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12.05.2009 09:00:00
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2009 I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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TEGEVUSARUANNE MISSIOON Meie missiooniks on pakkuda oma klientidele parimaid terviklahendusi hoonete ning rajatiste ehitamisel, aidates neil seeläbi järjekindlalt kasvatada oma vara väärtust. Oma töötajatele selge motivatsiooni, arenguvõimaluste ja modernse töökeskkonna tagamisega suurendame ka ettevõtte väärtust. VISIOON Aastaks 2013 kiireima käibekasvuga noteeritud ehituskontsern Põhja- ja Baltimaade börsidel. JAGATUD VÄÄRTUSED 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. 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 ettevõtlikust soosiva motivatsioonisüsteemi. Innovatiivsus Oleme inseneridena uuendusmeelsed ja loovusele orienteeritud. Kasutame optimaalselt infotehnoloogia poolt pakutavaid võimalusi. Arendame oma töötajaid läbi järjepideva koolituse ja tasakaalustatud karjäärivõimaluste. 2009. AASTA I KVARTALI MAJANDUSTULEMUSTE KOKKUVÕTE Kontserni kasumlikkus Nordecon International kontserni brutokasum 2009. aasta I kvartalis moodustas 36,9 miljonit krooni (2,4 miljonit eurot), mis on võrreldes eelmise aastaga vähenenud 64%, millal brutokasumi suuruseks kujunes 101,4 miljonit krooni (6,5 miljonit eurot). 2009. aasta I kvartalis tegutses kontsern sisuliselt nullkasumiga, teenides puhaskahjumit 0,6 miljonit krooni (0,04 miljonit eurot). Võrreldes aastataguse perioodi puhaskasumi 44,9 miljoni krooniga (2,9 miljoni euroga) on puhaskasum vähenenud märgatavalt. Puhaskasumi vähenemisele absoluutnumbrites avaldas kõige suuremat mõju ehitusprojektide kasumlikkuse vähenemine. Normaaltingimuses on keskmisest nõrgem kasumlikkus I kvartalis olnud tegevuse sessoonsusest tingitult iseloomulik just rohkem teedehitussektoris tegutsevatele ettevõtetele. Käesoleval aastal on sellele lisandunud väga nõrk nõudlus hoonete valdkonnas, mis omakorda on põhjustanud äärmuslikult tihedast konkurentsist tingitud marginaalide vähenemise. Samuti on kontserni puhaskasumile avaldanud varasemast suuremat mõju turustus- ja üldhalduskulude suurus (sh ümberstruktureerimisega seotud ühekordsed kulud), mis ei vähenenud samas tempos projektide kasumlikkuse vähenemisega. Kontserni juhtkonna poolt jälgitavates rentaablusnäitajates on jätkunud eelmise majandusaasta viimases kvartalis alguse saanud suundumused, mis on tingitud märkimisväärsest ärikeskkonna üldisest halvenemisest. Rentaablusnäitajate vähenemiseni (sh kõikidel Kontserni tegutsemisturgudel) on võrreldava perioodi suhtes viinud eelkõige toimunud langus nõudluses. Spetsiifiliselt väljendub see peamiselt järjest kasvavas ehitusvõimsuse ülejäägis võrrelduna pakutavate uute ehitusprojektide hulgaga. Kõikide ehitusettevõtete ärivajaduste rahuldamiseks ebapiisav nõudlus avaldas järjest kasvavat survet hindade langetamiseks. Püsimaks konkurentsis oli Kontsern sunnitud I kvartalis langetama brutokasumi marginaali 6,2%-ni, mis võrreldes varasema perioodiga on läbi teinud kahekordse vähenemise (I kvartal 2008: 13,1%). Kontserni eesmärk on läbi sisemiste protsesside ümberkujundamise (teenuste sisseostmise tõhustamine, kulude kokkuhoid jms) ning ehitusturul välja joonistuvate uute trendide valguses hoida brutokasumlikkust selliselt, et oleks tagatud positiivne ärikasum aastas tervikuna. Negatiivne ärikasum 3,5 miljonit krooni (0,2 miljonit eurot) oli Kontserni juhtkonna poolt esimeses kvartalis prognoositav. Peamiselt seoses Kontserni ümberstruktureerimisega ning töötajate koondamisega on seotud täiendavad kulutused, mis oma loomult on harvaesinevad ning ei ole püsivkulud järgmistel perioodidel. Eelnevast tingituna on üldhalduskulude osakaal müügitulu suhtes 6,3% (I kvartal 2008: 5,6%), mis ületab juhtkonna poolt eesmärgistatud 5%-list piirmäära. Kontserni eesmärk on jätkuvalt vähendada kulubaasi tervikuna kuni 30% võrra perioodil 2009-2010 võrreldes aastatega 2007-2008 ning ollakse valmis vajalikeks otsusteks ka tulevikus. Kontserni rahavood Negatiivne rahavoog äritegevusest 79,7 miljonit krooni (5,1 miljonit eurot) peegeldab Kontserni tegutsemisturgudel toimunut. Pikenenud on klientide lepingulised maksetähtajad (eriti avaliku sektori projektide osas) ning üldisest majandusolukorrast tingituna esineb ka laekumistel viivitusi, mis ületavad kokkulepitud maksetähtaegasid. Laekumised klientidelt ületavad väljamakseid hankijatele, kuid mitte piisavalt, et muuta äritegevuse rahavoog tervikuna positiivseks. Investeerimistegevuse rahavoog 2009. aasta I kvartalis oli negatiivne 75,2 miljonit krooni (4,8 miljonit eurot) kui võrreldaval perioodil moodustas raha väljaminek 164,6 miljonit krooni (10,5 miljonit eurot). Aruandeperioodil moodustas olulise osa investeerimisest laenutegevus (neto -47,7 miljonit krooni / -3,0 miljonit eurot), mis on muutumas tavapäraseks eelkõige Eesti ehitusturul, kus potentsiaalsed tellijad on nägemas ehitajat ehitusperioodil finantsasutuste kõrval ühe võimaliku projekti kaasfinantseerijana.Võrreldes eelmise aasta sama perioodiga on oluliselt vähenenud investeeringud teistesse ettevõtetesse. Kokku moodustasid investeeringud tütar-, sidus- ja ühisettevõtetesse 2009. aasta I kvartalis 32,8 miljonit krooni (2,1 miljonit eurot). 2008. aasta esimeses kvartalis investeeriti teistesse ettevõtetesse (peamiselt AS Eston Ehitus osaluse eest) 195,4 miljonit krooni (12,5 miljonit eurot). Finantseerimistegevuse rahavoog oli positiivne 38,2 miljonit krooni (2,4 miljonit eurot). Võrreldaval perioodil oli vastav näitaja 265,1 miljonit krooni (16,9 miljonit eurot). Finantseerimistegevuse käigus saadud ja tagasimakstud laenude koondsumma oli 2009. aasta esimeses kvartalis positiivne 59,3 miljonit krooni (3,8 miljonit eurot) kui võrreldaval perioodil oli see positiivne 284,3 miljonit krooni (18,2 miljonit eurot). Kontserni rahajäägi muutus oli 2009. aasta esimeses kvartalis negatiivne 116,6 miljonit krooni (7,5 miljonit eurot). Võrreldaval perioodil toimus raha ja raha ekvivalentide suurenemine 136,4 miljoni krooni (8,7 miljoni euro) võrra. Seisuga 31.03.2009 oli Kontsernil raha ja raha ekvivalente 179,6 miljonit krooni (11,5 miljonit eurot) (31.03.2008: 372,5 miljonit krooni / 23,8 miljonit eurot). Arvestades, et reeglina on majandusaasta I ja IV kvartal perioodid, kus rahavoog äritegevusest on rohkem mõjutatud väljamaksetest kui laekumistest, on Kontserni juhtkonna hinnangul raha ja raha ekvivalentide jääk piisav, et tagada Kontserni likviidsus järelejäänud majandusaasta jooksul. Samas on oluline mõista, et Kontserni rahavarude hulk on otseses sõltuvuses pankade otsustest lühiajalisi krediidilimiite pikendada. Olulisemad suhtarvud ja näitajad -------------------------------------------------------------------------------- | Suhtarv / näitaja | I kv | I kv | I kv 2007 | 2008 | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | Kaalutud keskmine aktsiate | 30 756 | 30 756 | 30 756 | 30 756 | | arv, tk | 728 | 728 | 728 | 728 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 0,23 | 1,50 | 0,96 | 4,73 | | krooni | | | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 0,01 | 0,10 | 0,06 | 0,30 | | eurot | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu kasv | -23,6% | 38,2% | 63,8% | 3,1% | -------------------------------------------------------------------------------- | Keskmine töötajate arv | 1 223 | 1 102 | 1 009 | 1 232 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 483 | 702 | 555 | 3 140 | | krooni | | | | | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 31 | 45 | 35 | 201 | | eurot | | | | | -------------------------------------------------------------------------------- | Tööjõukulude määr müügitulust, | 16,7% | 13,6% | 13,3% | 12,7% | | % | | | | | -------------------------------------------------------------------------------- | Üldhalduskulude määr | 6,3% | 5,6% | 5,3% | 4,7% | | müügitulust, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA, tuhat krooni | 14 813 | 77 166 | 51 619 | 281 161 | -------------------------------------------------------------------------------- | EBITDA, tuhat eurot | 947 | 4 932 | 3 299 | 17 969 | -------------------------------------------------------------------------------- | EBITDA määr müügitulust, % | 2,5% | 10,0% | 9,2% | 7,3% | -------------------------------------------------------------------------------- | Brutokasumi määr müügitulust, | 6,2% | 13,1% | 11,8% | 9,3% | | % | | | | | -------------------------------------------------------------------------------- | Ärikasumi määr müügitulust, % | -0,6% | 7,9% | 6,7% | 5,4% | -------------------------------------------------------------------------------- | Ärikasumi määr ilma varamüügi | -0,7% | 7,6% | 6,2% | 5,3% | | kasumita, % | | | | | -------------------------------------------------------------------------------- | Puhaskasumi määr müügitulust, | -0,1% | 5,8% | 5,6% | 4,4% | | % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investeeritud kapitali | 0,5% | 3,9% | 5,6% | 19,1% | | tootlus, % | | | | | -------------------------------------------------------------------------------- | Vara tootlus, % | -0,2% | 2,8% | 2,6% | 9,1% | -------------------------------------------------------------------------------- | Omakapitali tootlus, % | -0,1% | 5,4% | 6,1% | 20,5% | -------------------------------------------------------------------------------- | Omakapitali osakaal, % | 37,5% | 38,0% | 37,8% | 36,5% | -------------------------------------------------------------------------------- | Finantsvõimendus | 31,8% | 18,9% | 18,9% | 18,2% | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste | 1,28 | 1,65 | 1,41 | 1,33 | | kattekordaja | | | | | -------------------------------------------------------------------------------- | | 31.03.20 | 31.03.20 | 31.03.200 | 31.12.200 | | | 09 | 08 | 7 | 8 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata |1 714 175 |3 368 680 | 3 197 000 | 2 220 748 | | tööde mahud, tuhat krooni | | | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 109 556 | 215 298 | 204 326 | 141 932 | | tööde mahud, tuhat eurot | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast fondiemissioone -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS) = | Puhaskasumi määr müügitulust = | | Emaettevõtte aktsionäride osa | Aruandeperioodi puhaskasum / | | puhaskasumist/Kaalutud keskmine | Müügitulu | | aktsiate arv | Investeeritud kapitali tootlus = | | Müügitulu töötaja kohta = Müügitulu | (Kasum enne tulumaksustamist + | | / Keskmine töötajate arv | intressikulud) / Perioodi keskmine | | Tööjõukulude määr müügitulust = | (intressi kandvad kohustused + | | Tööjõukulud / Müügitulu | omakapital) | | Üldhalduskulude osakaal müügitulust | Vara tootlus = Ärikasum / Perioodi | | = Üldhalduskulud / müügitulu | keskmine vara kokku | | EBITDA = Ärikasum + Kulum | Omakapitali tootlus = Aruandeperioodi | | EBITDA määr müügitulust = EBITDA / | puhaskasum / Perioodi keskmine | | Müügitulu | omakapital kokku | | Brutokasumi määr müügitulust = | Omakapitali osakaal = Omakapital | | Brutokasum / Müügitulu | kokku / Kohustused ja omakapital | | Ärikasumi määr müügitulust = | kokku | | Ärikasum / Müügitulu | Finantsvõimendus = (Intressikandvad | | Ärikasumi määr ilma varamüügi | kohustused - raha ja raha | | kasumita = (Ärikasum - põhivara | ekvivalendid) / (Intressikandvad | | müügikasum - kinnisvara müügikasum) | kohustused + omakapital) | | / Müügitulu | Lühiajaliste kohustuste kattekordaja | | | = Käibevara kokku / Lühiajalised | | | kohustused kokku | -------------------------------------------------------------------------------- MAJANDUSTEGEVUS GEOGRAAFILISTE TURGUDE LÕIKES Kontserni väljaspool Eestit teenitud müügitulu moodustas 2009. aasta I kvartalis 17% kogu müügitulust, samal perioodil aasta tagasi oli see ligikaudu 18%. Kontsern on 2009. aasta I kvartalis suurendanud varasemaga võrreldes oma tegevust Läti turul. I kvartali seisuga moodustab Kontserni müügitulu Lätist üle 10% kui 2008. aastal tervikuna oli see 6%. Samal ajal on vähenenud Ukrainast teenitud müügitulu osakaal 3%ni Kontserni müügitulust. Ukraina müügitulu vähenemine on tingitud peamiselt eelmisel perioodil alustatud suuremate projektide lõpetamisest ning Ukraina majandustingimustes uute lepingute sõlmimise keerukusest. Leedu müügitulud on jätkuvalt püsinud 2 % lähedal kogutuludest. -------------------------------------------------------------------------------- | | I kv 2009 | I kv 2008 | I kv 2007 | 2008 | -------------------------------------------------------------------------------- | Eesti | 82,7% | 81,9% | 83,3% | 80,3% | -------------------------------------------------------------------------------- | Ukraina | 3,2% | 16,2% | 16,7% | 11,4% | -------------------------------------------------------------------------------- | Läti | 12,2% | 0% | 0% | 5,9% | -------------------------------------------------------------------------------- | Leedu | 1,8% | 1,9% | 0% | 2,4% | -------------------------------------------------------------------------------- Müügitulu hajutamine erinevate geograafiliste segmentide vahel on olnud Kontserni juhtkonna poolt valitud strateegia, mille abil hajutatakse riske, mis tulenevad liigsest kontsentreeritusest ühele turule. Välisturgude osakaalu kasvatamine on Kontserni üks strateegilisi lähtekohti ning aastaks 2013 on eesmärgiks teenida pool müügitulust välisturgudelt. MAJANDUSTEGEVUS 2009. AASTA I KVARTALIS TEGEVUSVALDKONDADE LÕIKES Nordecon International kontsern on keskendunud hoonete ja rajatiste ehituse projektijuhtimisele ja peatöövõtule ning tegutseb muuhulgas teedeehituse, -hoolduse, keskkonnaehituse, betoonitööde ja kinnisvaraarenduse vallas. Kontserni müügitulu 2009. aasta I kvartalis oli 590,7 miljonit krooni (37,8 miljonit eurot). Võrreldes eelmise perioodiga, mil vastav näitaja oli 773,5 miljonit krooni (49,4 miljonit eurot), on müügitulu vähenenud 24%. Müügitulu vähenemist on mõjutanud eelkõige ehitusturul toimunud nõudluse vähenemine kõikidel Kontserni tegutsemisturgudel. Samuti on mõjutanud müügitulu absoluutnumbrit konkurentsisurvest tulenev ehitushindade alanemine (vt täpsemaid selgitusi ja ootusi järgmiste perioodide osas tegevusaruande peatükis „ Väljavaated Kontserni tegutsemisturgudele“). Kontserni üheks eesmärgiks on hoida ärisegmentide (hooned ja rajatised) esindatus müügitulus tasakaalustatuna, kuna see võimaldab hajutada riske ja tagada paremad võimalused ehitustegevuseks ka raskemates turutingimustes, kus mõnda ärisegmenti on tabanud tegevusmahtude langus. Arvestades hinnanguid korterite nõudlusele, siis jääb ka järgnevatel aastatel korterelamute ehitamise osakaal kogumüügist strateegiliselt määratud 20% piiresse. Segmentide müügitulu Hoonete segmendi müügitulu suurem osakaal aasta esimeses kvartalis on ehitusturgudele iseloomulik tunnusjoon. Samas on võrreldes eelmise aasta esimese kvartaliga müügitulu jaotus põhisegmentides ühtlustunud. Peamiselt on seda mõjutanud hetkel valitsev olukord ehitusturul (eelkõige Eestis), kus rajatiste segmendi tööde osakaal teostamata tööde portfellis hakkas suurenema võrreldes hoonete omaga juba 2008. majandusaasta teisest poolest. 2009. aasta I kvartalis moodustas hoonete ja rajatiste segmentide müügitulu kokku vastavalt 339,5 ja 246,5 miljonit krooni (21,7 ja 15,8 miljonit eurot). Aasta tagasi olid vastavad näitajad 630,1 ja 140,6 miljonit krooni (40,3 ja 9,0 miljonit eurot). Turukorda iseloomustavalt on perioode võrreldes näha hoonete segmendis müügitulu langust ning rajatiste omas vastupidiselt kasvu. Samas ei ole ligi 100 miljoni krooni (6,4 miljoni euro) suurune kasv rajatiste segmendis täismahus orgaaniline, vaid sisaldab 2009. aastal ka Läti müügitulu, mis võrreldaval perioodil konsolideerimisele veel ei kuulunud. -------------------------------------------------------------------------------- | Müügitulu jaotus segmentides* | | | | | -------------------------------------------------------------------------------- | Ärisegmendid | I kv | I kv 2008 | I kv 2007 | 2008 | | | 2009 | | | | -------------------------------------------------------------------------------- | Hooned | 58% | 80% | 55% | 63% | -------------------------------------------------------------------------------- | Rajatised | 42% | 20% | 45% | 37% | -------------------------------------------------------------------------------- * Tulenevalt rahvusvahelise finantsaruandluse standardi IFRS 8 „Tegevussegmendid“ jõustumisega aruandeperioodil on Kontsern muutnud raamatupidamisaruandes segmentide käsitlust. Ukraina hoonete segment, mis raamatupidamise vahearuandes on esitatud eraldiseisvalt, kuulub tegevusaruandes hoonete segmendi koosseisu. Tegevusaruande segmendiinfo ei sisalda raamatupidamisaruande „muud segmendid“ müügitulu. Tulenevalt turuolukorrast on Kontserni juhtkonna hinnangul oodata põhisegmentide osas 2009. majandusaastal rajatiste segmendi osakaalu suurenemist võrreldes eelmise aastaga. Sellele viitab ka Kontserni ehituslepingute teostamata tööde maht, kus 31.03.2009 seisuga ületavad rajatiste segmendiga seotud lepingud hoonete omasid (vt tegevusaruande peatükk „Ehituslepingute teostamata tööde mahud“). Segmendisisene müügitulu Hoonete ärisegmendis on müügitulu jaotus püsinud eelmiste perioodidega sarnastes vahemikes, kus ärihoonete osakaal moodustab üle 50% kogu segmendi müügitulust. Oodatult on majandusolukorrast tingituna vähenenud müügitulu osakaal tööstus- ja laohoonete- ning korterelamute ehitusest. Soodsatest ehitushindadest ajendatuna võiks oodata ühiskondlike hoonete osakaalu mõningast kasvu segmendisiseselt tänu omavalitsuste poolt tehtavatele võimalikele investeeringutele koolimajadesse, lasteaedadesse jms. avalikesse ehitistesse. Vaatamata soodsatele ehitushindadele võib seejuures takistavaks teguriks osutuda aga ehitusprojektide finantseerimise lahendamise keerukus. -------------------------------------------------------------------------------- | Müügitulu jaotus hoonete | I kv 2009 | I kv 2008 | I kv 2007 | 2008 | | segmendis | | | | | -------------------------------------------------------------------------------- | Ärihooned | 75% | 63% | 50% | 59% | -------------------------------------------------------------------------------- | Tööstus- ja laohooned | 8% | 14% | 14% | 16% | -------------------------------------------------------------------------------- | Ühiskondlikud hooned | 12% | 15% | 18% | 14% | -------------------------------------------------------------------------------- | Korterelamud | 4% | 8% | 18% | 11% | -------------------------------------------------------------------------------- Absoluutnumbrites on võrreldes eelmise aastaga rajatiste müügitulu kasvanud pea kaks korda, mis on kaasa toonud struktuurinihkeid ka müügitulu jaotumises rajatiste segmendi sees. Nii on oluliselt suurenenud müügitulu sadamaehitusest ning keskkonnaehituses kaasa toonud nende osakaalude protsentuaalse suurenemise segmendisiseselt. -------------------------------------------------------------------------------- | Müügitulu jaotus rajatiste | I kv 2009 | I kv 2008 | I kv 2007 | 2008 | | segmendis | | | | | -------------------------------------------------------------------------------- | Teedeehitus ja -hooldus | 20% | 41% | 24% | 45% | -------------------------------------------------------------------------------- | Sadamaehitus | 22% | 11% | 58% | 24% | -------------------------------------------------------------------------------- | Keskkonnaehitus | 17% | 5% | 18% | 6% | -------------------------------------------------------------------------------- | Muud rajatised | 41% | 43% | - | 25% | -------------------------------------------------------------------------------- EHITUSLEPINGUTE TEOSTAMATA TÖÖDE MAHUD Kontserni ettevõtete poolt sõlmitud ehituslepingute teostamata tööde maht seisuga 31.03.2009 oli 1 714 miljonit krooni (110 miljonit eurot), mis on poole vähem võrreldes aastataguse 3 369 miljoni krooniga (215 miljoni euroga). -------------------------------------------------------------------------------- | | 31.03.20 | 31.03.20 | 31.03.200 | 31.12.200 | | | 09 | 08 | 7 | 8 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 1 714 | 3 368 | 3 197 000 | 2 220 748 | | tööde mahud, tuhat krooni | 175 | 680 | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 109 556 | 215 298 | 204 326 | 141 932 | | tööde mahud, tuhat eurot | | | | | -------------------------------------------------------------------------------- Seejuures on Kontserni ehituslepingute teostamata tööde mahud kasvanud rajatiste segmendi osas võrreldes eelmiste perioodide seisuga moodustades 31.03.2009 seisuga 65% kogu portfellist (31.03.2008: rajatiste osakaal 35%). See viitab ehitusturgudel hetkel valitsevale olukorrale, kus hoonete segmendis on ehitusmahtude vähenemine olnud märgatavalt kiirem kui rajatiste segmendis nende lisandumine. Ehituslepingute teostamata tööde mahtude absoluutnumbritele on märkimisväärset mõju avaldanud lisaks ehitusmahtude vähenemisele ka ehitushindade oluline langus võrreldava perioodi suhtes. TÖÖTAJAD Nordecon peab oma suurimaks väärtuseks siin töötavaid inimesi ning on ettevõttena väärt nii palju kui professionaalsed, motiveeritud ja lojaalsed on tema töötajad. Kontserni juhtkonna üks selgeid eesmärke on luua Nordeconi töötajatele kaasaegne ja professionaalset arengut toetav töökeskkond, seda nii töötingimuste, karjäärivõimaluste kui töö sisu osas. Töötajad ja tööjõukulud 2009. aasta I kvartalis töötas Kontserni emaettevõttes ja tütarettevõtetes kokku keskmiselt 1 223 inimest. Nendest insenertehniline personal moodustab ligi 500 inimest. Viimastel aastatel on insenertehnilise personali osakaal kasvanud seoses kontserni tegevusmahtude suurenemisega. Võrreldes eelmise aastaga on töötajate arv samas perioodis suurenenud üle 100 töötaja võrra, mis on tingitud peamiselt Läti ettevõtte SIA LCB omandamisest 2009. aasta alguses. Vaatamata sellele on töötajate arvu kasvukõver 2008.a. lõpust siiski pöördunud langusele seoses töötajate koondmistega, mille on kaasa toonud töömahtude märkimisväärne vähenemine. Töötajate keskmine arv kontserni ettevõtetes (emaettevõte ja tütarettevõtted): -------------------------------------------------------------------------------- | Aasta | ITP | Töölised | Keskmine kokku | -------------------------------------------------------------------------------- | I kv 2009 | 499 | 724 | 1 223 | -------------------------------------------------------------------------------- | I kv 2008 | 456 | 646 | 1 102 | -------------------------------------------------------------------------------- | I kv 2007 | 396 | 613 | 1 009 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1 232 | -------------------------------------------------------------------------------- Kontserni 2009. aasta I kvartali tööjõukulud koos kõikide maksudega moodustasid 98,5 miljonit krooni (6,3 miljonit eurot), mis on 7% vähem kui eelmise majandusaasta võrreldavas perioodis, millal tööjõukulud olid kokku 105,4 miljonit krooni (6,7 miljonit eurot). Samas on keskmine töötajate arv tõusnud 11%. Tööjõukulude vähenemine vaatamata töötajate arvu kasvule on tingitud Kontserni töötajate põhipalkade vähendamisest võrreldes eelmise perioodiga. Kontserni ettevõtetes on läbiviidud töötajate töötasude vähendamine, sh on insenertehnilise personali (ITP) töötasusid vähendatud keskmiselt 15%. Samuti on vähenenud projektpersonali töötasude osana arvestatavad tulemustasud, mis on otseselt sõltuvad projektide kasumlikkusest. 2009. aasta I kvartalis on tingituna üldisest majandusolukorrast ja ehitusturul toimunud langusest Kontserni ettevõtetes töösuhe lõpetatud ligi 240 töötajaga. Nordecon International AS nõukogu liikmetele on 2009. aasta I kvartalis arvestatud tasusid 270 tuhat krooni (17 tuhat eurot). Eelmisel aastal oli vastav näitaja 270 tuhat krooni (17 tuhat eurot). Nordecon International AS juhatuse liikmetele on 2009. aasta I kvartalis arvestatud tasusid ja hüvitisi 611 tuhat krooni (39 tuhat eurot) ning 2008. aastal võrreldava perioodi kohta 2 575 tuhat krooni (165 tuhat eurot). Erinevused juhatuse tasudes tulenevad asjaolust, et alates 5. jaanuarist 2009 on Nordecon International AS juhatuses kolm liiget, kui 2008. aastal oli juhatuses viis liiget. Samuti on mõju avaldanud kontserni ettevõtete juhatuse liikmete põhipalga vähendamine 15% võrra. VÄLJAVAATED KONTSERNI TEGUTSEMISTURGUDELE Eesti Eesti ehitusturgu iseloomustavad 2009-2010 aastal Kontserni juhtkonna hinnangul järgmised sündmused: - Ehitusturu kogunõudluse erakordselt suur sõltuvus riigihangetest ning Euroopa Liidu finantstoel alustatavatest (eelkõige infrastruktuuri-, keskkonnaehituse- jms.) projektidest (sh oluliselt riigi ja kohalike omavalitsuste haldussuutlikkusest) ning hinnakujundusest. Siiski ei kompenseeri rajatiste ehitamise mahtude mõõdukam kahanemine võrreldes eelmiste perioodidega järsku langust hoonete ehitusmahtudes, kust hetkel on kadunud enamus eraettevõtetest ja -isikutest kliente. Aastaks 2010 prognoosib Kontserni juhtkond, et võrreldes 2008. aastaga on ehitusturu kogumahud langenud üle 50%. - Elamuarendusele ja -ehitusele spetsialiseerunud ettevõtete hulga vähenemine (turu konsolideerumine). Jätkub 2008. aastal alanud suund, kus seni elamuehitusele keskendunud ettevõtted püüavad siirduda teistesse turusegmentidesse (infrastruktuuride ehitus) ning teravdavad seeläbi oluliselt konkurentsisurvet. Turu madalseisu jätkumine viib ettevõtete ühinemisteni, ülevõtmisteni ning pankrottideni. - Üleilmalisest finantskriisist tingituna on majanduses ringleva raha hulk oluliselt vähenenud ning üha suuremal osal erasektori ettevõtetel on raskusi uute ehitusprojektide finantseerimisel võõrkapitali abil. Nõudluse järsemat vähenemist võib aidata mingil määral siiski pehmendada ehitusturu tihenevast konkurentsist tulenev hinnalangus, mis muudab tellijatele investeerimise atraktiivsemaks võrreldes turuhindade kõrgperioodiga aastatel 2006-2007. - Ehitusturu kasvuperioodil toodangumahtusid märkimisväärselt suurendanud ehitusmaterjalide tootjad seisavad silmitsi nõudluse vähenemisega ehitusmaterjalide osas ning tootmisvõimsuse suurendamiseks võetud kohustuste täitmise raskemaks muutumisega. - Kinnisvaraarendusega tegelevate ettevõtete olemasolevate laenude teenindamise ja tagasimaksevõime halvenemine ja uute laenude võtmisel krediidikõlbulikkuse vähenemine. Ehituse peatöövõtu ja -projektijuhtimisega tegelevatel ehitusettevõtetel ebatõenäoliselt laekuvate ja lootusetute nõudesummade kasvamise suurenev tõenäosus. - Infrastruktuuriobjektide tähtsustumise kaudu kujunevad senisest olulisemateks eduteguriteks spetsiifiline (insenertehniline) oskusteave ja kogemused, koos vastavate ressursside olemasoluga. - Halvenev majanduskliima ja suurenenud konkurents ehitusturul seoses mahtude vähenemisega toob kaasa sektoris ehitustööliste tööpuuduse jätkuva kasvu, mis läbi tööjõu pakkumise suurenemise viib ehitusettevõtete tööjõukulude vähenemiseni. Tööjõukulude alanemise mõju vähendab lühiajalises perspektiivis koondamistasude maksmine. - Ehitusprojektide finantseerimisskeemide muutumine (sh tellija maksetähtaegade oluline pikendamine) ning täiendavad nõuded seetõttu projektide peatöövõtjapoolsele finantseerimisele ehitustegevuse perioodil, mis avaldab survet ettevõtete likviidsusele. Nordecon International kontsern tegutseb pikaajalistele eesmärkidele tuginedes, mida korrigeeritakse väliskeskkonna muutumisest tulenevate mõjudega. Vastav strateegilise juhtimise protsess kuulub Kontserni juhtkonna töökohustuste hulka. Kontsern on valmistunud senise majanduskeskkonna muutumiseks järgmiselt: - Kontserni eesmärk on vähendada kulubaasi 30% võrra (sh tööjõukulude vähendamine läbi koondamiste ja palkade alandamise, kaupade- ja teenuste sisseostukulude vähendamine jne). - Kontserni restruktureerimine ärivaldkondade (hoonete ja infrastruktuuride ehitamine) paremaks juhtimiseks ja konkurentsieeliste säilitamiseks. - Klientide makse- ja krediidivõime senisest kriitilisem eelanalüüs ning tähtaja ületanud nõuetega varasem ning aktiivsem tegelemine. - Riskide maandamine läbi projektiportfelli kujundamise. - Tegevuse hajutamisega geograafiliselt. Läti ja Leedu Vaatamata Läti poliitilises- ja rahandussüsteemis esinevatele probleemidele püsivad samal tasemel või loodetavasti suurenevad riigi- ja kohalike omavalitsuste poolt Euroopa Liidu toetusfondide raha abil finantseeritavate mitmesuguste infrastruktuuriprojektide mahud (nt joogivee- ja keskküttetorustike renoveerimine jms). Ehitustegevusele avaldab survet eelkõige finantseerimisasutuste olukord, erasektori nõudluse oluline vähenemine, siiani kõrge inflatsioon ja konkurentsi teravnemine. Leedu majanduse viimase aja arengud on sarnased teiste Balti riikide omaga. Surve riigieelarvele ja rahvusvaluutale, investeeringute pidurdumine era- ja avalikus sektoris jms tegurid mõjutavad otseselt ehitusturgu. Äripindade ja korterelamute (Kontserni ettevõte kui peatöövõtja, mitte arendaja) ehitamise osas on turg selgelt ja järsult kahanenud ning olukord jätkuvalt pingeline. Muud olulisemad riskid on seotud pankade stabiilsuse, konkurentsi kasvu ja inflatsiooni mõjuga ehitushindadele. Kontserni juhtkond on äraootaval seisukohal seoses Läti ja Leedu ehitusturgude arengutega lähitulevikus, kuna sarnaselt Eestile on nendes riikides raskustesse sattunud majandus tervikuna, mille mõju avaldub teravalt ka ehitussektoris. Kontserni juhtkond analüüsib senist tegevuse Läti ja Leedu turul väliskeskkonna kiiretest muutustest tulenevaid asjaolusid arvesse võttes ning on valmis vajadusel ka otsustavalt seniseid plaane korrigeerima. Arvestades kujunenud olukorda Leedu ehitusturul ning tulevikuperspektiive majanduses kaalub Kontsern ühe alternatiivina 2009. aastal oma senise tegevuskava ümbervaatamist ning ei välista oma tegevuse ajutist kokkutõmbamist Leedu turul 2009. aastal, kui see on mõistlik ning põhjendatud. Kontsern lähtub oma tegevuse pikaajalisel kujundamisel Läti ja Leedu ehitusturul vastavalt vastuvõetud strateegiale välisturgudele laienemise osas ning peab Läti ja Leedu ehitusturge pikemat ajahorisonti silmas pidades endiselt loogiliseks jätkuks ettevõtte rahvusvahelistumisel. Ukraina Kontsern jätkab Ukrainas eelkõige kui ehituse peatöövõtu ja projektijuhtimisega tegelev ettevõtte äri- ja tootmishoonete vallas. Mahukaid investeeringuid nõudvad tegevused kinnisvaraarendusprojektiga on peatatud, et minimeerida riske ning oodata olukorra selginemist Ukraina ja maailma finantsturgudel. Kohaliku ehitusturu põhilised riskid on seotud riigi- ja omavalitsuse ning kohtusüsteemi nõrga toimimisefektiivsusega, inflatsiooni ja kvaliteetsete ehitussisendite kättesaadavusega. Alates oktoobrist 2008 on Ukraina rahandus- ja pangandussüsteem sattunud tugeva surve alla. Rahvusvaluuta grivna (UAH) on nõrgenenud nii Ameerika dollari kui ka euro suhtes oluliselt, mis toob riigis tegutsevatele välisriikide ettevõtetele maandamata valuutariskiga lepingute ja finantspositsiooni korral kaasa ulatuslikke kursikahjumeid. Samas on 46 miljoni elanikuga riigi ehitusturg pakkumas siiski võimalusi äritegevuse läbiviimiseks ka tulevikus. Peamiseks eduteguriks Kontsernile turul tegutsemisel on vähene konkurents ehituse projektijuhtimisfirmade hulgas (euroopalike juhtimistavade- ja oskustega paindlik ehituse projektijuhtimisettevõte). Kontserni juhtkond veendunud, et tänanähtav kriis Ukraina ehitusturul ja majanduses tervikuna korrigeerib oluliselt riigis kehtinud arusaamu ning tõekspidamisi kaasaegset ehituse peatöövõtu- ja projektijuhtimisettevõtet iseloomustavate põhimõtete osas ja uuenenud mõtteviis parandab tuntavalt Kontserni positsiooni pikemas perspektiivis. PEAMISTE RISKIDE KIRJELDUS Äririskid Äritegevuse sesoonsusest (peamiselt ilmastikutingimused talvekuudel) tulenevate riskide maandamiseks on Kontsern muuhulgas sõlminud teehoolduslepinguid, kus on aastaringne hooldamiskohustus. Samuti otsivad Kontserni ettevõtted jätkuvalt uusi tehnilisi lahendeid, mis lubaksid senisest tõhusamalt töötada muutuvates ilmastikutingimustes. Igapäevaste ehitustegevuse riskide haldamiseks on kontserniettevõtted sõlminud ehituse koguriskikindlustuse lepingud. Sõltuvalt konkreetse projekti iseloomust kasutatakse nii üldiseid raamlepinguid kui ka konkreetse projekti eripära ning tellija soove arvestavaid projektipõhiseid kindlustusi. Alltöövõtjatega sõlmitud töövõtulepingutest tulenevate alltöövõtjate kohustuste täitmise tagamiseks esitatakse Kontserni ettevõtte kasuks reeglina pangagarantii. Garantiiperioodil ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on kõigis kontserniettevõtetes loodud garantiikulude eraldis. 31.03.2009 seisuga moodustas garantiieraldis (lühi- ja pikaajaline osa) kokku 13,9 miljonit krooni (0,9 miljonit eurot). Võrreldava perioodi vastav näitaja oli 11,2 miljonit krooni (0,7 miljonit eurot). Krediidiriskid Krediidiriski haldamisel analüüsitakse juba pakkumistegevuse etapis tulevase võimaliku lepingupartneri senist maksekäitumist ja -võimet. Lepingu sõlmimise järgselt toimub kliendi maksekäitumise pidev monitooring, alates ettemaksu lepingukohasest tasumisest kuni edaspidise lepingujärgsest maksegraafikust kinnipidamiseni, mis omakorda on reeglina sõltuvuses valminud ehitustööde akteerimisest. Usume, et kirjeldatud viisil toimimine võimaldab maksehäirete ilmnemisele piisava kiirusega reageerida. Aruandeperioodi lõpu seisuga hindame oma klientide maksekäitumist heaks. Samas on klientide maksekäitumises toimunud siiski muudatusi. Tähtaja ületanud nõuete osakaal on mõnevõrra kasvanud, mis suurendab krediidikahjumite tekkimise võimalust järgmistel perioodidel. Kontserni arvestuspõhimõtete kohaselt kajastatakse kuludes kõik nõuded, mis on ületanud maksetähtaja rohkem kui 180 päeva. 2009. aasta I kvartalis oli netokahjum ebatõenäoliselt laekuvatest nõuetest 0,9 miljonit krooni (0,1 miljonit eurot). Eelmisel perioodil ületas varasemalt ebatõenäoliselt laekuvateks tunnistatud nõuete hilisemast laekumisest tekkinud tulu nõuete allahindluskulu ning teeniti netokasum summas 0,2 miljonit krooni (0,01 miljonit eurot). Likviidsusriskid Vabu rahalisi vahendeid hoiab ettevõte Eesti suurimates pankades üleöö- või fikseeritud intressiga tähtajalistel hoiustel. Kohustuste tähtaegse täitmise tagamiseks hoitakse arveldus- või üleöödeposiidi kontodel ligikaudu kahe nädala käiberaha ning vajadusel kasutatakse arvelduskrediiti. Kontserni käibevara ületab lühiajalisi kohustusi 1,28 kordselt (31.03.2008: 1,65 korda). Bilansipäeva seisuga oli Kontsernil vabu rahalisi vahendeid 179,6 miljonit krooni (11,5 miljonit eurot) (31.03.2008: 372,5 miljonit krooni / 23,8 miljonit eurot), mis koos sõlmitud arvelduskrediidi lepingute kasutamata jääkidega moodustab piisava likviidsusvaru Kontserni äritegevuse läbiviimiseks keerulisemates majandustingimustes võrreldes eelmise aastaga. Intressiriskid Kontserni ettevõtete poolt Eesti, Läti ja Ukraina pankadelt võetud laenud on peamiselt fikseeritud intressimääraga. Kapitalirendi lepingud on ujuva intressimääraga ja põhinevad EURIBOR-il. Kontserni intressikandvad laenukohustused on võrreldes varasema perioodiga kasvanud 8,3 miljoni krooni võrra (0,5 miljonit eurot). Seisuga 31.03.2008 on Kontsernil intressikandvaid kohustusi summas 665,8 miljonit krooni (42,6 miljonit eurot). Intressikulud olid 2009. aasta I kvartalis 8,4 miljonit krooni (0,5 miljonit eurot) ning võrreldes 2008. aasta I kvartaliga on intressikulude suurusjärk kohustuste kasvu juures jäänud samaks tulenevalt EURIBOR-i baasintressi langemisest. Valuutariskid Ehituslepingud ja allhankelepingud on reeglina sõlmitud asukohamaa valuutas, Eesti kroonides (EEK), Läti lattides (LVL), Leedu littides (LTL) ja Ukraina grivnades (UAH). Välisriikidest sisseostetud teenused on olulises osas eurodes, mille osas valuutarisk kontserni Eesti, Läti ja Leedu ettevõtetele puudub. 2008. aasta viimases kvartalis sattus ülemaailmse finantskriisi tõttu olulistesse raskustesse Ukraina majandus ning koos sellega ka kohalik valuuta (Ukraina grivna/UAH). Kohalikku valuuta vahetuskurssi, mis ei olnud ametlikult seotud ühegi rahvusvahelise valuutaga, hakkasid järsult mõjutama ekspordi ja välisinvesteeringute vähenemine ning riigi pangandussüsteemi usaldusväärsus tervikuna. Hoolimata vastumeetmetest ei suutnud kohalik keskpank hoida Ukraina grivna kurssi stabiilsena rahvusvaheliste valuutade suhtes ning 2008. aastal odavnes grivna USA dollari ja euro vastu võrreldes aasta algusega rohkem kui 30%. 2009. aastal on Ukraina grivna kursi nõrgenemine euro suhtes peatunud ning Kontserni kursikahjumid (sh finantskuludes ning muudes ärikuludes) 2009. aasta I kvartalis moodustasid 0,2 miljonit krooni (0,01 miljonit eurot). Valuutakursside muutumiste kogumõju (sh kursikasumid) puhaskasumile oli kasum summas 2,1 miljonit krooni (0,1 miljonit eurot). FINANTSARUANDED Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EEK`000 | 31.03.2009 | 31.03.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 179 643 | 372 537 | 296 184 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 443 126 | 359 718 | 473 935 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 414 134 | 245 195 | 408 541 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 776 | 1 905 | 776 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 0 | 3 207 | -------------------------------------------------------------------------------- | Varud | 443 553 | 431 055 | 386 733 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 43 362 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 1 481 232 | 1 453 772 | 1 569 376 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 121 960 | 91 828 | 112 605 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 116 783 | 133 753 | 116 783 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 253 140 | 276 167 | 263 295 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 332 869 | 290 356 | 305 188 | -------------------------------------------------------------------------------- | Põhivara kokku | 824 752 | 792 104 | 797 871 | -------------------------------------------------------------------------------- | VARA KOKKU | 2 305 984 | 2 245 876 | 2 367 247 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 332 295 | 151 184 | 235 948 | -------------------------------------------------------------------------------- | Võlad hankijatele | 319 687 | 291 656 | 439 615 | -------------------------------------------------------------------------------- | Maksuvõlad | 52 658 | 48 411 | 65 760 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 384 488 | 382 168 | 423 270 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 9 903 | 8 078 | 11 600 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 1 099 031 | 881 497 | 1 176 193 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 333 474 | 506 308 | 318 578 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 4 258 | 761 | 2 534 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 4 022 | 3 739 | 6 630 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 341 754 | 510 808 | 327 742 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1 440 785 | 1 392 305 | 1 503 935 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 307 567 | 307 567 | 307 567 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 34 800 | 21 426 | 34 800 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -2 714 | 4 574 | -4 106 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 434 033 | 432 937 | 426 995 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 773 686 | 766 504 | 765 256 | | omakapital | | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 91 513 | 87 067 | 98 056 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 865 199 | 853 571 | 863 312 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 305 984 | 2 245 876 | 2 367 247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EUR`000 | 31.03.2009 | 31.03.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 11 481 | 23 810 | 18 930 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 28 321 | 22 990 | 30 290 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 26 468 | 15 670 | 26 110 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 50 | 123 | 50 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 0 | 205 | -------------------------------------------------------------------------------- | Varud | 28 348 | 27 549 | 24 717 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 2 771 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 94 668 | 92 913 | 100 301 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 7 795 | 5 869 | 7 197 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 7 464 | 8 548 | 7 464 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 16 178 | 17 650 | 16 828 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 21 274 | 18 557 | 19 505 | -------------------------------------------------------------------------------- | Põhivara kokku | 52 711 | 50 625 | 50 993 | -------------------------------------------------------------------------------- | VARA KOKKU | 147 379 | 143 538 | 151 295 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 21 238 | 9 662 | 15 080 | -------------------------------------------------------------------------------- | Võlad hankijatele | 20 432 | 18 640 | 28 096 | -------------------------------------------------------------------------------- | Maksuvõlad | 3 364 | 3 094 | 4 203 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 24 574 | 24 425 | 27 052 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 633 | 516 | 741 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 70 241 | 56 338 | 75 172 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 21 313 | 32 359 | 20 361 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 272 | 49 | 162 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 257 | 239 | 424 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 21 842 | 32 647 | 20 947 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 92 083 | 88 985 | 96 119 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 19 657 | 19 657 | 19 657 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 2 224 | 1 369 | 2 224 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -173 | 292 | -262 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 27 740 | 27 670 | 27 290 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 49 448 | 48 989 | 48 909 | | omakapital | | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 5 849 | 5 565 | 6 267 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 55 296 | 54 553 | 55 176 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 147 379 | 143 538 | 151 295 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | | I KV 2009 | I KV 2008 | 2008 | | EEK`000 | | | | -------------------------------------------------------------------------------- | Müügitulu | 590 664 | 773 510 | 3 867 917 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 553 809 | 672 156 | 3 510 006 | -------------------------------------------------------------------------------- | Brutokasum | 36 855 | 101 354 | 357 911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | 2 223 | 827 | 8 007 | -------------------------------------------------------------------------------- | Üldhalduskulud | 37 404 | 43 493 | 182 526 | -------------------------------------------------------------------------------- | Muud äritulud | 1 689 | 7 122 | 63 947 | -------------------------------------------------------------------------------- | Muud ärikulud | 2 423 | 3 113 | 22 845 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -3 506 | 61 043 | 208 480 | -------------------------------------------------------------------------------- | Finantstulud | 18 775 | 4 559 | 96 877 | -------------------------------------------------------------------------------- | Finantskulud | 13 782 | 19 851 | 68 019 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | 4 993 | -15 292 | 28 858 | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | 0 | 16 | 17 | | kasum | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | 2 644 | 728 | 24 770 | | kahjum | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | -2 644 | -712 | -24 753 | | kasum/kahjum kokku | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -1 157 | 45 039 | 212 585 | -------------------------------------------------------------------------------- | Tulumaks | -618 | 145 | 41 269 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (-kahjum) | -539 | 44 894 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum/- kahjum: | -1 480 | 2 331 | -6 371 | | Realiseerumata kursivahed | | | | -------------------------------------------------------------------------------- | Kokku muu koondkasum/- kahjum | -1 480 | 2 331 | -6 371 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku aruandeperiood koondkasum/ | -2 019 | 47 225 | 164 945 | | (-kahjum) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum/(-kahjum): | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele kuuluv | 7 046 | 46 138 | 145 580 | | osa | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele kuuluv | -7 585 | -1 244 | 25 736 | | osa | | | | -------------------------------------------------------------------------------- | | -539 | 44 894 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku aruandeperioodi | | | | | koondkasum/(-kahjum): | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele kuuluv | 8 438 | 48 358 | 139 120 | | osa | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele kuuluv | -10 457 | -1 133 | 25 825 | | osa | | | | -------------------------------------------------------------------------------- | | -2 019 | 47 225 | 164 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum aktsia | | | | | kohta emavõtte aktsionäridele: | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | 0,23 | 1,50 | 4,73 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta | 0,23 | 1,50 | 4,73 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | EUR`000 | I KV 2009 | I KV 2008 | 2008 | -------------------------------------------------------------------------------- | Müügitulu | 37 750 | 49 436 | 247 205 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 35 395 | 42 959 | 224 330 | -------------------------------------------------------------------------------- | Brutokasum | 2 355 | 6 478 | 22 875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turunduskulud | 142 | 53 | 512 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 391 | 2 780 | 11 666 | -------------------------------------------------------------------------------- | Muud äritulud | 108 | 455 | 4 087 | -------------------------------------------------------------------------------- | Muud ärikulud | 155 | 199 | 1 460 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -224 | 3 901 | 13 324 | -------------------------------------------------------------------------------- | Finantstulud | 1 200 | 291 | 6 192 | -------------------------------------------------------------------------------- | Finantskulud | 881 | 1 269 | 4 347 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | 319 | -977 | 1 844 | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | 0 | 1 | 1 | | kasum | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | 169 | 47 | 1 583 | | kahjum | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil arvestatud | -169 | -46 | - 1 582 | | kasum/kahjum kokku | | | | -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -74 | 2 879 | 13 587 | -------------------------------------------------------------------------------- | Tulumaks | -39 | 9 | 2 638 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (-kahjum) | -34 | 2 869 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum/- kahjum: | -95 | 149 | -407 | | Realiseerumata kursivahed | | | | -------------------------------------------------------------------------------- | Kokku muu koondkasum/- kahjum | -95 | 149 | -407 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku aruandeperiood koondkasum/ | -129 | 3 018 | 10 542 | | (-kahjum) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum/(-kahjum): | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele kuuluv | 451 | 2 949 | 9 304 | | osa | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele kuuluv | -485 | -80 | 1 645 | | osa | | | | -------------------------------------------------------------------------------- | | -34 | 2 869 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku aruandeperioodi | | | | | koondkasum/(-kahjum): | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele kuuluv | 539 | 3 090 | 8 891 | | osa | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele kuuluv | -668 | -72 | 1 651 | | osa | | | | -------------------------------------------------------------------------------- | | -129 | 3 018 | 10 542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum aktsia | | | | | kohta emavõtte aktsionäridele: | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | 0,01 | 0,10 | 0,30 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta | 0,01 | 0,10 | 0,30 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | | EEK`000 | EUR`000 | -------------------------------------------------------------------------------- | | I KV | I KV 2008 | I KV 2009 | I KV 2008 | | | 2009 | | | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | | | -------------------------------------------------------------------------------- | Laekumised ostjatelt | 661 510 | 1 041 501 | 42 278 | 66 564 | -------------------------------------------------------------------------------- | Maksed hankijatele | -608 644 | -869 455 | -38 899 | -55 568 | -------------------------------------------------------------------------------- | Maksed töötajatele ja | -126 515 | -136 073 | -8 086 | -8 697 | | töötajate eest | | | | | -------------------------------------------------------------------------------- | Makstud tulumaks | -6 002 | -20 | -384 | -1 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | -79 651 | 35 953 | -5 091 | 2 298 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavood | | | | | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | Materiaalse põhivara | -530 | -2 473 | -34 | -158 | | soetamine | | | | | -------------------------------------------------------------------------------- | Immateriaalse põhivara | -7 500 | -464 | -479 | -30 | | soetamine | | | | | -------------------------------------------------------------------------------- | Põhivara müük | 1 130 | 3 342 | 72 | 214 | -------------------------------------------------------------------------------- | Tütarettevõtete soetamine | -6 776 | -194 719 | 433 | 12 444 | -------------------------------------------------------------------------------- | Tütarettevõtete müük | 0 | 1 482 | 0 | 95 | -------------------------------------------------------------------------------- | Sidusettevõtete soetamine | -6 000 | 0 | -383 | 0 | -------------------------------------------------------------------------------- | Sidusettevõtete müük | 6 724 | 0 | 430 | 0 | -------------------------------------------------------------------------------- | Ühisettevõtete soetamine | -20 000 | 0 | -1 279 | 0 | -------------------------------------------------------------------------------- | Antud laenud | -53 747 | -7 973 | -3 435 | -510 | -------------------------------------------------------------------------------- | Antud laenude laekumised | 6 092 | 31 111 | 389 | 1 988 | -------------------------------------------------------------------------------- | Saadud intressid | 5 457 | 5 099 | 349 | 326 | -------------------------------------------------------------------------------- | Netorahavoog | -75 150 | -164 595 | -4 803 | -10 520 | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavood | | | | | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | Saadud laenud | 122 911 | 333 701 | 7 855 | 21 327 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | -63 576 | -49 421 | -4 063 | -3 159 | -------------------------------------------------------------------------------- | Kapitalirendi maksed | -12 462 | -13 499 | -796 | -863 | -------------------------------------------------------------------------------- | Makstud intressid | -8 374 | -5 693 | -535 | -364 | -------------------------------------------------------------------------------- | Muud maksed | -315 | 0 | -20 | 0 | -------------------------------------------------------------------------------- | Netorahavoog | 38 184 | 265 088 | 2 440 | 16 942 | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rahavoog kokku | -116 617 | 136 446 | -7 454 | 8 720 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 296 184 | 236 112 | 18 930 | 15 089 | | perioodi algul | | | | | -------------------------------------------------------------------------------- | Valuutakursimuutused | 76 | -20 | 5 | -1 | -------------------------------------------------------------------------------- | Raha jäägi muutus | -116 617 | 136 446 | -7 454 | 8 720 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 179 643 | 372 538 | 11 481 | 23 810 | | perioodi lõpul | | | | | -------------------------------------------------------------------------------- Nordecon International 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 tegevusvaldkondadeks lisaks teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on Nordecon International AS, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub lisaks emaettevõttele üle 20 tütarettevõtte. Kontserni 2008. aasta konsolideeritud müügitulu oli 3,9 miljardit krooni (247 miljonit eurot) ja konsolideeritud puhaskasum 171 miljonit krooni (11 miljonit eurot). Nordecon International kontsern annab tööd rohkem kui 1 100 inimesele. Alates 18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas. 1 euro = 15,6466 krooni Raimo Talviste Nordecon International AS Investorsuhete juht Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com
Pealkiri
2009 I QUARTER AND 3 MONTHS CONDENSED INTERIM REPORT (UNAUDITED)
Teade
DIRECTORS' REPORT OUR MISSION Our mission is to offer our customers complete premier value adding construction and engineering solutions. We add value to the company by motivating our employees and providing them with clear development opportunities and a contemporary work environment. VISION Our goal is to become the fastest growing construction group on the Nordic and Baltic stock exchanges by 2013 in terms of revenue growth. SHARED VALUES Reliability We 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. Quality We are professional builders - 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 that encourages creativity and a motivation system that fosters initiative. 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 continuous training and balanced career opportunities. FINANCIAL REVIEW Margins Nordecon International Group ended the first quarter of 2009 with a gross profit of 36.9 million kroons (2.4 million euros), a 64 per cent decrease from the 101.4 million kroons (6.5 million euros) earned in the first quarter of 2008. In the first quarter of 2009, the Group operated with practically zero profit, incurring a net loss of 0.6 million kroons (0.04 million euros). Compared with the net profit of 44.9 million kroons (2.9 million euros) earned in the first quarter of 2008, the net result has shrunk considerably. The decrease results largely from a decline in the profitability of construction contracts. In ordinary circumstances, the lower than average profitability in the first quarter has resulted from seasonal factors that impact mainly the road construction business. In the current situation, however, this has been accompanied by exceptionally weak demand in the buildings construction sector, which has triggered fierce competition and, accordingly, a steep decrease in relevant associated margins. In addition, consolidated net profit has been influenced by distribution and administrative expenses (particularly non-recurring restructuring expenditures) that have not decreased at the same pace as the margins of construction contracts. The key profitability ratios monitored by the Group's management are following the same trends that emerged in the last quarter of 2008 owing to adverse changes in the operating environment. The Group's margins have dropped (in all markets) year-over-year primarily on account of a steep decline in demand. The main sector-specific trend has been the increasing excess of construction capacities over the number of projects on offer. Low demand that is insufficient for meeting the business needs of all market players has heightened pressure for lowering the prices. To remain competitive, the Group was forced to lower the first quarter gross margin to 6.2 per cent, a two-fold decrease from the 13.1 per cent posted for the first quarter of 2008. In the light of the trends prevailing in the construction market, the Group will focus on redesigning its internal processes (improving the efficiency of purchase of services, cost-cutting, etc) so as to maintain its gross margin at a level that would ensure that the year will end in an operating profit. The operating loss of 3.5 million kroons (0.2 million euros) was anticipated. The restructuring of the Group and downsizing triggered exceptional expenses that will not recur in the next period. As a result, the ratio of administrative expenses to revenue rose to 6.3 per cent (Q1 2008: 5.6 per cent), surpassing the 5 per cent limit set by management. The Group remains committed to the decision that during the period 2009-2010 the cost base should be reduced by up to 30 per cent compared with 2007-2008 and will act resolutely to achieve this. Cash flows The Group's net operating cash flow was negative at 79.7 million kroons (5.1 million euros), reflecting developments in the markets where the Group operates. Contractual settlement terms have lengthened (particularly as regards the public sector projects) and the overall economic situation is causing difficulties that delay settlement past the agreed due dates. Receipts from customers exceed disbursements to suppliers but not enough to render the net operating cash flow positive. Investing activities of the first quarter of 2009 resulted in a net outflow of 75.2 million kroons (4.8 million euros) compared with a net outflow of 164.6 million kroons (10.5 million euros) for the first quarter of 2008. The largest outflow resulted from lending activities (net outflow 47.7 million kroons or 3.0 million euros) that are becoming common especially in the Estonian construction market where potential customers view not only the banks but also the builders as potential co-financiers during the construction period. Compared with a year ago, investments in other companies have decreased significantly. If in the first quarter of 2008 investments in other companies (mainly for the interest in AS Eston Ehitus) totalled 195.4 million kroons (12.5 million euros), then in the first quarter of 2009 investments in subsidiaries, associates and joint ventures totalled 32.8 million kroons (2.1 million euros). Financing activities generated net inflow of 38.2 million kroons (2.4 million euros). The corresponding figure for the first quarter of 2008 was inflow of 265.1 million kroons (16.9 million euros). The net amount of loans received and repaid through financing activities was positive at 59.3 million kroons (3.8 million kroons) against the also positive net result of 284.3 million kroons (18.2 million euros) for the first quarter of 2008. In the first quarter of 2009, the Group's cash and cash equivalents decreased by 116.6 million kroons (7.5 million euros) whereas in the first quarter of 2008 cash and cash equivalents grew by 136.4 million kroons (8.7 million euros). At 31 March 2009, the Group's cash and cash equivalents stood at 179.6 million kroons (11.5 million euros) against 372.5 million kroons (23.8 million euros) at 31 March 2008. Considering that as a rule the first and fourth quarters are periods in which operating cash flow is more influenced by disbursements than receipts, management believes that the Group's cash and cash equivalents are sufficient to ensure the Group's liquidity throughout the remainder of the year. On the other hand, the size of the Group's available cash funds depends directly on whether the banks' agree to extend the Group's short-term credit limits. Key financial figures and ratios -------------------------------------------------------------------------------- | Figure / ratio | Q1 2009 | Q1 2008 | Q1 2007 | 2008 | -------------------------------------------------------------------------------- | Weighted average number of | 30,756,7 | 30,756,7 | 30,756,72 | 30,756,72 | | shares | 28 | 28 | 8 | 8 | -------------------------------------------------------------------------------- | Earnings per share (in kroons) | 0.23 | 1.50 | 0.96 | 4.73 | -------------------------------------------------------------------------------- | Earnings per share (in euros) | 0.01 | 0.10 | 0.06 | 0.30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue growth | -23.6% | 38.2% | 63.8% | 3.1% | -------------------------------------------------------------------------------- | Average number of employees | 1,223 | 1,102 | 1,009 | 1,232 | -------------------------------------------------------------------------------- | Revenue per employee (in | 483 | 702 | 555 | 3,140 | | thousands of kroons) | | | | | -------------------------------------------------------------------------------- | Revenue per employee (in | 31 | 45 | 35 | 201 | | thousands of euros) | | | | | -------------------------------------------------------------------------------- | Personnel expenses to revenue, | 16.7% | 13.6% | 13.3% | 12.7% | | % | | | | | -------------------------------------------------------------------------------- | Administrative expenses to | 6.3% | 5.6% | 5.3% | 4.7% | | revenue, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA (in thousands of | 14,813 | 77,166 | 51,619 | 281,161 | | kroons) | | | | | -------------------------------------------------------------------------------- | EBITDA (in thousands of euros) | 947 | 4,932 | 3,299 | 17,969 | -------------------------------------------------------------------------------- | EBITDA margin, % | 2.5% | 10.0% | 9.2% | 7.3% | -------------------------------------------------------------------------------- | Gross margin, % | 6.2% | 13.1% | 11.8% | 9.3% | -------------------------------------------------------------------------------- | Operating margin, % | -0.6% | 7.9% | 6.7% | 5.4% | -------------------------------------------------------------------------------- | Operating margin excluding | -0.7% | 7.6% | 6.2% | 5.3% | | gains on asset sales, % | | | | | -------------------------------------------------------------------------------- | Net margin, % | -0.1% | 5.8% | 5.6% | 4.4% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on invested capital, % | 0.5% | 3.9% | 5.6% | 19.1% | -------------------------------------------------------------------------------- | Return on assets, % | -0.2% | 2.8% | 2.6% | 9.1% | -------------------------------------------------------------------------------- | Return on equity, % | -0.1% | 5.4% | 6.1% | 20.5% | -------------------------------------------------------------------------------- | Equity ratio, % | 37.5% | 38.0% | 37.8% | 36.5% | -------------------------------------------------------------------------------- | Gearing, % | 31.8% | 18.9% | 18.9% | 18.2% | -------------------------------------------------------------------------------- | Current ratio | 1.28 | 1.65 | 1.41 | 1.33 | -------------------------------------------------------------------------------- | | 31 March | 31 March | 31 March | 31 | | | 2009 | 2008 | 2007 | December | | | | | | 2008 | -------------------------------------------------------------------------------- | Order backlog (in thousands of | 1,714,175| 3,368,680| 3,197,000 | 2,220,748 | | kroons) | | | | | -------------------------------------------------------------------------------- | Order backlog (in thousands of | 109,556 | 215,298 | 204,326 | 141,932 | | euros) | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares is the number of shares after the bonus issues. -------------------------------------------------------------------------------- | Earnings per share (EPS) = net | Operating margin excluding gains on | | profit attributable to equity | asset sales = (operating profit - gains | | holders of the parent / weighted | on sale of property, plant and | | average number of shares | equipment - gains on sale of real | | outstanding | estate) / revenue | | Revenue per employee = revenue / | Net margin = net profit for the period | | average number of employees | / revenue | | Personnel expenses to revenue = | Return on invested capital = (profit | | personnel expenses / revenue | before tax + interest expense) / the | | Administrative expenses to revenue | period's average (interest-bearing | | = administrative expenses / | liabilities + equity) | | revenue | Return on assets = operating profit / | | EBITDA = earnings before interest, | the period's average total assets | | taxes, depreciation and | Return on equity = net profit for the | | amortisation | period /the period's average total | | EBITDA margin = EBITDA / revenue | equity | | Gross margin = gross profit / | Equity ratio = total equity / total | | revenue | equity and liabilities | | Operating margin = operating | Gearing = (interest-bearing liabilities | | profit / revenue | - cash and cash equivalents) / | | | (interest bearing liabilities + equity) | | | Current ratio = total current assets / | | | total current liabilities | -------------------------------------------------------------------------------- PERFORMANCE BY GEOGRAPHICAL MARKETS In the first quarter of 2009, revenue earned outside Estonia accounted for 17 per cent of consolidated revenue against approximately 18 per cent a year ago. The Group has expanded operations in Latvia. In the first quarter of 2009, Latvian revenue accounted for more than 10 per cent of the total while in 2008 (full year) the proportion was 6 per cent. At the same time, the contribution of Ukrainian revenues has dropped to 3 per cent. The downturn is attributable to the completion of major projects started in the preceding period and the complexity of entering into new contracts in the current steep recession. Lithuanian revenues have remained stable at 2 per cent of the total. -------------------------------------------------------------------------------- | Geographical market | Q1 2009 | Q1 2008 | Q1 2007 | 2008 | -------------------------------------------------------------------------------- | Estonia | 82.7% | 81.9% | 83.3% | 80.3% | -------------------------------------------------------------------------------- | Ukraine | 3.2% | 16.2% | 16.7% | 11.4% | -------------------------------------------------------------------------------- | Latvia | 12.2% | 0% | 0% | 5.9% | -------------------------------------------------------------------------------- | Lithuania | 1.8% | 1.9% | 0% | 2.4% | -------------------------------------------------------------------------------- Revenue distribution across different geographical areas is a consistently deployed strategy aimed at mitigating the risks arising from undue reliance on a single market. In addition, increasing the proportion of revenue earned outside Estonia is one of the Group's strategic objectives - in 2013 the Group expects to earn half of its revenue outside Estonia. PERFORMANCE BY BUSINESS LINE The core business of Nordecon International Group is general contracting and project management in buildings and infrastructure construction. In addition, the Group is involved in road construction and maintenance, environmental engineering, concrete works and real estate development. Consolidated revenue for the first quarter of 2009 was 590.7 million kroons (37.8 million euros), a 24 per cent decrease from the 773.5 million kroons (49.4 million euros) generated in the first quarter of 2008. Revenue has decreased mainly on account of shrinkage in demand in all the Group's markets. In addition, the absolute revenue figure has been impacted by stiff competition that has lowered the construction prices (see further explanations and expectations for the future in Outlooks of the geographical markets where the Group operates). The Group tries to maintain the revenues generated by its main segments (Buildings and Infrastructure) in balance as this helps disperse risks and provides a more solid foundation under stressed circumstances when one segment experiences shrinkage in operating volumes. In view of estimates of demand for apartments, the proportion of housing construction revenue from apartment buildings is will remain within the strategically defined 20 per cent. Segment revenue It is quite common for the construction business that in the first quarter the revenue generated by the Buildings segment is larger than that of Infrastructure. However, compared with the first quarter of 2008, revenue distribution between the primary segments has become more even. This results from the situation in the construction market (particularly in Estonia) that has been causing the order backlog of the Infrastructure segment to grow at a faster pace than that of the Buildings segment already since the second quarter of 2008. In the first quarter of 2009, the Buildings segment generated 339.5 million kroons (21.7 million euros) and the Infrastructure segment 246.5 million kroons (15.8 million euros) of the Group's construction contract revenue. The corresponding figures for the first quarter of 2008 were 630.1 million kroons and 140.6 million kroons (40.3 million euros and 9.0 million euros) respectively. In response to market developments, the revenue of the Buildings segment has declined and that of the Infrastructure segment has grown. However, the approximately 100-million kroon (6.4-million euro) growth in the Infrastructure segment is not wholly organic but includes also the Latvian revenue which in the first quarter of 2008 was not yet consolidated. -------------------------------------------------------------------------------- | Revenue distribution between | | | | | | segments* | | | | | -------------------------------------------------------------------------------- | Business segment | Q1 2009 | Q1 2008 | Q1 2007 | 2008 | -------------------------------------------------------------------------------- | Buildings | 58% | 80% | 55% | 63% | -------------------------------------------------------------------------------- | Infrastructure | 42% | 20% | 45% | 37% | -------------------------------------------------------------------------------- * In connection with the entry into force of IFRS 8 Operating Segments during the reporting period, the Group has changed segment reporting in its financial statements. In the Directors' report the Ukrainian and EU Buildings segments which are disclosed separately in the financial statements are presented as a single segment. In addition, the segment information presented in the Directors' report does not include the disclosures on “other segments” that are presented in the financial statements. Management believes that because of the market situation the proportion of revenue generated by the Infrastructure segment will increase in 2009. The assessment is supported by the Group's order backlog as at 31 March 2009 where the contracts of the Infrastructure segment surpass those of the Buildings segment (see Order backlog). Revenue distribution within segments Within the Buildings segment, revenue distribution has remained similar to prior periods, with commercial buildings accounting for over 50 per cent of the segment's revenue. As anticipated, revenue from the construction of industrial and warehouse facilities and apartment buildings has decreased. Due to favourable construction prices, the proportion of revenue from the construction of public buildings might increase through potential local government investment in schools, nursery schools and other public buildings although such investment plans may be undermined by financing difficulties. -------------------------------------------------------------------------------- | Revenue distribution in the | Q1 2009 | Q1 2008 | Q1 2007 | 2008 | | Buildings segment | | | | | -------------------------------------------------------------------------------- | Commercial buildings | 75% | 63% | 50% | 59% | -------------------------------------------------------------------------------- | Industrial and warehouse | 8% | 14% | 14% | 16% | | facilities | | | | | -------------------------------------------------------------------------------- | Public buildings | 12% | 15% | 18% | 14% | -------------------------------------------------------------------------------- | Apartment buildings | 4% | 8% | 18% | 11% | -------------------------------------------------------------------------------- In absolute terms, the revenue of the Infrastructure segment has grown almost two-fold year-over-year and this has changed revenue distribution within the segment. The strong growth in port construction and environmental engineering revenues has increased the proportions of relevant sub-segments. -------------------------------------------------------------------------------- | Revenue distribution in the | Q1 2009 | Q1 2008 | Q1 2007 | 2008 | | Infrastructure segment | | | | | -------------------------------------------------------------------------------- | Road construction and | 20% | 41% | 24% | 45% | | maintenance | | | | | -------------------------------------------------------------------------------- | Port construction | 22% | 11% | 58% | 24% | -------------------------------------------------------------------------------- | Environmental engineering | 17% | 5% | 18% | 6% | -------------------------------------------------------------------------------- | Other engineering | 41% | 43% | - | 25% | -------------------------------------------------------------------------------- ORDER BACKLOG At 31 March 2009, the Group's order backlog was 1,714 million kroons (110 million euros), an almost 50 per cent decrease compared with the 3,369 million kroons (215 million euros) posted a year ago. -------------------------------------------------------------------------------- | | 31 March | 31 March | 31 March | 31 | | | 2009 | 2008 | 2007 | December | | | | | | 2008 | -------------------------------------------------------------------------------- | Order backlog, in thousands of | 1,714,17 | 3,368,68 | 3,197,000 | 2,220,748 | | kroons | 5 | 0 | | | -------------------------------------------------------------------------------- | Order backlog, in thousands of | 109,556 | 215,298 | 204,326 | 141,932 | | euros | | | | | -------------------------------------------------------------------------------- In the Infrastructure segment, the order backlog has been growing year-over-year. At 31 March 2009, the backlog of the Infrastructure segment accounted for 65 per cent of the Group's total backlog portfolio (31 March 2008: 35 per cent), reflecting the situation in the construction market where the shrinkage in the Buildings segment has been considerably faster than the growth in the Infrastructure segment. In absolute terms, the backlog has been severely influenced by a major fall in construction prices. PEOPLE Nordecon believes that its most important assets are its people and that the value of the company depends on the professionalism, motivation and loyalty of its employees. Accordingly, the Group's management is committed to creating a contemporary work environment that fosters professional growth and development both in terms of career opportunities and the nature of the work. People and personnel expenses In the first quarter of 2009 the Group (including the parent and the subsidiaries) employed, on average, 1,223 people including around 500 engineers and other technical personnel. The proportion of engineers and technical personnel (ETP) has increased over the past couple of years due to business growth. Compared with a year ago, the number of staff has increased by approximately 100 mainly on account of the acquisition of the Latvian company SIA LCB at the beginning of 2009. However, since the end of 2008 the growth curve has been declining in connection with downsizing instigated by a significant decrease in business. Average number of the Group's employees (including the parent and its subsidiaries): -------------------------------------------------------------------------------- | Period | ETP | Workers | Total average | -------------------------------------------------------------------------------- | Q1 2009 | 499 | 724 | 1,223 | -------------------------------------------------------------------------------- | Q1 2008 | 456 | 646 | 1,102 | -------------------------------------------------------------------------------- | Q1 2007 | 396 | 613 | 1,009 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1,232 | -------------------------------------------------------------------------------- The Group's personnel expenses for the first quarter of 2009, including associated taxes, totalled 98.5 million kroons (6.3 million euros), a 7 per cent decrease on the 105.4 million kroons (6.7 million euros) incurred in the first quarter of 2008. At the same time, the number of staff has increased by 11 per cent. The decrease in personnel expenses despite growth in the number of staff results from the reduction of basic salaries. Employee salaries have been reduced at all Group entities; the salaries of engineers and other technical staff have been cut by 15 per cent on average. The performance pay of project staff that is directly related to the projects' profit margins has also declined. Owing to the overall economic situation and the slump in the construction market, in the first quarter of 2009 Group entities terminated employment relations with approximately 240 people. In the first quarter of 2009, the remuneration of the members of the council of Nordecon International AS amounted to 270 thousand kroons (17 thousand euros). The corresponding figure for the first quarter of 2008 was also 270 thousand kroons (17 thousand euros). The remuneration and benefits of the members of the board of Nordecon International AS totalled 611 thousand kroons (39 thousand euros) compared with 2,575 thousand kroons (165 thousand euros) a year ago. The differences in the remuneration of the board stem from the fact that since 5 January 2009 the board has had three members while in 2008 the number was five. In addition, the figure has been impacted by a 15 per cent reduction in board member remuneration across the Group. OUTLOOKS OF THE GEOGRAPHICAL MARKETS WHERE THE GROUP OPERATES Estonia According to management's assessment, in 2009-2010 the Estonian construction market will be characterised by the following features: - Total demand in the construction market will depend heavily on public procurement tenders and the number and pricing of infrastructure, environmental and other projects launched with the support of the European Union funds (the latter will be critically influenced by the administrative capabilities of the central and local governments). However, the more moderate decline in the infrastructure sector will not be able to compensate for the steep contraction of the buildings construction market that has currently been abandoned by most private sector corporate and individual customers. The Group's management estimates that by 2010 the total volumes of the construction market will have decreased 50 per cent compared with 2008 - The number of development and buildings construction companies will decrease (market consolidation). Buildings construction companies which in 2008 began seeking opportunities to penetrate other market segments such as infrastructure will continue to do so, heightening competition in the segments involved. The continuing slump will lead to mergers, takeovers and bankruptcies. - Owing to the global financial crisis, the amount of money circulating in the economy has decreased considerably. As a result, more and more private sector companies will have difficulty in raising debt to finance new construction projects. The steep decrease in demand may be somewhat alleviated by a competition-induced decrease in prices, which will render investment in construction projects more attractive than it was during the boom of 2006 and 2007. - Building materials manufacturers that significantly increased their output during the growth phase of the market will be faced by shrinking demand and, consequently, greater strain in meeting the obligations taken for increasing capacities. - Real estate development companies' ability to service and repay existing loans will weaken and their creditworthiness will decrease. For companies involved in general contracting and project management, this may mean an increase in doubtful and irrecoverable receivables. - The importance of infrastructure projects will increase and, accordingly, critical success factors will include specialised engineering expertise and experience as well as the availability of relevant resources. - The deteriorating economic climate and fierce competition in the construction market along with falling demand will cause continuing unemployment for the construction workers. The ensuing increase in the availability of labour will lower construction companies' personnel expenses although in the short term the decrease will be lessened by the disbursement of redundancy benefits. - Construction projects' financing schemes will change (customers' settlement terms will extend significantly) and additional requirements to the financing provided by general contractors during the construction period will impose pressure on contractors' liquidity. Nordecon International Group operates in accordance with its long-term objectives that are adjusted for changes in the external environment. Relevant strategic management is the responsibility of the Group's board. The Group has prepared for changes in the economic environment by: - Setting the objective of reducing the cost base by 30 per cent (by cutting personnel expenses by downsizing and lowering salaries, reducing the costs of goods and services purchased, etc) - Restructuring the Group for better management of the business lines (buildings and infrastructure construction) and maintaining the competitive advantages - Performing a more thorough preliminary analysis of the customers' solvency and creditworthiness and dealing proactively with the collection of overdue receivables - Dispersing risks through portfolio design - Dispersing activities across geographical areas Latvia and Lithuania Despite the difficulties in the Latvian political and monetary systems, the volumes of various infrastructure projects financed by the state and local government with the support of EU funding will remain stable or, hopefully, will even increase (such as projects for the rehabilitation of the water supply and central heating systems). Construction activities will be mainly affected by the situation of the financing institutions, a significant decrease in private sector demand, still high inflation and heightening competition. Recent economic developments in Lithuania have been similar to the ones in the other Baltic countries. Pressure on the state budget and national currency, slowdown in investment both in the public and private sectors and similar factors directly influence the construction market. The commercial and residential construction (the Group as a general contractor not a developer) market has contracted visibly and the situation remains strained. Other relevant risks include the stability of banks, increasing competition and the impact of inflation on the construction prices. The Group's management has suspended major decisions and remains alert to developments in Latvia and Lithuania because similarly to Estonia, their whole economy is in difficulty and this can also be felt in the construction sector. Management is analysing the Group's operation in the Latvian and Lithuanian markets in the light of developments in the external environment and is prepared to revise the current plans swiftly and decisively. In view of the situation in the Lithuanian construction market and the prospects of the Lithuanian economy, the Group is also considering the alternative of revising its current action plan in 2009 and does not rule out the possibility of downscaling the Lithuanian operations temporarily should this prove reasonable and justified. The Group designs its activities in the Latvian and Lithuanian construction markets in accordance with its international expansion strategy and believes that in the longer term the two markets will have a logical place in the Group's internationalisation. Ukraine In Ukraine, the Group will continue acting as a general contractor and project manager in the construction of commercial buildings and production facilities. Activities on development projects that require major investment have been suspended to minimise the risks until the situation in the Ukrainian and global financial markets has eased up. The main risks in the Ukrainian market are connected with the low administrative efficiency of the central and local government and the judicial system, inflation, and the availability of quality construction inputs. Since October 2008 the Ukrainian monetary and banking systems have been under severe pressure. The Ukrainian national currency hryvna (UAH) has weakened significantly against both the US dollar and the euro, which is causing substantial foreign exchange losses for foreign companies operating in Ukraine that have not hedged their currency risk exposures. Nevertheless, the Group is confident that the construction market of a country with a population of 46 million will offer business opportunities also in the future. The Group's main success factor is negligible competition in the project management sector (the Group offers flexible construction management along with European practices and competencies). The Group's management is confident that the current crisis in the Ukrainian construction market and economy as a whole will transform the local understanding and expectations regarding general contracting and project management in the construction business, which will improve the Group's position in the long term considerably. DESCRIPTION OF THE MAIN RISKS Business risks To mitigate the risks arising from the seasonal nature of the construction business (primarily the weather conditions during the winter months), the Group has acquired road maintenance contracts that generate year-round business. In addition, Group companies are constantly seeking new technical solutions that would allow working more efficiently under changeable weather conditions. To manage their daily construction risks, Group companies purchase Contractors' All Risks insurance. Depending on the nature of the project, both general frame agreements and specially tailored project-specific contracts are used. In addition, as a rule, subcontractors are required to secure the performance of their obligations with a bank guarantee issued for the benefit of a Group company. To remedy builder-caused deficiencies which may be detected during the warranty period, all Group companies create warranties provisions. At 31 March 2009 the provisions (including current and non-current ones) totalled 13.9 million kroons (0.9 million euros). The corresponding figure at 31 March 2008 was 11.2 million kroons (0.7 million euros). Credit risks For credit risk management, a potential customer's settlement behaviour and creditworthiness are analysed already in the tendering stage. Subsequent to the signature of a contract, the customer's settlement behaviour is monitored on an ongoing basis from the making of an advance payment to adherence to the contractual settlement schedule, which usually depends on the documentation of the delivery of work performed. We believe that the system in place allows us to respond to customers' settlement difficulties with sufficient speed. As at the end of the reporting period, our customers' settlement practice was good. However, the customers' settlement behaviour has changed. The proportion of overdue receivables has increased somewhat, increasing the probability of credit losses in subsequent periods. In accordance with the Group's accounting policies, all receivables that are more than 180 days overdue are recognised as an expense. In the first quarter of 2009, the net loss on doubtful receivables amounted to 0.9 million kroons (0.1 million euros). In the first quarter of 2008, income from the recovery of previously expensed receivables surpassed losses from the write-down of receivables, yielding net gain of 0.2 million kroons (0.01 million euros). Liquidity risks Free funds are placed in overnight or fixed-interest term deposits with the largest banks in Estonia. To ensure timely settlement of liabilities, approximately two weeks' working capital is kept in current accounts or overnight deposits. Where necessary, overdraft facilities are used. At the reporting date, the Group's current assets exceeded its current liabilities 1.28-fold (31 March 2008: 1.65) and available cash totalled 179.6 million kroons (11.5 million euros) (31 March 2008: 372.5 million kroons or 23.8 million euros). Together with unused overdraft facilities, the cash balances provide a sufficient liquidity buffer for conducting operations in an economic environment which is more uncertain than in the previous year. Interest rate risks The loans taken by Group companies from banks operating in Estonia, Latvia and Ukraine have mainly fixed interest rates. Finance lease contracts have floating interest rates and are linked to EURIBOR. By the end of the reporting period, the Group's interest-bearing loans and borrowings have increased by 8.3 million kroons (0.5 million euros) year-over-year to 665.8 million kroons (42.6 million euros). Interest expense for the first quarter of 2009 amounted to 8.4 million kroons (0.5 million euros). Compared with the first quarter of 2008, the size of interest expense has remained stable despite growth in loans and borrowings. This has been possible thanks to a decline in the EURIBOR base rate. Currency risks As a rule, construction contracts and subcontractors' service contracts are made in the currency of the host country: in Estonia contracts are made in Estonian kroons (EEK), in Latvia in Latvian lats (LVL), in Lithuania in Lithuanian litas (LTL) and in Ukraine in Ukrainian hryvnas (UAH). A significant proportion of services purchased from other countries are priced in the euro, which does not constitute a currency risk for the Group's Estonian, Latvian and Lithuanian entities. In the last quarter of 2008, the Ukrainian economy and its national currency (the Ukrainian hryvna / UAH) were seriously hit by the global financial crisis. The exchange rate of the local currency that was not officially pegged to any international currency was deeply impacted by a decrease in exports and foreign investment and concerns about the general reliability of the Ukrainian banking system. Despite counter-measures, the local central bank was unable to maintain a stable exchange rate for the Ukrainian hryvna and in 2008 the latter weakened against the US dollar and the euro by more than 30 per cent year-over-year. In 2009 the weakening of the Ukrainian hryvna against the euro has stopped and in the first quarter of 2009 the Group's exchange losses (including the ones recognised in finance expenses and other operating expenses) totalled 0.2 million kroons (0.01 million euros). The net result of exchange differences (including exchange gains) on the Group's result of operations was gain of 2.1 million kroons (0.1 million euros). FINANCIAL STATEMENTS Condensed consolidated interim statement of financial position -------------------------------------------------------------------------------- | EEK '000 | 31 March | 31 March 2008 | 31 December | | | 2009 | | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 179,643 | 372,537 | 296,184 | -------------------------------------------------------------------------------- | Trade receivables | 443,126 | 359,718 | 473,935 | -------------------------------------------------------------------------------- | Other receivables and | 414,134 | 245,195 | 408,541 | | prepayments | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 776 | 1,905 | 776 | -------------------------------------------------------------------------------- | Income tax assets | 0 | 0 | 3,207 | -------------------------------------------------------------------------------- | Inventories | 443,553 | 431,055 | 386,733 | -------------------------------------------------------------------------------- | Non-current assets held for | 0 | 43,362 | 0 | | sale | | | | -------------------------------------------------------------------------------- | Total current assets | 1,481,232 | 1,453,772 | 1,569,376 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Long-term investments | 121,960 | 91,828 | 112,605 | -------------------------------------------------------------------------------- | Investment property | 116,783 | 133,753 | 116,783 | -------------------------------------------------------------------------------- | Property, plant and equipment | 253,140 | 276,167 | 263,295 | -------------------------------------------------------------------------------- | Intangible assets | 332,869 | 290,356 | 305,188 | -------------------------------------------------------------------------------- | Total non-current assets | 824,752 | 792,104 | 797,871 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2,305,984 | 2,245,876 | 2,367,247 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 332,295 | 151,184 | 235,948 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 319,687 | 291,656 | 439,615 | -------------------------------------------------------------------------------- | Taxes payable | 52,658 | 48,411 | 65,760 | -------------------------------------------------------------------------------- | Other payables | 384,488 | 382,168 | 423,270 | -------------------------------------------------------------------------------- | Provisions | 9,903 | 8,078 | 11,600 | -------------------------------------------------------------------------------- | Total current liabilities | 1,099,031 | 881,497 | 1,176,193 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 333,474 | 506,308 | 318,578 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 4,258 | 761 | 2,534 | -------------------------------------------------------------------------------- | Provisions | 4,022 | 3,739 | 6,630 | -------------------------------------------------------------------------------- | Total non-current liabilities | 341,754 | 510,808 | 327,742 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,440,785 | 1,392,305 | 1,503,935 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 307,567 | 307,567 | 307,567 | -------------------------------------------------------------------------------- | Statutory capital reserve | 34,800 | 21,426 | 34,800 | -------------------------------------------------------------------------------- | Translation reserve | -2,714 | 4,574 | -4,106 | -------------------------------------------------------------------------------- | Retained earnings | 434,033 | 432,937 | 426,995 | -------------------------------------------------------------------------------- | Equity attributable to owners | 773,686 | 766,504 | 765,256 | | of the parent | | | | -------------------------------------------------------------------------------- | Non-controlling interests | 91,513 | 87,067 | 98,056 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 865,199 | 853,571 | 863,312 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 2,305,984 | 2,245,876 | 2,367,247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Condensed consolidated interim statement of financial position -------------------------------------------------------------------------------- | EUR '000 | 31 March 2009 | 31 March 2008 | 31 December | | | | | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 11,481 | 23,810 | 18,930 | -------------------------------------------------------------------------------- | Trade receivables | 28,321 | 22,990 | 30,290 | -------------------------------------------------------------------------------- | Other receivables and | 26,468 | 15,670 | 26,110 | | prepayments | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 50 | 123 | 50 | -------------------------------------------------------------------------------- | Income tax assets | 0 | 0 | 205 | -------------------------------------------------------------------------------- | Inventories | 28,348 | 27,549 | 24,717 | -------------------------------------------------------------------------------- | Non-current assets held for | 0 | 2,771 | 0 | | sale | | | | -------------------------------------------------------------------------------- | Total current assets | 94,668 | 92,913 | 100,301 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Long-term investments | 7,795 | 5,869 | 7,197 | -------------------------------------------------------------------------------- | Investment property | 7,464 | 8,548 | 7,464 | -------------------------------------------------------------------------------- | Property, plant and | 16,178 | 17,650 | 16,828 | | equipment | | | | -------------------------------------------------------------------------------- | Intangible assets | 21,274 | 18,557 | 19,505 | -------------------------------------------------------------------------------- | Total non-current assets | 52,711 | 50,625 | 50,993 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 147,379 | 143,538 | 151,295 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 21,238 | 9,662 | 15,080 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade payables | 20,432 | 18,640 | 28,096 | -------------------------------------------------------------------------------- | Taxes payable | 3,364 | 3,094 | 4,203 | -------------------------------------------------------------------------------- | Other payables | 24,574 | 24,425 | 27,052 | -------------------------------------------------------------------------------- | Provisions | 633 | 516 | 741 | -------------------------------------------------------------------------------- | Total current liabilities | 70,241 | 56,338 | 75,172 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 21,313 | 32,359 | 20,361 | | borrowings | | | | -------------------------------------------------------------------------------- | Other liabilities | 272 | 49 | 162 | -------------------------------------------------------------------------------- | Provisions | 257 | 239 | 424 | -------------------------------------------------------------------------------- | Total non-current | 21,842 | 32,647 | 20,947 | | liabilities | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 92,083 | 88,985 | 96,119 | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 19,657 | 19,657 | 19,657 | -------------------------------------------------------------------------------- | Statutory capital reserve | 2,224 | 1,369 | 2,224 | -------------------------------------------------------------------------------- | Translation reserve | -173 | 292 | -262 | -------------------------------------------------------------------------------- | Retained earnings | 27,740 | 27,670 | 27,290 | -------------------------------------------------------------------------------- | Equity attributable to | 49,448 | 48,989 | 48,909 | | owners of the parent | | | | -------------------------------------------------------------------------------- | Non-controlling interests | 5,849 | 5,565 | 6,267 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 55,296 | 54,553 | 55,176 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 147,379 | 143,538 | 151,295 | -------------------------------------------------------------------------------- Condensed consolidated interim statement of comprehensive income -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | 2008 | | EEK '000 | | | | -------------------------------------------------------------------------------- | Revenue | 590,664 | 773,510 | 3,867,917 | -------------------------------------------------------------------------------- | Cost of sales | 553,809 | 672,156 | 3,510,006 | -------------------------------------------------------------------------------- | Gross profit | 36,855 | 101,354 | 357,911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 2,223 | 827 | 8,007 | -------------------------------------------------------------------------------- | Administrative expenses | 37,404 | 43,493 | 182,526 | -------------------------------------------------------------------------------- | Other operating income | 1,689 | 7,122 | 63,947 | -------------------------------------------------------------------------------- | Other operating expenses | 2,423 | 3,113 | 22,845 | -------------------------------------------------------------------------------- | Operating profit / loss | -3,506 | 61,043 | 208,480 | -------------------------------------------------------------------------------- | Finance income | 18,775 | 4,559 | 96,877 | -------------------------------------------------------------------------------- | Finance expenses | 13,782 | 19,851 | 68,019 | -------------------------------------------------------------------------------- | Net finance income / expense | 4,993 | -15,292 | 28,858 | -------------------------------------------------------------------------------- | Share of profit of equity accounted | 0 | 16 | 17 | | investees | | | | -------------------------------------------------------------------------------- | Share of loss of equity accounted | 2,644 | 728 | 24,770 | | investees | | | | -------------------------------------------------------------------------------- | Net share of profit and loss of | -2,644 | -712 | -24,753 | | equity accounted investees | | | | -------------------------------------------------------------------------------- | Profit / loss before income tax | -1,157 | 45,039 | 212,585 | -------------------------------------------------------------------------------- | Income tax expense | -618 | 145 | 41,269 | -------------------------------------------------------------------------------- | Profit / loss for the period | -539 | 44,894 | 171,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | -1,480 | 2,331 | -6,371 | | Exchange differences on translating | | | | | foreign operations | | | | -------------------------------------------------------------------------------- | Other comprehensive income for the | -1,480 | 2,331 | -6,371 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for the | -2,019 | 47,225 | 164,945 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss attributable to: | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 7,046 | 46,138 | 145,580 | -------------------------------------------------------------------------------- | - Non-controlling interests | -7,585 | -1,244 | 25,736 | -------------------------------------------------------------------------------- | | -539 | 44,894 | 171,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | attributable to: | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 8,438 | 48,358 | 139,120 | -------------------------------------------------------------------------------- | - Non-controlling interests | -10,457 | -1,133 | 25,825 | -------------------------------------------------------------------------------- | | -2,019 | 47,225 | 164,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable to | | | | | owners of the parent: | | | | -------------------------------------------------------------------------------- | Basic earning s per share | 0.23 | 1.50 | 4.73 | -------------------------------------------------------------------------------- | Diluted earnings per share | 0.23 | 1.50 | 4.73 | -------------------------------------------------------------------------------- Condensed consolidated interim statement of comprehensive income -------------------------------------------------------------------------------- | EUR '000 | Q1 2009 | Q1 2008 | 2008 | -------------------------------------------------------------------------------- | Revenue | 37,750 | 49,436 | 247,205 | -------------------------------------------------------------------------------- | Cost of sales | 35,395 | 42,959 | 224,330 | -------------------------------------------------------------------------------- | Gross profit | 2,355 | 6,478 | 22,875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 142 | 53 | 512 | -------------------------------------------------------------------------------- | Administrative expenses | 2,391 | 2,780 | 11,666 | -------------------------------------------------------------------------------- | Other operating income | 108 | 455 | 4,087 | -------------------------------------------------------------------------------- | Other operating expenses | 155 | 199 | 1,460 | -------------------------------------------------------------------------------- | Operating profit / loss | -224 | 3,901 | 13,324 | -------------------------------------------------------------------------------- | Finance income | 1,200 | 291 | 6,192 | -------------------------------------------------------------------------------- | Finance expenses | 881 | 1,269 | 4,347 | -------------------------------------------------------------------------------- | Net finance income / expense | 319 | -977 | 1,844 | -------------------------------------------------------------------------------- | Share of profit of equity accounted | 0 | 1 | 1 | | investees | | | | -------------------------------------------------------------------------------- | Share of loss of equity accounted | 169 | 47 | 1,583 | | investees | | | | -------------------------------------------------------------------------------- | Net share of profit and loss of | -169 | -46 | -1,582 | | equity accounted investees | | | | -------------------------------------------------------------------------------- | Profit / loss before income tax | -74 | 2,879 | 13,587 | -------------------------------------------------------------------------------- | Income tax expense | -39 | 9 | 2,638 | -------------------------------------------------------------------------------- | Profit / loss for the period | -34 | 2,869 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | -95 | 149 | -407 | | Exchange differences on translating | | | | | foreign operations | | | | -------------------------------------------------------------------------------- | Other comprehensive income for the | -95 | 149 | -407 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for the | -129 | 3,018 | 10,542 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss attributable to: | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 451 | 2,949 | 9,304 | -------------------------------------------------------------------------------- | - Non-controlling interests | -485 | -80 | 1,645 | -------------------------------------------------------------------------------- | | -34 | 2,869 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | attributable to: | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 539 | 3,090 | 8,891 | -------------------------------------------------------------------------------- | - Non-controlling interests | -668 | -72 | 1,651 | -------------------------------------------------------------------------------- | | -129 | 3,018 | 10,542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable to | | | | | owners of the parent: | | | | -------------------------------------------------------------------------------- | Basic earning s per share | 0.01 | 0.10 | 0.30 | -------------------------------------------------------------------------------- | Diluted earnings per share | 0.01 | 0.10 | 0.30 | -------------------------------------------------------------------------------- Condensed consolidated interim statement of cash flows -------------------------------------------------------------------------------- | | EEK '000 | EUR '000 | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 661,510 | 1,041,501 | 42,278 | 66,564 | -------------------------------------------------------------------------------- | Cash paid to suppliers | -608,644 | -869,455 | -38,899 | -55,568 | -------------------------------------------------------------------------------- | Cash paid to and for | -126,515 | -136,073 | -8,086 | -8,697 | | employees | | | | | -------------------------------------------------------------------------------- | Income taxes paid | -6,002 | -20 | -384 | -1 | -------------------------------------------------------------------------------- | Net cash used in / from | -79,651 | 35,953 | -5,091 | 2,298 | | operating activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisition of property, | -530 | -2,473 | -34 | -158 | | plant and equipment | | | | | -------------------------------------------------------------------------------- | Acquisition of intangible | -7,500 | -464 | -479 | -30 | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 1,130 | 3,342 | 72 | 214 | | property, plant and | | | | | | equipment and intangible | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | -6,776 | -194,719 | 433 | 12,444 | | net of cash acquired | | | | | -------------------------------------------------------------------------------- | Proceeds from disposal of | 0 | 1,482 | 0 | 95 | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Acquisition of associates | -6,000 | 0 | -383 | 0 | -------------------------------------------------------------------------------- | Proceeds from disposal of | 6,724 | 0 | 430 | 0 | | associates | | | | | -------------------------------------------------------------------------------- | Acquisition of interests in | -20,000 | 0 | -1,279 | 0 | | joint ventures | | | | | -------------------------------------------------------------------------------- | Loans granted | -53,747 | -7,973 | -3,435 | -510 | -------------------------------------------------------------------------------- | Repayment of loans granted | 6,092 | 31,111 | 389 | 1,988 | -------------------------------------------------------------------------------- | Interest received | 5,457 | 5,099 | 349 | 326 | -------------------------------------------------------------------------------- | Net cash used in investing | -75,150 | -164,595 | -4,803 | -10,520 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from loans received | 122,911 | 333,701 | 7,855 | 21,327 | -------------------------------------------------------------------------------- | Repayment of loans received | -63,576 | -49,421 | -4,063 | -3,159 | -------------------------------------------------------------------------------- | Payment of finance lease | -12,462 | -13,499 | -796 | -863 | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest paid | -8,374 | -5,693 | -535 | -364 | -------------------------------------------------------------------------------- | Other payments made | -315 | 0 | -20 | 0 | -------------------------------------------------------------------------------- | Net cash from financing | 38,184 | 265,088 | 2,440 | 16,942 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow | -116,617 | 136,446 | -7,454 | 8,720 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 296,184 | 236,112 | 18,930 | 15,089 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | 76 | -20 | 5 | -1 | | fluctuations | | | | | -------------------------------------------------------------------------------- | Decrease / increase in cash | -116,617 | 136,446 | -7,454 | 8,720 | | and cash equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 179,643 | 372,538 | 11,481 | 23,810 | | end of period | | | | | -------------------------------------------------------------------------------- Nordecon International is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures 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 Nordecon International AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 20 subsidiaries in the Group. The consolidated revenue of the Group in 2008 was 3.9 billion kroons (247 million euros) and the consolidated net profit was 171 million kroons (11 million euros). Nordecon International Group employs more than 1,100 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. 1 euro = 15.6466 kroons Raimo Talviste Nordecon International AS Head of Investor Relations Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com