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06.11.2007 09:42:41
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III KVARTALI JA 9 KUU KONSOLIDEERITUD VAHEARUANNE
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AS Eesti Ehitus kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on täiendavateks tegevusvalkondadeks ka teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on AS Eesti Ehitus, mis on registreeritud ja asub Tallinnas, Eestis. Alates 18.05.2006.a. on emaettevõtte aktsiad noteeritud Tallinna Börsi põhinimekirjas. Missioon. Eesti Ehituse missiooniks on olla oma klientidele parimaks partneriks hoonete ja rajatiste projekteerimisel ja ehitamisel, aidates neil seeläbi kasvatada oma vara väärtust. Oma töötajatele selge motivatsiooni, arenguvõimaluste ja modernse töökeskkonna tagamisega suurendame ka ettevõtte väärtust. Visioon. Meie visiooniks on kasvada ehituskontserniks, mis suudab alati pakkuda pisut enam, kui klient oskab oodata. Jagatud väärtused: Kvaliteet . Oleme professionaalsed ehitajad - rakendame läbimõeldult asjakohaseid töövõtteid ja tehnoloogiaid ning järgime tunnustatud kvaliteedistandardeid. Pakume klientidele madalate kogukuludega terviklahendusi. Hoolime ümbritsevast keskkonnast ja tegutseme säästlikult. Väärtustame oma töötajaid, tagades neile modernse, loovusele innustava töökeskkonna ning ettevõtlikkust soosiva motivatsioonisüsteemi. Usaldusväärsus. Pidades kinni antud lubadustest ja kokkulepetest, oleme oma klientidele usaldusväärseks partneriks. Tegutseme avatult ja läbipaistvalt. Seisame ehitusala heade tavade järgimise eest. Me ei võta riske klientide arvel. Innovatiivsus. Oleme inseneridena uuendusmeelsed ja loovusele orienteeritud. Kasutame optimaalselt infotehnoloogia poolt pakutavaid võimalusi. Arendame oma töötajaid läbi järjepideva koolituse ja tasakaalustatud karjäärivõimaluste. KONTSERNI STRUKTUUR 2007.a. 9 kuu auditeerimata majandustulemused on konsolideeritud emaettevõtte ja järgmiste konsolideerimisgruppi kuuluvate ettevõtete raamatupidamisaruannete põhjal: -------------------------------------------------------------------------------- | AS Eesti Ehitus otsene ja kaudne osalus kokku: | -------------------------------------------------------------------------------- | Ettevõte | | 30.09.2007 | 30.09.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | AS Linnaehitus | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | AS Aspi | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | AS Järva Teed | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | OÜ Hiiu Teed | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | OÜ Mapri Projekt | Eesti | 52,0% | 52,0% | 52,0% | -------------------------------------------------------------------------------- | Estcon OY | Soome | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | OÜ EE Ressursid | Eesti | 100,0% | 100,0% | 100,0% | -------------------------------------------------------------------------------- | UAB Eurocon LT | Leedu | 70,0% | 0,0% | 0,0% | -------------------------------------------------------------------------------- | OÜ Eurocon | Eesti | 64,0% | 64,0% | 64,0% | -------------------------------------------------------------------------------- | TOV Eurocon Ukraine | Ukraina | 61,4% | 61,4% | 61,4% | -------------------------------------------------------------------------------- | TOV Eurocon West | Ukraina | 61,4% | 61,4% | 61,4% | -------------------------------------------------------------------------------- | TOV Bukovina Developments | Ukraina | 60,8% | 60,8% | 60,8% | -------------------------------------------------------------------------------- | TOV Passage Theatre | Ukraina | 55,3% | 61,4% | 55,3% | -------------------------------------------------------------------------------- | OÜ Kaurits | Eesti | 52,0% | 0,0% | 52,0% | -------------------------------------------------------------------------------- | OÜ DSN Ehitusmasinad | Eesti | 34,3% | 0,0% | 0,0% | -------------------------------------------------------------------------------- | SIA Abagars | Läti | 34,3% | 0,0% | 34,3% | -------------------------------------------------------------------------------- | TOV V.I. Center | Ukraina | 32,0% | 41,0% | 38,7% | -------------------------------------------------------------------------------- | TOV EA Reng Proekt | Ukraina | 31,3% | 0,0% | 31,3% | -------------------------------------------------------------------------------- | TOV Technopolis-2 | Ukraina | 30,7% | 30,7% | 30,7% | -------------------------------------------------------------------------------- | TOV Baltik Development | Ukraina | 30,7% | 0,0% | 0,0% | -------------------------------------------------------------------------------- | OÜ Kastani Kinnisvara | Eesti | 26,0% | 26,0% | 26,0% | -------------------------------------------------------------------------------- Emaettevõte ja AS Linnaehitus tegelevad peamiselt ehituse peatöövõtuga ja projektijuhtimisega. AS Aspi koos oma tütarettevõtetega ehitab keskkonnarajatisi ja teid ning teostab teehooldust. OÜ Mapri Projekt teenib üle 2/3 oma müügitulust betoonitöödest ning ülejäänu põhiosas projektijuhtimisest ning peatöövõtust. Eurocon OÜ on kontserni Ukraina ehitus- ja arendustegevust koordineeriv äriühing, mille tütarettevõte Eurocon Ukraine TOV on ehituse peatöövõtu ning projektijuhtimise ettevõte. Ülejäänud Ukraina ettevõtted on projektettevõtted kinnisvara arendamiseks Kiievi lähipiirkonnas ja Lvovis. 2007.a. 9 kuuga toimus kontserni struktuuris 5 muutust: Veebruarikuus müüdi 11%'line osalus TOV V.I. Center 's kontserniga mitteseotud isikule Continental Investment Holding GmbH. Arvestades vähemusosalusi OÜ's Eurocon ja TOV's Eurocon Ukraine kuulub AS'ile Eesti Ehitus TOV'st V.I. Center tehingujärgselt kokku 32%-line osalus. Aprillikuus asutati Ukrainas kahasse Hollandi ettevõttega Vicus Realty Delta B.V. uus arendusettevõte TOV Baltik Development. Arvestades vähemusosalusi OÜ's Eurocon ja TOV's Eurocon Ukraine kuulub AS'ile Eesti Ehitus asutatud ettevõttest tehingujärgselt kokku 30,7%-line osalus. Juunikuus asutati 100% osalusega tütarettevõtte UAB Eurocon LT Leetu, septembris müüdi 30% osalusest Leedu ettevõttele UAB Eurox LT . Juulikuus võõrandati osalus Ukraina ühisettevõttes TOV Eurobeton. Augustikuus AS Eesti Ehituse 100%-ise tütarettevõtte AS Aspi 52%-line tütarettevõte OÜ Kaurits ostis 66%-se enamusosaluse osaühingus DSN Ehitusmasinad. Alates 2007. aasta algusest kajastuvad kontserni aruandes ka OÜ Kaurits ning augustikuust OÜ DSN Ehitusmasinad majandustulemused. TOV Eurobeton tulemuste konsolideerimine lõpetati võõrandamiskuust. Bilansikuupäeva järgse sündmusena on AS Eesti Ehitus tingimuslikult omandanud 52% osaluse AS-s Eston Ehitus. Omandamistingimuste jõustumisel konsolideeritakse AS Eesti Ehitus majandustulemustega AS Eston Ehituse 2007. aasta viimase kvartali majandustulemused. TÖÖTAJAD JA TÖÖJÕUKULUD Kontserni ettevõtetes töötas 2007.a. 9 kuuga kokku keskmiselt 1088 inimest. Insener-tehnilise personali osakaal kontserni töötajate koguarvust moodustas 38% (eelmise aasta võrreldaval perioodil 37%). Vastava perioodi tööjõukulud olid 297,1 miljonit krooni (19 miljonit eurot), kasvades aastataguse ajaga võrreldes 74%, seejuures on töötajate keskmine arv kasvanud 27%. Tööjõukulude kasv on tingitud nõudlusest tööjõuturul ja ka uute tütarettevõtete soetamisest. -------------------------------------------------------------------------------- | Töötajate keskmine arv | | | | | | kontsernis | | | | | -------------------------------------------------------------------------------- | Periood | | ITP | | Töölised | | Keskmine | | | | | | | | kokku | -------------------------------------------------------------------------------- | 9 kuud 2007 | | 413 | | 675 | | 1088 | -------------------------------------------------------------------------------- | 9 kuud 2006 | | 317 | | 540 | | 857 | -------------------------------------------------------------------------------- | 2006 | | 329 | | 542 | | 871 | -------------------------------------------------------------------------------- MÜÜGITULU JA SEGMENDID AS Eesti Ehitus 2007.a. 9 kuu müügitulud olid 2 659,4 miljonit krooni (170 miljonit eurot), kasvades eelmise aasta võrreldava perioodiga 51%. Müügitulust 52% andis sarnaselt eelmise aasta võrreldava perioodiga hoonete ehitus (kasv 72%) ning 48% rajatiste ehitus (kasv 63%) . -------------------------------------------------------------------------------- | Müügitulu jaotus | | | | | | | | segmenditi | | | | | | | -------------------------------------------------------------------------------- | Ärisegmendid | | 9 kuud | | 9 kuud | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- | Rajatised | | 48% | | 44% | | 46% | -------------------------------------------------------------------------------- | Hooned | | 52% | | 56% | | 54% | -------------------------------------------------------------------------------- Hoonete segmendis on suurimaks alamsegmendiks jätkuvalt ärihoonete ehitus, mida toetas eelkõige tugev nõudlus vastavate ehitiste järele koduturul. Kiireima kasvuga eelmise aasta 9 kuuga võrreldes on olnud ühiskondlike hoonete alamsegment. -------------------------------------------------------------------------------- | Müügitulu jaotus hoonete | | | | | | | | segmendis | | | | | | | -------------------------------------------------------------------------------- | Hooned | | 9 kuud | | 9 kuud | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- | Korterelamud | | 17% | | 11% | | 17% | -------------------------------------------------------------------------------- | Ühiskondlikud hooned | | 20% | | 17% | | 18% | -------------------------------------------------------------------------------- | Ärihooned | | 53% | | 47% | | 41% | -------------------------------------------------------------------------------- | Tööstus- ja laohooned | | 10% | | 25% | | 24% | -------------------------------------------------------------------------------- Rajatiste segmendi suurim alamsegment oli sadamaehitus, mis moodustas 497,9 miljonit krooni ( 31,8 miljonit eurot) ehk 19% ehituslepingute tuludest kokku. Eelmise aasta võrreldaval perioodil oli sadamaehituste osakaal vaid 48,6 miljonit krooni ( 3,1 miljonit eurot) ehk 3%. Teedeehitus ja -hooldus moodustas ehituslepingute tuludest 467,5 miljonit krooni (29,9 miljonit eurot) ehk 18% ning eelmise majandusaasta võrreldaval perioodil 498,9 miljonit krooni (31,9 miljonit eurot) ehk 28%. Kontserni sõlmitud ehituslepingute teostamata osa maht 30.09.2007 seisuga oli 3 161 miljonit krooni (202 miljonit eurot), võrrelduna aastataguse 2 201 miljoni krooniga (140,7 miljonit eurot). KASUMLIKKUS JA RAHAVOOG Kontserni kasumlikkus on 2007.a. 9 kuuga võrrelduna aastataguse perioodiga läbivalt paranenud. Brutokasumi määr oli 13% (11% 2006.a. võrreldaval perioodil) ning kuigi tööjõukulud on kasvanud müügituludest mõnevõrra kiiremini, oli ülejäänud kulude kasv mõõdukam. Üldhalduskulude suhe müügituludesse eelmise aasta võrreldava perioodiga oluliselt ei muutunud ületades 4%. Ärikasumi määr 9 kuu lõpuks oli 9% müügitulust (8% aasta tagasi). Kokku teeniti 2007.a. 9 kuuga auditeerimata andmetel puhaskasumit 209 miljonit krooni ehk 13 miljonit eurot (2006.a. võrreldaval perioodil 116 miljonit krooni ehk 7 miljonit eurot), millest emaettevõtte aktsionäridele kuuluv osa moodustas 196 miljonit krooni ehk üle 12 miljoni euro (2006.a. võrreldaval perioodil 114 miljonit krooni ehk 7 miljonit eurot). 9 kuu raha laekumised ning väljamaksed kokku olid ligikaudu võrdsed. Aasta tagasi oli tegevuste rahavoog võrreldaval perioodil 51 miljoni krooniga ehk ca 3 miljoni euroga negatiivne. Rahapositsiooni paranemine oli tingitud eelkõige positiivsest äritegevuse netorahavoost 29 miljonit krooni ehk ca 2 miljonit eurot (eelmisel aastal negatiivne 22 mln kroon ehk üle 1 miljoni euro). OLULISEMAD SUHTARVUD JA NÄITAJAD -------------------------------------------------------------------------------- | Suhtarv / näitaja | | 9 kuud | | 9 kuud | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kaalutud keskmine aktsiate | | 30 756 | | 30 756 | | 30 756 | | arv, tk | | 728 | | 728 | | 728 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | 6,38 | | 3,72 | | 5,69 | | (EPS), krooni | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu kasv | | 50,7% | | 39,7% | | 49,5% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Keskmine töötajate arv | | 1088 | | 857 | | 871 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, | | 2 444 | | 2 059 | | 2 875 | | tuh. krooni | | | | | | | -------------------------------------------------------------------------------- | Tööjõukulude määr | | 11,2% | | 9,7% | | 11,0% | | müügitulust, % | | | | | | | -------------------------------------------------------------------------------- | Üldhalduskulude määr | | 4,5% | | 4,2% | | 5,0% | | müügitulust, % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA, tuhat krooni | | 277 622 | | 165 432 | | 234 368 | -------------------------------------------------------------------------------- | EBITDA määr müügitulust, % | | 10,4% | | 9,4% | | 9,4% | -------------------------------------------------------------------------------- | Brutokasumi määr | | 13,0% | | 10,9% | | 12,2% | | müügitulust, % | | | | | | | -------------------------------------------------------------------------------- | Ärikasumi määr müügitulust, | | 8,7% | | 8,1% | | 8,1% | | % | | | | | | | -------------------------------------------------------------------------------- | Ärikasumi määr ilma | | 8,4% | | 6,6% | | 7,0% | | varamüügi kasumita, % | | | | | | | -------------------------------------------------------------------------------- | Puhaskasumi määr | | 7,9% | | 6,6% | | 7,5% | | müügitulust, % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investeeritud kapitali | | 26,5% | | 24,8% | | 33,7% | | tootlus, % | | | | | | | -------------------------------------------------------------------------------- | Varade tootlus, % | | 13,6% | | 12,2% | | 17,4% | -------------------------------------------------------------------------------- | Omakapitali tootlus, % | | 36,9% | | 39,6% | | 56,1% | -------------------------------------------------------------------------------- | Omakapitali osakaal, % | | 32,0% | | 28,3% | | 34,9% | -------------------------------------------------------------------------------- | Finantsvõimendus | | 23,6% | | 16,6% | | 14,6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajaliste kohustuste | | 1,38 | | 1,27 | | 1,33 | | kattekordaja | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ehituslepingute teostamata | | 3 161 95 | | 2 200 663 | | 2 453 419 | | osa, tuh. krooni | | 6 | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast fondiemissioone ning aktsiatükeldust (split). Müügitulu töötaja kohta = Müügitulu / Keskmine töötajate arv Tööjõukulude määr müügitulust = Tööjõukulud / Müügitulu Üldhalduskulude osakaal müügitulust = Üldhalduskulud / müügitulu EBITDA = Ärikasum + Kulum EBITDA määr müügitulust = EBITDA / Müügitulu Brutokasumi määr müügitulust = Brutokasum / Müügitulu Ärikasumi määr müügitulust = Ärikasum / Müügitulu Ärikasumi määr ilma varamüügi kasumita = (Ärikasum - põhivara müügikasum - kinnisvara müügikasum) / Müügitulu Puhaskasumi määr müügitulust = Aruandeperioodi puhaskasum / Müügitulu Investeeritud kapitali tootlus = (Kasum enne tulumaksustamist + intressikulud) / Perioodi keskmine (intressi kandvad kohustused + omakapital) Varade tootlus = Ärikasum / Perioodi keskmine varad kokku Omakapitali tootlus = Aruandeperioodi puhaskasum / Perioodi keskmine omakapital kokku Omakapitali osakaal = Omakapital kokku / Kohustused ja omakapital kokku Finantsvõimendus = (Intressikandvad kohustused - raha ja raha ekvivalendid) / (Intressikandvad kohustused + omakapital) Lühiajaliste kohustuste kattekordaja = Käibevara kokku / Lühiajalised kohustused kokku Konsolideeritud bilanss -------------------------------------------------------------------------------- | Auditeerimata, tuhandetes kroonides | 30.09.2007 | 30.09.2006 | 31.12.2006 | | (EEK) | | | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 155 646 | 140 708 | 155 980 | -------------------------------------------------------------------------------- | Lühiajalised finantsinvesteeringud | 0 | 0 | 2 140 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 646 376 | 483 845 | 380 841 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 229 007 | 169 990 | 129 663 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 1 015 | 0 | 1 015 | -------------------------------------------------------------------------------- | Varud | 477 525 | 261 340 | 272 184 | -------------------------------------------------------------------------------- | Käibevara kokku | 1 509 569 | 1 055 883 | 941 823 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Sidusettevõtete aktsiad ja osad | 32 603 | 6 001 | 21 193 | -------------------------------------------------------------------------------- | Muud pikaajalised | 27 829 | 24 107 | 32 951 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 7 524 | 5 975 | 5 963 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 266 998 | 151 006 | 223 674 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 167 479 | 157 295 | 165 036 | -------------------------------------------------------------------------------- | Põhivara kokku | 502 433 | 344 384 | 448 817 | -------------------------------------------------------------------------------- | VARAD KOKKU | 2 012 002 | 1 400 267 | 1 390 640 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 130 699 | 79 607 | 70 029 | -------------------------------------------------------------------------------- | Võlad hankijatele | 431 171 | 296 009 | 183 983 | -------------------------------------------------------------------------------- | Maksuvõlad | 35 699 | 45 129 | 42 922 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 485 287 | 410 001 | 404 819 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 10 633 | 2 340 | 4 511 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 1 093 489 | 833 086 | 706 264 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 271 861 | 167 738 | 196 017 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 490 | 1 794 | 490 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 1 697 | 2 047 | 1 885 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 274 048 | 171 579 | 198 392 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1 367 537 | 1 004 665 | 904 656 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 51 666 | 11 236 | 39 291 | -------------------------------------------------------------------------------- | Aktsiakapital | 307 567 | 153 784 | 153 784 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 108 465 | 108 465 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 11 666 | 4 158 | 4 158 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | 3 480 | 1 333 | 2 196 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 270 086 | 116 626 | 178 090 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 592 799 | 384 366 | 446 693 | | omakapital | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 644 465 | 395 602 | 485 984 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 012 002 | 1 400 267 | 1 390 640 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Konsolideeritud bilanss -------------------------------------------------------------------------------- | Auditeerimata, tuhandetes eurodes | 30.09.2007 | 30.09.2006 | 31.12.2006 | | (EUR) | | | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 9 948 | 8 993 | 9 969 | -------------------------------------------------------------------------------- | Lühiajalised finantsinvesteeringud | 0 | 0 | 137 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 41 311 | 30 923 | 24 340 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 14 636 | 10 864 | 8 287 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 65 | 0 | 65 | -------------------------------------------------------------------------------- | Varud | 30 519 | 16 703 | 17 395 | -------------------------------------------------------------------------------- | Käibevara kokku | 96 479 | 67 483 | 60 193 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Sidusettevõtete aktsiad ja osad | 2 084 | 384 | 1 354 | -------------------------------------------------------------------------------- | Muud pikaajalised | 1 779 | 1 541 | 2 106 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 481 | 382 | 382 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 17 064 | 9 651 | 14 295 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 10 704 | 10 053 | 10 548 | -------------------------------------------------------------------------------- | Põhivara kokku | 32 111 | 22 010 | 28 685 | -------------------------------------------------------------------------------- | VARAD KOKKU | 128 590 | 89 493 | 88 878 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 8 353 | 5 088 | 4 476 | -------------------------------------------------------------------------------- | Võlad hankijatele | 27 557 | 18 918 | 11 759 | -------------------------------------------------------------------------------- | Maksuvõlad | 2 282 | 2 884 | 2 743 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 31 015 | 26 204 | 25 873 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 680 | 150 | 288 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 69 887 | 53 244 | 45 138 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 17 375 | 10 720 | 12 528 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 31 | 115 | 31 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 108 | 131 | 120 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 17 515 | 10 966 | 12 680 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 87 402 | 64 210 | 57 818 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 3 302 | 718 | 2 511 | -------------------------------------------------------------------------------- | Aktsiakapital | 19 657 | 9 829 | 9 829 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 6 932 | 6 932 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 746 | 266 | 266 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | 222 | 85 | 140 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 17 262 | 7 454 | 11 382 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 37 887 | 24 565 | 28 549 | | omakapital | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 41 189 | 25 284 | 31 060 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 128 590 | 89 493 | 88 878 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | III KV | III KV | 9 k | 9 k 2006 | 2006 | | Auditeerimata,tuhandetes | 2007 | 2006 | 2007 | | | | kroonides(EEK) | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 1 139 | 838 40 | 2 659 4 | 1 764 92 | 2 503 8 | | | 833 | 9 | 15 | 3 | 44 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 1 009 | 738 | 2 312 | 1 572 | 2 197 | | | 163 | 445 | 493 | 832 | 319 | -------------------------------------------------------------------------------- | Brutokasum | 130 | 99 964 | 346 922 | 192 091 | 306 525 | | | 670 | | | | | -------------------------------------------------------------------------------- | Üldhalduskulud | 46 138 | 28 247 | 118 616 | 74 178 | 125 739 | -------------------------------------------------------------------------------- | Muud äritulud | 2 085 | 889 | 8 624 | 27 029 | 26 859 | -------------------------------------------------------------------------------- | Muud ärikulud | 1 749 | 1 563 | 5 927 | 2 777 | 5 108 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 84 868 | 71 043 | 231 003 | 142 165 | 202 537 | -------------------------------------------------------------------------------- | Finantstulud | 3 155 | 2 175 | 16 364 | 4 829 | 18 393 | -------------------------------------------------------------------------------- | Finantskulud | 10 457 | 5 040 | 22 458 | 14 137 | 19 046 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | -7 302 | -2 865 | -6 094 | -9 308 | -653 | | kokku | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 599 | 0 | 1 593 | 0 | 0 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 685 | -1 202 | -241 | -1 580 | -980 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 1 284 | -1 202 | 1 352 | -1 580 | -980 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne | 78 850 | 66 976 | 226 261 | 131 277 | 200 904 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | Tulumaks | -41 | 4 625 | 17 426 | 15 426 | 12 831 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 78 891 | 62 351 | 208 835 | 115 851 | 188 073 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Sh emaettevõtte | 72 432 | 59 626 | 196 310 | 114 368 | 175 003 | | aktsionäride osa | | | | | | | kasumist | | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 6 459 | 2 725 | 12 525 | 1 483 | 13 070 | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | 2,35 | 1,94 | 6,38 | 3,72 | 5,69 | | (kroonides)* | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 2,35 | 1,94 | 6,38 | 3,72 | 5,69 | | aktsia kohta (kroonides)* | | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast (fondi)emissioone ehk 30 756 728 aktsiat Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | Auditeerimata,tuhandetes | III KV | III KV | 9 k | 9 k 2006 | 2006 | | eurodes(EUR) | 2007 | 2006 | 2007 | | | -------------------------------------------------------------------------------- | Müügitulu | 72 849 | 53 584 | 169 | 112 799 | 160 025 | | | | | 968 | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 64 497 | 47 195 | 147 | 100 522 | 140 434 | | | | | 795 | | | -------------------------------------------------------------------------------- | Brutokasum | 8 351 | 6 389 | 22 172 | 12 277 | 19 591 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 949 | 1 805 | 7 581 | 4 741 | 8 036 | -------------------------------------------------------------------------------- | Muud äritulud | 133 | 57 | 551 | 1 727 | 1 716 | -------------------------------------------------------------------------------- | Muud ärikulud | 112 | 100 | 379 | 177 | 326 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 5 424 | 4 540 | 14 767 | 9 086 | 12 944 | -------------------------------------------------------------------------------- | Finantstulud | 202 | 139 | 1 046 | 309 | 1 176 | -------------------------------------------------------------------------------- | Finantskulud | 668 | 322 | 1 435 | 904 | 1 217 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | -467 | -183 | -389 | -595 | -42 | | kokku | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 38 | 0 | 102 | 0 | 0 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 44 | -77 | -15 | -101 | -63 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 82 | -77 | 87 | -101 | -63 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne | 5 039 | 4 281 | 14 461 | 8 390 | 12 840 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | Tulumaks | -3 | 296 | 1 114 | 986 | 820 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 5 042 | 3 985 | 13 347 | 7 404 | 12 020 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Sh emaettevõtte | 4 629 | 3 811 | 12 546 | 7 309 | 11 185 | | aktsionäride osa | | | | | | | kasumist | | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa | 413 | 174 | 800 | 95 | 835 | | kasumist | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | 0,15 | 0,12 | 0,41 | 0,24 | 0,36 | | kohta (kroonides)* | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,15 | 0,12 | 0,41 | 0,24 | 0,36 | | aktsia kohta (kroonides)* | | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast (fondi)emissioone ehk 30 756 728 aktsiat. Sulev Luiga AS Eesti Ehitus +372 6400448 e-post: eestiehitus@eestiehitus.ee
Pealkiri
CONSOLIDATED INTERIM FINANCIAL STATEMENTS THIRD QUARTER AND FIRST NINE MONTHS OF 2007 (UNAUDITED)
Teade
AS Eesti Ehitus is a group of construction companies whose core business is general contracting and construction management. The Group is engaged in the construction of buildings and structures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia. Since 18 May 2006 the company's shares have been quoted in the main list of Tallinn Stock Exchange. Mission. We are committed to providing premier value-added design and construction services by creating a successful partnership with our customers. We seek to add value to the company by recognising our employees and providing them with clear motivation, development opportunities and a contemporary work environment. Vision We strive to be a construction group which can always surpass the customer's expectations. Shared values: Quality We are professionals - we apply appropriate and effective construction techniques and technologies and observe generally accepted quality standards. We provide our customers with integrated cost efficient solutions. We are environmentally aware and operate sustainably. We value our employees by providing them with a modern work environment which encourages creativity and a motivation system which fosters initiative. Reliability We always keep our promises and honour our agreements. We act openly and transparently. We consistently support and promote the best construction practices. We do not take risks at the expense of our customers. Innovation We are innovative and creative engineers. We take maximum advantage of the benefits offered by information technology. We inspire our employees to grow through consistent training and balanced career opportunities. THE GROUP'S STRUCTURE The unaudited consolidated financial statements of AS Eesti Ehitus for the nine months ended 30 September 2007 comprise the results of the parent and its subsidiaries and the Group's interests in associates: -------------------------------------------------------------------------------- | Direct and indirect ownership interests of AS Eesti Ehitus: | -------------------------------------------------------------------------------- | Company | | 30 September | 30 September | 31 December | | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | AS Linnaehitus | EST | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | AS Aspi | EST | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | AS Järva Teed | EST | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | OÜ Hiiu Teed | EST | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | OÜ Mapri Projekt | EST | 52.0% | 52.0% | 52.0% | -------------------------------------------------------------------------------- | Estcon OY | FIN | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | OÜ EE Ressursid | EST | 100.0% | 100.0% | 100.0% | -------------------------------------------------------------------------------- | UAB Eurocon LT | LIT | 70.0% | 0.0% | 0.0% | -------------------------------------------------------------------------------- | OÜ Eurocon | EST | 64.0% | 64.0% | 64.0% | -------------------------------------------------------------------------------- | TOV Eurocon Ukraine | UKR | 61.4% | 61.4% | 61.4% | -------------------------------------------------------------------------------- | TOV Eurocon West | UKR | 61.4% | 61.4% | 61.4% | -------------------------------------------------------------------------------- | TOV Bukovina | UKR | 60.8% | 60.8% | 60.8% | | Developments | | | | | -------------------------------------------------------------------------------- | TOV Passage Theatre | UKR | 55.3% | 61.4% | 55.3% | -------------------------------------------------------------------------------- | OÜ Kaurits | EST | 52.0% | 0.0% | 52.0% | -------------------------------------------------------------------------------- | OÜ DSN Ehitusmasinad | EST | 34.3% | 0.0% | 0.0% | -------------------------------------------------------------------------------- | SIA Abagars | LAT | 34.3% | 0.0% | 34.3% | -------------------------------------------------------------------------------- | TOV V.I. Center | UKR | 32.0% | 41.0% | 38.7% | -------------------------------------------------------------------------------- | TOV EA Reng Proekt | UKR | 31.3% | 0.0% | 31.3% | -------------------------------------------------------------------------------- | TOV Technopolis-2 | UKR | 30.7% | 30.7% | 30.7% | -------------------------------------------------------------------------------- | TOV Baltik | UKR | 30.7% | 0.0% | 0.0% | | Development | | | | | -------------------------------------------------------------------------------- | OÜ Kastani Kinnisvara | EST | 26.0% | 26.0% | 26.0% | -------------------------------------------------------------------------------- The parent and AS Linnaehitus are engaged in general contracting and project management. AS Aspi and its subsidiaries build environmental structures and roads and provide road maintenance services. Over two thirds of the revenue of OÜ Mapri Projekt results from concrete works; in addition, the company performs project management and general construction contracts. OÜ Eurocon coordinates the Group's construction and development activities in Ukraine. Its direct subsidiary TOV Eurocon Ukraine is engaged in general contracting and project management. Other Ukrainian entities are project companies which develop real estate in and around Kiev, and in Lvov. In the first nine months of 2007, the Group's structure changed as follows: In February, an 11% stake in TOV V.I. Center was sold to Continental Investment Holding GmbH, a non-group company. Considering minority interests in OÜ Eurocon and TOV Eurocon Ukraine, the transaction reduced AS Eesti Ehitus' interest in TOV V.I. Center to 32%. In April, a new development company, TOV Baltik Development, was established in Ukraine in association with the Dutch company Vicus Realty Delta B.V. Taking into account minority interests in OÜ Eurocon and TOV Eurocon Ukraine, AS Eesti Ehitus' interest in the new entity is 30.7%. In June, a subsidiary, UAB Eurocon LT, was founded in Lithuania. In September, a 30% interest in the entity was sold to the Lithuanian company UAB Eurox LT. In July, the Group divested of its shareholding in the Ukrainian joint venture TOV Eurobeton. In August, OÜ Kaurits acquired a 66% majority interest in OÜ DSN Ehitusmasinad. OÜ Kaurits is a 52% subsidiary of AS Aspi which is a wholly-owned subsidiary of AS Eesti Ehitus. The accounts of OÜ Kaurits have been consolidated since the beginning of the financial year and the accounts of OÜ DSN Ehitusmasinad since August 2007. The consolidation of TOV Eurobeton ceased as of the month of its divestment. After the balance sheet date, AS Eesti Ehitus conditionally acquired a 52% stake in AS Eston Ehitus. When the acquisition takes effect, the fourth quarter results of AS Eston Ehitus will be consolidated. EMPLOYEES AND PERSONNEL EXPENSES In the first nine months of 2007, the Group employed, on average, 1088 people. The proportion of engineers and technical personnel (ETP) was 38% (nine months 2006: 37%). Personnel expenses totalled 297.1 million kroons (€19 million), a 74% increase year-over-year while the average number of staff grew 27% year-over year. The rise in personnel expenses may be explained by stiff competition in the labour market and the acquisition of subsidiaries. -------------------------------------------------------------------------------- | Average number of the Group's | | | | | | employees | | | | | -------------------------------------------------------------------------------- | Period | | ETP | | Workers | | Total average | -------------------------------------------------------------------------------- | 9 months | | 413 | | 675 | | 1088 | | 2007 | | | | | | | -------------------------------------------------------------------------------- | 9 months | | 317 | | 540 | | 857 | | 2006 | | | | | | | -------------------------------------------------------------------------------- | 2006 | | 329 | | 542 | | 871 | -------------------------------------------------------------------------------- REVENUE AND SEGMENTS Consolidated revenues for the nine months ended 30 September 2007 totalled 2,659.4 million kroons (€170 million), a strong 51% improvement on a year ago. Similarly to a year ago, the Residential and non-residential segment contributed 52% (72% up on a year ago) and the Civil engineering segment 48% (63% growth) of the total. -------------------------------------------------------------------------------- | Revenue by segments | | | | | | | -------------------------------------------------------------------------------- | Business segments | | 9 months | | 9 months | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- | Civil engineering | | 48% | | 44% | | 46% | -------------------------------------------------------------------------------- | Residential and | | 52% | | 56% | | 54% | | non-residential | | | | | | | -------------------------------------------------------------------------------- Commercial buildings remains the Residential and non-residential segment's largest sub-segment, largely on account of strong demand in the home market. Compared with the first nine months of 2006, the highest growth rate was posted by the Public buildings sub-segment. -------------------------------------------------------------------------------- | Revenue allocation in the | | | | | | | | Residential and | | | | | | | -------------------------------------------------------------------------------- | non-residential segment | | 9 months | | 9 months | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- | Residential buildings | | 17% | | 11% | | 17% | -------------------------------------------------------------------------------- | Public buildings | | 20% | | 17% | | 18% | -------------------------------------------------------------------------------- | Commercial buildings | | 53% | | 47% | | 41% | -------------------------------------------------------------------------------- | Industrial and warehouse | | 10% | | 25% | | 24% | | facilities | | | | | | | -------------------------------------------------------------------------------- In Civil engineering, the largest sub-segment was Port construction, which contributed 497.9 million kroons (€31.8 million), i.e. 19% of total construction contract revenues. A year ago the contribution of Port construction was only 48.6 million kroons (€3.1 million) or 3%. Road construction and maintenance generated revenues of 467.5 million (€29.9 million), i.e. 18% of total construction contract revenues, against 498.9 million kroons (€31.9 million) and 28% a year ago. At 30 September 2007, the Group's order backlog was 3,161 million kroons (€202 million) against 2,201 million kroons (€140.7 million) a year ago. PROFITABILITY AND CASH FLOWS In the first nine months of 2007, the Group's year-on-year profitability improved consistently. The period's gross margin was 13% (nine months 2006: 11%). Although personnel expenses grew more rapidly than revenue, other expenses increased at a slower pace. Compared with a year ago, the ratio of administrative expenses to revenue remained more or less stable at above 4%. The period's operating margin was 9% (nine months 2006: 8%). Unaudited consolidated net profit for the first nine months of 2007 amounted to an exceptional 209 million kroons (€13 million) against the 116 million kroons (€7 million) earned a year ago. The profit attributable to equity holders of the parent amounted to 196 million kroons (over €12 million) against 114 million kroons (€7 million) for the first nine months of 2006. The period's cash inflows and outflows were more or less equal. A year ago, the net cash flow was negative to the extent of 51 million kroons (approx. €3 million). The Group's cash position has improved, above all, on account of positive operating cash flows (29 million kroons or approx. €2 million). In the first nine months of 2006 operating cash flows were negative to the extent of 22 million kroons (€1 million). SIGNIFICANT RATIOS AND FIGURES -------------------------------------------------------------------------------- | Ratio /figure | | 9 months | | 9 months | | 2006 | | | | 2007 | | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Weighted average number of | | 30,756,72 | | 30,756,7 | | 30,756,7 | | shares | | 8 | | 28 | | 28 | -------------------------------------------------------------------------------- | Earnings per share (in | | 6.38 | | 3.72 | | 5.69 | | kroons) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue growth | | 50.7% | | 39.7% | | 49.5% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | | 1088 | | 857 | | 871 | -------------------------------------------------------------------------------- | Revenue per employee (in | | 2,444 | | 2,059 | | 2,875 | | thousands of kroons) | | | | | | | -------------------------------------------------------------------------------- | Personnel expenses to | | 11.2% | | 9.7% | | 11.0% | | revenue, % | | | | | | | -------------------------------------------------------------------------------- | Administrative expenses to | | 4.5% | | 4.2% | | 5.0% | | revenue, % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA (in thousands of | | 277,622 | | 165,432 | | 234,368 | | kroons) | | | | | | | -------------------------------------------------------------------------------- | EBITDA margin, % | | 10.4% | | 9.4% | | 9.4% | -------------------------------------------------------------------------------- | Gross margin, % | | 13.0% | | 10.9% | | 12.2% | -------------------------------------------------------------------------------- | Operating margin, % | | 8.7% | | 8.1% | | 8.1% | -------------------------------------------------------------------------------- | Operating margin excluding | | 8.4% | | 6.6% | | 7.0% | | gains on property sales, % | | | | | | | -------------------------------------------------------------------------------- | Net margin, % | | 7.9% | | 6.6% | | 7.5% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on invested capital, | | 26.5% | | 24.8% | | 33.7% | | % | | | | | | | -------------------------------------------------------------------------------- | Return on assets, % | | 13.6% | | 12.2% | | 17.4% | -------------------------------------------------------------------------------- | Return on equity, % | | 36.9% | | 39.6% | | 56.1% | -------------------------------------------------------------------------------- | Equity ratio, % | | 32.0% | | 28.3% | | 34.9% | -------------------------------------------------------------------------------- | Gearing, % | | 23.6% | | 16.6% | | 14.6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current ratio | | 1.38 | | 1.27 | | 1.33 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog (in thousands | | 3,161,956 | | 2,200,66 | | 2,453,41 | | of kroons) | | | | 3 | | 9 | -------------------------------------------------------------------------------- * For comparability the weighted average number of shares is the number of shares after the bonus issues. Revenue per employee = revenue / average number of employees Personnel expenses to revenue = personnel expenses / revenue Administrative expenses to revenue = administrative expenses / revenue EBITDA = earnings before interest, taxes, depreciation and amortisation EBITDA margin = EBITDA / revenue Gross margin = gross profit / revenue Operating margin = operating profit / revenue Operating margin excluding gains on property sales = (operating profit - gains on sale of property, plant and equipment - gains on sale of real estate) / revenue Net margin = net profit for the period / revenue Return on invested capital = (profit before tax + interest expense) / the period's average (interest-bearing liabilities + equity) Return on assets = operating profit / average total assets for the period Return on equity = net profit for the period / average total equity for the period Equity ratio = total equity / total equity and liabilities Gearing = (interest-bearing liabilities - cash and cash equivalents) / (interest bearing liabilities + equity) Current ratio = total current assets / total current liabilities Consolidated interim balance sheet -------------------------------------------------------------------------------- | Unaudited, in thousands of kroons | 30 Sept | 30 Sept | 31 Dec 2006 | | (EEK) | 2007 | 2006 | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 155,646 | 140,708 | 155,980 | -------------------------------------------------------------------------------- | Short-term investments | 0 | 0 | 2,140 | -------------------------------------------------------------------------------- | Trade receivables | 646,376 | 483,845 | 380,841 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 229,007 | 169,990 | 129,663 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,015 | 0 | 1,015 | -------------------------------------------------------------------------------- | Inventories | 477,525 | 261,340 | 272,184 | -------------------------------------------------------------------------------- | Total current assets | 1,509,569 | 1,055,883 | 941,823 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Investments in associates | 32,603 | 6,001 | 21,193 | -------------------------------------------------------------------------------- | Other long-term investments | 27,829 | 24,107 | 32,951 | -------------------------------------------------------------------------------- | Investment property | 7,524 | 5,975 | 5,963 | -------------------------------------------------------------------------------- | Property, plant and equipment | 266,998 | 151,006 | 223,674 | -------------------------------------------------------------------------------- | Intangible assets | 167,479 | 157,295 | 165,036 | -------------------------------------------------------------------------------- | Total non-current assets | 502,433 | 344,384 | 448,817 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2,012,002 | 1,400,267 | 1,390,640 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 130,699 | 79,607 | 70,029 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 431,171 | 296,009 | 183,983 | -------------------------------------------------------------------------------- | Tax liabilities | 35,699 | 45,129 | 42,922 | -------------------------------------------------------------------------------- | Other payables and advances | 485,287 | 410,001 | 404,819 | -------------------------------------------------------------------------------- | Provisions | 10,633 | 2,340 | 4,511 | -------------------------------------------------------------------------------- | Total current liabilities | 1,093,489 | 833,086 | 706,264 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 271,861 | 167,738 | 196,017 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 490 | 490 | 490 | -------------------------------------------------------------------------------- | Provisions | 1,697 | 2,047 | 1,885 | -------------------------------------------------------------------------------- | Total non-current liabilities | 274,048 | 171,579 | 198,392 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,367,537 | 1,004,665 | 904,656 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Minority interest | 51,666 | 11,236 | 39,291 | -------------------------------------------------------------------------------- | Share capital | 307,567 | 153,784 | 153,784 | -------------------------------------------------------------------------------- | Share premium | 0 | 108,465 | 108,465 | -------------------------------------------------------------------------------- | Statutory capital reserve | 11,666 | 4,158 | 4,158 | -------------------------------------------------------------------------------- | Translation reserve | 3,480 | 1,333 | 2,196 | -------------------------------------------------------------------------------- | Retained earnings | 270,086 | 116,626 | 178,090 | -------------------------------------------------------------------------------- | Total equity attributable to equity | 592,799 | 384,366 | 446,693 | | holders of the parent | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 644,465 | 395,602 | 485,984 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 2,012,002 | 1,400,267 | 1,390,640 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Consolidated interim balance sheet -------------------------------------------------------------------------------- | Unaudited, in thousands of euro (€) | 30 Sept | 30 Sept | 31 Dec 2006 | | | 2007 | 2006 | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 9,948 | 8,993 | 9,969 | -------------------------------------------------------------------------------- | Short-term investments | 0 | 0 | 137 | -------------------------------------------------------------------------------- | Trade receivables | 41,311 | 30,923 | 23,340 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 14,636 | 10,864 | 8,287 | -------------------------------------------------------------------------------- | Deferred tax assets | 65 | 0 | 65 | -------------------------------------------------------------------------------- | Inventories | 30,519 | 16,703 | 17,395 | -------------------------------------------------------------------------------- | Total current assets | 96,479 | 67,483 | 60,193 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Investments in associates | 2,084 | 384 | 1,354 | -------------------------------------------------------------------------------- | Other long-term investments | 1,779 | 1,541 | 2,106 | -------------------------------------------------------------------------------- | Investment property | 481 | 382 | 382 | -------------------------------------------------------------------------------- | Property, plant and equipment | 17,064 | 9,651 | 14,295 | -------------------------------------------------------------------------------- | Intangible assets | 10,704 | 10,053 | 10,548 | -------------------------------------------------------------------------------- | Total non-current assets | 32,111 | 22,010 | 28,685 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 128,590 | 89,493 | 88,878 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 8,353 | 5,088 | 4,476 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 27,557 | 18,918 | 11,759 | -------------------------------------------------------------------------------- | Tax liabilities | 2,282 | 2,884 | 2,743 | -------------------------------------------------------------------------------- | Other payables and advances | 31,015 | 26,204 | 25,873 | -------------------------------------------------------------------------------- | Provisions | 680 | 150 | 288 | -------------------------------------------------------------------------------- | Total current liabilities | 69,887 | 53,244 | 45,138 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 17,375 | 10,720 | 12,528 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 31 | 115 | 31 | -------------------------------------------------------------------------------- | Provisions | 108 | 131 | 120 | -------------------------------------------------------------------------------- | Total non-current liabilities | 17,515 | 10,966 | 12,680 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 87,402 | 64,210 | 57,818 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Minority interest | 3,302 | 718 | 2,511 | -------------------------------------------------------------------------------- | Share capital | 19,657 | 9,829 | 9,829 | -------------------------------------------------------------------------------- | Share premium | 0 | 6,932 | 6,932 | -------------------------------------------------------------------------------- | Statutory capital reserve | 746 | 266 | 266 | -------------------------------------------------------------------------------- | Translation reserve | 222 | 85 | 140 | -------------------------------------------------------------------------------- | Retained earnings | 17,262 | 7,454 | 11,382 | -------------------------------------------------------------------------------- | Total equity attributable to equity | 37,887 | 24,565 | 28,549 | | holders of the parent | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 41,189 | 25,284 | 31,060 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 128,590 | 89,493 | 88,878 | -------------------------------------------------------------------------------- Consolidated interim income statement -------------------------------------------------------------------------------- | | Q3, | Q3, | 9 | 9 months | 2006 | | Unaudited in thousands of | 2007 | 2006 | months | 2006 | | | kroons (EEK) | | | 2007 | | | -------------------------------------------------------------------------------- | Revenue | 1,139, | 838,40 | 2,659,4 | 1,764,92 | 2,503,84 | | | 833 | 9 | 15 | 3 | 4 | -------------------------------------------------------------------------------- | Cost of sales | 1,009, | 738,44 | 2,312,4 | 1,572,83 | 2,197,31 | | | 163 | 5 | 93 | 2 | 9 | -------------------------------------------------------------------------------- | Gross profit | 130,67 | 99,964 | 346,922 | 192,091 | 306,525 | | | 0 | | | | | -------------------------------------------------------------------------------- | Administrative expenses | 46,138 | 28,247 | 118,616 | 74,178 | 125,739 | -------------------------------------------------------------------------------- | Other operating income | 2,085 | 889 | 8,624 | 27,029 | 26,859 | -------------------------------------------------------------------------------- | Other operating expenses | 1,749 | 1,563 | 5,927 | 2,777 | 5,108 | -------------------------------------------------------------------------------- | Operating profit before | 84,868 | 71,043 | 231,003 | 142,165 | 202,537 | | financial items | | | | | | -------------------------------------------------------------------------------- | Financial income | 3,155 | 2,175 | 16,364 | 4,829 | 18,393 | -------------------------------------------------------------------------------- | Financial expenses | 10,457 | 5,040 | 22,458 | 14,137 | 19,046 | -------------------------------------------------------------------------------- | Net financial items | -7,302 | -2,865 | -6,094 | -9,308 | -653 | -------------------------------------------------------------------------------- | Share of profit of equity | 599 | 0 | 1,593 | 0 | 0 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 685 | -1,202 | -241 | -1,580 | -980 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 1,284 | -1,202 | 1,352 | -1,580 | -980 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Profit before income tax | 78,850 | 66,976 | 226,261 | 131,277 | 200,904 | -------------------------------------------------------------------------------- | Income tax expense | -41 | 4,625 | 17,426 | 15,426 | 12,831 | -------------------------------------------------------------------------------- | Profit for the period | 78,891 | 62,351 | 208,835 | 115,851 | 188,073 | -------------------------------------------------------------------------------- | Attributable to | 72,432 | 59,626 | 196,310 | 114,368 | 175,003 | | Equity holders of the | | | | | | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 6,459 | 2,725 | 12,525 | 1,483 | 13,070 | -------------------------------------------------------------------------------- | Basic earnings per share | 2.35 | 1.94 | 6.38 | 3.72 | 5.69 | | (in kroons)* | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.35 | 1.94 | 6.38 | 3.72 | 5.69 | | (in kroons)* | | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares used is the number of shares after the bonus issues, i.e. 30,756,728 shares. Consolidated interim income statement -------------------------------------------------------------------------------- | Unaudited in thousands of | Q3, | Q3, | 9 | 9 months | 2006 | | euro (€) | 2007 | 2006 | months | 2006 | | | | | | 2007 | | | -------------------------------------------------------------------------------- | Revenue | 72,849 | 53,584 | 169,968 | 112,799 | 160,025 | -------------------------------------------------------------------------------- | Cost of sales | 64,497 | 47,195 | 147,795 | 100,522 | 140,434 | -------------------------------------------------------------------------------- | Gross profit | 8,351 | 6,389 | 22,172 | 12,277 | 19,591 | -------------------------------------------------------------------------------- | Administrative expenses | 2,949 | 1,805 | 7,581 | 4,741 | 8,036 | -------------------------------------------------------------------------------- | Other operating income | 133 | 57 | 551 | 1,727 | 1,716 | -------------------------------------------------------------------------------- | Other operating expenses | 112 | 100 | 379 | 177 | 326 | -------------------------------------------------------------------------------- | Operating profit before | 5,424 | 4,540 | 14,767 | 9,086 | 12,944 | | financial items | | | | | | -------------------------------------------------------------------------------- | Financial income | 202 | 139 | 1,046 | 309 | 1,176 | -------------------------------------------------------------------------------- | Financial expenses | 668 | 322 | 1,435 | 904 | 1,217 | -------------------------------------------------------------------------------- | Net financial items | -467 | -183 | -389 | -595 | -42 | -------------------------------------------------------------------------------- | Share of profit of equity | 38 | 0 | 102 | 0 | 0 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 44 | -77 | -15 | -101 | -63 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 82 | -77 | 87 | -101 | -63 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- | Profit before income tax | 5,039 | 4,281 | 14,461 | 8,390 | 12,840 | -------------------------------------------------------------------------------- | Income tax expense | -3 | 296 | 1,114 | 986 | 820 | -------------------------------------------------------------------------------- | Profit for the period | 5,042 | 3,985 | 13,347 | 7,404 | 12,020 | -------------------------------------------------------------------------------- | Attributable to | 4,629 | 3,811 | 12,546 | 7,309 | 11,185 | | Equity holders of the | | | | | | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 413 | 174 | 800 | 95 | 835 | -------------------------------------------------------------------------------- | Basic earnings per share | 0.15 | 0.12 | 0.41 | 0.24 | 0.36 | | (in kroons)* | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.15 | 0.12 | 0.41 | 0.24 | 0.36 | | share (in kroons)* | | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares used is the number of shares after the bonus issues, i.e. 30,756,728 shares. Sulev Luiga AS Eesti Ehitus +372 6400448 E-mail: eestiehitus@eestiehitus.ee