Market announcement
Nordecon AS
LEI code
48510000D8HSLK854I81
Size of the entity
Large group
Economic activities
Construction
Country of registered office
Estonia
General information
This is a correction announcement.
Previous version
2014 II quarter and 6 months consolidated interim report (unaudited)
Categories
Half-yearly financial report
Unique data record identifier
4586
Attachments
Submission date and time
07.08.2014 18:43:37
Content of announcement in Estonian
Title
CORRECTION: 2014. aasta II kvartali ja 6 kuu konsolideeritud poolaastaaruanne (auditeerimata)
Message
PARANDUSTEADE on koostatud seoses eelmisele börsiteatele lisatud failides olnud
ebatäpsusele AS'ile Nordic Contractors kuuluvate aktsiate arvu osas. Muid
muudatusi börsiteate tekstis ja sellele lisatud failides tehtud ei ole.
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Börsiteade sisaldab: Nordecon AS 2014. aasta II kvartali ja kuue
kuu konsolideeritud finantsaruandeid (auditeerimata), ülevaadet aruandeperioodi
majandustulemust oluliselt mõjutanud sündmustest, väljavaateid tegevusturgudele
ning peamiste riskide kirjeldust.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Vahearuanne on lisatud manusena börsiteatele ning on avalikustatud
NASDAQ OMX ja Nordeconi koduleheküljel
(http://www.nordecon.com/root/et/investorile/finantsaruanded/vahearuanded).</spa
n></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Aruandeperioodi kohta käiv investorpresentatsioon on lisatud
manusena börsiteatele ja avalikustatud Nordeconi kodulehel
(http://www.nordecon.com/root/et/investorile/investorite-presentatsioonid).</spa
n></span>
Konsolideeritud finantsseisundi aruanne
EUR '000 30.06.2014 31.12.2013
--------------------------------------------------------------------------
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VARA
Käibevara
Raha ja raha ekvivalendid 9 103 12 575
Nõuded ostjate vastu ja muud nõuded 27 744 28 101
Ettemaksed 2 134 1 923
Varud 25 805 23 785
Käibevara kokku 64 786 66 384
Põhivara
Kapitaliosaluse meetodil kajastatud investeeringud 588 566
Pikaajalised finantsinvesteeringud 26 26
Nõuded ostjate vastu ja muud nõuded 11 137 10 645
Kinnisvarainvesteeringud 3 553 3 549
Materiaalne põhivara 9 295 9 030
Immateriaalne põhivara 14 590 14 494
Põhivara kokku 39 189 38 310
VARA KOKKU 103 975 104 694
KOHUSTUSED
Lühiajalised kohustused
Laenukohustused 22 588 23 875
Võlad hankijatele 29 522 26 372
Muud võlad 6 340 7 982
Ettemaksed 1 492 6 102
Eraldised 525 913
Lühiajalised kohustused kokku 60 467 65 244
Pikaajalised kohustused
Pikaajalised laenukohustused 7 015 3 303
Võlad hankijatele 155 156
Muud võlad 96 96
Eraldised 1 057 969
Pikaajalised kohustused kokku 8 323 4 524
KOHUSTUSED KOKKU 68 790 69 768
OMAKAPITAL
Aktsiakapital 19 657 19 657
Kohustuslik reservkapital 2 554 2 554
Realiseerumata kursivahed 512 -298
Jaotamata kasum (kahjum) 9 979 10 681
Emaettevõtte aktsionäridele kuuluv omakapital 32 702 32 594
Mittekontrolliv osalus 2 483 2 332
OMAKAPITAL KOKKU 35 185 34 926
KOHUSTUSED JA OMAKAPITAL KOKKU 103 975 104 694
Konsolideeritud koondkasumiaruanne
EUR´000 II kv II kv 6k 2014 6k 2013 2013
2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 43 900 48 416 67 444 75 497 173 651
Müüdud toodangu kulu -40 858 -45 736 -63 232 -72 224 -162 342
Brutokasum 3 042 2 680 4 212 3 273 11 309
Turustuskulud -95 -77 -344 -139 -452
Üldhalduskulud -1 347 -1 091 -2 471 -2 327 -4 922
Muud äritulud 109 6 174 206 464
Muud ärikulud -35 -22 -64 -59 -1 096
Ärikasum (kahjum) 1 674 1 496 1 507 954 5 303
Finantstulud 162 182 326 383 668
Finantskulud -262 -257 -1 222 -558 -1 027
Finantstulud ja –kulud kokku -100 -75 -896 -175 -359
Kapitaliosaluse meetodil 83 86 22 77 -170
arvestatud kasum/kahjum
Maksustamiseelne kasum (kahjum) 1 657 1 507 633 856 4 774
Tulumaks -179 -43 -179 -44 -135
Puhaskasum (kahjum) 1 478 1 464 454 812 4 639
Muu koondkasum (kahjum):
<span
style="font-size:9pt;">Tulevikus
ümber klassifitseeritavad kirjed
puhaskasumisse- või
kahjumisse</span>
Realiseerumata kursivahed 89 20 810 -33 106
Kokku muu koondkasum (kahjum) 89 20 810 -33 106
Kokku koondkasum (kahjum) 1 567 1 484 1 264 779 4 745
Puhaskasum (kahjum):
- emaettevõtte aktsionäridele 1 294 1 401 221 728 4 642
kuuluv osa
- mittekontrollivale osalusele 184 63 233 84 -3
kuuluv osa
Kokku puhaskasum (kahjum) 1 478 1 464 454 812 4 639
Koondkasum (kahjum):
- emaettevõtte aktsionäridele 1 383 1 421 1 031 695 4 748
kuuluv osa
- mittekontrollivale osalusele 184 63 233 84 -3
kuuluv osa
Kokku koondkasum (kahjum) 1 567 1 484 1 264 779 4 745
Aruandeperioodi puhaskasum aktsia
kohta emavõtte aktsionäridele:
Tavapuhaskasum aktsia kohta 0,04 0,05 0,01 0,02 0,15
eurodes
Lahustatud puhaskasum aktsia kohta 0,04 0,05 0,01 0,02 0,15
eurodes
Konsolideeritud rahavoogude aruanne
EUR´000 6k 2014 6k 2013
----------------------------------------------------------
----------------------------------------------------------
Rahavood äritegevusest
Laekumised ostjatelt1 73 297 70 286
Maksed tarnijatele2 -66 917 -68 190
Makstud käibemaks -2 478 -1 024
Maksed töötajatele ja töötajate eest -10 195 -9 026
Makstud tulumaks 0 -1
Netorahavoog äritegevusest -6 293 -7 955
Rahavood investeerimistegevusest
Materiaalse põhivara soetamine -360 -228
Põhivara müük 111 102
Tütarettevõtte soetus -180 0
Sidusettevõtete soetus 0 -350
Antud laenud -268 -349
Antud laenude laekumised 95 196
Saadud dividendid 4 4
Saadud intressid 1 357
Netorahavoog investeerimistegevusest -597 -268
Rahavood finantseerimistegevusest
Saadud laenud 9 695 7 002
Saadud laenude tagasimaksed -4 255 -3 266
Kapitalirendi maksed -706 -848
Makstud intressid -391 -471
Makstud dividendid -923 0
Netorahavoog finantseerimistegevusest 3 420 2 417
Rahavoog kokku -3 470 -5 806
Raha ja raha ekvivalendid perioodi algul 12 575 10 231
Valuutakursimuutused -2 -2
Raha jäägi muutus -3 470 -5 806
Raha ja raha ekvivalendid perioodi lõpul 9 103 4 423
<sup style="text-align: -webkit-right;"><span style="font-size:9pt;">1
</span><span style="font-size:8pt;">Laekumised ostjatelt sisaldab ostjate poolt
tasutud käibemaksu</span>
<span style="font-size:9pt;">2 </span><span style="font-size:8pt;">Maksed
tarnijatele sisaldab tasutud käibemaksu</span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"><strong style="font-size: 11pt;">Finantstulemuste
kokkuvõte</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni kasum</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nordeconi kontserni brutokasum 2014. aasta I poolaastal oli 4 212
tuhat eurot (I poolaasta 2013: 3 273 tuhat eurot) ning brutokasumlikkus 6,2% (I
poolaasta 2013: 4,3%). Aruandeperioodi kasum teeniti poolaasta II kvartalis kui
puudusid eelkõige aasta I kvartalile iseloomulikud tulemust negatiivselt
mõjutavad ilmastikutingimused ning tehnoloogilise pausiga seotud püsikulud.
2013. aastal sõlmitud pikaajaliste lepingute kasumlikkust on suudetud säilitada
või suurendada ning ka uute, käesoleval aastal sõlmitud lepingute kasumlikkus
on olnud ootuspärane.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müügitulu koosseisus hakkab järjest rohkem suurenema hetkel
kehtivate turu- ja konkurentsitingimuste valguses sõlmitud lepingute osakaal.
Nõudluse oodatavat vähenemist ja sellega kaasnevat konkurentsisurvet on
Kontserni juhtkond teadvustanud juba varasematel perioodidel (vt lisaks
tegevusaruande peatükid „Ehituslepingute teostamata tööde mahud“, „Peamiste
riskide kirjeldus“ ja „Väljavaate Kontserni tegutsemisturgudele“) ning võtnud
selle osas tarvitusele abinõusid, et vähenevate mahtude juures kasumlikkust
säilitada ja võimaluse korral seda parandada. Kontserni juhtkond teadvustab
jätkuvalt pikaajaliste lepingute sõlmimisel sisendhindade kasvuga kaasnevaid
riske ning jätkab lepingute hankimisel valitud kurssi, mille kohaselt on
lepingu oodatav kasumlikkus tähtsam müügitulu kasvatamisest või selle
hoidmisest saavutatud tasemel.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni üldhalduskulud moodustasid 2014. aasta I poolaastal 2
471 tuhat eurot, mis võrreldes eelmise aastaga oli 6% rohkem (I poolaasta 2013:
2 327 tuhat eurot). 12 kuu libisev üldhalduskulude osakaal müügitulust oli 3,1%
(I poolaasta 2013: 3,0%). Kulude kasvu piiravad meetmed on Kontsernis jätkuvalt
hästi töötanud ning üldhalduskulusid on hoitud alla eesmärgistatud piiri, s.o
4% müügitulust.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Eelnevast tulenevalt kujunes Kontserni ärikasumiks 2014. aasta I
poolaastal 1 507 tuhat eurot (I poolaasta 2013: kasum 954 tuhat eurot).
Kulumiga korrigeeritud rahavooline ärikasum (EBITDA) moodustas 2 455 tuhat
eurot (I poolaasta 2013: 1 965 tuhat eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Aruandeperioodil kajastas Kontsern euro ja Ukraina grivna
vahetuskursi ebasoodsast liikumisest varasemate perioodidega võrreldes
oluliselt suuremaid kursikahjumeid. Ligikaudu 31% suurune Ukraina grivna
odavnemine tähendas grivnat arvestusvaluutana kasutavatele Kontserni
ettevõtetele eurodes võetud kohustuste ümberhindamist. Finantskulude koosseisus
kajastatud kursikahjumiteks kujunes 854 tuhat eurot (I poolaasta 2013: kasum 41
tuhat eurot). Arvestustehniliselt tähendas sama kursimuutus teisalt omakapitali
koosseisus kajastatud realiseerumata kursivahede reservi positiivset muutumist
808 tuhande euro võrra (I poolaasta 2013: kahjum 33 tuhat eurot) ja
kursikahjumi netomõju Kontserni netovarale oli 46 tuhat eurot (I poolaasta
2013: kasum 9 tuhat eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni puhaskasumiks kujunes tulenevalt eelnevast 454 tuhat
eurot (I poolaasta 2013: 812 tuhat eurot), millest Kontserni emaettevõtte
Nordecon AS aktsionäridele kuuluv puhaskasumi osa moodustas 221 tuhat eurot (I
poolaasta 2013: 728 tuhat eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni rahavood</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta I poolaasta äritegevuse netorahavoog moodustas -6 293
tuhat eurot (I poolaasta 2013: -7 955 tuhat eurot). I poolaasta negatiivne
äritegevuse rahavoog on tsüklilisele ehitustegevusele iseloomulik. Eelmisel
aastal oodatust suuremate kasumitega lõpetatud projektid tähendasid Kontsernile
suuremaid väljamakseid töötajate tulemustasude ja kaasnevate maksude näol.
Jätkuvalt mõjutasid rahavooge maksetähtaegade erinevused. Tellijate
maksetähtajad on pikad ning riigihangete puhul üldjuhul vahemikus 45-56 päeva.
Allhankijatele tuleb samas tasuda reeglina 21-45 päeva jooksul.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Investeerimistegevuse rahavoog 2014. aasta I poolaastal oli -597
tuhat eurot (I poolaastal 2013: -268 tuhat eurot). Suurimateks ühekordseteks
väljaminekuteks olid laenu andmine Nordic Contractors AS kontserni ettevõttele
250 tuhat eurot (vt lisa 14) ja kontserni tütarettevõtte AS Eston Ehitus
vähemusaktsionäride ettevõtte omanikeringist väljaostmine, mille eest tasuti
180 tuhat eurot (vt lisa 15).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Finantseerimistegevuse rahavoog 2014. aasta I poolaastal oli 3 420
tuhat eurot (I poolaasta 2013: 2 417 tuhat eurot). Saadud ja tagasimakstud
laenude netosumma oli 5 440 tuhande eurot, samas kui aasta varem ületasid
saadud laenud tagasimakseid 3 736 tuhande euro võrra. Nimetatud muudatused on
suures osas seotud arvelduskrediitide jääkide muutusega, kuid mõju avaldab ka
elamuehituse omaarenduste finantseerimine. Mõnevõrra on eelmise aastaga
võrreldes vähenenud kapitalirendimaksed. Dividende maksti 2014. aasta I
poolaastal 923 tuhat eurot (I poolaastal 2013: 0 eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Seisuga 30.06.2014 moodustasid Kontserni raha ja raha ekvivalendid
9 103 tuhat eurot (30.06.2013: 4 423 tuhat eurot). Kontserni juhtkond on
kommenteerinud likviidsusriske tegevusaruande peatükis „Peamiste riskide
kirjeldus“.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Olulisemad suhtarvud ja näitajad</span></span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6k 2014</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k 2012</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
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--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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------------------------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">67 444</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">75 497</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">62 920</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">173 651</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-11%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">8,9%</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">454</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">812</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-390</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4 639</span></span>
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skasum
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</span
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">221</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">728</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-491</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4 642</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30 756 728</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30 756 728</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30 756 728</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30 756 728</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0,01</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0,02</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,02</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0,15</span></span>
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skasum
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3,7%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,0%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,8%</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3,1%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,0%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3,2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,8%</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
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-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2 455</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 965</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">925</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7 639</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA,
tuhat
eurot
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3,6%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,4%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA
määr
müügi
tulust
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6,2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3,5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6,5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Brut
okasum
i määr
müügi
tulust
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,3%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,1%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ärik
asumi
määr
müügi
tulust
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,1%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,7%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,9%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ärik
asumi
määr
ilma
kinni
svara
müügi
kasum
ita</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0,7%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,6%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,7%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Puha
skasum
i määr
müügi
tulust
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,6%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,2%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,3%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9,5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inve
steeri
tud
kapit
ali
tootl
us</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,3%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1,4%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">14,2%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
i
tootl
us</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">33,8%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">27,3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">25,0%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">33,4%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
i
osaka
al</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,4%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0,8%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,3%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Vara
tootl
us</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">31,6%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">45,4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">48,5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">23,5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Fina
ntsvõi
mendus
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,07</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,08</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,05</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,02</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Lühi
ajalis
te
kohus
tuste
katte
kordaj
a</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.06.2014</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30.06.2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30.06.2012</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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------------------------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">87 236</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">103 230</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">166 367</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">64 286</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ehit
uslepi
ngute
teost
amata
tööd,
tuhat
eurot
</span
></spa
n>
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<span style="font-family:Arial, <span style="font-family:Arial,
Helvetica, sans-serif;"><span Helvetica, sans-serif;"><span
style="font-size:8pt;">Müügitulu style="font-size:8pt;">Puhaskasumi määr
muutus = (Aruandeperioodi müügitulust = (Perioodi puhaskasum /
müügitulu/Eelmise perioodi müügitulu) Müügitulu)*100</span>
– 1*100</span> <span
<span style="font-size:8pt;">Investeeritud
style="font-size:8pt;">Puhaskasum kapitali tootlus = ((Kasum enne
aktsia kohta (EPS) = Emaettevõtte tulumaksustamist + intressikulud) /
aktsionäride osa Perioodi keskmine (Intressi kandvad
puhaskasumist/Kaalutud keskmine kohustused + omakapital))*100</span>
aktsiate arv</span> <span style="font-size:8pt;">Omakapitali
<span tootlus = (Aruandeperioodi puhaskasum /
style="font-size:8pt;">Üldhalduskulud Perioodi keskmine omakapital
e määr müügitulust = (Üldhalduskulud / kokku)*100</span>
Müügitulu)*100</span> <span style="font-size:8pt;">Omakapitali
<span style="font-size:8pt;">Libisev osakaal = (Omakapital kokku /
üldhalduskulude määr müügitulust = Kohustused ja omakapital
(Viimase 4 kvartali üldhalduskulud / kokku)*100</span>
Viimase 4 kvartali <span style="font-size:8pt;">Vara
müügitulu)*100</span> tootlus = (Aruandeperioodi puhaskasum /
<span style="font-size:8pt;">EBITDA = Perioodi keskmine vara
Ärikasum + Kulum + Firmaväärtuse kokku)*100</span>
allahindlused</span> <span
<span style="font-size:8pt;">EBITDA style="font-size:8pt;">Finantsvõimendus
määr müügitulust = (EBITDA / = ((Intressikandvad kohustused – Raha
Müügitulu)*100</span> ja raha ekvivalendid) /
<span (Intressikandvad kohustused +
style="font-size:8pt;">Brutokasumi Omakapital))*100</span>
määr müügitulust = (Brutokasum / <span
Müügitulu)*100</span> style="font-size:8pt;">Lühiajaliste
<span style="font-size:8pt;">Ärikasumi kohustuste kattekordaja = Käibevara
määr müügitulust = (Ärikasum / kokku / Lühiajalised kohustused
Müügitulu)*100</span> kokku</span></span>
<span style="font-size:8pt;">Ärikasumi
määr ilma varamüügi kasumita =
((Ärikasum – Põhivara müügikasum –
Kinnisvara müügikasum) /
Müügitulu)*100</span></span>
--------------------------------------------------------------------------------
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Majandustegevus geograafiliste turgude lõikes</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni poolt väljaspool Eestit teenitud müügitulu moodustas
2014. aasta I poolaastal ligikaudu 7% kogu müügitulust. Samal perioodil aasta
tagasi oli välisturgude osakaal müügitulust 2%.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style=
2014</span></span>
2013</span></span>
2012</span></span>
"font-
size:1
1pt;">
<span
style=
"font-
family
:Arial
,
Helvet
ica,
sans-s
erif;"
>
</span
></spa
n>
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---------------------------
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">93%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">98%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">99%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">95%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Eest
i</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Soom
e</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ukra
ina</s
pan></
span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müügitulu osakaal Soomes koosnes seal teostatud betoonitööde
töövõtust hoonete segmendis. Nimetatud turu müügitulu osakaalu suurenemine
eelmise aastaga võrreldes oli tingitud absoluutmahtude kasvust, mida võimendas
ühtlasi Kontserni kogu müügitulu vähenemine sama perioodiga võrreldes.
Käesoleval aastal tervikuna ei kujune müügitulu välisriikidest tõenäoliselt
siiski oluliselt suuremaks kui 2013. aastal ja ka riikide vahelises jaotuses ei
ole oodata muudatusi.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müügitulu hajutamine erinevate geograafiliste segmentide vahel on
olnud Kontserni juhtkonna poolt valitud strateegia, mille abil hajutada riske,
mis tulenevad liigsest kontsentreeritusest ühele turule. Välisturgude osakaalu
kasvatamine on Kontserni üks strateegilisi lähtekohti pikemas perspektiivis, vt
tegevusaruande peatükk „Kontserni strateegilised lähtekohad aastatel
2014-2017“. Kontserni nägemust edasisest äritegevusest välisturgudel on
selgitatud tegevusaruande peatükis „Väljavaated Kontserni
tegutsemisturgudele“.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta I poolaasta majandustegevus tegevusvaldkondade
lõikes</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Segmentide müügitulu</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni üheks eesmärgiks on hoida tegevussegmentide (hooned ja
rajatised) esindatus müügitulus tasakaalustatuna, kuna see võimaldab hajutada
riske ja tagada paremad võimalused ehitustegevuseks ka raskemates
turutingimustes, kus mõnda tegevussegmenti tabab tegevusmahtude suurem
langus.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta I poolaasta müügitulu oli 67 444 tuhat
eurot. Võrreldes eelmise perioodiga, mil vastav näitaja oli 75 497 tuhat eurot,
vähenes müügitulu 11%. Aasta tagasi oli Kontsernil pooleli kolm suurt
teedeehituse projekti kogumahus ca 70 miljonit eurot, mille panus poolaasta
müügitulusse oli oluline. Samuti oli aasta tagasi töös märgatavalt suuremas
mahus EL struktuurifondide poolt toetatud projekte, mille osakaalu vähenemisele
juhtis Kontsern tähelepanu juba möödunud aastal. Oodatult on suurenenud hoonete
segmendi müügitulud, milleni on viinud eratellijatega sõlmitud lepingute kasv
nii arvuliselt ka kui lepingute keskmise hinna osas.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Eelnevast tulenevalt oli 2014. aasta I poolaastal müügitulu
hoonete ja rajatiste segmendis vastavalt 47 826 ja 17 936 tuhat eurot. Aasta
tagasi olid vastavad näitajad 30 796 ja 42 638 tuhat eurot (vt Lisa 8).
Müügitulu struktuuri muutumist peegeldavad ka Kontserni ehituslepingute
teostamata tööde mahud, kus 2014. aasta I poolaasta seisuga oli hoonete
segmendiga seotud lepingute osakaal 67% (I poolaasta 2013: 48%).</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tege
vusseg
mendid
*</spa
n></sp
an>
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---------------------------
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">71%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">46%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Hoon
ed</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">29%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">54%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Raja
tised<
/span>
</span
>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">* Ukraina hoonete segment, mis raamatupidamise aruandes on
vastavalt rahvusvahelise finantsaruandluse standardile IFRS 8
„Tegevussegmendid“ esitatud eraldiseisvalt, kuulub tegevusaruandes hoonete
segmendi koosseisu.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Tegevussegmentide vaheline jaotus tegevusaruandes tugineb
projektide liigitamisele lähtuvalt nende sisust (st hoonete või rajatiste
valdkond). Raamatupidamisaruande segmendiaruandes on hoonete ja rajatiste
valdkondade vaheline jaotus tehtud tütarettevõtete põhilise tegevusvaldkonna
järgi (IFRS 8 „Tegevussegmendid“ nõudeid järgides). Tütarettevõte, kelle
põhitegevus toimub rajatiste segmendis, on raamatupidamisaruandes kajastatud
vastavas segmendis. Tegevusaruandes on tütarettevõtte poolt tehtud tööd
kajastatud vastavalt nende sisule. Erinevused kahe aruande vahel ei ole
olulised, kuna Kontserni ettevõtted on spetsialiseerunud pigem konkreetsetele
valdkondadele, v.a tütarettevõte Nordecon Betoon OÜ, kelle tegevus jaguneb
hoonete ja rajatiste segmendi vahel. Emaettevõtte näitajad on mõlemas aruandes
jagatud lähtuvalt tööde sisust. </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Segmendisisene müügitulu</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Hoonete segmendi sisemises struktuuris on vähenenud ühiskondlike
hoonete ning suurenenud korterelamute müügitulu osakaal. Ärihoonete ning
tööstus- ja laohoonete alamsegmendid on võrreldes eelmise aruandeperioodiga
jäänud samale tasemele. Suurima panuse annavad ärihoonete ehitamisega seotud
lepingud Tallinnas (Stroomi kaubanduskeskus) ja Narvas (ASTRI kaubanduskeskuse
juurdeehitus). Ehitustegevuse alustamist ootavad Pärnus Estonia Spa
rekonstrueerimistööd. Kontsern ootab eratellijate investeerimistegevuse
aktiivset jätkumist ning vastava alamsegmendi osakaalu püsimist sarnasel või
suuremal tasemel ka aastas tervikuna.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Tööstus- ja laohoonete alamsegmendi sees on toimunud
struktuurinihe. Varasematel aastatel oli põllmajandussektori tellimustel
segmendis selge ülekaal. Seda tänu EL investeerimistoetustele. EL toetusega
projektide osakaal on 2014. aastaks selgelt vähenenud ning asendunud
laohoonete- ja logistikakeskustega (nt Smarteni logistikakeskus). Samuti on
suurenenud Kontserni poolt teostatud ehitustööde mahud rasketööstuse sektori
ettevõtetele. Eesti majanduskasv on näitamas küll aeglustumise märke, kuid
ettevõtete poolt 2012-2013 käivitatud pikaajalistele investeerimisplaanidele
pole see veel negatiivset mõju avaldama hakanud. Sellest tulenevalt ootab
Kontsern alamsegmendi osas samuti mahtude säilimist antud
tasemel.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ühiskondlike hoonete alamsegmendi konkurentsiolukord on turul väga
terav ning ilma riske võtmata on hangete võitmine keeruline. Antud olukorras on
Kontsern erinevate riskide võtmisest ka teadlikult hoidunud. Aruandeperioodi
suuremateks projektideks olid Tartu Ülikooli siirdemeditsiinikeskuse, Kaitseväe
Ühendatud Õppeasutuste Lahingukooli õppehoone ja Tartu Pauluse kiriku V etapi
ehitamine. Nendest kahe esimeses osas on tööd ka poolaasta lõpu seisuga
lõpetatud. Terava konkurentsiolukorra jätkumise korral on alamsegmendi mahtude
vähenemine Kontserni müügitulus tõenäoline.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Korterelamute müügitulu teenis Kontsern valdavalt peatöövõtjana.
Põhimahu annab alamsegmendis eelmisel aastal sõlmitud Pirita tee 26 korterelamu
ehitamine Tallinnas. 2014. aastal sõlmiti ja alustati ehitustegevust ka Tondi
elamukvartali I ehitusetapiga. Samuti on edukas olnud Kontserni enda arendatud
viimaste Tigutorni korterite ja büroopinna müük. Nimetatud kortermajas on
Kontsernil müümata veel 1 korter. Edukalt on alanud Magasini 29 arendusprojekti
(www.magasini.ee) I etapi korteriomandite müük ning alustatud on II etapi
ehitamist. Lisaks on Kontsern alustanud kinnisvaraarendusega uuesti ka Tartus,
kus Tammelinnas valmivad 2014. aasta lõpuks kaks uut korterelamut, milles on
kokku 35 korterit (www.tammelinn.ee).</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Müüg
itulu
jaotu
s
hoone
te
segme
ndis</
span><
/span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">49%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">45%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">45%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ärih
ooned<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">33%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">34%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">28%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Töös
tus-
ja
laoho
oned</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">19%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">49%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">21%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ühis
kondli
kud
hoone
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">12%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kort
erelam
ud</sp
an></s
pan>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta I poolaastal olid rajatiste valdkonnas kõige suuremad
ehitusmahud teedeehituses. Alamsegmendis on keskmiste lepingute suurus
oluliselt vähenenud ja eelmise aastaga võrreldavad ehitusmahud ei kordu. Siiski
jääb alamsegment osakaalult suurimaks, mida toetab Järva ja Hiiu maakonna ning
Keila hooldepiirkonna pikaajaliste teehooldelepingute teostamine.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Insenerehituse alamsegmendis teostati Tartu Sõpruse silla
paadisadama ehitustöid. Alanud aastal ei ole hetkeseisuga näha tellijate poolt
tehtavaid vesiehitusega seotud suuremaid investeeringuid. Alamsegmendi mahte
võivad tõsta muud keerulisemad insenerehituse tööd, kuid ka nende lisandumine
on pigem ebaregulaarne.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">EL struktuuritoetuste vähenemise mõju seoses eelarveperioodide
vahetumisega on keskkonnaehituse ja välisvõrkude (alamsegment „muud rajatised“
koosseisus) mahtude vähenemisele selget mõju avaldanud ning need on langenud
teiste alamsegmentidega võrreldes kiiremini. Kahe alamsegmendi osakaale võib
oodata täiendav vähenemine, sest Kontsern teostas 2014. aasta I poolaastal veel
küllalt suures mahus möödunud perioodil sõlmitud pikaajalisi lepingud. Uued
lisandunud lepingud on reeglina väikesemahulised.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Müüg
itulu
jaotu
s
rajat
iste
segme
ndis</
span><
/span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">74%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">54%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">40%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">54%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Teed
eehitu
s ja
–hool
dus</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inse
nerehi
tus
(sh
vesie
hitus)
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">27%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">38%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">26%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muud
rajat
ised</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">15%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">12%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kesk
konnae
hitus<
/span>
</span
>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ehituslepingute teostamata tööde mahud</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni ettevõtete poolt sõlmitud ehituslepingute teostamata
tööde maht seisuga 30.06.2014 oli 87 236 tuhat eurot, mis on 15% vähem
võrreldes aastataguse perioodiga.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Teostamata tööde maht vähenes rajatiste segmendis ligikaudu 46%.
Kõige suurem vähenemine toimus välisvõrkude (tegevusaruandes alamsegment „muud
rajatised“) ja keskkonnaehituse tööde osas, kus EL 2007-2013 eelarveperioodi
viimasel aastal olid struktuurifondide kaasabil tehtud investeeringud oodatult
eelmistest perioodidest väiksemad. Samuti on oluliselt vähenenud vesiehituse
maht.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Vähenemine on toimunud ka teedeehituse alamsegmendis (ligikaudu
30%), kus Kontsernil oli eelmisel aastal kolm suurt ehitushanget, mis
põhivalmiduse osas lõpetati 2013. aasta lõpus. Teedeehituse investeeringute
struktuur on uue riikliku maanteehoiukava kohaselt muutunud. Eelkõige väljendub
see suurprojektide osakaalude vähenemises. Seega on valdkonnas tegelevatele
ettevõtetele uueks reaalsuseks teedeehitusega seotud lepingute keskmiste
maksumuste vähenemine ja sellest omakorda muutunud
konkurentsiolukord.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Hoonete valdkonnas suurenes teostamata tööde portfell ligikaudu
18%. Oluliselt on kasvanud ärihoonete ning tööstus- ja laohoonete teostamata
tööde mahud, seda tänu erasektori tellijate suurenenud
investeeringutele.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k 2012</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">87 236</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">103 230</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">166 367</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">64 286</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ehit
uslepi
ngute
teost
amata
tööde
mahud
,
tuhat
eurot
</span
></spa
n>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Tööde portfellis moodustavad hoonete segmendiga seotud projektid
67% ja rajatiste omad 33%, mis on oluliselt erinev mitu aastat valitsenud
olukorrast, kui osakaalud segmentide lõikes olid peaaegu võrdsed (30.06.2013:
vastavalt 48% ja 52%). Toimunud muutus jääb iseloomustama tööde portfelli
tõenäoliselt ka lähematel aastatel. Suuresti EL struktuurifondide toetuste abil
tehtud investeeringute mahud rajatiste ehitamisse perioodil 2007-2013 ei kordu
alanud uuel EL eelarveperioodil (2014-2020) samas ulatuses. Seda eriti
käesoleval aastal, mis on kujunemas kahe eelarveperioodi nn vaheaastaks, kus
põhirõhk läheb investeeringute ettevalmistamisega seotud administratiivsele
tegevusele. Sellest tulenevalt arvestab Kontserni juhtkond müügitulu langusega
rajatiste segmendis 2014. aastal (vt lisaks tegevusaruande peatükk „Peamiste
riskide kirjeldus“, „Äririskid“).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni juhtkond on arvamusel, et eeldatava turulanguse
tingimustes ei saa Kontserni prioriteediks olla müügitulu kasvatamine või
säilitamine 2013. aastal saavutatud tasemel. Sellest rohkem tuleb tähelepanu
pöörata kasumlikkuse tõstmisele. Juhtkond ei pea olemasolevate ehituslepingute
mahu vähenemist antud tasemele kriitiliseks ning varasemale kogemusele
tuginedes on pigem tavapärane, et oluline osa eelarvestatud tegevusmahtudest
saadakse aasta jooksul sõlmitavatest uutest lepingutest. Aasta algus on seda
väidet ka osaliselt juba kinnitanud ja võrreldes 2013. aasta lõpuga on
ehituslepingute teostamata tööde maht suurenenud 36% võrra.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Aruandeperioodi lõpust (30.06.2014) kuni käesoleva vahearuande
avalikustamiseni on Kontserni ettevõtted sõlminud täiendavalt ehituslepingud
ligikaudu 18 445 tuhande euro väärtuses.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Töötajad</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Töötajad ja tööjõukulud</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta I poolaastal töötas Kontserni emaettevõttes ja
tütarettevõtetes kokku keskmiselt 741 inimest, kellest insenertehniline
personal (ITP) moodustas 353 inimest. Võrreldes aastataguse perioodiga on
töötajate arv Kontsernis tegevusmahtude langusest tulenevalt vähenenud. 2013.
aastal tegevusmahtude suurenedes sõlmis Kontsern lisandunud projektpersonaliga
võimaluse korral tähtajalised (projektipõhised) töölepingud, mis võimaldas
aruandeperioodil kiirelt reageerida olukorras, kus teatud alamsegmentide osas
oli juba ette näha mahtude vähenemist.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Töötajate keskmine arv Kontserni ettevõtetes (ema- ja
tütarettevõtted):</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">353</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">362</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">371</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">357</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ITP<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">388</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">412</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">400</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">400</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tööl
ised</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">741</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">774</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">771</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">757</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kesk
mine
kokku
</span
></spa
n>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta I poolaasta tööjõukulud koos kõikide
maksudega moodustasid 8 904 tuhat eurot, mis on 4% suurem, kui eelmise
majandusaasta võrreldaval perioodil, millal tööjõukulud olid kokku 8 582 tuhat
eurot. Tööjõukulude kasvu on põhjustanud palgatõus ning projektide tulemustasu
maksmine.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nordecon AS-i nõukogu liikmete teenistustasud 2014. aasta I
poolaastal moodustasid 71 tuhat eurot, millele lisandus sotsiaalmaks 23 tuhat
eurot (I poolaasta 2013: vastavalt 71 tuhat eurot ja 23 tuhat
eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nordecon AS-i juhatuse liikmete teenistustasud 2014. aasta I
poolaastal moodustasid 138 tuhat eurot, millele lisandus sotsiaalmaks 46 tuhat
eurot (I poolaasta 2013: vastavalt 101 tuhat eurot ja 33 tuhat
eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Töö tootlikkuse mõõtmine</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni aruandeperioodi tööjõukulude nominaaltootlikkuse
vähenemisele avaldasid mõju paranenud kasumlikkuse tingimustes makstud suuremad
tulemustasud. Võrreldavatel perioodidel on tulemustasude osakaal tööjõukuludes
olnud oluliselt väiksem.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsern on oma põhitegevuse efektiivsuse hindamisel kasutanud
järgmisi töötajate arvule ja nendele makstud töötasudele tuginevaid
tootlikkussuhtarve:</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6k <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6k <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
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l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
--------------------------------------------------------------------------------
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-------------------------------------
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-------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">224,1</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">224,6</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">208,6</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">229,4</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
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sans-
serif;
">Tööt
ajate
nomin
aaltoo
tlikku
s
(libi
sev),
tuhat
eurot
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-0,2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7,7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">33,8%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9,9%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muut
us
võrre
ldava
perio
odi
suhte
s
%</sp
an></s
pan>
<span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7,9</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9,4</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10,6</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">8,4</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tööj
õukulu
de
nomin
aaltoo
tlikku
s
(libi
sev),
eurot
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-16,0%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-11,3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29,1%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-11,6%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muut
us
võrre
ldava
perio
odi
suhte
s</spa
n></sp
an>
<span style="font-size:8pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Töötajate nominaaltootlikkus (libisev) = (4 viimase kvartali
müügitulu) / (4 viimase kvartali töötajate keskmine arv)
Tööjõukulude nominaaltootlikkus (libisev) = (4 viimase kvartali müügitulu) / (4
viimase kvartali tööjõukulud)</span></span>
--------------------------------------------------------------------------------
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Peamiste riskide kirjeldus</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Äririskid</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni äritegevuse mahtusid ja kasumlikkust mõjutab enim
ehitusturul valitsev konkurents ning muutused ehitusteenuse
nõudluses.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Avalike hankelepingute osas on konkurentsi kasv võrreldes eelmise
aastaga selgelt tunnetatav. Avalikud investeeringud vähenesid 2013. aastal ja
väljavaated mahtude säilitamiseks 2014. aastal ei ole positiivsed.
Konkurentsist tulenev hinnasurve ehituse pakkumishindadele on selgelt tuntav,
samas see toimub olukorras, kus ehitussisendite hinnad pigem jätkavad tasapisi
kasvamist. Eriti suur konkurents valitseb hoonete üldehituses. Kontsern
teadvustab riske, mis kaasnevad tihedas konkurentsis sõlmitud lepingute
teostamisega. Olukorras, kus pole võimalik sisendhindu eriti langetada ning
valitseb tihe konkurents, on pikaajaliste ehituslepingute sõlmimine
ebamõistlikult madala hinnaga eriti riskantne, kuna antud olukorras võivad need
muutuda kiiresti kahjumlikeks. Kontsern seab sellistes tingimustes
ehitusteenuse hinnakujundusel tähtsamale kohale lepingu oodatava kasumlikkuse,
kui müügitulu kasvatamise või selle hoidmise saavutatud tasemel.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nõudlus ehitusteenuse järele sõltub järgmistel perioodidel enim
avaliku sektori investeeringutest. Suur osa investeeringutest viimastel
aastatel said teoks EL struktuurifondidest saadud toetuste abil, mis nii
suuruselt kui ka ajaliselt olid piiratud EL eelarveperioodi kestusega aastatel
2007-2013. Järgmise eelarveperioodi (2014-2020) käigus Eestile eraldatavate
toetuste suurus on küll üldjoontes teada (5,9 miljardit eurot), kuid
ehitussektoriga seotud investeeringute mahud ja ajakava ei ole saanud veel
lõplikke kinnitusi. Seni avalikustatud info põhjal võib aga eeldada, et
nimetatud investeeringute kogumaht võrreldes eelmise eelarvega on vähenemas
ning 2014. aastast on kujunemas kahe eelarveperioodi nn vaheaasta, kus põhirõhk
läheb investeeringute ettevalmistamisega seotud administratiivsele
tegevusele.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Tekkinud olukorras on 2014. aastal ka Kontserni äritegevuse
mahtude vähenemine tõenäoline ning seda eelkõige rajatiste segmendi osas, kuhu
on avalikest investeeringutest läinud seni suurim osa. Kontserni tegevuskava
näeb ette oma ressursside (sh rajatiste segmendis vabanevate töötajate)
suunamist eratellijatega sõlmitud lepingute osakaalu suurendamiseks. Kuna
Kontsern tegutseb ärimudeli kohaselt kõigis ehitusturu segmentides, siis on ta
sellega seoses suhteliselt paremas positsioonis võrreldes ettevõtetega, kes
tegutsevad ainult ühes kitsas (eelkõige mõnes rajatiste)
segmendis.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni juhtkond peab primaarseks säilitada ehitusmahtude
võimaliku vähenemise ajal kasumlik tegevus. Tulenevalt möödunud perioodidel
tehtud otsustest ei pea Kontsern ehitusmahtude muutudes enam läbi viima
ulatuslikke ümberstruktureerimisi.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Samuti mõjutab äritegevust eelkõige aastaaegadest tingitud
ehitustegevuse sesoonsus. See avaldab eelkõige mõju rajatiste ehitamisele
välitingimustes (teed, sadamad, tööd pinnasega jms). Valdkonna tegevuse
hajutamiseks on Kontsern muuhulgas sõlminud teehoolduslepinguid, kus on
aastaringne hooldamiskohustus. Kontserni äritegevuse strateegilise ülesehituse
kohaselt aitab rajatiste valdkonna hooajalisust kompenseerida hoonete valdkond,
kus nimetatud mõjud on väiksemad. Sellest lähtuvalt on Kontserni eesmärk hoida
kahte valdkonda tasakaalus (vt ka tegevusaruande peatükk „Äritegevus
tegevusvaldkondade lõikes“). Samuti kasutavad Kontserni ettevõtted jätkuvalt
võimalusel erinevaid tehnilisi lahendusi, mis lubaksid töötada tõhusamalt ka
muutuvates ilmastikutingimustes.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Tegevusriskid</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Igapäevaste ehitustegevuse riskide haldamiseks sõlmivad Kontserni
ettevõtted ehituse koguriskikindlustuse lepingud. Sõltuvalt konkreetse projekti
iseloomust kasutatakse nii üldiseid raamlepinguid kui ka konkreetse projekti
eripära ning tellija soove arvestavaid projektipõhiseid kindlustuspoliise.
Alltöövõtjatega sõlmitud töövõtulepingutest tulenevate alltöövõtjate kohustuste
täitmise tagamiseks esitatakse Kontserni ettevõtte kasuks reeglina
pangagarantii või rakendatakse kinnipidamisi makstavatelt summadelt.
Garantiiperioodil ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on
moodustatud garantiikulude eraldis, mis tugineb varasematel perioodidel saadud
kogemustele. 30.06.2014 seisuga moodustas garantiieraldis (lühi- ja pikaajaline
osa) kokku 1 199 tuhat eurot. Võrreldava perioodi vastav näitaja oli 1 150
tuhat eurot.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Lisaks otseselt ehitustegevusega seotud riskidele on Kontsern
viimasel paaril aastal pööranud teravdatud tähelepanu tegevusriskidele ajal,
mis eelneb ehitustegevusele. Eelkõige puudutab see pakkumistegevust, sh
pakkumustingimustele vastamist ning pakkumiseelarvete koostamist.
Planeerimisstaadiumis tehtud vigade mõju on üldjuhul tagasipööramatu ning toob
turuolukorras, kus ehituslepingute hinnad tellijatega on fikseeritud, kaasa
reaalse rahalise kahju.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Finantsriskid</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Krediidirisk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Aruandeperioodil ei olnud Kontsernil krediidikahjumeid.
Krediidiriski kogu nõuete portfelli suhtes hoidis jätkuvalt madalal suur
avaliku sektori klientide osakaal, kus lisaks riigile ja kohalikele
omavalitsustele on finantseerivaks osapooleks Euroopa Liidu struktuurifondid.
Krediidiriski realiseerumise peamiseks tunnuseks on nõude laekumistähtaja
ületamine rohkem kui 180 päeva ning tellija poolt laekumist kinnitava tegevuse
puudumine.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta I poolaastal kajastatud kahjum nõuete allahindamisest
oli 0 eurot (I poolaasta 2013: kasum allahindluste tühistamisest 6 tuhat
eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Likviidsusrisk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsern tegutseb jätkuvalt tavapärasest kõrgema likviidsusriski
tasemel. Selle tingivad pikad maksetähtajad (valdavalt 45-56 päeva) tellijatelt
ning alltöövõtjate turul valitsev suundumus maksetähtaegade lühenemisele
(valdavalt 21-45 päeva). Maksetähtaegade erinevuse tasakaalustamiseks kasutas
Kontsern võimaluste piires faktooringteenust.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni käibevara ületas lühiajalisi kohustusi 1,07 kordselt
(30.06.2013: 1,08 korda). Likviidsusnäitajat mõjutavad eelkõige Ukraina
sidusettevõtetele antud laenude ümberklassifitseerimine pikaajalisteks ning
intressikandvate kohustuste refinantseerimine pankade poolt reeglina mitte
pikemaks perioodiks kui 12 kuud.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Seoses poliitilise olukorra pingestumisega Ukrainas on Kontserni
hinnangul pikenenud vajaminev aeg selles riigis asuvate
kinnisvarainvesteeringute realiseerimiseks. Sellest lähtuvalt on laenunõuded
Ukrainas asuvate sidusettevõtete vastu kajastatud aruandeperioodi lõpu seisuga
pikaajalistena summas 10 512 tuhat eurot.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Olulise osa lühiajalistest kohustustest moodustavad
intressikandvad kohustused. Vastavalt IFRS EL nõuetele tuleb laenude
tagasimaksete jagamisel lühi- ja pikaajaliseks lähtuda aruandeperioodi lõpus
kehtinud lepingulistest tingimustest. Kontserni pangad on hetkel
refinantseerinud kohustusi mitte pikemalt kui 12 kuud, mistõttu on oluline osa
laenudest kajastatud lühiajalisena, kuigi on tõenäoline, et osa laene (eelkõige
arvelduskrediidid) refinantseeritakse ka 12 kuu möödumisel.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Aruandeperioodi lõpu seisuga oli Kontsernil vabu rahalisi
vahendeid 9 103 tuhat eurot (30.06.2013: 4 423 tuhat eurot).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Intressirisk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni intressikandvad võlakohustused pankade ees on nii
fikseeritud kui ka ujuvate intressimääradega. Kapitalirendi lepingud on
valdavalt ujuva intressimääraga. Ujuva intressimäära baasiks on enamiku
lepingute puhul Euribor. Kontserni intressikandvad võlakohustused vähenesid
võrreldes eelmise aastaga 4 224 tuhande euro võrra. Seisuga 30.06.2014 oli
Kontsernil intressikandvaid kohustusi summas 29 602 tuhat eurot. Intressikulud
olid 2014. aasta I poolaastal 363 tuhat eurot ning võrreldes 2013. aasta I
poolaastaga vähenesid intressikulud 169 tuhat eurot.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni intressirisk väljendub eelkõige ujuvintresside
baasmäärade võimalikus kiires tõusus (EURIBOR, EONIA või laenuandja enda poolt
arvutatav baasmäär), millega kaasneks Kontserni suhteliselt suure laenukoormuse
juures intressikulude märgatav suurenemine koos negatiivse mõjuga kasumile.
Riski maandamiseks on Kontsern lähtunud põhimõttest, et madalate turuintresside
korral sõlmitakse lepingud võimalusel fikseeritud intressimääraga, kuid see on
pankade poolt pakutud laenutoodete osas osutunud keeruliseks. Seega on uued
lepingud sõlmitud enamjaolt ujuvate intressimääradega. Intressiriski
maandamiseks ei kasutata tuletisinstrumente.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Valuutariskid</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ehitus- ja allhankelepingud on reeglina sõlmitud asukohamaa
valuutas, s.o eurodes (EUR) ja Ukraina grivnades (UAH).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta alguses toimunud poliitilise juhtkonna vahetumine
Ukrainas, raskustes majandus ning tüli Venemaaga Krimmi autonoomse piirkonna
pärast viis UAH kursi tugevasse langusesse. Aruandeperioodi lõpu seisuga oli
UAH nõrgenenud euro vastu ligikaudu 31%. Kontserni Ukrainas asuvatele
tütarettevõtetele tähendas see eurodes saadud laenude ümberhindamist kohalikku
valuutasse ning sealt tekkivaid täiendavaid kursikahjumeid summas 854 tuhat
eurot (I poolaasta 2013: kasum 64 tuhat eurot). Finantsinstrumentidega seotud
kursikasumid ja -kahjumid kajastuvad koondkasumiaruande kirjetel „finantstulud“
ja „finantskulud“. Põhitegevusega seotud nõuete ja kohustuste ümberhindamisest
valuutakursi kasumit või kahjumit ei saadud.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni Ukraina ja Ukraina väliste tütarettevõtete
ehitustegevusega seotud omavahelistest grivnades kajastatud nõuetest ja
kohustustest olulisi kursikahjumeid ei teki. Samuti ei teki Kontserni
kasumiaruandes kursikahjumeid Ukrainas asuvatele sidusettevõtetele antud
eurodes laenudelt.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsern ei ole soetanud tuletisinstrumente valuutariski
maandamiseks.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Väljavaated Kontserni tegutsemisturgudele</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Eesti </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Eesti ehitusturgu iseloomustavad
protsessid/sündmused:</span></span>
<ul><li><span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">Avalikud investeeringud 2014. aastal seoses EL
eelarveperioodi vahetumisega pigem vähenevad tänu meetmete rakendamise
alustamisega seotud ajakuluga. 2014-2020 eelarveperioodi toetused Eestile
kasvavad küll 5,9 miljardi euroni (2007-2013: 4,6 miljardit eurot), kuid
ehitusturgu puudutavate struktuurifondide toetused oluliselt ei suurene ning
varasemaga võrreldes kasvab nende toetuste osa, mis suunatakse
mittemateriaalsetesse valdkondadesse.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Suurimate riiklike tellijate (Riigi Kinnisvara AS ja Maanteeamet)
2014. aastal ehituslepingute sõlmimiseni jõudvad investeeringud oluliselt ei
kasva või pigem langevad. Sellest tulenevalt ootab Eesti ehitusturgu (eelkõige
rajatiste ehitamisega seotud segmente) ees mahtude langus. Seda leevendab
mõnevõrra eratellijate investeeringute suurenemine hoonete
valdkonnas.</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Ehitusturu korrastumine
jätkub, kuigi arvatust aeglasemalt. Seda eelkõige hoonete ehitamise peatöövõtu
valdkonnas, kus on jätkuvalt liiga palju keskmise suurusega (aastakäive ca
15-40 miljonit eurot) ehitusteenust vahendavaid ettevõtteid. Viimase kolme
aasta kogemusele tuginedes on tõenäoline, et tihedas konkurentsis ja ebapiisava
nõudluse tingimustes tabab osasid ehitusteenust vahendatavaid ettevõtteid pigem
aeglane hääbumine või taandumine väiksemaks tegijaks, kui ühinemised või
ootamatud väljumised turult. Suurematel hangetel osalemiseks, hanketingimuste
täitmiseks ja vajalike finantsvahendite tagamiseks, osaleb pakkumistel üha
sagedamini ka 2-4 liikmelisi väikeettevõtete konsortsiume, et kuidagi tegevust
jätkata.</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Konkurents suureneb kõikides
ehitusturu valdkondades. Seda näitab hetkel taas suurenenud keskmine
ehitushangetel osalejate arv ning odavaima hinnaga võitnud pakkumiste suured
erinevused keskmistest. Olukord sarnaneb mõneti 2009. aastaga, kui väheneva
nõudluse ootuses hakkasid ehitushinnad kiiresti langema, viies kaasa ka paljude
sisendite hinnad. Olulise erinevusena ei ole hetkel sisendite hindades
massiivset langust näha ning sellele pakkumisfaasis panustavatele ettevõtetele
võivad lepingud lõppeda probleemidega. Konkurentsi poolt avaldatav surve
ehitushindadele ja seeläbi kasumile on
tuntav.</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Uue elukondliku kinnisvara
arendamise osas on projekti eduka läbiviimise eelduseks võime kontrollida
äriplaanis ette nähtud sisendhindu, et seeläbi jõuda müügihindadeni, mis
vastavad potentsiaalsete ostjate võimalustele. Uute korterite suhteline
kallidus elatustaseme suhtes ja pankade ranged laenutingimused ei lase
elukondliku kinnisvara pakkumist hüppeliselt suurendada, ehkki üldine pilt
paraneb pidevalt. Jätkuvalt on edukad projektid, mis on suunatud mõne kitsama
või täitmata turuniši vajadustele.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Avaliku sektori tellijatega sõlmitud lepingute tingimustesse
jäävad ehitusettevõtetele ranged nõudmised, sh ehitaja poolt võetavate
kohustuste suurenemine ja kaasnevad sanktsioonid, erinevad finantstagatised,
pikad maksetähtajad jms. Hanketingimused ei võimalda ilma hilisemate karmide
sanktsioonideta rakendada ehituse käigus leitud optimaalsemaid lahendusi, et
hoida kokku ehitise rajamis- ja kasutuskulusid. Need asjaolud suurendavad
avalike hangete vähempakkumistele tuginevates tingimustes kokkuvõtlikult kõigi
turuosaliste riske. Võrreldes 2-3 aasta taguse perioodiga on olukord siiski
muutunud paremaks ning hanketingimused teatud aspektides muutunud
ehitusettevõtetele mõislikumaks.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ehitusteenuse sisendhinnad püsivad suhteliselt stabiilsetena, kuid
pole välistatud, et kohaliku alltöövõtu hinnad alanevad lühiajaliselt seoses
väheneva nõudlusega. Siiski, arvestades alltöövõtjate finants- ja
inimressursse, ei saa langus olla märkimisväärne ja pikaajalise mõjuga.
Jätkuvalt eksisteerib valdkondi, kus hinnamuutused on kohati prognoosimatud ja
sellest tulenevalt võivad olla märgatavalt suuremad ning raskesti või mitte
mõjutatavad (nafta- ja metallitooted, teatud muud materjalid,
seadmed).</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Oskustööjõust (sh projekti-
ja objektijuhid) on turul jätkuvalt puudus, kuid see ei piira mitte niivõrd
ettevõtete teostusvõimekust, kui eelkõige ehitusprotsessi läbiviimise kui
teenuse kvaliteeti. Vähenevad ehitusmahud Eestis võivad tööjõu pakkumist
suurendada, kuid mitte oluliselt. Põhjamaade suunal liikuva tööjõu osakaal on
samuti stabiilne ning hoolimata mõningasest ehitusturu mahtude võimalikust
langusest ka seal (eelkõige Soomes) ei ole oodata olulist tööjõu naasmist
kohalikule ehitusturule. Seetõttu ei toimu ka ehitusettevõtetes töötajate
baastasude vähenemist, pigem püsib üldisest elukalliduse kasvust tingitud surve
töötasude tõstmisele.</span></span></li></ul><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Läti ja Leedu</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni hinnangul ei ole Läti ehitusturg saavutanud piisavat
stabiilsust peale paari aasta tagust tugevat langust ning 2014. aastal avaldab
sarnaselt Eestiga tõenäoliselt täiendavat negatiivset mõju avaliku sektori
poolne nõudluse vähenemine. Kontserni sisenemine püsivalt Läti ehitusturule
2014. aastal on vähetõenäoline.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsern ei välista lähiaastatel tegevust Lätis projektipõhiselt
läbi Eesti ettevõtete, kaasates vajadusel partnereid. Projektipõhise töö
jätkumine eeldab, et projekte on võimalik läbi viia kasumlikult. See otsus ei
muuda Kontserni strateegilisi eesmärke seoses osalemisega naaberriikide
ehitusturul tulevikus läbi kohalikul turul tegutsevate
tütarettevõtete.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Hetkel on Kontsern oma Leedus tegutseva tütarettevõtte Nordecon
Statyba UAB aktiivse tegevuse peatanud ning jälgib turul toimuvat ega välista
lähiaastatel tegevust Leedus projektipõhiselt. Tegevuse ajutise peatamisega ei
kaasne Kontsernile olulisi kulusid. See ei muuda Kontserni strateegilisi
eesmärke seoses osalemisega Leedu ehitusturul tulevikus läbi kohalikul turul
tegutsevate tütarettevõtete.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ukraina</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsern tegutseb Ukrainas eelkõige välismaistele eratellijatele
suunatud ehituse peatöövõtu ja projektijuhtimisega äri- ja tootmishoonete
segmendis. Viimasel kolmel aastal on nimetatud segmentides eratellijad pea
täielikult puudunud. Poliitiline olukord Ukrainas on murettekitav ning
kindlasti piirab äritegevuseks vajalike otsuste vastuvõtmist ehitusturul
osalejate poolt. Kontserni äritegevus Ukrainas 2014. aastal siiski jätkub.
Võrreldes eelmise aastaga on Kontsernil Ukrainas hetkel ehituslepingute
teostamata töid mõnevõrra rohkem. Kontserni juhtkond hindab jätkuvalt
kriitiliselt kohaliku ehitusturu seisu ning restruktureerib vastavalt ka
Ukraina äritegevusega seotud tegevust. Kontsern jätkab võimaluste otsimist
kahest konserveeritud kinnisvaraprojektist väljumiseks lõplikult või
ehituslepingu sõlmimiseks võimaliku uue omanikuga.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Soome</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni tegevus Soome turul on keskendunud seni peamiselt
betoonitööde alltöövõtule, kuid möödunud aastate kogemusele tuginedes on
Kontsern teostamas ka mõnevõrra keerulisemaid töid. Kohalik betoonitööde
töövõtuturg võimaldab konkureerida valitud projektides, kus tellijale on tähtis
saada kõik betoonitööd ühe kindla taustaga ettevõtte käest. Kontsern tegutseb
Soomes siiski tasakaalukalt ja ülemääraseid riske vältides. Kontsern ei kavatse
hetkel laiendada oma äritegevust Soome turul teistesse valdkondadesse (sh
peatöövõtt, projektijuhtimine jms.). </span></span>
<span style="font-family:Arial, Helvetica,
sans-serif;font-size:11pt;">Nordeconi kontsern hõlmab ettevõtteid, mis on
keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule.
Geograafiliselt tegutsevad kontserni ettevõtted täna Eestis, Ukrainas ja
Soomes. Kontserni emaettevõte Nordecon AS on registreeritud ja asub Tallinnas,
Eestis. Kontserni kuulub lisaks emaettevõttele üle 10 tütarettevõtte. Kontserni
2013. aasta konsolideeritud müügitulu oli 174 miljonit eurot ja puhaskasum 4,6
miljonit eurot. Nordeconi kontsern annab hetkel tööd üle 700 inimesele. Alates
18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi
põhinimekirjas.</span>
Andri Hõbemägi
Nordecon AS
Investorsuhete juht
Tel: +372 6272 022
Email: [email protected]
www.nordecon.com
Content of announcement in English
Title
CORRECTION: 2014 II quarter and 6 months consolidated interim report (unaudited)
Message
CORRECTION has been made due to the inaccuracy in the number of shares
belonging to AS Nordic Contractors, published in the files attached to the last
announcement. No other amendments in the text of the announcement nor in the
files attached were made.
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">This announcement includes Nordecon AS’s consolidated financial
statements for the second quarter and six months of 2014 (unaudited), overview
of the key events influencing the period’s financial result, outlook for the
market and description of the main risks.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Interim report is attached to the announcement and is also
published on NASDAQ OMX Tallinn and Nordecon’s web page
(http://www.nordecon.com/root/en/for-investor/financial-reports/interim-reports)
.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Period’s investor presentation are attached to the announcement
and are also published on Nordecon’s web page
(http://www.nordecon.com/root/en/for-investor/investor-presentations).</span></s
pan>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Condensed consolidated interim statement of financial
position</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30 June <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31 December
style
2014</span></span>
2013</span></span>
="font
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000</s
pan></
span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
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style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9,103</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">12,575</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,134</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">25,805</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">23,785</span></span>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
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serif;
">Curr
ent
liabi
lities
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">22,588</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">23,875</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Loan
s and
borro
wings<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">29,522</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">26,372</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Trad
e
payab
les</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6,340</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7,982</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Othe
r
payab
les</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,492</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6,102</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Defe
rred
incom
e</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">525</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">913</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Prov
isions
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">60,467</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">65,244</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
curre
nt
liabi
lities
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
Non-cu
rrent
liabi
lities
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7,015</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,303</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Loan
s and
borro
wings<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">155</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">156</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Trad
e
payab
les</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">96</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">96</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Othe
r
payab
les</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,057</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">969</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Prov
isions
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">8,323</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,524</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
non-c
urrent
liabi
lities
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">68,790</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">69,768</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">TOTA
L
LIABI
LITIES
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EQUI
TY</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">19,657</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19,657</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Shar
e
capit
al</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,554</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,554</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Stat
utory
capit
al
reser
ve</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">512</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-298</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tran
slatio
n
reser
ve</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9,979</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10,681</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Reta
ined
earni
ngs</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">32,702</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">32,594</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
equit
y
attri
butabl
e to
owner
s of
the
paren
t</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,483</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,332</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Non-
contro
lling
inter
ests</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">35,185</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">34,926</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">TOTA
L
EQUIT
Y</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">103,975</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">104,694</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">TOTA
L
LIABI
LITIES
AND
EQUIT
Y</spa
n></sp
an>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Condensed consolidated interim statement of comprehensive
income</span></span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">Q2 2014</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Q2 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M 2014</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2013</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">EUR’
">
000</s
</spa
pan></
n></sp
span>
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">43,900</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">48,416</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">67,444</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">75,497</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">173,651</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Reve
">
nue</s
</spa
pan></
n></sp
span>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-40,858</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-45,736</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-63,232</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-72,224</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-162,342</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Cost
">
of
</spa
sales
n></sp
</span
an>
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3,042</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,680</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,212</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,273</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11,309</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Gros
">
s
</spa
profi
n></sp
t</spa
an>
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-95</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-77</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-344</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-139</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-452</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Mark
">
eting
</spa
and
n></sp
distr
an>
ibutio
n
expen
ses</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-1,347</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1,091</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-2,471</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-2,327</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-4,922</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Admi
">
nistra
</spa
tive
n></sp
expen
an>
ses</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">109</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">174</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">206</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">464</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Othe
">
r
</spa
opera
n></sp
ting
an>
incom
e</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-35</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-22</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-64</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-59</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1,096</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Othe
">
r
</spa
opera
n></sp
ting
an>
expen
ses</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,674</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,496</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,507</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">954</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5,303</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Oper
">
ating
</spa
profi
n></sp
t</spa
an>
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">162</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">182</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">326</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">383</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">668</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
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sans-
serif;
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">Fina
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nce
</spa
incom
n></sp
e</spa
an>
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-262</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-257</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1,222</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-558</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1,027</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
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-famil
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y:Aria
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Helve
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tica,
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sans-
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">Fina
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nce
</spa
costs
n></sp
</span
an>
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-100</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-75</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-896</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-175</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-359</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
Helve
tica,
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sans-
sans-
serif;
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">Net
">
finan
</spa
ce
n></sp
costs
an>
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
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</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">83</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">86</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">22</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">77</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-170</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
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y:Aria
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Helve
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tica,
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">Shar
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e of
</spa
profi
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t/loss
an>
of
equit
y-acco
unted
inves
tees</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
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Helve
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">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,657</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,507</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">633</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">856</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,774</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Prof
">
it
</spa
befor
n></sp
e
an>
incom
e
tax</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-179</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-43</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-179</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-44</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-135</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
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Helve
Helve
tica,
tica,
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serif;
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">Inco
">
me tax
</spa
expen
n></sp
se</sp
an>
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,478</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,464</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">454</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">812</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,639</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
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Helve
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tica,
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sans-
sans-
serif;
serif;
">Prof
">
it for
</spa
the
n></sp
perio
an>
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
Helve
tica,
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sans-
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serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span style="font-size:11pt;"><span style="font-family:Arial, <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
Helvetica, sans-serif;">Other comprehensive
income/expense</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
Helvetica, sans-serif;">Items that may be reclassified
subsequently to profit or loss</span></span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">89</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">810</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-33</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">106</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
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tica,
tica,
sans-
sans-
serif;
serif;
">Exch
">
ange
</spa
diffe
n></sp
rences
an>
on
trans
lating
forei
gn
opera
tions<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">89</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">810</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-33</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">106</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Tota
">
l
</spa
other
n></sp
compr
an>
ehensi
ve
incom
e/expe
nse</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,567</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,484</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,264</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">779</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,745</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
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tica,
tica,
sans-
sans-
serif;
serif;
">TOTA
">
L
</spa
COMPR
n></sp
EHENSI
an>
VE
INCOM
E</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
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tica,
tica,
sans-
sans-
serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Prof
">
it
</spa
attri
n></sp
butabl
an>
e
to:</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,294</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,401</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">221</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">728</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,642</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">-
">
Owner
</spa
s of
n></sp
the
an>
paren
t</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">184</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">63</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">233</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">84</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-3</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
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tica,
tica,
sans-
sans-
serif;
serif;
">-
">
Non-c
</spa
ontrol
n></sp
ling
an>
inter
ests</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,478</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,464</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">454</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">812</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,639</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Prof
">
it for
</spa
the
n></sp
perio
an>
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
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serif;
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">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Tota
">
l
</spa
compr
n></sp
ehensi
an>
ve
incom
e
attri
butabl
e
to:</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,383</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,421</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,031</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">695</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,748</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">-
">
Owner
</spa
s of
n></sp
the
an>
paren
t</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">184</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">63</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">233</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">84</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-3</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">-
">
Non-c
</spa
ontrol
n></sp
ling
an>
inter
ests</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1,567</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,484</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,264</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">779</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,745</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Tota
">
l
</spa
compr
n></sp
ehensi
an>
ve
incom
e for
the
perio
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Earn
">
ings
</spa
per
n></sp
share
an>
attri
butabl
e to
owner
s of
the
paren
t:</sp
an></s
pan>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0.04</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.05</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.01</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.02</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.15</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Basi
">
c
</spa
earni
n></sp
ngs
an>
per
share
(EUR)
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0.04</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.05</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.01</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.02</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.15</span></span> <span
style
style
="font
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Dilu
">
ted
</spa
earni
n></sp
ngs
an>
per
share
(EUR)
</span
></spa
n>
<span <span style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span
style style="font-family:Arial, Helvetica, sans-serif;">
style="font-family:Arial, Helvetica, sans-serif;"> style="font-family:Arial,
Helvetica, sans-serif;"> style="font-family:Arial, Helvetica, sans-serif;">
style="font-family:Arial, Helvetica, sans-serif;">
style="font-family:Arial, Helvetica, sans-serif;"> style="font-family:Arial,
Helvetica, sans-serif;"> style="font-family:Arial, Helvetica, sans-serif;">
style
="font </span></span> </span></span>
</span></span>
</span></span>
</span></span> </span></span>
</span></span>
</span></span>
="font
-size:
-size:
11pt;"
11pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">
">
</spa
</spa
n></sp
n></sp
an>
an>
<span style="font-family:Arial, Helvetica,
sans-serif;font-size:11pt;">Condensed consolidated interim statement of cash
flows</span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6M 2014</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M 2013</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EUR’
000</s
pan></
span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
flows
from
opera
ting
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">73,297</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">70,286</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
recei
pts
from
custo
mers1<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-66,917</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-68,190</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
paid
to
suppl
iers2<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2,478</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1,024</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">VAT
paid<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-10,195</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-9,026</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
paid
to
and
for
emplo
yees</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inco
me tax
paid<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-6,293</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-7,955</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
cash
used
in
opera
ting
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
flows
from
inves
ting
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-360</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-228</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Paid
on
acqui
sition
of
prope
rty,
plant
and
equip
ment</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">111</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">102</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Proc
eeds
from
sale
of
prope
rty,
plant
and
equip
ment</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-180</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Acqu
isitio
n of a
subsi
diary<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-350</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Acqu
isitio
n of
inves
tments
in
assoc
iates<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-268</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-349</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Loan
s
provi
ded</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">95</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">196</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Repa
yment
of
loans
provi
ded</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">4</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Divi
dends
recei
ved</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">357</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inte
rest
recei
ved</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-597</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-268</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
cash
used
in
inves
ting
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
flows
from
finan
cing
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9,695</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7,002</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Proc
eeds
from
loans
recei
ved</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-4,255</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-3,266</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Repa
yment
of
loans
recei
ved</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-706</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-848</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Paym
ent of
finan
ce
lease
liabi
lities
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-391</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-471</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inte
rest
paid<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-923</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Divi
dends
paid<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3,420</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,417</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
cash
from
finan
cing
activ
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-3,470</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-5,806</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
cash
flow<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">12,575</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10,231</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
and
cash
equiv
alents
at
begin
ning
of
perio
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-2</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Effe
ct of
excha
nge
rate
fluct
uation
s on
cash
and
cash
equiv
alents
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-3,470</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-5,806</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Decr
ease
in
cash
and
cash
equiv
alents
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9,103</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,423</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
and
cash
equiv
alents
at
end
of
perio
d</spa
n></sp
an>
<sup style="font-family: arial, helvetica, sans-serif;">1 <span
style="font-family:Arial, Helvetica, sans-serif;font-size:8pt;">Line item
</span><em style="font-family: arial, helvetica, sans-serif; font-size:
8pt;">Cash receipts from customers<span style="font-family:Arial, Helvetica,
sans-serif;font-size:8pt;"> includes VAT paid by customers.</span>
<span style="font-size:8pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2 Line item Cash paid to suppliers includes VAT paid</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financial review</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financial performance</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nordecon group ended the first half of 2014 with a gross profit of
4,212 thousand euros (H1 2013: 3,273 thousand euros) and a gross margin of 6.2%
(H1 2013: 4.3%). The period’s profit was earned in the second quarter when
performance was not undermined by adverse weather conditions and the fixed
costs of a technological standstill that typically characterise the first
quarter. We succeeded in maintaining or improving the profitability of
long-term contracts secured in 2013 and the margins of contracts secured in the
current year also met expectations.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Future revenue composition will be increasingly impacted by
contracts secured in the current market and competitive environment. The
Group’s management highlighted the expected fall in demand and rise in
competitive pressure in previous periods already (see also the chapters Order
book, Description of the main risks, and Outlooks of the Group’s geographical
markets) and has enforced measures for maintaining and, possibly, improving
profitability in a situation where volumes decrease. We remain aware that rises
in input prices pose a risk for long-term contracts and continue to prioritize
profitability over revenue growth or retention.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s administrative expenses for the first half of 2014
totalled 2,471 thousand euros, 6% up on a year ago (H1 2013: 2,327 thousand
euros). The ratio of administrative expenses to revenue (12 months rolling) was
3.1% (H1 2013: 3.0%). Our cost-control measures continue to yield strong
results – administrative expenses remain below the target ceiling, i.e. 4% of
revenue.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Operating profit for the first half-year amounted to 1,507
thousand euros (H1 2013: 954 thousand euros) while EBITDA grew to 2,455
thousand euros (H1 2013: 1,965 thousand euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Adverse movements in the euro/hryvna exchange rate gave rise to
exchange losses that were significantly larger than those of previous periods.
The Ukrainian hryvna weakened by around 31%, which meant that Group entities
whose functional currency is the hryvna had to re-measure their
euro-denominated liabilities. The Group’s exchange losses, which are reported
within finance costs, totalled 854 thousand euros (H1 2013: an exchange gain of
41 thousand euros). The same exchange loss gave rise to a positive 808
thousand-euro change in the translation reserve reported in equity (H1 2013: a
negative change of 33 thousand euros) and the net effect of the exchange loss
on the Group’s net assets was 46 thousand euros (H1 2013: a gain of 9 thousand
euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">As a result, the Group’s net profit amounted to 454 thousand euros
(H1 2013: 812 thousand euros) of which the profit attributable to owners of the
parent, Nordecon AS, was 221 thousand euros (H1 2013: 728 thousand
euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Cash flows</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Operating activities for the first half of 2014 resulted in a net
cash outflow of 6,293 thousand euros (H1 2013: a net outflow of 7,955 thousand
euros). Negative operating cash flow is typical of the first half-year and
stems from the cyclical nature of the construction business. Projects completed
in the previous year with higher than expected profit margins resulted in
larger performance bonuses and accompanying tax charges. Similarly to previous
periods, operating cash flows were influenced by a mismatch in settlement
terms: the ones agreed with customers are long and in the case of public
procurement mostly extend from 45 to 56 days while subcontractors generally
have to be paid within 21 to 45 days.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Investing activities resulted in a net cash outflow of 597
thousand euros (H1 2013: a net outflow of 268 thousand euros). The largest
one-off outflows resulted from a loan of 250 thousand euros to an entity of AS
Nordic Contractors group (see note 14) and a payment of 180 thousand euros
made to purchase the remaining shares in the subsidiary AS Eston Ehitus from
the non-controlling shareholders (see note 15).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financing activities resulted in a net cash inflow of 3,420
thousand euros (H1 2013: a net inflow of 2,417 thousand euros). Loan receipts
exceeded loan repayments by 5,440 thousand euros while a year ago loan receipts
exceeded loan repayments by 3,736 thousand euros. The change is mainly
attributable to changes in the Group’s overdraft balances as well as financing
of own housing development projects. Finance lease payments declined slightly
year over year. Dividends distributed in the first half of 2014 totalled 923
thousand euros (H1 2013: nil euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">At 30 June 2014, the Group’s cash and cash equivalents totalled
9,103 thousand euros (30 June 2013: 4,423 thousand euros). Management’s
comments on liquidity risks are presented in the chapter Description of the
main risks.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Key financial figures and ratios</span></span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M 2014</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M 2012</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Figu
</spa re/rat
n></sp io</sp
an> an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">67,444</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">75,497</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">62,920</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">173,651</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Reve
</spa nue
n></sp (EUR’
an> 000)</
span><
/span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-11%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">8.9%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Reve
</spa nue
n></sp chang
an> e</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">454</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">812</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-390</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,639</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Net
</spa profi
n></sp t/loss
an> (EUR’
000)</
span><
/span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">221</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">728</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-491</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,642</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Prof
</spa it/los
n></sp s
an> attri
butabl
e to
owner
s of
the
paren
t
(EUR’
000)</
span><
/span>
<span <span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30,756,728</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30,756,728</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30,756,728</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30,756,728</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Weig
</spa hted
n></sp avera
an> ge
numbe
r of
share
s</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.01</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.02</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.02</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.15</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Earn
</spa ings
n></sp per
an> share
(EUR)
</span
></spa
n>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">
</spa </spa
n></sp n></sp
an> an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.7%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3.1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4.0%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.8%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
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tica, tica,
sans- sans-
serif; serif;
"> ">Admi
</spa nistra
n></sp tive
an> expen
ses to
reven
ue</sp
an></s
pan>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.1%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3.0%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.8%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Admi
</spa nistra
n></sp tive
an> expen
ses to
reven
ue
(roll
ing)</
span><
/span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">
</spa </spa
n></sp n></sp
an> an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2,455</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,965</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">925</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7,639</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">EBIT
</spa DA
n></sp (EUR’
an> 000)</
span><
/span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.6%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4.4%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">EBIT
</spa DA
n></sp margi
an> n</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6.2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4.3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6.5%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Gros
</spa s
n></sp margi
an> n</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2.2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.3%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3.1%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Oper
</spa ating
n></sp margi
an> n</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2.1%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.7%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.9%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Oper
</spa ating
n></sp margi
an> n
exclu
ding
gains
on
sale
of
real
estat
e</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.7%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.6%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.7%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Net
</spa margi
n></sp n</spa
an> n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.6%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.2%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.3%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9.5%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
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tica, tica,
sans- sans-
serif; serif;
"> ">Retu
</spa rn on
n></sp inves
an> ted
capit
al</sp
an></s
pan>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.3%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1.4%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">14.2%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Retu
</spa rn on
n></sp equit
an> y</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">33.8%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">27.3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">25.0%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">33.4%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Equi
</spa ty
n></sp ratio
an> </span
></spa
n>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.4%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.8%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.2%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4.3%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Retu
</spa rn on
n></sp asset
an> s</spa
n></sp
an>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">31.6%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">45.4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">48.5%</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">23.5%</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Gear
</spa ing</s
n></sp pan></
an> span>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.07</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.08</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.05</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.02</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Curr
</spa ent
n></sp ratio
an> </span
></spa
n>
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30 June
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30 June <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">30 June
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31 Dec
style style
2014</span></span>
2013</span></span>
2012</span></span>
2013</span></span>
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">As
</spa at</s
n></sp pan></
an> span>
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-------------------------------------------------------
<span <span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87,236</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">103,230</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">166,367</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">64,286</span></span>
style style
="font ="font
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">Orde
</spa r book
n></sp (EUR’
an> 000)</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
--------------------------------------------------------------
<span style="font-size:8pt;">Revenue change = (revenue for the <span
style="font-size:8pt;">Operating margin excluding gains on sale of real estate
= ((operating profit - gains on sale of non-current assets – gains on sale of
real estate)/revenue) *100</span>
reporting period/revenue for the previous period) – 1*100</span> <span
style="font-size:8pt;">Net margin = (net profit for the
period/revenue)</span><span style="font-size:8pt;">*100</span>
<span style="font-size:8pt;">Earnings per share (EPS) = net profit <span
style="font-size:8pt;">Return on invested capital = ((profit before tax +
interest expense)/ the period’s average (interest-bearing liabilities +
equity))</span><span style="font-size:8pt;">*100</span>
attributable to owners of the parent / weighted average number of <span
style="font-size:8pt;">Return on equity = (net profit for the period/ the
period’s average total equity)</span><span style="font-size:8pt;">*100</span>
shares outstanding</span> <span
style="font-size:8pt;">Equity ratio = (total equity/ total liabilities and
equity)*100</span>
<span style="font-size:8pt;">Administrative expenses to revenue = <span
style="font-size:8pt;">Return on assets = (</span><span
style="font-size:8pt;">net profit for the period/ the period’s average total
assets</span><span style="font-size:8pt;">)*100</span>
(administrative expenses/ revenue)</span><span <span
style="font-size:8pt;">Gearing = ((interest-bearing liabilities – cash and cash
equivalents)/ (interest-bearing liabilities + equity))</span><span
style="font-size:8pt;">*100</span>
style="font-size:8pt;">*100</span> <span
style="font-size:8pt;">Current ratio = total current assets/ total current
liabilities</span>
<span style="font-size:8pt;">Administrative expenses to revenue
(rolling) = (past four quarters’ administrative expenses/past four
quarters’ revenue)</span><span style="font-size:8pt;">*100</span>
<span style="font-size:8pt;">EBITDA = operating profit + depreciation
and amortisation + impairment losses on goodwill</span>
<span style="font-size:8pt;">EBITDA margin =
(EBITDA/revenue)</span><span style="font-size:8pt;">*100</span>
<span style="font-size:8pt;">Gross margin = (gross
profit/revenue)</span><span style="font-size:8pt;">*100</span>
<span style="font-size:8pt;">Operating margin = (operating
profit/revenue)</span><span style="font-size:8pt;">*100</span>
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--------------------------------------------------------------
<span <span <span style="font-size:11pt;"><span <span
style="font-size:11pt;"><span <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style style style="font-family:Arial, Helvetica, sans-serif;">
style="font-family:Arial, Helvetica, sans-serif;">
="font ="font </span></span>
</span></span>
-size: -size:
11pt;" 11pt;"
><span ><span
style style
="font ="font
-famil -famil
y:Aria y:Aria
l, l,
Helve Helve
tica, tica,
sans- sans-
serif; serif;
"> ">
</spa </spa
n></sp n></sp
an> an>
<span style="font-family:Arial, Helvetica,
sans-serif;font-size:11pt;">Performance by geographical market</span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the first half of 2014, around 7% of the Group’s revenue was
generated outside Estonia compared with 2% in the first half of
2013.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style=
2014</span></span>
2013</span></span>
2012</span></span>
"font-
size:1
1pt;">
<span
style=
"font-
family
:Arial
,
Helvet
ica,
sans-s
erif;"
>
</span
></spa
n>
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">93%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">98%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">99%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">95%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Esto
nia</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Finl
and</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ukra
ine</s
pan></
span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Finnish revenues comprise revenue from concrete works delivered in
the building construction segment. The contribution of the Finnish market has
increased year over year through growth in Finnish revenues, which has been
amplified by a decrease in the Group’s total revenue. Still, foreign revenues
for the year as a whole will probably not prove significantly larger than those
of 2013 and the contributions of the markets are not likely to
change.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Geographical diversification of the revenue base is a consciously
deployed strategy by which we mitigate the risks resulting from excessive
concentration on a single market. Our strategy foresees increasing foreign
operations in the longer term; for further information, see the chapter
Strategic agenda for 2014-2017. Our vision of the Group’s operations in foreign
markets is described in the chapter Outlooks of the Group’s geographical
markets.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Performance by business line</span></span>
<strong style="font-family: arial, helvetica, sans-serif; font-size:
11pt;">Segment revenues
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group strives to maintain the revenues of its operating
segments (Buildings and Infrastructure) in balance as this helps disperse risks
and provides better opportunities for continuing operations under stressed
circumstances when one segment experiences shrinkage.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s revenue for the first half of 2014 amounted to 67,444
thousand euros, an 11% decrease from the 75,497 thousand euros generated in the
first half of 2013. A year ago, we were working on three large road
construction projects of around 70 million euros whose contribution to the
half-year revenue was considerable. Also, a year ago the volume of projects
supported by the EU structural funds was larger. We drew attention to the fact
that the volume of such projects would decline last year already. The revenues
of the Buildings segment increased as expected through a rise in both the
number of contracts secured and their average cost.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Consequently, the revenues of the two main operating segments,
Buildings and Infrastructure, for the first half of 2014 amounted to 47,826
thousand euros and 17,936 thousand euros respectively. The corresponding
figures for the first half of 2013 were 30,796 thousand euros and 42,638
thousand euros (see note 8). The change in the revenue structure is also
reflected in our order book where at period-end 67% of the contracts (in terms
of value) belonged to the Buildings segment (H1 2013: 48%).</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Oper
ating
segme
nts*</
span><
/span>
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">71%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">46%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Buil
dings<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">29%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">54%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Infr
astruc
ture</
span><
/span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">* In the directors’ report the Ukrainian buildings segment and the
EU buildings segment, which are disclosed separately in the financial
statements as required by IFRS 8 Operating Segments, are presented as a single
segment. </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the directors’ report, projects have been allocated to
operating segments based on their nature (i.e. building or infrastructure
construction). In the segment reporting presented in the financial statements,
allocation is based on the subsidiaries’ main field of activity (as required by
IFRS 8 Operating Segments). In the financial statements, the results of a
subsidiary that is primarily engaged in infrastructure construction are
presented in the Infrastructure segment. In the directors’ report, the revenues
of such a subsidiary are presented based on their nature. The differences
between the two reports are not significant because in general Group entities
specialise in specific areas except for the subsidiary Nordecon Betoon OÜ that
is involved in both building and infrastructure construction. The figures for
the parent company are allocated in both parts of the interim report based on
the nature of the work.</span></span>
<strong style="font-family: arial, helvetica, sans-serif; font-size:
11pt;">Sub-segment revenues
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the revenue structure of the Buildings segment, the
contribution of public buildings has decreased while that of apartment
buildings has increased. The contributions of commercial buildings and
industrial and warehouse facilities have remained at the same level as in the
comparative period. The segment’s main revenue contributors are contracts on
the construction of commercial buildings in Tallinn (the Stroomi shopping
centre) and Narva (an extension to the ASTRI shopping centre). Reconstruction
of Estonia Spa in Pärnu is awaiting commencement. We expect the investment
activity of private sector customers to remain robust and the contribution of
the sub-segment to remain at a similar or even higher level throughout the
year.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the industrial and warehouse facilities sub-segment there has
been a structural shift. In previous years, on account of EU investment
support, most of the revenue resulted from contracts secured from the
agricultural sector. By 2014 the proportion of EU-supported projects has
decreased visibly and the main contributors are warehouse facilities and
logistics centres (e.g. the Smarten logistics centre). The work done for
companies engaged in heavy industry has increased as well. Estonia’s economic
growth is slowing but this has not yet had a negative impact on the long-cycle
investment plans launched by companies in 2012 and 2013. Accordingly, we expect
the revenues of the sub-segment to remain stable.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The competitive situation in the public buildings sub-segment is
particularly challenging: it is hard to win a contract without taking excessive
risks but our current policy is to avoid such risks. The largest projects of
the period were the construction of the Translational Medicine Centre of the
University of Tartu, the academic building of the NCO School of the Estonian
National Defence College, and phase V of St Paul’s Church in Tartu. The first
two were completed by the end of the first half-year. If competition remains
fierce, the contribution of the sub-segment is likely to decline.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Our apartment building revenues resulted mostly from general
contracting. The main contributor was the construction of an apartment building
at Pirita tee 26 in Tallinn which we won last year. In 2014 we secured and
began building phase I in the construction of the Tondi residential quarter in
Tallinn. We have also been successful in selling the last apartments and office
premises in our own Tigutorn development project. Only one Tigutorn apartment
is still for sale. Sale of apartment ownerships in phase I in our Magasini 29
development project (www.magasini.ee) has started well and we have started
building phase II. We have also re-launched real estate development in Tartu
where two new buildings with a total of 35 apartments will be completed in
Tammelinn by the end of 2014 (www.tammelinn.ee).</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Reve
nue
distr
ibutio
n
withi
n
Build
ings
segme
nt</sp
an></s
pan>
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">49%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">45%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">45%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Comm
ercial
build
ings</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">33%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">34%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">28%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Indu
strial
and
wareh
ouse
facil
ities<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">19%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">49%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">21%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Publ
ic
build
ings</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">12%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Apar
tment
build
ings</
span><
/span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the first half of 2014, the main revenue source in the
Infrastructure segment was road construction. The average cost of the
sub-segment’s contracts has fallen and operating volumes are not going to rise
to the level of 2013 but the contribution of the sub-segment will remain the
strongest, partly thanks to road maintenance services delivered under long-term
contracts in the Järva and Hiiu counties and the Keila maintenance
area.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In specialist engineering, a noteworthy project was the
construction of the Sõpruse bridge boat harbour in Tartu. There is currently no
information about any major projects that might require hydraulic engineering
work this year. The revenues of the sub-segment may increase through other
complex engineering work but relevant revenue flows are likely to be
irregular.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The decline in EU support due to the change of budget periods has
had a strong impact on our environmental engineering and utility network
construction (other engineering) revenues, which have decreased more rapidly
than the revenues of other sub-segments. It is likely that the contributions of
the two sub-segments will see further contraction because a relatively large
portion of their revenue for the first half-year resulted from long-term
contracts secured in the previous period. Most new contracts are
small.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Reve
nue
distr
ibutio
n
withi
n
Infra
struct
ure
segme
nt</sp
an></s
pan>
--------------------------------------------------------------------------------
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---------------------------
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--------------------------------------------------------------------------------
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">74%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">54%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">40%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">54%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Road
const
ructio
n and
maint
enance
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">4%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Spec
ialist
engin
eering
(incl
uding
hydra
ulic
engin
eering
)</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">27%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">38%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">26%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Othe
r
engin
eering
</span
></spa
n>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">15%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">12%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Envi
ronmen
tal
engin
eering
</span
></spa
n>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Order book</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">At 30 June 2014, our order book (backlog of contracts signed but
not yet performed) stood at 87,236 thousand euros, a 15% decrease compared with
a year ago.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The order book of the Infrastructure segment contracted by around
46% year over year. The largest decrease occurred in contracts signed for the
construction of utility networks (other engineering sub-segment) and
environmental engineering as in the last year of the EU 2007-2013 budget period
allocations of relevant investment support were expectedly smaller. The backlog
of hydraulic engineering work decreased as well.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The order book of the road construction sub-segment shrank too (by
around 30%). In 2013 the sub-segment was involved in three major public
procurement projects, which were all substantially completed by the year-end.
The new national road management plan reflects a change in the structure of
road construction investments. In particular, the proportion of large-scale
projects will diminish. This means that companies engaged in road construction
have to face a new reality – the average cost of road construction contracts is
going to decrease, which will inevitably influence the competitive
environment.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">On the other hand, the order book of the Buildings segment grew by
around 18%. The order books of the commercial buildings and industrial and
warehouse facilities sub-segments showed strong growth, mostly thanks to a rise
in private sector investments.</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M 2013</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M 2012</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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----------------------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">87,236</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">103,230</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">166,367</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">64,286</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Orde
r book
(EUR’
000)</
span><
/span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">At the reporting date, contracts secured by the Buildings segment
and the Infrastructure segment accounted for 67% and 33% of our order book
respectively. This is a radical change compared with recent years when the
figures for the two segments were more or less equal (30 June 2013: 48% and 52%
respectively). It is likely that building construction contracts will dominate
the order book for the next few years. In the current EU budget period
(2014-2020) investments in infrastructure construction which to date have
mostly been made with the support of the EU structural funds will not be as
large as in 2007-2013. In particular, this applies to 2014, which is turning
into a switchover year between the budget periods, where most efforts are
directed at preparatory administrative activities required for enabling the
investments. Hence, we expect the revenues of the Infrastructure segment to
decline in 2014 (for further information, see the Business risks section of the
chapter Description of the main risks).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">We believe that in a situation where the market is expected to
shrink, our priority cannot be increasing the Group’s revenue or maintaining it
at the level of 2013. Instead, the main focus must be on improving
profitability. We do not consider the present decline in the Group’s order book
to be critical. Based on our historical experience, it is quite typical that a
significant portion of budgeted operating volumes is secured through new
contracts signed during the year. The beginning of the year has already partly
confirmed this: since the end of 2013 our order book has grown by
36%.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Between the reporting date (30 June 2014) and the date of release
of this report, Group companies have secured additional construction contracts
in the region of 18,445 thousand euros.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">People</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Staff and personnel expenses</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the first half of 2014, the Group (the parent and the
subsidiaries) employed, on average, 741 people including 353 engineers and
technical personnel (ETP). Workforce has decreased compared with a year ago due
to shrinkage in operating volumes. When operating volumes grew in 2013, we
signed, where possible, fixed-term (project-based) contracts with the people
that were additionally hired. This allowed us to respond flexibly in a
situation where it was clear that the work flows of some sub-segments would
decrease.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Average number of the Group’s employees (at the parent and the
subsidiaries):</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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---------------------------
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---------------------------
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">353</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">362</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">371</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">357</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ETP<
/span>
</span
>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">388</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">412</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">400</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">400</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Work
ers</s
pan></
span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">741</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">774</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">771</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">757</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
avera
ge</sp
an></s
pan>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s personnel expenses for the first half of 2014
including all taxes totalled 8,904 thousand euros, 4% up on the comparative
period when the figure was 8,582 thousand euros. The rise is mostly
attributable to a salary increase and payment of project-based performance
pay.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the first half of 2014, the service fees of the members of the
council of Nordecon AS amounted to 71 thousand euros and associated social
security charges totalled 23 thousand euros (H1 2013: 71 thousand euros and 23
thousand euros respectively).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The service fees of the members of the board of Nordecon AS
amounted to 138 thousand euros and associated social security charges totalled
46 thousand euros (H1 2013: 101 thousand euros and 33 thousand euros
respectively).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Labour productivity and labour cost efficiency</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The period’s nominal labour productivity was lowered by a rise in
performance bonuses paid in the context of improved profitability. In
comparative periods, the proportion of performance bonuses in the Group’s
personnel expenses was significantly smaller. </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">We measure the efficiency of our operating activities using the
following productivity and efficiency indicators, which are based on the number
of employees and personnel expenses paid:</span></span>
<span <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6M <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">6M <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2013</span></span>
style
2014</span></span>
2013</span></span>
2012</span></span>
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
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<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">224.1</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">224.6</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">208.6</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">229.4</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Nomi
nal
labou
r
produ
ctivit
y
(roll
ing),
(EUR’
000)</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-0.2%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7.7%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">33.8%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9.9%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Chan
ge
again
st the
compa
rative
perio
d</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7.9</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9.4</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10.6</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">8.4</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Nomi
nal
labou
r cost
effic
iency
(roll
ing),
(EUR’
000)</
span><
/span>
<span <span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-16.0%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-11.3%</span></span> <span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29.1%</span></span> <span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-11.6%</span></span>
style
="font
-size:
11pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Chan
ge
again
st the
compa
rative
perio
d</spa
n></sp
an>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nominal labour productivity (rolling) = (past four quarters’
revenue) / (past four quarters’ average number of employees)
Nominal labour cost efficiency (rolling) = (past four quarters’ revenue) / (past
four quarters’ personnel expenses)</span></span>
--------------------------------------------------------------------------------
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Description of the main risks </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Business risks</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The main factors, which affect the Group’s business volumes and
profit margins, are competition in the construction market and changes in the
demand for construction services.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Compared with a year ago, competition for public sector contracts
has intensified visibly. The volume of public sector investments decreased in
2013 and the prospects of maintaining volumes in 2014 are not good. There is
strong competitive pressure on builders’ bid prices although input prices
mostly continue to climb. Competition is particularly fierce in the building
construction segment. We acknowledge the risks inherent in the execution of
contracts concluded in an environment of stiff competition. Securing a
long-term construction contract at an unreasonably low price in a situation
where input prices cannot be lowered noticeably and competition is fierce
involves high risk, because the contract may quickly start generating a loss.
Thus, in price-setting we currently prioritize profitability over increasing or
retaining the revenue figure.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the next periods, demand for construction services will be
driven by public sector investments. In previous years, a major share of
investments was made with the assistance of allocations from the EU structural
funds that were determined, both in terms of size and timing, by the EU
financial framework 2007-2013. In general, the amounts allocated to Estonia
under the next EU financial framework (2014-2020) are known (5.9 billion euros)
but the volume and schedule of investments involving construction work have not
yet been finalised. According to information released to date, the overall
volume of construction-related investments is going to decline compared with
the previous budget period and 2014 will become a so-called ‘gap’ year between
the two budget periods, where most efforts are directed at preparatory
administrative activities required for enabling the investments.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In light of the above, it is likely that in 2014 our business
volumes will shrink, particularly in the Infrastructure segment where the
proportion of public sector investments has been the largest. Our action plan
foresees redirecting our resources (including some of the labour of the
Infrastructure segment) to increasing the proportion of contracts secured from
the private sector. According to our business model, Nordecon operates in all
segments of the construction market. Therefore, we are somewhat better
positioned than companies that operate in only one narrow (particularly some
infrastructure) segment.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Our primary goal is to maintain profitability even when
construction volumes shrink. Thanks to decisions adopted in previous periods,
we will not have to undertake any extensive restructuring when construction
volumes change.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s business is also influenced by the fact that
construction operations are seasonal. The impacts of seasonal fluctuations are
the strongest in the Infrastructure segment where a lot of work is done
outdoors (road and port construction, earthwork, etc). To disperse the risk, we
secure road maintenance contracts that generate year-round business. Our
business strategy is to counteract seasonal fluctuations in infrastructure
operations with building construction that is less exposed to seasonality.
Thus, we endeavour to keep the two segments in balance (see also the chapter
Performance by business line). In addition, where possible, our companies
implement appropriate technical solutions that allow working efficiently even
in changeable weather conditions.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Operational risks</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">To manage their daily construction risks, Group companies purchase
contractors’ all risks insurance. Depending on the nature of the project and
the requests of the customer, both general frame agreements and special,
project-specific contracts are used. In addition, as a rule, subcontractors are
required to secure performance of their obligations with a bank guarantee
provided to a Group company or the Group retains part of the amount payable
until the completion of the contract. To remedy builder-caused deficiencies,
which may be detected during the warranty period, Group companies create
warranty provisions based on their historical experience. At 30 June 2014, the
Group’s warranty provisions (including current and non-current ones) totalled
1,199 thousand euros. The comparative figure for a year ago was 1,150 thousand
euros.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In addition to managing risks directly related to construction
operations, in recent years we have sought to mitigate the risks inherent in
preliminary activities. In particular, we have focused on the bidding process,
i.e. compliance with the procurement terms and conditions, and budgeting. The
errors made in the planning stage are usually irreversible and, in a situation
where the price is contractually fixed, may result in a direct financial
loss.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financial risks</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Credit risk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the reporting period, the Group did not incur any credit
losses. The credit risk exposure of the Group’s receivables continued to be low
because the proportion of public sector customers that receive their financing
from the state and local governments as well as the EU structural funds
continued to be high. The main indicator of the realization of credit risk is
settlement default that exceeds 180 days coupled with no activity on the part
of the debtor that would confirm the intent to settle.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the first half of 2014, the Group had no impairment losses on
receivables (H1 2013: a gain of 6 thousand euros on reversal of prior period
impairment losses).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Liquidity risk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group remains exposed to higher than average liquidity risk
resulting from a mismatch between the long settlement terms demanded by
customers (mostly 45 to 56 days) and increasingly shorter settlement terms
negotiated by subcontractors (mostly 21 to 45 days). The Group counteracts the
differences in settlement terms by using factoring where
possible.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">At the reporting date, the Group’s current assets exceeded its
current liabilities 1.07-fold (30 June 2013: 1.08-fold). Factors influencing
the ratio include reclassification of loans provided to the Group’s Ukrainian
associates to non-current assets and the fact that generally banks do not
refinance interest-bearing liabilities for a period exceeding 12
months.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The political situation in Ukraine remains tense and we believe
that realization of our Ukrainian investment properties may take longer than
originally expected. Accordingly, at the reporting date loan receivables from
our Ukrainian associates of 10,512 thousand euros were classified as
non-current assets.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Interest-bearing liabilities account for a significant proportion
of our current liabilities. In accordance with IFRS EU, loan commitments have
to be classified into current and non-current liabilities based on the
contractual conditions effective at the reporting date. To date, banks have
refinanced the Group’s liabilities for periods not exceeding 12 months, which
is why a substantial portion of loans are classified as current liabilities
although it is probable that some borrowings (particularly overdraft
facilities) will be refinanced again when the 12 months have
passed.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">At the reporting date, the Group’s cash and cash equivalents
totalled 9,103 thousand euros (30 June 2013: 4,423 thousand
euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Interest rate risk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s interest-bearing liabilities to banks have both fixed
and floating interest rates. Finance lease liabilities have mainly floating
interest rates. The base rate for most floating-rate contracts is EURIBOR. At
30 June 2014, the Group’s interest-bearing loans and borrowings totalled 29,602
thousand euros, a decrease of 4,224 thousand euros year over year. Interest
expense for the period amounted to 363 thousand euros, 169 thousand euros down
from a year ago.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The main source of the Group’s interest rate risk is the
possibility of a rapid upsurge in the base rate of floating interest rates
(EURIBOR, EONIA or the creditor’s own base rate). In light of the Group’s
relatively heavy loan burden this would cause a significant increase in
interest expense, which would have an adverse impact on profit. We mitigate the
risk by pursuing a policy of entering, where possible, into fixed-rate
contracts when the market interest rates are low. As regards the loan products
offered by banks, observance of the policy has proved difficult and most new
contracts have a floating interest rate. The Group does not use derivative
financial instruments to hedge its interest rate risk.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Currency risk</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">As a rule, the prices of construction contracts and subcontracts
are fixed in the currency of the host country, i.e. in euros (EUR) and
Ukrainian hryvnas (UAH).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The change in Ukraine’s political leadership at the beginning of
2014, economic difficulties and conflict with Russia over the autonomous region
of Crimea caused the exchange rate of the hryvna to tumble. By the reporting
date, the hryvna had weakened against the euro by around 31%. For the Group’s
Ukrainian subsidiaries, this meant additional exchange losses on the
translation of euro-denominated loan commitments into the local currency.
Relevant exchange losses totalled 854 thousand euros (H1 2013: an exchange gain
of 64 thousand euros).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Exchange gains and losses on financial instruments are reported
within Finance income and Finance costs in the statement of comprehensive
income. Translation of receivables and liabilities related to operating
activities did not give rise to any exchange gains or losses.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The reciprocal receivables and liabilities of the Group’s
Ukrainian and non-Ukrainian entities (items connected with the construction
business) do not give rise to any material exchange losses. Nor do the loans
provided to the Group’s Ukrainian associates in euros give rise to exchange
losses that ought to be recognised in the Group’s financial
statements.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group has not acquired any derivatives to hedge its currency
risk.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Outlooks of the Group’s geographical markets</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Estonia </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Processes and developments characterising the Estonian
construction market</span></span>
<ul><li><span style="font-size:11pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">In 2014 public investment will decrease in connection
with the change of the EU budget periods because implementation of measures
requires time. Although during the 2014-2020 financial framework allocations to
Estonia will increase to 5.9 billion euros (2007-2013: 4.6 billion euros),
support payments from the structural funds that influence the construction
market will not increase significantly. Instead, compared with the previous
budget period, there will be an increase in allocations to projects not related
to tangible assets.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Investments made by the largest public sector customers
(state-owned real estate company Riigi Kinnisvara AS and the National Road
Administration), which will reach the stage of conclusion of a construction
contract in 2014 will either not increase significantly or may even decrease.
As a result, the Estonian construction market (particularly segments related to
infrastructure construction) will shrink. The situation will be somewhat
alleviated by private customers’ increasing investment in building
construction.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The construction market will see further consolidation,
particularly in the field of general contracting in building construction where
the number of medium-sized operators (annual turnover of around 15-40 million
euros) is still too large, but the process will be slower than expected. Based
on the past three years’ experience it is likely that stiff competition and
insufficient demand will induce some general contractors to go slowly out of
business or shrink in size rather than merge with another or exit the market.
However, it is also increasingly common that two to four smaller players that
are seeking ways to remain in business will form a consortium to bid for major
procurement contracts, meet tendering terms and secure the required
funding.</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Competition will increase in
all segments of the construction market. We see a rise in the average number of
bidders for a contract and there is already a notable gap between the lowest
bids made by the winners and the average bids. The situation is somewhat
similar to 2009 when anticipation of a fall in demand caused a rapid decline in
construction prices, which triggered a slide in the prices of many construction
inputs. However, there are currently no massive decreases in input prices and
companies that are banking on this in the bidding phase may run into
difficulty. Construction prices and thus also profit margins are under strong
competitive pressure.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In new housing development, the success of a project depends on
the developer’s ability to control the input prices included in the business
plan and thus to set an affordable sales price. Although the overall situation
is improving steadily, the offering of new residential real estate cannot be
increased dramatically because the prices of new apartments are relatively high
compared with the standard of living and the banks’ lending terms remain
strict. Similarly to previous periods, successful projects include those that
create or fill a niche.</span></span></li></ul><ul><li><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The contracts signed with public sector customers continue to
impose tough conditions on construction companies: extensive obligations,
strict sanctions, various financial guarantees, long settlement terms, etc.
Contractors cannot implement more optimal solutions identified in the
construction phase that would reduce the construction or operating costs of the
asset without sanctions because procurement terms do not allow this. In a
situation where public procurement is based on underbidding, the above factors
increase the risks of all market participants. Still, compared to two or three
years ago, the situation has improved and in some respects procurement terms
have become more reasonable for construction
companies.</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">The prices of construction
inputs will remain relatively stable. In the short term, weakening demand may
lower local subcontracting prices. However, taking into account the
subcontractors’ financial and human resources, the decline cannot be
substantial or long-lasting. In some areas, price fluctuations are be
unpredictable and, thus, notably greater and hard or even impossible to
influence (oil and metal products, certain materials and
equipment).</span></span></li></ul><ul><li><span style="font-size:11pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Shortage of skilled labour
(including project and site managers) will persist. This will undermine not so
much the companies’ performance capabilities as the quality of carrying out the
construction process, i.e. delivering the service. Shrinkage in construction
volumes in Estonia may increase labour supply but not substantially. Labour
migration to the Nordic countries will remain steady and although those markets
(particularly Finland) may also shrink, the number of job seekers that will
return will not increase considerably. Accordingly, the basic wage of
construction-sector employees will not decrease. Instead, the rise in the cost
of living is creating pressure for a wage
increase.</span></span></li></ul><strong style="font-size: 11pt;"><span
style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Latvia and Lithuania</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In our opinion, the Latvian construction market, which was hit by
a severe downturn a few years ago, has not regained sufficient stability and
similarly to the Estonian market in 2014 it will probably see shrinkage in
public sector demand. Accordingly, it is unlikely that we will enter the
Latvian construction market permanently in 2014.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the next few years we may undertake some projects in Latvia
through our Estonian entities, involving partners where necessary. Undertaking
a project assumes that it can be performed profitably. The decision does not
change our strategy for the future, i.e. the objective of operating in our
neighbouring construction markets through local subsidiaries.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The operations of our Lithuanian subsidiary, Nordecon Statyba UAB,
are suspended. We are monitoring market developments and may resume our
Lithuanian operations on a project basis. Temporary suspension of operations
does not cause any major costs for the Group and does not change our strategy
for the future, i.e. the objective of operating in the Lithuanian construction
market through local subsidiaries.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Ukraine</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group operates in Ukraine as a general contractor and project
manager in the segment of commercial buildings and production facilities,
offering its services primarily to foreign private sector customers. In the
past three years, there have been practically no private sector customers in
that segment. The political situation in Ukraine is worrying and undoubtedly
affects adoption of business decisions by construction market participants.
Regardless of this, we will continue our business in Ukraine in 2014. Compared
with the previous year, our current Ukrainian order book is somewhat larger. We
continue to monitor the situation in the Ukrainian construction market closely
and will restructure our operations as appropriate. We also continue to seek
opportunities for exiting our two conserved real estate projects or signing a
construction contract with a potential new owner.</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Finland</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the Finnish market, we have been offering mainly subcontracting
services in the field of concrete works but based on experience gained, we have
also started to deliver some more complex services. The local concrete works
market provides opportunities for competing for projects where the customer
wishes to purchase all concrete works from one reliable partner. Nevertheless,
we will maintain a rational approach and will avoid taking excessive risks. We
are not planning to penetrate any other segments of the Finnish construction
market (general contracting, project management, etc).</span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
<span style="font-size:11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Nordecon is a group of construction companies whose core business
is construction project management and general contracting in the buildings and
infrastructures segment. Geographically the Group operates in Estonia, Ukraine
and Finland. The parent of the Group is Nordecon AS, a company registered and
located in Tallinn, Estonia. In addition to the parent company, there are more
than 10 subsidiaries in the Group. The consolidated revenue of the Group in
2013 was 174 million euros and net profit 4.6 million euros. Currently Nordecon
Group employs more than 700 people. Since 18 May 2006 the company's shares have
been quoted in the main list of the NASDAQ OMX Tallinn Stock
Exchange.</span></span>
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: [email protected]
www.nordecon.com