Market announcement

Title

2011 9 months and III quarter consolidated unaudited interim report

Message

Tallinn, Estonia, 2011-11-17 15:30 CET (GLOBE NEWSWIRE) --


MANAGEMENT REPORT

General information

AS Merko Ehitus operates in Estonia, Latvia and Lithuania as a construction
group offering complete solutions in the construction field. The largest
companies belonging to the group are SIA Merks (100%), UAB Merko Statyba
(100%), Tallinna Teede AS (100%), AS Gustaf (85%), OÜ Gustaf Tallinn (80%), AS
Merko Tartu (66%), AS Merko Infra (100%) and AS Tartu Maja Betoontooted (25%). 

Operating results

In 2011 9 months, the revenue of the construction group was EUR 153.4 million.
Estonia contributed 69.8%, Latvia 20.8% and Lithuania 9.4% to the group's
revenue. As compared to 2010 9 months, the group's revenue increased by21.5%,
including +17.5% in Estonia, +371.3% in Lithuania and -0.6% in Latvia. 

Group's revenue for Q3 2011 was EUR 78.3 million, which constitutes an annual
increase of EUR 22.9 million (+41.4%). 

As of 30 September 2011, the group's portfolio on unfinished construction
contracts totalled EUR 195 million. The contract portfolio does not include
residential development projects developed by the Company and the works related
to construction of investment properties. 

In 2011 9 months, the group sold 113 apartments for EUR 12.3 million,
(exclusive of VAT). As of 30.09.2011, the inventories included 64 unsold
apartments with a total cost of EUR 6.6 million and 483 apartments in the stage
of construction with a total cost of EUR 17.8 million as of the balance sheet
date. Of the finished buildings 30 apartments are located in Tartu and 34 in
Riga. At the moment the group is building an apartment building with 93
apartments at Tartu road 50A in Tallinn (completion time Q4 2011), two
apartment buildings (21 apartments in each) at Hane Street in Tallinn
(completion time summer 2012) and an apartment building with 133 apartments at
Skanstese street in Riga (completion time October 2012). An apartment building
with 15 apartments at Kristiina 12, Tallinn was in finishing stage as of
balance sheet date. 

In 2011, the share of infrastructure facilities has grown, which has
significantly increased the impact of seasonality on the group's quarterly
performance (EUR 26.2 million in Q1 and EUR 48.9 million revenue in Q2 compared
to EUR 78.3 million in Q3 2011). In Q3, revenue was influenced by the cyclical
nature of property developments as follows: apartment sales reached EUR 10.1
million which constituted 82.3% of 2011 9 months apartments total sales, and
the group earned EUR 11.1 million as revenue upon the delivery of Balsiu school
to the tenant. 

The consolidated revenue of the group's largest entities:

                                                              in thousand euros
--------------------------------------------------------------------------------
                                    9 months 2011  9 months 2010  9 months 2009
Estonian entities                                                              
AS Merko Ehitus (parent)                   72 665         67 194         80 772
Tallinna Teede AS (100% ownership)         15 227         15 965         13 854
AS Merko Infra (100% ownership)             9 331             16              -
AS Gustaf (85% ownership)                   2 164          1 781          2 553
OÜ Gustaf Tallinn (80% ownership)           3 845          2 409          3 013
AS Merko Tartu (66% ownership)              3 766          1 719          3 945
Latvian entity                                                                 
SIA Merks (100% ownership)                 31 881         32 066         38 721
Lithuanian entity                                                              
UAB Merko Statyba (100% ownership)         13 296          3 026          3 731

In the first 9 months of 2011, the group made a gross profit of EUR 0.4
million, incl. EUR 2.8 million in Q3.  Generation of a profit was supported by
the stabilisation of construction prices which decreased discount losses and
thereby improved the average profitability of works completed. 

Marketing and general administrative expenditures of the group decreased by
4.1% with the 9 months of 2011. Work on cutting the marketing and general
administrative expenditures continues and the management has set the goal to
maintain the proportion of the respective costs under 5.5% of revenue by the
end of 2011. 

The group's loss before taxes for the first 9 months of 2011 was EUR 7.1
million, with a net loss of EUR 7.3 million - in 0 months 2010, the group had a
profit of EUR 5.9 million before taxes and a net profit of EUR 5.2 million. The
loss was caused by a faster increase in construction prices than predicted in
the tenders prepared in 2009/2010, and by the devaluation of loss-making
projects in the first half of 2011 when the estimates were corrected. As of
30.09.2011, the group had allocated a total of EUR 3.5 million as
appropriations to cover the costs of completing loss-making projects. As
predicted, Q3 2011 was better than the first six months, with the group earning
a net profit of EUR 0.3 million. 

In 2011 9 months, the change in short-term investments, and cash and cash
equivalents of Merko Ehitus group was EUR -7.1 million and as of 30 September
2011, the cash and cash equivalents in the bank accounts and term deposits of
the group were in the amount of EUR 5.5 million. The cash flows from operating
activities totalled EUR -22.2 million, cash flows from investing activities
totalled EUR +3.3 million and cash flows from financing activities totalled EUR
+11.8 million. The cash flows from operating activities in the reporting period
were mostly affected by the change in trade and other receivables related to
operating activities of EUR -38.6 million, change in trade and other payables
related to operating activities of EUR +18.3 million and operating loss EUR
-6.7 million. Of the cash flows from investing activities, purchase of
investment property totalled EUR -2.5 million, the balance of issued and repaid
loans totalled EUR +5.1 million and investments in property, plant and
equipment totalled EUR -0.9 million. Of the cash flows from financing
activities the balance of gained and repaid loans totalled EUR +15.0 million,
dividends paid EUR -1.8 million and EUR -1.5 million was spent on finance lease
principal payments. 

The ratios and methodology for calculating the financial ratios describing the
group's main operations 

                                            9 months      9 months      9 months
                                                2011          2010          2009
---------------------------------------                                         
Net profit margin                             -4,8 %         4,1 %         5,1 %
Profit before taxes margin                    -4,7 %         4,7 %         5,6 %
Operating profit margin                       -4,4 %         4,9 %         5,7 %
Gross profit margin                            0,2 %        10,3 %        11,9 %
EBITDA margin                                 -3,3 %         6,3 %         6,6 %
Return on equity per annum                    -8,1 %         5,2 %         7,5 %
Return on assets per annum                    -4,7 %         3,2 %         4,2 %
Equity ratio                                  52,7 %        61,2 %        58,1 %
Current ratio                                    2,1           2,6           2,4
Quick ratio                                      1,0           1,2           1,2
General expense ratio                          4,9 %         6,2 %         6,4 %
Gross remuneration ratio                       8,1 %         9,2 %         9,3 %
Debt to assets                                15,0 %        12,9 %        15,2 %
Accounts receivable turnover (days)               76            63            68
Accounts payable turnover (days)                  61            55            45
Revenue per employee (thousand euros)            165           160           183
Average number of full-time employees            931           790           813
 (group)                                                                        

Net profit margin: Net profit* / Revenue
Profit before taxes margin: Profit before taxes / Revenue
Operating profit margin: Operating profit / Revenue
Gross profit margin: Gross profit / Revenue
EBITDA margin: (Operating profit + Depreciation and impairment charge) / Revenue
Return on equity: Net profit x 4/3*/Avg equity during the period*
Return on assets: Net profit x 4/3* / Avg assets during the period
Equity ratio: Owners equity* / Total assets
Current ratio: Current assets / Current liabilities
Quick ratio: (Current assets - Inventories) / Current liabilities
General expense ratio: General expenses / Revenue
Gross remuneration ratio: Gross remuneration / Revenue
Debt to assets: Interest-bearing liabilities / Total assets
Accounts receivable turnover: Trade receivables / Revenue x 365/ 4/3
Accounts payable turnover: Payables to supplies / Cost of goods sold x 365/ 4/3
Revenue per employee: Revenue / Average number of full-time employees

* attributable to equity owners of the parent

Members of the Supervisory and Management Board of AS Merko Ehitus

Supervisory Board

The general meeting of shareholders elects the Company's Supervisory Board. The
Supervisory Board plans the Company's activities and arranges its management as
well as performs supervision over the Management Board. The general meeting of
shareholders, held on 28 June 2011, elected an additional member (Mr Toomas
Annus) to the current Supervisory Board of AS Merko Ehitus. Thus, the
Supervisory Board of AS Merko Ehitus now has 5 members. 

Toomas Annus - Born at 5 October 1960. Finished Tallinn Technical School of
Building and Mechanics and graduated from Tallinn University of Technology,
majoring in industrial and civil engineering. Since 1987 the chairman of the
Management Board of EKE MRK, the predecessor of Merko Ehitus, since 1991 the
chairman of the Management Board of AS Merko Ehitus. In the years 1997-2008 and
again from June 2011 the chairman of the Supervisory Board of AS Merko Ehitus. 

Tõnu Toomik - Born at 8 March 1961. Finished Raatuse Gymnasium in Tartu (former
Tartu Secondary School no. 3) and graduated from Tallinn University of
Technology, majoring in industrial and civil engineering. From 1993, started to
work as a project manager at AS Merko Ehitus. Between 1997-2008, was a member
of the Management Board of AS Merko Ehitus, being responsible for the
management and development of the Company. From August 2008, is the member of
the Supervisory Board of AS Merko Ehitus. 

Teet Roopalu - Born at 30 August 1949. Finished Tallinn Secondary School no. 10
(current Nõmme Gymnasium) and graduated from the Faculty of Economics of
Tallinn University of Technology, majoring in construction economics and
organisation. Has worked at construction companies, including as a director of
finance, managed the economic activities in EKE (Estonian Collective Farm
Construction) system as a chief economist, as a bank director and has also been
involved in design work. Since November 2002, works at AS Merko Ehitus and is
responsible for the Company's financial and legal areas. Is a member of the
Supervisory Board of AS Riverito and those of several subsidiaries and
associates of AS Merko Ehitus. 

Indrek Neivelt - Born at 17 March 1967. Finished a mathematics and physics -
biased class at Tallinna Secondary School no. 1 (current Gustav Adolf
Gymnasium), graduated from Tallinn University of technology, majoring in civil
engineering economics and management, and received his MBA in banking and
finance from Stockholm University. Between 1991-2005, worked in various
positions at Hansapank, over the last six years as the general director of the
group and chairman of the Management Board. From 2005, is a Chairman of the
Supervisory Board of Bank Saint Petersburg and is a member of supervisory
boards of several entities. From October 2008, is member of the Supervisory
Board of AS Merko Ehitus. 

Olari Taal - Born at 7 August 1953. In 1971, finished Varstu Secondary School
and in 1976, graduated as a civil engineer from Tallinn University of
Technology. Has managed Tartu Elamuehituskombinaat (Tartu Housing Plant; Tartu
Maja) and Eesti Hoiupank (Estonian Savings Bank). Has served the Republic of
Estonia as the Minister of Construction, Minister of Economic Affairs, Minister
of Internal Affairs and as a member of the 10th Riigikogu (Parliament of
Estonia). From October 2008, Olari Taal is a member of the Supervisory Board of
AS Merko Ehitus. 

Management Board

The Management Board is the Company's governing body, which represents and
manages the Company. The Management Board shall adhere to the lawful
regulations of the Supervisory Board. The Management Board is under the
obligation to act in most economically purposeful manner. As of 21.12.2010, the
Management Board of AS Merko Ehitus has 6 members. 

Tiit Roben - Born at 5 January 1966. Finished Mustamäe Gymnasium (former name:
Tallinn Secondary School no. 44) in Tallinn and graduated from Tallinn
University of Technology, majoring in industrial and civil engineering. Worked
as a project manager at AS Merko Ehitus between 1998-2002. Between 2002-2008,
worked at AS Riverito's entity E.L.L.Kinnisvara AS, from 2005, is a member of
the Company's Management Board. From August 2008, is the Chairman of the
Management Board of AS Merko Ehitus, being responsible for the management and
development of the Company. 

Jaan Mäe - Born at 26 September 1964. Finished Viljandi Secondary School no. 5.
and graduated from Tallinn University of Technology, majoring in industrial and
civil engineering. From December 1997, works at AS Merko Ehitus, has been
project manager, division manager and member of the Management Board. Between
2006-2010, was a member of the Supervisory Board of AS Merko Ehitus and several
group entities. From June 2010, is a member of the Management Board of AS Merko
Ehitus, being responsible for attainment of goals in the area of development
and is the Chairman of the Supervisory Board of Latvian and Lithuanian
subsidiaries. 

Alar Lagus - Born at 15 February 1969. Finished Rapla Secondary School and
graduated from the Faculty of Chemistry of Tallinn University of Technology,
majoring in organisation and technology of public catering. After graduation,
worked in various positions at Hansapank. From 2004, works as a manager in the
finance area and is responsible for the Company's financial and managerial
accounting and investor relations. 

Veljo Viitmann - Born at 13 March 1962. Finished Türi Secondary School and
graduated from Tallinn University of Technology, majoring in road engineering
and bridges. From 1994, works at AS Merko Ehitus and is responsible for
preparation of tenders for new projects. 

Andres Agukas - Born at 15 July 1965. Finished Pärnu-Jaagupi Secondary School
and graduated from Tallinn University of Technology, majoring in road
engineering. At 2 February 1998, started to work at AS Merko Ehitus as the
first employee in the area of civil engineering. From October 2005, as a member
of the Management Board is responsible for the whole area of the construction
service. 

Viktor Mõisja - Born at 6 January 1951. Graduated as a civil engineer from
Tallinn University of Technology. Viktor Mõisja has worked at AS Merko Ehitus
since the foundation of the Company and most of the time as a manager of the
department of concrete works. From 21 December 2010, is a member of the
Company's Management Board and his area of responsibility are quality
management and supervision. 

Information about the shares held by the members of the Supervisory and
management Boards is disclosed in chapter “Share and shareholders” of the
report. 

Employees and remuneration

Due to the growth of the contract portfolio and the increase in the share of
facilities in the structure of contracts, the number of group's employees
increased by 70 (+7,9%) employees and as of 30.09.2011, the group had 961
employees. The gross remuneration paid to employees in 2011 9 months amounted
to EUR 12.36 million an increase of 6.6% compared to previous year. The group's
labour costs have increased due to the employment of new personnel. Salaries
accounted for 85.1% of the gross remuneration, and performance-related pay
accounted for 14.9%. 

Construction market

Economic growth, in constant prices  Construction price index, in constant      
                                      prices                                    
Q3 2011 vs. Q3 2010                  Q3 2011 vs. Q3 2010                        
Estonia    +7,9%                     Estonia  +3,0%   incl. labour force +7,7%  
Latvia      +5,7%                    Latvia    +2,1%   incl. labour force -1,0% 
Lithuania  +6,6%                     Lithuania +3,4%  incl. labour force +4,7%  

Improvement of the economic environment of the Baltic countries in the first
half of the year has had a positive impact on the construction market. Volumes
of construction works completed by own forces have grown in all Baltic
countries during the year. In Lithuania, construction works in the total volume
of 1.27 billion euros* were completed during the first 9 months, meaning a
growth of +21.9% compared to the 9 months of the previous year, including
+23,7% in Q3. In Latvia, construction works by own forces were completed in the
total volume of 0.71 billion euros* during the 9 months, meaning annual growth
of +4.5%, including an increase of +21.2% in Q3. In Estonia, the 3rd quarter
results of the construction market will be published on 29.11.2011. It is
reasonable to expect continuation of the trends of the first semester. During
the first 6 months of 2011, construction works by own forces were completed in
Estonia in the total volume of 0.56 billion euros*, i.e. +19.7% compared to the
result of the previous year (2011 Q1 respectively +31.4%). 

* in current prices

The construction market of the neighbouring blocks is affected by the following
trends: 

The sense of security regarding the future that the region's private
contracting entities share has decreased compared to the beginning of the year,
which is also why there is no interest in the construction of new
buildings/structures. Estonia's adaptation of the euro has failed to
significantly increase foreign investment activities in the area and it has not
affected the construction market as positively as expected. Most new
construction contracts still originate from the public sector and they are
financed from the sources of the Structural Funds of the European Union. 

The small number of contracting entities remaining in the market (the state,
local governments) enjoy their position - they make the guarantee requirements
and payment terms prescribed to contractors more severe, the strain on
companies' circulating capital increases, and the companies' capability to cope
with the management of liquidity and cash flows becomes increasingly decisive. 

Due to significant volatility of input prices, it is difficult to budget
projects and complete construction works within the limits of planned cost,
bringing about additional risks in the performance of fixed-price construction
contracts. If in the first half year the rapid increase of construction prices
was borne only by contractors, then the second semester has brought the problem
also into the attention of the contracting entities. More frequently,
contracting entities cancel their procurement procedures due to the fact that
the received offers fail to comply with budgets prepared in 2009/2010, and the
funds allocated for project financing are insufficient. 

Construction of new apartments in Tallinn and Vilnius that enjoyed a growth in
the first semester has clearly shrunk in the second half of the year. Due to
increasing insecurity in the overall economic environment, the buyers of
apartments have taken on a passive role and do not rush into making buying
decisions. Significant increase of input construction prices and the currently
unchanged level of sales prices of apartments sets limits to the entry of new
apartments into the market in the near future. The banks' willingness to
finance development activities and final buyers of residence spaces is good in
Lithuania and Estonia, and satisfactory in Latvia. 

Insecurity in European and American financial markets has shaken the sense of
security of investors, yielding to an expected global decrease in the demand
for construction services. Due to decreased demand, the future may hold a
decrease in the price of global inputs (steel, crude oil products) that may in
turn lead to a short-term improvement of the profitability of such construction
contracts that have already been entered into. At the same time, the continued
insecurity complicates the medium and long term chances of development in the
construction sector. 

Share and shareholders

Share information

ISIN                                         EE3100098328
Short name of the security         MRK1T
Stock Exchange List                   Baltic Main List
Nominal                                    no par value
Total no of securities issued       17 700 000
No of listed securities                 17 700 000
Listing date                               11.08.2008

The shares of Merko Ehitus are listed in the main list of NASDAQ OMX Tallinn
Stock Exchange. In 2011 9 months 3184 transactions with the shares of Merko
Ehitus were performed in the course of which 0.9 million shares were traded and
the total monetary value of transactions was EUR 6.99 million. The lowest share
price was EUR 4.90 and the highest price was EUR 10.65 per share. The closing
share price as of 30.09.2011 was EUR 5.30. AS Merko Ehitus market value as of
30.09.2011 was EUR 94 million. 

                                       30.09.2011  30.09.2010  30.09.2009
--------------------------------------                                   
No. of shares, thousand pcs                17 700      17 700      17 700
Earnings per share (EPS), in euros          -0,41        0,29        0,43
Equity per share, in euros                   6,53        7,27        7,69
P/B (share price to equity per share)        0,81        1,12        0,70

The main shareholders of AS Merko Ehitus as of 30.09.2011

                                                     Number of     Percentage of
                                                        shares             total
-----------------------------------------------                                 
AS Riverito                                         12 742 686            71,99%
ING Luxembourg S.A., clients                           974 126             5,50%
Skandinaviska Enskilda Banken Ab, clients              839 772             4,74%
Ergo Pensionifond 2P2                                  171 679             0,97%
State Street Bank and Trust Omnibus Account a          156 718             0,89%
 Fund No OM01                                                                   
Gamma Holding OÜ                                       137 457             0,78%
SEB Elu- ja Pensionikindlustus AS                      125 520             0,71%
Clearstream Banking Luxembourg S.A. clients            106 339             0,60%
AS Midas Invest                                        101 725             0,57%


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros

                                                                 2011       2010
                                                             9 months   9 months
                                                                                
Revenue                                                       153 391    126 269
Cost of goods sold                                          (153 036)  (113 210)
Gross profit                                                      355     13 059
                                                                                
Marketing expenses                                            (1 574)    (1 475)
Administrative and general expenses                           (5 974)    (6 395)
Other operating income                                            587      1 216
Other operating expenses                                        (101)      (261)
Operating profit (loss)                                       (6 707)      6 144
                                                                                
Financial income and expenses                                   (425)      (270)
incl. financial income (expenses) from investments into            14          -
 subsidiarires                                                                  
financial income (expenses) from investments into                 157      (200)
 associates                                                                     
and joint ventures                                                              
interest expense                                                (756)      (658)
foreign exchange gain                                             104         96
other financial income (expenses)                                  56        492
Profit (loss) before tax                                      (7 132)      5 874
Corporate income tax expense                                    (238)      (734)
Net profit (loss) for current period                          (7 370)      5 140
                                                           ---------------------
incl. equity holders of the parent                            (7 329)      5 201
non-controlling interest                                         (41)       (61)
                                                                                
Other comprehensive income (loss)                                               
Currency translation differences of foreign entities               23         36
Comprehensive income (loss) for the period                    (7 347)      5 176
                                                           ---------------------
                                                           ---------------------
incl. equity holders of the parent                            (7 306)      5 237
non-controlling interest                                         (41)       (61)
                                                                                
Earnings per share for profit (loss) attributable to           (0,41)       0,29
 equity                                                                         
holders of the parent (basic and diluted, in euros)                             



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros

                                                                2011        2010
                                                                 III         III
                                                             quarter     quarter
                                                                                
Revenue                                                       78 344      55 415
Cost of goods sold                                          (75 556)    (50 804)
Gross profit                                                   2 788       4 611
                                                                                
Marketing expenses                                             (412)       (477)
Administrative and general expenses                          (2 081)     (2 230)
Other operating income                                           267         202
Other operating expenses                                        (52)        (68)
Operating profit (loss)                                          510       2 038
                                                                                
Financial income and expenses                                  (104)        (70)
incl. financial income (expenses) from investments into           14           -
 subsidiaries                                                                   
financial income (expenses) from investments into                132          84
 associates                                                                     
and joint ventures                                                              
interest expense                                               (342)       (248)
foreign exchange gain                                             77           1
other financial income (expenses)                                 15          93
Profit (loss) before tax                                         406       1 968
Corporate income tax expense                                   (238)       (124)
Net profit (loss) for current period                             168       1 844
                                                         -----------------------
                                                         -----------------------
incl. equity holders of the parent                               263       1 883
non-controlling interest                                        (95)        (39)
                                                                                
Other comprehensive income (loss)                                               
Currency translation differences of foreign entities             (3)        (28)
                                                                                
Comprehensive income (loss) for the period                       165       1 816
                                                         -----------------------
                                                         -----------------------
incl. equity holders of the parent                               260       1 855
non-controlling interest                                        (95)        (39)
                                                                                
Earnings per share for profit (loss) attributable to            0,01        0,11
 equity                                                                         
holders of the parent (basic and diluted, in euros)                             



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
unaudited, in thousand euros

                                                       30.09.2011  31.12.2010
ASSETS                                                                       
Current assets                                                               
Cash and cash equivalents                                   5 395       9 856
Short-term deposits                                           140       2 651
Trade and other receivables                                80 254      44 938
Prepaid corporate income tax                                  682       1 366
Inventories                                                91 886      93 048
Non-current assets held for sale                              180           -
Total current assets                                      178 537     151 859
                                                                             
Non-current assets                                                           
Long-term financial assets                                 17 794      19 311
Deferred income tax assets                                  1 571       1 571
Investment property                                         3 809       3 585
Property, plant and equipment                              16 224      17 747
Intangible assets                                           1 445       1 508
Total non-current assets                                   40 843      43 722
                                                                             
TOTAL ASSETS                                              219 380     195 581
                                                      -----------------------
                                                      -----------------------
                                                                             
LIABILITIES AND EQUITY                                                       
Current liabilities                                                          
Borrowings                                                 14 708      12 554
Trade and other payables                                   63 380      39 154
Corporate income tax liability                                 11           -
Provisions                                                  5 229       3 674
Total current liabilities                                  83 328      55 382
                                                                             
Non-current liabilities                                                      
Long-term borrowings                                       18 185      13 185
Long-term trade payables                                      816         845
Long-term customer prepayments                                  -           1
Total non-current liabilities                              19 001      14 031
                                                                             
Total liabilities                                         102 329      69 413
                                                      -----------------------
                                                      -----------------------
                                                                             
Equity                                                                       
                                                                             
Non-controlling interest                                    1 387       1 428
Equity attributable to equity holders of the parent                          
Share capital                                              12 000      11 312
Statutory reserve capital                                   1 131       1 131
Currency translation adjustment                             (901)       (924)
Retained earnings                                         103 434     113 221
Total equity attributable to equity holders of parent     115 664     124 740
                                                                             
Total equity                                              117 051     126 168
                                                      -----------------------
                                                      -----------------------
                                                                             
TOTAL LIABILITIES AND EQUITY                              219 380     195 581
                                                      -----------------------



Alar Lagus
Member of Management Board
+372 6 805 109
[email protected]