Market announcement
Arco Vara AS
Category
Management interim statement or quarterly financial report
Attachments
Date
26.02.2010 16:11:57
Title
2009. AASTA IV KVARATLI JA 12 KUU KONSOLIDEERITUD VAHEARUANNE
Message
Juhatuse esimehe kommentaarid 2009. aasta 12 kuuga müüdi Arco Vara projektides kokku 82 korterit ja krunti, millest 41 müüdi IV kvartalis. Lätis müüdi aasta jooksul 12 Bišumuiža korterit ja 11 elamukrunti projektis Mazais Baltezers'i järve lähedal. Eestis müüdi 44 Kodukolde korterit ja 16 Merivälja 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. Pikaajaline rendileping sõlmiti ka finantsvahendusettevõttega, kes võtab üürile 4 700 m² kontoripinda. 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 projektides. Valminud elamispinnad aitavad vabastada investeeritud omakapitali ja vähendada Kontserni kohustusi. Konkurentsis püsimiseks ja müügitempo kiirendamiseks olime sunnitud aasta esimesel poolel korterite ja kruntide hindasid langetama kõikides projektides. Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni üldhalduskulusid, mistõttu kvartali jooksvast tegevusest lähtuv ärikahjum on vähenenud 1,0 mln kroonini (0,063 mln euroni). Töötajate arvu vähenemine on peatunud, moodustades 47% 2008. aasta sama perioodi näitajast. Divisjon on realiseerinud 12 kuuga enamuse kinnisvaraobjekte, mis olid soetatud lühiajaliseks investeeringuks. See on aidanud divisjonil iseseisvalt toime tulla. Muudetud on mõnede väiksemate, väljaspool pealinna asuvate kontorite töökorraldust, kus loobusime klassikalisest kontoripõhisest töömudelist kodukontorite süsteemi kasuks, säilitades samas kogu teenuste valiku ja võrgustiku. 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 12 kuuga uusi lepinguid 171 mln krooni (10,9 mln euro) ulatuses, millest 34,0 mln krooni (2,2 mln eurot) IV kvartalis. Bilansipäevajärgselt on Arco Ehitus OÜ kuulutatud parimaks pakkujaks kas üksinda või konsortsiumis hangetel kogumahuga 129,9 mln krooni (8,3 mln eurot),. Kokkuvõtvalt: 12 kuu koondtulemust mõjutasid enim varade ümberhindlused. Brutokasum ilma varude ümberhindlusteta oli 49,7 mln krooni (3,2 mln eurot), millest neljandas kvartalis 14,3 mln krooni (0,9 mln eurot). Puhaskasum ilma varude, kinnisvarainvesteeringute, finantsvarade, firmaväärtuste ümberhindlusteta ja osaluste ning varade võõrandamise kahjumita oli -58,7 mln krooni (-3,7 mln eurot), millest IV kvartali puhaskasum -23,2 mln krooni (-1,4 mln eurot). Aasta lõikes toimunud püsikulude kokkuhoid on ületanud juhtkonna esialgseid plaane kaks korda. Kontsern peab ehitushinna ja korterite müügi perspektiivi hetkel piisavalt heaks, et alustada Kodukolde viimase etapi (96 korterit) ja Tivoli projekti I etapi (ca 150 korterit) arendustega. Ettevõte peab hetkel läbirääkimisi potentsiaalsete partneritega ja pankadega soodsa finantseerimisstruktuuri leidmiseks mõlemas projektis. Likviidsuse parandamiseks on Kontsern jooksvalt müünud väiksemaid kinnisvarainvesteeringuid ja osalused kolmes ühisettevõttes, mille käibevahendid ei olnud täielikult Kontserni kontrolli all. Osaluste müügiga parandas ettevõte 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. 12 KUU PÕHILISED NÄITAJAD 12 kuu äritulud kokku moodustasid 541,6 mln krooni (34,6 mln eurot), mis on 21,5% vähem kui eelmisel aastal Ärikahjum oli 271,6 mln krooni (17,4 mln eurot), mis on 74,1% väiksem kui eelmisel aastal Puhaskahjum oli 324,4 mln krooni (20,7 mln eurot), mis on 72,0% väiksem kui eelmisel aastal Omakapital moodustab 27,8% (2008 12 kuud: 36,1%) bilansimahust. Omakapitali tootlikkus oli negatiivne (2008 12 kuud: negatiivne). Investeeritud kapitali tootlikkus oli negatiivne (2008 12 kuud: negatiivne) Ehitusdivisjonis sõlmiti uusi lepinguid 171,0 mln krooni (10,9 mln euro) ulatuses, 2008. aasta 12 kuuga 299,0 mln krooni (19,1 mln eurot) Ehituslepingute järelejäänud maht on 12 kuu seisuga 80 mln krooni (5,1 mln eurot), 2008. aasta 12 kuu seisuga oli 185,0 mln krooni (11,8 mln eurot) 2009. aasta 12 kuuga müüdi Arco Vara projektides kokku 82 korterit ja krunti (2008. aasta 12 kuuga 98 korterit ja krunti). -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | 12 | 12 | IV | IV | 12 | 12 | IV | IV | | | kuud | kuud | kvar | kvartal | kuud | kuud | kvart | kvarta | | | 2009 | 2008 | tal | 2008 | 2009 | 2008 | al | l 2008 | | | | | 2009 | | | | 2009 | | -------------------------------------------------------------------------------- | miljonites | | | | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 541, | 690, | 156, | 150,4 | 34,6 | 44,1 | 10,0 | 9,6 | | ja muu | 6 | 4 | 6 | | | | | | | äritulu | | | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | -271 | -1 | -43, | -943,0 | -17,4 | -67,1 | -2,8 | -60,3 | | | ,6 | 049, | 4 | | | | | | | | | 7 | | | | | | | -------------------------------------------------------------------------------- | s.h | -232 | -993 | -25, | -931,6 | -14,8 | -63,5 | -1,6 | -59,5 | | kinnisvarai | ,1 | ,9 | 7 | | | | | | | nvesteering | | | | | | | | | | ute ja | | | | | | | | | | varude neto | | | | | | | | | | ümberhindlu | | | | | | | | | | sed | | | | | | | | | -------------------------------------------------------------------------------- | Kasum enne | -325 | -1 | -96, | -1 059,6 | -20,8 | -73,6 | -6,2 | -67,7 | | tulumaksu | ,3 | 151, | 6 | | | | | | | | | 3 | | | | | | | -------------------------------------------------------------------------------- | s.h kasum | -3,6 | -41, | 1,2 | -4,7 | -0,2 | -2,6 | 0,1 | -0,3 | | või kahjum | | 3 | | | | | | | | finantsvara | | | | | | | | | | de | | | | | | | | | | võõrandamis | | | | | | | | | | est | | | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | -324 | -1 | -94, | -1 057,6 | -20,7 | -74,1 | -6,1 | -67,6 | | | ,4 | 160, | 9 | | | | | | | | | 1 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EPS | -3,4 | -12, | -1,0 | -11,0 | -0,22 | -0,78 | -0,06 | -0,71 | | (kroonides | 2 | 18 | 0 | | | | | | | ja eurodes) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Varad | 1 | 1 | | | 88,1 | 125,9 | | | | kokku, | 379, | 970, | | | | | | | | perioodi | 2 | 6 | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Investeerit | 1 | 1 | | | 76,0 | 112,5 | | | | ud kapital, | 188, | 760, | | | | | | | | perioodi | 7 | 7 | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Neto | 734, | 842, | | | 46,9 | 53,8 | | | | laenud, | 4 | 0 | | | | | | | | perioodi | | | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Omakapital, | 384, | 709, | | | 24,5 | 45,4 | | | | perioodi | 1 | 7 | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Laenude | 0,9 | 2,5 | | | 0,9 | 2,5 | | | | keskmine | | | | | | | | | | pikkus | | | | | | | | | | (aastates) | | | | | | | | | -------------------------------------------------------------------------------- | Laenude | 5,3% | 7,0% | | | 5,3% | 7,0% | | | | keskmine | | | | | | | | | | intress | | | | | | | | | | (aastas) | | | | | | | | | -------------------------------------------------------------------------------- | ROIC | neg | Neg | | | neg | neg | | | | (jooksev 4 | | | | | | | | | | kvartalit) | | | | | | | | | -------------------------------------------------------------------------------- | ROE | neg | Neg | | | neg | neg | | | | (jooksev 4 | | | | | | | | | | kvartalit) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Töötajate | 163 | 396 | | | 163 | 396 | | | | arv | | | | | | | | | | perioodi | | | | | | | | | | lõpul | | | | | | | | | -------------------------------------------------------------------------------- TULUD JA KASUM 12 kuu koondtulemust mõjutavad enim varade allahindlused. IV kvartalis kajastati varade allahindlusena 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). Varade neto ümberhindlused ja müügikahjumid 12 kuu jooksul kokku olid -265,7 mln krooni (-17,0 mln eurot). 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, Madrid'i projekti lõpetamisele ja likviidsuse parandamisele läbi projektide ja laoseisu müügi. Neljandas kvartalis diskonteeriti täiendavalt nõuet AS Ühendatud Kapitali vastu, mille uus bilansiline maksumus on 32,6 mln krooni (2,1 mln eurot). Ehitusdivisjoni IV kvartali ärikasum ilma varade ja firmaväärtuste allahindlusteta oli 1,6 mln krooni (0,1 mln eurot). Teenindusdivisjoni IV kvartali ärikasum ilma varade allahindlusteta oli -1,0 mln krooni (-0,1 mln eurot). Aasta 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 maatükil 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 | -------------------------------------------------------------------------------- | | 12 | 12 | IV | IV | 12 | 12 | IV | IV | | | kuud | kuud | kvart | kvart | kuud | kuud | kvarta | kvarta | | | 2009 | 2008 | al | al | 2009 | 2008 | l | l 2008 | | | | | 2009 | 2008 | | | 2009 | | -------------------------------------------------------------------------------- | miljonit | | | | | | | | | | es | | | | | | | | | -------------------------------------------------------------------------------- | Müügitul | | | | | | | | | | u ja muu | | | | | | | | | | äritulu | | | | | | | | | -------------------------------------------------------------------------------- | Teenindu | 38,0 | 104,7 | 9,4 | 14,2 | 2,4 | 6,7 | 0,6 | 0,9 | | s | | | | | | | | | -------------------------------------------------------------------------------- | Arendus | 266,6 | 246,4 | 48,2 | 50,7 | 17,0 | 15,7 | 3,1 | 3,2 | -------------------------------------------------------------------------------- | Ehitus | 277,2 | 416,8 | 102,3 | 93,5 | 17,7 | 26,6 | 6,5 | 6,0 | -------------------------------------------------------------------------------- | Eliminee | -40,3 | -77,5 | -3,2 | -8,0 | -2,6 | -5,0 | -0,2 | -0,5 | | rimised | | | | | | | | | -------------------------------------------------------------------------------- | Müügitul | 541,5 | 690,4 | 156,7 | 150,4 | 34,6 | 44,1 | 10,0 | 9,6 | | u ja muu | | | | | | | | | | äritulu | | | | | | | | | | kokku | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | | | | | | | | -------------------------------------------------------------------------------- | Teenindu | -16,6 | -47,9 | -7,1 | -17,2 | -1,1 | -3,1 | -0,5 | -1,1 | | s1 | | | | | | | | | -------------------------------------------------------------------------------- | Arendus | -260, | -985, | -87,3 | -917, | -16,6 | -63,0 | -5,6 | -58,6 | | | 1 | 1 | | 2 | | | | | -------------------------------------------------------------------------------- | Ehitus | -10,1 | 6,3 | -7,3 | -1,4 | -0,6 | 0,4 | -0,5 | -0,1 | -------------------------------------------------------------------------------- | Eliminee | 33,7 | -2,6 | 60,0 | -2,4 | 2,2 | -0,2 | 3,8 | -0,2 | | rimised | | | | | | | | | -------------------------------------------------------------------------------- | Jagamatu | -18,5 | -20,4 | -1,7 | -4,8 | -1,3 | -1,1 | 0,0 | -0,3 | | d | | | | | | | | | | ärikulud | | | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | -271, | -1 | -43,4 | -943, | -17,4 | -67,0 | -2,8 | -60,3 | | kokku | 6 | 049,7 | | 0 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Intressi | -33,5 | 5,1 | -9,5 | -17,5 | -2,1 | 0,3 | -0,6 | -1,1 | | tulud ja | | | | | | | | | | intressi | | | | | | | | | | kulud | | | | | | | | | -------------------------------------------------------------------------------- | Muud | -20,2 | -106, | -43,7 | -99,1 | -1,3 | -6,8 | -2,8 | -6,3 | | finantst | | 7 | | | | | | | | ulud ja | | | | | | | | | | -kulud | | | | | | | | | -------------------------------------------------------------------------------- | Tulumaks | 0,9 | -8,8 | 1,7 | 2,0 | 0,1 | -0,6 | 0,1 | 0,1 | | ukulu | | | | | | | | | -------------------------------------------------------------------------------- | Puhaskas | -324, | -1 | -94,9 | -1 | -20,7 | -74,1 | -6,1 | -67,6 | | um | 4 | 160,1 | | 057,6 | | | | | -------------------------------------------------------------------------------- 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 | -------------------------------------------------------------------------------- | | 12 | 12 | IV | IV | 12 | 12 | IV | IV | | | kuud | kuud | kvart | kvarta | kuud | kuud | kvarta | kvarta | | | 2009 | 2008 | al | l 2008 | 2009 | 2008 | l 2009 | l 2008 | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- | miljonites | | | | | | | | | -------------------------------------------------------------------------------- | Äritegevuse | -23, | -127 | 26,2 | -26,2 | -1,5 | -8,2 | 1,7 | -1,7 | | rahavood | 6 | ,6 | | | | | | | -------------------------------------------------------------------------------- | Investeerim | 95,5 | -62, | 50,0 | 66,1 | 6,1 | -4,0 | 3,2 | 4,2 | | istegevuse | | 6 | | | | | | | | rahavood | | | | | | | | | -------------------------------------------------------------------------------- | Finantseeri | -173 | -402 | -68,0 | -78,8 | -11,1 | -25,7 | -4,3 | -5,0 | | mistegevuse | ,4 | ,2 | | | | | | | | rahavood | | | | | | | | | -------------------------------------------------------------------------------- | Perioodi | -101 | -592 | 8,2 | -38,9 | -6,5 | -37,9 | 0,5 | -2,5 | | rahavood | ,5 | ,4 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Raha ja | 172, | 765, | 62,6 | 211,5 | 11,0 | 48,9 | 4,0 | 13,5 | | raha | 6 | 0 | | | | | | | | ekvivalendi | | | | | | | | | | d perioodi | | | | | | | | | | alguses | | | | | | | | | -------------------------------------------------------------------------------- | Valuutakurs | 0,3 | 0,0 | 0,6 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | i mõju | | | | | | | | | -------------------------------------------------------------------------------- | Raha ja | 71,4 | 172, | 71,4 | 172,6 | 4,5 | 11,0 | 4,5 | 11,0 | | raha | | 6 | | | | | | | | 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. Likviidsuse parandamiseks oleme müünud kolmes ühisettevõttes osalusi, mille tulemusena teenis 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 on tasutud tagatisvarade müügi tulemusena ca 8 mln krooni (0,5 mln eurot). Suurimad lühiajalised kohustused järgmise 12 kuu jooksul: Ahtri projektiga seotud laen 94,3 mln krooni (6,0 mln eurot), projektide „Tivoli” ja „Laeva2” laenud kogusummas 105,5 mln krooni (6,7 mln eurot), „Kodukolde“ projekti laen summas 46,0 mln krooni (2,9 mln eurot), Bišumuiža-1 (BM-1) arendusprojekti laen Riias summas 48,2 mln krooni (3,1 mln eurot), Arvestuslik põhiosatagastus broneeritud pindade müügist projektis „Boulevard Residance Madrid“ Sofias, sest maja valmib hiljemalt I poolaasta jooksul 2010, summas 120,7 mln krooni (7,7 mln eurot), Kommertspaberid summas 18 mln krooni (1,2 mln eurot). Jooksvalt on makstud laene tagasi projektides „Kodukolde” ja Merivälja-2 Tallinnas, „Bišumuiža-1” Riias ning rahavoogu tootvates projektides. Enamus Kontserni kohustusi on eurodes. TEENINDUSDIVISJON Kulude ja ärimudeli optimeerimine on andnud häid tulemusi, kuid ei ole olnud veel piisav jooksvalt puhaskasumi teenimiseks. Rahavooliselt on 12 kuuga divisjoni kulud ja tulud tasakaalus ning emaettevõtte dotatsiooni ei vajatud. Seades esikohale ettevõtte likviidsuse, müüs divisjon 12 kuuga varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte, turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Divisjoni IV kvartali ärikasum oli kokku -7,1 mln krooni (-0,5 mln eurot), millest aastalõpu kinnisvarainvesteeringute allahindlused moodustasid 6,1 mln krooni (0,4 mln eurot). Kvartali ärikasum põhitegevusest oli seega -1,0 mln krooni (-0,1 mln eurot), mis on ajalooliselt üks parimaid tulemusi. Divisjonis jätkub kulustruktuuri optimeerimine ning ärimudeli ja -protsesside ettevalmistamine turuolukorra edasiseks paranemiseks. Kontserni vahendustehingute langus on stabiliseerunud ja näitab kasvutendentsi, kuigi 12 kuu võrdluses on see langenud 41%. Hindamisaktide arv on viimased kolm kvartalit näidanud väikest tõusu, kuigi on aasta võrdluses langenud 51% võrra. 2009. aasta detsembri seisuga töötas divisjonis kokku 66 inimest (2008. aastal 139 inimest). -------------------------------------------------------------------------------- | | 12 kuud | 12 kuud | muutus, | IV kv | IV kv | muutus, % | | | 2009 | 2008 | % | 2009 | 2008 | | -------------------------------------------------------------------------------- | Vahendat | 986 | 1 674 | -41% | 259 | 503 | -49% | | ud | | | | | | | | objektid | | | | | | | | e arv | | | | | | | -------------------------------------------------------------------------------- | Müügis | 151 | 282 | -47% | 171 | 272 | -37% | | olevad | | | | | | | | projekti | | | | | | | | d, tk | | | | | | | -------------------------------------------------------------------------------- | Hindamis | 3 350 | 6 816 | -51% | 898 | 1 637 | -45% | | aktide | | | | | | | | arv | | | | | | | -------------------------------------------------------------------------------- | Hindajat | 34 | 38 | -11% | | | | | e arv* | | | | | | | -------------------------------------------------------------------------------- | Maakleri | 79 | 114 | -31% | | | | | te arv* | | | | | | | -------------------------------------------------------------------------------- | Divisjon | 66 | 139 | -53% | | | | | i | | | | | | | | töötajat | | | | | | | | e arv | | | | | | | | perioodi | | | | | | | | lõpus | | | | | | | -------------------------------------------------------------------------------- * Sisaldab käsunduslepinguid ARENDUSDIVISJON 12 kuuga müüdi Arco Vara projektides 82 korterit või krunti, millest 41 ühikut IV kvartalis. Aruande avaldamise hetkeks on juba müüdud aasta esimese kahe kuuga 18 ühikut ja sõlmimisel on veel 4 tehingut. Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m² hõlmav üürileping Austria supermarketi ketiga Billa ja 4 700 m² kontoripinnale pikaajaline rendileping finantsvahendusettevõttega. Lisaks 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 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. 2010 aasta olulisemaks eesmärgiks on lõpetada Madridi projekt Sofias, kus ka vastavad arenduslaenud said bilansipäevajärgselt pikendatud. Jooksvalt tehakse ettevalmistusi Tallinnas Kodukolde ja Tivoli projektides ja peetakse pankadega läbirääkimisi ehituse finantseerimiseks. Kiirenev müügitempo viib laoseisu miinimumi lähiajal ja käibe tekitamiseks on vaja alustada uute korterite ehitamisega. Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides müügi edendamiseks hindasid langetatud ning oleme müünud osalusi kolmes olulises ühisettevõttes. Osadel töötajatel on optimeeritud nii töötasusid kui ka tööaega. 2009. aasta detsembri seisuga töötas divisjonis kokku 23 inimest (2008. aastal 44 inimest). EHITUSDIVISJON Ehitusdivisjon on võitnud hankeid põhiliselt keskkonna- ja infrastruktuuriehituses. Hangete keskmine maht on langenud ja tellijaks on riigiasutused või omavalitsused. 12 kuuga olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt. Bilansipäevajärgselt on Arco Ehitus OÜ kuulutatud parimaks pakkujaks kas üksinda või konsortsiumis või võitnud allhankeid hangetel kogumahuga 129,9 mln krooni (8,3 mln eurot) (Kose pumplad, Järvamaa Kutsehariduskeskus, Tartu Lennukolledž, Jõgeva linna ja valla torustikud ja Türi torustikud). 12 kuuga sõlmiti uusi ehituslepinguid 171 mln krooni (10,9 mln euro) väärtuses, millest 34 mln krooni (2,2 mln eurot) IV kvartalis. Ehituslepingute järelejäänud maht on 12 kuu seisuga 80,0 mln krooni (5,1 mln eurot). 2009. aasta detsembrikuu seisuga töötas divisjonis kokku 59 inimest (2008. aastal 191 inimest). 29.12.2009 müüdi osalus Arco Construction SIA-s, mille tulemusena vähenes ehitusdivisjoni töötajate arv ca 80 inimese võrra. Konsolideeritud raamatupidamise vahearuanne Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | | Lisa | 12 kuud | 12 kuud | IV kvartal | IV kvartal | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | EEK | | | | | | | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 309 449 | 487 478 | 84 637 | 118 650 | | teenuste | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 95 274 | 172 301 | 43 908 | 33 482 | | kaupade | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 404 723 | 659 779 | 128 545 | 152 132 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Müüdud | 3 | -497 126 | -1 010 810 | -121 327 | -580 097 | | toodangu | | | | | | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | -92 403 | -351 031 | 7 218 | -427 965 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | 136 865 | 30 644 | 28 087 | -1 720 | | äritulud | | | | | | -------------------------------------------------------------------------------- | Turustuskulu | 5 | -4 417 | -12 344 | -1 097 | -568 | | d | | | | | | -------------------------------------------------------------------------------- | Üldhalduskul | 6 | -87 455 | -125 584 | -30 064 | -15 639 | | ud | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | -224 150 | -591 402 | -47 529 | -497 092 | | ärikulud | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | -271 560 | -1 049 717 | -43 385 | -942 984 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 7 | 8 946 | 76 089 | -6 615 | 19 948 | | investeerimi | | | | | | | stegevuse | | | | | | | tulud | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 7 | -62 666 | -177 702 | -46 568 | -136 534 | | investeerimi | | | | | | | stegevuse | | | | | | | kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne | | -325 280 | -1 151 330 | -96 568 | -1 059 570 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | | | | , | | | -------------------------------------------------------------------------------- | Tulumaksukul | | 868 | -8 811 | 1 677 | 1 976 | | u | | | | | | -------------------------------------------------------------------------------- | Aruandeperio | | -324 412 | -1 160 141 | -94 891 | -1 057 594 | | odi | | | | | | | puhaskasum(- | | | | | | | kahjum) | | | | | | -------------------------------------------------------------------------------- | Perioodi | 8 | | | | | | kasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -324 412 | -1 154 959 | -95 001 | -1 047 882 | | osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemus | | 0 | -5 182 | 110 | -9 712 | | osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Muu | | -324 412 | -1 160 141 | -94 891 | -1 057 594 | | koondkahjum | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | | | | | | vahed | | | | | | | välisettvõtt | | | | | | | e | | | | | | | ümberarvesta | | | | | | | misel | | | | | | -------------------------------------------------------------------------------- | Aruandeperio | | 303 | 47 | 19 | -581 | | odi | | | | | | | koondkasum(- | | | | | | | kahjum) | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -324 109 | -1 160 094 | -94 872 | -1 058 175 | | osalus | | | | | | | koondkahjumi | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Vähemus | | -324 109 | -1 154 912 | -94 982 | -1 048 463 | | osalus | | | | | | | koondkahjumi | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Aktsia | 8 | 0 | -5 182 | 110 | -9 712 | | puhaskasum: | | | | | | -------------------------------------------------------------------------------- | - tava | | | | | | -------------------------------------------------------------------------------- | - lahustatud | | -3,42 | -12,18 | -1,00 | -11,05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Lisa | 12 kuud | 12 kuud | IV kvartal | IV kvartal | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | EUR | | | | | | | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 19 777 | 31 156 | 5 409 | 7 583 | | teenuste | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 6 089 | 11 012 | 2 806 | 2 140 | | kaupade | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 25 866 | 42 168 | 8 215 | 9 723 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Müüdud | 3 | -31 772 | -64 603 | -7 754 | -37 075 | | toodangu | | | | | | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | -5 906 | -22 435 | 461 | -27 352 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | 8 747 | 1 959 | 1 795 | -110 | | äritulud | | | | | | -------------------------------------------------------------------------------- | Turustuskulu | 5 | -282 | -789 | -70 | -36 | | d | | | | | | -------------------------------------------------------------------------------- | Üldhalduskul | 6 | -5 589 | -8 026 | -1 921 | -1 000 | | ud | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | -14 326 | -37 797 | -3 038 | -31 770 | | ärikulud | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | -17 356 | -67 088 | -2 773 | -60 268 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 7 | 572 | 4 863 | -423 | 1 275 | | investeerimi | | | | | | | stegevuse | | | | | | | tulud | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 7 | -4 005 | -11 357 | -2 976 | -8 726 | | investeerimi | | | | | | | stegevuse | | | | | | | kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne | | -20 789 | -73 582 | -6 172 | -67 719 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Tulumaksukul | | 55 | -563 | 107 | 126 | | u | | | | | | -------------------------------------------------------------------------------- | Aruandeperio | 8 | -20 734 | -74 145 | -6 065 | -67 593 | | odi | | | | | | | puhaskasum(- | | | | | | | kahjum) | | | | | | -------------------------------------------------------------------------------- | Perioodi | | | | | | | kasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -20 734 | -73 815 | -6 072 | -66 972 | | osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemus | | 0 | -331 | 7 | -621 | | osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Muu | | | | | | | koondkahjum | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | 19 | 3 | 1 | -37 | | vahed | | | | | | | välisettvõtt | | | | | | | e | | | | | | | ümberarvesta | | | | | | | misel | | | | | | -------------------------------------------------------------------------------- | Aruandeperio | | -20 715 | -74 142 | -6 064 | -67 630 | | odi | | | | | | | koondkasum(- | | | | | | | kahjum) | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -20 714 | -73 812 | -6 070 | -67 009 | | osalus | | | | | | | koondkahjumi | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Vähemus | | 0 | -331 | 7 | -621 | | osalus | | | | | | | koondkahjumi | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Aktsia | 8 | | | | | | puhaskasum: | | | | | | -------------------------------------------------------------------------------- | - tava | | -0,22 | -0,78 | -0,06 | -0,71 | -------------------------------------------------------------------------------- | - lahustatud | | -0,22 | -0,78 | -0,06 | -0,71 | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | tuhandetes | Lisa | 31.12.200 | 31.12.200 | 31.12.2009 | 31.12.2008 | | | | 9 | 8 | | | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 71 392 | 172 574 | 71 392 | 11 029 | | ekvivalendid | | | | | | -------------------------------------------------------------------------------- | Finantsinvestee | | 0 | 40 416 | 0 | 2 583 | | ringud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 9 | 164 075 | 294 352 | 164 075 | 18 813 | -------------------------------------------------------------------------------- | Ettemakstud | | 4 889 | 6 165 | 4 889 | 394 | | kulud | | | | | | -------------------------------------------------------------------------------- | Varud | 10 | 776 601 | 849 440 | 776 601 | 54 289 | -------------------------------------------------------------------------------- | Bioloogilised | | 0 | 3 679 | 0 | 235 | | varad | | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | | 1 016 957 | 1 366 626 | 1 016 957 | 87 343 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finantsinvestee | | 15 613 | 255 | 15 613 | 16 | | ringud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 9 | 6 304 | 6 671 | 6 304 | 427 | -------------------------------------------------------------------------------- | Kinnisvarainves | 12 | 328 988 | 542 753 | 328 988 | 34 688 | | teeringud | | | | | | -------------------------------------------------------------------------------- | Materiaalne | 13 | 10 545 | 41 812 | 10 545 | 2 672 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Immateriaalne | 14 | 812 | 12 475 | 812 | 797 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | | 362 262 | 603 966 | 362 262 | 38 600 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 1 379 219 | 1 970 592 | 1 379 219 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 15 | 601 443 | 353 417 | 601 443 | 22 587 | -------------------------------------------------------------------------------- | Võlad | 16 | 94 550 | 132 677 | 94 550 | 8 480 | -------------------------------------------------------------------------------- | Ettemaksed | | 82 164 | 65 174 | 82 164 | 4 165 | -------------------------------------------------------------------------------- | Eraldised | | 12 650 | 5 917 | 12 650 | 378 | -------------------------------------------------------------------------------- | Lühiajalised | | 790 807 | 557 185 | 790 807 | 35 610 | | kohustused | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 15 | 198 099 | 692 919 | 198 099 | 44 286 | -------------------------------------------------------------------------------- | Võlad | 16 | 5 163 | 4 404 | 5 163 | 281 | -------------------------------------------------------------------------------- | Edasilükkunud | | 0 | 20 | 0 | 1 | | tulumaksukohust | | | | | | | us | | | | | | -------------------------------------------------------------------------------- | Eraldised | | 1 100 | 4 291 | 1 100 | 274 | -------------------------------------------------------------------------------- | Pikaajalised | | 204 362 | 701 634 | 204 362 | 44 842 | | kohustused | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED | | 995 169 | 1 258 819 | 995 169 | 80 452 | | KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 952 842 | 952 842 | 952 842 | 60 898 | -------------------------------------------------------------------------------- | Ülekurss | | 0 | 712 514 | 0 | 45 538 | -------------------------------------------------------------------------------- | Kohustuslik | | 31 463 | 31 463 | 31 463 | 2 011 | | reservkapital | | | | | | -------------------------------------------------------------------------------- | Jaotamata kasum | | -596 263 | -984 668 | -596 263 | -62 932 | -------------------------------------------------------------------------------- | Oma aktsiad | | -3 992 | -3 992 | -3 992 | -255 | -------------------------------------------------------------------------------- | Emaettevõtte | 17 | 384 050 | 708 159 | 384 050 | 45 260 | | omanikele | | | | | | | kuuluv | | | | | | | omakapital | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Vähemusosalusel | | 0 | 3 614 | 0 | 231 | | e kuuluv | | | | | | | omakapital | | | | | | -------------------------------------------------------------------------------- | Omakapital | | 384 050 | 711 773 | 384 050 | 45 491 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 1 379 219 | 1 970 592 | 1 379 219 | 125 943 | | OMAKAPITAL | | | | | | | KOKKU | | | | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | 12 kuud | 12 kuud | 12 kuud | 12 kuud | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | | -324 412 | -1 160 141 | -20 734 | -74 145 | -------------------------------------------------------------------------------- | Intressitulud ja | 7 | 33 505 | -5 080 | 2 141 | -325 | | intressikulud | | | | | | -------------------------------------------------------------------------------- | Kasumid ja | | 3 617 | 41 295 | 231 | 2 639 | | kahjumid tütar- | | | | | | | ja ühisettevõtete | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Tulud ja kulud | 7 | -2 032 | -2 429 | -130 | -155 | | muudelt | | | | | | | pikaajalistelt | | | | | | | finantsinvesteeri | | | | | | | ngutelt | | | | | | -------------------------------------------------------------------------------- | Finantsvarade | 7 | 15 685 | 72 435 | 1 002 | 4 629 | | allahindluskulu | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | 3,4,6 | 6 831 | 7 412 | 437 | 474 | | immateriaalse | | | | | | | põhivara | | | | | | | amortisatsioon ja | | | | | | | väärtuse langus | | | | | | -------------------------------------------------------------------------------- | Firmaväärtuse | | 10 896 | 8 720 | 696 | 557 | | allahindlus ja | | | | | | | negatiivse | | | | | | | firmaväärtuse | | | | | | | tulusse kandmine | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | 3,4,6 | 1 550 | -248 | 99 | -16 | | immateriaalse | | | | | | | põhivara müügi | | | | | | | kasum või kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainveste | 4 | -1 088 | -1 535 | -70 | -98 | | eringute müügi | | | | | | | kasum või kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainveste | 4 | 89 941 | 555 629 | 5 748 | 35 511 | | eringute ja | | | | | | | bioloogilise vara | | | | | | | õiglase väärtuse | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Varude | 3 | 142 148 | 434 272 | 9 085 | 27 755 | | ümberhindluse | | | | | | | kasum/kahjum | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | 7 | 2 945 | -4 608 | 188 | -295 | | kasumid ja | | | | | | | kahjumid | | | | | | -------------------------------------------------------------------------------- | Ettevõtte | | 0 | 12 744 | 0 | 814 | | tulumaksukulu | | | | | | -------------------------------------------------------------------------------- | Äritegevuse | | -20 414 | -41 534 | -1 307 | -2 655 | | rahavood enne | | | | | | | käibekapitali | | | | | | | muutuseid | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 59 543 | -12 481 | 3 805 | -798 | | seotud nõuete ja | | | | | | | ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Varude muutus | | -103 439 | -99 831 | -6 611 | -6 380 | -------------------------------------------------------------------------------- | Bioloogiliste | | 2 190 | 0 | 140 | 0 | | varade muutus | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 38 513 | 26 273 | 2 461 | 1 679 | | seotud kohustuste | | | | | | | ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -23 607 | -127 573 | -1 512 | -8 154 | | ÄRITEGEVUSEST | | | | | | | KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | -1 961 | -39 108 | -125 | -2 499 | | immateriaalse | | | | | | | põhivara soetus | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | 5 729 | 729 | 366 | 47 | | immateriaalse | | | | | | | põhivara müük | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainveste | | -3 132 | -4 222 | -200 | -270 | | eringute soetus | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainveste | | 8 581 | 32 218 | 548 | 2 059 | | eringute müük | | | | | | -------------------------------------------------------------------------------- | Tütar- ja | | -585 | -45 875 | -37 | -2 932 | | ühisettevõtete | | | | | | | soetus | | | | | | -------------------------------------------------------------------------------- | Tütar- ja | | 38 105 | -2 912 | 2 435 | -186 | | ühisettevõtete | | | | | | | müük | | | | | | -------------------------------------------------------------------------------- | Muude | | 0 | -202 665 | 0 | -12 953 | | finantsinvesteeri | | | | | | | ngute soetus | | | | | | -------------------------------------------------------------------------------- | Muude | | 40 416 | 294 621 | 2 583 | 18 830 | | finantsinvesteeri | | | | | | | ngute müük | | | | | | -------------------------------------------------------------------------------- | Antud laenud | | -2 111 | -130 158 | -135 | -8 319 | -------------------------------------------------------------------------------- | Antud laenude | | 5 878 | 2 422 | 376 | 155 | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 4 618 | 32 328 | 295 | 2 066 | -------------------------------------------------------------------------------- | RAHAVOOD | | 95 538 | -62 622 | 6 106 | -4 002 | | INVESTEERIMISTEGE | | | | | | | VUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Saadud laenud | | 120 998 | 312 739 | 7 733 | 19 988 | -------------------------------------------------------------------------------- | Laenude ja | | -241 699 | -570 911 | -15 447 | -36 488 | | kapitalirendikohu | | | | | | | stuste | | | | | | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Arvelduskrediidi | | 0 | -14 | 0 | -1 | | muutus | | | | | | -------------------------------------------------------------------------------- | Oma aktsiate | | 0 | -3 992 | 0 | -255 | | tagasiost | | | | | | -------------------------------------------------------------------------------- | Makstud intressid | | -47 261 | -82 271 | -3 021 | -5 258 | -------------------------------------------------------------------------------- | Makstud | | -5 454 | -42 274 | -349 | -2 702 | | dividendid | | | | | | -------------------------------------------------------------------------------- | Makstud | | 0 | -15 516 | 0 | -992 | | dividendide | | | | | | | tulumaks | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -173 416 | -402 239 | -11 084 | -25 708 | | FINANTSEERIMISEGE | | | | | | | VUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | | -101 485 | -592 434 | -6 490 | -37 864 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 172 574 | 765 008 | 11 029 | 48 893 | | ekvivalendid | | | | | | | perioodi alguses | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | -101 485 | -592 434 | -6 486 | -37 864 | | ekvivalentide | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Valuutakursi mõju | | 303 | | 19 | 0 | -------------------------------------------------------------------------------- | Raha ja raha | | 71 392 | 172 574 | 4 562 | 11 029 | | ekvivalendid | | | | | | | perioodi lõpus | | | | | | --------------------------------------------------------------------------------
Title
FOURTH QUARTER AND TWELVE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Message
Comments by the CEO Within 12 months 2009, 82 apartments or plots were sold in Arco Vara projects, thereby 41 of them in the fourth quarter. In Latvia, 12 Bišumuiža apartments and 11 residential plots in the project near the Mazais Baltezers lake. In Estonia, 44 Kodukolle apartments and 16 Merivälja apartments 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. A long-term lease agreement was concluded with a financial intermediary company that will lease 4 700 m2 office space. 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 stay in competition and accelerate sales pace, we were forced to reduce plot and apartment prices in all Arco Vara projects in the first half-year. The restructuring of the service division has considerably reduced its administration costs, and the operating loss of the quarter has reduced to 1.0 million kroons (0.063 million euros). Reduction of the number of employees has stopped and the staff makes up 47% on year-over-year basis. Within 12 months, the division has sold most of its real estate objects acquired for short-term investments. This has 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 and network 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. This allows increasing service provision with unlimited means in these countries, with a future focus on Estonia, Latvia and Bulgaria. In the construction division, new agreements in the amount of 171 million kroons (10.9 million euros) were concluded during the twelve months, thereof 34.0 millions kroons (2.2 million euros) in the 4th quarter. After the balance sheet date, Arco Ehitus OÜ has been announced as best tenderer either alone or in a consortium in tender with a total value of 129.9 million kroons (8.3 million euros). In summary: The overall result of 12 months was most influenced by fair value adjustments. The gross profit without revaluation was 49.7 million kroons (3.2 million euros), whereof in the fourth quarter 14.3 million kroons (0.9 million euros). The net profit without revaluation of inventory, property investment, financial assets, and goodwill, and without the loss of transfer of holdings and assets amounted to -58.7 million kroons (-3.7 million euros), whereof the net profit of the fourth quarter made up -23.2 million kroons (-1.4 million euros). The savings in fixed costs on the year-over-year basis have exceeded the original expectations of the management two times. The Group considers the relation between construction prices and sales perspective good enough to start the last stage of the Kodukolde (96 apartments) and Tivoli (approx. 150 apartments) developments. The Group is carrying on negotiations with potential partners and banks in order to find a favourable financing structure for both projects. In order to improve liquidity, the Group has, on a current basis, sold smaller property investments and holdings in three joint ventures where the working capital was not under the full control of the Group. By selling the holdings, the company improved its liquidity position by 55 million kroons (3.5 million euros). Due to adapting the Arco Vara AS management structure to the reduced operations and cost saving policy, the number of Members of the Board was reduced and two Members of the Board were removed in the 3rd quarter. As Member of the Board of Arco Vara, Lembit Tampere continues his work. MAIN INDICATORS OF THE 12 MONTHS Revenue and other income for the twelve months totalled 541.6 million kroons (34.6 million euros), 21.5% down year-over-year. Operating loss amounted to 271.6 million kroons (17.4 million euros), which is 74.1% less than last year Net loss amounted toto 324.4 million kroons (20.7 million euros), 72.0% less than last year Equity ratio was 27.8% (12 months 2008: 36.1%). ROE was negative (12 months 2008: negative). ROIC was negative (12 months 2008: negative). In the construction division, new agreements in the amount of 171.0 million kroons (10.9 million euros) were concluded, 12 months 2008: 299.0 million kroons (19.1 million euros). At the end of the reporting period, the construction business order backlog was 80 million kroons (5.1 million euros), 12 months 2008: 185.0 million kroons (11.8 million euros). Within 12 months, 82 apartments or plots were sold in Arco Vara projects (12 months 2008: 98). -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | 12 | 12 | Q4 | Q4 2008 | 12 | 12 | Q4 | Q4 | | | mont | mont | 2009 | | month | month | 2009 | 2008 | | | hs | hs | | | s | s | | | | | 2009 | 2008 | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | In millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenue and | 541, | 690, | 156, | 150,4 | 34,6 | 44,1 | 10,0 | 9,6 | | other | 6 | 4 | 6 | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | -271 | -1 | -43, | -943,0 | -17,4 | -67,1 | -2,8 | -60,3 | | | ,6 | 049, | 4 | | | | | | | | | 7 | | | | | | | -------------------------------------------------------------------------------- | incl. | -232 | -993 | -25, | -931,6 | -14,8 | -63,5 | -1,6 | -59,5 | | revaluation | ,1 | ,9 | 7 | | | | | | | of | | | | | | | | | | investment | | | | | | | | | | property | | | | | | | | | | and | | | | | | | | | | inventory | | | | | | | | | -------------------------------------------------------------------------------- | Profit / | -325 | -1 | -96, | -1 059,6 | -20,8 | -73,6 | -6,2 | -67,7 | | loss before | ,3 | 151, | 6 | | | | | | | tax | | 3 | | | | | | | -------------------------------------------------------------------------------- | incl. | -3,6 | -41, | 1,2 | -4,7 | -0,2 | -2,6 | 0,1 | -0,3 | | profit or | | 3 | | | | | | | | loss from | | | | | | | | | | transfer of | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | -------------------------------------------------------------------------------- | Net profit | -324 | -1 | -94, | -1 057,6 | -20,7 | -74,1 | -6,1 | -67,6 | | / loss | ,4 | 160, | 9 | | | | | | | | | 1 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EPS 1 (in | -3,4 | -12, | -1,0 | -11,0 | -0,22 | -0,78 | -0,06 | -0,71 | | kroons and | 2 | 18 | 0 | | | | | | | euros) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1 | 1 | | | 88,1 | 125,9 | | | | assets at | 379, | 970, | | | | | | | | period end | 2 | 6 | | | | | | | -------------------------------------------------------------------------------- | Invested | 1 | 1 | | | 76,0 | 112,5 | | | | capital at | 188, | 760, | | | | | | | | period end | 7 | 7 | | | | | | | -------------------------------------------------------------------------------- | Net loans | 734, | 842, | | | 46,9 | 53,8 | | | | at period | 4 | 0 | | | | | | | | end | | | | | | | | | -------------------------------------------------------------------------------- | Equity at | 384, | 709, | | | 24,5 | 45,4 | | | | period end | 1 | 7 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Average | 0,9 | 2,5 | | | 0,9 | 2,5 | | | | loan term | | | | | | | | | | (in years) | | | | | | | | | -------------------------------------------------------------------------------- | Average | 5,3% | 7,0% | | | 5,3% | 7,0% | | | | interest | | | | | | | | | | rate of | | | | | | | | | | loans (per | | | | | | | | | | year) | | | | | | | | | -------------------------------------------------------------------------------- | ROIC | neg | Neg | | | neg | neg | | | | (rolling 4 | | | | | | | | | | quarters) | | | | | | | | | -------------------------------------------------------------------------------- | ROE | neg | Neg | | | neg | neg | | | | (rolling 4 | | | | | | | | | | quarters) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Number of | 163 | 396 | | | 163 | 396 | | | | staff at | | | | | | | | | | period end | | | | | | | | | -------------------------------------------------------------------------------- REVENUE AND PROFIT The overall result of 12 months was most influenced by fair value adjustments. In the 4th quarter, the loss related to the transfer of holdings in three substantial joint ventures was reflected as fair value adjustment. As a result of the transaction, investment property was written down by 134.4 million kroons (8.6 million euros) and financial assets by 4.5 million kroons (0.3 million euros) as of end of 9 months The total net adjustments and losses on sale within 12 months amounted to 265.7 million kroons (-17.0 million euros). 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, completing the Madrid project, and improving the liquidity through the sales of projects and stock. In the fourth quarter, the claim against AS Ühendatud Kapital with the new book value of 32.6 million kroons (2.1 million euros) was additionally discounted. Construction division EBIT in the 4th quarter without asset and goodwill write down was 1.6 million kroons (0.1 million euros). Service division EBIT in the 4th quarter without asset write down was -1.0 million kroons (-0.1 million euros). The biggest write up of the year 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 residential 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.In the fourth quarter, the claim against AS Ühendatud Kapital with the new book value of 32.6 million kroons (2.1 million euros) was additionally discounted. -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | 12 | 12 | Q4 | Q4 | 12 | 12 | Q4 | Q4 | | | month | month | 2009 | 2008 | months | months | 2009 | 2008 | | | s | s | | | 2009 | 2008 | | | | | 2009 | 2008 | | | | | | | -------------------------------------------------------------------------------- | In | | | | | | | | | | millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenue | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Services | 38,0 | 104,7 | 9,4 | 14,2 | 2,4 | 6,7 | 0,6 | 0,9 | -------------------------------------------------------------------------------- | Developm | 266,6 | 246,4 | 48,2 | 50,7 | 17,0 | 15,7 | 3,1 | 3,2 | | ent | | | | | | | | | -------------------------------------------------------------------------------- | Construc | 277,2 | 416,8 | 102,3 | 93,5 | 17,7 | 26,6 | 6,5 | 6,0 | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminat | -40,3 | -77,5 | -3,2 | -8,0 | -2,6 | -5,0 | -0,2 | -0,5 | | ions | | | | | | | | | -------------------------------------------------------------------------------- | Total | 541,5 | 690,4 | 156,7 | 150,4 | 34,6 | 44,1 | 10,0 | 9,6 | | revenue | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | | | | | | | | | -------------------------------------------------------------------------------- | Services | -16,6 | -47,9 | -7,1 | -17,2 | -1,1 | -3,1 | -0,5 | -1,1 | -------------------------------------------------------------------------------- | Developm | -260, | -985, | -87,3 | -917, | -16,6 | -63,0 | -5,6 | -58,6 | | ent | 1 | 1 | | 2 | | | | | -------------------------------------------------------------------------------- | Construc | -10,1 | 6,3 | -7,3 | -1,4 | -0,6 | 0,4 | -0,5 | -0,1 | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminat | 33,7 | -2,6 | 60,0 | -2,4 | 2,2 | -0,2 | 3,8 | -0,2 | | ions | | | | | | | | | -------------------------------------------------------------------------------- | Unalloca | -18,5 | -20,4 | -1,7 | -4,8 | -1,3 | -1,1 | 0,0 | -0,3 | | ted | | | | | | | | | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | Total | -271, | -1 | -43,4 | -943, | -17,4 | -67,0 | -2,8 | -60,3 | | EBIT | 6 | 049,7 | | 0 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Interest | -33,5 | 5,1 | -9,5 | -17,5 | -2,1 | 0,3 | -0,6 | -1,1 | | income | | | | | | | | | | and | | | | | | | | | | expense | | | | | | | | | -------------------------------------------------------------------------------- | Net | -20,2 | -106, | -43,7 | -99,1 | -1,3 | -6,8 | -2,8 | -6,3 | | other | | 7 | | | | | | | | financia | | | | | | | | | | l items | | | | | | | | | -------------------------------------------------------------------------------- | Income | 0,9 | -8,8 | 1,7 | 2,0 | 0,1 | -0,6 | 0,1 | 0,1 | | tax | | | | | | | | | | expense | | | | | | | | | -------------------------------------------------------------------------------- | Net | -324, | -1 | -94,9 | -1 | -20,7 | -74,1 | -6,1 | -67,6 | | profit / | 4 | 160,1 | | 057,6 | | | | | | loss | | | | | | | | | -------------------------------------------------------------------------------- CASH FLOWS -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | 12 | 12 | Q4 | Q4 | 12 | 12 | Q4 | Q4 | | | month | mont | 2009 | 2008 | month | month | 2009 | 2008 | | | s | hs | | | s | s | | | | | 2009 | 2008 | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | In millions | | | | | | | | | -------------------------------------------------------------------------------- | Cash flows | -23,6 | -127 | 26,2 | -26,2 | -1,5 | -8,2 | 1,7 | -1,7 | | from | | ,6 | | | | | | | | operating | | | | | | | | | | activities | | | | | | | | | -------------------------------------------------------------------------------- | Cash flows | 95,5 | -62, | 50,0 | 66,1 | 6,1 | -4,0 | 3,2 | 4,2 | | from | | 6 | | | | | | | | investing | | | | | | | | | | activities | | | | | | | | | -------------------------------------------------------------------------------- | Cash flows | -173, | -402 | -68,0 | -78,8 | -11,1 | -25,7 | -4,3 | -5,0 | | from | 4 | ,2 | | | | | | | | financing | | | | | | | | | | activities | | | | | | | | | -------------------------------------------------------------------------------- | Net cash | -101, | -592 | 8,2 | -38,9 | -6,5 | -37,9 | 0,5 | -2,5 | | flow | 5 | ,4 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Cash and | 172,6 | 765, | 62,6 | 211,5 | 11,0 | 48,9 | 4,0 | 13,5 | | cash | | 0 | | | | | | | | equivalents | | | | | | | | | | at | | | | | | | | | | beginning | | | | | | | | | | of period | | | | | | | | | -------------------------------------------------------------------------------- | Effect of | 0,3 | 0,0 | 0,6 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | | exchange | | | | | | | | | | rate | | | | | | | | | | fluctuation | | | | | | | | | | s | | | | | | | | | -------------------------------------------------------------------------------- | Cash and | 71,4 | 172, | 71,4 | 172,6 | 4,5 | 11,0 | 4,5 | 11,0 | | cash | | 6 | | | | | | | | equivalents | | | | | | | | | | 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. Holdings in three joint ventures were sold, as a result of which the Group improved its liquidity by 55 million kroons (3.5 million euros). 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 as a result of the sales of security assets. Major short-term liabilities during the next 12 months: the Ahtri project loan of 94.3 million kroons (6.0 million euros), „Tivoli” and „Laeva2” project loans in the total amount of 105.5 million kroons (6.7 million euros) „Kodukolde“ project loan in the amount of 46.0 million kroons (2.9 million euros). The loan for the Bišumuiža-1 (BM-1) development project in Riga in the amount of 48.2 million kroons (3.1 million euros), Calculated principal returns from the sales of booked spaces in the „Boulevard Residance Madrid“ project on Sofia as the house will be finished by the 1st half-year 2010 at the latest, in an amount of 120.7 million kroons (7.7 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 as well as in projects creating cash flow. Most of the liabilities of the Group are in euros. SERVICE DIVISION Cost and business model optimisation has had good results but is still not sufficient for earning net profit on a current basis. By cash flow, the revenues and expenses of the division are in balance during the 12-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 12 months objects that were acquired earlier as short-term investments, due to the market situation, the prices have sometimes been under the book value. Division total EBIT was amounted to -7.1 million kroons (-0.4 million euros), whereof year-end investment property adjustments made up -6.1 million kroons (-0.4 million euros). Thus, quarter EBIT from the main activities -1.0 million kroons (-0.1 million euros) which is historically one of the best results. Optimisation of the cost structure and preparation of the business model and processes for the further improvement of the market situation is going on in the division. The number of brokerage transactions of the Group in 12 months has decreased by 41%, but the fall has stabilized recently. The number of valuation reports has decreased on year-over-year basis by 51%, but has demonstrated a slight increase during the last three quarters. As at the end of the 12-month period, the division employed 66 persons (12 months 2008: 139 persons). -------------------------------------------------------------------------------- | | 12 | 12 | change, | 2009 Q4 | 2008 Q4 | change, % | | | months | months | % | | | | | | 2009 | 2008 | | | | | -------------------------------------------------------------------------------- | Number | 986 | 1 674 | -41% | 259 | 503 | -49% | | of | | | | | | | | brokered | | | | | | | | objects | | | | | | | -------------------------------------------------------------------------------- | Projects | 151 | 282 | -47% | 171 | 272 | -37% | | being | | | | | | | | sold, | | | | | | | | pcs. | | | | | | | -------------------------------------------------------------------------------- | Number | 3 350 | 6 816 | -51% | 898 | 1 637 | -45% | | of | | | | | | | | valuatio | | | | | | | | n | | | | | | | | reports | | | | | | | -------------------------------------------------------------------------------- | Number | 34 | 38 | -11% | | | | | of | | | | | | | | appraise | | | | | | | | rs* | | | | | | | -------------------------------------------------------------------------------- | Number | 79 | 114 | -31% | | | | | of real | | | | | | | | estate | | | | | | | | brokers* | | | | | | | -------------------------------------------------------------------------------- | Average | 66 | 139 | -53% | | | | | number | | | | | | | | of staff | | | | | | | -------------------------------------------------------------------------------- * Includes authorisation agreements DEVELOPMENT DIVISION Within 12 months, 82 apartments or plots were sold in Arco Vara projects, thereby 41 of them in the fourth quarter. By the time of publishing the report, 18 units have been sold within two first months of the year and 4 additional transactions are in process. 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, and a long-term lease agreement with a financial intermediary company for 4 700 m2 office space. Additionally, 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 the refinancing of land bank loans in Estonia. Although the cash flow of the Group is tense, we consider it to be sensible to finish the unfinished projects thanks to 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. Top priority for 2010 is completion of Madrid project where after the balancing date corresponding loans were prolonged. On a current basis, preparations are made in the Kodukolde and Tivoli projects in Tallinn, and negotiations held with banks on refinancing the construction. In the near future, the faster sales pace will bring the inventory to a minimum and in order to create turnover, building of new apartments has to be started. In order to manage the liquidity risk, the prices have been decreased in the ongoing projects in the Baltics and Sofia to improve sales, and holdings in three substantial joint ventures sold. For some employees, salaries and working times have been reduced. As at the end of the 12-month period, the division employed 23 persons (12 months 2008: 44 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 institutions or local governments. During twelve months, the major new construction agreements were the Emajõe-Võhandu drinking water project and the Kohtla-Järve-Kiviõli sewerage project. After the balance sheet date, Arco Ehitus OÜ has been announced as best tenderer either alone or in a consortium or as subcontractor in tenders with a total value of 129.9 million kroons (8.3 million euros) (Kose pumping stations, Järvamaa Vocational Education Centre, Tartu Aviation College, Jõgeva city and parish pipework, Türi pipework). Within twelve months, new agreements in the amount of 171 million kroons (10.9 million euros) were concluded, thereof 34 millions kroons (2.2 million euros) in the 4th quarter. The backlog volume at the end of the year is 80.0 million kroons (5.1 million euros). At the year-end the division employed 59 persons (12 months 2008: 191 persons). On 29.12.2009, the holding in Arco Construction SIA was sold, as a result the number of employees in the Construction Division reduced by about 80 persons. Condensed consolidated interim financial statements Condensed consolidated income statement -------------------------------------------------------------------------------- | | Note | 12 months | 12 months | Q4 2009 | Q4 2008 | | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | in EEK, | | | | | | | thousands | | | | | | -------------------------------------------------------------------------------- | Rendering of | | 309 449 | 487 478 | 84 637 | 118 650 | | services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 95 274 | 172 301 | 43 908 | 33 482 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | | 404 723 | 659 779 | 128 545 | 152 132 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | 3 | -497 126 | -1 010 810 | -121 327 | -580 097 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross profit | | -92 403 | -351 031 | 7 218 | -427 965 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | 4 | 136 865 | 30 644 | 28 087 | -1 720 | | operating | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Selling and | 5 | -4 417 | -12 344 | -1 097 | -568 | | distribution | | | | | | | costs | | | | | | -------------------------------------------------------------------------------- | Administrati | 6 | -87 455 | -125 584 | -30 064 | -15 639 | | ve expenses | | | | | | -------------------------------------------------------------------------------- | Other | 4 | -224 150 | -591 402 | -47 529 | -497 092 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | EBIT | | -271 560 | -1 049 717 | -43 385 | -942 984 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 8 946 | 76 089 | -6 615 | 19 948 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | -62 666 | -177 702 | -46 568 | -136 534 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit / | | -325 280 | -1 151 330 | -96 568 | -1 059 570 | | loss before | | | | | | | tax | | | | | | -------------------------------------------------------------------------------- | | | | , | | | -------------------------------------------------------------------------------- | Income tax | | 868 | -8 811 | 1 677 | 1 976 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit / | | -324 412 | -1 160 141 | -94 891 | -1 057 594 | | loss for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Profit | 8 | | | | | | distribution | | | | | | | for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -324 412 | -1 154 959 | -95 001 | -1 047 882 | | company's | | | | | | | participatio | | | | | | | n in loss | | | | | | -------------------------------------------------------------------------------- | Minority | | 0 | -5 182 | 110 | -9 712 | | interest in | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | | | -324 412 | -1 160 141 | -94 891 | -1 057 594 | -------------------------------------------------------------------------------- | Other | | | | | | | aggregated | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Exchange | | 303 | 47 | 19 | -581 | | rate | | | | | | | differences | | | | | | | in | | | | | | | converting | | | | | | | foreign | | | | | | | company | | | | | | -------------------------------------------------------------------------------- | Aggregate | | -324 109 | -1 160 094 | -94 872 | -1 058 175 | | profit / | | | | | | | loss for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Parent | | -324 109 | -1 154 912 | -94 982 | -1 048 463 | | company | | | | | | | participatio | | | | | | | n in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | 8 | 0 | -5 182 | 110 | -9 712 | | interest in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Earning per | | | | | | | share | | | | | | -------------------------------------------------------------------------------- | - basic | | -3,42 | -12,18 | -1,00 | -11,05 | -------------------------------------------------------------------------------- | - diluted | | -3,42 | -12,18 | | -1,00 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Note | 12 months | 12 months | Q4 2009 | Q4 2008 | | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | in EUR, | | | | | | | thousands | | | | | | -------------------------------------------------------------------------------- | Rendering of | | 19 777 | 31 156 | 5 409 | 7 583 | | services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 6 089 | 11 012 | 2 806 | 2 140 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | | 25 866 | 42 168 | 8 215 | 9 723 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | 3 | -31 772 | -64 603 | -7 754 | -37 075 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross profit | | -5 906 | -22 435 | 461 | -27 352 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | 4 | 8 747 | 1 959 | 1 795 | -110 | | operating | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Selling and | 5 | -282 | -789 | -70 | -36 | | distribution | | | | | | | costs | | | | | | -------------------------------------------------------------------------------- | Administrati | 6 | -5 589 | -8 026 | -1 921 | -1 000 | | ve expenses | | | | | | -------------------------------------------------------------------------------- | Other | 4 | -14 326 | -37 797 | -3 038 | -31 770 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | EBIT | | -17 356 | -67 088 | -2 773 | -60 268 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 572 | 4 863 | -423 | 1 275 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | -4 005 | -11 357 | -2 976 | -8 726 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit / | | -20 789 | -73 582 | -6 172 | -67 719 | | loss before | | | | | | | tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | 55 | -563 | 107 | 126 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit / | 8 | -20 734 | -74 145 | -6 065 | -67 593 | | loss for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | | | distribution | | | | | | | for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -20 734 | -73 815 | -6 072 | -66 972 | | company's | | | | | | | participatio | | | | | | | n in loss | | | | | | -------------------------------------------------------------------------------- | Minority | | 0 | -331 | 7 | -621 | | interest in | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | aggregated | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Exchange | | 19 | 3 | 1 | -37 | | rate | | | | | | | differences | | | | | | | in | | | | | | | converting | | | | | | | foreign | | | | | | | company | | | | | | -------------------------------------------------------------------------------- | Aggregate | | -20 715 | -74 142 | -6 064 | -67 630 | | profit / | | | | | | | loss for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Parent | | -20 714 | -73 812 | -6 070 | -67 009 | | company | | | | | | | participatio | | | | | | | n in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | | 0 | -331 | 7 | -621 | | interest in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Earning per | 8 | | | | | | share | | | | | | -------------------------------------------------------------------------------- | - basic | | -0,22 | -0,78 | -0,06 | -0,71 | -------------------------------------------------------------------------------- | - diluted | | -0,22 | -0,78 | -0,06 | -0,71 | -------------------------------------------------------------------------------- Consolidated statement of financial position -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 31.12.200 | 31.12.200 | 31.12.2009 | 31.12.2008 | | | | 9 | 8 | | | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 71 392 | 172 574 | 71 392 | 11 029 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Financial | | 0 | 40 416 | 0 | 2 583 | | assets | | | | | | -------------------------------------------------------------------------------- | Receivables | 9 | 164 075 | 294 352 | 164 075 | 18 813 | -------------------------------------------------------------------------------- | Prepayments | | 4 889 | 6 165 | 4 889 | 394 | -------------------------------------------------------------------------------- | Inventories | 10 | 776 601 | 849 440 | 776 601 | 54 289 | -------------------------------------------------------------------------------- | Biological | | 0 | 3 679 | 0 | 235 | | assets | | | | | | -------------------------------------------------------------------------------- | Total current | | 1 016 957 | 1 366 626 | 1 016 957 | 87 343 | | assets | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial | | 15 613 | 255 | 15 613 | 16 | | assets | | | | | | -------------------------------------------------------------------------------- | Receivables | 9 | 6 304 | 6 671 | 6 304 | 427 | -------------------------------------------------------------------------------- | Investment | 12 | 328 988 | 542 753 | 328 988 | 34 688 | | property | | | | | | -------------------------------------------------------------------------------- | Property, plant | 13 | 10 545 | 41 812 | 10 545 | 2 672 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Intangible | 14 | 812 | 12 475 | 812 | 797 | | assets | | | | | | -------------------------------------------------------------------------------- | Total | | 362 262 | 603 966 | 362 262 | 38 600 | | non-current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 1 379 219 | 1 970 592 | 1 379 219 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 15 | 601 443 | 353 417 | 601 443 | 22 587 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 16 | 94 550 | 132 677 | 94 550 | 8 480 | -------------------------------------------------------------------------------- | Deferred income | | 82 164 | 65 174 | 82 164 | 4 165 | -------------------------------------------------------------------------------- | Provisions | | 12 650 | 5 917 | 12 650 | 378 | -------------------------------------------------------------------------------- | Total current | | 790 807 | 557 185 | 790 807 | 35 610 | | liabilities | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 15 | 198 099 | 692 919 | 198 099 | 44 286 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 16 | 5 163 | 4 404 | 5 163 | 281 | -------------------------------------------------------------------------------- | Deferred income | | 0 | 20 | 0 | 1 | | tax liability | | | | | | -------------------------------------------------------------------------------- | Provisions | | 1 100 | 4 291 | 1 100 | 274 | -------------------------------------------------------------------------------- | Total | | 204 362 | 701 634 | 204 362 | 44 842 | | non-current | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 995 169 | 1 258 819 | 995 169 | 80 452 | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Share capital | | 952 842 | 952 842 | 952 842 | 60 898 | -------------------------------------------------------------------------------- | Share premium | | 0 | 712 514 | 0 | 45 538 | -------------------------------------------------------------------------------- | Statutory | | 31 463 | 31 463 | 31 463 | 2 011 | | capital reserve | | | | | | -------------------------------------------------------------------------------- | Retained | | -596 263 | -984 668 | -596 263 | -62 932 | | earnings | | | | | | -------------------------------------------------------------------------------- | Own shares | | -3 992 | -3 992 | -3 992 | -255 | -------------------------------------------------------------------------------- | Total equity | 17 | 384 050 | 708 159 | 384 050 | 45 260 | | attributable to | | | | | | | equity holders | | | | | | | of the parent | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Minority | | 0 | 3 614 | 0 | 231 | | interests | | | | | | -------------------------------------------------------------------------------- | Total equity | | 384 050 | 711 773 | 384 050 | 45 491 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1 379 219 | 1 970 592 | 1 379 219 | 125 943 | | LIABILITIES AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- Condensed consolidated interim cash flow statement -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 12 months | 12 months | 12 months | 12 months | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Net profit / loss | | -324 412 | -1 160 141 | -20 734 | -74 145 | -------------------------------------------------------------------------------- | Interest income | 7 | 33 505 | -5 080 | 2 141 | -325 | | and expense | | | | | | -------------------------------------------------------------------------------- | Gains and losses | | 3 617 | 41 295 | 231 | 2 639 | | on disposal of | | | | | | | subsidiaries and | | | | | | | interests in | | | | | | | jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Gains and losses | 7 | -2 032 | -2 429 | -130 | -155 | | on other | | | | | | | financial assets | | | | | | -------------------------------------------------------------------------------- | Impairment losses | 7 | 15 685 | 72 435 | 1 002 | 4 629 | | on financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Depreciation, | 3,4,6 | 6 831 | 7 412 | 437 | 474 | | amortisation and | | | | | | | impairment losses | | | | | | | on property, | | | | | | | plant and | | | | | | | equipment and | | | | | | | intangible assets | | | | | | -------------------------------------------------------------------------------- | Goodwill | | 10 896 | 8 720 | 696 | 557 | | adjustments and | | | | | | | recognition of | | | | | | | negative goodwill | | | | | | | as revenues | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 3,4,6 | 1 550 | -248 | 99 | -16 | | the sale of | | | | | | | property, plant | | | | | | | and equipment and | | | | | | | intangible assets | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 4 | -1 088 | -1 535 | -70 | -98 | | the sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Change in the | 4 | 89 941 | 555 629 | 5 748 | 35 511 | | fair value of | | | | | | | investment | | | | | | | property and | | | | | | | biological assets | | | | | | -------------------------------------------------------------------------------- | Profit/loss from | 3 | 142 148 | 434 272 | 9 085 | 27 755 | | property and | | | | | | | inventory | | | | | | | revaluation | | | | | | -------------------------------------------------------------------------------- | Exchange gains | 7 | 2 945 | -4 608 | 188 | -295 | | and losses | | | | | | -------------------------------------------------------------------------------- | Corporate income | | 0 | 12 744 | 0 | 814 | | tax expense | | | | | | -------------------------------------------------------------------------------- | Operating cash | | -20 414 | -41 534 | -1 307 | -2 655 | | flow before | | | | | | | working capital | | | | | | | changes | | | | | | -------------------------------------------------------------------------------- | Change in | | 59 543 | -12 481 | 3 805 | -798 | | receivables and | | | | | | | prepayments | | | | | | -------------------------------------------------------------------------------- | Change in | | -103 439 | -99 831 | -6 611 | -6 380 | | inventories | | | | | | -------------------------------------------------------------------------------- | Change in | | 2 190 | 0 | 140 | 0 | | biological assets | | | | | | -------------------------------------------------------------------------------- | Change in | | 38 513 | 26 273 | 2 461 | 1 679 | | payables and | | | | | | | deferred income | | | | | | -------------------------------------------------------------------------------- | NET CASH USED IN | | -23 607 | -127 573 | -1 512 | -8 154 | | OPERATING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -1 961 | -39 108 | -125 | -2 499 | | property, plant | | | | | | | and equipment and | | | | | | | intangible assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 5 729 | 729 | 366 | 47 | | sale of property, | | | | | | | plant and | | | | | | | equipment and | | | | | | | intangible assets | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -3 132 | -4 222 | -200 | -270 | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 8 581 | 32 218 | 548 | 2 059 | | sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -585 | -45 875 | -37 | -2 932 | | subsidiaries and | | | | | | | interests in | | | | | | | jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 38 105 | -2 912 | 2 435 | -186 | | disposal of | | | | | | | subsidiaries and | | | | | | | interests in | | | | | | | jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | 0 | -202 665 | 0 | -12 953 | | other financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 40 416 | 294 621 | 2 583 | 18 830 | | sale of other | | | | | | | financial assets | | | | | | -------------------------------------------------------------------------------- | Loans granted | | -2 111 | -130 158 | -135 | -8 319 | -------------------------------------------------------------------------------- | Repayment of | | 5 878 | 2 422 | 376 | 155 | | loans granted | | | | | | -------------------------------------------------------------------------------- | Interest received | | 4 618 | 32 328 | 295 | 2 066 | -------------------------------------------------------------------------------- | NET CASH USED IN | | 95 538 | -62 622 | 6 106 | -4 002 | | / FROM INVESTING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 120 998 | 312 739 | 7 733 | 19 988 | | loans received | | | | | | -------------------------------------------------------------------------------- | Repayment of | | -241 699 | -570 911 | -15 447 | -36 488 | | loans and payment | | | | | | | of finance lease | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Change in | | 0 | -14 | 0 | -1 | | overdraft | | | | | | -------------------------------------------------------------------------------- | Repurchase of own | | 0 | -3 992 | 0 | -255 | | shares | | | | | | -------------------------------------------------------------------------------- | Interest paid | | -47 261 | -82 271 | -3 021 | -5 258 | -------------------------------------------------------------------------------- | Dividends paid | | -5 454 | -42 274 | -349 | -2 702 | -------------------------------------------------------------------------------- | Income tax paid | | 0 | -15 516 | 0 | -992 | | on dividends | | | | | | -------------------------------------------------------------------------------- | NET CASH USED IN | | -173 416 | -402 239 | -11 084 | -25 708 | | / FROM FINANCING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | NET CASH FLOW | | -101 485 | -592 434 | -6 490 | -37 864 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 172 574 | 765 008 | 11 029 | 48 893 | | equivalents at | | | | | | | beginning of | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Decrease / | | -101 485 | -592 434 | -6 486 | -37 864 | | increase in cash | | | | | | | and cash | | | | | | | equivalents | | | | | | -------------------------------------------------------------------------------- | Effect of | | 303 | | 19 | 0 | | exchange rate | | | | | | | fluctuations | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 71 392 | 172 574 | 4 562 | 11 029 | | equivalents at | | | | | | | end of period | | | | | | --------------------------------------------------------------------------------