Market announcement
Arco Vara AS
LEI code
097900BHCB0000066171
Size of the entity
Small group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2968
Attachments
Submission date and time
26.11.2010 16:05:00
Content of announcement in Estonian
Title
2010. AASTA III KVARTALI JA 9 KUU KONSOLIDEERITUD VAHEARUANNE
Message
Juhatuse esimehe kommentaarid
2010. aasta üheksa kuuga müüdi Arco Vara projektides 80 korterit või krunti,
millest 60 Eestis ja 20 Lätis. Arco Vara ajaloo suurim algusest lõpuni
iseseisvalt arendatud projekt Boulevard Residence Madrid Sofias sai kasutusloa
juuni lõpus. Enamus eellepingutega kaetud üüripindasid on klientidele üle antud
ja rentnikud on oma tegevuse hoones käivitanud. Bilansipäevajärgselt on ka
esimesed asjaõiguslepingud korterite osas sõlmitud ja korterid klientidele üle
antud. Arendusdivisjon jätkab pooleliolevate korterite lõpetamist Bišumuiža-1
projektis Riias ja ehitust Manastirski projektis Sofias.
Viimaste kvartalite müügitempo on laoseisu oluliselt vähendanud ning
ehitushinnad on jätkuvalt soodsad. Seetõttu on alustatud uute arendustega, et
olla valmis turul tekkinud nõudluse rahuldamiseks. Arco Vara kontserni kuuluv AS
Kolde ja AS Merko Ehitus sõlmisid töövõtulepingu Kodukolde arendusprojekti
järgmise etapi ehitamiseks ja finantseerimiseks. Uus elamukompleks koosneb
neljast korterelamust 100 korteri ja 40 majadealuse garaažikohaga, maapealse
suletud brutopinnaga 8 760 ruutmeetrit. Esimesed kaks maja valmivad 2011. aasta
kevadel. Ehitustegevus on graafikus ja eelmüükide arv on ületanud kõik ootused.
Tivoli projekti osas peame läbirääkimisi võimalike partnerite ja pankadega
ehituse alustamiseks ja finantseerimiseks. Oleme käivitanud ettevalmistavate
tööde teostamise krundil ja ehitustegevusega plaanime alustada 2011. aasta
kevadel.
Jaanuaris jõustus Paldiski mnt 80 kinnistu ja lähiala detailplaneering, mis näeb
ette ärihoone maksimaalse suletud brutopinnaga 30 300 m2.
Teenindusdivisjoni restruktureerimine avaldab jätkuvalt mõju divisjoni
üldhalduskulude vähenemisele, vähenenud on ka käive, kuid aeglasemas tempos.
Tulemuseks on esimene kvartaalne ärikasum kriisijärgsel perioodil 1,3 mln
krooni (0,08 mln eurot). Kontserni vahendustehingute arv on kolmandas kvartalis
võrreldes eelmise aasta sama perioodiga tõusnud 5%, samuti on tõusnud
hindamisaktide arv 23% võrra, samas on maaklerite ja hindajate arv vähenenud
20%.
Teenindusdivisjoni eesmärk on jätkata Eestis 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 üheksa kuuga uusi lepinguid 145 mln krooni (9,3 mln
euro) ulatuses, ehituslepingute jääk kolmanda kvartali lõpu seisuga on 98,8 mln
krooni (6,3 mln eurot). Põhilisteks tellijateks on jätkuvalt riiklik sektor ja
omavalitsusasutused. Keskkonna ja infrastruktuuriga seotud projektidele lisaks
suunatakse jätkuvalt vahendeid haridussektoriga seotud projektidesse. Oluline on
märkida, et ehitusega seotud sisekäive on olnud Kontsernis üheksa kuu jooksul
pea olematu.
Selle aasta kvartalite lõikes on toimunud oluline paranemine enamikes grupi
finantsnäitajates, stabiilselt on kasvanud müügitulu ja brutokasum. Kolmandas
kvartalis olid kõik divisjonid ärikasumis, grupi kolmanda kvartali ärikasumiks
kujunes 5,4 mln krooni (0,35 mln eurot). Eelmisel aastal alguse saanud
püsikulude vähendamine on positiivselt mõjutanud ka selle aasta tulemusi ning
püsikulude kokkuhoid on jätkuvalt juhtkonna teravdatud tähelepanu all.
Üldhalduskulud on vähenenud eelmise aasta sama perioodiga võrreldes 24%. Taas on
muutunud oluliseks kulude optimeerimine viisil, mis antud turuolukorras
võimalikult hästi toetaks müügikasvu. Alustatud on uue toodangu ehitamisega ja
selle müügiga.
Likviidsuse parandamiseks on Kontsern esimese poolaasta jooksul jooksvalt müünud
väiksemaid kinnisvarainvesteeringuid, mille üle puudub võimalus teostada
kontrolli ja juhtimist, või mis muul viisil ei sobi Kontserni strateegiliste
eesmärkidega.
Kontsern on pikendanud Sofias Madrid´i projekti arendamiseks Piraeus Bank
Bulgaria'lt võetud laenu ja Tallinnas asuvate projektidega Navigator ja Tivoli
seotud laene SEB Pangalt kogusummas 360,7 mln krooni (23,1 mln eurot). Selle
tulemusena pikenes Madrid'i projekti arendamiseks võetud laenu tagasimakse
tähtaeg kolme aasta võrra, 2012. aastalt 2015. aastani, projektide Navigator ja
Tivoli laen pikenes 31. jaanuarini 2011.
Möödunud aasta detsembris otsustasid Arco Vara AS aktsionärid vähendada
aktsiakapitali ning 16.03.2010 jõustus sellekohane äriregistri kanne.
Aktsiakapitali vähendamine on vähendanud aktsia hinna volatiilsust, võimaldanud
aktsiat börsil efektiivsemalt hinnastada (läbi ostu- ja müügihindade vahe
vähenemise) ja loonud uusi võimalusi kapitalistruktuuri edasiseks tugevdamiseks.
Bilansipäevajärgselt võõrandas Arco Vara AS 100% tütarettevõte Arco
Investeeringute AS temale kuuluva nõude Celia Crowd AS (endise nimega Ühendatud
Kapital AS) vastu AS-ile EMF Invest. Tehingu väärtus on 52 mln krooni (3,3 mln
eurot) ning tehingu tulemusena tekib kontsernile 18,9 mln krooni (1,2 mln eurot)
neljandas kvartalis erakorralist kasumit.
Ühisettevõtete kajastamise arvestuspõhimõtte muutus.
Kontserni juhtkond on üle vaadanud ühisettevõtete kajastamise
arvestuspõhimõtted. Varasemalt kajastati ühisettevõtteid proportsionaalse
konsolideerimise meetodil. Alates 1. jaanuarist 2010 kajastatakse
ühisettevõtteid kapitaliosaluse meetodil. Juhtkonna arvates kajastab
kapitaliosaluse meetod varasemast adekvaatsemalt grupi varasid, kohustusi ja
omakapitali.
PÕHILISED NÄITAJAD
Üheksa kuu äritulud kokku moodustasid 229,2 mln krooni (14,6 mln eurot), mis on
37% vähem kui eelmisel aastal
Ärikahjum oli -10,5 mln krooni (-0,7 mln eurot), mis on 92% vähem kui eelmise
aasta samal perioodil
Puhaskahjum oli -19,8 mln krooni (-1,3 mln eurot), mis on 95% väiksem kui
eelmise aasta samal perioodil
Omakapital moodustab 36,6% (2009 9 kuu lõpu seisuga: 36,4%) bilansimahust.
Omakapitali tootlikkus oli negatiivne (2009 9 kuud: negatiivne). Investeeritud
kapitali tootlikkus oli negatiivne (2009 9 kuud: negatiivne)
Ehituslepingute järelejäänud maht on kolmanda kvartali lõpu seisuga 98,8 mln
krooni (6,3 mln eurot), 2009 kolmanda kvartali lõpus 105,8 mln krooni (6,8 mln
eurot)
9 kuu jooksul müüdi kortereid ja krunte kokku 80 tükki (2009 9 kuuga: 41).
--------------------------------------------------------------------------------
|   |   | EEK | EUR
|
--------------------------------------------------------------------------------
|   |   | 9 | 9 | III | III | 9 | 9 | III | III
|
| | | kuud | kuud | kvar | kva | kuud | kuud | kvart | kvart |
| | | 2010 | 2009 | tal | rta | 2010 | 2009 | al | al |
| | | | | 2010 | l | | | 2010 | 2009 |
| | | | | | 200 | | | | |
| | | | | | 9 | | | | |
--------------------------------------------------------------------------------
| miljonites |   | | | | |   |   |   |  
|
--------------------------------------------------------------------------------
| Müügitulu ja |   | 229, | 361, | 90,1 | 97, | 14,7 | 23,1 | 5,8 | 6,3
|
| muu äritulu | | 2 | 4 | | 8 | | | | |
--------------------------------------------------------------------------------
| Ärikasum |   | -10, | -128 | 5,4 | -66 | -0,7 | -8,2 | 0,3 | -4,2
|
| (-kahjum) | | 5 | ,6 | | ,0 | | | | |
--------------------------------------------------------------------------------
| s.h |   | -5,5 | -95, | 0,1 | -95 | -0,3 | -6,1 | 0,0 | -6,1
|
| kinnisvarainve | | | 5 | | ,5 | | | | |
| steeringute ja | | | | | | | | | |
| varude | | | | | | | | | |
| ümberhindlused | | | | | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne |   | -19, | -367 | -2,1 | -27 | -1,2 | -23,5 | -0,1 | -17,3
|
| tulumaksu | | 4 | ,4 | | 1,1 | | | | |
--------------------------------------------------------------------------------
| s.h kasum või |   | -2,4 | -4,8 | 0,0 | 0,0 | -0,2 | -0,3 | 0,0 | 0,0
|
| kahjum | | | | | | | | | |
| finantsvarade | | | | | | | | | |
| võõrandamisest | | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskahjum |   | -19, | -368 | -2,1 | -27 | -1,3 | -23,6 | -0,1 | -17,4
|
| | | 8 | ,6 | | 1,5 | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| EPS 1 |   | -4,1 | -77, | -0,4 | -57 | -0,27 | -4,97 | -0,03 | -3,67
|
| (kroonides ja | | 8 | 72 | 4 | ,38 | | | | |
| eurodes) | | | | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Varad kokku, |   | 1 | 1 |   |   | 75,0 | 80,9 |   |  
|
| perioodi lõpu | | 173, | 265, | | | | | | |
| seisuga | | 7 | 5 | | | | | | |
--------------------------------------------------------------------------------
| Investeeritud |   | 959, | 1 |   |   | 61,3 | 68,9 |   |  
|
| kapital, | | 3 | 078, | | | | | | |
| perioodi lõpu | | | 4 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
| Neto laenud, |   | 490, | 580, |   |   | 31,4 | 37,1 |   |  
|
| perioodi lõpu | | 8 | 2 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital, |   | 430, | 460, |   |   | 27,5 | 29,4 |   |  
|
| perioodi lõpu | | 1 | 1 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Laenude |   | 2,0 | 1,5 |   |   | 2,0 | 1,5 |   |  
|
| keskmine | | | | | | | | | |
| pikkus | | | | | | | | | |
| (aastates) | | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude |   | 6,1% | 6,1% |   |   | 6,1% | 6,1% |   |  
|
| keskmine | | | | | | | | | |
| intress | | | | | | | | | |
| (aastas) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (jooksev |   | neg | neg |   |   | neg | neg |   |  
|
| 4 kvartalit) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (jooksev 4 |   | neg | neg |   |   | neg | neg |   |  
|
| kvartalit) | | | | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Töötajate arv |   | 142 | 246 |   |   | 142 | 246 |   |  
|
| perioodi lõpul | | | | | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
|   | | 9 | 9 | III | III | 9 | 9 | III | III |
| | | kuud | kuud | kva | kvar | kuud | kuud | kvart | kvar |
| | | 2010 | 2009 | rta | tal | 2010 | 2009 | al | tal |
| | | | | l | 2009 | | | 2010 | 2009 |
| | | | | 201 | | | | | |
| | | | | 0 | | | | | |
--------------------------------------------------------------------------------
| miljonites | |   |   | | |   |   | | |
--------------------------------------------------------------------------------
| Müügitulu ja | |   |   |   |   |   |   |   |   |
| muu äritulu | | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | | 21,7 | 28,7 | 7,9 | 8,5 | 1,4 | 1,8 | 0,5 | 0,5 |
--------------------------------------------------------------------------------
| Arendus | | 113,9 | 168, | 38, | 30,7 | 7,3 | 10,8 | 2,5 | 2,0 |
| | | | 3 | 5 | | | | | |
--------------------------------------------------------------------------------
| Ehitus | | 99,9 | 201, | 47, | 71,5 | 6,4 | 12,9 | 3,0 | 4,6 |
| | | | 5 | 1 | | | | | |
--------------------------------------------------------------------------------
| Elimineerimised | | -6,2 | -37, | -3, | -12, | -0,4 | -2,4 | -0,2 | -0,8 |
| | | | 0 | 4 | 8 | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja | | 229,3 | 361, | 90, | 97,9 | 14,7 | 23,1 | 5,8 | 6,3 |
| muu äritulu | | | 5 | 1 | | | | | |
| kokku | | | | | | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Ärikasum | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Teenindus | | -1,2 | -9,1 | 1,3 | -1,3 | -0,1 | -0,6 | 0,1 | -0,1 |
--------------------------------------------------------------------------------
| Arendus | | 5,3 | -93, | 8,7 | -61, | 0,3 | -6,0 | 0,6 | -3,9 |
| | | | 4 | | 7 | | | | |
--------------------------------------------------------------------------------
| Ehitus | | 1,1 | -2,9 | 0,8 | 2,9 | 0,1 | -0,2 | 0,1 | 0,2 |
--------------------------------------------------------------------------------
| Elimineerimised | | 0,6 | 0,2 | 0,7 | 1,8 | 0,0 | 0,0 | 0,0 | 0,1 |
--------------------------------------------------------------------------------
| Jagamatud | | -16,3 | -23, | -6, | -7,7 | -1,0 | -1,4 | -0,5 | -0,5 |
| ärikulud | | | 4 | 1 | | | | | |
--------------------------------------------------------------------------------
| Ärikasum kokku | | -10,5 | -128 | 5,4 | -66, | -0,7 | -8,2 | 0,3 | -4,2 |
| | | | ,6 | | 0 | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Intressitulud | | -7,6 | -11, | -3, | -7,5 | -0,5 | -0,8 | -0,2 | -0,5 |
| ja | | | 9 | 4 | | | | | |
| intressikulud | | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | -1,3 | -227 | -4, | -197 | -0,1 | -14, | -0,3 | -12, |
| finantstulud ja | | | ,0 | 1 | ,6 | | 5 | | 6 |
| -kulud | | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -0,4 | -1,2 | 0,0 | -0,4 | 0,0 | -0,1 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Puhaskasum | | -19,8 | -368 | -2, | -271 | -1,3 | -23, | -0,2 | -17, |
| | | | ,7 | 1 | ,6 | | 6 | | 4 |
--------------------------------------------------------------------------------
2010. aasta üheksa kuu jooksul olulisi varade ümberhindlusi ei toimunud.
Põhilised kulude kärped on tehtud ja töö kulude alandamise suunas on muutunud
iga äriüksuse rutiiniks. Põhitähelepanu on suunatud käibe suurendamisele,
käimasolevate projektide lõpetamisele, uute alustamisele ja likviidsuse
parandamisele läbi projektide ja laoseisu müügi.
Kolmanda kvartali finantstulusid- ja kulusid mõjutas enim AS-i Ühendatud Kapital
vastu USA dollarites kajastatud nõude valuutakursi kahjum summas 4,0 mln krooni
(0,26 mln eurot). Hoolimata müügitulude ja muude äritulude vähenemisest kõikide
divisjonide lõikes on kõik divisjonid kolmandas kvartalis ärikasumis, üheksa kuu
ärikahjum on võrreldes eelmise aasta sama perioodiga vähenenud Kontserni
tasandil 92%.
RAHAVOOD
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
|   | | 9 | 9 | III | III | 9 | 9 | III | III |
| | | kuud | kuud | kvar | kva | kuud | kuud | kvart | kvart |
| | | 2010 | 2009 | tal | rta | 2010 | 2009 | al | al |
| | | | | 2010 | l | | | 2010 | 2009 |
| | | | | | 200 | | | | |
| | | | | | 9 | | | | |
--------------------------------------------------------------------------------
| miljonites | |   |   | | |   |   | | |
--------------------------------------------------------------------------------
| Äritegevuse | | 13,9 | 41,9 | 12,2 | 77, | 0,8 | 2,7 | 0,8 | 5,0 |
| rahavood | | | | | 7 | | | | |
--------------------------------------------------------------------------------
| Investeerimiste | | 21,2 | -11, | 8,1 | -43 | 1,4 | -0,8 | 0,5 | -2,7 |
| gevuse rahavood | | | 8 | | ,3 | | | | |
--------------------------------------------------------------------------------
| Finantseerimist | | -61, | -147 | -20, | -93 | -3,9 | -9,4 | -1,3 | -6,1 |
| egevuse | | 5 | ,7 | 8 | ,1 | | | | |
| rahavood | | | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | | -26, | -117 | -0,5 | -58 | -1,7 | -7,5 | 0,0 | -3,8 |
| rahavood | | 4 | ,6 | | ,7 | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Raha ja raha | | 64,7 | 156, | 0,0 | 0,0 | 4,1 | 10,0 | 0,0 | 0,0 |
| ekvivalendid | | | 1 | | | | | | |
| perioodi | | | | | | | | | |
| alguses | | | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | 0,0 | -0,4 | 2,8 | 0,8 | 0,1 | 0,0 | 0,2 | 0,0 |
| mõju | | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 38,3 | 38,0 | 2,3 | -57 | 2,5 | 2,5 | 0,2 | -3,8 |
| ekvivalendid | | | | | ,9 | | | | |
| perioodi lõpus | | | | | | | | | |
--------------------------------------------------------------------------------
Mais 2010 lunastas Arco Vara AS ennetähtaegselt 18,9 mln krooni (1,2 mln euro)
ulatuses kommertspabereid.
Rohkem erakorralisi laenutagastusi 2010. aasta üheksa kuu jooksul ei ole
toimunud. Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed
25,3 mln krooni (1,6 mln eurot). Graafikujärgseid ja varude müügiga seotud
pangalaenude põhiosa tagasimakseid on olnud 78,2 mln krooni (5,0 mln eurot),
perioodi jooksul kasutatud limiitidest suurima osa moodustab Madridi projekti
lõpetamisega seotud finantseerimine 37,1 mln krooni (2,4 mln eurot).
Suurimad lühiajalised kohustused järgmise 12 kuu jooksul:
arvestuslik põhiosatagastus broneeritud pindade müügist ning vastavalt
tagastusgraafikule projektis Boulevard Residence Madrid Sofias summas 92,1 mln
krooni (5,9 mln eurot);
projektide Tivoli ja Laeva2 laenud kogusummas 102,5 mln krooni (6,6 mln
eurot);
Bišumuiža projekti laen summas 37,5 mln krooni (2,4 mln eurot);
Manastirski projekti laenu lühiajaline osa vastavalt graafikule summa 23,8 mln
krooni (1,5 mln eurot).
Jooksvalt on makstud laene tagasi projektides „Kodukolde” ja Merivälja2
Tallinnas, „Bišumuiža-1” Riias ning rahavoogu tootvates projektides (sh kogu
Enerpointi projektiga seotud pangalaen). Enamus Kontserni kohustusi on eurodes.
TEENINDUSDIVISJON
Hoiame kulusid pideva kontrolli all, et vältida kulude kasvamist tuludest
kiiremini.
Eestis jätkame seoses elamispindade turu aktiviseerumisega aktiivset
turunduskampaaniat. Jätkatakse läbirääkimisi koostöölepingute sõlmimiseks
suuremate elamis- ja äripindade arendajatega, mille tulemusena on vahenduses
olevate objektide arv üheksa kuu jooksul kasvanud. Eesmärgiks on aidata
klientidel teha otsuseid eurole üle minevas faasis ehk praeguses turuolukorras
ja pakkuda klientidele laia teenuste ning objektide valikut.
Divisjoni üheksa kuu ärikasum oli kokku -1,2 mln krooni (0,08 mln eurot) ning
kolmandas kvartalis suudeti teenida ärikasumit 1,3 mln krooni (0,08 mln eurot).
Viimati oli divisjon ärikasumis 2006 aasta kolmandas kvartalis. Kontserni
vahendustehingute arv võrreldes eelmise aasta kolmanda kvartaliga on tõusnud 5%,
samuti on tõusnud hindamisaktide arv 23% võrra.
ARENDUSDIVISJON
Üheksa kuuga müüdi Arco Vara projektides 80 korterit või krunti. Lätis müüdi
üheksa kuu jooksul 14 Bišumuiža korterit ja 6 elamukrunti projektis Mazais
Baltezers'i järve lähedal. Eestis müüdi 35 Kodukolde korterit ja 25 Merivälja
krunti.
Kodukolde arendusprojekti uue etapi ehitamiseks (100 korterit) ja
finantseerimiseks on sõlmitud töövõtuleping AS-iga Merko Ehitus. Ehitustöödega
on alustatud ja need on graafikus. Neljast majast esimesed kaks valmivad 2011.
aasta kevadel.
Arendusdivisjon omandas kinnistu Harku vallas eesmärgiga ehitada lasteaed.
Sõlmitud on lasteaia rendileping vallaga ja ehitus- ning finantseerimisleping
YIT Ehitus AS-iga.
Boulevard Residence Madrid äri- ja eluhoone Sofias sai juunis kasutusloa. Enamus
eellepingutega kaetud üüripindasid on klientidele üle antud ja rentnikud on oma
tegevuse hoones käivitanud. Bilansipäeva järgselt on ka esimesed
asjaõiguslepingud korterite osas sõlmitud ja korterid klientidele üle antud.
Tivoli projekti osas peetakse läbirääkimisi võimalike partnerite ja pankadega
ehituse alustamiseks ja finantseerimiseks. Oleme käivitanud ettevalmistavate
tööde teostamise krundil ja ehitustegevusega plaanime alustada 2011. aasta
kevadel.
Arendusdivisjoni suurimaks riskiks on jätkuvalt hoonestamata kruntide laenude
refinantseerimine Eestis, kuigi meie hinnangul on ka finantseerimismaastikul
märgata teatavat elavnemist.
Kinnisvaraturg on stabiliseerunud, müügi edendamiseks ei ole enam hinnalangetusi
vaja teha ning mõne objekti puhul on hinnad ka mõõdukalt tõusnud. 2010. aasta
septembri lõpu seisuga töötas divisjonis kokku 26 inimest (30.09.2009 seisuga 24
inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on tavapäraselt aktiivne keskkonna- ja infrastruktuuriprojektide
ning haridusasutustega seotud tsiviilehituse objektidel.
Üheksa kuu suuremateks uuteks ehituslepinguteks on Lennukolledž 43,9 mln
krooniga (2,8 mln eurot), TTÜ 4 korpus ja Järvamaa Hariduskeskuse Paide
õppehoone.
Üheksa kuuga sõlmiti uusi ehituslepinguid 145 mln krooni (9,3 mln euro)
väärtuses. Ehituslepingute järelejäänud maht on kolmanda kvartali lõpu seisuga
98,8 mln krooni (6,3 mln eurot) võrreldes 2009. aasta lõpu 80,0 mln krooniga
(5,1 mln euroga).
2010. aasta septembri lõpu seisuga töötas divisjonis kokku 44 inimest
(30.09.2009 seisuga 145 inimest). Töötajate arv on suures osas vähenenud seoses
Arco Ehituse osaluse müügiga tütarettevõttes Arco Construction SIA 2009. aasta
detsembris.
Konsolideeritud koondkasumiaruanne
--------------------------------------------------------------------------------
|   | Lis | | 9 kuud | 9 kuud | | III | III |
| | a | | 2010 | 2009 | | kvartal | kvartal |
| | | | | | | 2010 | 2009 |
--------------------------------------------------------------------------------
| EEK tuhandetes |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Müügitulu teenuste |   | | 133 505 | 206 502 | | 59 984 | 68 084 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade |   | | 90 837 | 51 366 | | 28 124 | 18 332 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 2 | | 224 342 | 257 868 | | 88 108 | 86 416 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Müüdud toodangu | 3 | | -191 | -370 | | -71 574 | -97 868 |
| kulu | | | 071 | 544 | | | |
--------------------------------------------------------------------------------
| Brutokasum |   | | 33 271 | -112 | | 16 534 | -11 452 |
| (-kahjum) | | | | 676 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Muud äritulud | 4 | | 4 896 | 103 511 | | 2 027 | 11 416 |
--------------------------------------------------------------------------------
| Turustuskulud | 5 | | -3 395 | -3 315 | | -902 | -1 463 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 6 | | -42 422 | -55 601 | | -12 038 | -18 759 |
--------------------------------------------------------------------------------
| Muud ärikulud | 4 | | -2 867 | -60 472 | | -180 | -45 732 |
--------------------------------------------------------------------------------
| Ärikasum (-kahjum) |   | | -10 517 | -128 | | 5 441 | -65 990 |
| | | | | 553 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | 9 907 | 15 751 | | 827 | 238 |
| investeerimistegevu | | | | | | | |
| se tulud | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | -18 765 | -254 | | -8 329 | -205 362 |
| investeerimistegevu | | | | 601 | | | |
| se kulud | | | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne |   | | -19 375 | -367 | | -2 061 | -271 114 |
| tulumaksu | | | | 403 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Tulumaksukulu |   | | -465 | -1 235 | | -34 | -426 |
--------------------------------------------------------------------------------
| Aruandeperioodi |   | | -19 840 | -368 |   | -2 095 | -271 540 |
| puhaskahjum | | | | 638 | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 8 | | -19 840 | -368 | | -2 095 | -272 080 |
| kahjumis | | | | 528 | | | |
--------------------------------------------------------------------------------
| Vähemusosalus |   |   | 0 | -110 |   | 0 | 540 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum |   | |   |   | |   |   |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 178 | 263 | | -5 | -499 |
| välisettevõtte | | | | | | |
| ümberarvestamisel | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum |   | | 178 | 263 | | -5 | -499 |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi |   | | -19 662 | -368 |   | -2 100 | -272 039 |
| koondkahjum | | | | 375 | | | |
--------------------------------------------------------------------------------
| Perioodi |   | |   |   | |   |   |
| koondkahjumi | | | | | | | |
| jaotus: | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus |   | | -19 662 | -368 | | -2 100 | -272 579 |
| koondkahjumis | | | | 265 | | | |
--------------------------------------------------------------------------------
| Vähemusosalus |   |   | 0 | -110 |   | 0 | 540 |
| koondkahjumis | | | | | | | |
--------------------------------------------------------------------------------
|   |   | | -19 662 | -368 |   | -2 100 | -272 039 |
| | | | | 375 | | | |
--------------------------------------------------------------------------------
| Aktsia puhaskahjum | | |   |   | |   |   |
| (kroonides) | | | | | | | |
--------------------------------------------------------------------------------
| - tava |   | | -4,18 | -77,72 | | -0,44 | -57,38 |
--------------------------------------------------------------------------------
| - lahustatud |   | | -4,18 | -77,72 | | -0,44 | -57,38 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   | Lis | | 9 kuud | 9 kuud | | III | III |
| | a | | 2010 | 2009 | | kvartal | kvartal |
| | | | | | | 2010 | 2009 |
--------------------------------------------------------------------------------
| EUR tuhandetes |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Müügitulu teenuste |   | | 8 533 | 13 198 | | 3 834 | 4 351 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade |   | | 5 806 | 3 283 | | 1 797 | 1 172 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 2 | | 14 339 | 16 481 | | 5 631 | 5 523 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Müüdud toodangu | 3 | | -12 212 | -23 682 | | -4 574 | -6 255 |
| kulu | | | | | | | |
--------------------------------------------------------------------------------
| Brutokasum |   | | 2 127 | -7 201 | | 1 057 | -732 |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Muud äritulud | 4 | | 313 | 6 616 | | 130 | 730 |
--------------------------------------------------------------------------------
| Turustuskulud | 5 | | -217 | -212 | | -58 | -94 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 6 | | -2 711 | -3 554 | | -769 | -1 199 |
--------------------------------------------------------------------------------
| Muud ärikulud | 4 | | -183 | -3 865 | | -12 | -2 923 |
--------------------------------------------------------------------------------
| Ärikasum (-kahjum) |   | | -671 | -8 216 | | 348 | -4 218 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | 633 | 1 007 | | 53 | 15 |
| investeerimistegevu | | | | | | | |
| se tulud | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | -1 199 | -16 272 | | -532 | -13 125 |
| investeerimistegevu | | | | | | | |
| se kulud | | | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne |   | | -1 237 | -23 481 | | -131 | -17 328 |
| tulumaksu | | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Tulumaksukulu |   | | -30 | -79 | | -2 | -27 |
--------------------------------------------------------------------------------
| Aruandeperioodi |   | | -1 267 | -23 560 | | -133 | -17 355 |
| puhaskahjum | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 8 | | -1 267 | -23 553 | | -133 | -17 390 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus |   |   | 0 | -7 |   | 0 | 35 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum |   | |   |   | |   |   |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 11 | 17 | | 0 | -32 |
| välisettevõtte | | | | | | |
| ümberarvestamisel | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum |   | | 11 | 17 | | 0 | -32 |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi |   | | -1 256 | -23 543 |   | -133 | -17 387 |
| koondkahjum | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi |   | |   |   | |   |   |
| koondkahjumi | | | | | | | |
| jaotus: | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus |   | | -1 258 | -23 536 | | -135 | -17 422 |
| koondkahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus |   |   | 0 | -7 | | 0 | 35 |
| koondkahjumis | | | | | | | |
--------------------------------------------------------------------------------
|   |   | | -1 258 | -23 543 |   | -135 | -17 387 |
--------------------------------------------------------------------------------
| Aktsia puhaskahjum | | |   |   | |   |   |
| (kroonides) | | | | | | | |
--------------------------------------------------------------------------------
| - tava |   | | -0,27 | -4,97 | | -0,03 | -3,67 |
--------------------------------------------------------------------------------
| - lahustatud |   | | -0,27 | -4,97 | | -0,03 | -3,67 |
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
--------------------------------------------------------------------------------
|   | Lisa | | 30.09.20 | 31.12.2 | | 31.12.200 |
| | | | 10 | 009 | | 8 |
--------------------------------------------------------------------------------
| tuhandetes EEK |   | |   |   | |   |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid |   | | 38 321 | 64 724 | | 156 061 |
--------------------------------------------------------------------------------
| Finantsinvesteeringud |   | | 0 | 0 | | 40 416 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 155 440 | 150 939 | | 276 541 |
--------------------------------------------------------------------------------
| Ettemakstud kulud |   | | 1 370 | 2 999 | | 6 077 |
--------------------------------------------------------------------------------
| Varud | 10 | | 571 300 | 754 805 | | 827 237 |
--------------------------------------------------------------------------------
| Bioloogilised varad |   | | 0 | 0 | | 3 680 |
--------------------------------------------------------------------------------
| Käibevara kokku |   | | 766 431 | 973 467 | | 1 310 012 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Finantsinvesteeringud |   | | 15 612 | 17 853 | | 216 025 |
--------------------------------------------------------------------------------
| Nõuded |   | | 2 870 | 2 635 | | 921 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 11 | | 378 395 | 219 129 | | 157 367 |
--------------------------------------------------------------------------------
| Materiaalne põhivara |   | | 9 780 | 10 545 | | 41 664 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara |   | | 575 | 812 | | 12 475 |
--------------------------------------------------------------------------------
| Põhivara kokku |   | | 407 232 | 250 974 | | 428 452 |
--------------------------------------------------------------------------------
| VARAD KOKKU |   | | 1 173 | 1 224 | | 1 738 464 |
| | | | 663 | 441 | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | | 299 004 | 371 615 | | 223 598 |
--------------------------------------------------------------------------------
| Võlad | 13 | | 74 370 | 83 621 | | 124 190 |
--------------------------------------------------------------------------------
| Ettemaksed |   | | 97 077 | 81 902 | | 64 172 |
--------------------------------------------------------------------------------
| Eraldised |   | | 42 958 | 43 571 | | 37 999 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused |   | | 513 409 | 580 709 | | 449 959 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | | 222 970 | 186 578 | | 454 048 |
--------------------------------------------------------------------------------
| Võlad |   | | 6 070 | 6 278 | | 1 418 |
--------------------------------------------------------------------------------
| Eraldised |   | | 1 100 | 1 100 | | 3 191 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused |   | | 230 140 | 193 956 | | 458 657 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU |   | | 743 549 | 774 665 | | 908 616 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Aktsiakapital |   | | 47 417 | 952 842 | | 952 842 |
--------------------------------------------------------------------------------
| Ülekurss |   | | 0 | 0 | | 712 514 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital |   | | 31 463 | 31 463 | | 31 463 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) |   | | 351 234 | -530 | | -866 593 |
| | | | | 537 | | |
--------------------------------------------------------------------------------
| Oma aktsiad |   | | 0 | -3 992 | | -3 992 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele |   | | 430 114 | 449 776 | | 826 234 |
| kuuluv omakapital kokku | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Vähemusosalusele kuuluv |   | | 0 | 0 | | 3 614 |
| omakapital | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku |   | | 430 114 | 449 776 | | 829 848 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL |   | | 1 173 | 1 224 |   | 1 738 464 |
| KOKKU | | | 663 | 441 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   | Lisa | | 30.09.20 | 31.12.2 | | 31.12.200 |
| | | | 10 | 009 | | 8 |
--------------------------------------------------------------------------------
| tuhandetes EUR |   | |   |   | |   |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid |   | | 2 449 | 4 137 | | 9 974 |
--------------------------------------------------------------------------------
| Finantsinvesteeringud |   | | 0 | 0 | | 2 583 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 9 934 | 9 647 | | 17 674 |
--------------------------------------------------------------------------------
| Ettemakstud kulud |   | | 88 | 192 | | 388 |
--------------------------------------------------------------------------------
| Varud | 10 | | 36 513 | 48 241 | | 52 870 |
--------------------------------------------------------------------------------
| Bioloogilised varad |   | | 0 | 0 | | 235 |
--------------------------------------------------------------------------------
| Käibevara kokku |   | | 48 984 | 62 217 | | 83 724 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Finantsinvesteeringud |   | | 998 | 1 141 | | 13 806 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 183 | 168 | | 59 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 11 | | 24 184 | 14 005 | | 10 058 |
--------------------------------------------------------------------------------
| Materiaalne põhivara |   | | 625 | 674 | | 2 663 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara |   | | 37 | 52 | | 798 |
--------------------------------------------------------------------------------
| Põhivara kokku |   | | 26 027 | 16 040 | | 27 384 |
--------------------------------------------------------------------------------
| VARAD KOKKU |   | | 75 011 | 78 257 | | 111 108 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | | 19 110 | 23 750 | | 14 290 |
--------------------------------------------------------------------------------
| Võlad | 13 | | 4 753 | 5 344 | | 7 937 |
--------------------------------------------------------------------------------
| Ettemaksed |   | | 6 205 | 5 234 | | 4 101 |
--------------------------------------------------------------------------------
| Eraldised |   | | 2 746 | 2 785 | | 2 429 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused |   | | 32 814 | 37 116 | | 28 757 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | | 14 250 | 11 925 | | 29 019 |
--------------------------------------------------------------------------------
| Võlad |   | | 388 | 400 | | 91 |
--------------------------------------------------------------------------------
| Eraldised |   | | 70 | 70 | | 204 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused |   | | 14 708 | 12 395 | | 29 314 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU |   | | 47 522 | 49 511 | | 58 071 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Aktsiakapital |   | | 3 030 | 60 897 | | 60 897 |
--------------------------------------------------------------------------------
| Ülekurss |   | | 0 | 0 | | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital |   | | 2 011 | 2 011 | | 2 011 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) |   | | 22 448 | -33 907 | | -55 385 |
--------------------------------------------------------------------------------
| Oma aktsiad |   | | 0 | -255 | | -255 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele |   | | 27 489 | 28 746 | | 52 806 |
| kuuluv omakapital kokku | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Vähemusosalusele kuuluv |   | | 0 | 0 | | 231 |
| omakapital | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku |   | | 27 489 | 28 746 | | 53 037 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL |   | | 75 011 | 78 257 |   | 111 108 |
| KOKKU | | | | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
|   | Lis | | 9 kuud | 9 kuud | | 9 kuud | 9 kuud |
| | a | | 2010 | 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| tuhandetes |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Puhaskakahjum |   | | -19 840 | -368 | | -1 268 | -23 560 |
| | | | | 638 | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | 7 | | 7 589 | 11 851 | | 485 | 757 |
| intressikulud | | | | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | 7 | | 1 377 | 4 771 | | 88 | 305 |
| tütar- ja | | | | | | | |
| ühisettevõtete müügist | | | | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud muudelt | 7 | | 0 | -2 685 | | 0 | -172 |
| pikaajalistelt | | | | | | | |
| finantsinvesteeringutel | | | | | | | |
| t | | | | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 7 | | 207 | 135 | | 13 | 8 663 |
| allahindluskulu | | | | 549 | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | | 1 463 | 87 424 | | 94 | 5 587 |
| ühisettevõtetest kap. | | | | | | |
| osalusel | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3,4 | | 1 444 | 3 350 | | 92 | 214 |
| immateriaalse põhivara | ,6 | | | | | | |
| amortisatsioon ja | | | | | | | |
| väärtuse langus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 4 | | 0 | 1 055 | | 0 | 67 |
| immateriaalse põhivara | | | | | | | |
| müügi kasum või kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 4 | | 332 | -1 000 | | 21 | -64 |
| te müügi kasum või | | | | | | | |
| kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 4,1 | | -103 | -39 | | -7 | -2 528 |
| te ja bioloogilise vara | 1 | | | 562 | | | |
| õiglase väärtuse muutus | | | | | | | |
--------------------------------------------------------------------------------
| Varude ümberhindluse | 3 | | 5 559 | 135 | | 355 | 8 632 |
| kasum või kahjum | | | | 067 | | | |
--------------------------------------------------------------------------------
| Valuutakursi kasumid ja | 7 | | -1 778 | 1 940 | | -114 | 124 |
| kahjumid | | | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksukulu |   | | 465 | 0 | | 30 | 0 |
--------------------------------------------------------------------------------
| Äritegevuse rahavood enne | | -3 285 | -30 | | -211 | -1 975 |
| käibekapitali muutuseid | | | 878 | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete | | -7 141 | 50 701 | | -456 | 3 240 |
| ja ettemaksude muutus | | | | | | |
--------------------------------------------------------------------------------
| Varude muutus |   | | -2 022 | 67 724 | | -129 | 4 328 |
--------------------------------------------------------------------------------
| Bioloogiliste varade |   | | 0 | 3 680 | | 0 | 235 |
| muutus | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | | 26 348 | -49 | | 1 684 | -3 152 |
| kohustuste ettemaksude muutus | | | 323 | | | |
--------------------------------------------------------------------------------
| RAHAVOOD ÄRITEGEVUSEST |   | | 13 900 | 41 904 | | 888 | 2 676 |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Materiaalse ja |   | | -493 | -1 834 | | -32 | -117 |
| immateriaalse põhivara | | | | | | | |
| soetus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja |   | | 0 | 2 011 | | 0 | 129 |
| immateriaalse põhivara | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 11 | | -3 725 | -49 | | -238 | -3 134 |
| te soetus | | | | 033 | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 11 | | 24 530 | 2 971 | | 1 568 | 190 |
| te müük | | | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja |   | | -500 | -502 | | -32 | -32 |
| ühisettevõtete soetus | | | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja |   | | 105 | 600 | | 7 | 38 |
| ühisettevõtete müük | | | | | | | |
--------------------------------------------------------------------------------
| Muude |   | | 0 | 29 383 | | 0 | 1 878 |
| finantsinvesteeringute | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Antud laenud |   | | -869 | -946 | | -56 | -60 |
--------------------------------------------------------------------------------
| Antud laenude |   | | 51 | 4 217 | | 3 | 271 |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Saadud intressid |   | | 2 055 | 1 371 | | 131 | 88 |
--------------------------------------------------------------------------------
| RAHAVOOD | | 21 154 | -11 | | 1 351 | -749 |
| INVESTEERIMISTEGEVUSEST KOKKU | | | 762 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Saadud laenud |   | | 60 749 | 40 390 | | 3 883 | 2 581 |
--------------------------------------------------------------------------------
| Laenude ja |   | | -96 968 | -162 | | -6 197 | -10 399 |
| kapitalirendikohustuste | | | | 702 | | | |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Makstud intressid |   | | -25 258 | -25 | | -1 614 | -1 624 |
| | | | | 419 | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -61 477 | -147 | | -3 928 | -9 442 |
| FINANTSEERIMISTEGEVUSEST | | | 731 | | | |
| KOKKU | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU |   | | -26 423 | -117 | | -1 689 | -7 515 |
| | | | | 589 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Raha ja raha |   | | 64 724 | 156 | | 4 137 | 9 974 |
| ekvivalendid perioodi | | | | 061 | | | |
| alguses | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha |   | | -26 423 | -117 | | -1 689 | -7 515 |
| ekvivalentide muutus | | | | 589 | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju |   | | 20 | -435 | | 1 | -28 |
--------------------------------------------------------------------------------
| Raha ja raha |   | | 38 321 | 38 037 | | 2 449 | 2 431 |
| ekvivalendid perioodi | | | | | | | |
| lõpus | | | | | | | |
--------------------------------------------------------------------------------
Content of announcement in English
Title
INTERIM REPORT 3 QUARTER AND 9 MONTHS 2010
Message
Group Chief Executive's review
In the first nine months of 2010, a total of 80 apartments and plots were sold
in the projects of Arco Vara - 60 in Estonia and 20 in Latvia. Our largest ever
completely self-developed project Boulevard Residence Madrid in Sofia was
granted a use permit at the end of June. Most of the commercial rental premises
that were covered with preliminary contracts have already been transferred to
customers and tenants have moved in. Since the reporting date we have also
signed the first real right contracts on the apartments and have transferred the
apartments to the customers. Our Development division continues completing
apartments in the Bishumuiza-1 project in Riga and developing the Manastirski
project in Sofia.
The increasing sales of the past few quarters have reduced the inventory balance
significantly and construction prices continue to be favourable. Therefore, we
have launched new developments in order to be ready to satisfy the emerging
market demand. The Group's subsidiary Kolde AS joined forces with AS Merko
Ehitus for building and financing the next phase of the Kodukolde development
project. The new housing complex will consist of four apartment buildings with
100 apartment units and 40 underground garage spaces with a gross enclosed area
of 8,760 square metres. The first two buildings will be completed in spring
2011. We are pleased to report that construction is on schedule and
pre-completion sales exceed all expectations. In addition, we are holding
negotiations with potential business partners and banks with a view to starting
the construction of the Tivoli project. Preparatory site work is underway and
construction should commence in spring 2011.
A detailed plan for the Paldiski mnt 80 property and its surrounding area was
adopted in January. The plan foresees construction of a commercial building with
a maximum gross enclosed area of 30,300 square metres.
The Service division continues to benefit from administrative cost savings
yielded by effective restructuring. Although sales have contracted too, this has
happened at a slower pace. As a result, the division has been able to post its
first post-crisis quarterly operating profit of 1.3 million kroons (0.08 million
euros). The number of brokerage transactions has grown by 5% year-over-year and
the number of valuation reports issued has increased by 23% although the number
of brokers and appraisers has decreased by 18%.
The Service division intends to apply the measures that have yielded positive
results and have justified themselves in Estonia also in other markets. This
should allow increasing the service offering in the face of limited resources.
The division will continue to focus its efforts on Estonia, Latvia and Bulgaria.
Within the nine-month period, the Construction division secured new contracts of
145 million kroons (9.3 million euros). At the reporting date, the order backlog
amounted to 98.8 million kroons (6.3 million euros). The main customers continue
to be the public sector and local governments. In addition to environmental and
infrastructure projects, funds are being allocated to the education sector. It
is worth mentioning that most of the construction revenue for the first nine
months was external - the proportion of internally generated sales was
negligible.
The year has seen significant quarterly improvement in most of the Group's
financial performance indicators - both revenue and gross profit have been
growing steadily. All the divisions ended the third quarter with an operating
profit. The Group's third quarter operating profit was 5.4 million kroons (0.35
million euros). The reduction of fixed costs that began at the beginning of 2009
has had a positive impact also on the Group's results for 2010. Management will
continue monitoring fixed costs. Compared with the same period last year
administrative expenses have shrunk by 24%.
It has again become important to optimise costs in a manner that would support
sales growth in the present market situation. For this, we have started building
and selling new real estate projects.
In the reporting period we adopted various measures for improving liquidity. We
disposed of a number of smaller investment properties that were not under our
complete control or otherwise did not fit the corporate strategy.
In addition, we extended the loans taken from Piraeus Bank Bulgaria for the
development of the Madrid project in Sofia and SEB Pank for the Navigator and
Tivoli projects in Tallinn of 360.7 million kroons (23.1 million euros) in
aggregate. As a result, the maturity date of the loan taken for the Madrid
project was deferred by three years from 2012 to 2015 and the term of the
Navigator and Tivoli projects was extended until 31 January 2011.
In December 2009 the shareholders of Arco Vara AS decided to reduce the
company's share capital. A corresponding Commercial Registry entry took effect
on 16 March 2010. The reduction of share capital has curbed the volatility of
the share price, has allowed more effective pricing of the share on the stock
exchange (through a decrease in the difference between the bid and ask prices)
and has created new opportunities for further strengthening the capital
structure.
After the reporting date, Arco Vara AS' wholly-held subsidiary Arco
Investeeringute AS transferred its claim against Celia Crowd AS (formerly
Ühendatud Kapital AS) to AS EMF Invest for 52 million kroons (3.3 million
euros). The transaction will improve the Group's fourth quarter results with
exceptional sales gain of 18.9 million kroons (1.2 million euros).
Change in accounting for jointly controlled entities
The Group's management has revised the policy for accounting for interests in
jointly controlled entities. Previously, interests in jointly controlled
entities were accounted for using proportionate consolidation. As from 1 January
2010, interests in jointly controlled entities are accounted for using the
equity method. Management believes that the equity method provides a more
faithful representation of the Group's assets, liabilities and equity.
KEY PERFORMANCE INDICATORS
In the first nine months of 2010 the Group generated revenue and other income of
229.2 million kroons (14.6 million euros), a 37% decrease year-over-year
Operating loss amounted to 10.5 million kroons (0.7 million euros), a 92%
improvement year-over-year
Net loss was 19.8 million kroons (1.3 million euros), a 95% improvement
year-over-year
Equity to assets ratio at period-end was 36.6% (9M 2009: 36.4%). Return on
equity was negative (9M 2009: negative). Return on invested capital was negative
(9M 2009: negative)
At the end of the first nine months, our order backlog (in the construction
business) stood at 98.8 million kroons (6.3 million euros) compared with 105.8
million kroons (6.8 million euros) at the end of nine months of 2009
In the first nine months of 2010 we sold a total of 80 apartments and plots (9M
2009: 41)
--------------------------------------------------------------------------------
|   |   | EEK | EUR
|
--------------------------------------------------------------------------------
|   |   | 9M | 9M | Q3 | Q3 | 9M | 9M | Q3 | Q3
|
| | | 2010 | 2009 | 2010 | 200 | 2010 | 2009 | 2010 | 2009 |
| | | | | | 9 | | | | |
--------------------------------------------------------------------------------
| In millions |   | | | | |   |   |   |  
|
--------------------------------------------------------------------------------
| Revenue and |   | 229. | 361. | 90.1 | 97. | 14.7 | 23.1 | 5.8 | 6.3
|
| other income | | 2 | 4 | | 8 | | | | |
--------------------------------------------------------------------------------
| Operating |   | -10. | -128 | 5.4 | -66 | -0.7 | -8.2 | 0.3 | -4.2
|
| profit/loss | | 5 | .6 | | .0 | | | | |
--------------------------------------------------------------------------------
| Incl. net loss |   | -5.5 | -95. | 0.1 | -95 | -0.3 | -6.1 | -0.1 | -6.1
|
| from the | | | 5 | | .5 | | | | |
| revaluation of | | | | | | | | | |
| investment | | | | | | | | | |
| properties and | | | | | | | | | |
| inventories | | | | | | | | | |
--------------------------------------------------------------------------------
| Loss before tax |   | -19. | -367 | -2.1 | -27 | -1.2 | -23. | -0.1 | -17.3
|
| | | 4 | .4 | | 1.1 | | 5 | | |
--------------------------------------------------------------------------------
| Incl. net |   | -2.4 | -4.8 | 0.0 | 0.0 | -0.2 | -0.3 | 0.1 | 0.0
|
| gain/loss from | | | | | | | | | |
| the disposal of | | | | | | | | | |
| financial | | | | | | | | | |
| assets | | | | | | | | | |
--------------------------------------------------------------------------------
| Net loss |   | -19. | -368 | -2.1 | -27 | -1.3 | -23. | -0.1 | -17.4
|
| | | 8 | .6 | | 1.5 | | 6 | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| EPS 1 (in |   | -4.1 | -77. | -0.4 | -57 | -0.27 | -4.9 | -0.03 | -3.67
|
| kroons and | | 8 | 72 | 4 | .38 | | 7 | | |
| euros) | | | | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Total assets at |   | 1,17 | 1,26 |   |   | 75.0 | 80.9 |   |  
|
| period end | | 3.7 | 5.5 | | | | | | |
--------------------------------------------------------------------------------
| Invested |   | 959. | 1,07 |   |   | 61.3 | 68.9 |   |  
|
| capital at | | 3 | 8.4 | | | | | | |
| period end | | | | | | | | | |
--------------------------------------------------------------------------------
| Net loans at |   | 490. | 580. |   |   | 31.4 | 37.1 |   |  
|
| period end | | 8 | 2 | | | | | | |
--------------------------------------------------------------------------------
| Equity at |   | 430. | 460. |   |   | 27.5 | 29.4 |   |  
|
| period end | | 1 | 1 | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Average loan |   | 2.0 | 1.5 |   |   | 2.0 | 1.5 |   |  
|
| term (in years) | | | | | | | | | |
--------------------------------------------------------------------------------
| Average |   | 6.1% | 6.1% |   |   | 6.1% | 6.1% |   |  
|
| interest rate | | | | | | | | | |
| of loans (per | | | | | | | | | |
| year) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling, |   | neg | neg |   |   | neg | neg |   |  
|
| 4 quarters) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (rolling, 4 |   | neg | neg |   |   | neg | neg |   |  
|
| quarters) | | | | | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |   |   |   |  
|
--------------------------------------------------------------------------------
| Number of staff |   | 142 | 246 |   |   | 142 | 246 |   |  
|
| at period end | | | | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
| | EEK | EUR |
--------------------------------------------------------------------------------
|   | | 9M | 9M | Q3 | Q3 | 9M | 9M | Q3 | Q3 |
| | | 201 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
| | | 0 | | | | | | | |
--------------------------------------------------------------------------------
| In millions | |   |   | | |   |   | | |
--------------------------------------------------------------------------------
| Revenue and | |   |   |   |   |   |   |   |   |
| other income | | | | | | | | | |
--------------------------------------------------------------------------------
| Service | | 21. | 28.7 | 7.9 | 8.5 | 1.4 | 1.8 | 0.5 | 0.5 |
| | | 7 | | | | | | | |
--------------------------------------------------------------------------------
| Development | | 113 | 168. | 38.5 | 30.7 | 7.3 | 10.8 | 2.5 | 2.0 |
| | | .9 | 3 | | | | | | |
--------------------------------------------------------------------------------
| Construction | | 99. | 201. | 47.1 | 71.5 | 6.4 | 12.9 | 3.0 | 4.6 |
| | | 9 | 5 | | | | | | |
--------------------------------------------------------------------------------
| Eliminations | | -6. | -37. | -3.4 | -12. | -0.4 | -2.4 | -0.2 | -0.8 |
| | | 2 | 0 | | 8 | | | | |
--------------------------------------------------------------------------------
| Total revenue | | 229 | 361. | 90.1 | 97.9 | 14.7 | 23.1 | 5.8 | 6.3 |
| and other | | .3 | 5 | | | | | | |
| income | | | | | | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Operating | |   |   |   |   |   |   |   |   |
| profit/loss | | | | | | | | | |
--------------------------------------------------------------------------------
| Service | | -1. | -9.1 | 1.3 | -1.3 | -0.1 | -0.6 | 0.1 | -0.1 |
| | | 2 | | | | | | | |
--------------------------------------------------------------------------------
| Development | | 5.3 | -93. | 8.7 | -61. | 0.3 | -6.0 | 0.6 | -3.9 |
| | | | 4 | | 7 | | | | |
--------------------------------------------------------------------------------
| Construction | | 1.1 | -2.9 | 0.8 | 2.9 | 0.1 | -0.2 | 0.1 | 0.2 |
--------------------------------------------------------------------------------
| Eliminations | | 0.6 | 0.2 | 0.7 | 1.8 | 0.0 | 0.0 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Unallocated | | -16 | -23. | -6.1 | -7.7 | -1.0 | -1.4 | -0.5 | -0.5 |
| expenses | | .3 | 4 | | | | | | |
--------------------------------------------------------------------------------
| Total operating | | -10 | -128 | 5.4 | -66. | -0.7 | -8.2 | 0.3 | -4.2 |
| profit/loss | | .5 | .6 | | 0 | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Interest income | | -7. | -11. | -3.4 | -7.5 | -0.5 | -0.8 | -0.2 | -0.5 |
| and expense | | 6 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Other finance | | -1. | -227 | -4.1 | -197 | -0.1 | -14. | -0.3 | -12.6 |
| income and | | 3 | .0 | | .6 | | 5 | | |
| expense | | | | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -0. | -1.2 | 0.0 | -0.4 | 0.0 | -0.1 | 0.0 | 0.0 |
| expense | | 4 | | | | | | | |
--------------------------------------------------------------------------------
| Net loss | | -19 | -368 | -2.1 | -271 | -1.3 | -23. | -0.2 | -17.4 |
| | | .8 | .7 | | .6 | | 6 | | |
--------------------------------------------------------------------------------
In the first nine months of 2010, we did not perform any major asset
revaluations. Most cost cuts have been made and managing and reducing expenses
is a daily routine at all units. For the time being, our main focus is on
increasing sales, completing projects in progress and launching new ones, and
improving liquidity by selling new projects and inventories.
Finance income and expense for the period were influenced the most by an
exchange loss of 4.0 million kroons (0.26 million euros) incurred on a US
dollar-based receivable from Ühendatud Kapital AS. Despite a decrease in revenue
and other income across all divisions, all the divisions ended the third quarter
with an operating profit and the Group's nine month operating loss decreased by
92% year-over-year.
CASH FLOWS
| | | EEK | EUR |
-------------------------------------------------------------------------------
|   | | 9M | 9M | Q3 | Q3 | 9M | 9M | Q3 | Q3 |
| | | 201 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
| | | 0 | | | | | | | |
--------------------------------------------------------------------------------
| In millions | |   |   | | |   |   | | |
--------------------------------------------------------------------------------
| Cash flows from | | 13. | 41.9 | 12.2 | 77.7 | 0.8 | 2.7 | 0.8 | 5.0 |
| operating | | 9 | | | | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | 21. | -11. | 8.1 | -43. | 1.4 | -0.8 | 0.5 | -2.7 |
| investing | | 2 | 8 | | 3 | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | -61 | -147 | -20. | -93. | -3.9 | -9.4 | -1.3 | -6.1 |
| financing | | .5 | .7 | 8 | 1 | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow | | -26 | -117 | -0.5 | -58. | -1.7 | -7.5 | 0.0 | -3.8 |
| | | .4 | .6 | | 7 | | | | |
--------------------------------------------------------------------------------
|   | |   |   |   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Cash and cash | | 64. | 156. | 0.0 | 0.0 | 4.1 | 10.0 | 0.0 | 0.0 |
| equivalents at | | 7 | 1 | | | | | | |
| beginning of | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Effect of | | 0.0 | -0.4 | 2.8 | 0.8 | 0.1 | 0.0 | 0.2 | 0.0 |
| movements in | | | | | | | | | |
| exchange rates | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 38. | 38.0 | 2.3 | -57. | 2.5 | 2.5 | 0.2 | -3.8 |
| equivalents at | | 3 | | | 9 | | | | |
| end of period | | | | | | | | | |
--------------------------------------------------------------------------------
In May 2010 Arco Vara AS redeemed commercial paper of 18.9 million kroons (1.2
million euros) before maturity.
There were no other exceptional loan settlements in the first nine months of
2010. Interest payments accounted for 25.3 million kroons (1.6 million euros) of
the net outflow from financing activities. Scheduled principal payments and
those related to inventory sales totalled 78.2 million kroons (5.0 million
euros). The largest proportion of credit limits utilised during the period was
related to the completion of the Madrid project that accounted for 37.1 million
kroons (2.4 million euros) of the total.
The largest current liabilities to be settled in the next 12 months comprise:
accrued loan principal of 92.1 million kroons (5.9 million euros) to be paid on
the sale of reserved premises and in line with the settlement schedule of the
Boulevard Residence Madrid project in Sofia;
loans of 102.5 million kroons (6.6 million euros) related to the Tivoli and
Laeva2 projects;
a loan of 37.5 million kroons (2.4 million euros) related to the Bishumuiza
project;
the scheduled current portion of a loan related to the Manastirski project of
23.8 million kroons (1.5 million euros).
We have been settling the loans related to the Kodukolde and Merivälja2 projects
in Tallinn, the Bishumuiza-1 project in Riga and some cash flow generating
projects (such as the entire loan of the Enerpoint project) on a current basis.
Most of the Group's liabilities are denominated in euros.
SERVICE DIVISION
We are constantly monitoring expenses so as to avoid a situation where expenses
are growing faster than revenue.
In connection with the revival of the housing market, we will sustain an active
marketing campaign in Estonia. In addition, we will continue partnering
negotiations with other major housing and commercial real estate developers.
Through effective cooperation during the first nine months of the year, the
number of properties being brokered has increased. 
In Estonia, we will focus on helping the customers make decisions in the period
preceding the adoption of the euro, i.e. in the current market situation, and
offering a wide range of services and properties.
Although the division ended the first nine months with an operating loss of 1.2
million kroons (0.08 million euros), the third quarter ended in an operating
profit of 1.3 million kroons (0.08 million euros). The division last earned an
operating profit in the third quarter of 2006. Compared with the same period in
2009, the number of brokerage transactions has grown by 5% and the number of
valuation reports issued has increased by 23%.
DEVELOPMENT DIVISION
In the first nine months, a total of 80 apartments and plots were sold in Arco
Vara projects. In Latvia, 14 apartments were sold in the Bishumuiza project and
6 residential plots in a project near Lake Mazais Baltezers. In Estonia, 35
apartments were sold in the Kodukolde project and 25 residential plots in the
Merivälja project.
For building and financing the next phase in the Kodukolde project (100
apartments), we signed a contract with AS Merko Ehitus. Construction work has
commenced and is on schedule. Two out of the four buildings will be completed in
spring 2011.
The Development division has acquired a property for building a nursery school
in Harku rural municipality. There is a lease agreement with the local
government and a construction and financing contract with YIT Ehitus AS.
The Boulevard Residence Madrid commercial and residential building in Sofia was
granted a use permit in June. Most of the commercial rental premises that were
covered with preliminary contracts have already been transferred to customers
and tenants have moved in. Since the reporting date we have also signed the
first real right contracts on the apartments and have transferred the apartments
to the customers. In addition, we are holding negotiations with potential
business partners and banks for starting the construction and financing of the
Tivoli project. Preparatory site work is underway and construction should
commence in spring 2011.
The greatest risk for the Development division continues to be the refinancing
of loans related to unimproved plots in Estonia although it seems that the local
financing scene is also on its way to recovery.
The real estate market has stabilised, we no longer have to promote sales by
lowering prices and in some projects prices have even seen a moderate increase.
At the end of September 2010, the Development division employed 26 people (30
September 2009: 24).
For further information on our projects, please refer to:
www.arcorealestate.com/development
CONSTRUCTION DIVISION
The Construction division is typically actively involved in environmental,
infrastructure and civil engineering (mostly educational establishments related)
projects.
The largest new construction contracts won by the division in the first nine
months of 2010 comprise the new building of the Estonian Aviation Academy of
43.9 million kroons (2.8 million euros), Block 4 of Tallinn University of
Technology, and the Paide Academic Building of the Järvamaa Education Centre.
Within nine months, the division secured new contracts of 145 million kroons
(9.3 million euros). At the end of the reporting period, the order backlog of
the Construction division stood at 98.8 million kroons (6.3 million euros)
against 80.0 million kroons (5.1 million euros) at the end of 2009.
At the reporting date, the division employed 44 people (30 September 2009: 145
people). The headcount has decreased primarily through the sale of the
investment in Arco Construction SIA in December 2009.
Condensed consolidated statement of comprehensive income
--------------------------------------------------------------------------------
| For the period | Not | | 9M 2010 | 9M 2009 | | Q3 2010 | Q3 2009 |
| ended 30 September | e | | | | | | |
| 2010  | | | | | | | |
--------------------------------------------------------------------------------
| In EEK thousands |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Revenue from |   | | 133,505 | 206,502 | | 59,984 | 68,084 |
| rendering of | | | | | | | |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from sale |   | | 90,837 | 51,366 | | 28,124 | 18,332 |
| of goods | | | | | | | |
--------------------------------------------------------------------------------
| Total revenue | 2 | | 224,342 | 257,868 | | 88,108 | 86,416 |
--------------------------------------------------------------------------------
|   |   | | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | 3 | | -191,07 | -370,54 | | -71,574 | -97,868 |
| | | | 1 | 4 | | | |
--------------------------------------------------------------------------------
| Gross profit/loss |   | | 33,271 | -112,67 | | 16,534 | -11,452 |
| | | | | 6 | | | |
--------------------------------------------------------------------------------
|   |   | | | | | | |
--------------------------------------------------------------------------------
| Other income | 4 | | 4,896 | 103,511 | | 2,027 | 11,416 |
--------------------------------------------------------------------------------
| Distribution | 5 | | -3,395 | -3,315 | | -902 | -1,463 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Administrative | 6 | | -42,422 | -55,601 | | -12,038 | -18,759 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 4 | | -2,867 | -60,472 | | -180 | -45,732 |
--------------------------------------------------------------------------------
| Operating |   | | -10,517 | -128,55 | | 5,441 | -65,990 |
| profit/loss | | | | 3 | | | |
--------------------------------------------------------------------------------
|   |   | | | | | | |
--------------------------------------------------------------------------------
| Finance income | 7 | | 9,907 | 15,751 | | 827 | 238 |
--------------------------------------------------------------------------------
| Finance expenses | 7 | | -18,765 | -254,60 | | -8,329 | -205,362 |
| | | | | 1 | | | |
--------------------------------------------------------------------------------
| Loss before tax |   | | -19,375 | -367,40 | | -2,061 | -271,114 |
| | | | | 3 | | | |
--------------------------------------------------------------------------------
|   |   | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense |   | | -465 | -1,235 | | -34 | -426 |
--------------------------------------------------------------------------------
| Loss for the period |   | | -19,840 | -368,63 | | -2,095 | -271,540 |
| | | | | 8 | | | |
--------------------------------------------------------------------------------
| Loss attributable | 8 | | -19,840 | -368,52 | | -2,095 | -272,080 |
| to owners of the | | | | 8 | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Loss attributable |   |   | 0 | -110 | | 0 | 540 |
| to non-controlling | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive |   | | | | | | |
| income/expense | | | | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | | 178 | 263 | | -5 | -499 |
| translating foreign | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Total other |   | | 178 | 263 | | -5 | -499 |
| comprehensive | | | | | | | |
| income/expense | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | -19,662 | -368,37 | | -2,100 | -272,039 |
| expense for the period | | | 5 | | | |
--------------------------------------------------------------------------------
| Total comprehensive | |   | | | | |
| expense attributable to: | | | | | | |
--------------------------------------------------------------------------------
| Owners of the parent | | -19,662 | -368,26 | | -2,100 | -272,579 |
| | | | 5 | | | |
--------------------------------------------------------------------------------
| Non-controlling |   |   | 0 | -110 | | 0 | 540 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
|   |   | | -19,662 | -368,37 | | -2,100 | -272,039 |
| | | | | 5 | | | |
--------------------------------------------------------------------------------
| Earnings per share (in | |   |   | |   |   |
| EEK) | | | | | | |
--------------------------------------------------------------------------------
| - Basic |   | | -4.18 | -77.72 | | -0.44 | -57.38 |
--------------------------------------------------------------------------------
| - Diluted |   | | -4.18 | -77.72 | | -0.44 | -57.38 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For the period | Not | | 9M 2010 | 9M 2009 | | Q3 2010 | Q3 2009 |
| ended 30 September | e | | | | | | |
| 2010  | | | | | | | |
--------------------------------------------------------------------------------
| In EUR thousands |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Revenue from |   | | 8,533 | 13,198 | | 3,834 | 4,351 |
| rendering of | | | | | | | |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from sale |   | | 5,806 | 3,283 | | 1,797 | 1,172 |
| of goods | | | | | | | |
--------------------------------------------------------------------------------
| Total revenue | 2 | | 14,339 | 16,481 | | 5,631 | 5,523 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Cost of sales | 3 | | -12,212 | -23,682 | | -4,574 | -6,255 |
--------------------------------------------------------------------------------
| Gross profit/loss |   | | 2,127 | -7,201 | | 1,057 | -732 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Other income | 4 | | 313 | 6,616 | | 130 | 730 |
--------------------------------------------------------------------------------
| Distribution | 5 | | -217 | -212 | | -58 | -94 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Administrative | 6 | | -2,711 | -3,554 | | -769 | -1,199 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 4 | | -183 | -3,865 | | -12 | -2,923 |
--------------------------------------------------------------------------------
| Operating |   | | -671 | -8,216 | | 348 | -4,218 |
| profit/loss | | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Finance income | 7 | | 633 | 1,007 | | 53 | 15 |
--------------------------------------------------------------------------------
| Finance expenses | 7 | | -1,199 | -16,272 | | -532 | -13,125 |
--------------------------------------------------------------------------------
| Loss before tax |   | | -1,237 | -23,481 | | -131 | -17,328 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Income tax expense |   | | -30 | -79 | | -2 | -27 |
--------------------------------------------------------------------------------
| Loss for the period |   | | -1,267 | -23,560 | | -133 | -17,355 |
--------------------------------------------------------------------------------
| Loss attributable | 8 | | -1,267 | -23,553 | | -133 | -17,390 |
| to owners of the | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Loss attributable |   |   | 0 | -7 |   | 0 | 35 |
| to non-controlling | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive |   | |   |   | |   |   |
| income/expense | | | | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | | 11 | 17 | | 0 | -32 |
| translating foreign | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Total other |   | | 11 | 17 | | 0 | -32 |
| comprehensive | | | | | | | |
| income/expense | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | -1,256 | -23,543 | | -133 | -17,387 |
| expense for the period | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | |   |   | |   |   |
| expense attributable to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of |   | | -1,258 | -23,536 | | -135 | -17,422 |
| the parent | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling |   |   | 0 | -7 | | 0 | 35 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
|   |   | | -1,258 | -23,543 | | -135 | -17,387 |
--------------------------------------------------------------------------------
| Earnings per share (in | |   |   | |   |   |
| EUR) | | | | | | |
--------------------------------------------------------------------------------
| - Basic |   | | -0.27 | -4.97 | | -0.03 | -3.67 |
--------------------------------------------------------------------------------
| - Diluted |   | | -0.27 | -4.97 | | -0.03 | -3.67 |
--------------------------------------------------------------------------------
Condensed consolidated statement of financial position
--------------------------------------------------------------------------------
| As at 30 September | Note | | 30 | 31 | | 31 |
| 2010  | | | Septembe | December | | December |
| | | | r 2010 | 2009 | | 2008 |
--------------------------------------------------------------------------------
| In EEK thousands |   | |   |   | |   |
--------------------------------------------------------------------------------
| Cash and cash |   | | 38,321 | 64,724 | | 156,061 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Investments |   | | 0 | 0 | | 40,416 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 155,440 | 150,939 | | 276,541 |
--------------------------------------------------------------------------------
| Prepayments |   | | 1,370 | 2,999 | | 6,077 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 571,300 | 754,805 | | 827,237 |
--------------------------------------------------------------------------------
| Biological assets |   | | 0 | 0 | | 3,680 |
--------------------------------------------------------------------------------
| Total current assets |   | | 766,431 | 973,467 | | 1,310,012 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Investments |   | | 15,612 | 17,853 | | 216,025 |
--------------------------------------------------------------------------------
| Receivables |   | | 2,870 | 2,635 | | 921 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 378,395 | 219,129 | | 157,367 |
--------------------------------------------------------------------------------
| Property, plant and |   | | 9,780 | 10,545 | | 41,664 |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets |   | | 575 | 812 | | 12,475 |
--------------------------------------------------------------------------------
| Total non-current |   | | 407,232 | 250,974 | | 428,452 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS |   | | 1,173,66 | 1,224,441 | | 1,738,464 |
| | | | 3 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Loans and borrowings | 12 | | 299,004 | 371,615 | | 223,598 |
--------------------------------------------------------------------------------
| Trade and other | 13 | | 74,370 | 83,621 | | 124,190 |
| payables | | | | | | |
--------------------------------------------------------------------------------
| Deferred income |   | | 97,077 | 81,902 | | 64,172 |
--------------------------------------------------------------------------------
| Provisions |   | | 42,958 | 43,571 | | 37,999 |
--------------------------------------------------------------------------------
| Total current |   | | 513,409 | 580,709 | | 449,959 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Loans and borrowings | 12 | | 222,970 | 186,578 | | 454,048 |
--------------------------------------------------------------------------------
| Other liabilities |   | | 6,070 | 6,278 | | 1,418 |
--------------------------------------------------------------------------------
| Provisions |   | | 1,100 | 1,100 | | 3,191 |
--------------------------------------------------------------------------------
| Total non-current |   | | 230,140 | 193,956 | | 458,657 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES |   | | 743,549 | 774,665 | | 908,616 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Share capital |   | | 47,417 | 952,842 | | 952,842 |
--------------------------------------------------------------------------------
| Share premium |   | | 0 | 0 | | 712,514 |
--------------------------------------------------------------------------------
| Statutory capital |   | | 31,463 | 31,463 | | 31,463 |
| reserve | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings / |   | | 351,234 | -530,537 | | -866,593 |
| accumulated losses | | | | | | |
--------------------------------------------------------------------------------
| Own shares |   | | 0 | -3,992 | | -3,992 |
--------------------------------------------------------------------------------
| Total equity |   | | 430,114 | 449,776 | | 826,234 |
| attributable to equity | | | | | | |
| holders of the parent | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Non-controlling |   | | 0 | 0 | | 3,614 |
| interests | | | | | | |
--------------------------------------------------------------------------------
| Total equity |   | | 430,114 | 449,776 | | 829,848 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND |   | | 1,173,66 | 1,224,441 | | 1,738,464 |
| EQUITY | | | 3 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| As at 30 September | Note | | 30 | 31 | | 31 |
| 2010   | | | Septembe | December | | December |
| | | | r 2010 | 2009 | | 2008 |
--------------------------------------------------------------------------------
| In EUR thousands |   | |   |   | |   |
--------------------------------------------------------------------------------
| Cash and cash |   | | 2,449 | 4,137 | | 9,974 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Investments |   | | 0 | 0 | | 2,583 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 9,934 | 9,647 | | 17,674 |
--------------------------------------------------------------------------------
| Prepayments |   | | 88 | 192 | | 388 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 36,513 | 48,241 | | 52,870 |
--------------------------------------------------------------------------------
| Biological assets |   | | 0 | 0 | | 235 |
--------------------------------------------------------------------------------
| Total current assets |   | | 48,984 | 62,217 | | 83,724 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Investments |   | | 998 | 1,141 | | 13,806 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 183 | 168 | | 59 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 24,184 | 14,005 | | 10,058 |
--------------------------------------------------------------------------------
| Property, plant and |   | | 625 | 674 | | 2,663 |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets |   | | 37 | 52 | | 798 |
--------------------------------------------------------------------------------
| Total non-current |   | | 26,027 | 16,040 | | 27,384 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS |   | | 75,011 | 78,257 | | 111,108 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Loans and borrowings | 12 | | 19,110 | 23,750 | | 14,290 |
--------------------------------------------------------------------------------
| Trade and other | 13 | | 4,753 | 5,344 | | 7,937 |
| payables | | | | | | |
--------------------------------------------------------------------------------
| Deferred income |   | | 6,205 | 5,234 | | 4,101 |
--------------------------------------------------------------------------------
| Provisions |   | | 2,746 | 2,785 | | 2,429 |
--------------------------------------------------------------------------------
| Total current |   | | 32,814 | 37,116 | | 28,757 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Loans and borrowings | 12 | | 14,250 | 11,925 | | 29,019 |
--------------------------------------------------------------------------------
| Other liabilities |   | | 388 | 400 | | 91 |
--------------------------------------------------------------------------------
| Provisions |   | | 70 | 70 | | 204 |
--------------------------------------------------------------------------------
| Total non-current |   | | 14,708 | 12,395 | | 29,314 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES |   | | 47,522 | 49,511 | | 58,071 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Share capital |   | | 3,030 | 60,897 | | 60,897 |
--------------------------------------------------------------------------------
| Share premium |   | | 0 | 0 | | 45,538 |
--------------------------------------------------------------------------------
| Statutory capital |   | | 2,011 | 2,011 | | 2,011 |
| reserve | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings / |   | | 22,448 | -33,907 | | -55,385 |
| accumulated losses | | | | | | |
--------------------------------------------------------------------------------
| Own shares |   | | 0 | -255 | | -255 |
--------------------------------------------------------------------------------
| Total equity |   | | 27,489 | 28,746 | | 52,806 |
| attributable to equity | | | | | | |
| holders of the parent | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| Non-controlling |   | | 0 | 0 | | 231 |
| interests | | | | | | |
--------------------------------------------------------------------------------
| Total equity |   | | 27,489 | 28,746 | | 53,037 |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND |   | | 75,011 | 78,257 | | 111,108 |
| EQUITY | | | | | | |
--------------------------------------------------------------------------------
Condensed consolidated statement of cash flows
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| For the period ended | Not | | 9M 2010 | 9M | | 9M 2010 | 9M 2009 |
| 30 September 2010  | e | | | 2009 | | | |
--------------------------------------------------------------------------------
| In thousands |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Loss for the period |   | | -19,840 | -368,6 | | -1,268 | -23,560 |
| | | | | 38 | | | |
--------------------------------------------------------------------------------
| Interest income and | 7 | | 7,589 | 11,851 | | 485 | 757 |
| interest expense | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on sale of | 7 | | 1,377 | 4,771 | | 88 | 305 |
| subsidiaries and | | | | | | | |
| interests in jointly | | | | | | | |
| controlled entities | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on other | 7 | | 0 | -2,685 | | 0 | -172 |
| long-term investments | | | | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | 7 | | 207 | 135,54 | | 13 | 8,663 |
| financial assets | | | | 9 | | | |
--------------------------------------------------------------------------------
| Share of profits and losses | | 1,463 | 87,424 | | 94 | 5,587 |
| of equity accounted | | | | | | |
| investees | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 3, | | 1,444 | 3,350 | | 92 | 214 |
| amortisation and | 4 | | | | | | |
| impairment losses on | ,6 | | | | | | |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the sale | 4 | | 0 | 1,055 | | 0 | 67 |
| of property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the sale | 4 | | 332 | -1,000 | | 21 | -64 |
| of investment property | | | | | | | |
--------------------------------------------------------------------------------
| Change in the fair | 4, | | -103 | -39,56 | | -7 | -2,528 |
| value of investment | 11 | | | 2 | | | |
| property and | | | | | | | |
| biological assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the | 3 | | 5,559 | 135,06 | | 355 | 8,632 |
| revaluation of | | | | 7 | | | |
| inventories | | | | | | | |
--------------------------------------------------------------------------------
| Exchange gains and | 7 | | -1,778 | 1,940 | | -114 | 124 |
| losses | | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense |   | | 465 | 0 | | 30 | 0 |
--------------------------------------------------------------------------------
| Operating cash flow before | | -3,285 | -30,87 | | -211 | -1,975 |
| working capital changes | | | 8 | | | |
--------------------------------------------------------------------------------
| Change in receivables and | | -7,141 | 50,701 | | -456 | 3,240 |
| prepayments | | | | | | |
--------------------------------------------------------------------------------
| Change in inventories |   | | -2,022 | 67,724 | | -129 | 4,328 |
--------------------------------------------------------------------------------
| Change in biological |   | | 0 | 3,680 | | 0 | 235 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Change in payables and | | 26,348 | -49,32 | | 1,684 | -3,152 |
| deferred income | | | 3 | | | |
--------------------------------------------------------------------------------
| NET CASH FROM |   | | 13,900 | 41,904 | | 888 | 2,676 |
| OPERATING ACTIVITIES | | | | | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | | |   |
--------------------------------------------------------------------------------
| Acquisition of |   | | -493 | -1,834 | | -32 | -117 |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of |   | | 0 | 2,011 | | 0 | 129 |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of |  11 | | -3,725 | -49,03 | | -238 | -3,134 |
| investment property | | | | 3 | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of |  11 | | 24,530 | 2,971 | | 1,568 | 190 |
| investment property | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of |   | | -500 | -502 | | -32 | -32 |
| subsidiaries and | | | | | | | |
| interests in jointly | | | | | | | |
| controlled entities | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of |   | | 105 | 600 | | 7 | 38 |
| investments in | | | | | | | |
| subsidiaries and | | | | | | | |
| jointly controlled | | | | | | | |
| entities | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of |   | | 0 | 29,383 | | 0 | 1,878 |
| other investments | | | | | | | |
--------------------------------------------------------------------------------
| Loans granted |   | | -869 | -946 | | -56 | -60 |
--------------------------------------------------------------------------------
| Repayment of loans |   | | 51 | 4,217 | | 3 | 271 |
| granted | | | | | | | |
--------------------------------------------------------------------------------
| Interest received |   | | 2,055 | 1,371 | | 131 | 88 |
--------------------------------------------------------------------------------
| NET CASH FROM/USED IN | | 21,154 | -11,76 | | 1,351 | -749 |
| INVESTING ACTIVITIES | | | 2 | | | |
--------------------------------------------------------------------------------
|   |   | | |   | |   |   |
--------------------------------------------------------------------------------
| Proceeds from loans |   | | 60,749 | 40,390 | | 3,883 | 2,581 |
| received | | | | | | | |
--------------------------------------------------------------------------------
| Settlement of loans |   | | -96,968 | -162,7 | | -6,197 | -10,399 |
| and finance lease | | | | 02 | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Interest paid |   | | -25,258 | -25,41 | | -1,614 | -1,624 |
| | | | | 9 | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN FINANCING | | -61,477 | -147,7 | | -3,928 | -9,442 |
| ACTIVITIES | | | 31 | | | |
--------------------------------------------------------------------------------
|   |   | | |   | |   |   |
--------------------------------------------------------------------------------
| NET CASH FLOW |   | | -26,423 | -117,5 | | -1,689 | -7,515 |
| | | | | 89 | | | |
--------------------------------------------------------------------------------
|   |   | |   |   | |   |   |
--------------------------------------------------------------------------------
| Cash and cash |   | | 64,724 | 156,06 | | 4,137 | 9,974 |
| equivalents at | | | | 1 | | | |
| beginning of period | | | | | | | |
--------------------------------------------------------------------------------
| Net decrease in cash |   | | -26,423 | -117,5 | | -1,689 | -7,515 |
| and cash equivalents | | | | 89 | | | |
--------------------------------------------------------------------------------
| Effect of exchange |   | | 20 | -435 | | 1 | -28 |
| rate fluctuations on | | | | | | | |
| cash held | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash |   | | 38,321 | 38,037 | | 2,449 | 2,431 |
| equivalents at end of | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------