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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
06.02.2008 17:01:25
Pealkiri
2007. AASTA IV KVARTALI JA 12 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
Teade
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. 12 kuu auditeerimata majandustulemused on konsolideeritud emaettevõtte
ja järgmiste konsolideerimisgruppi kuuluvate ettevõtete raamatupidamisaruannete
põhjal:
--------------------------------------------------------------------------------
| AS Eesti Ehitus otsene ja kaudne osalus kokku: |
--------------------------------------------------------------------------------
| Ettevõte | | 31.12.2007 | 31.12.2006 | |
--------------------------------------------------------------------------------
| AS Linnaehitus | Eesti | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| AS Aspi | Eesti | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| AS Järva Teed | Eesti | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| OÜ Hiiu Teed | Eesti | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| OÜ Mapri Projekt | Eesti | 52,0% | 52,0% | |
--------------------------------------------------------------------------------
| Estcon OY | Soome | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| OÜ EE Ressursid | Eesti | 100,0% | 100,0% | |
--------------------------------------------------------------------------------
| UAB Eurocon LT | Leedu | 70,0% | 0,0% | |
--------------------------------------------------------------------------------
| OÜ Eurocon | Eesti | 64,0% | 64,0% | |
--------------------------------------------------------------------------------
| TOV Eurocon Ukraine | Ukraina | 61,4% | 61,4% | |
--------------------------------------------------------------------------------
| TOV Eurocon West | Ukraina | 61,4% | 61,4% | |
--------------------------------------------------------------------------------
| TOV Bukovina Developments | Ukraina | 60,8% | 60,8% | |
--------------------------------------------------------------------------------
| TOV Passage Theatre | Ukraina | 55,3% | 61,4% | |
--------------------------------------------------------------------------------
| OÜ Kaurits | Eesti | 52,0% | 0,0% | |
--------------------------------------------------------------------------------
| OÜ DSN Ehitusmasinad | Eesti | 34,3% | 0,0% | |
--------------------------------------------------------------------------------
| SIA Abagars | Läti | 34,3% | 0,0% | |
--------------------------------------------------------------------------------
| TOV V.I. Center | Ukraina | 32,0% | 41,0% | |
--------------------------------------------------------------------------------
| TOV EA Reng Proekt | Ukraina | 31,3% | 0,0% | |
--------------------------------------------------------------------------------
| TOV Technopolis-2 | Ukraina | 30,7% | 30,7% | |
--------------------------------------------------------------------------------
| TOV Baltik Development | Ukraina | 30,7% | 0,0% | |
--------------------------------------------------------------------------------
| OÜ Kastani Kinnisvara | Eesti | 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. aastal leidsid aset alljärgnevad muudatused kontserni struktuuris:
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.
Oktoobrikuus ostis AS Eesti Ehitus 52%-lise osaluse AS Eston Ehitus.
Detsembrikuus otsustati müüa 61% osalusest TOV Passage Theatre`s. Müügitehing on
lõpule viimata.
Alates 2007. aasta algusest kajastuvad kontserni aruandes ka OÜ Kaurits ning
augustikuust OÜ DSN Ehitusmasinad majandustulemused. TOV Eurobeton tulemuste
konsolideerimine lõpetati võõrandamiskuust. Konsolideeritud aruandluses
kajastuvad AS Eston Ehituse tulemused alates novembrist 2007.
TÖÖTAJAD JA TÖÖJÕUKULUD
Kontserni ettevõtetes töötas 2007. a. kokku keskmiselt 1 103 inimest.
Insener-tehnilise personali osakaal kontserni töötajate koguarvust moodustas 39%
(eelmise aasta võrreldaval perioodil 37%). Vastava perioodi tööjõukulud olid 462
miljonit krooni (29 miljonit eurot), kasvades aastataguse ajaga võrreldes 68%.
Seejuures on töötajate keskmine arv kasvanud 26%. Tööjõukulude kasv on tingitud
nõudlusest tööjõuturul ja ka uute tütarettevõtete soetamisest.
--------------------------------------------------------------------------------
| Töötajate keskmine arv | | | | |
| kontsernis | | | | |
--------------------------------------------------------------------------------
| Periood | | ITP | | Töölised | | Keskmine |
| | | | | | | kokku |
--------------------------------------------------------------------------------
| 2007 | | 425 | | 678 | | 1103 |
--------------------------------------------------------------------------------
| 2006 | | 329 | | 542 | | 871 |
--------------------------------------------------------------------------------
| 2005 | | 261 | | 393 | | 610 |
--------------------------------------------------------------------------------
2007. aastal on arvestatud tasusid AS-i Eesti Ehitus kontserni nõukogu
liikmetele 1 080 tuhat krooni (69 tuhat eurot). AS-i Eesti Ehitus juhatuse
liikmetele on arvestatud tasusid ja hüvitisi 15 558 tuhat krooni (994 tuhat
eurot).
MÜÜGITULU JA SEGMENDID
AS Eesti Ehitus 2007. a. konsolideeritud müügitulud olid 3 770 miljonit krooni
(241 miljonit eurot), kasvades eelmise aasta võrreldava perioodiga 51 %.
Müügitulust 53% andis sarnaselt eelmise aasta võrreldava perioodiga hoonete
ehitus (kasv 49%) ning 47% rajatiste ehitus (kasv 58%) .
--------------------------------------------------------------------------------
| Müügitulu jaotus segmenditi | | | | | |
--------------------------------------------------------------------------------
| Ärisegmendid | | 2007 | | | 2006 |
--------------------------------------------------------------------------------
| Rajatised | | 47% | | | 46% |
--------------------------------------------------------------------------------
| Hooned | | 53% | | | 54% |
--------------------------------------------------------------------------------
Hoonete segmendis on suurimaks alamsegmendiks jätkuvalt ärihoonete ehitus, mida
toetas eelkõige tugev nõudlus vastavate ehitiste järele koduturul. Kiireima
kasvuga eelmise aastaga võrreldes on olnud ühiskondlike hoonete alamsegment.
--------------------------------------------------------------------------------
| Müügitulu jaotus hoonete | | | | | |
| segmendis | | | | | |
--------------------------------------------------------------------------------
| Hooned | | 2007 | | | 2006 |
--------------------------------------------------------------------------------
| Korterelamud | | 11% | | | 17% |
--------------------------------------------------------------------------------
| Ühiskondlikud hooned | | 17% | | | 18% |
--------------------------------------------------------------------------------
| Ärihooned | | 61% | | | 41% |
--------------------------------------------------------------------------------
| Tööstus- ja laohooned | | 11% | | | 24% |
--------------------------------------------------------------------------------
Rajatiste segmendi suurim alamsegment oli sadamaehitus, mis moodustas 580
miljonit krooni ( 37 miljonit eurot) ehk 15% ehituslepingute tuludest kokku.
Eelmise aasta võrreldaval perioodil oli sadamaehituste osakaal vaid 157 miljonit
krooni (10 miljonit eurot) ehk 14%. Teedeehitus ja -hooldus moodustas
ehituslepingute tuludest 730 miljonit krooni (47 miljonit eurot) ehk 19% ning
eelmise majandusaasta võrreldaval perioodil 584 miljonit krooni (37 miljonit
eurot) ehk 23%.
Kontserni sõlmitud ehituslepingute teostamata osa maht 31.12.2007 seisuga oli
2 588 miljonit krooni (165 miljonit eurot), mis on võrreldav aastataguse 2 453
miljoni krooniga (158 miljonit eurot).
KASUMLIKKUS JA RAHAVOOG
Kontserni kasumlikkus on 2007. aastal võrrelduna 2006. aastaga läbivalt
paranenud.
Brutokasumi määr oli 13% (12% 2006. aastal) ning kuigi tööjõukulud on kasvanud
müügituludest mõnevõrra kiiremini, oli ülejäänud kulude kasv mõõdukam.
Üldhalduskulude suhe müügituludesse eelmise aasta võrreldava perioodiga
oluliselt ei muutunud, jäädes pisut alla 5% (5% 2006. aastal). Ärikasumi määr
aruandeaasta lõpuks oli 9% müügitulust (8% aasta tagasi). Muuhulgas suurenes
ärikasumi kinnisvarainvesteeringute väärtuse kasvust 23 mln krooni ehk üle 1 mln
euro (eelmisel aastal 0).
Kokku teeniti 2007.a. auditeerimata andmetel puhaskasumit 302 miljonit krooni
ehk 19 miljonit eurot (2006.a. 188 miljonit krooni ehk 12 miljonit eurot),
millest emaettevõtte aktsionäridele kuuluv osa moodustas 281 miljonit krooni ehk
ligi 18 miljonit eurot (2006. a. 175 miljonit krooni ehk 11 miljonit eurot).
Raha laekumised ning väljamaksed kokku kasvasid 80 mln kroonini (5 mln eurot).
Aasta tagasi oli tegevuste rahavoog võrreldaval perioodil 36 miljoni krooniga
ehk ca 2 miljoni euroga negatiivne. Rahapositsiooni paranemine oli tingitud
eelkõige positiivsest äritegevuse netorahavoost 163 miljonit krooni ehk ca 10
miljonit eurot (eelmisel aastal 55 mln krooni ehk üle 3 miljoni euro).
OLULISEMAD SUHTARVUD JA NÄITAJAD
--------------------------------------------------------------------------------
| Suhtarv / näitaja | | 2007 | | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kaalutud keskmine aktsiate arv, tk | | 30 756 728 | | 30 756 728 |
--------------------------------------------------------------------------------
| Puhaskasum aktsia kohta (EPS), | | 9,14 | | 5,69 |
| krooni | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu kasv | | 50,6% | | 49,5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Keskmine töötajate arv | | 1103 | | 871 |
--------------------------------------------------------------------------------
| Müügitulu töötaja kohta, tuh. krooni | | 3 418 | | 2 875 |
--------------------------------------------------------------------------------
| Tööjõukulude määr müügitulust, % | | 12,3% | | 11,0% |
--------------------------------------------------------------------------------
| Üldhalduskulude määr müügitulust, % | | 4,8% | | 5,0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA, krooni | | 396 246 | | 234 368 |
--------------------------------------------------------------------------------
| EBITDA määr müügitulust, % | | 10,5% | | 9,4% |
--------------------------------------------------------------------------------
| Brutokasumi määr müügitulust, % | | 13,3% | | 12,2% |
--------------------------------------------------------------------------------
| Ärikasumi määr müügitulust, % | | 8,8% | | 8,1% |
--------------------------------------------------------------------------------
| Ärikasumi määr ilma varamüügi | | 8,6% | | 7,0% |
| kasumita, % | | | | |
--------------------------------------------------------------------------------
| Puhaskasumi määr müügitulust, % | | 8,0% | | 7,5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investeeritud kapitali tootlus, % | | 35,2% | | 33,7% |
--------------------------------------------------------------------------------
| Varade tootlus, % | | 18,6% | | 17,4% |
--------------------------------------------------------------------------------
| Omakapitali tootlus, % | | 46,8% | | 56,1% |
--------------------------------------------------------------------------------
| Omakapitali osakaal, % | | 36,9% | | 34,9% |
--------------------------------------------------------------------------------
| Finantsvõimendus | | 13,5% | | 14,6% |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | | 1,30 | | 1,33 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ehituslepingute teostamata osa, tuh. | | 2 587 775 | | 2 453 419 |
| krooni | | | | |
--------------------------------------------------------------------------------
* kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud
aktsiate arv pärast fondiemissioone.
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 EEK`000 | Lisa | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| Käibevara | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 236 112 | 155 980 |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 2 | 37 458 | 2 140 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 3 | 512 285 | 380 841 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 4 | 255 292 | 129 663 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaks | | 1 015 | 1 015 |
--------------------------------------------------------------------------------
| Varud | 5 | 392 876 | 272 184 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 6 | 12 925 | 0 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 1 447 963 | 941 823 |
--------------------------------------------------------------------------------
| Põhivara | | | |
--------------------------------------------------------------------------------
| Sidusettevõtete aktsiad ja osad | 8 | 44 498 | 21 193 |
--------------------------------------------------------------------------------
| Muud pikaajalised | 8 | 66 516 | 32 951 |
| finantsinvesteeringud | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 9 | 133 984 | 5 963 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 10 | 222 974 | 223 674 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 10 | 273 223 | 165 036 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 741 195 | 448 817 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 2 189 158 | 1 390 640 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 11;12 | 131 456 | 70 029 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 334 350 | 183 983 |
--------------------------------------------------------------------------------
| Maksuvõlad | | 52 849 | 42 922 |
--------------------------------------------------------------------------------
| Muud võlad ja ettemaksed | 13 | 578 571 | 404 819 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 14 | 12 384 | 4 511 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 1 109 610 | 706 264 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused | 11;12 | 268 124 | 196 017 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | | 0 | 490 |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 14 | 4 327 | 1 885 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 272 451 | 198 392 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 1 382 061 | 904 656 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 89 409 | 39 291 |
--------------------------------------------------------------------------------
| Aktsiakapital | 15 | 307 567 | 153 784 |
--------------------------------------------------------------------------------
| Ülekurss | 15 | 0 | 108 465 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 11 658 | 4 158 |
--------------------------------------------------------------------------------
| Realiseerumata kursivahed | | 4 984 | 2 196 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) | 15 | 393 479 | 178 090 |
--------------------------------------------------------------------------------
| Emaettevõtte aktsionäridele kuuluv | | 717 688 | 446 693 |
| omakapital | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | | 807 097 | 485 984 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 2 189 158 | 1 390 640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| Auditeerimata EUR`000 | Lisa | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| Käibevara | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 15 090 | 9 969 |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 2 | 2 394 | 137 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 3 | 32 741 | 24 340 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 4 | 16 316 | 8 287 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaks | | 65 | 65 |
--------------------------------------------------------------------------------
| Varud | 5 | 25 109 | 17 395 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 6 | 826 | 0 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 92 542 | 60 193 |
--------------------------------------------------------------------------------
| Põhivara | | | |
--------------------------------------------------------------------------------
| Sidusettevõtete aktsiad ja osad | 8 | 2 844 | 1 354 |
--------------------------------------------------------------------------------
| Muud pikaajalised | 8 | 4 251 | 2 106 |
| finantsinvesteeringud | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 9 | 8 563 | 382 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 10 | 14 251 | 14 295 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 10 | 17 462 | 10 548 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 47 371 | 28 685 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 139 913 | 88 878 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 11;12 | 8 402 | 4 476 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 21 369 | 11 759 |
--------------------------------------------------------------------------------
| Maksuvõlad | | 3 378 | 2 743 |
--------------------------------------------------------------------------------
| Muud võlad ja ettemaksed | 13 | 36 977 | 25 873 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 14 | 791 | 288 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 70 917 | 45 138 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused | 11;12 | 17 136 | 12 528 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | | 0 | 31 |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 14 | 277 | 120 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 17 413 | 12 680 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 88 330 | 57 818 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 5 714 | 2 511 |
--------------------------------------------------------------------------------
| Aktsiakapital | 15 | 19 657 | 9 829 |
--------------------------------------------------------------------------------
| Ülekurss | 15 | 0 | 6 932 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 745 | 266 |
--------------------------------------------------------------------------------
| Realiseerumata kursivahed | | 319 | 140 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) | 15 | 25 148 | 11 382 |
--------------------------------------------------------------------------------
| Emaettevõtte aktsionäridele kuuluv | | 45 869 | 28 549 |
| omakapital | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | | 51 583 | 31 060 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 139 913 | 88 878 |
-------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| | Lisa | IV KV | IV KV | 2007 | 2006 |
| Auditeerimata EEK`000 | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Müügitulu | 17;1 | 1 111 | 738 921 | 3 770 | 2 503 84 |
| | 8 | 072 | | 487 | 4 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 19 | 958 123 | 624 487 | 3 270 | 2 197 |
| | | | | 616 | 319 |
--------------------------------------------------------------------------------
| Brutokasum | | 152 949 | 114 434 | 499 871 | 306 525 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 20 | 60 583 | 51 561 | 179 199 | 125 739 |
--------------------------------------------------------------------------------
| Muud äritulud | 21 | 34 139 | -170 | 42 763 | 26 859 |
--------------------------------------------------------------------------------
| Muud ärikulud | 21 | 24 373 | 2 331 | 30 300 | 5 108 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | | 102 132 | 60 372 | 333 135 | 202 537 |
--------------------------------------------------------------------------------
| Finantstulud | 22 | 1 998 | 13 564 | 18 362 | 18 393 |
--------------------------------------------------------------------------------
| Finantskulud | 22 | 7 570 | 4 909 | 30 028 | 19 046 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | -5 572 | 8 655 | -11 666 | -653 |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -239 | 0 | 1 354 | 0 |
| arvestatud kasum | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -3 430 | 600 | -3 671 | -980 |
| arvestatud kahjum | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -3 669 | 600 | -2 317 | -980 |
| arvestatud kasum/kahjum | | | | | |
| kokku | | | | | |
--------------------------------------------------------------------------------
| Kasum (kahjum) enne | | 92 891 | 69 627 | 319 152 | 200 904 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| Tulumaks | 23 | -561 | -2 595 | 16 865 | 12 831 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 93 452 | 72 222 | 302 287 | 188 073 |
| (-kahjum) | | | | | |
--------------------------------------------------------------------------------
| Sh emaettevõtte aktsionäride | | 84 836 | 60 635 | 281 146 | 175 003 |
| osa | | | | | |
| kasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | | 8 616 | 11 587 | 21 141 | 13 070 |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | 15 | 2,76 | 1,97 | 9,14 | 5,69 |
| (kroonides)* | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | 15 | 2,76 | 1,97 | 9,14 | 5,69 |
| kohta (kroonides)* | | | | | |
--------------------------------------------------------------------------------
* kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate
arv pärast (fondi)emissioone
ehk 30 756 728 aktsiat
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| Auditeerimata EUR`000 | Lisa | IV KV | IV KV | 2007 | 2006 |
| | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Müügitulu | 17;1 | 71 010 | 47 226 | 240 978 | 160 025 |
| | 8 | | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 19 | 61 235 | 39 912 | 209 030 | 140 434 |
--------------------------------------------------------------------------------
| Brutokasum | | 9 775 | 7 314 | 31 948 | 19 591 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 20 | 3 872 | 3 295 | 11 453 | 8 036 |
--------------------------------------------------------------------------------
| Muud äritulud | 21 | 2 182 | -11 | 2 733 | 1 717 |
--------------------------------------------------------------------------------
| Muud ärikulud | 21 | 1 558 | 149 | 1 937 | 326 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | | 6 527 | 3 858 | 21 291 | 12 944 |
--------------------------------------------------------------------------------
| Finantstulud | 22 | 128 | 867 | 1 174 | 1 176 |
--------------------------------------------------------------------------------
| Finantskulud | 22 | 484 | 314 | 1 919 | 1 217 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | -356 | 553 | -746 | -42 |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -15 | 0 | 87 | 0 |
| arvestatud kasum | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -219 | 38 | -235 | -63 |
| arvestatud kahjum | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -234 | 38 | -148 | -63 |
| arvestatud kasum/kahjum | | | | | |
| kokku | | | | | |
--------------------------------------------------------------------------------
| Kasum (kahjum) enne | | 5 937 | 4 450 | 20 398 | 12 840 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| Tulumaks | 23 | -36 | -166 | 1 078 | 820 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 5 973 | 4 616 | 19 320 | 12 020 |
| (-kahjum) | | | | | |
--------------------------------------------------------------------------------
| Sh emaettevõtte aktsionäride | | 5 422 | 3 875 | 17 969 | 11 185 |
| osa | | | | | |
| kasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | | 551 | 741 | 1 351 | 835 |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | 15 | 0,18 | 0,12 | 0,58 | 0,36 |
| (eurodes)* | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | 15 | 0,18 | 0,12 | 0,58 | 0,36 |
| kohta (eurodes)* | | | | | |
--------------------------------------------------------------------------------
* kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate
arv pärast (fondi)emissioone
ehk 30 756 728 aktsiat.
Sulev Luiga
finantsdirektor, juhatuse liige
AS Eesti Ehitus
Sulev.Luiga@eestiehitus.ee
+372 5043175
Pealkiri
CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOURTH QUARTER AND TWELVE 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 as at and for
the twelve months ended 31 December 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 | | 31 December | 31 December | |
| | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| AS Linnaehitus | Estoni | 100.0% | 100.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| AS Aspi | Estoni | 100.0% | 100.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| AS Järva Teed | Estoni | 100.0% | 100.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| OÜ Hiiu Teed | Estoni | 100.0% | 100.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| OÜ Mapri Projekt | Estoni | 52.0% | 52.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| Estcon OY | Finlan | 100.0% | 100.0% | |
| | d | | | |
--------------------------------------------------------------------------------
| OÜ EE Ressursid | Estoni | 100.0% | 100.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| UAB Eurocon LT | Lithua | 70.0% | 0.0% | |
| | nia | | | |
--------------------------------------------------------------------------------
| OÜ Eurocon | Estoni | 64.0% | 64.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| TOV Eurocon Ukraine | Ukrain | 61.4% | 61.4% | |
| | e | | | |
--------------------------------------------------------------------------------
| TOV Eurocon West | Ukrain | 61.4% | 61.4% | |
| | e | | | |
--------------------------------------------------------------------------------
| TOV Bukovina | Ukrain | 60.8% | 60.8% | |
| Developments | e | | | |
--------------------------------------------------------------------------------
| TOV Passage Theatre | Ukrain | 55.3% | 61.4% | |
| | e | | | |
--------------------------------------------------------------------------------
| OÜ Kaurits | Estoni | 52.0% | 0.0% | |
| | a | | | |
--------------------------------------------------------------------------------
| OÜ DSN | Estoni | 34.3% | 0.0% | |
| Ehitusmasinad | a | | | |
--------------------------------------------------------------------------------
| SIA Abagars | Latvia | 34.3% | 0.0% | |
--------------------------------------------------------------------------------
| TOV V.I. Center | Ukrain | 32.0% | 41.0% | |
| | e | | | |
--------------------------------------------------------------------------------
| TOV EA Reng Proekt | Ukrain | 31.3% | 0.0% | |
| | e | | | |
--------------------------------------------------------------------------------
| TOV Technopolis-2 | Ukrain | 30.7% | 30.7% | |
| | e | | | |
--------------------------------------------------------------------------------
| TOV Baltik | Ukrain | 30.7% | 0.0% | |
| Development | e | | | |
--------------------------------------------------------------------------------
| OÜ Kastani | Estoni | 26.0% | 26.0% | |
| Kinnisvara | a | | | |
--------------------------------------------------------------------------------
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 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 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.
In October AS Eesti Ehitus acquired a 52% stake in AS Eston Ehitus.
In December, a decision was adopted for the divestment of 61% of the stake in
TOV Passage Theatre. The transaction has not been completed.
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. The
results of AS Eston Ehitus have been consolidated since November 2007.
EMPLOYEES AND PERSONNEL EXPENSES
In 2007 the Group employed, on average, 1103 people. The proportion of engineers
and technical personnel (ETP) was 39% (2006: 37%). Personnel expenses totalled
462 million kroons (29 million euros), a 68% increase year-over-year while the
average number of staff grew 26% year-over year. The rise in personnel expenses
may be explained by the acquisition of subsidiaries and tough competition in the
labour market.
--------------------------------------------------------------------------------
| Average number of the Group's | | | | |
| employees | | | | |
--------------------------------------------------------------------------------
| Period | | ETP | | Workers | | Total average |
--------------------------------------------------------------------------------
| 2007 | | 425 | | 678 | | 1103 |
--------------------------------------------------------------------------------
| 2006 | | 329 | | 542 | | 871 |
--------------------------------------------------------------------------------
| 2005 | | 261 | | 393 | | 610 |
--------------------------------------------------------------------------------
In 2007, the remuneration of the members of the council of AS Eesti Ehitus Group
totalled 1,080,000 kroons (69 thousand euros) and the remuneration and benefits
of the members of the board of AS Eesti Ehitus amounted to 15,558,000 kroons
(994,000 euros).
REVENUE AND SEGMENTS
Consolidated revenue for 2007 amounted to 3,770 million kroons (241 million
euros), a strong 51% improvement on a year ago. Similarly to a year ago, the
Residential and non-residential segment contributed 53% (49% up on a year ago)
and the Civil engineering segment 47% (58% growth) of total revenue.
--------------------------------------------------------------------------------
| Revenue by segments | | | | | |
--------------------------------------------------------------------------------
| Business segments | | 2007 | | | 2006 |
--------------------------------------------------------------------------------
| Civil engineering | | 47% | | | 46% |
--------------------------------------------------------------------------------
| Residential and non-residential | | 53% | | | 54% |
--------------------------------------------------------------------------------
Commercial buildings remains the Residential and non-residential segment's
largest sub-segment, mainly on account of strong demand in the home market.
Compared with 2006, the highest growth rate was posted by the Public buildings
sub-segment.
--------------------------------------------------------------------------------
| Revenue allocation in the | | | | | |
| Residential and | | | | | |
--------------------------------------------------------------------------------
| non-residential segment | | 2007 | | | 2006 |
--------------------------------------------------------------------------------
| Residential buildings | | 11% | | | 17% |
--------------------------------------------------------------------------------
| Public buildings | | 17% | | | 18% |
--------------------------------------------------------------------------------
| Commercial buildings | | 61% | | | 41% |
--------------------------------------------------------------------------------
| Industrial and warehouse | | 11% | | | 24% |
| facilities | | | | | |
--------------------------------------------------------------------------------
In Civil engineering, the largest sub-segment was Port construction, which
contributed 580 million kroons (37 million euros), i.e. 15% of total
construction contract revenues. A year ago, the contribution of Port
construction was only 157 million kroons (10 million euros) or 14%. Road
construction and maintenance generated revenues of 730 million (47 million
euros), i.e. 19% of total construction contract revenues, against 584 million
kroons (37 million euros) and 23% a year ago.
At 31 December 2007, the Group's order backlog was 2,588 million kroons (165
million euros) against 2,453 million kroons (158 million euros) a year ago.
PROFITABILITY AND CASH FLOWS
In 2007, the Group's profitability showed consistent improvement.
The period's gross margin was 13% (2006: 12%). 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 slightly below 5% (2006: 5%). The period's operating margin
was 9% (2006: 8%). The rise in the value of investment property increased
operating profit by 23 million kroons, i.e. by over 1 million euros (2006: 0).
Unaudited consolidated net profit for 2007 amounted to an exceptional 302
million kroons (19 million euros) against the 188 million kroons (12 million
euros) earned a year ago. The profit attributable to equity holders of the
parent amounted to 281 million kroons (over 18 million euros) against 175
million kroons (11 million euros) for 2006.
Cash and cash equivalents grew by 80 million kroons (5 million euros). A year
ago, net cash flow was negative to the extent of 36 million kroons (approx. 2
million euros). The Group's cash position has improved, above all, on account of
strong net operating cash flows of 163 million kroons (approx. 10 million
euros). In 2006, operating cash flows totalled 55 million kroons (over 3 million
euros).
SIGNIFICANT RATIOS AND FIGURES
--------------------------------------------------------------------------------
| Ratio /figure | | 2007 | | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average number of shares | | 30,756,728 | | 30,756,728 |
--------------------------------------------------------------------------------
| Earnings per share (in kroons) | | 9.14 | | 5.69 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue growth | | 50.6% | | 49.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of employees | | 1,103 | | 871 |
--------------------------------------------------------------------------------
| Revenue per employee (in thousands of | | 3,418 | | 2,875 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Personnel expenses to revenue, % | | 12.3% | | 11.0% |
--------------------------------------------------------------------------------
| Administrative expenses to revenue, % | | 4.8% | | 5.0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (in thousands of kroons) | | 396,246 | | 234,368 |
--------------------------------------------------------------------------------
| EBITDA margin, % | | 10.5% | | 9.4% |
--------------------------------------------------------------------------------
| Gross margin, % | | 13.3% | | 12.2% |
--------------------------------------------------------------------------------
| Operating margin, % | | 8.8% | | 8.1% |
--------------------------------------------------------------------------------
| Operating margin excluding gains on | | 8.6% | | 7.0% |
| property sales, % | | | | |
--------------------------------------------------------------------------------
| Net margin, % | | 8.0% | | 7.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested capital, % | | 35.2% | | 33.7% |
--------------------------------------------------------------------------------
| Return on assets, % | | 18.6% | | 17.4% |
--------------------------------------------------------------------------------
| Return on equity, % | | 46.8% | | 56.1% |
--------------------------------------------------------------------------------
| Equity ratio, % | | 36.9% | | 34.9% |
--------------------------------------------------------------------------------
| Gearing, % | | 13.5% | | 14.6% |
--------------------------------------------------------------------------------
| Current ratio | | 1.30 | | 1.33 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog (in thousands of | | 2,587,775 | | 2,453,419 |
| kroons) | | | | |
--------------------------------------------------------------------------------
* 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, EEK '000 | Note | 31 December | 31 December |
| | | 2007 | 2006 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 236,112 | 155,980 |
--------------------------------------------------------------------------------
| Short-term investments | 2 | 37,458 | 2,140 |
--------------------------------------------------------------------------------
| Trade receivables | 3 | 512,285 | 380,841 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 4 | 255,292 | 129,663 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 1,015 | 1,015 |
--------------------------------------------------------------------------------
| Inventories | 5 | 392,876 | 272,184 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 6 | 12,925 | 0 |
--------------------------------------------------------------------------------
| Total current assets | | 1,447,963 | 941,823 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Investments in associates | 8 | 44,498 | 21,193 |
--------------------------------------------------------------------------------
| Other long-term investments | 8 | 66,516 | 32,951 |
--------------------------------------------------------------------------------
| Investment property | 9 | 133,984 | 5,963 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 10 | 222,974 | 223,674 |
--------------------------------------------------------------------------------
| Intangible assets | 10 | 273,223 | 165,036 |
--------------------------------------------------------------------------------
| Total non-current assets | | 741,195 | 448,817 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 2,189,158 | 1,390,640 |
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 11; | 131,456 | 70,029 |
| borrowings | 12 | | |
--------------------------------------------------------------------------------
| Trade payables | | 334,350 | 183,983 |
--------------------------------------------------------------------------------
| Tax liabilities | | 52,849 | 42,922 |
--------------------------------------------------------------------------------
| Other payables and advances | 13 | 578,571 | 404,819 |
| received | | | |
--------------------------------------------------------------------------------
| Provisions | 14 | 12,384 | 4,511 |
--------------------------------------------------------------------------------
| Total current liabilities | | 1,109,610 | 706,264 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 11; | 268,124 | 196,017 |
| borrowings | 12 | | |
--------------------------------------------------------------------------------
| Other liabilities | | 0 | 490 |
--------------------------------------------------------------------------------
| Provisions | 14 | 4,327 | 1,885 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 272,451 | 198,392 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1,382,061 | 904,656 |
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interest | | 89,409 | 39,291 |
--------------------------------------------------------------------------------
| Share capital | 15 | 307,567 | 153,784 |
--------------------------------------------------------------------------------
| Share premium | 15 | 0 | 108,465 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 11,658 | 4,158 |
--------------------------------------------------------------------------------
| Translation reserve | | 4,984 | 2,196 |
--------------------------------------------------------------------------------
| Retained earnings | 15 | 393,479 | 178,090 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | | 717,688 | 446,693 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 807,097 | 485,984 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 2,189,158 | 1,390,640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Consolidated interim balance sheet
--------------------------------------------------------------------------------
| Unaudited, EUR '000 | Note | 31 December | 31 December |
| | | 2007 | 2006 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 15,090 | 9,969 |
--------------------------------------------------------------------------------
| Short-term investments | 2 | 2,394 | 137 |
--------------------------------------------------------------------------------
| Trade receivables | 3 | 32,741 | 24,340 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 4 | 16,316 | 8,287 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 65 | 65 |
--------------------------------------------------------------------------------
| Inventories | 5 | 25,109 | 17,395 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 6 | 826 | 0 |
--------------------------------------------------------------------------------
| Total current assets | | 92,542 | 60,193 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Investments in associates | 8 | 2,844 | 1,354 |
--------------------------------------------------------------------------------
| Other long-term investments | 8 | 4,251 | 2,106 |
--------------------------------------------------------------------------------
| Investment property | 9 | 8,563 | 382 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 10 | 14,251 | 14,295 |
--------------------------------------------------------------------------------
| Intangible assets | 10 | 17,462 | 10,548 |
--------------------------------------------------------------------------------
| Total non-current assets | | 47,371 | 28,685 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 139,913 | 88,878 |
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 11; | 8,402 | 4,476 |
| borrowings | 12 | | |
--------------------------------------------------------------------------------
| Trade payables | | 21,369 | 11,759 |
--------------------------------------------------------------------------------
| Tax liabilities | | 3,378 | 2,743 |
--------------------------------------------------------------------------------
| Other payables and advances | 13 | 36,977 | 25,873 |
| received | | | |
--------------------------------------------------------------------------------
| Provisions | 14 | 791 | 288 |
--------------------------------------------------------------------------------
| Total current liabilities | | 70,917 | 45,138 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 11; | 17,136 | 12,528 |
| borrowings | 12 | | |
--------------------------------------------------------------------------------
| Other liabilities | | 0 | 31 |
--------------------------------------------------------------------------------
| Provisions | 14 | 277 | 120 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 17,413 | 12,680 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 88,330 | 57,818 |
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interest | | 5,714 | 2,511 |
--------------------------------------------------------------------------------
| Share capital | 15 | 19,657 | 9,829 |
--------------------------------------------------------------------------------
| Share premium | 15 | 0 | 6,932 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 745 | 266 |
--------------------------------------------------------------------------------
| Translation reserve | | 319 | 140 |
--------------------------------------------------------------------------------
| Retained earnings | 15 | 25,148 | 11,382 |
--------------------------------------------------------------------------------
| Total equity attributable to | | 45,869 | 28,549 |
| equity holders of the parent | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 51,583 | 31,060 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 139,913 | 88,878 |
--------------------------------------------------------------------------------
Consolidated interim income statement
--------------------------------------------------------------------------------
| | Note | Q4, | Q4, 2006 | 2007 | 2006 |
| Unaudited, EEK '000 | | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 17; | 1,111,0 | 738,921 | 3,770,4 | 2,503,84 |
| | 18 | 72 | | 87 | 4 |
--------------------------------------------------------------------------------
| Cost of sales | 19 | 958,123 | 624,487 | 3,270,6 | 2,197,31 |
| | | | | 16 | 9 |
--------------------------------------------------------------------------------
| Gross profit | | 152,949 | 114,434 | 499,871 | 306,525 |
--------------------------------------------------------------------------------
| Administrative expenses | 20 | 60,583 | 51,561 | 179,199 | 125,739 |
--------------------------------------------------------------------------------
| Other operating income | 21 | 34,139, | -170 | 42,763 | 26,859 |
--------------------------------------------------------------------------------
| Other operating expenses | 21 | 24,373 | 2,331 | 30,300 | 5,108 |
--------------------------------------------------------------------------------
| Operating profit before | | 102,132 | 60,372 | 333,135 | 202,537 |
| financial items | | | | | |
--------------------------------------------------------------------------------
| Financial income | 22 | 1,998 | 13,564 | 18,362 | 18,393 |
--------------------------------------------------------------------------------
| Financial expenses | 22 | 7,570 | 4,909 | 30,028 | 19,046 |
--------------------------------------------------------------------------------
| Net financial items | | -5,572 | 8,655 | -11,666 | -653 |
--------------------------------------------------------------------------------
| Share of profit of equity | | -239 | 0 | 1,354 | 0 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Share of loss of equity | | -3,430 | 600 | -3,671 | -980 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Net share of profit and | | 3,669 | 600 | -2,317 | -980 |
| loss of equity accounted | | | | | |
| investees | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 92,891 | 69,627 | 319,152 | 200,904 |
--------------------------------------------------------------------------------
| Income tax expense | 23 | -561 | -2,595 | 16,865 | 12,831 |
--------------------------------------------------------------------------------
| Profit for the period | | 93,452 | 72,222 | 302,287 | 188,073 |
--------------------------------------------------------------------------------
| Attributable to | | 84,836 | 60,635 | 281,146 | 175,003 |
| Equity holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 8,616 | 11,587 | 21,141 | 13,070 |
--------------------------------------------------------------------------------
| Basic earnings per share | 15 | 2.76 | 1.97 | 9.14 | 5.69 |
| (in kroons)* | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 15 | 2.76 | 1.97 | 9.14 | 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, EUR '000 | Note | Q4, | Q4, 2006 | 2007 | 2006 |
| | | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 17; | 71,010 | 47,226 | 240,978 | 160,025 |
| | 18 | | | | |
--------------------------------------------------------------------------------
| Cost of sales | 19 | 61,235 | 39,912 | 209,030 | 140,434 |
--------------------------------------------------------------------------------
| Gross profit | | 9,775 | 7,314 | 31,948 | 19,591 |
--------------------------------------------------------------------------------
| Administrative expenses | 20 | 3,872 | 3,295 | 11,453 | 8,036 |
--------------------------------------------------------------------------------
| Other operating income | 21 | 2,182 | -11 | 2,733 | 1,717 |
--------------------------------------------------------------------------------
| Other operating expenses | 21 | 1,558 | 149 | 1,937 | 326 |
--------------------------------------------------------------------------------
| Operating profit before | | 6,527 | 3,858 | 21,291 | 12,944 |
| financial items | | | | | |
--------------------------------------------------------------------------------
| Financial income | 22 | 128 | 867 | 1,174 | 1,176 |
--------------------------------------------------------------------------------
| Financial expenses | 22 | 484 | 314 | 1,919 | 1,217 |
--------------------------------------------------------------------------------
| Net financial items | | -356 | 553 | -746 | -42 |
--------------------------------------------------------------------------------
| Share of profit of equity | | -15 | 0 | 87 | 0 |
| accounted investees | | | | | |
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| Share of loss of equity | | -219 | 38 | -235 | -63 |
| accounted investees | | | | | |
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| Net share of profit and | | -234 | 38 | -148 | -63 |
| loss of equity accounted | | | | | |
| investees | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 5,937 | 4,450 | 20,398 | 12,840 |
--------------------------------------------------------------------------------
| Income tax expense | 23 | -36 | -166 | 1,078 | 820 |
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| Profit for the period | | 5,973 | 4,616 | 19,320 | 12,020 |
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| Attributable to | | 5,422 | 3,875 | 17,969 | 11,185 |
| Equity holders of the | | | | | |
| parent | | | | | |
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| Minority interest | | 551 | 741 | 1,351 | 835 |
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| Basic earnings per share | 15 | 0.18 | 0.12 | 0.58 | 0.36 |
| (in euros)* | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 15 | 0.18 | 0.12 | 0.58 | 0.36 |
| (in euros)* | | | | | |
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*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
CFO, Member of the Management Board
AS Eesti Ehitus
Sulev.Luiga@eestiehitus.ee
+372 5043175