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
Half-yearly financial report
Unique data record identifier
3461
Attachments
Submission date and time
26.08.2011 16:30:00
Content of announcement in Estonian
Title
Arco Vara AS 2011. a. II kvartali ja 6 kuu vahearuanne
Message
Juhatuse esimehe kommentaarid
Kontserni müügitulu on võrreldes eelmise aasta sama perioodiga oluliselt
kasvanud kõikide divisjonide lõikes ning kasumlikkus on paranemas. Üle mitme
aasta on teenindusdivisjon jõudnud ärikasumisse, arendusdivisjoni ärikahjum on
eelmise aastaga võrreldes samal tasemel. Suurima tagasilöögi saime erakorralise
kahjumina ehitusdivisjonist, kus kogu tööstusharu mõjutab 2010. aastal alanud
kiire inflatsioon ja majanduskriisi esile kutsutud partnerettevõtete pankrotid.
Kui erakorralise kahjumi mõju kõrvale jätta, lõpetas Kontsern teise kvartali
kasumiga.
2011. aasta 6 kuuga müüdi Arco Vara projektides 56 korterit või krunti, millest
38 Eestis, 9 Lätis ja 9 Bulgaarias. Olulisematest töödest jätkub Tallinnas
Tivoli nimelise suuremahulise korterelamu arenduse projekteerimine ning
Manastirski korterelamu projekti ehitamine Sofias. Jätkub ehitamine ja müümine
Tallinnas Kodukoldes, ning lõppemas on kruntide müümine Meriväljal. Teise
kvartalisse jäi Alasniidu lasteaia lõpetamine ja ka edukas realiseerimine
investorile ning Lilletee lasteaia projekteerimise ja ehitamisega alustamine.
Peale vahearuande päeva on Arco Vara Läti sidusettevõte võitnud oksjoni Mazais
Baltezers projektis 86 hektari eluasememaa ostmiseks, mis varem oli kasutada
vaid rendilepingu alusel. Maaoksjoni edukat võitmist peame grupi Läti
positsiooni tuleviku kindlustamise seisukohalt eriti märkimisväärseks. Jätkuvad
tööd Riias Bišumuiža 1 korterite arendamisel ning kruntide realiseerimisel.
Jätkasime Bulgaarias Sofias Madridi projektis korterite asjaõiguslepingute
sõlmimist ja viimaste vabade pindade väljaüürimist.
Teenindusdivisjonile on 2011. aasta esimene pool olnud parem kui mitmel
eelneval aastal. Esimene poolaasta lõppes kasvanud käibe juures ärikasumiga 44
tuhat eurot võrreldes ärikahjumiga 161 tuhat eurot 2010. aasta samal perioodil.
Kontserni vahendustehingute arv on võrreldes eelmise aastaga tõusnud 23% ning
hindamisaktide arv 39% võrra, samal ajal on maaklerite arv vähenenud ja
hindajate arv tõusnud vaid 11% võrra.
2011. aasta kuue kuuga sõlmiti uusi ehituslepinguid 4,3 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta II kvartali lõpu seisuga 13,5
mln eurot võrreldes 2010. aasta II kvartali lõpu 6,0 mln euroga. Bilansipäeva
järgselt on Tartus valminud Eesti Lennuakadeemia hoone, suurim tänavu Arco
Ehituse poolt ainsa peatöövõtjana ehitatud hoone. Ehitusdivisjoni ärikahjum
tuleneb kahe olulise koostööpartneri pankrotist, mille käigus jäi saamata
tasusid juba tehtud tööde eest Tartus, K&H nimeliselt ehitusettevõttelt -
nõuded on tagatud hüpoteekidega ning Kristiine Ehituse pankrotist Tallinnas,
kus meile mittesoodsatel tingimustel jäi allesjäänud konsortsiumipartnerina
kanda objekti lõpuni ehitamise kohustus juba alustatud ja pankroti tõttu
pooleli jäetud objektidel.
12 kuuga on Kontserni laenukohustuste saldo vähenenud 8,8 mln euro võrra ning
omakapitali osakaal on tõusnud 37%-lt 39%-le. Laenukohustuste keskmine kaalutud
intress on võrreldes aastatagusega euribori toel kasvamas, samas on 12 kuuga
pikenenud ka laenukohustuste kaalutud keskmine tähtaeg seoses laenude jooksva
refinantseerimisega.
PÕHILISED NÄITAJAD
-- Kuue kuu müügitulu kokku moodustas 23,5 mln eurot. Sellest 8,3 mln eurot
oli Tivoli projekti kinnistute müük Kontserni ühisettevõttele Tivoli
Arendus OÜ. Ilma viimase tehinguta oli Kontserni müügitulu 15,2 mln eurot,
mis on 43% rohkem kui 2010. aasta I poolaastal.
-- Ärikahjum 1,4 mln eurot on suurenenud 40% võrreldes eelmise aasta sama
perioodiga.
-- I poolaasta puhaskahjum oli 1,9 mln eurot, mis on 69% rohkem kui eelmise
aasta I poolaastal.
-- Omakapital moodustab 39,1% (30.06.2010 seisuga: 37,1%) varade mahust.
Jooksva 12 kuu omakapitali tootlikkus oli negatiivne (2010 II kvartal:
negatiivne). Investeeritud kapitali jooksva 12 kuu tootlikkus oli 1,3%
(2010 II kvartal: negatiivne).
-- Ehituslepingute järelejäänud maht oli II kvartali lõpu seisuga 13,5 mln
eurot, 2010 II kvartali lõpus 6,0 mln eurot.
-- Kuue kuu jooksul müüdi 56 korterit ja krunti (2010 I poolaasta: 53 korterit
ja krunti).
I pa I pa II kvartal II kvartal
2011 2010 2011 2010
--------------------------------------------------------------------------------
EUR miljonites
-------------------------------------
Müügitulu ja muu äritulu 23,5 8,9 10,3 4,5
--------------------------------------------------------------------------------
Ärikasum -1,4 -1,0 -0,5 -0,4
--------------------------------------------------------------------------------
s.h kinnisvarainvesteeringute ja 0,0 -0,4 0,0 -0,1
varude ümberhindlused
--------------------------------------------------------------------------------
Kasum enne tulumaksu -1,9 -1,1 -0,6 -0,4
--------------------------------------------------------------------------------
s.h kasum või kahjum finantsvarade 0,3 -0,2 0,3 0,1
võõrandamisest
--------------------------------------------------------------------------------
Puhaskasum -1,9 -1,1 -0,6 -0,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (eurodes) -0,41 -0,24 -0,13 -0,08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varad kokku, perioodi lõpu seisuga 64,9 74,5
--------------------------------------------------------------------------------
Investeeritud kapital, perioodi lõpu 51,1 62,3
seisuga
--------------------------------------------------------------------------------
Neto laenud, perioodi lõpu seisuga 23,5 32,3
--------------------------------------------------------------------------------
Omakapital, perioodi lõpu seisuga 25,4 27,6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Laenude keskmine pikkus (aastates) 2,0 1,5
--------------------------------------------------------------------------------
Laenude keskmine intress (aastas) 7,4% 6,1%
--------------------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) 1,3% neg
--------------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Töötajate arv perioodi lõpul 142 153
--------------------------------------------------------------------------------
TULUD JA KASUM
I pa 2011 I pa 2010 II kvartal II kvartal
2011 2010
--------------------------------------------------------------------------------
EUR miljonites
--------------------------------------------------
Müügitulu
--------------------------------------------------------------------------------
Teenindus 1,1 0,9 0,6 0,4
--------------------------------------------------------------------------------
Arendus 14,0 4,6 4,1 2,3
--------------------------------------------------------------------------------
Ehitus 8,5 3,4 5,6 1,8
--------------------------------------------------------------------------------
Elimineerimised -0,1 -0,2 -0,1 0,0
--------------------------------------------------------------------------------
Müügitulu kokku 23,5 8,7 10,2 4,5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum
--------------------------------------------------------------------------------
Teenindus 0,1 -0,2 0,1 -0,1
--------------------------------------------------------------------------------
Arendus -0,2 -0,2 0,4 0,0
--------------------------------------------------------------------------------
Ehitus -0,8 0,0 -0,7 0,1
--------------------------------------------------------------------------------
Elimineerimised 0,2 0,4 0,1 0,1
--------------------------------------------------------------------------------
Jagamatud ärikulud -0,7 -1,0 -0,4 -0,5
--------------------------------------------------------------------------------
Ärikasum kokku -1,4 -1,0 -0,5 -0,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Intressitulud ja -0,7 -0,3 -0,4 -0,1
intressikulud
--------------------------------------------------------------------------------
Muud finantstulud ja -kulud 0,2 0,2 0,3 0,1
--------------------------------------------------------------------------------
Tulumaksukulu 0,0 0,0 0,0 0,0
--------------------------------------------------------------------------------
Puhaskasum -1,9 -1,1 -0,6 -0,4
--------------------------------------------------------------------------------
Finantstulusid- ja kulusid mõjutas enim intressikulude suurenemine, mille
põhjuseks on Madridi projekti valmimisega seotud intressikulude
kapitaliseerimise lõpetamine. 2011. aasta I poolaastal olulisi erakorralisi
finantstulusid ja -kulusid ei olnud, samas kui 2010. aasta I kvartali tulemust
mõjutasid AS-i Ühendatud Kapital vastu USA dollarites kajastatud nõude
valuutakursi kasum summas 0,15 mln eurot ja Arco Vara Saare Kinnistute OÜ
müügist tekkinud kahjum 0,23 mln eurot.
RAHAVOOD
I pa 2011 I pa 2010
----------------------------------------------------------------
EUR miljonites
----------------------------------------------------------------
Äritegevuse rahavood -1,1 0,1
----------------------------------------------------------------
Investeerimistegevuse rahavood 0,1 0,8
----------------------------------------------------------------
Finantseerimistegevuse rahavood -1,0 -2,6
----------------------------------------------------------------
Perioodi rahavood kokku -2,0 -1,7
----------------------------------------------------------------
----------------------------------------------------------------
Raha ja raja ekvivalendid perioodi alguses 4,2 4,1
----------------------------------------------------------------
Valuutakursi mõju 0,0 -0,2
----------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 2,2 2,3
----------------------------------------------------------------
Märtsis 2011 tagastas Arco Investeeringute AS ennetähtaegselt 5,27 mln euro
ulatuses kogu Tivoli projekti maa soetamiseks võetud laenu SEB Pangale ning
osaliselt Laeva projekti maa soetamiseks võetud laenu summas 0,12 mln eurot.
Tivoli laenu tagastamine ja osaliselt ka Laeva 2 laenu tagastamine rahavoos ei
kajastu, kuna raha laekus Tivoli Arendus OÜ 50% osaluse müügil uuelt
finantseerijalt otse SEB-le. Rohkem erakorralisi laenutagastusi 2011. aastal ei
ole toimunud.
Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed 0,6 mln
eurot. Graafikujärgseid ja varude müügiga seotud pangalaenude põhiosa
tagasimakseid on olnud 1,2 mln eurot. Perioodi jooksul kasutatud limiitidest
suurima osa moodustavad Kolde eelviimase etapi, Alasniidu ja Lilletee lasteaia
ehitamisega seotud finantseerimine kogusummas 2,5 mln eurot. Kolde
limiidikasutus rahavoos ei kajastu, kuna laenu väljamaksmiseks loetakse arve
laekumist Merko Ehituselt ning reaalselt raha ei liigu.
Suurimad lühiajalised laenukohustused järgmise 12 kuu jooksul:
-- arvestuslik põhiosa tagastus broneeritud pindade müügist ning vastavalt
tagastusgraafikule projektis Boulevard Residence Madrid Sofias summas 4,7
mln eurot;
-- Manastirski projekti laen summas 2,2 mln eurot;
-- rahavooprojekti Kadaka tee 131 investeerimislaen summas 1,4 mln eurot;
-- Bišumuiža projekti laen summas 1,3 mln eurot;
-- arendusprojekti Laeva 2 laen summas 1,1 mln eurot.
Jooksvalt on 2011. aasta I poolaastal makstud laene tagasi projektides
„Kodukolde” Tallinnas, „Bišumuiža-1” Riias ning Madrid Sofias. Lisaks on
graafikujärgsed laenutagastused toimunud rahavoogu tootvates projektides ning
põhiosa tagasimaksega graafikud on kehtestatud ka Laeva 2 projekti ja Koduküla
OÜ pangalaenule.
TEENINDUSDIVISJON
Teenindusdivisjoni tulemus 2011. aastal on olnud igati parem kui 2010. 2011.
aasta I poolaasta ärikasum oli kokku 44 tuhat eurot võrreldes ärikahjumiga 161
tuhat eurot 2010. aastal. Kontserni vahendustehingute arv võrreldes eelmise
aastaga on tõusnud 23% ning hindamisaktide arv 39% võrra, samal ajal on
maaklerite arv vähenenud ja hindajate arv tõusnud vaid 11% võrra.
I pa 2011 I pa 2010 muutus, %
-----------------------------------------------------------------------
Vahendatud objektide arv 626 507 23%
-----------------------------------------------------------------------
Müügis olevad projektid, tk 173 177 -2%
-----------------------------------------------------------------------
Hindamisaktide arv 2 778 1 993 39%
-----------------------------------------------------------------------
Hindajate arv* 39 35 11%
-----------------------------------------------------------------------
Maaklerite arv* 71 74 -4%
-----------------------------------------------------------------------
Divisjoni töötajate arv perioodi lõpus 46 59 -22%
-----------------------------------------------------------------------
* sisaldab käsunduslepinguid
ARENDUSDIVISJON
2011. aasta kuue kuuga müüdi Arco Vara projektides 56 korterit või krunti.
Lätis müüdi seitse Bišumuiža korterit ja kaks Baltezersi krunti, Eestis 36
Kodukolde korterit ja kaks Merivälja krunti. Bulgaarias müüdi üheksa korterit
Madridi projektis Sofias.
Tivoli projekti kaasati partner International Invest Project OÜ ning rahastus I
etapi ehituseks. Käimas on projekteerimine ning käesoleval aastal plaanime
alustada ehitustegevusega.
Juunis valmis Kodukolde arendusprojekti eelviimane etapp 50 korteriga. Kuue kuu
käibes kajastub 29 antud etapi korteri müük. 2011. II kvartalis alustati
viimase etapi (48 korteri) ehitamisega. Ehitustöid teostab ja finantseerib AS
Merko Ehitus. Majade oodatav valmimine on 2012. aasta esimesel poolaastal.
Alasniidu lasteaed sai mai lõpus kasutusloa ning hoone anti Harku vallale,
kellega on sõlmitud lasteaia üürileping. Lasteaeda omav ettevõtte müüdi II
kvartalis 2011 ning sellega on projekt Arco poolt edukalt lõpetatud.
I kvartali lõpus ostis Arco Investeeringute AS-i 100% tütarettevõte
hoonestusõiguse Viimsis Lille teel eesmärgiga rajada kuuerühmaline lasteaed.
Viimsi vallaga on sõlmitud pikaajaline lasteaia üürileping. Lasteaia valmimine
on planeeritud I kvartalisse 2012 ning ehitustöid teostab YIT.
Bulgaarias on käimas Manastirski projekti I etapi ehitus. I etapi korteritest
on 42% broneeritud. Boulevard Residence Madrid äri- ja eluhoones Sofias jätkub
broneeritud korterite asjaõiguslepingute sõlmimine ning vabade korterite müük.
2011. aasta juuni lõpu seisuga töötas divisjonis kokku 21 inimest (30.06.2010
seisuga 26 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on tavapäraselt aktiivne keskkonna- ja infrastruktuuriprojektide
ning haridusasutustega seotud tsiviilehituse objektidel.
2011. aasta II kvartali lõpu seisuga on suuremateks käimasolevateks
ehitusprojektideks Tallinn-Muuga vee ja kanalisatsiooni trassid ja rajatised
jäägiga 5,1 mln eurot, vee- ja kanalisatsioonitorustike
projekteerimis-ehitustööd Jõgeva ja Puurmani valdades jäägiga 2,3 mln eurot ja
Tamsalu reovee kogumisala veemajandusprojekt jäägiga 1,4 mln eurot.
2011. aasta kuue kuuga sõlmiti uusi ehituslepinguid 4,3 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta II kvartali lõpu seisuga 13,5
mln eurot võrreldes 2010. aasta II kvartali lõpu 6,0 mln euroga.
2011. aasta juuni lõpu seisuga töötas divisjonis kokku 55 inimest (30.06.2010
seisuga 47 inimest).
Konsolideeritud koondkasumiaruanne
Lisa I poolaasta I II kvartal II kvartal
2011 poolaasta 2011 2010
2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Müügitulu teenuste 10 340 4 200 6 603 2 365
müügist
--------------------------------------------------------------------------------
Müügitulu kaupade müügist 13 167 4 507 3 645 2 113
--------------------------------------------------------------------------------
Müügitulu kokku 2 23 507 8 707 10 248 4 478
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu 3 -22 434 -7 637 -9 742 -3 892
--------------------------------------------------------------------------------
Brutokasum 1 073 1 070 506 586
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 12 183 7 66
--------------------------------------------------------------------------------
Turustuskulud 4 -214 -159 -112 -97
--------------------------------------------------------------------------------
Üldhalduskulud 5 -2 240 -1 942 -879 -842
--------------------------------------------------------------------------------
Muud ärikulud -59 -172 -16 -104
--------------------------------------------------------------------------------
Ärikasum -1 428 -1 020 -494 -391
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 6 417 580 383 354
--------------------------------------------------------------------------------
Finantskulud 6 -908 -668 -487 -320
--------------------------------------------------------------------------------
Kasum enne tulumaksu -1 919 -1 108 -598 -357
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulumaksukulu 0 -28 0 -27
--------------------------------------------------------------------------------
Aruandeperioodi -1 919 -1 136 -598 -384
puhaskasum
--------------------------------------------------------------------------------
Emaettevõtte omanike osa -1 932 -1 136 -598 -384
puhaskasumis
--------------------------------------------------------------------------------
Mitte-kontrolliva osaluse 13 0 0 0
osa puhaskasumis
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursivahed välismaiste 0 12 0 1
tütarettevõtete
ümberarvestamisest
--------------------------------------------------------------------------------
Aruandeperioodi -1 919 -1 124 -598 -383
koondkasum
--------------------------------------------------------------------------------
Emaettevõtte omanike osa -1 919 -1 124 -598 -383
koondkasumis
--------------------------------------------------------------------------------
Mitte-kontrolliva osaluse 0 0 0 0
osa koondkasumis
--------------------------------------------------------------------------------
Aktsia puhaskasum 7
--------------------------------------------------------------------------------
- tava -0,41 -0,24 -0,13 -0,08
--------------------------------------------------------------------------------
- lahustatud -0,41 -0,24 -0,13 -0,08
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 30.06.2011 31.12.2010
-----------------------------------------------------------------------------
EUR tuhandetes
-----------------------------------------------------------------------------
Raha ja raha ekvivalendid 2 234 4 209
-----------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 8 9 494 5 760
-----------------------------------------------------------------------------
Ettemakstud kulud 392 192
-----------------------------------------------------------------------------
Varud 9 26 001 35 740
-----------------------------------------------------------------------------
Käibevara kokku 38 121 45 901
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Finantsinvesteeringud 997 996
-----------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 8 2 950 76
-----------------------------------------------------------------------------
Kinnisvarainvesteeringud 10 22 163 22 887
-----------------------------------------------------------------------------
Materiaalne põhivara 665 703
-----------------------------------------------------------------------------
Immateriaalne põhivara 20 20
-----------------------------------------------------------------------------
Põhivara kokku 26 795 24 682
-----------------------------------------------------------------------------
VARAD KOKKU 64 916 70 583
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 13 726 27 126
-----------------------------------------------------------------------------
Võlad tarnijatele ja muud võlad 12 8 240 4 813
-----------------------------------------------------------------------------
Ettemaksed 4 379 4 859
-----------------------------------------------------------------------------
Eraldised 1 158 1 378
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 27 503 38 176
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 11 323 3 855
-----------------------------------------------------------------------------
Võlad 12 710 724
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 12 033 4 579
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 39 536 42 755
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Aktsiakapital 3 030 3 030
-----------------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
-----------------------------------------------------------------------------
Jaotamata kasum 20 339 22 787
-----------------------------------------------------------------------------
Omakapital kokku 25 380 27 828
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Mitte-kontrollivale osalusele kuuluv omakapital 175 -70
-----------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 25 205 27 898
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 64 916 70 583
-----------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa I pa I pa
2011 2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Puhaskasum -1 919 -1 135
--------------------------------------------------------------------------------
Intressitulud ja -kulud 6 720 268
--------------------------------------------------------------------------------
Kasumid ja kahjumid tütar- ja ühisettevõtete müügist 6 -284 88
--------------------------------------------------------------------------------
Tulud ja kulud muudelt pikaajalistelt 6 52 0
finantsinvesteeringutelt
--------------------------------------------------------------------------------
Finantsvarade allahindluskulu 6 0 9
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara amortisatsioon 3,5 49 58
ja väärtuse langus
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute õiglase väärtuse muutus 10 0 1
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müügi kasum/kahjum 10 0 21
--------------------------------------------------------------------------------
Varude ümberhindluse kasum/kahjum 3 0 355
--------------------------------------------------------------------------------
Valuutakursi kasumid/kahjumid 6 3 -370
--------------------------------------------------------------------------------
Ettevõtte tulumaksukulu 0 -1
--------------------------------------------------------------------------------
Äritegevuse rahavood enne käibekapitali muutuseid -1 379 -706
--------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja tehtud ettemaksete 3 216 813
muutus
--------------------------------------------------------------------------------
Varude muutus 1 955 181
--------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja saadud ettemaksete -4 913 -178
muutus
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU -1 121 110
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetus -9 -22
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute arendusel tasutud summad -729 -11
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müük 177 1 520
--------------------------------------------------------------------------------
Tütar- ja ühisettevõtete soetus 1 0
--------------------------------------------------------------------------------
Tütar- ja ühisettevõtete müük 891 7
--------------------------------------------------------------------------------
Antud laenud -362 -668
--------------------------------------------------------------------------------
Antud laenude tagasimaksed 50 0
--------------------------------------------------------------------------------
Saadud intressid 113 11
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU 132 837
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 1 301 3 874
--------------------------------------------------------------------------------
Laenude ja kapitalirendikohustuste tagasimaksed -1 680 -5 412
--------------------------------------------------------------------------------
Makstud intressid -607 -1 067
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST KOKKU -986 -2 605
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -1 975 -1 658
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 4 209 4 137
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide muutus -1 975 -1 658
--------------------------------------------------------------------------------
Valuutakursi mõju 0 -176
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 2 234 2 303
--------------------------------------------------------------------------------
Lembit Tampere
Arco Vara AS
Jõe 2b, 10151 Tallinn, Estonia
tel: +372 614 4630
gsm: +372 510 9959
fax: +372 614 4646
Content of announcement in English
Title
Arco Vara AS Interim report II quarter 2011
Message
Group Chief Executive's review
Compared with the same period last year, the Group's revenue has grown
significantly across all divisions and profitability has started to improve.
After an interval of several years, the Service division posted an operating
profit while the operating loss of the Development division remained at the
same level as last year. The biggest setback was the exceptional losses of the
Construction division, which is operating in an industry ravaged by rapid
inflation that began spiralling in 2010 and counterparty bankruptcies triggered
by the economic crisis. Excluding the impact of exceptional losses, the Group
ended the second quarter with a profit.
In the first six months of 2011, 56 apartments and plots were sold in the
projects of Arco Vara: 38 in Estonia, 9 in Latvia and 9 in Bulgaria. Major
ongoing development projects include the Tivoli apartment building in Tallinn,
which is in the design phase, and the Manastirski apartment building in Sofia,
which is in the construction phase. The Group continues to sell apartments in
the Kodukolde community being developed in Tallinn and is completing the sale
of plots at Merivälja. In the second quarter, the Development division
successfully completed and delivered to the investor the Alasniidu nursery
school and commenced the Lille tee nursery school design and build project.
Since the reporting date, the Group's Latvian associate has won an auction for
the purchase of 86 hectares of residential land in the Mazais Baltezers project
that previously could only be used under a lease. The success at the land
auction is an important step in securing the Group's position in the Latvian
market. The Group continued developing the Bišumuiža 1 apartment project and
selling plots in Riga as well as delivering apartments under real right
contracts and letting the last vacant rental premises in the Madrid project in
Sofia, Bulgaria.
For the Service division, the first half of 2011 was better than the same
period in several previous years. Revenue grew and the division ended the
half-year with an operating profit of 44 thousand euros compared with an
operating loss of 161 thousand euros for the first half of 2010. The number of
brokerage transactions increased by 23% and the number of valuation reports
issued grew by 39% year over year. At the same time, the number of brokers
decreased and the number of appraisers grew by only 11%.
In the first six months of 2011, the Group secured new construction contracts
of 4.3 million euros. Our order backlog as at 30 June 2011 was 13.5 million
euros against 6.0 million euros at the end of the second quarter of 2010. After
the reporting date, the Construction division has completed the Estonian
Aviation Academy building in Tartu, the largest project for which Arco Ehitus
was the sole general contractor in 2011. The operating loss of the division is
attributable to the bankruptcies of two major business partners. Owing to the
bankruptcy of construction company K&H the Construction division did not
receive payment for work done in Tartu (the receivables are secured with
mortgages), and because of the bankruptcy of construction company Kristiine
Ehitus in Tallinn the division as the remaining consortium partner had to
complete under unfavourable terms construction work started but not completed
on account of the bankruptcy.
Within the past 12 months, the Group's loans and borrowings have decreased by
8.8 million euros and equity to assets ratio has risen from 37% to 39%. The
weighted average interest rate of loans and borrowings has increased because of
a rise in EURIBOR. The Group has responded by lengthening the weighted average
duration of loans and borrowings through current refinancing.
KEY PERFORMANCE INDICATORS
-- The Group ended the first six months of 2011 with revenue of 23.5 million
euros. The figure includes 8.3 million euros earned on the sale of the
Tivoli properties to the Group's joint venture Tivoli Arendus OÜ. Excluding
the latter transaction, the Group's revenue was 15.2 million euros, a 43%
improvement on the first half of 2010.
-- Operating loss for the first half-year was 1.4 million euros, a 40%
increase year over year.
-- Net loss for the first half-year was 1.9 million euros, 69% up on the first
half of 2010.
-- Equity to assets ratio at period-end was 39.1% (30 June 2010: 37.1%).
Return on equity (12 months rolling) was negative (Q2 2010: negative).
Return on invested capital (12 months rolling) was 1.3% (Q2 2010:
negative).
-- At the end of the second quarter, the Group's order backlog stood at 13.5
million euros compared with 6.0 million euros at the end of the second
quarter of 2010.
-- During the first six months of 2011, the Group sold 56 apartments and plots
(HY1 2010: 53 apartments and plots).
HY1 HY1 Q2 Q2
2011 2010 2011 2010
--------------------------------------------------------------------------------
In millions of euros
-------------------------------------------------
Revenue and other income 23.5 8.9 10.3 4.5
--------------------------------------------------------------------------------
Operating loss -1.4 -1.0 -0.5 -0.4
--------------------------------------------------------------------------------
Of which net loss on changes in the values of 0.0 -0.4 0.0 -0.1
investment properties and inventories
--------------------------------------------------------------------------------
Loss before tax -1.9 -1.1 -0.6 -0.4
--------------------------------------------------------------------------------
Of which net gain/ loss on the disposal of 0.3 -0.2 0.3 0.1
financial assets
--------------------------------------------------------------------------------
Net loss -1.9 -1.1 -0.6 -0.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (in euros) -0.41 -0.24 -0.13 -0.08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets at period-end 64.9 74.5
--------------------------------------------------------------------------------
Invested capital at period-end 51.1 62.3
--------------------------------------------------------------------------------
Net loans at period-end 23.5 32.3
--------------------------------------------------------------------------------
Equity at period-end 25.4 27.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Average loan term (in years) 2.0 1.5
--------------------------------------------------------------------------------
Average interest rate of loans (per year) 7.4% 6.1%
--------------------------------------------------------------------------------
ROIC (rolling, 4 quarters) 1.3% neg
--------------------------------------------------------------------------------
ROE (rolling, 4 quarters) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of staff at period-end 142 153
--------------------------------------------------------------------------------
REVENUE AND PROFIT
HY1 2011 HY1 2010 Q2 2011 Q2 2010
-----------------------------------------------------------------------
In millions of euros
------------------------------------------------------
Revenue
-----------------------------------------------------------------------
Service 1.1 0.9 0.6 0.4
-----------------------------------------------------------------------
Development 14.0 4.6 4.1 2.3
-----------------------------------------------------------------------
Construction 8.5 3.4 5.6 1.8
-----------------------------------------------------------------------
Eliminations -0.1 -0.2 -0.1 0.0
-----------------------------------------------------------------------
Total revenue 23.5 8.7 10.2 4.5
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Operating profit/loss
-----------------------------------------------------------------------
Service 0.1 -0.2 0.1 -0.1
-----------------------------------------------------------------------
Development -0.2 -0.2 0.4 0.0
-----------------------------------------------------------------------
Construction -0.8 0.0 -0.7 0.1
-----------------------------------------------------------------------
Eliminations 0.2 0.4 0.1 0.1
-----------------------------------------------------------------------
Unallocated expenses -0.7 -1.0 -0.4 -0.5
-----------------------------------------------------------------------
Total operating loss -1.4 -1.0 -0.5 -0.4
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Interest income and expense -0.7 -0.3 -0.4 -0.1
-----------------------------------------------------------------------
Other finance income and expenses 0.2 0.2 0.3 0.1
-----------------------------------------------------------------------
Income tax expense 0.0 0.0 0.0 0.0
-----------------------------------------------------------------------
Net loss -1.9 -1.1 -0.6 -0.4
-----------------------------------------------------------------------
Finance income and expenses was influenced the most by growth in interest
expense, which resulted from the completion of the Madrid project and
discontinuance of capitalisation of associated borrowing costs. In the first
half of 2011, the Group did not earn any exceptional finance income or incur
any exceptional finance expenses but the result for the first quarter of 2010
was influenced by foreign exchange gain of 0.15 million euros earned on a
receivable from AS Ühendatud Kapital that was denominated in US dollars and a
loss of 0.23 million euros incurred on the disposal of Arco Vara Saare
Kinnistute OÜ.
CASH FLOWS
HY1 2011 HY1 2010
--------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------
Cash flows from operating activities -1.1 0.1
--------------------------------------------------------------------
Cash flows from investing activities 0.1 0.8
--------------------------------------------------------------------
Cash flows from financing activities -1.0 -2.6
--------------------------------------------------------------------
Net cash flow -2.0 -1.7
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4.2 4.1
--------------------------------------------------------------------
Effect of movements in exchange rates 0.0 -0.2
--------------------------------------------------------------------
Cash and cash equivalents at end of period 2.2 2.3
--------------------------------------------------------------------
In March 2011, Arco Investeeringute AS repaid ahead of schedule the remaining
5.27 million euros of the loan taken from SEB Pank for acquiring the land under
the Tivoli project and 0.12 million euros of the loan taken for acquiring the
land under the Laeva project. Repayment of the Tivoli loan and partial
repayment of the Laeva 2 loan are not reflected in the Group's cash flows
because the buyer of Tivoli Arendus OÜ paid the cash directly to SEB. There
have been no other exceptional loan settlements in 2011.
Interest payments accounted for 0.6 million euros of the net cash outflow from
financing activities. Scheduled and inventory sales-related settlements of loan
principal totalled 1.2 million euros. The largest proportion of credit limits
utilised during the period was related to the construction of the last but one
phase in the Kodukolde project and the Alasniidu and Lille tee nursery schools
that accounted for 2.5 million euros of the total. Use of the Kodukolde credit
limit is not reflected in the cash flows because invoices received from Merko
Ehitus are booked as a loan and there are no cash movements.
The largest current liabilities to be settled in the next 12 months comprise:
-- estimated principal repayments to be made on the sale of reserved premises
and payments under the settlement schedule of the loan taken for the
Boulevard Residence Madrid project in Sofia of 4.7 million euros;
-- repayments of the loan taken for the Manastirski project of 2.2 million
euros;
-- repayments of an investment loan taken for a cash flow project at Kadaka
tee 131 of 1.4 million euros;
-- repayments of the loan taken for the Bišumuiža project of 1.3 million
euros;
-- repayments of the loan taken for the Laeva 2 development project of 1.1
million euros.
In the first six months of 2011, the Group made regular repayments under the
loans taken for the Kodukolde project in Tallinn, the Bišumuiža 1 project in
Riga and the Madrid project in Sofia and scheduled settlements under the loans
taken for its cash flow generating projects. The Group is also following the
principal repayment schedules set for the loans taken for the Laeva 2 project
and Koduküla OÜ.
SERVICE DIVISION
In 2011, the performance of the Service division has been in every respect
better than in 2010. The division ended the first half-year with an operating
profit of 44 thousand euros compared with an operating loss of 161 thousand
euros for the first half of 2010. The number of the Group's brokerage
transactions increased by 23% and the number of valuation reports issued grew
by 39% year over year. At the same time, the number of brokers decreased and
the number of appraisers grew by only 11%.
HY1 2011 HY1 2010 Change, %
--------------------------------------------------------------------------------
Number of brokerage transactions 626 507 23%
--------------------------------------------------------------------------------
Number of projects on sale 173 177 -2%
--------------------------------------------------------------------------------
Number of valuation reports 2,778 1,993 39%
--------------------------------------------------------------------------------
Number of appraisers* 39 35 11%
--------------------------------------------------------------------------------
Number of brokers* 71 74 -4%
--------------------------------------------------------------------------------
Number of staff at end of period 46 59 -22%
--------------------------------------------------------------------------------
* Includes people working under service
contracts.
DEVELOPMENT DIVISION
In the first six months of 2011, 56 apartments and plots were sold in the
projects of Arco Vara. The Development division sold seven apartments in the
Bišumuiža project and two plots in the Baltezers project in Latvia, 36
apartments in the Kodukolde project and two plots in the Merivälja project in
Estonia, and nine apartments in the Madrid project in Sofia, Bulgaria.
The Group succeeded in finding a partner, International Invest Project OÜ, for
the Tivoli project and raised financing for the construction of phase I. Design
work is under way and construction should to start in 2011.
The last but one phase of the Kodukolde development project (50 apartments) was
completed in June. Revenue for the first half-year includes the sale of 29
apartments of this phase. Construction of the last phase (48 apartments)
commenced in the second quarter. Construction work is performed and financed by
AS Merko Ehitus. The buildings are expected to be completed in the first half
of 2012.
The building of the Alasniidu nursery school was granted a use permit at the
end of May and was delivered to Harku local government with whom a rental
agreement had been signed. The company that owns the nursery school was sold in
the second quarter of 2011 and with this the project was successfully
completed.
At the end of the first quarter, a wholly-held subsidiary of Arco
Investeeringute AS bought the right of superficies to a property in Lille tee
in Viimsi with a view to building a nursery school for six groups of children.
The Group has already signed a long-term rental agreement with the local
government. According to plan, the nursery school should be completed in the
first quarter of 2012. Construction work is performed by YIT.
In Bulgaria, the construction of phase I of the Manastirski project is under
way: 42% of the apartments have already been reserved. In the commercial and
residential building Boulevard Residence Madrid in Sofia the division continues
delivering reserved apartments under real right contracts and selling the
remaining free apartments.
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.
As at the end of the second quarter of 2011, the largest active construction
contracts comprised the construction of the Tallinn-Muuga water and wastewater
networks and facilities with the remaining balance of 5.1 million euros, the
design and build of the water and wastewater networks of the Jõgeva and
Puurmani rural municipalities with the remaining balance of 2.3 million euros
and the water management project for the wastewater collection area of Tamsalu
with the remaining balance of 1.4 million euros.
In the first half of 2011, the division secured new construction contracts of
4.3 million euros. As at the reporting date, the order backlog stood at 13.5
million euros compared with 6.0 million euros at the end of the second quarter
of 2010.
At the end of June 2011, the Construction division employed 55 people (30 June
2010: 47).
Consolidated statement of comprehensive income
For the period ended 30 June Note HY1 HY1 Q2 Q2
2011 2010 2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Revenue from rendering of services 10,340 4,200 6,603 2,365
--------------------------------------------------------------------------------
Revenue from sale of goods 13,167 4,507 3,645 2,113
--------------------------------------------------------------------------------
Total revenue 2 23,507 8,707 10,248 4,478
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 3 -22,434 -7,637 -9,742 -3,892
--------------------------------------------------------------------------------
Gross profit 1,073 1,070 506 586
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 12 183 7 66
--------------------------------------------------------------------------------
Distribution expenses 4 -214 -159 -112 -97
--------------------------------------------------------------------------------
Administrative expenses 5 -2,240 -1,942 -879 -842
--------------------------------------------------------------------------------
Other expenses -59 -172 -16 -104
--------------------------------------------------------------------------------
Operating loss -1,428 -1,020 -494 -391
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 6 417 580 383 354
--------------------------------------------------------------------------------
Finance expenses 6 -908 -668 -487 -320
--------------------------------------------------------------------------------
Loss before tax -1,919 -1,108 -598 -357
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income tax expense 0 -28 0 -27
--------------------------------------------------------------------------------
Loss for the period -1,919 -1,136 -598 -384
--------------------------------------------------------------------------------
Loss attributable to owners of the parent -1,932 -1,136 -598 -384
--------------------------------------------------------------------------------
Profit attributable to non-controlling 13 0 0 0
interests
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Exchange differences on translating foreign 0 12 0 1
operations
--------------------------------------------------------------------------------
Total comprehensive expense for the -1,919 -1,124 -598 -383
period
--------------------------------------------------------------------------------
Total comprehensive expense -1,919 -1,124 -598 -383
attributable to owners of the parent
--------------------------------------------------------------------------------
Total comprehensive income/expense 0 0 0 0
attributable to non-controlling
interests
--------------------------------------------------------------------------------
Earnings per share (in euros) 7
--------------------------------------------------------------------------------
- Basic -0.41 -0.24 -0.13 -0.08
--------------------------------------------------------------------------------
- Diluted -0.41 -0.24 -0.13 -0.08
--------------------------------------------------------------------------------
Consolidated statement of financial position
Note As at 30 June As at 31 December
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 2,234 4,209
--------------------------------------------------------------------------------
Trade and other receivables 8 9,494 5,760
--------------------------------------------------------------------------------
Prepayments 392 192
--------------------------------------------------------------------------------
Inventories 9 26,001 35,740
--------------------------------------------------------------------------------
Total current assets 38,121 45,901
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments 997 996
--------------------------------------------------------------------------------
Trade and other receivables 8 2,950 76
--------------------------------------------------------------------------------
Investment property 10 22,163 22,887
--------------------------------------------------------------------------------
Property, plant and equipment 665 703
--------------------------------------------------------------------------------
Intangible assets 20 20
--------------------------------------------------------------------------------
Total non-current assets 26,795 24,682
--------------------------------------------------------------------------------
TOTAL ASSETS 64,916 70,583
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 13,726 27,126
--------------------------------------------------------------------------------
Trade and other payables 12 8,240 4,813
--------------------------------------------------------------------------------
Deferred income 4,379 4,859
--------------------------------------------------------------------------------
Provisions 1,158 1,378
--------------------------------------------------------------------------------
Total current liabilities 27,503 38,176
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 11,323 3,855
--------------------------------------------------------------------------------
Other payables 12 710 724
--------------------------------------------------------------------------------
Total non-current liabilities 12,033 4,579
--------------------------------------------------------------------------------
TOTAL LIABILITIES 39,536 42,755
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 3,030 3,030
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings 20,339 22,787
--------------------------------------------------------------------------------
Total equity 25,380 27,828
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity attributable to non-controlling 175 -70
interests
--------------------------------------------------------------------------------
Equity attributable to equity holders 25,205 27,898
of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 64,916 70,583
--------------------------------------------------------------------------------
Consolidated statement of cash flows
For the period ended 30 June Note HY1 HY1
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Loss for the period -1,919 -1,135
--------------------------------------------------------------------------------
Interest income and interest expense, net 6 720 268
--------------------------------------------------------------------------------
Gain/loss on sale of subsidiaries and interests in joint 6 -284 88
ventures
--------------------------------------------------------------------------------
Gain/loss on other long-term investments 6 52 0
--------------------------------------------------------------------------------
Impairment losses on financial assets 6 0 9
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment losses on 3, 5 49 58
property, plant and equipment and intangible assets
--------------------------------------------------------------------------------
Change in the fair value of investment property 10 0 1
--------------------------------------------------------------------------------
Gain/loss on the sale of investment property 10 0 21
--------------------------------------------------------------------------------
Gain/loss on inventory write-downs and reversals of 3 0 355
inventory write-downs
--------------------------------------------------------------------------------
Foreign exchange gains and losses 6 3 -370
--------------------------------------------------------------------------------
Income tax expense 0 -1
--------------------------------------------------------------------------------
Operating cash flow before working capital changes -1,379 -706
--------------------------------------------------------------------------------
Change in receivables and prepayments 3,216 813
--------------------------------------------------------------------------------
Change in inventories 1,955 181
--------------------------------------------------------------------------------
Change in payables and deferred income -4,913 -178
--------------------------------------------------------------------------------
NET CASH USED IN/FROM OPERATING ACTIVITIES -1,121 110
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -9 -22
intangible assets
--------------------------------------------------------------------------------
Paid on development of investment properties -729 -11
--------------------------------------------------------------------------------
Proceeds from sale of investment properties 177 1,520
--------------------------------------------------------------------------------
Acquisition of subsidiaries and interests in joint 1 0
ventures
--------------------------------------------------------------------------------
Proceeds from disposal of subsidiaries and interests in 891 7
joint ventures
--------------------------------------------------------------------------------
Loans granted -362 -668
--------------------------------------------------------------------------------
Repayment of loans granted 50 0
--------------------------------------------------------------------------------
Interest received 113 11
--------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES 132 837
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 1,301 3,874
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities -1,680 -5,412
--------------------------------------------------------------------------------
Interest paid -607 -1,067
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -986 -2,605
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -1,975 -1,658
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4,209 4,137
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents -1,975 -1,658
--------------------------------------------------------------------------------
Effect of exchange rate fluctuations on cash held 0 -176
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 2,234 2,303
--------------------------------------------------------------------------------
Lembit Tampere
Arco Vara AS
Jõe 2b, 10151 Tallinn, Estonia
tel: +372 614 4630
gsm: +372 510 9959
fax: +372 614 4646