Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
27.11.2009 18:51:47
Title
Arco Vara III kvartali ja 9 kuu vahearuanne
Message
Juhatuse esimehe kommentaarid
2009. aasta 9 kuuga müüdi Arco Vara projektides 41 korterit või krunti.
Boulevard Residence Madrid'i projektis Sofias sõlmiti 30-aastane üürileping
Austria supermarketi ketiga Billa, millega supermarket võtab üürile ca 900 m2
hoone esimese korruse kaubanduspinnast. Lisaks, bilansipäevajärgselt sõlmiti
samas projektis 4 700 m2 kontoripinnale pikaajaline rendileping
finantsvahendusettevõttega. 9 kuuga on müüdud Tallinnas Kodukolde projektis 24
ja Lätis Bišumuiža-1 projektis 10 korterit ning Tallinnas Merivälja projektis 6
krunti.
Arco Vara arendusdivisjoni strateegia on lõpetada soodsamaks muutunud
ehitushindadega pooleliolevad korterid Bišumuiža-1 projektis Riias, korterid
ning äripinnad Boulevard Residence Madrid ja Manastirski projektides Sofias.
Sügisel viidi lõpuni ehitustegevus Tallinnas Kodukolde ja Merivälja projektis.
Valminud elamispinnad aitavad vabastada investeeritud omakapitali ja vähendada
Kontserni kohustusi. Konkurentsis püsimiseks ja müügitempo kiirendamiseks oleme
langetanud 9 kuu jooksul kruntide ja korterite hindasid kõigis projektides.
Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni
üldhalduskulusid ja 9 kuu ärikahjum on vähenenud üle 3 korra võrreldes 2008.
aastaga. Töötajate arvu vähenemine on peatunud ning moodustab viiendiku eelmise
aasta 9 kuu töötajate arvust. Divisjon on realiseerinud 9 kuuga enamuse
kinnisvaraobjekte, mis olid soetatud lühiajaliseks investeeringuks. See on
aidanud divisjonil iseseisvalt toime tulla. Muudetud on väiksemate, väljaspool
pealinna asuvate kontorite töökorraldust, kus loobusime klassikalisest
kontoripõhisest töökorraldusest kodukontorite süsteemi kasuks, säilitades samas
kogu teenuste valiku. Teistes kontorites jätkatakse töötajatega koostöös
kuluefektiivsemate töökorraldusvormide rakendamist. Teenindusdivisjoni eesmärk
on jätkata osaliselt juba juurutatud ning praeguses turusituatsioonis end
õigustanud töökorralduse rakendamist ka välisturgudel. See võimaldab piiratumate
vahenditega suurendada teenuste pakkumist antud riikides, keskendudes edaspidi
eelkõige Eestile, Lätile ning Bulgaariale.
Ehitusdivisjonis sõlmiti 9 kuuga uusi lepinguid 137 mln krooni (8,7 mln euro)
ulatuses, millest 21 mln krooni (1,3 mln eurot) III kvartalis.
Kokkuvõtvalt: 9 kuu koondtulemust mõjutasid enim varade allahindlused.
Brutokasum ilma varude allahindlusteta oli 35,5 mln krooni (2,3 mln eurot) ja
puhaskahjum ilma kinnisvarainvesteeringute, varude ja finantsvarade
ümberhindlusteta -51,1 mln krooni (-3,3 mln eurot). Refinantseerimiste
tulemusena tuli erakorraliselt intressikandvaid kohustusi tasuda 102 mln krooni
(6,5 mln eurot). Ilma erakorraliste laenude tagasimakseteta olid 9 kuu rahavood
-7,6 mln krooni (0,5 mln euro).
9 kuuga on kulude tase ca 132 mln krooni (8,4 mln eurot) madalam eelmise aasta
samast perioodist. Likviidsuse parandamiseks on Kontsern jooksvalt müünud
väiksemaid kinnisvarainvesteeringuid ja bilansipäevajärgselt osalused kolmes
ühisettevõttes, mille käibevahendeid polnud täielikult Kontserni kontrolli all.
Osaluste müügiga parandas ettevõte märgatavalt oma likviidsuspositsiooni 55 mln
krooniga (3,5 mln euroga). Seoses Arco Vara AS juhtimisstruktuuri vastavusse
viimisega vähenenud tegevusmahuga ning kulude kokkuhoiuga, vähendati III
kvartalis ka Arco Vara juhatuse liikmete arvu ning kutsuti tagasi kaks juhatuse
liiget. Arco Vara juhatuse liikmena jätkab Lembit Tampere.
9 KUU PÕHILISED NÄITAJAD
9 kuu äritulud kokku moodustasid 385,0 mln krooni (24,6 mln eurot), mis on
28,7% vähem kui eelmisel aastal
Ärikahjum oli -228,2 mln krooni (-14,6 mln eurot), ilma
kinnisvarainvesteeringute ja varude ümberhindlusteta - 21,8 mln (- 1,4 mln
eurot).
Puhaskahjum oli -229,9 mln krooni (-14,7 mln eurot), ilma
kinnisvarainvesteeringute, varude ja finantsvarade ümberhindlusteta -51,1 mln
krooni (-3,3 mln eurot).
Omakapital moodustab 28,7% (2008 9 kuud: 55,5%) bilansimahust. Omakapitali
tootlikkus oli negatiivne (2008 9 kuud: negatiivne). Investeeritud kapitali
tootlikkus oli negatiivne (2008 9 kuud: negatiivne)
Ehitusdivisjonis sõlmiti uusi lepinguid 136,8 mln krooni (8,7 mln euro)
ulatuses, 2008. aasta 9 kuuga 229,8 mln krooni (14,7 mln eurot)
Ehituslepingute järelejäänud maht on 9 kuu seisuga 105,8 mln krooni (6,8 mln
eurot), 2008. aasta 9 kuu seisuga oli 233,4 mln krooni (14,9 mln eurot)
9 kuuga müüdi Arco Vara projektide kortereid ja krunte kokku 41 tükki (2008.
aasta 9 kuuga: 72).
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | III | III | 9 | 9 | III | III |
| | kuud | kuud | kvar | kvartal | kuud | kuud | kvart | kvarta |
| | 2009 | 2008 | tal | 2008 | 2009 | 2008 | al | l 2008 |
| | | | 2009 | | | | 2009 | |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 385, | 540, | 108, | 195,2 | 24,6 | 34,5 | 6,9 | 12,5 |
| ja muu | 0 | 0 | 0 | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -228 | -106 | -177 | -57,6 | -14,6 | -6,8 | -11,3 | -3,7 |
| | ,2 | ,7 | ,1 | | | | | |
--------------------------------------------------------------------------------
| s.h | -206 | -61, | -171 | -44,4 | -13,2 | -3,9 | -11,0 | -2,8 |
| kinnisvarai | ,4 | 2 | ,9 | | | | | |
| nvesteering | | | | | | | | |
| ute ja | | | | | | | | |
| varude neto | | | | | | | | |
| ümberhindlu | | | | | | | | |
| sed | | | | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | -228 | -91, | -202 | -58,2 | -14,6 | -5,9 | -12,9 | -3,7 |
| tulumaksu | ,7 | 8 | ,5 | | | | | |
--------------------------------------------------------------------------------
| s.h kasum | -4,8 | -36, | -4,8 | -17,1 | -0,3 | -2,3 | -0,3 | -1,1 |
| või kahjum | | 6 | | | | | | |
| finantsvara | | | | | | | | |
| de | | | | | | | | |
| võõrandamis | | | | | | | | |
| est | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -229 | -102 | -202 | -57,9 | -14,7 | -6,6 | -13,0 | -3,7 |
| | ,9 | ,5 | ,9 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS | -2,4 | -1,1 | -2,1 | -0,6 | -0,15 | -0,07 | -0,14 | -0,04 |
| (kroonides | 1 | 5 | 5 | | | | | |
| ja eurodes) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Varad | 1 | 3 | | | 107,1 | 204,0 | | |
| kokku, | 675, | 192, | | | | | | |
| perioodi | 7 | 0 | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Investeerit | 1 45 | 2 | | | 93,3 | 188,3 | | |
| ud kapital, | 9,5 | 945, | | | | | | |
| perioodi | | 5 | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Neto | 915, | 855, | | | 58,5 | 54,7 | | |
| laenud, | 6 | 8 | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital, | 481, | 1 | | | 30,8 | 113,1 | | |
| perioodi | 3 | 770, | | | | | | |
| lõpu | | 2 | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude | 1,7 | 2,2 | | | 1,7 | 2,2 | | |
| keskmine | | | | | | | | |
| pikkus | | | | | | | | |
| (aastates) | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude | 5,3% | 7,2% | | | 5,3% | 7,2% | | |
| keskmine | | | | | | | | |
| intress | | | | | | | | |
| (aastas) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | neg | neg. | | | neg | neg. | | |
| (jooksev 4 | | | | | | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | neg | neg. | | | neg | neg. | | |
| (jooksev 4 | | | | | | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Töötajate | 260 | 546 | | | 260 | 546 | | |
| arv | | | | | | | | |
| perioodi | | | | | | | | |
| lõpul | | | | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
Madala valmistoodangu laoseisu tõttu on käibe paranemist oodata käesoleva aasta
IV kvartalis või I kvartalis 2010. Sügisel lõpetatakse Sofias projekt Boulevard
Residence Madrid, millele saadakse kasutusluba I kvartalis 2010. Müüki lisandus
Kodukolde projektis üle 60 korteri ja Merivälja2 projektis üle 50 elamukrundi
koos väljaarendatud infrastruktuuriga.
9 kuu koondtulemust mõjutavad enim varade allahindlused. III kvartalis kajastati
varade allahindlusena bilansipäevajärgselt toimunud osaluste võõrandamise kahjum
kolmes olulises ühisettevõttes. Konkreetse tehingu tulemusena hinnati 9 kuu lõpu
seisuga alla kinnisvarainvesteeringuid 134,4 mln krooni (8,6 mln eurot) ja
finantsvarasid 4,5 mln krooni (0,3 mln eurot). Kõigi kinnisvarade neto
ümberhindlus oli -206,4 mln krooni (13,2 mln eurot).
Bilansipäevajärgselt on näha, et IV kvartal on alanud käibe poolelt kõrgemal
tasemel võrreldes III kvartali näitajatega. Kontserni konsolideeritud käive
oktoobris moodustas 48% Kontserni kogu III kvartali käibest. Aruande avaldamise
hetkeks on müüdud 9 korterit ja 10 krunti. Olulist kasumlikkuse paranemist
igapäevasest majandustegevusest IV kvartaliks ei prognoosi. Põhilised kulude
kärped on tehtud ja töö kulude alandamise suunas on muutunud iga äriüksuse
rutiiniks: eesmärgiks on hoida püsikulusid lisaks kokku 15,0 mln krooni (1,0 mln
euro) ulatuses aasta arvestuses. Põhitähelepanu on suunatud käibe suurendamisele
ja likviidsuse parandamisele läbi projektide ja laoseisu müügi.
III kvartalis tootsid teenindus- ja ehitusdivisjon positiivset ärikasumit.
Varude ja kinnisvarainvesteeringute ümberhindlusi arvestamata oli Kontserni 9
kuu EBIT -21,8 mln krooni (-1,4 mln eurot).
9 kuu seisuga pole täiendavalt diskonteeritud nõuet AS Ühendatud Kapitali vastu,
mille bilansiline maksumus on hetkel 64,1 mln krooni (4,1 mln eurot). 20.11.2009
toimus Tallinna Arbitraažikohtu I istung, mille otsus tehakse osapooltele
teatavaks eeldatavasti 21.12.2009. Peale otsust kaalub Kontserni juhtkond uuesti
nõude laekumise tõenäosust. II kvartalis tühistati 2008. aastal ühisettevõtte
Bisumuizas Nami SIA-ga seotud nõude allahindlus summas 34,1 mln krooni ( 2,2 mln
eurot), sest Bisumuizas Nami SIA omakapital seisuga 31.12.2008 oli -16,2 mln
krooni (- 1,0 mln eurot) ja seisuga 30.09.2009 45,5 mln krooni (2,9 mln eurot).
Suurim üleshindlus toimus Lätis, kus varudes kajastatud hoonestusõigus
reklassifitseeriti ümber kinnisvarainvesteeringuks, sest lähiajal ei ole plaanis
arendustegevusega alustada ning arendusprojektile otsitakse ostjat. Tegemist on
elamukruntide projektiga 86 hektarilisel krundil asukohaga Mazais Baltezers'i
järve lähedal Riia külje all. Vastavalt detailplaneeringule on lubatud rajada
kokku 189 krunti elamutele kogumahuga 172 380 m2 suletud brutopinda.
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | III | III | 9 kuud | 9 kuud | III | III |
| | kuud | kuud | kvart | kvart | 2009 | 2008 | kvarta | kvarta |
| | 2009 | 2008 | al | al | | | l | l 2008 |
| | | | 2009 | 2008 | | | 2009 | |
--------------------------------------------------------------------------------
| miljonit | | | | | | | | |
| es | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitul | | | | | | | | |
| u ja muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindu | 28,7 | 90,5 | 8,5 | 25,1 | 45,0 | 117,2 | -15,1 | -2,8 |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Arendus | 218,4 | 195,7 | 69,7 | 55,7 | 8,5 | 25,1 | 45,0 | 117,2 |
--------------------------------------------------------------------------------
| Ehitus | 174,9 | 323,3 | 45,0 | 117,2 | -15,1 | -2,8 | 0,0 | 108,0 |
--------------------------------------------------------------------------------
| Eliminee | -37,1 | -69,5 | -15,1 | -2,7 | 0,0 | 108,0 | 195,2 | 0,0 |
| rimised | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitul | 384,9 | 540,0 | 108,1 | 195,3 | 24,6 | 34,5 | 6,9 | 12,5 |
| u ja muu | | | | | | | | |
| äritulu | | | | | | | | |
| kokku | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindu | -9,5 | -30,7 | 1,3 | -12,7 | -0,6 | -2,0 | 0,1 | -0,8 |
| s1 | | 1 | | | | | | |
--------------------------------------------------------------------------------
| Arendus | -172, | -67,9 | -135, | -45,7 | -11,0 | -4,3 | -8,7 | -2,9 |
| | 8 | | 9 | | | | | |
--------------------------------------------------------------------------------
| Ehitus | -2,9 | 7,7 | 1,8 | 3,7 | -0,2 | 0,5 | 0,1 | 0,2 |
--------------------------------------------------------------------------------
| Eliminee | -26,3 | -0,2 | -26,8 | 1,7 | -1,7 | 0,0 | -1,7 | 0,1 |
| rimised | | | | | | | | |
--------------------------------------------------------------------------------
| Jagamatu | -16,7 | -15,6 | -17,5 | -4,7 | -1,1 | -1,0 | -1,1 | -0,3 |
| d | | | | | | | | |
| ärikulud | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -228, | -106, | -177, | -57,7 | -14,6 | -6,8 | -11,3 | -3,7 |
| kokku | 2 | 7 | 1 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Intressi | -24,0 | 22,6 | -10,6 | 6,6 | -1,5 | 1,4 | -0,7 | 0,4 |
| tulud ja | | | | | | | | |
| intressi | | | | | | | | |
| kulud | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 23,5 | -7,6 | -14,8 | -7,2 | 1,5 | -0,5 | -0,9 | -0,5 |
| finantst | | | | | | | | |
| ulud ja | | | | | | | | |
| -kulud | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaks | -1,2 | -10,8 | -0,4 | 0,4 | -0,1 | -0,7 | 0,0 | 0,0 |
| ukulu | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskas | -229, | -102, | -202, | -57,9 | -14,7 | -6,6 | -12,9 | -3,8 |
| um | 9 | 5 | 9 | | | | | |
--------------------------------------------------------------------------------
1 Alates 2008. aasta II kvartalist on Teenindusdivisjon lahutatud varahaldusest
ning kuna ettevõtte varahaldus müüdi 2008. aastal, kajastatakse 2008. aasta
varahaldust osana teenindusdivisjonist.
RAHAVOOD
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | III | III | 9 | 9 | III | III |
| | kuud | kuud | kvart | kvarta | kuud | kuud | kvarta | kvarta |
| | 2009 | 2008 | al | l 2008 | 2009 | 2008 | l | l 2008 |
| | | | 2009 | | | | 2009 | |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | -49, | -101 | -41,6 | 5,6 | -3,2 | -6,5 | -2,7 | 0,4 |
| rahavood | 8 | ,4 | | | | | | |
--------------------------------------------------------------------------------
| Investeerim | 45,5 | -128 | 23,8 | 27,9 | 2,9 | -8,2 | 1,5 | 1,8 |
| istegevuse | | ,7 | | | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Finantseeri | -105 | -323 | -37,2 | -55,5 | -6,7 | -20,7 | -2,4 | -3,5 |
| mistegevuse | ,4 | ,4 | | | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | -109 | -553 | -55,0 | -22,1 | -7,0 | -35,4 | -3,5 | -1,4 |
| rahavood | ,7 | ,6 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Raha ja | 172, | 765, | 117,6 | 233,2 | 11,0 | 48,9 | 7,5 | 14,9 |
| raha | 6 | 0 | | | | | | |
| ekvivalendi | | | | | | | | |
| d perioodi | | | | | | | | |
| alguses | | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakurs | -0,3 | 0,1 | 0,0 | 0,4 | 0,0 | 0,0 | 0,0 | 0,0 |
| i mõju | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja | 62,6 | 211, | 62,6 | 211,5 | 4,0 | 13,5 | 4,0 | 13,5 |
| raha | | 5 | | | | | | |
| ekvivalendi | | | | | | | | |
| d perioodi | | | | | | | | |
| lõpus | | | | | | | | |
--------------------------------------------------------------------------------
Jaanuaris 2009 maksti erakorraliselt tagasi 40 mln krooni Tivoli ja Laeva
projektidega seotud laenude põhiosa SEB pangale, vabastades seeläbi Kontserni
150 mln kroonisest (9,6 mln eurot) likviidsete vahendite hoidmise kohustusest
SEB pangas. Erakorraliselt on tagastatud ka väiksemaid laene ja laenude
põhiosasid. Kui erakorralised laenude tagasimaksed välja arvata, oleks Kontserni
9 kuu rahavood 7,6 mln krooniga (0,5 mln euroga) negatiivsed. Nimetatud
refinantseerimistehingud on kahandanud Kontserni üldist likviidsuspositsiooni
102 mln krooni (6,5 mln eurot) võrra ja sundinud realiseerima varasid.
Bilansipäevajärgselt müüdi kolmes ühisettevõttes osalusi, mille tulemusena
teenib Kontsern aasta lõpuks 55 mln krooni (3,5 mln eurot).
Pikendasime ja struktureerisime ümber pooled kommertspaberid 26 mln krooni (1,6
mln euro) väärtuses, millest bilansipäevajärgselt on tasutud tagatisvarade müügi
tulemusena ca 8 mln krooni (0,5 mln eurot).
Suurimad lühiajalised kohustused järgmise 12 kuu jooksul:
Ahtri projektiga seotud laen 95,3 mln krooni (6,1 mln eurot),
projektide „Tivoli” ja „Laeva2” laenud kogusummas 110,0 mln krooni (7,0 mln
eurot),
„Kodukolde“ projekti laen summas 65,3 mln krooni (4,2 mln eurot),
Bišumuiža-1 (BM-1) arendusprojekti laen Riias summas 49,8 mln krooni (3,2 mln
eurot),
Arvestuslik põhiosatagastus broneeritud pindade müügist projektis „Madrid“
Sofias, sest maja valmib hiljemalt I kvartal 2010, summas 38,2 mln krooni (2,4
mln eurot),
Kommertspaberid summas 18 mln krooni (1,2 mln eurot).
Jooksvalt on makstud laene tagasi projektides „Kodukolde” ja Merivälja-2
Tallinnas ning „Bišumuiža-1” Riias. Kevadel on vastavad laenud refinantseeritud
ja uus laenuteeninduse tase jääb alla müügihindasid, jättes Kontsernile rohkem
vaba raha. Enamus Kontserni kohustusi on eurodes.
TEENINDUSDIVISJON
Aasta tagasi alustatud kulude ja ärimudeli optimeerimine on andnud häid
tulemusi, kuid ei ole olnud veel piisav puhaskasumi teenimiseks. Rahavooliselt
on 9 kuuga divisjoni kulud ja tulud tasakaalus ning emaettevõtte dotatsiooni ei
vajatud. Seades esikohale ettevõtte likviidsuse, müüs divisjon 9 kuuga
varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte,
turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Bilansipäevajärgselt
saab öelda, et lisaks juulikuule tegi divisjon Eestis käesoleva aasta teise
positiivse puhaskasumi oktoobris, Läti ja Bulgaaria bürood tegid oktoobris
esimese positiivse puhaskasumi.
Kontserni vahendustehingute arv 12 kuu võrdluses on langenud 49%, kuid on
viimased kaks kvartalit tõusnud. Hindamisaktide arv on langenud aasta võrdluses
57% võrra, kuid arv on viimased kaks kvartalit näidanud väikest tõusu. 9 kuu
lõpu seisuga töötas divisjonis kokku 62 inimest (2008 9 kuud: 305 inimest).
--------------------------------------------------------------------------------
| | 9 kuud | 9 kuud | muutus, | III kv | III kv | muutus, % |
| | 2009 | 2008 | % | 2009 | 2008 | |
--------------------------------------------------------------------------------
| Vahendat | 727 | 1 416 | -49% | 278 | 503 | -45% |
| ud | | | | | | |
| objektid | | | | | | |
| e arv | | | | | | |
--------------------------------------------------------------------------------
| Müügis | 144 | 271 | -47% | 186 | 272 | -32% |
| olevad | | | | | | |
| projekti | | | | | | |
| d, tk | | | | | | |
--------------------------------------------------------------------------------
| Hindamis | 2 452 | 5 681 | -57% | 827 | 1 637 | -49% |
| aktide | | | | | | |
| arv | | | | | | |
--------------------------------------------------------------------------------
| Hindajat | 34 | 44 | -23% | | | |
| e arv* | | | | | | |
--------------------------------------------------------------------------------
| Maakleri | 109 | 177 | -38% | | | |
| te arv* | | | | | | |
--------------------------------------------------------------------------------
| Divisjon | 62 | 305 | -80% | | | |
| i | | | | | | |
| töötajat | | | | | | |
| e arv | | | | | | |
| perioodi | | | | | | |
| lõpus | | | | | | |
--------------------------------------------------------------------------------
* Sisaldab käsunduslepinguid
ARENDUSDIVISJON
9 kuuga müüdi Arco Vara projektides 41 korterit või krunti, millest 16 ühikut
III kvartalis. Aruande avaldamise hetkeks on juba müüdud IV kvartalis 19 ühikut.
Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m2
hõlmav üürileping Austria supermarketi ketiga Billa. Lisaks,
bilansipäevajärgselt sõlmiti samas projektis 4 700 m2 kontoripinnale pikaajaline
rendileping finantsvahendusettevõttega. Bilansipäevajärgselt lõpetati
kohtumenetlus Tivoli projekti detailplaneeringu kehtestamise osas ning tühistati
Tallinna Halduskohtu otsus. Otsuse tulemusel jääb kinnistul kehtima algne
detailplaneering muutmata kujul.
Arendusdivisjoni suurimaks riskiks on ja jääb aastaks hoonestamata kruntide
laenude refinantseerimine Eestis. Kuigi Kontserni rahavoog on pingeline, peame
õigeks ehitada, soodsamaks muutunud ehitushindade tõttu, pooleliolevad korterid
ja krundid lõpuni, et reageerida turunõudlusele müügivalmis laovaruga ning
parandada ka laenude tagatisvara. Jooksvalt tehakse ettevalmistusi Tallinnas
Kodukolde ja Tivoli projektides ja peetakse pankadega läbirääkimisi ehituse
finantseerimiseks.
Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides
müügi edendamiseks hindasid langetatud ning bilansipäevajärgselt oleme müünud
osalusi kolmes olulises ühisettevõttes. Osadel töötajatel on vähendatud nii
töötasusid kui ka tööaega. 9 kuu lõpu seisuga töötas divisjonis kokku 38 inimest
(2008 9 kuud: 48 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on võitnud hankeid põhiliselt keskkonna- ja
infrastruktuuriehituses. Hangete keskmine maht on langenud ja tellijaks on riik
või omavalitsused.
9 kuuga olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee
projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt.
9 kuuga sõlmiti uusi ehituslepinguid 137 mln krooni (8,8 mln euro) väärtuses,
millest 21 mln krooni (1,3 mln eurot) III kvartalis. Ehituslepingute
järelejäänud maht on 9 kuu seisuga 105,8 mln krooni (6,8 mln eurot). 9 kuu lõpu
seisuga töötas divisjonis kokku 145 inimest (2008 9 kuud: 171 inimest).
Konsolideeritud raamatupidamise vahearuanne
Konsolideeritud koondkasumiaruanne
--------------------------------------------------------------------------------
| | Lisa | 9 kuud | 9 kuud | IIII | IIII |
| | | 2009 | 2008 | kvartal | kvartal |
| | | | | 2009 | 2008 |
--------------------------------------------------------------------------------
| EEK | | | | | |
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 224 812 | 368 828 | 73 056 | 145 938 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 51 366 | 138 819 | 18 332 | 48 230 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 276 178 | 507 647 | 91 388 | 194 168 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | 3 | -375 799 | -430 713 | -100 934 | -167 980 |
| toodangu | | | | | |
| kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | -99 621 | 76 934 | -9 546 | 26 188 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud | 4 | 108 778 | 32 364 | 16 613 | 1 022 |
| äritulud | | | | | |
--------------------------------------------------------------------------------
| Turustuskulu | 5 | -3 320 | -11 776 | -1 321 | -2 538 |
| d | | | | | |
--------------------------------------------------------------------------------
| Üldhalduskul | 6 | -57 391 | -109 945 | -19 412 | -37 032 |
| ud | | | | | |
--------------------------------------------------------------------------------
| Muud | 4 | -176 621 | -94 310 | -163 450 | -45 205 |
| ärikulud | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | -228 175 | -106 733 | -177 116 | -57 565 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | 15 561 | 56 141 | 420 | 24 572 |
| investeerimi | | | | | |
| stegevuse | | | | | |
| tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | -16 098 | -41 168 | -25 790 | -25 239 |
| investeerimi | | | | | |
| stegevuse | | | | | |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | -228 712 | -91 760 | -202 486 | -58 232 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukul | | -1 235 | -10 787 | -426 | 368 |
| u | | | | | |
--------------------------------------------------------------------------------
| Aruandeperio | | -229 947 | -102 547 | -202 912 | -57 864 |
| odi | | | | | |
| puhaskasum(- | | | | | |
| kahjum) | | | | | |
--------------------------------------------------------------------------------
| Perioodi | 8 | | | | |
| kasumi | | | | | |
| jaotus: | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -229 837 | -109 743 | -203 453 | -57 814 |
| osalus | | | | | |
| kahjumis | | | | | |
--------------------------------------------------------------------------------
| Vähemus | | -110 | 7 196 | 541 | -50 |
| osalus | | | | | |
| kahjumis | | | | | |
--------------------------------------------------------------------------------
| Muu | | | | | |
| koondkahjum | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | 617 | -628 | 39 | -624 |
| vahed | | | | | |
| välisettvõtt | | | | | |
| e | | | | | |
| ümberarvesta | | | | | |
| misel | | | | | |
--------------------------------------------------------------------------------
| Aruandeperio | | -229 330 | -103 175 | -202 873 | -58 488 |
| odi | | | | | |
| koondkasum(- | | | | | |
| kahjum) | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -229 186 | -110 371 | -203 380 | -58 438 |
| osalus | | | | | |
| koondkahjumi | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Vähemus | | -144 | 7 196 | 507 | -50 |
| osalus | | | | | |
| koondkahjumi | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Aktsia | 8 | | | | |
| puhaskasum: | | | | | |
--------------------------------------------------------------------------------
| - tava | | -2,41 | -1,15 | -2,15 | -0,61 |
--------------------------------------------------------------------------------
| - lahustatud | | -2,41 | -1,15 | -2,15 | -0,61 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Lisa | 9 kuud | 9 kuud | IIII | IIII |
| | | 2009 | 2008 | kvartal | kvartal |
| | | | | 2009 | 2008 |
--------------------------------------------------------------------------------
| EUR | | | | | |
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 14 368 | 23 572 | 4 669 | 9 327 |
| teenuste | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 3 283 | 8 872 | 1 172 | 3 082 |
| kaupade | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 17 651 | 32 444 | 5 841 | 12 409 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Müüdud | 3 | -24 018 | -27 528 | -6 451 | -10 736 |
| toodangu | | | | | |
| kulu | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | -6 367 | 4 916 | -610 | 1 673 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muud | 4 | 6 952 | 2 068 | 1 062 | 65 |
| äritulud | | | | | |
--------------------------------------------------------------------------------
| Turustuskulu | 5 | -212 | -753 | -84 | -162 |
| d | | | | | |
--------------------------------------------------------------------------------
| Üldhalduskul | 6 | -3 668 | -7 027 | -1 241 | -2 367 |
| ud | | | | | |
--------------------------------------------------------------------------------
| Muud | 4 | -11 288 | -6 028 | -10 446 | -2 889 |
| ärikulud | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | -14 583 | -6 824 | -11 319 | -3 680 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | 995 | 3 588 | 27 | 1 570 |
| investeerimi | | | | | |
| stegevuse | | | | | |
| tulud | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | -1 029 | -2 631 | -1 648 | -1 613 |
| investeerimi | | | | | |
| stegevuse | | | | | |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | -14 617 | -5 867 | -12 940 | -3 723 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukul | | -79 | -689 | -27 | 24 |
| u | | | | | |
--------------------------------------------------------------------------------
| Aruandeperio | | -14 696 | -6 556 | -12 967 | -3 699 |
| odi | | | | | |
| puhaskasum(- | | | | | |
| kahjum) | | | | | |
--------------------------------------------------------------------------------
| Perioodi | 8 | | | | |
| kasumi | | | | | |
| jaotus: | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -14 685 | -7 014 | -13 003 | -3 695 |
| osalus | | | | | |
| kahjumis | | | | | |
--------------------------------------------------------------------------------
| Vähemus | | -7 | 460 | 35 | -3 |
| osalus | | | | | |
| kahjumis | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Muu | | | | | |
| koondkahjum | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | 39 | -40 | 2 | -40 |
| vahed | | | | | |
| välisettvõtt | | | | | |
| e | | | | | |
| ümberarvesta | | | | | |
| misel | | | | | |
--------------------------------------------------------------------------------
| Aruandeperio | | -14 657 | -6 596 | -12 965 | -3 739 |
| odi | | | | | |
| koondkasum(- | | | | | |
| kahjum) | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | -14 648 | -7 054 | -12 998 | -3 735 |
| osalus | | | | | |
| koondkahjumi | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Vähemus | | -9 | 460 | 32 | -3 |
| osalus | | | | | |
| koondkahjumi | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Aktsia | 8 | | | | |
| puhaskasum: | | | | | |
--------------------------------------------------------------------------------
| - tava | | -0,15 | -0,07 | -0,14 | -0,04 |
--------------------------------------------------------------------------------
| - lahustatud | | -0,15 | -0,07 | -0,14 | -0,04 |
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| tuhandetes | Lisa | 30.09.200 | 31.12.200 | 30.09.2009 | 31.12.2008 |
| | | 9 | 8 | | |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 62 577 | 172 574 | 3 999 | 11 029 |
| ekvivalendid | | | | | |
--------------------------------------------------------------------------------
| Finantsinvestee | | 0 | 40 416 | 0 | 2 583 |
| ringud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | | 247 596 | 294 352 | 15 824 | 18 813 |
--------------------------------------------------------------------------------
| Ettemakstud | 9 | 6 094 | 6 165 | 389 | 394 |
| kulud | | | | | |
--------------------------------------------------------------------------------
| Varud | | 787 226 | 849 440 | 50 313 | 54 289 |
--------------------------------------------------------------------------------
| Bioloogilised | 10 | 0 | 3 679 | 0 | 235 |
| varad | | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 1 103 493 | 1 366 626 | 70 525 | 87 343 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finantsinvestee | | 255 | 255 | 16 | 16 |
| ringud | | | | | |
--------------------------------------------------------------------------------
| Nõuded | | 7 402 | 6 671 | 473 | 427 |
--------------------------------------------------------------------------------
| Kinnisvarainves | 9 | 532 930 | 542 753 | 34 060 | 34 688 |
| teeringud | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 12 | 23 269 | 41 812 | 1 487 | 2 672 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 13 | 8 382 | 12 475 | 536 | 797 |
| põhivara | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | 14 | 572 238 | 603 966 | 36 572 | 38 600 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 675 731 | 1 970 592 | 107 097 | 125 943 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | | 461 862 | 353 417 | 29 518 | 22 587 |
--------------------------------------------------------------------------------
| Võlad | 15 | 118 185 | 132 677 | 7 553 | 8 480 |
--------------------------------------------------------------------------------
| Ettemaksed | 16 | 86 745 | 65 174 | 5 544 | 4 165 |
--------------------------------------------------------------------------------
| Eraldised | | 11 318 | 5 917 | 723 | 378 |
--------------------------------------------------------------------------------
| Lühiajalised | | 678 110 | 557 185 | 43 338 | 35 610 |
| kohustused | | | | | |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | | 509 799 | 692 919 | 32 582 | 44 286 |
--------------------------------------------------------------------------------
| Võlad | 15 | 5 384 | 4 404 | 344 | 281 |
--------------------------------------------------------------------------------
| Edasilükkunud | 16 | 20 | 20 | 1 | 1 |
| tulumaksukohust | | | | | |
| us | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 1 100 | 4 291 | 69 | 274 |
--------------------------------------------------------------------------------
| Pikaajalised | | 516 303 | 701 634 | 32 996 | 44 842 |
| kohustused | | | | | |
| kokku | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED | | 1 194 413 | 1 258 819 | 76 334 | 80 452 |
| KOKKU | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Ülekurss | | 0 | 712 514 | 0 | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik | | 31 463 | 31 463 | 2 011 | 2 011 |
| reservkapital | | | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | | -501 340 | -984 668 | -32 041 | -62 932 |
--------------------------------------------------------------------------------
| Oma aktsiad | | -3 992 | -3 992 | -255 | -255 |
--------------------------------------------------------------------------------
| Emaettevõtte | | 478 973 | 708 159 | 30 613 | 45 260 |
| omanikele | | | | | |
| kuuluv | | | | | |
| omakapital | | | | | |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusel | | 2 345 | 3 614 | 150 | 231 |
| e kuuluv | | | | | |
| omakapital | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | 481 318 | 711 773 | 30 763 | 45 491 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | 1 675 731 | 1 970 592 | 107 097 | 125 943 |
| OMAKAPITAL | | | | | |
| KOKKU | | | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | | 9 kuud | 9 kuud | 9 kuud | 9 kuud |
| | | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -229 947 | -102 547 | -14 696 | -6 556 |
--------------------------------------------------------------------------------
| Intressitulud ja | 7 | 24 032 | -22 592 | 1 536 | -1 444 |
| intressikulud | | | | | |
--------------------------------------------------------------------------------
| Kasumid ja | | 4 771 | 36 643 | 305 | 2 342 |
| kahjumid tütar- | | | | | |
| ja ühisettevõtete | | | | | |
| müügist | | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud | 7 | -3 136 | 1 477 | -200 | 94 |
| muudelt | | | | | |
| pikaajalistelt | | | | | |
| finantsinvesteeri | | | | | |
| ngutelt | | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 7 | -27 556 | -25 258 | -1 761 | -1 614 |
| allahindluskulu | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3,4,6 | 3 406 | 5 352 | 218 | 341 |
| immateriaalse | | | | | |
| põhivara | | | | | |
| amortisatsioon ja | | | | | |
| väärtuse langus | | | | | |
--------------------------------------------------------------------------------
| Firmaväärtuse | | 0 | 5 171 | | 329 |
| allahindlus ja | | | | | |
| negatiivse | | | | | |
| firmaväärtuse | | | | | |
| tulusse kandmine | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3,4,6 | 1 055 | 38 | 66 | 3 |
| immateriaalse | | | | | |
| põhivara müügi | | | | | |
| kasum või kahjum | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainveste | 4 | -1 001 | -617 | -63 | -39 |
| eringute müügi | | | | | |
| kasum või kahjum | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainveste | 4 | 71 321 | 61 223 | 4 558 | 3 913 |
| eringute ja | | | | | |
| bioloogilise vara | | | | | |
| õiglase väärtuse | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Varude | 3 | 135 067 | 0 | 8 632 | 0 |
| ümberhindluse | | | | | |
| kasum/kahjum | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | 7 | 2 426 | -5 243 | 155 | -335 |
| kasumid ja | | | | | |
| kahjumid | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | | 0 | 10 787 | 0 | 689 |
| tulumaksukulu | | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | | -19 562 | -35 566 | -1 250 | -2 277 |
| rahavood enne | | | | | |
| käibekapitali | | | | | |
| muutuseid | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega | | -42 901 | -3 052 | -2 742 | -194 |
| seotud nõuete ja | | | | | |
| ettemaksude | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Varude muutus | | -15 074 | -83 918 | -963 | -5 363 |
--------------------------------------------------------------------------------
| Bioloogiliste | | 2 190 | 0 | 140 | 0 |
| varade muutus | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega | | 25 585 | 21 120 | 1 635 | 1 350 |
| seotud kohustuste | | | | | |
| ettemaksude | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -49 762 | -101 416 | -3 180 | -6 484 |
| ÄRITEGEVUSEST | | | | | |
| KOKKU | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materiaalse ja | | -1 638 | -21 775 | -105 | -1 392 |
| immateriaalse | | | | | |
| põhivara soetus | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | 2 010 | 443 | 128 | 28 |
| immateriaalse | | | | | |
| põhivara müük | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainveste | | -5 898 | -1 173 | -377 | -75 |
| eringute soetus | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainveste | | 4 984 | 29 000 | 319 | 1 853 |
| eringute müük | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | | -502 | -126 312 | -32 | -8 073 |
| ühisettevõtete | | | | | |
| soetus | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | | 600 | 1 002 | 38 | 64 |
| ühisettevõtete | | | | | |
| müük | | | | | |
--------------------------------------------------------------------------------
| Muude | | 0 | -202 665 | 0 | -12 953 |
| finantsinvesteeri | | | | | |
| ngute soetus | | | | | |
--------------------------------------------------------------------------------
| Muude | | 40 416 | 214 161 | 2 583 | 13 687 |
| finantsinvesteeri | | | | | |
| ngute müük | | | | | |
--------------------------------------------------------------------------------
| Antud laenud | | -696 | -50 546 | -44 | -3 230 |
--------------------------------------------------------------------------------
| Antud laenude | | 4 218 | 3 784 | 270 | 242 |
| tagasimaksed | | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | 1 993 | 25 339 | 127 | 1 619 |
--------------------------------------------------------------------------------
| RAHAVOOD | | 45 487 | -128 742 | 2 907 | -8 230 |
| INVESTEERIMISTEGE | | | | | |
| VUSEST KOKKU | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Saadud laenud | | 107 095 | 235 961 | 6 845 | 15 081 |
--------------------------------------------------------------------------------
| Laenude ja | | -175 432 | -435 147 | -11 212 | -27 811 |
| kapitalirendikohu | | | | | |
| stuste | | | | | |
| tagasimaksed | | | | | |
--------------------------------------------------------------------------------
| Arvelduskrediidi | | 0 | -14 | 0 | -1 |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Oma aktsiate | | 0 | -3 992 | 0 | -255 |
| tagasiost | | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | | -37 052 | -62 525 | -2 368 | -3 996 |
--------------------------------------------------------------------------------
| Makstud | | 0 | -42 274 | 0 | -2 702 |
| dividendid | | | | | |
--------------------------------------------------------------------------------
| Makstud | | 0 | -15 444 | 0 | -987 |
| dividendide | | | | | |
| tulumaks | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -105 389 | -323 435 | -6 735 | -20 671 |
| FINANTSEERIMISEGE | | | | | |
| VUSEST KOKKU | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | | -109 664 | -553 593 | -7 008 | -35 385 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 172 574 | 765 008 | 11 029 | 48 893 |
| ekvivalendid | | | | | |
| perioodi alguses | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | -109 664 | -553 593 | -7 009 | -35 385 |
| ekvivalentide | | | | | |
| muutus | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | | -333 | 52 | -22 | 3 |
--------------------------------------------------------------------------------
| Raha ja raha | | 62 577 | 211 467 | 3 999 | 13 510 |
| ekvivalendid | | | | | |
| perioodi lõpus | | | | | |
--------------------------------------------------------------------------------
Title
Arco Vara interim report 3 quarter and 9 months 2009
Message
Comments by the CEO
Within the first 9 months of 2009, 41 apartments or plots were sold. In the
Boulevard Residence Madrid project in Sofia, a 30-year rental agreement was
concluded with the Austrian supermarket chain Billa, by which the supermarket
will rent approx. 900 m2 of the ground floor sales space of the building.
Furthermore, after the balance sheet date, a long-term rental agreement was
concluded with a financial intermediary under the same project for a 4.700 m2
office space. Within nine months, 24 apartments have been sold in the Kodukolde
project in Tallinn and 10 apartments in the BM-1 project in Latvia, as well as 6
plots in the Merivälja project in Tallinn.
The strategy of Arco Vara development division is to finish the unfinished
apartments in the Bišumuiža-1 project in Riga, the apartments and business areas
in the Boulevard Residence Madrid and Manastirski projects in Sofia with more
favourable construction prices. In autumn, the construction of the Kodukolde and
Merivälja projects in Tallinn was completed. The finished residential areas help
to release invested equity and reduce the liabilities of the Group. In order to
maintain our competitiveness and speed up the sales, we have reduced the plot
and apartment prices in all of our projects during the 9 months.
The restructuring of the service division has considerably reduced our
administration costs, and the 9-month operating loss has decreased by more than
3 times, compared to 2008. Reduction of the number of employees has stopped and
the staff makes up one fifth of the number of employees in the 9 months of the
previous year. Within 9 months, the division has sold most of its real estate
objects acquired for short-term investments, which have helped the division to
manage by itself. The work organisation of some smaller offices outside the
capital city was changed by giving up the classical office-based work
organisation and applying the home office system by maintaining our full service
selection at the same time. In other offices, more cost effective work
organisation solutions are being implemented in cooperation with employees. The
aim of the service division is to continue implementing the partially applied
and in the current market situation justified work organisation also in foreign
markets, which allows increasing service provision with limited means in these
countries, with a future focus on Estonia, Latvia and Bulgaria.
In the construction division, new agreements in the amount of 137 million kroons
(8.7 million euros) were concluded during the nine months, thereof 21 millions
kroons (1.3 million euros) in the 3rd quarter.
In short, the overall result of 9 months was most influenced by fair value
adjustments. Gross profit without revaluation of inventory amounted to 35.5
million kroons (2.3 million euros) and the net loss without property investment-
and financial assets revaluation -51.1 million kroons (-3.3 million euros). As a
result of refinancing, the extraordinary interest bearing liabilities had to pay
back around 102 million kroons (6.5 million euros). Without extraordinary debt
service, the cash flow of 9 months was -7.6 million kroons (0.5 million euros).
9 months cost level is approx. 132 million kroons (8.4 million euros) lower
compared to last year. To improve the liquidity position the Group has sold
smaller investment properties. After the balance sheet date holdings in three
major joint ventures where the Group was not able fully to control working
capital. By the holdings sales company improved its liquidity position by 55
million kroons (3.5 million euros). Due to reduced operating volumes and cost
saving policy, the number of Members of the Board was reduced and two Members of
the Board were recalled in the 3rd quarter. Lembit Tampere continues as a sole
member of the management board of Arco Vara AS.
KEY FINANCALS OF 9 MONTHS
Revenue and other income for the nine months totalled 385.0 million kroons (24.6
million euros), 28.7% down year-over-year.
EBIT amounted to -228.2 million kroons (-14.6 million euros) without revaluation
of investment property and inventory -21.8 million kroons (-1.4 million euros).
Net loss amounted to -229.9 million kroons (-14.7 million euros) without
revaluation of investment property and inventory and impairment losses on
financial assets -51.1 million kroons (-3.3 million euros).
Equity ratio was 28.7% (9 months 2008: 55.5%) of the balance sheet total. ROE
was negative (9 months 2008: negative). ROIC was negative (9 months 2008:
negative).
In the construction division, new agreements in the amount of 136.8 million
kroons (8.7 million euros) were concluded, 9 months 2008: 229.8 million kroons
(14.7 million euros).
At the end of the reporting period, the construction business order backlog was
105.8 million kroons (6.8 million euros), 9 months 2008: 233.4 million kroons
(14.9 million euros).
Within 9 months, 41 apartments or plots were sold under Arco Vara projects (9
months 2008: 72)
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| In | 9 | 9 | Q3 | Q3 2008 | 9 | 9 | Q3 | Q3 |
| millions | mont | mont | 2009 | | month | month | 2009 | 2008 |
| | hs | hs | | | s | s | | |
| | 2009 | 2008 | | | 2009 | 2008 | | |
--------------------------------------------------------------------------------
| Revenue | 385. | 540. | 108. | 195.2 | 24.6 | 34.5 | 6.9 | 12.5 |
| and other | 0 | 0 | 0 | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -228 | -106 | -177 | -57.6 | -14.6 | -6.8 | -11.3 | -3.7 |
| | .2 | .7 | .1 | | | | | |
--------------------------------------------------------------------------------
| incl. | -206 | -61. | -171 | -44.4 | -13.2 | -3.9 | -11.0 | -2.8 |
| revaluatio | .4 | 2 | .9 | | | | | |
| n of | | | | | | | | |
| investment | | | | | | | | |
| property | | | | | | | | |
| and | | | | | | | | |
| inventory | | | | | | | | |
--------------------------------------------------------------------------------
| Profit / | -228 | -91. | -202 | -58.2 | -14.6 | -5.9 | -12.9 | -3.7 |
| loss | .7 | 8 | .5 | | | | | |
| before tax | | | | | | | | |
--------------------------------------------------------------------------------
| incl. | -4.8 | -36. | -4.8 | -17.1 | -0.3 | -2.3 | -0.3 | -1.1 |
| profit or | | 6 | | | | | | |
| loss from | | | | | | | | |
| transfer | | | | | | | | |
| of | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | -229 | -102 | -202 | -57.9 | -14.7 | -6.6 | -13.0 | -3.7 |
| / loss | .9 | .5 | .9 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS (in | -2.4 | -1.1 | -2.1 | -0.6 | -0.15 | -0.07 | -0.14 | -0.04 |
| kroons and | 1 | 5 | 5 | | | | | |
| euros) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1 67 | 3 19 | | | 107.1 | 204.0 | | |
| assets at | 5.7 | 2.0 | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Invested | 1 45 | 2 94 | | | 93.3 | 188.3 | | |
| capital at | 9.5 | 5.5 | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Net loans | 915. | 855. | | | 58.5 | 54.7 | | |
| at period | 6 | 8 | | | | | | |
| end | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 481. | 1 77 | | | 30.8 | 113.1 | | |
| period end | 3 | 0.2 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Average | 1.7 | 2.2 | | | 1.7 | 2.2 | | |
| loan term | | | | | | | | |
| (in years) | | | | | | | | |
--------------------------------------------------------------------------------
| Average | 5.3% | 7.2% | | | 5.3% | 7.2% | | |
| interest | | | | | | | | |
| rate of | | | | | | | | |
| loans (per | | | | | | | | |
| year) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | neg | neg. | | | neg | neg. | | |
| (rolling 4 | | | | | | | | |
| quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | neg | neg. | | | neg | neg. | | |
| (rolling 4 | | | | | | | | |
| quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Number of | 260 | 546 | | | 260 | 546 | | |
| staff at | | | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
Due to low stock-in-trade an improvement in turnover can be expected in the 4th
quarter this year or in the 1st quarter 2010. In autumn, the project Boulevard
Residence Madrid will be completed in Sofia and a certificate of occupancy will
be obtained in the 1st quarter of 2010. More than 60 apartments were added in
the Kodukolle project, and in the Merivälja 2 project more than 50 plots with
full infrastructure.
The overall result of 9 months was most influenced by fair value adjustments. In
the 3rd quarter, the loss related to the transfer of holdings in three
substantial joint ventures after the balance sheet date was reflected as fair
value adjustment in the third quarter. This transaction alone accounted from all
revaluations as investment property write-downs by 134.4 million kroons (8.6
million euros) and financial assets write-down by 4.5 million kroons (0.3
million euros). Revaluations in total were -206.4 million kroons (-13.2 million
euros).
After the balance sheet date, it is evident that the turnover at the beginning
of the 4th quarter is higher than the one in the 3rd quarter. The consolidated
turnover of the Group in October made up 48% of the Group's total turnover in
the 3rd quarter. In October and November the Group has already sold 9 apartments
and 10 land plots. No considerable improvement in profitability in daily
operations is forecasted for the 4th quarter. Main cost cuttings have been made
and striving towards reduced costs has become a routine practice in all of our
business units: we are aiming at saving fixed costs additionally by 15.0 million
kroons (1.0 million euros) on an annual basis. The main focus is now set on
increasing the turnover and improving the liquidity through the sales of
projects and stock-in-trade.
In the 3rd quarter, the service and construction division produced a positive
EBIT. Apart from revaluation of investment property and inventory, the 9 month
operating loss of the Group was -21.8 million kroons (1.4 million euros).
As of end of nine months, the claim against AS Ühendatud Kapital with a book
value of 64.1 million kroons (4.1 million euros) has not been additionally
discounted. On 20.11.2009, the 1st session of the Tallinn Court of arbitration
was held the decision of which is expected to be published to parties on
21.12.2009. After the decision, the management of the Group will weigh the
likeliness of receiving the money once again. Already in the 2nd quarter, the
write down of the claim related to the joint company Bisumuizas Nami SIA in 2008
in the amount of 34.1 million kroons (2.2 million euros) was cancelled, because
the equity of Bisumuizas Nami SIA on 31.12.2008 was -16.2 million koons (- 1.0
million euros) and on 30.09.2009 45.5 million kroons (2.9 million euros).
The biggest write-up was made in Latvia where the right of superficies under
inventory was reclassified to investment property as in the near future, no
development activities are planned and buyers for the development projects are
searched for. It is a plot project with an area of 86 ha, located at the Mazais
Baltezers lake near Riga. According to the detailed plan, a total of 189 plots
for houses with a total gross enclosed area of 172 380 m2 can be built.
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2009 | 2008 | months | months | 2009 | 2008 |
| | s | s | | | 2009 | 2008 | | |
| | 2009 | 2008 | | | | | | |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Services | 28.7 | 90.5 | 8.5 | 25.1 | 45.0 | 117.2 | -15.1 | -2.8 |
--------------------------------------------------------------------------------
| Developm | 218.4 | 195.7 | 69.7 | 55.7 | 8.5 | 25.1 | 45.0 | 117.2 |
| ent | | | | | | | | |
--------------------------------------------------------------------------------
| Construc | 174.9 | 323.3 | 45.0 | 117.2 | -15.1 | -2.8 | 0.0 | 108.0 |
| tion | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminat | -37.1 | -69.5 | -15.1 | -2.7 | 0.0 | 108.0 | 195.2 | 0.0 |
| ions | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 384.9 | 540.0 | 108.1 | 195.3 | 24.6 | 34.5 | 6.9 | 12.5 |
| revenue | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Service1 | -9.5 | -30.7 | 1.3 | -12.7 | -0.6 | -2.0 | 0.1 | -0.8 |
| | | 1 | | | | | | |
--------------------------------------------------------------------------------
| Developm | -172. | -67.9 | -135. | -45.7 | -11.0 | -4.3 | -8.7 | -2.9 |
| ent | 8 | | 9 | | | | | |
--------------------------------------------------------------------------------
| Construc | -2.9 | 7.7 | 1.8 | 3.7 | -0.2 | 0.5 | 0.1 | 0.2 |
| tion | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminat | -26.3 | -0.2 | -26.8 | 1.7 | -1.7 | 0.0 | -1.7 | 0.1 |
| ions | | | | | | | | |
--------------------------------------------------------------------------------
| Unalloca | -16.7 | -15.6 | -17.5 | -4.7 | -1.1 | -1.0 | -1.1 | -0.3 |
| ted | | | | | | | | |
| expenses | | | | | | | | |
--------------------------------------------------------------------------------
| Total | -228. | -106. | -177. | -57.7 | -14.6 | -6.8 | -11.3 | -3.7 |
| EBIT | 2 | 7 | 1 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Interest | -24.0 | 22.6 | -10.6 | 6.6 | -1.5 | 1.4 | -0.7 | 0.4 |
| income | | | | | | | | |
| and | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net | 23.5 | -7.6 | -14.8 | -7.2 | 1.5 | -0.5 | -0.9 | -0.5 |
| other | | | | | | | | |
| financia | | | | | | | | |
| l items | | | | | | | | |
--------------------------------------------------------------------------------
| Income | -1.2 | -10.8 | -0.4 | 0.4 | -0.1 | -0.7 | 0.0 | 0.0 |
| tax | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net | -229. | -102. | -202. | -57.9 | -14.7 | -6.6 | -12.9 | -3.8 |
| profit / | 9 | 5 | 9 | | | | | |
| loss | | | | | | | | |
--------------------------------------------------------------------------------
1 Starting from 2008 Q2, the service division has been separated from the asset
management and as the asset management of the company was sold in 2008, the
asset management is reflected as a part of the service division in 2008.
CASH FLOWS
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| In | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| millions | month | month | 2009 | 2008 | month | months | 2009 | 2008 |
| | s | s | | | s | 2008 | | |
| | 2009 | 2008 | | | 2009 | | | |
--------------------------------------------------------------------------------
| Cash | -49.8 | -101. | -41.6 | 5.6 | -3.2 | -6.5 | -2.7 | 0.4 |
| flows | | 4 | | | | | | |
| from | | | | | | | | |
| operating | | | | | | | | |
| activitie | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Cash | 45.5 | -128. | 23,8 | 27.9 | 2.9 | -8.2 | 1.5 | 1.8 |
| flows | | 7 | | | | | | |
| from | | | | | | | | |
| investing | | | | | | | | |
| activitie | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Cash | -105. | -323. | -37,2 | -55.5 | -6.7 | -20.7 | -2.4 | -3.5 |
| flows | 4 | 4 | | | | | | |
| from | | | | | | | | |
| financing | | | | | | | | |
| activitie | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Net cash | -109. | -553. | -55.0 | -22.1 | -7.0 | -35.4 | -3.5 | -1.4 |
| flow | 7 | 6 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and | 172.6 | 765.0 | 117.6 | 233.2 | 11.0 | 48.9 | 7.5 | 14.9 |
| cash | | | | | | | | |
| equivalen | | | | | | | | |
| ts at | | | | | | | | |
| beginning | | | | | | | | |
| of period | | | | | | | | |
--------------------------------------------------------------------------------
| Effect of | -0.3 | 0.1 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| exchange | | | | | | | | |
| rate | | | | | | | | |
| fluctuati | | | | | | | | |
| ons | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and | 62.6 | 211.5 | 62.6 | 211.5 | 4.0 | 13.5 | 4.0 | 13.5 |
| cash | | | | | | | | |
| equivalen | | | | | | | | |
| ts at end | | | | | | | | |
| of period | | | | | | | | |
--------------------------------------------------------------------------------
In January 2009, 40 million kroons from the loan principals related to the
Tivoli and Laeva projects were paid back on an extraordinary basis, by releasing
the Group from the obligation to keep liquid assets in an amount of 150 million
kroons (9.6 million euros) in the SEB bank. On an extraordinary basis, smaller
loans and principal amounts have been paid back, too. Apart from extraordinary
loan redemptions, the nine-month cash flows of the Group would have been
negative by 7.6 million kroons (0.5 million euros). These refunding transactions
have decreased the liquidity of the Group by 102 million kroons (6.5 million
euros) and have forced the Group to sell its assets. After the balance sheet
date, holdings on three joint ventures were sold, as a result of which the Group
will earn 55 million kroons (3.5 million euros) by the end of the year.
We have extended and restructured a half of our commercial papers in the amount
of 26 million kroons (1.6 million euros), whereof approx. 8 million kroons (0.5
million euros) have been paid after the balance sheet date as a result of the
sales of underlying pledged assets.
Major short-term liabilities during the next 12 months:
the Ahtri project loan of 95.3 million kroons (6.1 million euros),
„Tivoli” and „Laeva2” project loans in the total amount of 110.0 million kroons
(7.0 million euros)
„Kodukolde“ project loan in the amount of 65.3 million kroons (4.2 million
euros).
The loan for the Bišumuiža-1 (BM-1) development project in Riga in the amount of
49.8 million kroons (3.2 million euros),
Calculated principal returns from the sales of booked spaces in the „Madrid“
project on Sofia as the house will be finished by the 1st quarter 2010 at the
latest, in an amount of 38.2 million kroons (2.4 million euros),
Commercial papers in the amount of 18 million kroons (1.2 million euros).
On a current basis, loans have been redeemed in the „Kodukolde” and Merivälja 2
projects in Tallinn and the „Bišumuiža-1” in Riga. In spring, the relevant loans
have been refunded and the new loan service level will remain under sales prices
by leaving the Group more disposable funds. Most of the liabilities of the Group
are in euros.
SERVICE DIVISION
Cost and business model optimisation started a year ago has had good results but
is still not sufficient for earning net profit. By cash flow, the revenues and
expenses of the division are in balance during the 9-month period and do not
need any subsidy from parent company. Having the liquidity of the company as its
priority, the division sold during the 9 months objects that were acquired
earlier as short-term investments, due to the market situation, the prices have
sometimes been under the cost price. The information after the balance sheet
date is that in addition to July, Service Division in Estonia (operator of real
estate agencies) made the second positive net profit this year in October, also
the Latvian and the Bulgarian agencies made their first positive net profit in
October.
The number of brokerage transactions of the Group in 12 months has
decreased by 49%, but increased during the last two quarters. The number of
valuation reports has decreased on year-over-year basis by 57%, but has
demonstrated a slight increase during the last two quarters. As at the end of
the 9-month period, the division employed 62 persons (9 months 2008: 305
persons).
--------------------------------------------------------------------------------
| | 9 months | 9 months | change, | Q3 2008 | Q3 2008 | change, % |
| | 2009 | 2008 | % | | | |
--------------------------------------------------------------------------------
| Number | 727 | 1 416 | -49% | 278 | 503 | -45% |
| of | | | | | | |
| brokered | | | | | | |
| objects | | | | | | |
--------------------------------------------------------------------------------
| Projects | 144 | 271 | -47% | 186 | 272 | -32% |
| being | | | | | | |
| sold, | | | | | | |
| pcs. | | | | | | |
--------------------------------------------------------------------------------
| Number | 2 452 | 5 681 | -57% | 827 | 1 637 | -49% |
| of | | | | | | |
| valuatio | | | | | | |
| n | | | | | | |
| reports | | | | | | |
--------------------------------------------------------------------------------
| Number | 34 | 44 | -23% | | | |
| of | | | | | | |
| appraise | | | | | | |
| rs* | | | | | | |
--------------------------------------------------------------------------------
| Number | 109 | 177 | -38% | | | |
| of real | | | | | | |
| estate | | | | | | |
| brokers* | | | | | | |
--------------------------------------------------------------------------------
| Average | 62 | 305 | -80% | | | |
| number | | | | | | |
| of staff | | | | | | |
--------------------------------------------------------------------------------
* Includes authorisation agreements
DEVELOPMENT DIVISION
Within 9 months, 41 apartments or plots were sold under Arco Vara projects.
After the balance sheet date already 19 units of residential properties are
sold. Under the Boulevard Residence Madrid project in Sofia, a long-term rental
agreement with the Austrian supermarket chain Billa was concluded for approx.
900 m2. Furthermore, after the balance sheet date, a long-term rental agreement
was concluded with a financial intermediary under the same project for a 4.700
m2 office space. After the balance sheet date, the trial on the establishment of
the detailed plan of the Tivoli project was disposed and the Tallinn
Administrative Court decision annulled. Based on the decision, the original
detailed plan will remain into force without changes.
The main risk factor for the development division is and will be for the whole
year the refinancing of loans of empty plots in Estonia. Although the cash flow
of the Group is tense, we consider potential finishing of the unfinished
projects with more favourable construction prices in order to satisfy the demand
with ready to be sold stock as well as improve the security assets of loans. On
a current basis, preparations are made in the Kodukolde next phase and Tivoli
projects in Tallinn, and negotiations held with banks on financing the
construction.
In order to manage the liquidity risk, the prices have been decreased in the
ongoing projects in the Baltics and Sofia in order to improve sales, and after
the balance sheet date, holdings in three substantial joint ventures sold. For
some employees, salaries and working times have been reduced. As at the end of
the 9-month period, the division employed 38 persons (9 months 2008: 48
persons).
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 the state or local governments.
During nine months, the major new construction agreements were the
Emajõe-Võhandu drinking water project and the Kohtla-Järve-Kiviõli sewerage
project.
Within nine months, new agreements in the amount of 137 million kroons (8.8
million euros) were concluded, thereof 21 millions kroons (1.3 million euros) in
the 3rd quarter. The residual cost of building contracts as of end of nine
months is 9 million kroons (6.8 million euros). As at the end of the 9-month
period, the division employed 145 persons (9 months 2008: 171 persons).
Condensed consolidated interim financial statements
Condensed consolidated income statement
--------------------------------------------------------------------------------
| | Note | 9 months | 9 months | Q3 2009 | Q3 2008 |
| | | 2009 | 2008 | | |
--------------------------------------------------------------------------------
| in EEK, | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Rendering of | | 224 812 | 368 828 | 73 056 | 145 938 |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 51 366 | 138 819 | 18 332 | 48 230 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | | 276 178 | 507 647 | 91 388 | 194 168 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | 3 | -375 799 | -430 713 | -100 934 | -167 980 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross profit | | -99 621 | 76 934 | -9 546 | 26 188 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | 4 | 108 778 | 32 364 | 16 613 | 1 022 |
| operating | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling and | 5 | -3 320 | -11 776 | -1 321 | -2 538 |
| distribution | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Administrati | 6 | -57 391 | -109 945 | -19 412 | -37 032 |
| ve expenses | | | | | |
--------------------------------------------------------------------------------
| Other | 4 | -176 621 | -94 310 | -163 450 | -45 205 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| EBIT | | -228 175 | -106 733 | -177 116 | -57 565 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | 7 | 15 561 | 56 141 | 420 | 24 572 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 7 | -16 098 | -41 168 | -25 790 | -25 239 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit / | | -228 712 | -91 760 | -202 486 | -58 232 |
| loss before | | | | | |
| tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -1 235 | -10 787 | -426 | 368 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit / | | -229 947 | -102 547 | -202 912 | -57 864 |
| loss for the | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Profit | 8 | | | | |
| distribution | | | | | |
| for the | | | | | |
| period: | | | | | |
--------------------------------------------------------------------------------
| Parent | | -228 602 | -109 743 | -203 453 | -57 814 |
| company's | | | | | |
| participatio | | | | | |
| n in loss | | | | | |
--------------------------------------------------------------------------------
| Minority | | -110 | 7 196 | 541 | -50 |
| interest in | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | |
| aggregated | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Exchange | | 617 | -628 | 39 | -624 |
| rate | | | | | |
| differences | | | | | |
| in | | | | | |
| converting | | | | | |
| foreign | | | | | |
| company | | | | | |
--------------------------------------------------------------------------------
| Aggregate | | -229 330 | -103 175 | -202 873 | -58 488 |
| profit / | | | | | |
| loss for the | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Parent | | -229 186 | -110 371 | -203 380 | -58 438 |
| company | | | | | |
| participatio | | | | | |
| n in | | | | | |
| aggregate | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Minority | | -144 | 7 196 | 507 | -50 |
| interest in | | | | | |
| aggregate | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Earning per | 8 | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
| - basic | | -2.41 | -1.15 | -2.15 | -0.61 |
--------------------------------------------------------------------------------
| - diluted | | -2.41 | -1.15 | -2.15 | -0.61 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Note | 9 months | 9 months | Q3 2009 | Q3 2008 |
| | | 2009 | 2008 | | |
--------------------------------------------------------------------------------
| in EUR, | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Rendering of | | 14 368 | 23 572 | 4 669 | 9 327 |
| services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 3 283 | 8 872 | 1 172 | 3 082 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | | 17 651 | 32 444 | 5 841 | 12 409 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | | -24 018 | -27 528 | -6 451 | -10 736 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross profit | 3 | -6 367 | 4 916 | -610 | 1 673 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | | 6 952 | 2 068 | 1 062 | 65 |
| operating | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling and | 4 | -212 | -753 | -84 | -162 |
| distribution | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Administrati | 5 | -3 668 | -7 027 | -1 241 | -2 367 |
| ve expenses | | | | | |
--------------------------------------------------------------------------------
| Other | 6 | -11 288 | -6 028 | -10 446 | -2 889 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| EBIT | 4 | -14 583 | -6 824 | -11 319 | -3 680 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | | 995 | 3 588 | 27 | 1 570 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 7 | -1 029 | -2 631 | -1 648 | -1 613 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit / | 7 | -14 617 | -5 867 | -12 940 | -3 723 |
| loss before | | | | | |
| tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -79 | -689 | -27 | 24 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit / | | -14 696 | -6 556 | -12 967 | -3 699 |
| loss for the | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Profit | | | | | |
| distribution | | | | | |
| for the | | | | | |
| period: | | | | | |
--------------------------------------------------------------------------------
| Parent | 8 | -14 689 | -7 014 | -13 003 | -3 695 |
| company's | | | | | |
| participatio | | | | | |
| n in loss | | | | | |
--------------------------------------------------------------------------------
| Minority | | -7 | 460 | 35 | -3 |
| interest in | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | |
| aggregated | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Exchange | | 39 | -40 | 2 | -40 |
| rate | | | | | |
| differences | | | | | |
| in | | | | | |
| converting | | | | | |
| foreign | | | | | |
| company | | | | | |
--------------------------------------------------------------------------------
| Aggregate | | -14 657 | -6 596 | -12 965 | -3 739 |
| profit / | | | | | |
| loss for the | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Parent | | -14 648 | -7 054 | -12 998 | -3 735 |
| company | | | | | |
| participatio | | | | | |
| n in | | | | | |
| aggregate | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Minority | | -9 | 460 | 32 | -3 |
| interest in | | | | | |
| aggregate | | | | | |
| loss | | | | | |
--------------------------------------------------------------------------------
| Earning per | | | | | |
| share | | | | | |
--------------------------------------------------------------------------------
| - basic | | -0.15 | -0.07 | -0.14 | -0.04 |
--------------------------------------------------------------------------------
| - diluted | 8 | -0.15 | -0.07 | -0.14 | -0.04 |
--------------------------------------------------------------------------------
Statement of financial position
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| | Note | 30.09.200 | 31.12.200 | 30.09.2009 | 31.12.2008 |
| | | 9 | 8 | | |
--------------------------------------------------------------------------------
| in thousands | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 62 577 | 172 574 | 3 999 | 11 029 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Financial | | 0 | 40 416 | 0 | 2 583 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Receivables | 9 | 247 596 | 294 352 | 15 824 | 18 813 |
--------------------------------------------------------------------------------
| Prepayments | | 6 094 | 6 165 | 389 | 394 |
--------------------------------------------------------------------------------
| Inventories | 10 | 787 226 | 849 440 | 50 313 | 54 289 |
--------------------------------------------------------------------------------
| Biological | | 0 | 3 679 | 0 | 235 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total current | | 1 103 493 | 1 366 626 | 70 525 | 87 343 |
| assets | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Financial | | 255 | 255 | 16 | 16 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Receivables | 9 | 7 402 | 6 671 | 473 | 427 |
--------------------------------------------------------------------------------
| Investment | 12 | 532 930 | 542 753 | 34 060 | 34 688 |
| property | | | | | |
--------------------------------------------------------------------------------
| Property, plant | 13 | 23 269 | 41 812 | 1 487 | 2 672 |
| and equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible | 14 | 8 382 | 12 475 | 536 | 797 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 572 238 | 603 966 | 36 572 | 38 600 |
| non-current | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 675 731 | 1 970 592 | 107 097 | 125 943 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 15 | 461 862 | 353 417 | 29 518 | 22 587 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Liabilities | 16 | 118 185 | 132 677 | 7 553 | 8 480 |
--------------------------------------------------------------------------------
| Deferred income | | 86 745 | 65 174 | 5 544 | 4 165 |
--------------------------------------------------------------------------------
| Provisions | | 11 318 | 5 917 | 723 | 378 |
--------------------------------------------------------------------------------
| Total current | | 678 110 | 557 185 | 43 338 | 35 610 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Loans and | 15 | 509 799 | 692 919 | 32 582 | 44 286 |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Liabilities | 16 | 5 384 | 4 404 | 344 | 281 |
--------------------------------------------------------------------------------
| Deferred income | | 20 | 20 | 1 | 1 |
| tax liability | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 1 100 | 4 291 | 69 | 274 |
--------------------------------------------------------------------------------
| Total | | 516 303 | 701 634 | 32 996 | 44 842 |
| non-current | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 194 413 | 1 258 819 | 76 334 | 80 452 |
| LIABILITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Share capital | | 952 842 | 952 842 | 60 898 | 60 898 |
--------------------------------------------------------------------------------
| Share premium | | 0 | 712 514 | 0 | 45 538 |
--------------------------------------------------------------------------------
| Statutory | | 31 463 | 31 463 | 2 011 | 2 011 |
| capital reserve | | | | | |
--------------------------------------------------------------------------------
| Retained | | -501 340 | -984 668 | -32 041 | -62 932 |
| earnings | | | | | |
--------------------------------------------------------------------------------
| Own shares | | -3 992 | -3 992 | -255 | -255 |
--------------------------------------------------------------------------------
| Total equity | | 478 973 | 708 159 | 30 613 | 45 260 |
| attributable to | | | | | |
| equity holders | | | | | |
| of the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Minority | | 2 345 | 3 614 | 150 | 231 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 481 318 | 711 773 | 30 763 | 45 491 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 675 731 | 1 970 592 | 107 097 | 125 943 |
| LIABILITIES AND | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
Condensed consolidated interim cash flow statement
--------------------------------------------------------------------------------
| EEK | EUR |
--------------------------------------------------------------------------------
| in thousands | Note | 9 months | 9 months | 9 months | 9 months |
| | | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Net profit / | | -229 947 | -102 547 | -14 696 | -6 556 |
| loss | | | | | |
--------------------------------------------------------------------------------
| Interest income | 7 | 24 032 | -22 592 | 1 536 | -1 444 |
| and expense | | | | | |
--------------------------------------------------------------------------------
| Gains and | | 4 771 | 36 643 | 305 | 2 342 |
| losses on | | | | | |
| disposal of | | | | | |
| subsidiaries | | | | | |
| and interests | | | | | |
| in jointly | | | | | |
| controlled | | | | | |
| entities | | | | | |
--------------------------------------------------------------------------------
| Gains and | 7 | -3 136 | 1 477 | -200 | 94 |
| losses on other | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Impairment | 7 | -27 556 | -25 258 | -1 761 | -1 614 |
| losses on | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 3,4,6 | 3 406 | 5 352 | 218 | 341 |
| amortisation | | | | | |
| and impairment | | | | | |
| losses on | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Goodwill | | 0 | 5 171 | | 329 |
| adjustments and | | | | | |
| recognition of | | | | | |
| negative | | | | | |
| goodwill as | | | | | |
| revenues | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on | 3,4,6 | 1 055 | 38 | 66 | 3 |
| the sale of | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on | 4 | -1 001 | -617 | -63 | -39 |
| the sale of | | | | | |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Change in the | 4 | 71 321 | 61 223 | 4 558 | 3 913 |
| fair value of | | | | | |
| investment | | | | | |
| property and | | | | | |
| biological | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | 3 | 135 067 | 0 | 8 632 | 0 |
| from property | | | | | |
| and inventory | | | | | |
| revaluation | | | | | |
--------------------------------------------------------------------------------
| Exchange gains | 7 | 2 426 | -5 243 | 155 | -335 |
| and losses | | | | | |
--------------------------------------------------------------------------------
| Corporate | | 0 | 10 787 | 0 | 689 |
| income tax | | | | | |
| expense | | | | | |
--------------------------------------------------------------------------------
| Operating cash | | -19 562 | -35 566 | -1 250 | -2 277 |
| flow before | | | | | |
| working capital | | | | | |
| changes | | | | | |
--------------------------------------------------------------------------------
| Change in | | -42 901 | -3 052 | -2 742 | -194 |
| receivables and | | | | | |
| prepayments | | | | | |
--------------------------------------------------------------------------------
| Change in | | -15 074 | -83 918 | -963 | -5 363 |
| inventories | | | | | |
--------------------------------------------------------------------------------
| Change in | | 2 190 | 0 | 140 | 0 |
| biological | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Change in | | 25 585 | 21 120 | 1 635 | 1 350 |
| payables and | | | | | |
| deferred income | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED | | -49 762 | -101 416 | -3 180 | -6 484 |
| IN OPERATING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | -1 638 | -21 775 | -105 | -1 392 |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 2 010 | 443 | 128 | 28 |
| sale of | | | | | |
| property, plant | | | | | |
| and equipment | | | | | |
| and intangible | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | -5 898 | -1 173 | -377 | -75 |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 4 984 | 29 000 | 319 | 1 853 |
| sale of | | | | | |
| investment | | | | | |
| property | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | -502 | -126 312 | -32 | -8 073 |
| subsidiaries | | | | | |
| and interests | | | | | |
| in jointly | | | | | |
| controlled | | | | | |
| entities | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 600 | 1 002 | 38 | 64 |
| disposal of | | | | | |
| subsidiaries | | | | | |
| and interests | | | | | |
| in jointly | | | | | |
| controlled | | | | | |
| entities | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | 0 | -202 665 | 0 | -12 953 |
| other financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 40 416 | 214 161 | 2 583 | 13 687 |
| sale of other | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Loans granted | | -696 | -50 546 | -44 | -3 230 |
--------------------------------------------------------------------------------
| Repayment of | | 4 218 | 3 784 | 270 | 242 |
| loans granted | | | | | |
--------------------------------------------------------------------------------
| Interest | | 1 993 | 25 339 | 127 | 1 619 |
| received | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED | | 45 487 | -128 742 | 2 907 | -8 230 |
| IN / FROM | | | | | |
| INVESTING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | 107 095 | 235 961 | 6 845 | 15 081 |
| loans received | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | -175 432 | -435 147 | -11 212 | -27 811 |
| loans and | | | | | |
| payment of | | | | | |
| finance lease | | | | | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Change in | | 0 | -14 | 0 | -1 |
| overdraft | | | | | |
--------------------------------------------------------------------------------
| Repurchase of | | 0 | -3 992 | 0 | -255 |
| own shares | | | | | |
--------------------------------------------------------------------------------
| Interest paid | | -37 052 | -62 525 | -2 368 | -3 996 |
--------------------------------------------------------------------------------
| Dividends paid | | 0 | -42 274 | 0 | -2 702 |
--------------------------------------------------------------------------------
| Income tax paid | | 0 | -15 444 | 0 | -987 |
| on dividends | | | | | |
--------------------------------------------------------------------------------
| NET CASH USED | | -105 389 | -323 435 | -6 735 | -20 671 |
| IN / FROM | | | | | |
| FINANCING | | | | | |
| ACTIVITIES | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW | | -109 664 | -553 593 | -7 008 | -35 385 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 172 574 | 765 008 | 11 029 | 48 893 |
| equivalents at | | | | | |
| beginning of | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
| Decrease / | | -109 664 | -553 593 | -7 009 | -35 385 |
| increase in | | | | | |
| cash and cash | | | | | |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Effect of | | -333 | 52 | -22 | 3 |
| exchange rate | | | | | |
| fluctuations | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 62 577 | 211 467 | 3 999 | 13 510 |
| equivalents at | | | | | |
| end of period | | | | | |
--------------------------------------------------------------------------------