Market announcement
Järvevana
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
3525
Attachments
Submission date and time
25.11.2011 16:30:00
Content of announcement in Estonian
Title
2011. aasta 9 kuu ja III kvartali auditeerimata vahearuanne
Message
Tallinn, Eesti, 2011-11-25 15:30 CET (GLOBE NEWSWIRE) --
TEGEVUSARUANNE
Üldinfo
Ettevõtte moodustus jagunemisel ASist Järvevana, mille tulemusena eraldati ning
anti üle ASile Merko Ehitus kogu ehitusettevõtte majandustegevusega seotud
varakogum, sh kõik sõlmitud ehitus-, alltöövõtu- ja tarnelepingud, tehnika,
seadmed ja töötajad, kogu erialane oskusteave ja rahavood katkematult jätkuvast
majandustegevusest, va kriminaalasjast nr 05913000055 tulenevad kohustused,
sealhulgas tasumisele kuuluvad kahjuhüvitised, trahvid ning muud nõuded,
kohtukulud ja kriminaalasjast tulenevate võimalike kohustuste kattevarad
kogusummas 16 mln euro ulatuses likviidseid varasid. Ettevõttel puudub
tavapärane majandustegevus ning tema tegevuse ainsaks eesmärgiks on ettevõtte
ning aktsionäride huvide kaitsmine pikaleveninud maadevahetuse kriminaalasjas.
Äritegevus
Ettevõttel puudub aktiivne majandustegevus ning tema ainsaks arvestatavaks
sissetulekuks on ettevõtte likviidsete varade paigutamisest teenitav
finantstulu. Perioodil 01.01.2011-30.09.2011 teenis AS Järvevana 154,0 tuhat
eurot finantstulu. Arvestatavaimaks kuluallikaks on maadevahetusega seotud
kriminaalasjast tulenevad õigusabikulud, mis moodustavad 2011. aasta 9 kuu
üldhalduskuludest 37%. Ettevõtte varadest moodustab 13,3 mln eurot
koostöö-lepingust
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20EST.pdf)
tulenev nõue AS Merko Ehitus vastu. 30.09.2011 seisuga töötas ettevõttes üks
inimene - juhataja Toomas Annus. Ettevõtte tegevusel puudub sesoonne ja
tsükliline eripära.
3. aprillil 2009 esitas Riigiprokuratuur ASile Järvevana ja Toomas Annusele
süüdistusakti, (mis kannab 31.03.2009 kuupäeva) maadevahetuse kriminaalasjas
nr. 05913000055
(http://www.nasdaqomxbaltic.com/market/?pg=news&news_id=232811).
12. novembril 2009 algas Harju Maakohtus maadevahetuse süüdistusasja
kohtuprotsess. Kohtuprotsessi ülevaade:
http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=EE3100003559&list=3
&tab=news&news_id=238400.
Süüdistusaktis on ASile Järvevana inkrimineeritud viis episoodi altkäemaksu
andmist ning asja menetleb Harju maakohus. Altkäemaksu süüdistuse
tõendamisesemesse kuulub kolm elementi, milledest kasvõi ühe puudumine välistab
kuriteokooseisu: (i) ametiisikule materiaalse väärtuse hüve lubamine või
üleandmine; (ii) ametiisiku poolne ebaseaduslik tegu altkäemaksu andja kasuks;
(iii) ekvivalentsussuhe esimese ja teise elemendi vahel, s.o. hüve andmine
ametiisikule soodsa teo eest. AS Järvevana suhtes kuulub tõendamisele ka see,
et (i) teo pani toime juriidilise isiku juhtivtöötaja ja (ii) tegu pandi toime
juriidilise isiku huvides. AS Järvevana ei ole teinud ühtegi süüdistusaktis
kirjeldatud maadevahetustehingut. Vastavaid tehinguid tegid ja hüpoteetilist
kasu võisid saada hoopis iseseisvatest juriidilistest isikutest
tütarettevõtted, kellele ei ole süüdistust esitatud. AS Järvevana ei ole aga
kunagi maid vahetanud ka süüdistuse kohaselt. Samuti on ilmne, et teod ei
saanud olla ebaseaduslikud, kuna need olid lubatud LKS § 19, mis välistab
altkäemaksu kvalifikatsiooni. On tõendatud, et samadel alustel ja korras tehti
erinevate isikute poolt enam kui 180 seaduslikku tehingut.
Kohus on nn „ maadevahetusasjas “ kohtuliku uurimise lõpule viinud. Kohtulikul
uurimisel kuulati üle enam kui sada tunnistajat, kellest keegi ei nimetanud
tõendamiseseme asjaoluks olevat altkäemaksu lubamist või andmist. Avaldatud on
kõik dokumentaalsed tõendid, milledes puudub ettevõtte hinnangul igasugune
altkäemaksule viitav info.
12. detsembril 2011 jätkub kohtuvaidlus prokuröri süüdistuskõnega, millele
järgnevad kaitsekõned ja süüdistatavate viimased sõnad. ASi Järvevana
kaitsekõne, mis esitatakse ühtaegu mitmesajal leheküljel ka kirjalikult, on
planeeritud 16. jaanuarile 2012. Menetlusgraafik on paika pandud kuni 20.
jaanuarini 2012 ning eelduslikult jõutakse esimese astme kohtuotsuseni 2012.
aasta esimeses kvartalis. Menetlus võib osutuda väga pikaajaliseks, kuna
materjalide maht on suur, Eesti kohtusüsteem kolmeastmeline ning protsess võib
jätkuda ka Euroopa Inimõiguste kohtus.
Ettevõte peab esitatud süüdistusi alusetuks. AS Järvevana nõukogu ja juhatus on
veendunud, et ettevõtte ja tema juhtorganite tegevus on olnud korrektne ning
Eesti Vabariigi seadustega kooskõlas ning seda suudetakse kohtus ka tõendada.
Aktsia ja aktsionärid
AS Järvevana suuremad aktsionärid seisuga 30.09.2011
Aktsiate arv Osakaal
-------------------------------------------
AS Riverito 12 742 686 71,99%
ING Luxembourg S.A., kliendid 963 376 5,44%
Skandinaviska Enskilda Banken Ab, kliendid 597 459 3,38%
Tenlion OÜ 217 690 1,23%
AS Järvevana aktsiad on alates 15. septembrist 2009 noteeritud NASDAQ OMX
Tallinn Balti Lisanimekirjas. AS Merko Ehitus jagunemisprotsessi käigus muudeti
ettevõtte ärinimi ASiks Järvevana ning alates 04.08.2008 kaubeldakse AS
Järvevana aktsiatega nimetuse JRV1T all. 2011. aasta 9 kuuga sooritati
Järvevana aktsiatega 230 tehingut, mille käigus vahetas omanikku 302 420
aktsiat ning tehingute käive oli 91 926 eurot. Madalaim tehing aktsiaga
sooritati tasemel 0,24 eurot ning kõrgeim tasemel 0,39 eurot aktsia. Aktsia
sulgemishind seisuga 30.09.2011 oli 0,25 eurot.
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
9 kuud 9 kuud
Üldhalduskulud (166) (174)
-----------------
-----------------
Ärikasum (-kahjum) (166) (174)
Finantstulud ja -kulud 154 153
-----------------
sh intressitulud 154 153
Perioodi puhaskasum (-kahjum) (12) (21)
-----------------
sh emaettevõtte omanike osa puhaskahjumist (12) (21)
Perioodi koondkasum (-kahjum) (12) (21)
-----------------
sh emaettevõtte omanike osa koondkahjumist (12) (21)
Puhaskasum emaettevõtte omanike aktsia kohta (tava ja (0,00) (0,00)
lahustatud, eurodes)
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
III III
kvartal kvartal
Üldhalduskulud (40) (41)
---------------------
---------------------
Ärikasum (-kahjum) (40) (41)
Finantstulud ja -kulud 62 46
---------------------
sh intressitulud 62 46
Perioodi puhaskasum (-kahjum) 22 5
---------------------
sh emaettevõtte omanike osa puhaskahjumist 22 5
Perioodi koondkasum (-kahjum) 22 5
---------------------
sh emaettevõtte omanike osa koondkahjumist 22 5
Puhaskasum emaettevõtte omanike aktsia kohta (tava ja (0,00) (0,00)
lahustatud, eurodes)
FINANTSSEISUNDI ARUANNE
auditeerimata, tuhandetes eurodes
30.09.2011 31.12.2010
VARAD
Käibevara
Raha ja raha ekvivalendid 2 515 1 266
Lühiajalised deposiidid - 1 300
Nõuded ja ettemaksud 13 410 13 402
Käibevara kokku 15 925 15 968
Põhivara
Materiaalne põhivara 37 1
Põhivara kokku 37 1
VARAD KOKKU 15 962 15 969
-----------------------
-----------------------
KOHUSTUSED
Lühiajalised kohustused
Võlad ja ettemaksed 27 22
Lühiajalised eraldised 1 118 1 118
Lühiajalised kohustused kokku 1 145 1 140
Kohustused kokku 1 145 1 140
Omakapital
Aktsiakapital 12 000 11 312
Kohustuslik reservkapital 1 131 1 131
Jaotamata kasum 1 686 2 386
Omakapital kokku 14 817 14 829
KOHUSTUSED JA OMAKAPITAL KOKKU 15 962 15 969
-----------------------
Toomas Annus
Juhatuse liige
6 805 400
[email protected]
Content of announcement in English
Title
2011 9 months and III quarter unaudited interim report
Message
Tallinn, Estonia, 2011-11-25 15:30 CET (GLOBE NEWSWIRE) --
MANAGEMENT REPORT
General information
The company was formed after the demerger from AS Järvevana (former AS Merko
Ehitus), as a result of which the complete set of assets related to the
business activities of the construction company was separated and transferred
to the new AS Merko Ehitus, including all concluded construction contracts,
subcontracts and supply contracts, machinery, equipment and employees, all
professional know-how and cash flows from uninterrupted, continuous economic
activities, except for liabilities arising from the criminal case no.
05913000055, including compensations for damage, penalties and other payables,
legal expenses and liquid assets to cover potential liabilities arising from
the criminal proceedings in the amount of EUR 16.0 million. The company does
not have ordinary economic activities and the only objective of its activities
is to protect the interests of the company and shareholders in the long-lasting
criminal proceedings related to the land swap.
Operating activities
The company does not have active business operations and its only income is
finance income earned on the investment of the company's liquid funds. Between
01.01.2011 and 30.09.2011, AS Järvevana earned finance income in the amount of
EUR 154.0 thousand. The most significant cost article is the legal costs
related to the criminal proceedings of the land swap, which totalled 37% of the
administrative expenses in 2011 9 months. A claim against AS Merko Ehitus
arising from a collaboration agreement totalled EUR 13.3 million of the
company's assets
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20ENG.pdf).
As of 30 September 2011, one person was employed by AS Järvevana, its
Management Board member Toomas Annus. The company's activities do not have
seasonal or cyclical nature.
At 3 April 2009, the Public Prosecutor's Office submitted a statement of
charges (dated 31.03.2009) against AS Järvevana and Toomas Annus in criminal
case no. 05913000055 concerning the land swap
(http://www.nasdaqomxbaltic.com/market/?pg=news&news_id=232810).
At 12 November 2009, the judicial proceedings concerning the land swap case
commenced at Harju County Court. An overview of the proceedings is available
at:
http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=EE3100003559&list=3
&tab=news&news_id=238437.
In the statement of charges, AS Järvevana has been incriminated with five
episodes of giving a bribe and the matter has been referred for judicial
proceedings to Harju County Court. The subject of proof concerning bribery
charges has three elements, the absence of even one of which precludes the
necessary elements of criminal offence: (i) promising or giving of a material
reward to an official; (ii) illegal act by an official in favour of a person
giving a bribe; (iii) equivalence relation between the first and second
elements, i.e. giving of a reward to an official for a favourable act. Evidence
also needs to be produced against AS Järvevana in the matter that (i) the act
was committed by a senior executive of a legal person, and (ii) the act was
committed in the interests of the legal person. AS Järvevana has not concluded
any land swap transactions described in the statement of charges. These
transactions were concluded and hypothetical benefits could have been reaped by
independent subsidiaries as legal persons who have not been charged. Even
according to the statement of charges, AS Järvevana has never swapped land. It
is also evident that the acts could not have been illegal because they had been
permitted under § 19 of the Nature Conservation Act which rules out the
qualification of bribery. It has been proved that, on the same basis and by the
same methods, more than 180 legal transactions were made by different people.
The court has completed the judicial investigation of the so called “case of
land exchange”. The judicial investigation questioned more than a hundred
witnesses of whom none mentioned accepting or giving a bribe as a fact for the
subject of proof. All the documentary evidences have been disclosed, which, on
the company's opinion, are missing any information referring to a bribe.
The litigation will continue on 12 December 2011 with the prosecutor's oral
submissions which will be followed by the defences and last words of the
accused. The defence of AS Järvevana, which will also be presented in writing
on a couple of hundred pages, has been planned for 16 January 2012. The
schedule for procedures has been determined for up to 20 January 2012 and the
first-instance ruling is supposed to be reached during the first quarterly of
2012. The procedure could turn out to be very long as there is a large amount
of material, Estonia has a three-stage court system and the matter could
continue to the European Court of Human Rights.
The company considers the charges brought against it to be groundless. The
Supervisory Board and Management Board of AS Järvevana are convinced that the
activities of the company and its governing bodies have been conducted properly
and in conformity with the laws of the Republic of Estonia, and that relevant
proof can be supplied in the court.
Share and shareholders
The largest shareholders of AS Järvevana as of 30.09.2011
Number of shares % of shares
------------------------------------------
AS Riverito 12 742 686 71,99%
ING Luxembourg S.A., clients 963 376 5,44%
Skandinaviska Enskilda Banken Ab, clients 597 459 3,38%
Tenlion OÜ 217 690 1,23%
From 15.09.2009, the shares of AS Järvevana are included in the secondary list
of NASDAQ OMX Tallinn Stock Exchange. During the demerger of AS Merko Ehitus,
the company's business name was changed to AS Järvevana and from August 4th
2008, the shares of AS Järvevana are traded under the symbol of JRV1T. In 2011
9 months, 230 transactions were performed with the shares of AS Järvevana in
the course of which 302 420 shares were traded and the total monetary value of
transactions was EUR 91 926. The lowest transaction price was EUR 0.24 and the
highest transaction price was EUR 0.39 per share. The closing price of the
shares as of 30.09.2011 was EUR 0.25.
STATEMENT OF COMPREHENSIVE INCOME
unaudited, thousand euros
2011 2010
9 9
months months
General and administrative expenses (166) (174)
---------------
---------------
Operating profit (loss) (166) (174)
Finance income and costs 154 153
---------------
incl. interest income 154 153
Net profit (loss) for the period (12) (21)
---------------
incl. net profit (loss) attributable to equity holders (12) (21)
of the parent
Comprehensive profit (loss) for the period (12) (21)
---------------
incl. comprehensive profit (loss) attributable (12) (21)
to equity holders of the parent
Earnings per share for profit attributable to equity holders of (0,00) (0,00)
the parent (basic and diluted, in EUR)
STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros
2011 2010
III III
quarter quarter
General and administrative expenses (40) (41)
-----------------
-----------------
Operating profit (loss) (40) (41)
Finance income and costs 62 46
-----------------
incl. interest income 62 46
Net profit (loss) for the period 22 5
-----------------
incl. net profit (loss) attributable to equity holders 22 5
of the parent
Comprehensive profit (loss) for the period 22 5
-----------------
incl. comprehensive profit (loss) attributable 22 5
to equity holders of the parent
Earnings per share for profit attributable to equity holders (0,00) (0,00)
of the parent (basic and diluted, in EUR)
STATEMENT OF FINANCIAL POSITION
unaudited, in thousand euros
30.09.2011 31.12.2010
ASSETS
Current assets
Cash and cash equivalents 2 515 1 266
Short-term deposits - 1 300
Trade and other receivables 13 410 13 402
Total current assets 15 925 15 968
Non-current assets
Property, plant and equipment 37 1
Total non-current assets 37 1
TOTAL ASSETS 15 962 15 969
-----------------------
-----------------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 27 22
Short-term provisions 1 118 1 118
Total current liabilities 1 145 1 140
Total liabilities 1 145 1 140
Equity
Share capital 12 000 11 312
Statutory reserve capital 1 131 1 131
Retained earnings 1 686 2 386
Total equity 14 817 14 829
TOTAL LIABILITIES AND EQUITY 15 962 15 969
-----------------------
Toomas Annus
Member of Management Board
+372 6 805 400
[email protected]