Market announcement
Arco Vara AS
LEI code
097900BHCB0000066171
Size of the entity
Small group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
3528
Attachments
Submission date and time
30.11.2011 17:00:00
Content of announcement in Estonian
Title
Arco Vara AS 2011. a. III kvartali vahearuanne
Message
Juhatuse esimehe kommentaarid
Kontserni müügitulu on võrreldes eelmise aasta sama perioodiga oluliselt
kasvanud kõikides divisjonides. Üle mitme aasta on teenindusdivisjon jõudnud
ärikasumisse, arendusdivisjoni ärikasum on eelmise aastaga võrreldes ligikaudu
samal tasemel. Suurima tagasilöögi oleme saanud kahjumina ehitusdivisjonist,
kus kogu tööstusharu mõjutavad varasemate perioodide ebasoodsad lepingud ning
jätkuvad pankrotid.
2011. aasta 9 kuuga müüdi Arco Vara projektides 81 korterit või krunti, millest
57 Eestis, 15 Lätis ja 9 Bulgaarias. Olulisematest töödest jätkub Tallinnas
Tivoli nimelise suuremahulise korterelamu arenduse projekteerimine ning
Manastirski korterelamu projekti ehitamine Sofias. Hetkel suurima poolelioleva
arendusena ehitatav enam kui 7000 ruutmeetrine Manastirski I etapp on jõudnud
maja välisviimistluse ja sisetöödeni ning maja valmib 2012 I kvartalis, ehituse
kulgu saab jälgida http://www.arcoinvest.bg/livd/video/camera-one-bg. Jätkub
ehitamine ja müümine Tallinnas Kodukoldes, ehituse kulgu saab jälgida
http://www.kodukolde.ee/#webcam, ning lõppemas on kruntide müümine Meriväljal.
Kolmandas kvartalis võib olulise üksiktehinguna välja tuua eduka osalemise
sidusettevõtte Prime Capital SIA kaudu maa erastamisel Riia külje all, kus
õnnestus koos Läti partneriga erastada 86 hektarit maad. Samuti on Investorile
müüdud ehitamisel olev Lilletee Lasteaed, Viimsi vallas. Arco Vara on
projektijuhtimise lepingu alusel projektiga seotud kuni hoone valmimiseni.
Jätkuvad tööd Riias Bišumuiža 1 korterite arendamisel ning kruntide
realiseerimisel. Bulgaarias on bilansipäeva järgselt allkirjastatud üleandmise
ja vastuvõtmise akt ettevõttega Cleves EOOD 21 korteri ja 13 parkimiskoha
üleandmiseks Madridi projektis. Lõpuleviidud tehingu summa on 4,3 mln eurot,
millest 2,5 mln eurot tasuti ettemaksuna märtsis 2008 ja 1,8 mln eurot
tasutakse novembris 2011. Lisaks nimetatud tehingule on Cleves EOOD kohustatud
2012. aasta lõpuks ostma veel 16 korterit ja 18 parkimiskohta hinnaga 2,8 mln
eurot. Kogu tehingu lõplikuks hinnaks kujuneb 7,1 mln eurot.
Teenindusdivisjonile on 2011. aasta 9 kuud olnud parem kui mitmel eelneval
aastal. Esimene üheksa kuud lõppes kasvanud käibe juures ärikasumiga 0,09 mln
eurot võrreldes ärikahjumiga 0,08 mln eurot 2010. aasta samal perioodil.
Kontserni vahendustehingute arv on võrreldes eelmise aastaga tõusnud 31% ning
hindamisaktide arv 46% võrra, samal ajal on maaklerite arv vähenenud ja
hindajate arv tõusnud vaid 6% võrra.
2011. aasta üheksa kuuga sõlmiti uusi ehituslepinguid 7,9 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta III kvartali lõpu seisuga 8,6
mln eurot võrreldes 2010. aasta III kvartali lõpu 6,3 mln euroga. Kolmandas
kvartalis on Tartus valminud Eesti Lennuakadeemia hoone, suurim tänavu Arco
Ehituse poolt ainsa peatöövõtjana ehitatud hoone. Ehitusdivisjoni kolmanda
kvartali ärikahjum tuleneb ebasoodsatel tingimustel sõlmitud ehituslepingutest
2010. aastal ja ehitushangete partnerite pankrotistumisest. Solidaarse
vastutuse tõttu konsortsiumis osutus vajalikuks kahe objekti edasiehitamine
Arco Ehituse poolt.
Suurimad üksikud ehitusobjektid, millega 2011. aastal on kaasnenud negatiivne
tulemus, olid:
-- Lennuakadeemia peahoone ehitusega Tartus, konsortsiumis OÜ-ga Kristiine
Ehitus (pankrotis), kaasnes kahjum kokku 500 tuhat eurot.
-- Maaülikooli õppehoone rekonstrueerimisega Tartus, konsortsiumis OÜ-ga
Wolmreks Ehitus (pankrotis), kaasnes kahjum kokku 600 tuhat eurot.
-- Tamsalu vee- ja kanalisatsioonitrasside ehitamise alltöövõtt AS-ile K&H
(pankrotis) tekitas saamata jäänud arvete tõttu kahjumi 240 tuhat eurot.
-- AS Emajõe Veevärgi tellimusel ehitatud Emajõe joogiveerajatiste objektil
jäi AS-i K&H (pankrotis) alltöövõtjana saamata tulu 340 tuhat eurot.
12 kuuga on Kontserni laenukohustuste saldo vähenenud 8,5 mln euro võrra.
Omakapitali osakaal on praktiliselt jäänud samaks ehk 37%. Laenukohustuste
keskmine kaalutud intress on võrreldes aastatagusega Euribori toel kasvanud,
samas ei ole muutunud laenukohustuste kaalutud keskmine tähtaeg.
PÕHILISED NÄITAJAD
-- Üheksa kuu müügitulu kokku moodustas 31,3 mln eurot, mis on ligi 2,2 korda
suurem kui 2010. aasta üheksa kuu jooksul.
-- Ärikahjum 2,7 mln eurot on suurenenud ligi 4 korda võrreldes eelmise aasta
sama perioodiga.
-- Üheksa kuu puhaskahjum oli 3,6 mln eurot, mis on ligi 2,9 korda suurem kui
eelmise aasta 9 kuud.
-- Omakapital moodustab 37,0% (30.09.2010 seisuga: 36,6%) varade mahust.
Jooksva 12 kuu omakapitali tootlikkus oli negatiivne (2010 9 kuud:
negatiivne). Investeeritud kapitali jooksva 12 kuu tootlikkus oli
negatiivne (2010 9 kuud: negatiivne).
-- Ehituslepingute järelejäänud maht oli III kvartali lõpu seisuga 8,6 mln
eurot, 2010 III kvartali lõpus 6,3 mln eurot.
-- Üheksa kuu jooksul müüdi 81 korterit ja krunti (2010 üheksa kuud: 80
korterit ja krunti).
9 kuud 9 kuud III III kvartal
2011 2010 kvartal 2010
2011
--------------------------------------------------------------------------------
EUR miljonites
------------------------------------
Müügitulu ja muu äritulu 31,3 14,7 7,8 5,8
--------------------------------------------------------------------------------
Ärikasum -2,7 -0,7 -1,2 0,3
--------------------------------------------------------------------------------
s.h kinnisvarainvesteeringute ja 0,0 -0,3 0,0 0,0
varude ümberhindlused
--------------------------------------------------------------------------------
Kasum enne tulumaksu -3,6 -1,2 -1,7 -0,1
--------------------------------------------------------------------------------
s.h kasum või kahjum finantsvarade 0,3 -0,2 0,0 0,0
võõrandamisest
--------------------------------------------------------------------------------
Puhaskasum -3,6 -1,3 -1,7 -0,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (eurodes) -0,77 -0,27 -0,36 -0,03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varad kokku, perioodi lõpu seisuga 64,0 75,0
--------------------------------------------------------------------------------
Investeeritud kapital, perioodi 49,0 61,3
lõpu seisuga
--------------------------------------------------------------------------------
Neto laenud, perioodi lõpu seisuga 23,4 31,4
--------------------------------------------------------------------------------
Omakapital, perioodi lõpu seisuga 23,7 27,5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Laenude keskmine pikkus (aastates) 2,0 2,0
--------------------------------------------------------------------------------
Laenude keskmine intress (aastas) 7,6% 6,1%
--------------------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) neg neg
--------------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Töötajate arv perioodi lõpul 147 142
--------------------------------------------------------------------------------
TULUD JA KASUM
9 kuud 2011 9 kuud 2010 III kv III kv 2010
2011
--------------------------------------------------------------------------------
EUR miljonites
--------------------------------------------------------
Müügitulu
--------------------------------------------------------------------------------
Teenindus 1,8 1,4 0,6 0,5
--------------------------------------------------------------------------------
Arendus 17,0 7,0 3,0 2,3
--------------------------------------------------------------------------------
Ehitus 12,8 6,4 4,3 3,0
--------------------------------------------------------------------------------
Elimineerimised -0,3 -0,4 -0,1 -0,2
--------------------------------------------------------------------------------
Müügitulu kokku 31,3 14,4 7,8 5,6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum
--------------------------------------------------------------------------------
Teenindus 0,1 -0,1 0,0 0,1
--------------------------------------------------------------------------------
Arendus 0,2 0,3 0,4 0,5
--------------------------------------------------------------------------------
Ehitus -2,2 0,1 -1,4 0,1
--------------------------------------------------------------------------------
Elimineerimised 0,2 0,0 0,0 0,0
--------------------------------------------------------------------------------
Jagamatud ärikulud -1,0 -1,0 -0,3 -0,4
--------------------------------------------------------------------------------
Ärikasum kokku -2,7 -0,7 -1,2 0,3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Intressitulud ja -1,2 -0,5 -0,4 -0,2
intressikulud
--------------------------------------------------------------------------------
Muud finantstulud ja -kulud 0,2 -0,1 0,0 -0,3
--------------------------------------------------------------------------------
Tulumaksukulu 0,0 0,0 0,0 0,0
--------------------------------------------------------------------------------
Puhaskasum -3,6 -1,3 -1,7 -0,2
--------------------------------------------------------------------------------
Arenduse divisjoni müügitulu mõjutas 2011 9 kuu jooksul oluliselt
ühisettevõttele Tivoli Arenduse OÜ-le müüdud varud summas 8,3 mln eurot.
Ehituse divisjoni suurenenud käibe taga on eelkõige 2010. aastaga võrreldes
aktiivsem ehitustegevus, samas divisjoni 2011 9 kuu ärikahjum seotud 2010.
aastal alanud kiire ehitushindade kasvu ja partnerettevõtete pankrotiga.
Finantstulusid- ja kulusid mõjutas enim intressikulude suurenemine, mille
põhjuseks on Madridi projekti valmimisega seotud intressikulude
kapitaliseerimise lõpetamine.
RAHAVOOD
9 kuud 2011 9 kuud 2010
--------------------------------------------------------------------
EUR miljonites
--------------------------------------------------------------------
Äritegevuse rahavood -1,9 0,9
--------------------------------------------------------------------
Investeerimistegevuse rahavood 0,0 1,4
--------------------------------------------------------------------
Finantseerimistegevuse rahavood -0,4 -3,9
--------------------------------------------------------------------
Perioodi rahavood kokku -2,3 -1,7
--------------------------------------------------------------------
--------------------------------------------------------------------
Raha ja raja ekvivalendid perioodi alguses 4,2 4,1
--------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1,9 2,4
--------------------------------------------------------------------
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.
Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed 0,8 mln
eurot. Graafikujärgseid ja varude müügiga seotud pangalaenude põhiosa
tagasimakseid on olnud 1,6 mln eurot. Kolmandas kvartalis toimunud laenude
refinantseerimise tulemusena kasvasid laenukohustused 0,8 mln euro võrra.
Perioodi jooksul on kasutatud laenulimiiti Kolde projekti kahe viimase etapi
ning Alasniidu ja Lille tee lasteaia ehituse finantseerimiseks kogusummas 3,5
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 4,9 mln eurot;
-- Manastirski projekti laen summas 2,2 mln eurot;
-- rahavooprojekti Kadaka tee 131 investeerimislaen summas 2,2 mln eurot;
-- Bišumuiža projekti laen summas 1,1 mln eurot;
-- arendusprojekti Laeva 2 laen summas 1,1 mln eurot.
Jooksvalt on 2011. aasta 9 kuuga 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 9 kuu ärikasum oli kokku 0,09 mln eurot võrreldes 0,08 mln euro suuruse
ärikahjumiga 2010. aastal. Kontserni vahendustehingute arv võrreldes eelmise
aastaga on tõusnud 31% ning hindamisaktide arv 46% võrra, samal ajal on
maaklerite arv vähenenud ja hindajate arv tõusnud vaid 6% võrra.
9k 2011 9k 2010 muutus, %
-------------------------------------------------------------------
Vahendatud objektide arv 1045 798 31%
-------------------------------------------------------------------
Müügis olevad projektid, tk 178 176 1%
-------------------------------------------------------------------
Hindamisaktide arv 4 390 3 007 46%
-------------------------------------------------------------------
Hindajate arv* 38 36 6%
-------------------------------------------------------------------
Maaklerite arv* 73 79 -8%
-------------------------------------------------------------------
Divisjoni töötajate arv perioodi lõpus 46 51 -10%
-------------------------------------------------------------------
* sisaldab käsunduslepinguid
ARENDUSDIVISJON
2011. aasta üheksa kuuga müüdi Arco Vara projektides 81 korterit või krunti.
Lätis müüdi 12 Bišumuiža korterit ja 3 Baltezersi krunt, Eestis 55 Kodukolde
korterit ja 2 Merivälja krunti. Bulgaarias müüdi 9 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, III
kvartali lõpuks oli neist müümata 1 korter. 2011.aasta 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. Septembris 2011
võõrandas Arco Investeeringute AS 100%-lise osaluse Lilletee LA OÜ-s, kuid
samas jätkab ehituse projektijuhina lasteaia valmimiseni.
Bulgaarias on käimas Manastirski projekti I etapi ehitus. I etapi korteritest
on 51% broneeritud. Boulevard Residence Madrid äri- ja eluhoones Sofias jätkub
broneeritud korterite asjaõiguslepingute sõlmimine ning vabade korterite müük.
2011. aasta septembri lõpu seisuga töötas divisjonis kokku 24 inimest
(30.09.2010 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 III kvartali lõpu seisuga on suuremateks käimasolevateks
ehitusprojektideks Loksa linna vee- ja kanalisatsioonitorustike
projekteerimis-ehitustööd jäägiga 3,3 mln eurot, Tallinn-Muuga vee ja
kanalisatsiooni trassid ja rajatised jäägiga 1,8 mln eurot ning vee- ja
kanalisatsioonitorustike projekteerimis-ehitustööd Jõgeva ja Puurmani valdades
jäägiga 1,9 mln eurot.
2011. aasta üheksa kuuga sõlmiti uusi ehituslepinguid 7,9 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta III kvartali lõpu seisuga 8,6
mln eurot võrreldes 2010. aasta III kvartali lõpu 6,3 mln euroga.
2011. aasta septembri lõpu seisuga töötas divisjonis kokku 58 inimest
(30.09.2010 seisuga 44 inimest).
Konsolideeritud koondkasumiaruanne
Lisa 9 kuud 9 kuud III kvartal III kvartal
2011 2010 2011 2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 16 280 8 533 5 942 3 834
--------------------------------------------------------------------------------
Müügitulu kaupade müügist 15 033 5 806 1 866 1 797
--------------------------------------------------------------------------------
Müügitulu kokku 2 31 313 14 339 7 808 5 631
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu 3 -30 640 -12 212 -8 198 -4 574
--------------------------------------------------------------------------------
Brutokasum 673 2 127 -390 1 057
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 18 313 6 130
--------------------------------------------------------------------------------
Turustuskulud 4 -281 -217 -67 -58
--------------------------------------------------------------------------------
Üldhalduskulud 5 -2 970 -2 711 -744 -769
--------------------------------------------------------------------------------
Muud ärikulud -108 -183 -49 -12
--------------------------------------------------------------------------------
Ärikasum -2 668 -671 -1 244 348
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 6 502 633 85 53
--------------------------------------------------------------------------------
Finantskulud 6 -1 469 -1 199 -556 -532
--------------------------------------------------------------------------------
Kasum enne tulumaksu -3 635 -1 237 -1 715 -131
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulumaksukulu 0 -30 0 -2
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum -3 635 -1 267 -1 715 -133
--------------------------------------------------------------------------------
-----------------------------------
Emaettevõtte omanike osa -3 634 -1 267 -1 701 -133
puhaskasumis
---------------------------------------------
Mitte-kontrolliva osaluse -1 0 -14 0
osa puhaskasumis
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursivahed välismaiste 0 11 0 0
tütarettevõtete
ümberarvestamisest
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum -3 635 -1 256 -1 715 -133
--------------------------------------------------------------------------------
-----------------------------------
Emaettevõtte omanike osa -3 634 -1 256 -1 701 -133
koondkasumis
---------------------------------------------
Mitte-kontrolliva osaluse -1 0 -14 0
osa koondkasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia puhaskasum 7
--------------------------------------------------------------------------------
- tava -0,77 -0,27 -0,36 -0,03
--------------------------------------------------------------------------------
- lahustatud -0,77 -0,27 -0,36 -0,03
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 30.09.2011 31.12.2010
-----------------------------------------------------------------------------
EUR tuhandetes
-----------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 913 4 209
-----------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 8 9 106 5 760
-----------------------------------------------------------------------------
Ettemakstud kulud 353 192
-----------------------------------------------------------------------------
Varud 9 24 713 35 740
-----------------------------------------------------------------------------
Käibevara kokku 36 085 45 901
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Finantsinvesteeringud 997 996
-----------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 8 2 948 76
-----------------------------------------------------------------------------
Kinnisvarainvesteeringud 10 23 304 22 887
-----------------------------------------------------------------------------
Materiaalne põhivara 664 703
-----------------------------------------------------------------------------
Immateriaalne põhivara 21 20
-----------------------------------------------------------------------------
Põhivara kokku 27 934 24 682
-----------------------------------------------------------------------------
VARAD KOKKU 64 019 70 583
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 13 353 27 126
-----------------------------------------------------------------------------
Võlad tarnijatele ja muud võlad 12 9 641 4 813
-----------------------------------------------------------------------------
Ettemaksed 4 223 4 859
-----------------------------------------------------------------------------
Eraldised 1 172 1 378
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 28 389 38 176
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 11 255 3 855
-----------------------------------------------------------------------------
Muud pikaajalised võlad 12 710 724
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 11 965 4 579
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 354 42 755
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Aktsiakapital 13 3 319 3 030
-----------------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
-----------------------------------------------------------------------------
Jaotamata kasum 18 335 22 787
-----------------------------------------------------------------------------
Omakapital kokku 23 665 27 828
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Mitte-kontrollivale osalusele kuuluv omakapital 161 -70
-----------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 23 504 27 898
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 64 019 70 583
-----------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa 9 kuud 9 kuud
2011 2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Puhaskahjum -3 635 -1 268
--------------------------------------------------------------------------------
Intressitulud ja -kulud 6 1 150 485
--------------------------------------------------------------------------------
Kasumid ja kahjumid tütar- ja ühisettevõtete müügist 6 -285 88
--------------------------------------------------------------------------------
Kasumid ja kahjumid ühisettevõtetest kapitaliosaluse 6 0 94
meetodil
--------------------------------------------------------------------------------
Tulud ja kulud muudelt pikaajalistelt 6 99 0
finantsinvesteeringutelt
--------------------------------------------------------------------------------
Finantsvarade allahindluskulu 6 0 13
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara amortisatsioon 3,5 72 92
ja väärtuse langus
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute õiglase väärtuse muutus 10 0 -7
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müügi kasum või kahjum 0 21
--------------------------------------------------------------------------------
Varude ümberhindluse kasum/kahjum 3 0 355
--------------------------------------------------------------------------------
Valuutakursi kasumid ja kahjumid 6 4 -114
--------------------------------------------------------------------------------
Ettevõtte tulumaksukulu 0 30
--------------------------------------------------------------------------------
Äritegevuse rahavood enne käibekapitali muutuseid -2 595 -211
--------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja tehtud ettemaksete 1 003 -456
muutus
--------------------------------------------------------------------------------
Varude muutus 3 319 -129
--------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja saadud -3 628 1 684
ettemaksete muutus
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU -1 901 888
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetus -37 -32
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 4 0
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute arendusel tasutud summad -729 -238
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müük 177 1 568
--------------------------------------------------------------------------------
Tütar- ja ühisettevõtete soetus -3 -32
--------------------------------------------------------------------------------
Tütar- ja ühisettevõtete müük 893 7
--------------------------------------------------------------------------------
Antud laenud -492 -56
--------------------------------------------------------------------------------
Antud laenude tagasimaksed 75 3
--------------------------------------------------------------------------------
Saadud intressid 157 131
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU 45 1 351
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 11 4 591 3 883
--------------------------------------------------------------------------------
Laenude ja kapitalirendikohustuste tagasimaksed 11 -4 185 -6 197
--------------------------------------------------------------------------------
Makstud intressid -846 -1 614
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST KOKKU -440 -3 928
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -2 296 -1 689
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 4 209 4 137
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide muutus -2 296 -1 689
--------------------------------------------------------------------------------
Valuutakursi mõju 0 1
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1 913 2 449
--------------------------------------------------------------------------------
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 III 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. After an interval of several years, the
Service division posted an operating profit while the operating profit of the
Development division remained stable year over year. The biggest setback was
the loss incurred by the Construction division that is operating in an industry
overshadowed by unfavourable contracts secured in prior periods and continuing
bankruptcies.
In the first nine months of 2011, 81 apartments and plots were sold in the
projects of Arco Vara: 57 in Estonia, 15 in Latvia and 9 in Bulgaria. Major
ongoing development projects include the Tivoli apartment building in Tallinn,
which is in the design stage, and the Manastirski apartment building in Sofia
that has reached the stage of external finishing and interior works. With more
than 7000 square metres, phase I of the Manastirski apartment building that is
scheduled for completion in the first quarter of 2012 is currently our largest
active development project. The progress of construction work can be viewed
live at http://www.arcoinvest.bg/livd/video/camera-one-bg. We also continue to
build and sell apartments in the Kodukolde community in Tallinn where the
progress of site operations can be viewed in real time at
http://www.kodukolde.ee/#webcamand are completing the sale of plots at
Merivälja. Significant third quarter transactions include successful
participation in the privatisation of land near Riga where the Group, acting
through its associate Prime Capital SIA, and its Latvian partner acquired a
parcel of 86 hectares. In addition, we have sold to an investor the Lille tee
nursery school that is under construction in Viimsi although Arco Vara will
continue to manage the project until completion and we continue to develop the
Bišumuiža 1 apartment project and to sell plots in Riga. Since the reporting
date, the Group has signed a deed of conveyance with the company Cleves EOOD on
the transfer of 21 apartments and 13 parking spaces in the Madrid project in
Bulgaria with a total value of 4.3 million euros, of which 2.5 million was paid
in advance in March 2008 and 1.8 million will be paid in November 2011. In
addition to the above transaction, Cleves EOOD is obliged to buy another 16
apartments and 18 parking spaces by the end of 2012 for a total price of 2.8
million euros. The final transaction price will be 7.1 million euros.
For the Service division, the first nine months of 2011 were better than the
same period in several previous years. Revenue grew and the division ended the
period with an operating profit of 0.09 million euros compared with an
operating loss of 0.08 million euros for the same period in 2010. The number of
brokerage transactions increased by 31% and the number of valuation reports
issued grew by 46% year over year. At the same time, the number of brokers has
decreased and the number of appraisers has grown by only 6%.
In the first nine months of 2011, the Group secured new construction contracts
of 7.9 million euros. Our order backlog as at 30 September 2011 was 8.6 million
euros against 6.3 million euros at the end of the third quarter of 2010. In
the third quarter, the Construction division completed the Estonian Aviation
Academy building in Tartu, the largest project where Arco Ehitus was the sole
general contractor in 2011. The Construction division’s third quarter operating
loss is attributable to the unfavourable terms of the construction contracts
signed in 2010 and by bankruptcy cases among our construction tender partners.
Due to joint responsibility in consortium in two cases it was found necessary
to continue construction by Arco Ehitus
The largest single construction projects that have generated a negative
contribution in 2011 include:
-- Construction of the Aviation Academy building in Tartu, performed in a
consortium with OÜ Kristiine Ehitus (bankrupt), that resulted in a loss of
500 thousand euros.
-- Reconstruction of the academic building of the University of Life Sciences
in Tartu, performed in a consortium with OÜ Wolmreks Ehitus (bankrupt),
that resulted in a loss of 600 thousand euros.
-- Construction of the water and wastewater networks of Tamsalu as a
subcontractor for AS K&H (bankrupt), that resulted in a loss of 240
thousand euros due to unsettled invoices.
-- Construction of drinking water facilities for AS Emajõe Veevärk as a
subcontractor for AS K&H (bankrupt), that resulted in a loss of 340
thousand euros due to uncollected revenue.
Within the past 12 months, the Group’s loans and borrowings have decreased by
8.5 million euros and equity to assets ratio has remained virtually the same at
37%. The weighted average interest rate of loans and borrowings has risen year
over year due to the upward trend in EURIBOR. However, the weighted average
duration of loans and borrowings has not changed.
KEY PERFORMANCE INDICATORS
-- The Group ended the first nine months of 2011 with revenue of 31.3 million
euros, a 2.2-fold improvement on the first nine months of 2010.
-- Operating loss for nine months was 2.7 million euros, a roughly 4-fold
increase year over year.
-- Net loss for nine months was 3.6 million euros, roughly 2.9 times up on the
first nine months of 2010.
-- Equity to assets ratio at period-end was 37.0% (30 September 2010: 36.6%).
Return on equity (12 months rolling) was negative (9M 2010: negative).
Return on invested capital (12 months rolling) was negative (9M 2010:
negative).
-- At the end of the third quarter, the Group’s order backlog stood at 8.6
million euros compared with 6.3 million euros at the end of the third
quarter of 2010.
-- During the first nine months of 2011, the Group sold 81 apartments and
plots (9M 2010: 80 apartments and plots).
9M 9M Q3 Q3
2011 2010 2011 2010
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In millions of euros
-------------------------------------------------
Revenue and other income 31.3 14.7 7.8 5.8
--------------------------------------------------------------------------------
Operating loss -2.7 -0.7 -1.2 0.3
--------------------------------------------------------------------------------
Of which net loss on changes in the values of 0.0 -0.3 0.0 0.0
investment properties and inventories
--------------------------------------------------------------------------------
Loss before tax -3.6 -1.2 -1.7 -0.1
--------------------------------------------------------------------------------
Of which net gain/ loss on the disposal of 0.3 -0.2 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Net loss -3.6 -1.3 -1.7 -0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (in euros) -0.77 -0.27 -0.36 -0.03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets at period-end 64.0 75.0
--------------------------------------------------------------------------------
Invested capital at period-end 49.0 61.3
--------------------------------------------------------------------------------
Net loans at period-end 23.4 31.4
--------------------------------------------------------------------------------
Equity at period-end 23.7 27.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Average loan term (in years) 2.0 2.0
--------------------------------------------------------------------------------
Average interest rate of loans (per year) 7.6% 6.1%
--------------------------------------------------------------------------------
ROIC (rolling, 4 quarters) neg neg
--------------------------------------------------------------------------------
ROE (rolling, 4 quarters) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of staff at period-end 147 142
--------------------------------------------------------------------------------
REVENUE AND PROFIT
9M 2011 9M 2010 Q3 2011 Q3 2010
---------------------------------------------------------------------
In millions of euros
----------------------------------------------------
Revenue
---------------------------------------------------------------------
Service 1.8 1.4 0.6 0.5
---------------------------------------------------------------------
Development 17.0 7.0 3.0 2.3
---------------------------------------------------------------------
Construction 12.8 6.4 4.3 3.0
---------------------------------------------------------------------
Eliminations -0.3 -0.4 -0.1 -0.2
---------------------------------------------------------------------
Total revenue 31.3 14.4 7.8 5.6
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating profit/loss
---------------------------------------------------------------------
Service 0.1 -0.1 0.0 0.1
---------------------------------------------------------------------
Development 0.2 0.3 0.4 0.5
---------------------------------------------------------------------
Construction -2.2 0.1 -1.4 0.1
---------------------------------------------------------------------
Eliminations 0.2 0.0 0.0 0.0
---------------------------------------------------------------------
Unallocated expenses -1.0 -1.0 -0.3 -0.4
---------------------------------------------------------------------
Total operating profit/loss -2.7 -0.7 -1.2 0.3
---------------------------------------------------------------------
---------------------------------------------------------------------
Interest income and expense -1.2 -0.5 -0.4 -0.2
---------------------------------------------------------------------
Other finance income and expenses 0.2 -0.1 0.0 -0.3
---------------------------------------------------------------------
Income tax expense 0.0 0.0 0.0 0.0
---------------------------------------------------------------------
Net loss -3.6 -1.3 -1.7 -0.2
---------------------------------------------------------------------
The nine-month revenue of the Development division was boosted by sale of
inventory of 8.3 million euros to joint venture Tivoli Arenduse OÜ. The revenue
of the Construction division has grown year over year mainly on account of
increasing construction activity while its nine-month operating loss is
attributable to a rapid upsurge in construction prices that emerged in 2010 and
counterparty bankruptcies. Finance income and expenses have been strongly
influenced by interest expense, which has grown since the Madrid project was
completed and capitalisation of associated borrowing costs was discontinued.
CASH FLOWS
9M 2011 9M 2010
------------------------------------------------------------------
In millions of euros
------------------------------------------------------------------
Cash flows from operating activities -1.9 0.9
------------------------------------------------------------------
Cash flows from investing activities 0.0 1.4
------------------------------------------------------------------
Cash flows from financing activities -0.4 -3.9
------------------------------------------------------------------
Net cash flow -2.3 -1.7
------------------------------------------------------------------
------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4.2 4.1
------------------------------------------------------------------
Cash and cash equivalents at end of period 1.9 2.4
------------------------------------------------------------------
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 the 50% stake in Tivoli Arendus OÜ paid the cash directly
to SEB.
Interest payments accounted for 0.8 million euros of the net cash outflow from
financing activities. Scheduled settlements of loan principal and those related
to inventory sales totalled 1.6 million euros. In connection with refinancing
carried out in the third quarter, loans and borrowings grew by 0.8 million
euros. During the reporting period, the credit limit was used for financing the
construction of the two last phases in the Kodukolde project and the Alasniidu
and Lille tee nursery schools of 3.5 million euros in aggregate. Use of the
limit for the Kodukolde project is not reflected in cash flows because invoices
received from Merko Ehitus are booked as a loan and there are no actual 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 4.9 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 2.2 million euros;
-- repayments of the loan taken for the Bišumuiža project of 1.1 million
euros;
-- repayments of the loan taken for the Laeva 2 development project of 1.1
million euros.
In the first nine 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 bank 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 nine months with an operating
profit of 0.09 million euros compared with an operating loss of 0.08 million
euros for the first nine months of 2010. The number of the Group’s brokerage
transactions increased by 31% and the number of valuation reports issued grew
by 46% year over year. At the same time, the number of brokers has decreased
and the number of appraisers has grown by only 6%.
9M 2011 9M 2010 Change, %
-------------------------------------------------------------------------------
Number of brokerage transactions 1,045 798 31%
-------------------------------------------------------------------------------
Number of projects on sale 178 176 1%
-------------------------------------------------------------------------------
Number of valuation reports 4,390 3,007 46%
-------------------------------------------------------------------------------
Number of appraisers* 38 36 6%
-------------------------------------------------------------------------------
Number of brokers* 73 79 -8%
-------------------------------------------------------------------------------
Number of staff at end of period 46 51 -10%
-------------------------------------------------------------------------------
* Includes people working under service contracts.
DEVELOPMENT DIVISION
In the first nine months of 2011, 81 apartments and plots were sold in the
projects of Arco Vara: 12 apartments in the Bišumuiža project and three plots
in the Baltezers project in Latvia, 55 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 raising 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. By the end of the third quarter, only one apartment there
was still unsold. Construction of the last phase (48 apartments) began in the
second quarter. The work is performed and financed by AS Merko Ehitus. The
buildings are expected to be completed in the first half of 2012.
The Alasniidu nursery school building 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 entity that owns the nursery school was sold in the second
quarter 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
and signed a long-term rental agreement with the local government. The nursery
school should be completed in the first quarter of 2012. Construction work is
performed by YIT. In September 2011, Arco Investeeringute AS sold its 100%
interest in Lilletee LA OÜ but will continue acting as construction manager
until the nursery school is completed.
In Bulgaria, the construction of phase I of the Manastirski project is under
way: 51% 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.
At the end of September 2011, the Development division employed 24 people (30
September 2010: 26).
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.
At the end of the third quarter of 2011, the largest active construction
contracts comprised the design and build of water and wastewater pipelines for
the city of Loksa (remaining balance 3.3 million euros), the construction of
the Tallinn-Muuga water and wastewater networks and facilities (remaining
balance 1.8 million euros) and the design and build of water and wastewater
networks for the Jõgeva and Puurmani rural municipalities (remaining balance
1.9 million euros).
In the first nine months of 2011, the division secured new construction
contracts of 7.9 million euros. At the reporting date, the order backlog stood
at 8.6 million euros compared with 6.3 million euros at the end of the third
quarter of 2010.
At the end of September 2011, the Construction division employed 58 people (30
September 2010: 44).
Consolidated statement of comprehensive income
For the period ended 30 September Note 9M 2011 9M 2010 Q3 Q3
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Revenue from rendering of services 16,280 8,533 5,942 3,834
--------------------------------------------------------------------------------
Revenue from sale of goods 15,033 5,806 1,866 1,797
--------------------------------------------------------------------------------
Total revenue 2 31,313 14,339 7,808 5,631
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 3 -30,640 -12,212 -8,198 -4,574
--------------------------------------------------------------------------------
Gross profit/loss 673 2,127 -390 1,057
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 18 313 6 130
--------------------------------------------------------------------------------
Distribution expenses 4 -281 -217 -67 -58
--------------------------------------------------------------------------------
Administrative expenses 5 -2,970 -2,711 -744 -769
--------------------------------------------------------------------------------
Other expenses -108 -183 -49 -12
--------------------------------------------------------------------------------
Operating profit/loss -2,668 -671 -1,244 348
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 6 502 633 85 53
--------------------------------------------------------------------------------
Finance expenses 6 -1,469 -1,199 -556 -532
--------------------------------------------------------------------------------
Loss before tax -3,635 -1,237 -1,715 -131
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income tax expense 0 -30 0 -2
--------------------------------------------------------------------------------
Loss for the period -3,635 -1,267 -1,715 -133
--------------------------------------------------------------------------------
-----------------------------------------------
Loss attributable to owners of the -3,634 -1,267 -1,701 -133
parent
---------------------------------
Loss attributable to non-controlling -1 0 -14 0
interests
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Exchange differences on translating foreign 0 11 0 0
operations
--------------------------------------------------------------------------------
Total comprehensive income for the -3,635 -1,256 -1,715 -133
period
--------------------------------------------------------------------------------
-----------------------------------------------
Total comprehensive income -3,634 -1,256 -1,701 -133
attributable to owners of the parent
---------------------------------
Total comprehensive income attributable -1 0 -14 0
to non-controlling interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in euros) 7
--------------------------------------------------------------------------------
- Basic -0.77 -0.27 -0.36 -0.03
--------------------------------------------------------------------------------
- Diluted -0.77 -0.27 -0.36 -0.03
--------------------------------------------------------------------------------
Consolidated statement of financial position
Note As at 30 As at 31 December
September 2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 1,913 4,209
--------------------------------------------------------------------------------
Trade and other receivables 8 9,106 5,760
--------------------------------------------------------------------------------
Prepayments 353 192
--------------------------------------------------------------------------------
Inventories 9 24,713 35,740
--------------------------------------------------------------------------------
Total current assets 36,085 45,901
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments 997 996
--------------------------------------------------------------------------------
Trade and other receivables 8 2,948 76
--------------------------------------------------------------------------------
Investment property 10 23,304 22,887
--------------------------------------------------------------------------------
Property, plant and equipment 664 703
--------------------------------------------------------------------------------
Intangible assets 21 20
--------------------------------------------------------------------------------
Total non-current assets 27,934 24,682
--------------------------------------------------------------------------------
TOTAL ASSETS 64,019 70,583
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 13,353 27,126
--------------------------------------------------------------------------------
Trade and other payables 12 9,641 4,813
--------------------------------------------------------------------------------
Deferred income 4,223 4,859
--------------------------------------------------------------------------------
Provisions 1,172 1,378
--------------------------------------------------------------------------------
Total current liabilities 28,389 38,176
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 11,255 3,855
--------------------------------------------------------------------------------
Other payables 12 710 724
--------------------------------------------------------------------------------
Total non-current liabilities 11,965 4,579
--------------------------------------------------------------------------------
TOTAL LIABILITIES 40,354 42,755
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 13 3,319 3,030
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings 18,335 22,787
--------------------------------------------------------------------------------
Total equity 23,665 27,828
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity attributable to 161 -70
non-controlling interests
--------------------------------------------------------------------------------
Equity attributable to equity 23,504 27,898
holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 64,019 70,583
--------------------------------------------------------------------------------
Consolidated statement of cash flows
For the period ended 30 September Note 9M 9M
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Loss for the period -3,635 -1,268
--------------------------------------------------------------------------------
Interest income and interest expense, net 6 1,150 485
--------------------------------------------------------------------------------
Gain/loss on sale of subsidiaries and interests in joint 6 -285 88
ventures
--------------------------------------------------------------------------------
Share of profit/loss of joint ventures under the equity 6 0 94
method
--------------------------------------------------------------------------------
Gain/loss on other long-term investments 6 99 0
--------------------------------------------------------------------------------
Impairment losses on financial assets 6 0 13
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment losses on 3, 5 72 92
property, plant and equipment and intangible assets
--------------------------------------------------------------------------------
Change in the fair value of investment property 10 0 -7
--------------------------------------------------------------------------------
Gain/loss on the sale of investment property 0 21
--------------------------------------------------------------------------------
Gain/loss on inventory write-downs and reversals of 3 0 355
inventory write-downs
--------------------------------------------------------------------------------
Foreign exchange gains and losses 6 4 -114
--------------------------------------------------------------------------------
Income tax expense 0 30
--------------------------------------------------------------------------------
Operating cash flow before working capital changes -2,595 -211
--------------------------------------------------------------------------------
Change in receivables and prepayments 1,003 -456
--------------------------------------------------------------------------------
Change in inventories 3,319 -129
--------------------------------------------------------------------------------
Change in payables and deferred income -3,628 1,684
--------------------------------------------------------------------------------
NET CASH USED IN/FROM OPERATING ACTIVITIES -1,901 888
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -37 -32
intangible assets
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment and 4 0
intangible assets
--------------------------------------------------------------------------------
Paid on development of investment properties -729 -238
--------------------------------------------------------------------------------
Proceeds from sale of investment properties 177 1,568
--------------------------------------------------------------------------------
Acquisition of subsidiaries and interests in joint -3 -32
ventures
--------------------------------------------------------------------------------
Proceeds from disposal of subsidiaries and interests in 893 7
joint ventures
--------------------------------------------------------------------------------
Loans granted -492 -56
--------------------------------------------------------------------------------
Repayment of loans granted 75 3
--------------------------------------------------------------------------------
Interest received 157 131
--------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES 45 1,351
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 11 4,591 3,883
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities 11 -4,185 -6,197
--------------------------------------------------------------------------------
Interest paid -846 -1,614
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -440 -3,928
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -2,296 -1,689
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4,209 4,137
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents -2,296 -1,689
--------------------------------------------------------------------------------
Effect of exchange rate fluctuations on cash held 0 1
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 1,913 2,449
--------------------------------------------------------------------------------
Lembit Tampere
Arco Vara AS
Jõe 2b, 10151 Tallinn, Estonia
tel: +372 614 4630
gsm: +372 510 9959
fax: +372 614 4646