,1 | 6,6 | -0,3 |
| ns | | | | | | | | |
--------------------------------------------------------------------------------
| Unallocate | -15,7 | -20,2 | 0,0 | -22,7 | -1,0 | -1,3 | 0,0 | -1,5 |
| d expenses | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -1 | 103,1 | -1 | -9,3 | -71,6 | 6,7 | -64,7 | -0,6 |
| | 118,6 | | 011,9 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Interest | -17,3 | -3,7 | -39,9 | 6,6 | -1,1 | -0,2 | -2,5 | 0,4 |
| income and | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net other | -14,9 | 150,9 | -7,4 | -26,3 | -1,0 | 9,6 | -0,5 | -1,7 |
| financial | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Income tax | -8,8 | -14,8 | 2,0 | 0,3 | -0,6 | -0,9 | 0,1 | 0,0 |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | -1 | 235,5 | -1 | -28,6 | -74,3 | 15,2 | -67,6 | -1,9 |
| / loss | 159,6 | | 057,2 | | | | | |
--------------------------------------------------------------------------------
The bulk of the Group's revenue was generated by the construction division which
increased 12 month sales by 2.3% to 435.3 million kroons (27.8 million euros).
The plunge in sales may be attributed to the performance of the development
division. Although 128 apartments and land plots were sold or booked, the
majority of revenue and gross profit is recorded at the end of 2009 and in
spring 2010, after completion of the projects Madrid, Merivalja, Kolde and BM-1.
Around 50% of the spaces of the Madrid project have already been booked.
For the twelve months we had to accept net loss of 1,159.6 million kroons (74.3
million euros). This includes write down of inventory in the amount of 439.9
million kroons (28.1 million euros), 544.3 million kroons (34.8 million euros)
write down of real estate investments, 45% write down (54.5 million kroons; 3.5
million euros) claim of AS Uhendatud Kapital, write down of other claims
totalling 44.1 million kroons (2.8 million euros) and the write down of
property, plant and equipment and intangible assets including Goodwill
adjustments in the amount of 18.0 million kroons (1.2 million euros).
Financial income of the twelve months resulted mainly from: interest income 49.7
million kroons (3.0 million euros), including cancellation of the claim of
interest and principal payment of the Kippsala project in the amount of 27.9
million kroons (1.8 million euros) and the currency rate gains 4.6 million
kroons (0.3 million euros).
Financial expenses of the twelve months resulted mainly from: the 45.1 million
kroons (2.9 million euros) loss due to disposal of shares in AVEC Asset
Management AS and interest expenses in the amount of 67.0 million kroons (4.3
million euros).
CASH FLOWS
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 2008 | 2007 | Q4 | Q4 | 2008 | 2007 | Q4 | Q4 |
| | | | 2008 | 2007 | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -274, | -547, | -173, | -129,6 | -17,6 | -35,0 | -11,1 | -8,3 |
| from | 9 | 9 | 5 | | | | | |
| operating | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -52,9 | 136,7 | 75,8 | -22,1 | -3,4 | 8,7 | 4,8 | -1,4 |
| from | | | | | | | | |
| investing | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -264, | 1 | 58,8 | 68,8 | -16,9 | 71,5 | 3,8 | 4,4 |
| from | 6 | 118,4 | | | | | | |
| financing | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Net cash | -592, | 707,2 | -38,9 | -82,9 | -37,9 | 45,2 | -2,5 | -5,3 |
| flow | 4 | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and | 765,0 | 58,3 | 211,5 | 848,2 | 48,9 | 3,7 | 13,5 | 54,2 |
| cash | | | | | | | | |
| equivalent | | | | | | | | |
| s at | | | | | | | | |
| beginning | | | | | | | | |
| of period | | | | | | | | |
--------------------------------------------------------------------------------
| Effect of | 0,0 | -0,5 | 0,0 | -0,3 | 0,0 | 0,0 | 0,0 | 0,0 |
| exchange | | | | | | | | |
| rate | | | | | | | | |
| fluctuatio | | | | | | | | |
| ns | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and | 172,6 | 765,0 | 172,6 | 765,0 | 11,0 | 48,9 | 11,0 | 48,9 |
| cash | | | | | | | | |
| equivalent | | | | | | | | |
| s at end | | | | | | | | |
| of period | | | | | | | | |
--------------------------------------------------------------------------------
The main components of negative operating cash flow were the changes in
inventories where investments in Kolde, BM-1, Madrid and Manastirski residential
projects are recorded. Although VAT receivable has decreased the balance is
still considerable at 46,7 million kroons (3.0 million euros), including the VAT
receivable from the Latvian Tax Board - 22.0 million kroons (1.4 million euros).
The main components of negative investment cash flow were: payables for acquired
subsidiaries due in the amount of 44.0 million kroons (2.8 million euros),
Ukraine investments and loans of 108.4 million kroons (6.9 million euros) and
depositing and investing liquid assets to short-term bonds.
The main components of financing cash flow were: 81.6 million kroons (5.2
million euros) of interests cost, 57.7 million kroons (3.7 million euros) of
gross dividend payment, 239.5 million kroons (15.30 million euros) change in net
debt, the majority of which were extraordinary principal repayments during
refinancing transactions or the redemption of bonds.
A major setback for the short term liquidity has been the default of AS
Ühendatud Kapital to pay its 11 million USD outstanding debt (136.4 million
kroons, 8.7 million euros). The parties are currently negotiating new payment
terms and additional guarantees. The claim by Arco is already due.
In January 2009 the company made an extraordinary repayment of 40 million kroons
related to Tivoli and Laeva loans to SEB Bank to release the obligation to
maintain liquid assets worth 150 million kroons (9.6 million euros) in SEB bank
accounts. After the payment the level of short term liabilities decreases to 310
million kroons (19.8 million euros) of which commercial papers coming due in the
summer amount to 60 million kroons (3.8 million euros), the land acquisition
loan for Ahtri project is 97.2 million kroons (6.2 million euros) and the loan
for Hills in Vilnius ca 20 million kroons (1.3 million euros). In addition, 90
million kroons (5.6 million euros) of loans are accounted as short term, because
the repayment depends on the sales of apartments and the management's estimation
of sales period. Unless the apartments are sold, the loan will not have to be
repaid in 2009.
Approximately 650 million kroons (41.5 million euros) of total interest-bearing
liabilities are related to Estonian projects of which 240 million kroons (15.3
million euros) are nominated in kroons and the rest in euros. 190 million kroons
(12.1 million euros) are related to Bulgarian projects of which the majority is
nominated in euros. 190 million kroons (12.1 million euros) are related to
Latvian projects of which the majority is nominated in euros.
Summaries of divisions and future outlooks
SERVICE DIVISION
Total number of brokered transactions in 2008 was 1674, that means for a broker
approx. 14 transactions, in 2007 the number was approx. 9 transactions.
The number of brokerage transactions in 12 months has decreased by 17%, the
number of valuation reports has decreased by 22%. The fall has been particularly
significant in the fourth quarter - the number of transactions diminished by 47%
and the number of valuation reports by 44%. Considering the market situation we
have closed 10 offices within 12 months and exited the Lithuanian and Romanian
markets. As at the end of December the service division operates in 18
locations.
The Bulgarian and Kiev offices are no longer subsidised and will have to be
self-reliant. The number of top and middle management in the division has been
cut substantially. The main focus in the service division is on adjusting the
business model and the cost structure in line with the 50% fall of the market
volumes.
As at the end of the year the division employed 139 people (402 in 2007).
--------------------------------------------------------------------------------
| | 12 | 12 | Change, | Q4 2008 | Q4 2007 | Change, % |
| | months | months | % | | | |
| | 2008 | 2007 | | | | |
--------------------------------------------------------------------------------
| Number of | 1 674 | 2 006 | -17% | 258 | 484 | -47% |
| propertie | | | | | | |
| s | | | | | | |
| brokered | | | | | | |
--------------------------------------------------------------------------------
| Number of | 282 | 183 | 54% | 317 | 188 | 69% |
| projects | | | | | | |
| on sale | | | | | | |
--------------------------------------------------------------------------------
| Number of | 6 816 | 8 785 | -22% | 1 135 | 2 027 | -44% |
| valuation | | | | | | |
| reports | | | | | | |
| issued | | | | | | |
--------------------------------------------------------------------------------
| Number of | 38 | 46 | -17% | | | |
| appraiser | | | | | | |
| s | | | | | | |
--------------------------------------------------------------------------------
| Number of | 114 | 237 | -52% | | | |
| real | | | | | | |
| estate | | | | | | |
| brokers | | | | | | |
--------------------------------------------------------------------------------
| Average | 139 | 402 | -65% | | | |
| number of | | | | | | |
| staff | | | | | | |
--------------------------------------------------------------------------------
DEVELOPMENT DIVISION
During 12 months clients have bought 128 apartments and plots in projects of
Arco Vara, that means 15 pieces more than in 2007. The main risk factor for the
development division is the refinancing of loans for the land bank in Estonia.
Ongoing projects must be completed and for that the bank funding is secured in
Estonia, Latvia and Bulgaria. Over 20 units of apartments have been already sold
or booked during first two months of 2009. In the Madrid project in Sofia 50% of
the total volume has already been pre-booked, in the Manastirski project it is
10% respectively. In the Kolde project in Tallinn the construction of a new
house will be completed and 62 apartments will be put on market.
In order to cope with the liquidity risk, the prices in current projects in the
Baltics as well as in Sofia have been decreased substantially and during the
year we aim at selling cash flow generating projects and partially also the land
bank.
As at the end of the year the division employed 44 people (55 in 2007). Further
information on the projects: www.arcorealestate.com/development.
CONSTRUCTION DIVISION
The construction division has won tenders of environmental and infrastructure
engineering. The average volume of the tenders has decreased and the contractor
is usually the state or local governments. A major tender won in the fourth
quarter was the construction and design of a tunnel for pedestrians for
Stockmann department store in Riga.
In the fourth quarter the division was awarded construction contracts worth 69.0
million kroons (4.4 million euros). At the end of the reporting period, the
division's order backlog was 185 million kroons (11.89 million euros) and the
internal sales accounted for 2%. As at the end of the year the division employed
191 people (183 in 2007).
Condensed consolidated interim income statement (EEK)
--------------------------------------------------------------------------------
| | Note | 2008 | 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| In EEK , | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Rendering of | | 488 249 | 345 856 | 119 421 | 113 422 |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of goods | | 172 301 | 381 332 | 33 482 | 20 023 |
--------------------------------------------------------------------------------
| Total revenue | 5 | 660 550 | 727 188 | 152 903 | 133 445 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | | -995 501 | -542 135 | -564 788 | -107 194 |
--------------------------------------------------------------------------------
| Gross profit | | -334 951 | 185 053 | -411 885 | 26 251 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other income | 6 | 23 979 | 140 090 | -8 385 | 65 943 |
--------------------------------------------------------------------------------
| Selling and | | -12 351 | -22 534 | -575 | -3 771 |
| distribution | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Administrative | 7 | -225 436 | -136 053 | -115 491 | -42 867 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 8 | -569 844 | -63 498 | -475 534 | -54 816 |
--------------------------------------------------------------------------------
| EBIT | | -1 118 | 103 058 | -1 011 870 | -9 260 |
| | | 603 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance income | 9 | 93 659 | 215 005 | 37 518 | 16 874 |
--------------------------------------------------------------------------------
| Finance | 10 | -125 868 | -67 744 | -84 700 | -36 515 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit / loss | | -1 150 | 250 319 | -1 059 052 | -28 901 |
| before tax | | 812 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -8 811 | -14 808 | 1 976 | 304 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Net profit / | | -1 159 | 235 511 | -1 057 076 | -28 597 |
| loss | | 623 | | | |
--------------------------------------------------------------------------------
| Attributable | | -2 516 | 7 924 | -9 712 | -243 |
| to minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributable | | -1 157 | 227 587 | -1 047 364 | -28 354 |
| to equity | | 107 | | | |
| holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 11 | | | | |
| share (in | | | | | |
| kroons) | | | | | |
--------------------------------------------------------------------------------
| - basic | | -12,14 | 2,76 | -10,99 | -5,38 |
--------------------------------------------------------------------------------
| - diluted | | -12,14 | 2,76 | -10,99 | -5,38 |
--------------------------------------------------------------------------------
Condensed consolidated interim income statement (EUR)
--------------------------------------------------------------------------------
| | Note | 2008 | 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| In EUR, | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Rendering of | | 31 205 | 22 104 | 7 632 | 7 249 |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of goods | | 11 012 | 24 372 | 2 140 | 1 280 |
--------------------------------------------------------------------------------
| Total revenue | 5 | 42 217 | 46 476 | 9 772 | 8 529 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | | -63 624 | -34 649 | -36 097 | -6 852 |
--------------------------------------------------------------------------------
| Gross profit | | -21 407 | 11 827 | -26 324 | 1 677 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other income | 6 | 7 632 | 7 249 | -536 | 4 215 |
--------------------------------------------------------------------------------
| Selling and | | 2 140 | 1 280 | -37 | -241 |
| distribution | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Administrative | 7 | 9 772 | 8 529 | -7 381 | -2 740 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 8 | | | -30 392 | -3 503 |
--------------------------------------------------------------------------------
| EBIT | | -36 097 | -6 852 | -64 670 | -592 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance income | 9 | 5 986 | 13 741 | 2 398 | 1 078 |
--------------------------------------------------------------------------------
| Finance | 10 | -8 044 | -4 330 | -5 413 | -2 334 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit / loss | | -73 549 | 15 998 | -67 685 | -1 848 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -563 | -946 | 126 | 19 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Net profit / | | -74 111 | 15 052 | -67 559 | -1 829 |
| loss | | | | | |
--------------------------------------------------------------------------------
| Attributable | | -161 | 506 | -621 | -16 |
| to minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributable | | -73 953 | 14 546 | -66 939 | -1 813 |
| to equity | | | | | |
| holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 11 | | | | |
| share (in | | | | | |
| euros) | | | | | |
--------------------------------------------------------------------------------
| - basic | | -0,78 | 0,18 | -0,70 | -0,34 |
--------------------------------------------------------------------------------
| - diluted | | -0,78 | 0,18 | -0,70 | -0,34 |
--------------------------------------------------------------------------------
Condensed consolidated interim balance sheet
--------------------------------------------------------------------------------
| | Note | 2008 | 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| In thousands | | 172 581 | 765 008 | 11 030 | 48 893 |
--------------------------------------------------------------------------------
| Cash and cash | | 40 416 | 78 595 | 2 583 | 5 023 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Other financial | | 295 672 | 297 189 | 18 897 | 18 994 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Receivables | 12 | 6 328 | 10 450 | 404 | 668 |
--------------------------------------------------------------------------------
| Prepayments | | 849 440 | 1 148 433 | 54 289 | 73 398 |
--------------------------------------------------------------------------------
| Inventories | 13 | 3 679 | 8 360 | 235 | 534 |
--------------------------------------------------------------------------------
| Biological | | 1 368 | 2 308 035 | 87 438 | 147 510 |
| assets | | 116 | | | |
--------------------------------------------------------------------------------
| Total current | | 172 581 | 765 008 | 11 030 | 48 893 |
| assets | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other financial | | 1 635 | 48 515 | 104 | 3 101 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Receivables | 12 | 1 176 | 40 124 | 75 | 2 564 |
--------------------------------------------------------------------------------
| Investment | 14 | 529 377 | 999 999 | 33 833 | 63 912 |
| property | | | | | |
--------------------------------------------------------------------------------
| Property, plant | 15 | 60 265 | 141 863 | 3 852 | 9 067 |
| and equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible | 16 | 12 475 | 25 505 | 797 | 1 630 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 604 928 | 1 256 006 | 38 661 | 80 274 |
| non-current | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 973 | 3 564 041 | 126 099 | 227 784 |
| | | 044 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 17 | 351 508 | 753 077 | 22 465 | 48 130 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Other | 18 | 138 197 | 223 591 | 8 832 | 14 290 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Deferred income | 19 | 65 174 | 47 216 | 4 165 | 3 018 |
--------------------------------------------------------------------------------
| Provisions | | 8 936 | 3 468 | 571 | 222 |
--------------------------------------------------------------------------------
| Total current | | 563 815 | 1 027 352 | 36 033 | 65 660 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 17 | 693 827 | 600 938 | 44 344 | 38 407 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Other | 18 | 4 404 | 4 607 | 281 | 294 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Deferred income | | 20 | 1 321 | 1 | 84 |
| tax liability | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 1 271 | 251 | 81 | 16 |
--------------------------------------------------------------------------------
| Total | | 699 522 | 607 117 | 44 707 | 38 801 |
| non-current | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 263 | 1 634 469 | 80 740 | 104 461 |
| LIABILITIES | | 337 | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Share capital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Share premium | | 712 514 | 712 514 | 45 538 | 45 538 |
--------------------------------------------------------------------------------
| Statutory | | 31 463 | 20 084 | 2 011 | 1 284 |
| capital reserve | | | | | |
--------------------------------------------------------------------------------
| Other reserves | | 84 | 37 | 5 | 2 |
--------------------------------------------------------------------------------
| Retained | | -986 818 | 218 830 | -63 069 | 13 986 |
| earnings | | | | | |
--------------------------------------------------------------------------------
| Own shares | | -3 992 | 0 | -255 | 0 |
| (minus) | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 706 093 | 1 904 307 | 45 128 | 121 708 |
| attributable to | | | | | |
| equity holders | | | | | |
| of the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Minority | | 3 614 | 25 265 | 231 | 1 615 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 709 707 | 1 929 572 | 45 359 | 123 323 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 973 | 3 564 041 | 126 099 | 227 784 |
| LIABILITIES AND | | 044 | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
Condensed consolidated interim cash flow statement
--------------------------------------------------------------------------------
| | EEK | | EUR | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| In thousands | | | | |
--------------------------------------------------------------------------------
| Net profit / loss | -1 159 623 | 235 511 | -74 111 | 15 053 |
--------------------------------------------------------------------------------
| Interest income and | 17 265 | 3 663 | 1 103 | 234 |
| expense | | | | |
--------------------------------------------------------------------------------
| Gains and losses on | 63 895 | -131 083 | 4 084 | -8 378 |
| disposal of | | | | |
| subsidiaries and | | | | |
| interests in jointly | | | | |
| controlled entities | | | | |
--------------------------------------------------------------------------------
| Gains and losses on | -31 033 | -47 861 | -1 983 | -3 059 |
| other financial | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | 7 411 | 25 768 | 474 | 1 647 |
| financial assets | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 20 194 | -13 606 | 1 291 | -871 |
| amortisation and | | | | |
| impairment losses on | | | | |
| property, plant and | | | | |
| equipment and | | | | |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Goodwill adjustments | 347 | -283 | 22 | -18 |
| and recognition of | | | | |
| negative goodwill as | | | | |
| revenues | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the | 1 625 | -57 | 104 | -4 |
| sale of property, | | | | |
| plant and equipment | | | | |
| and intangible assets | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the | -1 536 | 1 633 | -97 | 104 |
| sale of investment | | | | |
| property | | | | |
--------------------------------------------------------------------------------
| Change in the fair | 545 864 | -59 874 | 34 887 | -3 827 |
| value of investment | | | | |
| property and | | | | |
| biological assets | | | | |
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| Exchange gains and | -4 564 | 2 252 | -292 | 144 |
| losses | | | | |
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| Corporate income tax | 8 811 | 14 591 | 563 | 933 |
| expense | | | | |
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| Operating cash flow | -531 344 | 30 654 | -33 955 | 1 959 |
| before working | | | | |
| capital changes | | | | |
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| Change in receivables | -151 959 | -80 085 | -9 712 | -5 118 |
| and prepayments | | | | |
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| Fair value | 159 855 | -424 902 | 10 217 | -27 156 |
| adjustments of | | | | |
| inventory and | | | | |
| biological assets | | | | |
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| Change in payables | 248 546 | -73 596 | 15 885 | -4 704 |
| and deferred income | | | | |
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| NET CASH USED IN | -274 902 | -547 929 | -17 565 | -35 019 |
| OPERATING ACTIVITIES | | | | |
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| | | | | |
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| Acquisition of | -31 512 | -47 204 | -2 014 | -3 017 |
| property, plant and | | | | |
| equipment and | | | | |
| intangible assets | | | | |
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| Proceeds from sale of | 737 | 8 436 | 47 | 539 |
| property, plant and | | | | |
| equipment and | | | | |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Acquisition of | -4 218 | -12 000 | -270 | -767 |
| investment property | | | | |
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| Proceeds from sale of | 53 664 | 51 834 | 3 430 | 3 313 |
| investment property | | | | |
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| Acquisition of | -128 326 | -20 176 | -8 202 | -1 289 |
| subsidiaries and | | | | |
| interests in jointly | | | | |
| controlled entities | | | | |
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| Proceeds from | 1 330 | 222 650 | 85 | 14 230 |
| disposal of | | | | |
| subsidiaries and | | | | |
| interests in jointly | | | | |
| controlled entities | | | | |
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| Acquisition of other | -202 665 | -92 529 | -12 953 | -5 914 |
| financial assets | | | | |
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| Proceeds from sale of | 286 164 | 14 639 | 18 289 | 936 |
| other financial | | | | |
| assets | | | | |
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| Loans granted | -58 945 | -52 681 | -3 767 | -3 367 |
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| Repayment of loans | 2 423 | 40 878 | 155 | 2 613 |
| granted | | | | |
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| Interest received | 28 464 | 19 684 | 1 819 | 1 258 |
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| Dividends received | 0 | 3 147 | 0 | 201 |
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| NET CASH USED IN / | -52 884 | 136 678 | -3 381 | 8 736 |
| FROM INVESTING | | | | |
| ACTIVITIES | | | | |
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| | | | | |
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| Proceeds from loans | 343 945 | 800 488 | 21 982 | 51 161 |
| received | | | | |
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| Repayment of loans | -583 420 | -572 650 | -37 287 | -36 599 |
| and payment of | | | | |
| finance lease | | | | |
| liabilities | | | | |
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| Change in overdraft | -13 875 | -18 516 | -887 | -1 183 |
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| Change in group | 131 656 | 382 | 8 414 | 24 |
| account liability | | | | |
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| Interest paid | -81 560 | -55 486 | -5 213 | -3 546 |
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| Issue of share | 0 | 987 514 | 0 | 63 114 |
| capital | | | | |
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| Repurchase of own | -3 992 | 0 | -255 | 0 |
| shares | | | | |
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| Dividends paid | -42 274 | -16 006 | -2 702 | -1 023 |
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| Income tax paid on | -15 121 | -7 324 | -966 | -468 |
| dividends | | | | |
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| NET CASH USED IN / | -264 641 | 1 118 402 | -16 914 | 71 480 |
| FROM FINANCING | | | | |
| ACTIVITIES | | | | |
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| | | | | |
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| NET CASH FLOW | -592 427 | 707 151 | -37 860 | 45 196 |
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| | | | | |
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| Cash and cash | 765 008 | 58 345 | 48 893 | 3 729 |
| equivalents at | | | | |
| beginning of period | | | | |
--------------------------------------------------------------------------------
| Decrease / increase | -592 427 | 707 151 | -37 863 | 45 196 |
| in cash and cash | | | | |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Effect of exchange | | -488 | -1 | -31 |
| rate fluctuations | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 172 581 | 765 008 | 11 030 | 48 893 |
| equivalents at end of | | | | |
| period | | | | |
--------------------------------------------------------------------------------