Market announcement
Järvevana
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
3589
Attachments
Submission date and time
29.02.2012 16:30:00
Content of announcement in Estonian
Title
2011. aasta 12 kuu ja IV kvartali auditeerimata vahearuanne
Message
Tallinn, Eesti, 2012-02-29 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 01.01.2011-31.12.2011 teenis AS Järvevana 212,9 tuhat
eurot finantstulu. Arvestatavaimaks kuluallikaks on maadevahetusega seotud
kriminaalasjast tulenevad õigusabikulud, mis moodustavad 2011. aasta
üldhalduskuludest 36%. Ettevõtte varadest moodustab 13,4 mln eurot
koostöö-lepingust
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20EST.pdf)
tulenev nõue AS Merko Ehitus vastu. 31.12.2011 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.
Prokurör palus ASi Järvevana karistada rahalise karistusega 1,598 mln eurot.
Nii suuri rahalisi karistusi pole tavapäraselt kohtupraktikas rakendatud.
Õigeksmõistmise korral sellekohast rahalist kohustust ei teki, vastupidi, riik
peab hüvitama mõistlikud õigusabikulud.
ASi Järvevana kaitsja on esitanud kohtule kaitsekõne 350 lehel ning palunud
süüdistatav õigeks mõista, kuna kuritegu ei ole toime pandud.
27. veebruaril 2012 jätkus kohtuvaidlus kaitsjate repliikide ja süüdistatavate
viimaste sõnadega. Menetlusgraafik on paika pandud kuni 6. märtsini 2012, mille
järel läheb kohus otsust tegema. Kuna tegemist on ülimalt mahuka asjaga, kus on
arvukalt süüdistatavaid , episoode ja mille maht on nüüdseks enam kui 200
köidet, pole teada kui pika aja jooksul kohus otsuse avaldab.
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 põhistada.
Aktsia ja aktsionärid
AS Järvevana suuremad aktsionärid seisuga 31.12.2011
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. aastaga sooritati Järvevana
aktsiatega 342 tehingut, mille käigus vahetas omanikku 504 016 aktsiat ning
tehingute käive oli 159 781 eurot. Madalaim tehing aktsiaga sooritati tasemel
0,24 eurot ning kõrgeim tasemel 0,50 eurot aktsia. Aktsia sulgemishind seisuga
31.12.2011 oli 0,36 eurot.
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
12 kuud 12 kuud
Üldhalduskulud (220) (228)
-----------------
-----------------
Ärikasum (-kahjum) (220) (228)
Finantstulud ja -kulud 213 209
-----------------
sh intressitulud 213 209
Perioodi puhaskasum (-kahjum) (7) (19)
-----------------
sh emaettevõtte omanike osa puhaskasumist (-kahjumist) (7) (19)
Perioodi koondkasum (-kahjum) (7) (19)
-----------------
sh emaettevõtte omanike osa koondkasumist (-kahjumist) (7) (19)
Puhaskasum emaettevõtte omanike aktsia kohta (0,00) (0,00)
(tava ja lahustatud, eurodes)
KOONDKASUMIARUANNE
auditeerimata, tuhandetes eurodes
2011.a. 2010.a.
IV kvartal IV kvartal
Üldhalduskulud (54) (54)
-----------------------
-----------------------
Ärikasum (-kahjum) (54) (54)
Finantstulud ja -kulud 59 56
-----------------------
sh intressitulud 59 56
Perioodi puhaskasum (-kahjum) 5 2
-----------------------
sh emaettevõtte omanike osa puhaskasumist (-kahjumist) 5 2
Perioodi koondkasum (-kahjum) 5 2
-----------------------
sh emaettevõtte omanike osa koondkasumist (-kahjumist) 5 2
Puhaskasum emaettevõtte omanike aktsia kohta (0,00) (0,00)
(tava ja lahustatud, eurodes)
FINANTSSEISUNDI ARUANNE
auditeerimata, tuhandetes eurodes
31.12.2011 31.12.2010
VARAD
Käibevara
Raha ja raha ekvivalendid 2 531 1 266
Lühiajalised deposiidid - 1 300
Nõuded ja ettemaksud 13 403 13 402
Käibevara kokku 15 934 15 968
Põhivara
Materiaalne põhivara 35 1
Põhivara kokku 35 1
VARAD KOKKU 15 969 15 969
-----------------------
-----------------------
KOHUSTUSED
Lühiajalised kohustused
Võlad ja ettemaksed 29 22
Lühiajalised eraldised 1 118 1 118
Lühiajalised kohustused kokku 1 147 1 140
Kohustused kokku 1 147 1 140
Omakapital
Aktsiakapital 12 000 11 312
Kohustuslik reservkapital 1 131 1 131
Jaotamata kasum 1 691 2 386
Omakapital kokku 14 822 14 829
KOHUSTUSED JA OMAKAPITAL KOKKU 15 969 15 969
-----------------------
Toomas Annus
Juhatuse liige
6 805 400
[email protected]
Content of announcement in English
Title
2011 12 months and IV quarter unaudited interim report
Message
Tallinn, Estonia, 2012-02-29 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 31.12.2011, AS Järvevana earned finance income in the amount of
EUR 212.9 thousand. The most significant cost article is the legal costs
related to the criminal proceedings of the land swap, which totalled 36% of the
administrative expenses in 2011. A claim against AS Merko Ehitus arising from a
collaboration agreement totalled EUR 13.4 million of the company’s assets
(http://www.merko.ee/upload/File/Restruktureerimise%20dokumendid/Koost%F6%F6lepi
ng%20ENG.pdf).
As of 31 December 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 “land swap
case”. More than a hundred witnesses have been heard at the judicial
investigation none of whom mentioned the approval or giving a bribe as the
subject of proof. All documentary evidence have been published which, according
to the assessment of the company, lacks any information referring to a bribe.
The prosecutor asked to impose Järvevana AS a pecuniary punishment of EUR 1,598
million. Such a huge pecuniary punishment is not conventional in court
practice. In case of judgement of acquittal, there would not be such a
financial obligation; on the contrary, the state would have to compensate all
reasonable costs for legal assistance.
The trial lawyer of Järvevana AS has submitted the court a defence on 350 pages
and asked to acquit the accused, as no crime has been committed.
On 27 February 2012, the court action continued with the rebuttal of trial
lawyers and the final rebuttal of the accused. The proceedings schedule has
been established until 6 March 2012 after which the court would render its
judgement. As it is an extremely voluminous case with numerous accused parties,
episodes and the volume of which by now is more than 200 editions, it is
impossible to estimate when the court would render its judgement.
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 31.12.2011
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,
342 transactions were performed with the shares of AS Järvevana in the course
of which 504 016 shares were traded and the total monetary value of
transactions was EUR 159 781. The lowest transaction price was EUR 0.24 and the
highest transaction price was EUR 0.50 per share. The closing price of the
shares as of 31.12.2011 was EUR 0.36.
STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros
2011 2010
12 12
months months
General and administrative expenses (220) (228)
-------------------
-------------------
Operating profit (loss) (220) (228)
Finance income and costs 213 209
-------------------
incl. interest income 213 209
Net profit (loss) for the period (7) (19)
-------------------
incl. net profit (loss) attributable to equity holders of (7) (19)
the parent
Comprehensive profit (loss) for the period (7) (19)
-------------------
incl. comprehensive profit (loss) attributable to equity (7) (19)
holders of
the parent
Earnings per share for profit attributable to equity (0,00) (0,00)
holders of the parent (basic and diluted, in EUR)
STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros
2011 2010
IV IV
quarter quarter
General and administrative expenses (54) (54)
---------------------
---------------------
Operating profit (loss) (54) (54)
Finance income and costs 59 56
---------------------
incl. interest income 59 56
Net profit (loss) for the period 5 2
---------------------
incl. net profit (loss) attributable to equity holders of 5 2
the parent
Comprehensive profit (loss) for the period 5 2
---------------------
incl. comprehensive profit (loss) attributable to equity 5 2
holders of
the parent
Earnings per share for profit attributable to equity (0,00) (0,00)
holders of the parent (basic and diluted, in EUR)
STATEMENT OF FINANCIAL POSITION
unaudited, in thousand euros
31.12.2011 31.12.2010
ASSETS
Current assets
Cash and cash equivalents 2 531 1 266
Short-term deposits - 1 300
Trade and other receivables 13 403 13 402
Total current assets 15 934 15 968
Non-current assets
Property, plant and equipment 35 1
Total non-current assets 35 1
TOTAL ASSETS 15 969 15 969
-----------------------
-----------------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 29 22
Short-term provisions 1 118 1 118
Total current liabilities 1 147 1 140
Total liabilities 1 147 1 140
Equity
Share capital 12 000 11 312
Statutory reserve capital 1 131 1 131
Retained earnings 1 691 2 386
Total equity 14 822 14 829
TOTAL LIABILITIES AND EQUITY 15 969 15 969
-----------------------
Toomas Annus
Member of Management Board
+372 6 805 400
[email protected]