Market announcement
Järvevana
General information
Categories
Half-yearly financial report
Unique data record identifier
3459
Attachments
Submission date and time
24.08.2011 16:15:00
Content of announcement in Estonian
Title
2011. aasta 6 kuu ja II kvartali auditeerimata vahearuanne
Message
Tallinn, Eesti, 2011-08-24 15:15 CEST (GLOBE NEWSWIRE) --
TEGEVUSARUANNE
Üldinfo
Ettevõtte moodustus jagunemisel ASist Järvevana, mille tulemusena eraldati ning
anti üle ASile Merko Ehitus kogu ehitusettevõtte majandustegevusega seotud
varakogum, sh kõik sõlmitud ehitus-, alltöövõtu- ja tarnelepingud, tehnika,
seadmed ja töötajad, kogu erialane oskusteave ja rahavood katkematult jätkuvast
majandustegevusest, va kriminaalasjast nr 05913000055 tulenevad kohustused,
sealhulgas tasumisele kuuluvad kahjuhüvitised, trahvid ning muud nõuded,
kohtukulud ja kriminaalasjast tulenevate võimalike kohustuste kattevarad
kogusummas 16 mln euro ulatuses likviidseid varasid. Ettevõttel puudub
tavapärane majandustegevus ning tema tegevuse ainsaks eesmärgiks on ettevõtte
ning aktsionäride huvide kaitsmine pikaleveninud maadevahetuse kriminaalasjas.
Äritegevus
Ettevõttel puudub aktiivne majandustegevus ning tema ainsaks arvestatavaks
sissetulekuks on ettevõtte likviidsete varade paigutamisest teenitav
finantstulu. Perioodil 01.01.2011-30.06.2011 teenis AS Järvevana 92,4 tuhat
eurot finantstulu. Arvestatavaimaks kuluallikaks on maadevahetusega seotud
kriminaalasjast tulenevad õigusabikulud, mis moodustavad 2011. aasta 6 kuu
üldhalduskuludest 40%. Ettevõtte varadest moodustab 13,4 mln eurot
koostöö-lepingust
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20EST.pdf)
tulenev nõue AS Merko Ehitus vastu. 30.06.2011 seisuga töötas ettevõttes üks
inimene - juhataja Toomas Annus. Ettevõtte tegevusel puudub sesoonne ja
tsükliline eripära.
3. aprillil 2009 esitas Riigiprokuratuur ASile Järvevana ja Toomas Annusele
süüdistusakti, (mis kannab 31.03.2009 kuupäeva) maadevahetuse kriminaalasjas
nr. 05913000055
(http://www.nasdaqomxbaltic.com/market/?pg=news&news_id=232811).
12. novembril 2009 algas Harju Maakohtus maadevahetuse süüdistusasja
kohtuprotsess. Kohtuprotsessi ülevaade:
http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=EE3100003559&list=3
&tab=news&news_id=238400.
Süüdistusaktis on ASile Järvevana inkrimineeritud viis episoodi altkäemaksu
andmist ning asja menetleb Harju maakohus. Altkäemaksu süüdistuse
tõendamisesemesse kuulub kolm elementi, milledest kasvõi ühe puudumine välistab
kuriteokooseisu: (i) ametiisikule materiaalse väärtuse hüve lubamine või
üleandmine; (ii) ametiisiku poolne ebaseaduslik tegu altkäemaksu andja kasuks;
(iii) ekvivalentsussuhe esimese ja teise elemendi vahel, s.o. hüve andmine
ametiisikule soodsa teo eest. AS Järvevana suhtes kuulub tõendamisele ka see,
et (i) teo pani toime juriidilise isiku juhtivtöötaja ja (ii) tegu pandi toime
juriidilise isiku huvides. AS Järvevana ei ole teinud ühtegi süüdistusaktis
kirjeldatud maadevahetustehingut. Vastavaid tehinguid tegid ja hüpoteetilist
kasu võisid saada hoopis iseseisvatest juriidilistest isikutest
tütarettevõtjad, kellele ei ole süüdistust esitatud. AS Järvevana ei ole aga
kunagi maid vahetanud ka süüdistuse kohaselt. Samuti on ilmne, et teod ei
saanud olla ebaseaduslikud, kuna need olid lubatud LKS § 19, mis välistab
altkäemaksu kvalifikatsiooni.
2010. aasta lõpuks oli kohus üle kuulanud 81 süüdistaja taotlusel kohtusse
kutsutud tunnistajat ning mitte ükski eelnimetatud tunnistajatest ei andnud
tunnistusi altkäemaksu lubamise või andmise või ebaseaduslike tegude kohta.
Prokuratuur ei ole üheltki oma tunnistajalt küsinud tõendamisesemesse kuuluva
asjaolu kohta - kas kellelegi on lubatud või antud altkäemaksu. Kohtu ja
kaitsjate sellekohastele küsimustele on aga süüdistuse tunnistajad andnud
eranditult eitavaid vastuseid. Kõik prokuratuuri dokumentaalsed tõendid on
käesolevaks ajaks avaldatud. Seega on prokuratuur lõpetanud omapoolsete
tõendite presenteerimise. Oleme seisukohal, et mitte ükski prokuratuuri tõend
ei ole tõendanud altkäemaksu lubamist või andmist või tehingute
ebaseaduslikkust või eelmainitute ekvivalentsussuhte esinemist.
2011. aastal jätkusid maadevahetuse kohtuistungid süüdistatavate taotlusel
kutsutud tunnistajate ülekuulamisega. Tänaseks on kohus üle kuulanud kõik AS
Järvevana taotlusel kohtusse kutsutud tunnistajad. Avaldatud on ka
dokumentaalsed tõendid. Alates 22. septembrist 2011 hakkavad ütlusi andma
süüdistatavad. Kohtuprotsessi 2011. aasta menetlusgraafik on paika pandud 15.
detsembrini 2011. Eelduslikult jõutakse esimese astme kohtuotsuseni 2012. aasta
esimeses kvartalis. Menetlus võib osutuda väga pikaajaliseks, kuna Eesti
kohtusüsteem on kolmeastmeline ning protsess võib jätkuda ka Euroopa
Inimõiguste kohtus.
Ettevõte peab esitatud süüdistusi alusetuks. AS Järvevana nõukogu ja juhatus on
veendunud, et ettevõtte ja tema juhtorganite tegevus on olnud korrektne ning
Eesti Vabariigi seadustega kooskõlas ning seda suudetakse kohtus ka tõendada.
Aktsia ja aktsionärid
AS Järvevana suuremad aktsionärid seisuga 30.06.2011
Aktsiate arv Osakaal
-------------------------------------------
AS Riverito 12 742 686 71,99%
ING Luxembourg S.A., kliendid 963 376 5,44%
Skandinaviska Enskilda Banken Ab, kliendid 597 459 3,38%
Tenlion OÜ 217 690 1,23%
Aktsionäride struktuur seisuga 30.06.2011
Aktsiate arv Aktsionäride % Aktsiate arv % aktsiatest
arv aktsionäridest
-------------------
1-100 261 30,82% 12 714 0,07%
101-1000 319 37,66% 140 846 0,80%
1001-10 000 195 23,02% 704 426 3,98%
10 001 - 100 000 65 7,67% 1 951 780 11,03%
100 001 - 1 000 6 0,71% 2 147 548 12,13%
000
1 000 001 - … 1 0,12% 12 742 686 71,99%
Kokku 847 100% 17 700 000 100%
AS Järvevana aktsiad on alates 15. septembrist 2009 noteeritud NASDAQ OMX
Tallinn Balti Lisanimekirjas. AS Merko Ehitus jagunemisprotsessi käigus muudeti
ettevõtte ärinimi ASiks Järvevana ning alates 04.08.2008 kaubeldakse AS
Järvevana aktsiatega nimetuse JRV1T all. 2011. aasta 6 kuuga sooritati
Järvevana aktsiatega 168 tehingut, mille käigus vahetas omanikku 195 666
aktsiat ning tehingute käive oli 63 293 eurot. Madalaim tehing aktsiaga
sooritati tasemel 0,29 eurot ning kõrgeim tasemel 0,39 eurot aktsia. Aktsia
sulgemishind seisuga 30.06.2011 oli 0,30 eurot.
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
6 kuud 6 kuud
Üldhalduskulud (126) (133)
-----------------
-----------------
Ärikasum (-kahjum) (126) (133)
Finantstulud ja -kulud 92 107
-----------------
sh intressitulud 92 107
Perioodi puhaskasum (-kahjum) (34) (26)
-----------------
sh emaettevõtte omanike osa puhaskahjumist (34) (26)
Perioodi koondkasum (-kahjum) (34) (26)
-----------------
sh emaettevõtte omanike osa koondkahjumist (34) (26)
Puhaskasum emaettevõtte omanike aktsia kohta (tava ja (0,00) (0,00)
lahustatud, eurodes)
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
II II
kvartal kvartal
Üldhalduskulud (65) (64)
---------------------
---------------------
Ärikasum (-kahjum) (65) (64)
Finantstulud ja -kulud 48 42
---------------------
sh intressitulud 48 42
Perioodi puhaskasum (-kahjum) (17) (22)
---------------------
sh emaettevõtte omanike osa puhaskahjumist (17) (22)
Perioodi koondkasum (-kahjum) (17) (22)
---------------------
sh emaettevõtte omanike osa koondkahjumist (17) (22)
Puhaskasum emaettevõtte omanike aktsia kohta (tava ja (0,00) (0,00)
lahustatud, eurodes)
FINANTSSEISUNDI ARUANNE
auditeerimata, tuhandetes eurodes
30.06.2011 31.12.2010
VARAD
Käibevara
Raha ja raha ekvivalendid 1 830 1 266
Lühiajalised deposiidid 650 1 300
Nõuded ja ettemaksud 13 414 13 402
Käibevara kokku 15 894 15 968
Põhivara
Materiaalne põhivara 40 1
Põhivara kokku 40 1
VARAD KOKKU 15 934 15 969
-----------------------
-----------------------
KOHUSTUSED
Lühiajalised kohustused
Võlad ja ettemaksed 21 22
Lühiajalised eraldised 1 118 1 118
Lühiajalised kohustused kokku 1 139 1 140
Kohustused kokku 1 139 1 140
Omakapital
Aktsiakapital 11 312 11 312
Registreerimata aktsiakapital 688 -
Kohustuslik reservkapital 1 131 1 131
Jaotamata kasum 1 664 2 386
Omakapital kokku 14 795 14 829
KOHUSTUSED JA OMAKAPITAL KOKKU 15 934 15 969
-----------------------
Toomas Annus
Juhatuse liige
6 805 400
[email protected]
Content of announcement in English
Title
2011 6 months and II quarter unaudited interim report
Message
MANAGEMENT REPORT
General information
The company was formed after the demerger from AS Järvevana (former AS Merko
Ehitus), as a result of which the complete set of assets related to the
business activities of the construction company was separated and transferred
to the new AS Merko Ehitus, including all concluded construction contracts,
subcontracts and supply contracts, machinery, equipment and employees, all
professional know-how and cash flows from uninterrupted, continuous economic
activities, except for liabilities arising from the criminal case no.
05913000055, including compensations for damage, penalties and other payables,
legal expenses and liquid assets to cover potential liabilities arising from
the criminal proceedings in the amount of EUR 16.0 million. The company does
not have ordinary economic activities and the only objective of its activities
is to protect the interests of the company and shareholders in the long-lasting
criminal proceedings related to the land swap.
Operating activities
The company does not have active business operations and its only income is
finance income earned on the investment of the company's liquid funds. Between
01.01.2011 and 30.06.2011, AS Järvevana earned finance income in the amount of
EUR 92.4 thousand. The most significant cost article is the legal costs related
to the criminal proceedings of the land swap, which totalled 40% of the
administrative expenses in 2011 6 months. A claim against AS Merko Ehitus
arising from a collaboration agreement totalled EUR 13.4 million of the
company's assets
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20ENG.pdf).
As of 30 June 2011, one person was employed by AS Järvevana, its Management
Board member Toomas Annus. The company's activities do not have seasonal or
cyclical nature.
At 3 April 2009, the Public Prosecutor's Office submitted a statement of
charges (dated 31.03.2009) against AS Järvevana and Toomas Annus in criminal
case no. 05913000055 concerning the land swap
(http://www.nasdaqomxbaltic.com/market/?pg=news&news_id=232810).
At 12 November 2009, the judicial proceedings concerning the land swap case
commenced at Harju County Court. An overview of the proceedings is available
at:
http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=EE3100003559&list=3
&tab=news&news_id=238437.
In the statement of charges, AS Järvevana has been incriminated with five
episodes of giving a bribe and the matter has been referred for judicial
proceedings to Harju County Court. The subject of proof concerning bribery
charges has three elements, the absence of even one of which precludes the
necessary elements of criminal offence: (i) promising or giving of a material
reward to an official; (ii) illegal act by an official in favour of a person
giving a bribe; (iii) equivalence relation between the first and second
elements, i.e. giving of a reward to an official for a favourable act. Evidence
also needs to be produced against AS Järvevana in the matter that (i) the act
was committed by a senior executive of a legal person, and (ii) the act was
committed in the interests of the legal person. AS Järvevana has not concluded
any land swap transactions described in the statement of charges. These
transactions were concluded and hypothetical benefits could have been reaped by
independent subsidiaries as legal persons who have not been charged. Even
according to the statement of charges, AS Järvevana has never swapped land. It
is also evident that the acts could not have been illegal because they had been
permitted under § 19 of the Nature Conservation Act which rules out the
qualification of bribery.
By the end of 2010, the court had heard 81 prosecution's witnesses, and none of
these witnesses have testified to a bribe being promised or given, or to any
illegal actions. The prosecution has not asked any of its witnesses about the
fact to be proved - whether anyone has been promised or has been given a bribe.
When the court and the defence have asked about this, the prosecution's
witnesses have always answered with “No”. The Prosecutor's Office has now
presented all of its documentary evidence. This means that the prosecution has
finished the presentation of its evidence. In our opinion, not a single piece
of evidence presented by the prosecution has proven that a bribe was promised
or given or that illegal transactions have taken place or that the
aforementioned things are related in any way.
In 2011, the court hearings in the land swap case continued with the
questioning of the witnesses called by the accused. By now, the court has heard
all the witnesses called by AS Järvevana. All documentary evidence is also
presented. From 22 September 2011 the accused will start their utterance. The
2011 court schedule for this case has been set until 15 December 2011. The
Court of First Instance is expected to make its ruling in the first quarter of
2012. The process could take a very long time, as the Republic of Estonia has a
three-level court system and the case may further be filed with the European
Court of Human Rights.
The company considers the charges brought against it to be groundless. The
Supervisory Board and Management Board of AS Järvevana are convinced that the
activities of the company and its governing bodies have been conducted properly
and in conformity with the laws of the Republic of Estonia, and that relevant
proof can be supplied in the court.
Share and shareholders
The largest shareholders of AS Järvevana as of 30.06.2011
Number of shares % of shares
------------------------------------------
AS Riverito 12 742 686 71,99%
ING Luxembourg S.A., clients 963 376 5,44%
Skandinaviska Enskilda Banken Ab, clients 597 459 3,38%
Tenlion OÜ 217 690 1,23%
Structure of shareholders as of 30.06.2011
Number of shares Number of % of Number of % of
shareholders shareholders shares shares
-----------------
1-100 261 30,82% 12 714 0,07%
101-1000 319 37,66% 140 846 0,80%
1001-10 000 195 23,02% 704 426 3,98%
10 001 - 100 000 65 7,67% 1 951 780 11,03%
100 001 - 1 000 6 0,71% 2 147 548 12,13%
000
1 000 001 - … 1 0,12% 12 742 686 71,99%
Total 847 100% 17 700 000 100%
From 15.09.2009, the shares of AS Järvevana are included in the secondary list
of NASDAQ OMX Tallinn Stock Exchange. During the demerger of AS Merko Ehitus,
the company's business name was changed to AS Järvevana and from August 4th
2008, the shares of AS Järvevana are traded under the symbol of JRV1T. In 2011
6 months, 168 transactions were performed with the shares of AS Järvevana in
the course of which 195 666 shares were traded and the total monetary value of
transactions was EUR 63 293. The lowest transaction price was EUR 0.29 and the
highest transaction price was EUR 0.39 per share. The closing price of the
shares as of 30.06.2011 was EUR 0.30.
STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros
2011 2010
6 6
months months
General and administrative expenses (126) (133)
---------------
---------------
Operating profit (loss) (126) (133)
Finance income and costs 92 107
---------------
incl. interest income 92 107
Net profit (loss) for the period (34) (26)
---------------
incl. net profit (loss) attributable to equity holders of the (34) (26)
parent
Comprehensive profit (loss) for the period (34) (26)
---------------
incl. comprehensive profit (loss) attributable (34) (26)
to equity holders of the parent
Earnings per share for profit attributable to equity holders of (0,00) (0,00)
the parent (basic and diluted, in EUR)
STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros
2011 2010
II II
quarter quarter
General and administrative expenses (65) (64)
-----------------
-----------------
Operating profit (loss) (65) (64)
Finance income and costs 48 42
-----------------
incl. interest income 48 42
Net profit (loss) for the period (17) (22)
-----------------
incl. net profit (loss) attributable to equity holders of the (17) (22)
parent
Comprehensive profit (loss) for the period (17) (22)
-----------------
incl. comprehensive profit (loss) attributable (17) (22)
to equity holders of the parent
Earnings per share for profit attributable to equity holders (0,00) (0,00)
of the parent (basic and diluted, in EUR)
STATEMENT OF FINANCIAL POSITION
unaudited, in thousand euros
30.06.2011 31.12.2010
ASSETS
Current assets
Cash and cash equivalents 1 830 1 266
Short-term deposits 650 1 300
Trade and other receivables 13 414 13 402
Total current assets 15 894 15 968
Non-current assets
Property, plant and equipment 40 1
Total non-current assets 40 1
TOTAL ASSETS 15 934 15 969
-----------------------
-----------------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 21 22
Short-term provisions 1 118 1 118
Total current liabilities 1 139 1 140
Total liabilities 1 139 1 140
Equity
Share capital 11 312 11 312
Unregistered share capital 688 -
Statutory reserve capital 1 131 1 131
Retained earnings 1 664 2 386
Total equity 14 795 14 829
TOTAL LIABILITIES AND EQUITY 15 934 15 969
-----------------------
Toomas Annus
Member of Management Board
+372 6 805 400
[email protected]