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Arco Vara AS
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28.08.2009 19:49:08
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2009. aasta II kvartali ja 6 kuu vahearuanne
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Juhatuse esimehe kommentaarid 2009. aasta kuue kuuga müüdi Arco Vara projektides 25 korterit või krunti ning broneeriti 21 objekti. Boulevard Residence Madrid'i projektis Sofias sõlmiti 30-aastane üürileping Austria supermarketi ketiga Billa, millega supermarket võtab üürile ca 900 m2 hoone esimese korruse kaubanduspinnast. Kuue kuuga on müüdud Tallinnas Kodukolde projektis 16 ja Lätis BM-1 projektis 7 korterit. Arco Vara arendusdivisjoni strateegia on lõpetada soodsamaks muutunud ehitushindadega pooleliolevad korterid Kodukolde ja elamukrundid Merivälja2 projektides Tallinnas, korterid Bišumuiža-1 projektis Riias, korterid ning äripinnad Boulevard Residence Madrid ja Manastirski projektides Sofias. Valminud elamis- ja äripinnad realiseerida, vabastades investeeritud omakapitali ja vähendades Kontserni kohustusi. Konkurentsis püsimiseks ja müügitempo kiirendamiseks oleme langetanud ka II kvartalis Arco Vara projektides kruntide ja korterite hindasid, mille tulemusel hindasime alla projektide raamatupidamislikku maksumust. Ehitusdivisjonis sõlmiti kuue kuuga uusi lepinguid 116,1 mln krooni (7,4 mln euro) ulatuses, millest 13,0 mln krooni (0,8 mln eurot) II kvartalis. Tulemus jäi alla II kvartaliks seatud eesmärgile. Arvestades suurt käibekapitali vajadust on divisjoni rahavood sügiseni pingelised, kuni saabuvad suuremahulised akteerimised ja laekumiste tähtajad. Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni üldhalduskulusid ja kahjum on vähenenud 2 korda. Töötajate arv on kuue kuuga vähenenud 81 inimese võrra ja aasta arvestuses 257 inimese võrra. Divisjon on realiseerinud I poolaasta jooksul enamuse ajalooliselt lühiajaliseks investeeringuks soetatud kinnisvara objekte, mis on aidanud rahavooliselt divisjonil nulli jõuda. I poolaasta jooksul muudeti mõnede väiksemate väljaspool pealinna asuvate kontorite töökorraldust, kus loobusime klassikalisest kontoripõhisest töökorraldusest kodukontorite süsteemi kasuks, säilitades samas kogu teenuste valiku. Teistes kontorites jätkatakse koostöös töötajatega kuluefektiivsemate töökorraldusvormide rakendamist. Teenindusdivisjoni eesmärk on jätkata osaliselt juba juurutatud ning praeguses turusituatsioonis end õigustanud töökorralduse rakendamist ka välisturgudel, mis võimaldab piiratumate vahenditega suurendada teenuste pakkumist antud riikides, keskendudes edaspidi eelkõige Eestile, Lätile ning Bulgaariale. Kokkuvõtvalt, ilma kinnisvara ümberhindlusteta ja laenude erakorraliste põhiosade tagastusteta oleks ettevõte teeninud nii puhaskasumit kui ka positiivset rahavoogu. Kontsern suutis ilma kinnisvara ümberhindlust arvestamata teenida I poolaastaga 19,0 mln krooni (1,2 mln eurot) brutokasumit (2008 I pa: 50,7 mln krooni; 3,2 mln eurot) ja 7,5 mln krooni (0,5 mln eurot) puhaskasumit (2008 I pa: -27,8 mln krooni; -1,8 mln eurot), millest II kvartali ümberhindlusteta puhaskasum moodustas 22,1 mln krooni (1,4 mln eurot). Kulude kokkuhoiu programm on olnud oodatust edukam ja kui võrrelda 2008 I poolaasta kulubaasi, siis käesoleva aasta I poolaasta kulude tase on ca 65 mln krooni (4,1 mln eurot) madalam. Ilma pankade erakorraliste põhiosa tagastusteta oleks ka ettevõtte poolaasta rahavood positiivsed ca 10 mln krooniga (0,6 mln euroga). Sõltumata edukast kulude kokkuhoiu programmist ja ümberhindluste eelsest puhaskasumist on suurimaks riskiks Kontserni likviidsus, mille parandamiseks peab ettevõte müüma olulisi projekte. Bilansipäevajärgselt on toimumas mitme olulise projekti suunatud enampakkumine nii kohalikele kui rahvusvahelistele investoritele. I POOLAASTA PÕHILISED NÄITAJAD I poolaasta äritulud kokku moodustasid 277,0 mln krooni (17,7 mln eurot), mis on 19,7% vähem kui eelmisel aastal Ärikahjum oli -51,1 mln krooni (-3,3 mln eurot), mis on 3,9% suurem kui eelmise aasta samal perioodil Puhaskahjum oli -27,0 mln krooni (-1,7 mln eurot), mis on 40,0% väiksem kui eelmise aasta samal perioodil Omakapital moodustab 36,0% (2008 I pa: 56,1%) bilansimahust. Omakapitali tootlikkus oli negatiivne (2008 I pa: neg.). Investeeritud kapitali tootlikkus oli negatiivne (2008 I pa: 0,3%) Ehitusdivisjonis sõlmiti uusi lepinguid 116,1 mln krooni (7,4 mln euro) ulatuses, 2008 I poolaastal 209,1mln krooni (13,4mln eurot) Ehituslepingute järelejäänud maht on I poolaasta lõpu seisuga 142,6 mln krooni (9,1 mln eurot), 2008 I poolaastal 338,0 mln krooni (21,6 mln eurot) Poole aasta jooksul müüdi kortereid ja krunte kokku 25 tükki (2008 I pa: 47). -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | I pa | I pa | II | II | I pa | I pa | II | II | | | 2009 | 2008 | kvar | kvartal | 2009 | 2008 | kvart | kvarta | | | | | tal | 2008 | | | al | l 2008 | | | | | 2009 | | | | 2009 | | -------------------------------------------------------------------------------- | miljonites | | | | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 277, | 344, | 181, | 232,9 | 17,7 | 22,0 | 11,6 | 14,9 | | ja muu | 0 | 8 | 3 | | | | | | | äritulu | | | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | -51, | -49, | -37, | -19,5 | -3,3 | -3,1 | -2,4 | -1,2 | | | 1 | 2 | 1 | | | | | | -------------------------------------------------------------------------------- | s.h | -34, | -16, | -34, | -4,4 | -2,2 | -1,1 | -2.2 | -0,3 | | kinnisvara | 5 | 9 | 5 | | | | | | | investeeri | | | | | | | | | | ngute ja | | | | | | | | | | varude | | | | | | | | | | neto | | | | | | | | | | ümberhindl | | | | | | | | | | used | | | | | | | | | -------------------------------------------------------------------------------- | Kasum enne | -26, | -33, | -11, | -17,2 | -1,7 | -2,1 | -0,7 | -1,1 | | tulumaksu | 2 | 5 | 6 | | | | | | -------------------------------------------------------------------------------- | s.h kasum | 0,0 | -19, | 0,0 | -19,5 | 0,0 | -1,2 | 0,0 | -1,2 | | või kahjum | | 5 | | | | | | | | finantsvar | | | | | | | | | | ade | | | | | | | | | | võõrandami | | | | | | | | | | sest | | | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | -27, | -44, | -12, | -28,0 | -1,7 | -2,9 | -0,8 | -1,8 | | | 0 | 7 | 4 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EPS | -0,2 | -0,5 | -0,1 | -0,38 | -0,02 | -0,03 | -0,01 | -0,02 | | (kroonides | 8 | 4 | 3 | | | | | | | ja | | | | | | | | | | eurodes) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Varad | 1 | 3 | | | 121,2 | 208,8 | | | | kokku, | 896, | 267, | | | | | | | | perioodi | 7 | 0 | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Investeeri | 1 67 | 3 | | | 107,2 | 192,9 | | | | tud | 6,7 | 019, | | | | | | | | kapital, | | 0 | | | | | | | | perioodi | | | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Neto | 875, | 815, | | | 55,9 | 52,1 | | | | laenud, | 4 | 4 | | | | | | | | perioodi | | | | | | | | | | lõpu | | | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | Omakapital | 683, | 1 | | | 43,7 | 117,1 | | | | , perioodi | 7 | 832, | | | | | | | | lõpu | | 7 | | | | | | | | seisuga | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Laenude | 1,9 | 1,9 | | | 1,9 | 1,9 | | | | keskmine | | | | | | | | | | pikkus | | | | | | | | | | (aastates) | | | | | | | | | -------------------------------------------------------------------------------- | Laenude | 5,7% | 7,2% | | | 5,7% | 7,2% | | | | keskmine | | | | | | | | | | intress | | | | | | | | | | (aastas) | | | | | | | | | -------------------------------------------------------------------------------- | ROIC | neg. | 0,3% | | | neg. | 0,3% | | | | (jooksev 4 | | | | | | | | | | kvartalit) | | | | | | | | | -------------------------------------------------------------------------------- | ROE | neg. | neg. | | | neg. | neg. | | | | (jooksev 4 | | | | | | | | | | kvartalit) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Töötajate | 257 | 569 | | | 257 | 569 | | | | arv | | | | | | | | | | perioodi | | | | | | | | | | lõpul | | | | | | | | | -------------------------------------------------------------------------------- TULUD JA KASUM -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | I pa | I pa | II | II | I pa | I pa | II | II | | | 2009 | 2008 | kvarta | kvarta | 2009 | 2008 | kvarta | kvarta | | | | | l 2009 | l 2008 | | | l 2009 | l 2008 | -------------------------------------------------------------------------------- | miljon | | | | | | | | | | ites | | | | | | | | | -------------------------------------------------------------------------------- | Müügit | | | | | | | | | | ulu ja | | | | | | | | | | muu | | | | | | | | | | äritul | | | | | | | | | | u | | | | | | | | | -------------------------------------------------------------------------------- | Teenin | 20,2 | 65,5 | 9,5 | 32,8 | 71,0 | 116,6 | -17,8 | -26,8 | | dus | | | | | | | | | -------------------------------------------------------------------------------- | Arendu | 148,7 | 139,9 | 118,6 | 110,2 | 9,5 | 32,8 | 71,0 | 116,6 | | s | | | | | | | | | -------------------------------------------------------------------------------- | Ehitus | 129,9 | 206,1 | 71,0 | 116,6 | -17,8 | -26,8 | 0,0 | 181,3 | -------------------------------------------------------------------------------- | Elimin | -21,9 | -66,7 | -17,8 | -26,7 | 0,0 | 181,3 | 232,9 | 0,0 | | eerimi | | | | | | | | | | sed | | | | | | | | | -------------------------------------------------------------------------------- | Müügit | 276,9 | 344,8 | 181,3 | 232,9 | 17,7 | 22,0 | 11,6 | 14,9 | | ulu ja | | | | | | | | | | muu | | | | | | | | | | äritul | | | | | | | | | | u | | | | | | | | | | kokku | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Ärikas | | | | | | | | | | um | | | | | | | | | -------------------------------------------------------------------------------- | Teenin | -10,6 | -18,0 | -5,4 | -9,8 | -0,7 | -1,2 | -0,3 | -0,6 | | dus | | | | | | | | | -------------------------------------------------------------------------------- | Arendu | -36,9 | -22,2 | -36,6 | -6,1 | -2,4 | -1,4 | -2,3 | -0,4 | | s | | | | | | | | | -------------------------------------------------------------------------------- | Ehitus | -4,7 | 3,9 | -1,3 | -0,3 | -0,3 | 0,2 | -0,1 | 0,0 | -------------------------------------------------------------------------------- | Elimin | 0,4 | -1,9 | 0,6 | 2,6 | 0,0 | -0,1 | 0,0 | 0,2 | | eerimi | | | | | | | | | | sed | | | | | | | | | -------------------------------------------------------------------------------- | Jagama | 0,8 | -11,0 | 5,7 | -5,9 | 0,1 | -0,7 | 0,4 | -0,4 | | tud | | | | | | | | | | ärikul | | | | | | | | | | ud | | | | | | | | | -------------------------------------------------------------------------------- | Ärikas | -51,0 | -49,2 | -37,1 | -19,5 | -3,3 | -3,2 | -2,3 | -1,2 | | um | | | | | | | | | | kokku | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Intres | -13,5 | 16,0 | -8,5 | 11,0 | -0,9 | 1,0 | -0,5 | 0,7 | | situlu | | | | | | | | | | d ja | | | | | | | | | | intres | | | | | | | | | | sikulu | | | | | | | | | | d | | | | | | | | | -------------------------------------------------------------------------------- | Muud | 38,3 | -0,4 | 34,0 | -8,7 | 2,5 | 0,0 | 2,2 | -0,6 | | finant | | | | | | | | | | stulud | | | | | | | | | | ja | | | | | | | | | | -kulud | | | | | | | | | -------------------------------------------------------------------------------- | Tuluma | -0,8 | -11,2 | -0,8 | -10,8 | -0,1 | -0,7 | -0,1 | -0,7 | | ksukul | | | | | | | | | | u | | | | | | | | | -------------------------------------------------------------------------------- | Puhask | -27,0 | -44,7 | -12,3 | -28,0 | -1,8 | -2,9 | -0,7 | -1,8 | | asum | | | | | | | | | -------------------------------------------------------------------------------- Madala valmistoodangu laoseisu tõttu on käibe paranemist oodata käesoleva aasta IV kvartalis. Sügisel lõpetatakse Sofias projekt Boulevard Residence Madrid, Tallinnas lisandub Kodukolde projektis üle 60 korteri ja Merivälja2 projektis üle 50 elamukrundi koos väljaarendatud infrastruktuuriga. Senised broneeringud ning uued müügid kajastatakse käibena alles peale ehitamise lõppu ja kasutuslubade saamist. Poolaasta koondtulemust mõjutavad enim I kvartali madalad tulemused. Kinnisvara ümberhindlusi arvestamata on II kvartal oluliselt parem esimesest. Bilansipäevajärgselt on näha, et III kvartal on alanud käibe poolelt samal tasemel II kvartali näitajatega. Olulist kasumlikkuse paranemist igapäevasest majandustegevusest II poolaastaks ei prognoosi. Põhilised kulude kärped on tehtud ja Kontserni fookus on suunatud käibe suurendamisele ja likviidsuse parandamisele läbi projektide müügi. Kinnisvara ümberhindlusi arvestamata teenis Kontsern poolaastaga 7,5 mln krooni (0,5 mln eurot) puhaskasumit võrreldes -27,8 mln kroonise (-1,8 mln eurose) puhaskahjumiga eelmise aasta samal ajal. Poolaasta seisuga pole täiendavalt diskonteeritud nõuet AS Ühendatud Kapitali vastu, mille bilansiline maksumus on hetkel 66,5 mln krooni (4,2 mln eurot). Hiljemalt oktoobriks prognoosime Tallinna Arbitraažikohtu otsust. Peale otsust kaalub ettevõtte juhtkond uuesti nõude laekumise tõenäosust. II kvartalis tühistati 2008. aastal ühisettevõtte Bisumuizas Nami SIA-ga seotud nõude allahindlus summas 34,1 mln krooni ( 2,2 mln eurot), sest Bisumuizas Nami SIA omakapital seisuga 31.12.2008 oli -16,2 mln krooni (- 1,0 mln eurot) ja seisuga 30.06.2009 45,9 mln krooni ( 2,9 mln eurot). II kvartalis toimusid olulised varade allahindlused, kuna II kvartali jooksul langetas ettevõte kõigis müüdavates elukondlikes projektides müügihindasid, mis vähendab projektide müügist teenitavat tulu. Suurim üleshindlus toimus Lätis, kus varudes kajastatud hoonestusõigus reklassifitseeriti ümber kinnisvarainvesteeringuks, sest lähiajal ei ole plaanis arendustegevusega alustada. Tegemist on elamukruntide projektiga 86 hektarilisel krundil asukohaga Mazais Baltezers'i järve lähedal Riia külje all. Vastavalt detailplaneeringule on lubatud rajada kokku 189 krunti elamutele kogumahuga 172 380 m2 suletud brutopinda. RAHAVOOD -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | I poolaasta | I poolaasta | I poolaasta | I poolaasta | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Äritegevuse | -8,2 | -107,0 | -0,5 | -6,8 | | rahavood | | | | | -------------------------------------------------------------------------------- | Investeerimi | 21,7 | -156,6 | 1,4 | -10,0 | | stegevuse | | | | | | rahavood | | | | | -------------------------------------------------------------------------------- | Finantseerim | -68,2 | -267,9 | -4,4 | -17,1 | | istegevuse | | | | | | rahavood | | | | | -------------------------------------------------------------------------------- | Perioodi | -54,7 | -531,5 | -3,5 | -34,0 | | rahavood | | | | | | kokku | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Raha ja raja | 172,6 | 765,0 | 11,0 | 48,9 | | ekvivalendid | | | | | | perioodi | | | | | | alguses | | | | | -------------------------------------------------------------------------------- | Valuutakursi | -0,3 | -0,3 | 0,0 | 0,0 | | mõju | | | | | -------------------------------------------------------------------------------- | Raha ja raha | 117,6 | 233,2 | 7,5 | 14,9 | | ekvivalendid | | | | | | perioodi | | | | | | lõpus | | | | | -------------------------------------------------------------------------------- Jaanuaris 2009 maksti erakorraliselt tagasi 40 mln krooni Tivoli ja Laeva projektidega seotud laenude põhiosa SEB pangale, vabastades seeläbi Kontserni 150 mln kroonisest (9,6 mln eurot) likviidsete vahendite hoidmise kohustusest SEB pangas. Erakorraliselt on tagastatud ka väiksemaid laene ja laenude põhiosasid. Kui erakorralised laenude tagasimaksed välja arvata, oleks tänu edukale kulude kokkuhoiuprogrammile Kontserni I poolaasta rahavood olnud ca 10 mln krooniga (0,6 mln euroga) positiivsed. Nimetatud refinantseerimistehingud on kahandanud Kontserni üldist likviidsuspositsiooni. Ahtri 3 projektiga seotud laene Sampo pangas on pikendatud summas 97,2 mln krooni (6,2 mln eurot), makstes tagasi põhiosa ainult 3,0 mln krooni (0,2 mln eurot). Bilansipäevajärgselt on pikendatud ja ümberstruktureeritud pooled kommertspaberid 26 mln krooni (1,6 mln euro) väärtuses. Suurimad lühiajalised kohustused: Ahtri projektiga seotud laen 97,2 mln krooni (6,2 mln eurot), ligi 40 mln krooni (2,6 mln eurot) arvestuslikud põhiosatagastused varade müügilt („Kodukolde”, „Merivälja2” ja „Boulevard Residence Madrid”), projektide „Tivoli” ja „Laeva2” laenud kogusummas 114,5 mln krooni (7,3 mln eurot) „Kodukolde“ projekti laen summas 73,4 mln krooni (4,7 mln eurot). Jooksvalt on makstud laene tagasi projektides „Kodukolde” Tallinnas, Eestis ja „Bišumuiža-1” Riias, Lätis. Kevadel on vastavad laenud refinantseeritud ja uus laenuteeninduse tase jääb alla müügihindasid, jättes Kontsernile rohkem vaba raha. Enamus Kontserni kohustusi on eurodes. TEENINDUSDIVISJON Aasta tagasi alustatud kulude ja ärimudeli optimeerimine on andnud häid tulemusi, kuid ei ole olnud veel piisav puhaskasumi teenimiseks. Rahavooliselt on I kvartalis divisjoni kulud ja tulud tasakaalus ning emaettevõtte dotatsiooni ei vajatud. Seades esikohale ettevõtte likviidsuse, müüs divisjon I poolaastal varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte, turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Bilansipäevajärgselt saab öelda, et juulikuus tegi teenindusdivisjon Eestis (kinnisvarabüroode operaator) käesoleva aasta esimese positiivse puhaskasumi, ca 0,4 mln krooni (0,0 mln eurot), Läti ja Bulgaaria bürood kokku jäid nulli. Kinnisvaraturu madalseisu tõttu on töötajate arv divisjonis vähenenud 12 kuuga 82 % võrra, kokku 257 inimese võrra. Kontserni vahendustehingute arv 12 kuu võrdluses on langenud 51%, hindamisaktide arv on langenud 60% võrra. Divisjoni erakorralised tegevuskulud ulatusid üle 2,0 mln krooni (0,1 mln euro), mis olid seotud koondamistasude ning varade müügiga alla omahinna. Poolaasta seisuga töötas divisjonis kokku 58 inimest (2008 I pa: 315 inimest). -------------------------------------------------------------------------------- | | I pa | I pa | muutus, | II kv | II kv | muutus, % | | | 2009 | 2008 | % | 2009 | 2008 | | -------------------------------------------------------------------------------- | Vahendat | 449 | 913 | -51% | 241 | 430 | -44% | | ud | | | | | | | | objektid | | | | | | | | e arv | | | | | | | -------------------------------------------------------------------------------- | Müügis | 60 | 270 | -78% | 60 | 293 | -80% | | olevad | | | | | | | | projekti | | | | | | | | d, tk | | | | | | | -------------------------------------------------------------------------------- | Hindamis | 1 625 | 4 044 | -60% | 815 | 1 992 | -59% | | aktide | | | | | | | | arv | | | | | | | -------------------------------------------------------------------------------- | Hindajat | 32 | 46 | -30% | | | | | e arv* | | | | | | | -------------------------------------------------------------------------------- | Maakleri | 102 | 183 | -44% | | | | | te arv* | | | | | | | -------------------------------------------------------------------------------- | Divisjon | 58 | 315 | -82% | | | | | i | | | | | | | | töötajat | | | | | | | | e arv | | | | | | | | perioodi | | | | | | | | lõpus | | | | | | | -------------------------------------------------------------------------------- * Sisaldab käsunduslepinguid ARENDUSDIVISJON I poolaasta jooksul müüdi 25 korterit või krunti ning broneeriti 21 objekti. Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m2 hõlmav üürileping Austria supermarketi ketiga Billa. Mais tühistas Tallinna Halduskohus Tivoli detailplaneeringu (vt. Lisa 18). Kontsern on esitanud apellatsioonkaebuse. Arendusdivisjoni suurimaks riskiks on kujunenud hoonestamata kruntide laenude refinantseerimine Eestis. Kuigi Kontserni rahavoog on pingeline, peame õigeks ehitada soodsamaks muutunud ehitushindadega pooleliolevad korterid ja krundid lõpuni, et reageerida turunõudlusele müügivalmis laovaruga. Uute investeeringutega ei ole esialgu plaanis alustada. Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides müügi edendamiseks hindasid langetatud ning aasta jooksul plaanime müüa nii arendusprojekte kui ka rahavoogu genereerivaid projekte. Osadel töötajatel on vähendatud nii töötasusid kui ka tööaega. Märtsi lõpus töötas divisjonis kokku 41 inimest (2008 I pa: 49 inimest). Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus EHITUSDIVISJON Ehitusdivisjon on võitnud hankeid põhiliselt keskkonna- ja infrastruktuuriehituses. Hangete keskmine maht on langenud ja tellijaks on riik või omavalitsused. I poolaastal olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt. I poolaastal sõlmiti uusi ehituslepinguid 116,1 mln krooni (7,4 mln euro) väärtuses, millest 13,0 mln krooni (0,8 mln eurot) II kvartalis. Poolaasta lõpu seisuga on ehituslepingute järelejäänud maht 143 mln krooni (9,1 mln eurot). I poolaasta lõpu seisuga töötas divisjonis kokku 143 inimest (2008 I pa: 181 inimest). Konsolideeritud raamatupidamise vahearuanne Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | | Lisa | I | I | II kvartal | II kvartal | | | | poolaasta | poolaasta | 2009 | 2008 | | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | EEK | | | | | | | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 151 756 | 222 890 | 75 842 | 134 199 | | teenuste | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 33 034 | 90 589 | 14 626 | 71 759 | | kaupade | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 2 | 184 790 | 313 479 | 90 468 | 205 958 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Müüdud | 3 | -274 865 | -262 733 | -187 273 | -176 406 | | toodangu | | | | | | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | -90 075 | 50 746 | -96 805 | 29 552 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud | 2,4 | 92 165 | 31 342 | 90 857 | 26 948 | | äritulud | | | | | | -------------------------------------------------------------------------------- | Turustusku | 5 | -1 999 | -9 238 | -1 120 | -4 566 | | lud | | | | | | -------------------------------------------------------------------------------- | Üldhaldusk | 6 | -37 979 | -72 913 | -17 377 | -38 840 | | ulud | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | -13 171 | -49 105 | -12 696 | -32 592 | | ärikulud | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | -51 059 | -49 168 | -37 141 | -19 498 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- | 7 | 15 141 | 31 569 | 7 369 | 17 558 | | ja | | | | | | | investeeri | | | | | | | mistegevus | | | | | | | e tulud | | | | | | -------------------------------------------------------------------------------- | Finants- | 7 | 9 692 | -15 929 | 18 221 | -15 228 | | ja | | | | | | | investeeri | | | | | | | mistegevus | | | | | | | e kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne | | -26 226 | -33 528 | -11 551 | -17 168 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Tulumaksuk | | -809 | -11 155 | -809 | -10 788 | | ulu | | | | | | -------------------------------------------------------------------------------- | Aruandeper | | -27 035 | -44 683 | -12 360 | -27 956 | | ioodi | | | | | | | puhaskasum | | | | | | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Muu | | | | | | | koondkahju | | | | | | | m | | | | | | -------------------------------------------------------------------------------- | Valuutakur | | 125 | 64 | 8 | 4 | | si vahed | | | | | | | välisettvõ | | | | | | | tte | | | | | | | ümberarves | | | | | | | tamisel | | | | | | -------------------------------------------------------------------------------- | Aruandeper | | -26 910 | -44 619 | -12 352 | -27 952 | | ioodi | | | | | | | koondkasum | | | | | | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Perioodi | | | | | | | kasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõt | | -26 259 | -51 865 | -12 561 | -36 640 | | ja osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemusosa | | -651 | 7 246 | 209 | 8 688 | | lus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | | | -26 910 | -44 619 | -12 352 | -27 952 | -------------------------------------------------------------------------------- | Perioodi | | | | | | | koondkasum | | | | | | | i jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõt | | -26 259 | -51 865 | -12 561 | -36 640 | | ja osalus | | | | | | | koondkahju | | | | | | | mis | | | | | | -------------------------------------------------------------------------------- | Vähemusosa | | -651 | 7 246 | 209 | 8 688 | | lus | | | | | | | koondkahju | | | | | | | mis | | | | | | -------------------------------------------------------------------------------- | | | -26 910 | -44 619 | -12 352 | -27 952 | -------------------------------------------------------------------------------- | Aktsia | 8 | | | | | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | - tava | | -0,28 | -0,54 | -0,13 | 0,38 | -------------------------------------------------------------------------------- | - | | -0,28 | -0,54 | -0,13 | 0,38 | | lahustatud | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Lisa | I | I | II kvartal | II kvartal | | | | poolaasta | poolaasta | 2009 | 2008 | | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | EUR | | | | | | | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 9 699 | 14 245 | 4 847 | 8 577 | | teenuste | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 2 111 | 5 790 | 935 | 4 586 | | kaupade | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | 2 | 11 810 | 20 035 | 5 782 | 13 163 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Müüdud | 3 | -17 567 | -16 792 | -11 969 | -11 274 | | toodangu | | | | | | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | -5 757 | 3 243 | -6 187 | 1 889 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud | 2,4 | 5 890 | 2 003 | 5 807 | 1 722 | | äritulud | | | | | | -------------------------------------------------------------------------------- | Turustusku | 5 | -128 | -590 | -72 | -292 | | lud | | | | | | -------------------------------------------------------------------------------- | Üldhaldusk | 6 | -2 427 | -4 660 | -1 111 | -2 482 | | ulud | | | | | | -------------------------------------------------------------------------------- | Muud | 4 | -842 | -3 138 | -811 | -2 083 | | ärikulud | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | -3 264 | -3 142 | -2 374 | -1 246 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- | 7 | 968 | 2 018 | 471 | 1 122 | | ja | | | | | | | investeeri | | | | | | | mistegevus | | | | | | | e tulud | | | | | | -------------------------------------------------------------------------------- | Finants- | 7 | 619 | -1 018 | 1 165 | -973 | | ja | | | | | | | investeeri | | | | | | | mistegevus | | | | | | | e kulud | | | | | | -------------------------------------------------------------------------------- | Kasum enne | | -1 677 | -2 142 | -738 | -1 097 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Tulumaksuk | | -52 | -713 | -52 | -689 | | ulu | | | | | | -------------------------------------------------------------------------------- | Aruandeper | | -1 729 | -2 855 | -790 | -1 786 | | ioodi | | | | | | | puhaskasum | | | | | | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Muu | | | | | | | koondkahju | | | | | | | m | | | | | | -------------------------------------------------------------------------------- | Valuutakur | | 8 | 4 | 1 | 0 | | si vahed | | | | | | | välisettvõ | | | | | | | tte | | | | | | | ümberarves | | | | | | | tamisel | | | | | | -------------------------------------------------------------------------------- | Aruandeper | | -1 721 | -2 851 | -789 | -1 786 | | ioodi | | | | | | | koondkasum | | | | | | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Perioodi | | | | | | | kasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõt | | -1 678 | -3 315 | -803 | -2 342 | | ja osalus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemusosa | | -42 | 463 | 13 | 555 | | lus | | | | | | | kahjumis | | | | | | -------------------------------------------------------------------------------- | | | -1 720 | -2 852 | -790 | -1 787 | -------------------------------------------------------------------------------- | Perioodi | | | | | | | koondkasum | | | | | | | i jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõt | | -1 678 | -3 315 | -803 | -2 342 | | ja osalus | | | | | | | koondkahju | | | | | | | mis | | | | | | -------------------------------------------------------------------------------- | Vähemusosa | | -42 | 463 | 13 | 555 | | lus | | | | | | | koondkahju | | | | | | | mis | | | | | | -------------------------------------------------------------------------------- | | | -1 720 | -2 852 | -790 | -1 787 | -------------------------------------------------------------------------------- | Aktsia | 8 | | | | | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | - tava | | -0,02 | -0,03 | -0,01 | 0,02 | -------------------------------------------------------------------------------- | - | | -0,02 | -0,03 | -0,01 | 0,02 | | lahustatud | | | | | | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | 30.06.200 | 31.12.200 | 30.06.2009 | 31.12.2008 | | | | 9 | 8 | | | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 117 580 | 172 574 | 7 515 | 11 029 | | ekvivalendid | | | | | | -------------------------------------------------------------------------------- | Finantsinvestee | | 32 | 40 416 | 2 | 2 583 | | ringud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 9 | 245 808 | 294 352 | 15 710 | 18 813 | -------------------------------------------------------------------------------- | Ettemakstud | | 6 204 | 6 165 | 397 | 394 | | kulud | | | | | | -------------------------------------------------------------------------------- | Varud | 10 | 815 692 | 849 440 | 52 132 | 54 289 | -------------------------------------------------------------------------------- | Bioloogilised | | 1 299 | 3 679 | 83 | 235 | | varad | | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | | 1 186 615 | 1 366 626 | 75 839 | 87 343 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finantsinvestee | | 295 | 255 | 19 | 16 | | ringud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 9 | 10 213 | 6 671 | 653 | 427 | -------------------------------------------------------------------------------- | Kinnisvarainves | 12 | 656 436 | 542 753 | 41 954 | 34 688 | | teeringud | | | | | | -------------------------------------------------------------------------------- | Materiaalne | 13 | 30 836 | 41 812 | 1 971 | 2 672 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Immateriaalne | 14 | 12 336 | 12 475 | 788 | 797 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | | 710 116 | 603 966 | 45 385 | 38 600 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 1 896 731 | 1 970 592 | 121 224 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 15 | 501 282 | 353 417 | 32 038 | 22 587 | -------------------------------------------------------------------------------- | Võlad | 16 | 118 709 | 132 677 | 7 587 | 8 480 | -------------------------------------------------------------------------------- | Ettemaksed | | 89 619 | 65 174 | 5 728 | 4 165 | -------------------------------------------------------------------------------- | Eraldised | | 11 703 | 5 917 | 748 | 378 | -------------------------------------------------------------------------------- | Lühiajalised | | 721 313 | 557 185 | 46 101 | 35 610 | | kohustused | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 15 | 485 059 | 692 919 | 31 001 | 44 286 | -------------------------------------------------------------------------------- | Võlad | 16 | 5 535 | 4 404 | 354 | 281 | -------------------------------------------------------------------------------- | Edasilükkunud | | 20 | 20 | 1 | 1 | | tulumaksukohust | | | | | | | us | | | | | | -------------------------------------------------------------------------------- | Eraldised | | 1 100 | 4 291 | 70 | 274 | -------------------------------------------------------------------------------- | Pikaajalised | | 491 714 | 701 634 | 31 426 | 44 842 | | kohustused | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED | | 1 213 027 | 1 258 819 | 77 527 | 80 452 | | KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 952 842 | 952 842 | 60 898 | 60 898 | -------------------------------------------------------------------------------- | Ülekurss | | 0 | 712 514 | 0 | 45 538 | -------------------------------------------------------------------------------- | Kohustuslik | | 31 463 | 31 463 | 2 011 | 2 011 | | reservkapital | | | | | | -------------------------------------------------------------------------------- | Muud reservid | | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Jaotamata kasum | | -298 413 | -984 668 | -19 072 | -62 932 | -------------------------------------------------------------------------------- | Oma aktsiad | | -3 992 | -3 992 | -255 | -255 | -------------------------------------------------------------------------------- | Emaettevõtte | | 681 900 | 708 159 | 43 582 | 45 260 | | omanikele | | | | | | | kuuluv | | | | | | | omakapital | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Vähemusosalusel | | 1 804 | 3 614 | 115 | 231 | | e kuuluv | | | | | | | omakapital | | | | | | -------------------------------------------------------------------------------- | Omakapital | | 683 704 | 711 773 | 43 697 | 45 491 | | kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 1 896 731 | 1 970 592 | 121 224 | 125 943 | | OMAKAPITAL | | | | | | | KOKKU | | | | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | I | I poolaasta | I | I | | | | poolaasta | 2008 | poolaasta | poolaasta | | | | 2009 | | 2009 | 2008 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | | -27 035 | -44 683 | -1 729 | -2 855 | -------------------------------------------------------------------------------- | Intressitulud | 7 | 13 480 | -16 004 | 862 | -1 023 | | ja | | | | | | | intressikulud | | | | | | -------------------------------------------------------------------------------- | Kasumid ja | | 0 | 19 476 | 0 | 1 245 | | kahjumid tütar- | | | | | | | ja | | | | | | | ühisettevõtete | | | | | | | müügist | | | | | | -------------------------------------------------------------------------------- | Tulud ja kulud | 7 | -2 667 | 1 465 | -170 | 94 | | muudelt | | | | | | | pikaajalistelt | | | | | | | finantsinvestee | | | | | | | ringutelt | | | | | | -------------------------------------------------------------------------------- | Finantsvarade | 7 | -31 634 | -25 248 | -2 022 | -1 614 | | allahindluskulu | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | 3,4,6 | 2 382 | 3 700 | 152 | 235 | | immateriaalse | | | | | | | põhivara | | | | | | | amortisatsioon | | | | | | | ja väärtuse | | | | | | | langus | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | 3,4,6 | -1 056 | -38 | -68 | -1 | | immateriaalse | | | | | | | põhivara müügi | | | | | | | kasum või | | | | | | | kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainves | 4 | 1 761 | 0 | 114 | 0 | | teeringute | | | | | | | müügi kasum või | | | | | | | kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainves | 4 | -74 420 | 16 855 | -4 756 | 1 077 | | teeringute ja | | | | | | | bioloogilise | | | | | | | vara õiglase | | | | | | | väärtuse muutus | | | | | | -------------------------------------------------------------------------------- | Varude | 3 | 108 924 | 0 | 6 962 | 0 | | ümberhindluse | | | | | | | kasum/kahjum | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | 7 | -4 012 | 4 671 | -256 | 299 | | kasumid ja | | | | | | | kahjumid | | | | | | -------------------------------------------------------------------------------- | Ettevõtte | | 651 | 11 731 | 42 | 750 | | tulumaksukulu | | | | | | -------------------------------------------------------------------------------- | Äritegevuse | | -13 626 | -28 075 | -869 | -1 793 | | rahavood enne | | | | | | | käibekapitali | | | | | | | muutuseid | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 19 179 | -48 687 | 1 226 | -3 111 | | seotud nõuete | | | | | | | ja ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Varude muutus | | -42 996 | -47 214 | -2 748 | -3 018 | -------------------------------------------------------------------------------- | Bioloogiliste | | 2 190 | 474 | 140 | 30 | | varade muutus | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 27 082 | 16 454 | 1 731 | 1 052 | | seotud | | | | | | | kohustuste | | | | | | | ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -8 171 | -107 048 | -520 | -6 840 | | ÄRITEGEVUSEST | | | | | | | KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | -7 599 | -12 885 | -486 | -824 | | immateriaalse | | | | | | | põhivara soetus | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | 3 600 | 313 | 230 | 20 | | immateriaalse | | | | | | | põhivara müük | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainves | | -5 100 | -900 | -326 | -58 | | teeringute | | | | | | | soetus | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainves | | 205 | 29 000 | 13 | 1 853 | | teeringute müük | | | | | | -------------------------------------------------------------------------------- | Tütar- ja | | 0 | -126 299 | 0 | -8 072 | | ühisettevõtete | | | | | | | soetus | | | | | | -------------------------------------------------------------------------------- | Tütar- ja | | 0 | 1 005 | 0 | 64 | | ühisettevõtete | | | | | | | müük | | | | | | -------------------------------------------------------------------------------- | Muude | | 0 | -126 500 | 0 | -8 085 | | finantsinvestee | | | | | | | ringute soetus | | | | | | -------------------------------------------------------------------------------- | Muude | | 45 739 | 107 502 | 2 923 | 6 871 | | finantsinvestee | | | | | | | ringute müük | | | | | | -------------------------------------------------------------------------------- | Antud laenud | | -23 480 | -49 739 | -1 501 | -3 179 | -------------------------------------------------------------------------------- | Antud laenude | | 5 429 | 3 426 | 347 | 219 | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Saadud | | 2 921 | 18 460 | 187 | 1 180 | | intressid | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | 21 715 | -156 617 | 1 387 | -10 011 | | INVESTEERIMISTE | | | | | | | GEVUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Saadud laenud | | 74 601 | 41 754 | 4 768 | 2 669 | -------------------------------------------------------------------------------- | Laenude ja | | -120 987 | -227 687 | -7 732 | -14 552 | | kapitalirendiko | | | | | | | hustuste | | | | | | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Arvelduskrediid | | 0 | -14 | 0 | -1 | | i muutus | | | | | | -------------------------------------------------------------------------------- | Kontsernikonto | | 0 | -798 | 0 | -51 | | kohustuse | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Makstud | | -21 819 | -35 917 | -1 394 | -2 296 | | intressid | | | | | | -------------------------------------------------------------------------------- | Makstud | | 0 | -42 274 | 0 | -2 702 | | dividendid | | | | | | -------------------------------------------------------------------------------- | Makstud | | 0 | -2 916 | 0 | -186 | | dividendide | | | | | | | tulumaks | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -68 205 | -267 852 | -4 358 | -17 119 | | FINANTSEERIMISE | | | | | | | GEVUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | | -54 661 | -531 517 | -3 491 | -33 970 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 172 574 | 765 008 | 11 029 | 48 893 | | ekvivalendid | | | | | | | perioodi | | | | | | | alguses | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | -54 661 | -531 517 | -3 493 | -33 970 | | ekvivalentide | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | -333 | -333 | -22 | -21 | | mõju | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 117 580 | 233 158 | 7 515 | 14 901 | | ekvivalendid | | | | | | | perioodi lõpus | | | | | | --------------------------------------------------------------------------------
Pealkiri
Interim report of second quarter and six months of 2009
Teade
Comments by the CEO Within the first half-year of 2009, 25 apartments or plots were sold and 21 objects reserved in Arco Vara projects. In the Boulevard Residence Madrid project in Sofia, a 30-year rental agreement was concluded with the Austrian supermarket chain Billa, by which the supermarket will rent approx. 900 m2 of the ground floor sales space of the building. Within six months, 16 apartments have been sold in the Kodukolde project in Tallinn and 7 apartments in the BM-1 project in Latvia. The strategy of Arco Vara development division is to finish the unfinished apartments in the Kodukolde project and the plots in the Merivälja2 projects in Tallinn, the apartments in the Bišumuiža-1 project in Riga, the apartments and business areas in the Boulevard Residence Madrid and Manastirski projects in Sofia with more favourable construction prices. The finished residential and business areas are to be sold by releasing invested equity and reducing the liabilities of the Group. In order to stay in competition and accelerate sales pace, we have reduced plot and apartment prices of Arco Vara projects in the 2nd quarter, too. As a result of this, we have written down the book value of some projects. In the construction division, new agreements in the amount of 116.1 million kroons (7.4 million euros) were concluded during the six months, thereof 13.0 millions kroons (0.8 million euros) in the 2nd quarter. The result was by times lower than the target set for the 2nd quarter. Considering the great need for working capital, the cash flows of the division will be tense until autumn, when receivables will be due. With the restructuring of the service division, we have considerably reduced administration costs of the division and reduced the loss by double. The number of employees has been reduced by 81 persons within six months and by 257 persons year-over-year. During the first half-year, the division has sold most of the real estate objects historically acquired for short-term investments, which has helped to break even the cash flows of the division. During the first half-year, the work organisation of some smaller offices outside the capital city was changed, where we gave up the classical office-based work organisation and applied the home office system by maintaining our full service selection at the same time. In other offices, more cost effective work organisation solutions are being implemented in cooperation with employees. The aim of the service division is to continue implementing the partially applied and in the current market situation justified work organisation also in foreign markets, which allows increasing service provision with unlimited means in these countries, with a future focus on Estonia, Latvia and Bulgaria. In summary, without revaluations and redeeming the extraordinary principal amounts, the company would have earned both net profit and positive cash flow. Apart from real estate revaluation, the group managed to earn 19.0 million kroons (1.2 million euros) gross profit in the first half-year (2008 HY1: 50.7 million kroons; 3.2 million euros) and 7.5 million kroons (0.5 million euros) net profit (2008 HY1: -27.8 million kroons; -1.8 million euros), whereof the net profit without revaluations made up 22.1 million kroons (1.4 million euros) in the 2nd quarter. The cost cutting programme has been more successful than expected and when comparing with the cost basis of the 1st quarter 2008, the cost level of the first half-year of the present year is approx. 65 million kroons (4.1 million euros) lower. Apart from principal amount redemptions to banks, the cash flows of the company would have been positive by approx. 10 million kroons (0.6 million euros). Irrespective of the successful cost cutting programme and net profit before revaluations, the biggest risk is the liquidity of the Group. To improve this, important projects have to be sold. After the balance sheet date, targeted auctions of several important projects are going on both to local and international investors. MAIN INDICATORS OF THE 1ST HALF-YEAR Revenue and other income for the first half-year months totalled 277.0 million kroons (17.7 million euros), 19.7% down year-over-year EBIT amounted to -51.1 million kroons (-3.3 million euros), 3.9% up year-over-year. Net loss was -27.0 million kroons (-1.7 million euros), 40.0% down year-over-year. Equity ratio was 36.0% (2008 HY1: 56.1%). ROE was negative (2008 HY1: neg.). ROIC was negative (2008 HY1: 0.3%) In the construction division, new agreements in the amount of 116.1 million kroons (7.4 million euros) were concluded, 2008 HY1: 209.1 million kroons (13.4 million euros). At the end of 1st half-year, order backlog in the construction business stood at 142.6 million kroons (9.1 million euros) against 338.0 million kroons (21.6 million euros) in 2008 HY1. During the half-year, 25 apartments and plots were sold (2008 HY1: 47). -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | HY1 | HY1 | Q2 | Q2 2008 | HY1 | HY1 | Q2 | Q2 | | | 2009 | 2008 | 2009 | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | In | | | | | | | | | | millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenue | 277, | 344, | 181, | 232,9 | 17,7 | 22,0 | 11,6 | 14,9 | | and other | 0 | 8 | 3 | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | -51, | -49, | -37, | -19,5 | -3,3 | -3,1 | -2,4 | -1,2 | | | 1 | 2 | 1 | | | | | | -------------------------------------------------------------------------------- | incl. net | -34, | -16, | -34, | -4,4 | -2,2 | -1,1 | -2.2 | -0,3 | | revaluatio | 5 | 9 | 5 | | | | | | | n of | | | | | | | | | | investment | | | | | | | | | | property | | | | | | | | | | and | | | | | | | | | | inventory | | | | | | | | | -------------------------------------------------------------------------------- | Profit / | -26, | -33, | -11, | -17,2 | -1,7 | -2,1 | -0,7 | -1,1 | | loss | 2 | 5 | 6 | | | | | | | before tax | | | | | | | | | -------------------------------------------------------------------------------- | incl. | 0,0 | -19, | 0,0 | -19,5 | 0,0 | -1,2 | 0,0 | -1,2 | | profit or | | 5 | | | | | | | | loss from | | | | | | | | | | transfer | | | | | | | | | | of | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | -------------------------------------------------------------------------------- | Net profit | -27, | -44, | -12, | -28,0 | -1,7 | -2,9 | -0,8 | -1,8 | | / loss | 0 | 7 | 4 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EPS (in | -0,2 | -0,5 | -0,1 | -0,38 | -0,02 | -0,03 | -0,01 | -0,02 | | kroons and | 8 | 4 | 3 | | | | | | | euros) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1 | 3 | | | 121,2 | 208,8 | | | | assets at | 896, | 267, | | | | | | | | period end | 7 | 0 | | | | | | | -------------------------------------------------------------------------------- | Invested | 1 67 | 3 | | | 107,2 | 192,9 | | | | capital at | 6,7 | 019, | | | | | | | | period end | | 0 | | | | | | | -------------------------------------------------------------------------------- | Net debt | 875, | 815, | | | 55,9 | 52,1 | | | | at period | 4 | 4 | | | | | | | | end | | | | | | | | | -------------------------------------------------------------------------------- | Equity at | 683, | 1 | | | 43,7 | 117,1 | | | | period end | 7 | 832, | | | | | | | | | | 7 | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Average | 1,9 | 1,9 | | | 1,9 | 1,9 | | | | loan term | | | | | | | | | | (in years) | | | | | | | | | -------------------------------------------------------------------------------- | Average | 5,7% | 7,2% | | | 5,7% | 7,2% | | | | interest | | | | | | | | | | rate of | | | | | | | | | | loans (per | | | | | | | | | | year) | | | | | | | | | -------------------------------------------------------------------------------- | ROIC | neg. | 0,3% | | | neg. | 0,3% | | | | (rolling 4 | | | | | | | | | | quarters) | | | | | | | | | -------------------------------------------------------------------------------- | ROE | neg. | neg. | | | neg. | neg. | | | | (rolling 4 | | | | | | | | | | quarters) | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Number of | 257 | 569 | | | 257 | 569 | | | | staff at | | | | | | | | | | period end | | | | | | | | | -------------------------------------------------------------------------------- REVENUE AND PROFIT -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | HY1 | HY1 | Q2 | Q2 | HY1 | HY1 | Q2 | Q2 | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | In | | | | | | | | | | millions | | | | | | | | | -------------------------------------------------------------------------------- | Revenue | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Services | 20,2 | 65,5 | 9,5 | 32,8 | 71,0 | 116,6 | -17,8 | -26,8 | -------------------------------------------------------------------------------- | Developm | 148,7 | 139,9 | 118,6 | 110,2 | 9,5 | 32,8 | 71,0 | 116,6 | | ent | | | | | | | | | -------------------------------------------------------------------------------- | Construc | 129,9 | 206,1 | 71,0 | 116,6 | -17,8 | -26,8 | 0,0 | 181,3 | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminat | -21,9 | -66,7 | -17,8 | -26,7 | 0,0 | 181,3 | 232,9 | 0,0 | | ions | | | | | | | | | -------------------------------------------------------------------------------- | Total | 276,9 | 344,8 | 181,3 | 232,9 | 17,7 | 22,0 | 11,6 | 14,9 | | revenue | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EBIT | | | | | | | | | -------------------------------------------------------------------------------- | Services | -10,6 | -18,0 | -5,4 | -9,8 | -0,7 | -1,2 | -0,3 | -0,6 | -------------------------------------------------------------------------------- | Developm | -36,9 | -22,2 | -36,6 | -6,1 | -2,4 | -1,4 | -2,3 | -0,4 | | ent | | | | | | | | | -------------------------------------------------------------------------------- | Construc | -4,7 | 3,9 | -1,3 | -0,3 | -0,3 | 0,2 | -0,1 | 0,0 | | tion | | | | | | | | | -------------------------------------------------------------------------------- | Eliminat | 0,4 | -1,9 | 0,6 | 2,6 | 0,0 | -0,1 | 0,0 | 0,2 | | ions | | | | | | | | | -------------------------------------------------------------------------------- | Unalloca | 0,8 | -11,0 | 5,7 | -5,9 | 0,1 | -0,7 | 0,4 | -0,4 | | ted | | | | | | | | | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | Total | -51,0 | -49,2 | -37,1 | -19,5 | -3,3 | -3,2 | -2,3 | -1,2 | | EBIT | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Interest | -13,5 | 16,0 | -8,5 | 11,0 | -0,9 | 1,0 | -0,5 | 0,7 | | income | | | | | | | | | | and | | | | | | | | | | expense | | | | | | | | | -------------------------------------------------------------------------------- | Net | 38,3 | -0,4 | 34,0 | -8,7 | 2,5 | 0,0 | 2,2 | -0,6 | | other | | | | | | | | | | financia | | | | | | | | | | l items | | | | | | | | | -------------------------------------------------------------------------------- | Income | -0,8 | -11,2 | -0,8 | -10,8 | -0,1 | -0,7 | -0,1 | -0,7 | | tax | | | | | | | | | | expense | | | | | | | | | -------------------------------------------------------------------------------- | Net | -27,0 | -44,7 | -12,3 | -28,0 | -1,8 | -2,9 | -0,7 | -1,8 | | profit / | | | | | | | | | | loss | | | | | | | | | -------------------------------------------------------------------------------- Due to the low low inventory balance an improvement in turnover can be expected in the 4th quarter 2009. In autumn, the project Boulevard Residence Madrid will be completed in Sofia. In Tallinn, more than 60 apartments add in the Kodukolde project, and in the Merivälja 2 project more than 50 plots with full infrastructure. The recent reservations and new sales will be reflected as turnover after the end of construction and getting authorisation for use. The consolidated result of the half-year will most be affected by the weak results 1st quarter. When not considering the real estate revaluations, the 2nd quarter is considerably better than the first. After the balance sheet date, it is evident that the turnover at the beginning of the 3rd quarter has the same level as in the 2nd quarter. No considerable improvement in profitability in daily operations is forecasted for the 2nd half-year. Main cost cuttings have been made and the focus of the Group is now set on increasing the turnover and improving the liquidity through the sales of projects. Apart from real estate revaluations, the net profit of the Group in the half-year was 7.5 million kroons (0.5 million euros) against a -27.8 million kroons (-1.8 million euros) net loss year-over-year. As of end of half year, the claim against AS Ühendatud Kapital with a book value of 66.5 million kroons (4.2 million euros) has not been additionally discounted. We except the Tallinn Arbitrage to take a decision by October at the latest. After the decision, the company management will weigh the likeliness of receiving the claim again. In the 2nd quarter, the write down of the claim related to the joint company Bisumuizas Nami SIA in 2008 in the amount of 34.1 million kroons (2.2 million euros) was cancelled, because the equity of Bisumuizas Nami SIA on 31.12.2008 was -16.2 million koons (- 1.0 million euros) and on 30.06.2009 45.9 million kroons ( 2.9 million euros). In the 2nd quarter, considerable fair value adjustments were made as during the 2nd quarter, the company reduced sales prices in all residential projects on sale, which will reduce the revenues from the projects. The biggest write up was made in Latvia where the right of leasehold right recorded under inventory was reclassified to investment property as in the near future, no development activities are planned. It is a residential project on a land plot in size of 86 ha, located at the Mazais Baltezers lake near Riga. According to the detailed plan, a total of 189 plots for houses with a total gross enclosed area of 172,380 m2 can be built. CASH FLOWS -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | HY1 2009 | HY1 2008 | HY1 2009 | HY1 2008 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Cash flows | -8,2 | -107,0 | -0,5 | -6,8 | | from | | | | | | operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash flows | 21,7 | -156,6 | 1,4 | -10,0 | | from | | | | | | investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash flows | -68,2 | -267,9 | -4,4 | -17,1 | | from | | | | | | financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Net cash | -54,7 | -531,5 | -3,5 | -34,0 | | flow | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and | 172,6 | 765,0 | 11,0 | 48,9 | | cash | | | | | | equivalents | | | | | | at beginning | | | | | | of period | | | | | -------------------------------------------------------------------------------- | Effect of | -0,3 | -0,3 | 0,0 | 0,0 | | exchange | | | | | | rate | | | | | | fluctuations | | | | | -------------------------------------------------------------------------------- | Cash and | 117,6 | 233,2 | 7,5 | 14,9 | | cash | | | | | | equivalents | | | | | | at end of | | | | | | period | | | | | -------------------------------------------------------------------------------- In January 2009, 40 million kroons from the loan principals related to the Tivoli and Laeva projects were paid back on an extraordinary basis, by releasing the Group from the obligation to keep liquid assets in an amount of 150 million kroons (9.6 million euros) in the SEB bank. On an extraordinary basis, smaller loans and principal amounts have been paid back, too. Apart from extraordinary loan redemptions, the cash flows of the Group would have been positive by approx. 10 million kroons (0.6 million euros) due to the successful cost cutting programme. These refunding transactions have decreased the general liquidity of the Group. The loans related to the Ahtri 3 project in the amount of 97.2 million kroons (6.2 million euros) in Sampo bank have been extended by paying back the principal in the amount of 3.0 million kroons (0.2 million euros) only. After the balance sheet date, a half of the commercial papers have been extended and restructured in the amount of 26 million kroons (1.6 million euros). Major short-term liabilities: * the Ahtri project loan of 97.2 million kroons (6.2 million euros), * calculated principal redemptions in the amount of approx. 40 million kroons (2.6 million euros) from the sales of assets („Kodukolde”, „Merivälja2” and „Boulevard Residence Madrid”) * „Tivoli” and „Laeva2” project loans in the total amount of 114.5 million kroons (7.3 million euros) * „Kodukolde“ project loan in the amount of 73.4 million kroons (4.7 million euros). On a current basis, loans have been redeemed in the „Kodukolde” project in Tallinn, Estonia and the „Bišumuiža-1” project in Riga, Latvia. In spring, the relevant loans have been refunded and the new loan service level will remain under sales prices by leaving the Group more disposable funds. Most of the liabilities of the Group are in euros. SERVICE DIVISION Cost and business model optimisation started a year ago has had good results but is still not sufficient for earning net profit. By cash flow, the revenues and expenses of the division are in balance in the 1st quarter and do not need any subsidy from parent company. Having the liquidity of the company as its priority, the division sold in the 1st quarter objects that were acquired earlier as short-term investments, due to the market situation, the prices have sometimes been under the cost price. The information after the balance sheet date is that in July, Service Division in Estonia (operator of real estate agencies) made the first positive net profit this year - approx. 0.4 million kroons (0.0 million euros), the Latvian and the Bulgarian agencies in total broke even. Due to the situation in real estate the number of employees in the division has reduced by 82%, i.e. 257 persons during 12 months. The number of brokerage transactions of the Group in 12 months has decreased by 57%, the number of valuation reports has decreased by 60%. The nonrecurring operating costs of the division amounted to more than 2.0 million kroons (0.1 million euros) and were related to redundancy payments and sales of assets under their cost price. As at the end of half-year the division employed 58 persons (2008 HY1: 315 persons). -------------------------------------------------------------------------------- | | HY1 2009 | HY1 | change, | Q2 2009 | Q2 2008 | change, % | | | | 2008 | % | | | | -------------------------------------------------------------------------------- | Number of | 449 | 913 | -51% | 241 | 430 | -44% | | brokered | | | | | | | | objects | | | | | | | -------------------------------------------------------------------------------- | Projects | 60 | 270 | -78% | 60 | 293 | -80% | | being | | | | | | | | sold, pcs. | | | | | | | -------------------------------------------------------------------------------- | Number of | 1 625 | 4 044 | -60% | 815 | 1 992 | -59% | | valuation | | | | | | | | reports | | | | | | | -------------------------------------------------------------------------------- | Number of | 32 | 46 | -30% | | | | | appraisers | | | | | | | | * | | | | | | | -------------------------------------------------------------------------------- | Number of | 102 | 183 | -44% | | | | | real | | | | | | | | estate | | | | | | | | brokers* | | | | | | | -------------------------------------------------------------------------------- | Average | 58 | 315 | -82% | | | | | number of | | | | | | | | staff | | | | | | | -------------------------------------------------------------------------------- * Includes authorisation agreements DEVELOPMENT DIVISION During the 1st half-year, 25 apartments or plots were sold and 21 objects were reserved. Under the Boulevard Residence Madrid project in Sofia, a long-term rental agreement with the Austrian supermarket chain Billa was concluded for approx. 900 m2. In May, Tallinn Administrative Court cancelled the Tivoli detailed plan (see Note 18). The Group has appealed. The main risk factor for the development division is the refinancing of loans of land bank in Estonia. Although the cash flow of the Group is tense, we consider it to be sensible to finish the unfinished projects with more favourable construction prices in order to satisfy the demand with ready to be sold stock. No new investments are planned at the moment. In order to manage the liquidity risk, the prices in current projects in the Baltics as well as in Sofia have been decreased in order to improve sales, and during the year we aim at selling both development projects and cash flow generating projects. For some employees, salaries and working times have been reduced. As at the end of March the division employed 41 persons (2008 HY1: 49 persons). Further information on the projects: www.arcorealestate.com/arendus CONSTRUCTION DIVISION The construction division has won tenders of environmental and infrastructure engineering. The average volume of the tenders has decreased and the contractor is the state or local governments. In the 1st half-year, the major new construction agreements were the Emajõe-Võhandu drinking water project and the Kohtla-Järve-Kiviõli sewerage project. In the 1st half-year new construction contracts worth 116.1million kroons (7.4 million euros) were concluded, thereof 13.0 millions kroons (0.8 million euros) in the 2nd quarter. As at end of half-year, the residual cost of building contracts is 143 million kroons (9.1 million euros). As at the end of first half-year the division employed 143 persons (2008 HY1: 181 persons). Condensed consolidated interim financial statements Condensed consolidated income statement -------------------------------------------------------------------------------- | | Note | HY1 2009 | HY1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | in EEK, | | | | | | | thousands | | | | | | -------------------------------------------------------------------------------- | Rendering | | 151 756 | 222 890 | 75 842 | 134 199 | | of | | | | | | | services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 33 034 | 90 589 | 14 626 | 71 759 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | 2 | 184 790 | 313 479 | 90 468 | 205 958 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | 3 | -274 865 | -262 733 | -187 273 | -176 406 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross | | -90 075 | 50 746 | -96 805 | 29 552 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | 2,4 | 92 165 | 31 342 | 90 857 | 26 948 | | income | | | | | | -------------------------------------------------------------------------------- | Selling | 5 | -1 999 | -9 238 | -1 120 | -4 566 | | and | | | | | | | distributi | | | | | | | on costs | | | | | | -------------------------------------------------------------------------------- | Administra | 6 | -37 979 | -72 913 | -17 377 | -38 840 | | tive | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | 4 | -13 171 | -49 105 | -12 696 | -32 592 | | expenses | | | | | | -------------------------------------------------------------------------------- | EBIT | | -51 059 | -49 168 | -37 141 | -19 498 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 15 141 | 31 569 | 7 369 | 17 558 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 9 692 | -15 929 | 18 221 | -15 228 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit / | | -26 226 | -33 528 | -11 551 | -17 168 | | loss | | | | | | | before tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | -809 | -11 155 | -809 | -10 788 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit / | | -27 035 | -44 683 | -12 360 | -27 956 | | loss for | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | aggregated | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Exchange | | 125 | 64 | 8 | 4 | | rate | | | | | | | difference | | | | | | | s in | | | | | | | converting | | | | | | | foreign | | | | | | | company | | | | | | -------------------------------------------------------------------------------- | Aggregate | | -26 910 | -44 619 | -12 352 | -27 952 | | profit / | | | | | | | loss for | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | | | distributi | | | | | | | on for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -26 259 | -51 865 | -12 561 | -36 640 | | company's | | | | | | | participat | | | | | | | ion in | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | | -651 | 7 246 | 209 | 8 688 | | interest | | | | | | | in loss | | | | | | -------------------------------------------------------------------------------- | | | -26 910 | -44 619 | -12 352 | -27 952 | -------------------------------------------------------------------------------- | Aggregate | | | | | | | profit | | | | | | | distributi | | | | | | | on for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -26 259 | -51 865 | -12 561 | -36 640 | | company | | | | | | | participat | | | | | | | ion in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | | -651 | 7 246 | 209 | 8 688 | | interest | | | | | | | in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | | | -26 910 | -44 619 | -12 352 | -27 952 | -------------------------------------------------------------------------------- | Earning | 8 | | | | | | per share | | | | | | -------------------------------------------------------------------------------- | - basic | | -0,28 | -0,54 | -0,13 | 0,38 | -------------------------------------------------------------------------------- | - diluted | | -0,28 | -0,54 | -0,13 | 0,38 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Note | HY1 2009 | HY1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | in EUR, | | | | | | | thousands | | | | | | -------------------------------------------------------------------------------- | Rendering | | 9 699 | 14 245 | 4 847 | 8 577 | | of | | | | | | | services | | | | | | -------------------------------------------------------------------------------- | Sale of | | 2 111 | 5 790 | 935 | 4 586 | | goods | | | | | | -------------------------------------------------------------------------------- | Total | 2 | 11 810 | 20 035 | 5 782 | 13 163 | | revenue | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of | 3 | -17 567 | -16 792 | -11 969 | -11 274 | | sales | | | | | | -------------------------------------------------------------------------------- | Gross | | -5 757 | 3 243 | -6 187 | 1 889 | | profit | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other | 2,4 | 5 890 | 2 003 | 5 807 | 1 722 | | income | | | | | | -------------------------------------------------------------------------------- | Selling | 5 | -128 | -590 | -72 | -292 | | and | | | | | | | distributi | | | | | | | on costs | | | | | | -------------------------------------------------------------------------------- | Administra | 6 | -2 427 | -4 660 | -1 111 | -2 482 | | tive | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | 4 | -842 | -3 138 | -811 | -2 083 | | expenses | | | | | | -------------------------------------------------------------------------------- | EBIT | | -3 264 | -3 142 | -2 374 | -1 246 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 968 | 2 018 | 471 | 1 122 | | income | | | | | | -------------------------------------------------------------------------------- | Finance | 7 | 619 | -1 018 | 1 165 | -973 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit / | | -1 677 | -2 142 | -738 | -1 097 | | loss | | | | | | | before tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | -52 | -713 | -52 | -689 | | expense | | | | | | -------------------------------------------------------------------------------- | Profit / | | -1 729 | -2 855 | -790 | -1 786 | | loss for | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | aggregated | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Exchange | | 8 | 4 | 1 | 0 | | rate | | | | | | | difference | | | | | | | s in | | | | | | | converting | | | | | | | foreign | | | | | | | company | | | | | | -------------------------------------------------------------------------------- | Aggregate | | -1 721 | -2 851 | -789 | -1 786 | | profit / | | | | | | | loss for | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | | | distributi | | | | | | | on for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -1 678 | -3 315 | -803 | -2 342 | | company's | | | | | | | participat | | | | | | | ion in | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | | -42 | 463 | 13 | 555 | | interest | | | | | | | in loss | | | | | | -------------------------------------------------------------------------------- | | | -1 720 | -2 852 | -790 | -1 787 | -------------------------------------------------------------------------------- | Aggregate | | | | | | | profit | | | | | | | distributi | | | | | | | on for the | | | | | | | period: | | | | | | -------------------------------------------------------------------------------- | Parent | | -1 678 | -3 315 | -803 | -2 342 | | company | | | | | | | participat | | | | | | | ion in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | Minority | | -42 | 463 | 13 | 555 | | interest | | | | | | | in | | | | | | | aggregate | | | | | | | loss | | | | | | -------------------------------------------------------------------------------- | | | -1 720 | -2 852 | -790 | -1 787 | -------------------------------------------------------------------------------- | Earning | 8 | | | | | | per share | | | | | | -------------------------------------------------------------------------------- | - basic | | -0,02 | -0,03 | -0,01 | 0,02 | -------------------------------------------------------------------------------- | - diluted | | -0,02 | -0,03 | -0,01 | 0,02 | -------------------------------------------------------------------------------- Statement of financial position -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 30.06.200 | 31.12.200 | 30.06.2009 | 31.12.2008 | | | | 9 | 8 | | | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 117 580 | 172 574 | 7 515 | 11 029 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Financial | | 32 | 40 416 | 2 | 2 583 | | assets | | | | | | -------------------------------------------------------------------------------- | Receivables | 9 | 245 808 | 294 352 | 15 710 | 18 813 | -------------------------------------------------------------------------------- | Prepayments | | 6 204 | 6 165 | 397 | 394 | -------------------------------------------------------------------------------- | Inventories | 10 | 815 692 | 849 440 | 52 132 | 54 289 | -------------------------------------------------------------------------------- | Biological | | 1 299 | 3 679 | 83 | 235 | | assets | | | | | | -------------------------------------------------------------------------------- | Total current | | 1 186 615 | 1 366 626 | 75 839 | 87 343 | | assets | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial | | 295 | 255 | 19 | 16 | | assets | | | | | | -------------------------------------------------------------------------------- | Receivables | 9 | 10 213 | 6 671 | 653 | 427 | -------------------------------------------------------------------------------- | Investment | 12 | 656 436 | 542 753 | 41 954 | 34 688 | | property | | | | | | -------------------------------------------------------------------------------- | Property, plant | 13 | 30 836 | 41 812 | 1 971 | 2 672 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Intangible | 14 | 12 336 | 12 475 | 788 | 797 | | assets | | | | | | -------------------------------------------------------------------------------- | Total | | 710 116 | 603 966 | 45 385 | 38 600 | | non-current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 1 896 731 | 1 970 592 | 121 224 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 15 | 501 282 | 353 417 | 32 038 | 22 587 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 16 | 118 709 | 132 677 | 7 587 | 8 480 | -------------------------------------------------------------------------------- | Deferred income | | 89 619 | 65 174 | 5 728 | 4 165 | -------------------------------------------------------------------------------- | Provisions | | 11 703 | 5 917 | 748 | 378 | -------------------------------------------------------------------------------- | Total current | | 721 313 | 557 185 | 46 101 | 35 610 | | liabilities | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 15 | 485 059 | 692 919 | 31 001 | 44 286 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 16 | 5 535 | 4 404 | 354 | 281 | -------------------------------------------------------------------------------- | Deferred income | | 20 | 20 | 1 | 1 | | tax liability | | | | | | -------------------------------------------------------------------------------- | Provisions | | 1 100 | 4 291 | 70 | 274 | -------------------------------------------------------------------------------- | Total | | 491 714 | 701 634 | 31 426 | 44 842 | | non-current | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1 213 027 | 1 258 819 | 77 527 | 80 452 | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Share capital | | 952 842 | 952 842 | 60 898 | 60 898 | -------------------------------------------------------------------------------- | Share premium | | 0 | 712 514 | 0 | 45 538 | -------------------------------------------------------------------------------- | Statutory | | 31 463 | 31 463 | 2 011 | 2 011 | | capital reserve | | | | | | -------------------------------------------------------------------------------- | Other reserves | | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Retained | | -298 413 | -984 668 | -19 072 | -62 932 | | earnings | | | | | | -------------------------------------------------------------------------------- | Own shares | | -3 992 | -3 992 | -255 | -255 | -------------------------------------------------------------------------------- | Total equity | | 681 900 | 708 159 | 43 582 | 45 260 | | attributable to | | | | | | | equity holders | | | | | | | of the parent | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Minority | | 1 804 | 3 614 | 115 | 231 | | interests | | | | | | -------------------------------------------------------------------------------- | Total equity | | 683 704 | 711 773 | 43 697 | 45 491 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1 896 731 | 1 970 592 | 121 224 | 125 943 | | LIABILITIES AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- Condensed consolidated interim cash flow statement -------------------------------------------------------------------------------- | EEK | EUR | -------------------------------------------------------------------------------- | | Note | HY1 2009 | HY1 2008 | HY1 2009 | HY1 2008 | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Net profit / | | -27 035 | -44 683 | -1 729 | -2 855 | | loss | | | | | | -------------------------------------------------------------------------------- | Interest income | 7 | 13 480 | -16 004 | 862 | -1 023 | | and expense | | | | | | -------------------------------------------------------------------------------- | Gains and | | 0 | 19 476 | 0 | 1 245 | | losses on | | | | | | | disposal of | | | | | | | subsidiaries | | | | | | | and interests | | | | | | | in jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Gains and | 7 | -2 667 | 1 465 | -170 | 94 | | losses on other | | | | | | | financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Impairment | 7 | -31 634 | -25 248 | -2 022 | -1 614 | | losses on | | | | | | | financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Depreciation, | 3,4,6 | 2 382 | 3 700 | 152 | 235 | | amortisation | | | | | | | and impairment | | | | | | | losses on | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 3,4,6 | -1 056 | -38 | -68 | -1 | | the sale of | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 4 | 1 761 | 0 | 114 | 0 | | the sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Change in the | 4 | -74 420 | 16 855 | -4 756 | 1 077 | | fair value of | | | | | | | investment | | | | | | | property and | | | | | | | biological | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Profit/loss | 3 | 108 924 | 0 | 6 962 | 0 | | from property | | | | | | | and inventory | | | | | | | revaluation | | | | | | -------------------------------------------------------------------------------- | Exchange gains | 7 | -4 012 | 4 671 | -256 | 299 | | and losses | | | | | | -------------------------------------------------------------------------------- | Corporate | | 651 | 11 731 | 42 | 750 | | income tax | | | | | | | expense | | | | | | -------------------------------------------------------------------------------- | Operating cash | | -13 626 | -28 075 | -869 | -1 793 | | flow before | | | | | | | working capital | | | | | | | changes | | | | | | -------------------------------------------------------------------------------- | Change in | | 19 179 | -48 687 | 1 226 | -3 111 | | receivables and | | | | | | | prepayments | | | | | | -------------------------------------------------------------------------------- | Change in | | -42 996 | -47 214 | -2 748 | -3 018 | | inventories | | | | | | -------------------------------------------------------------------------------- | Change in | | 2 190 | 474 | 140 | 30 | | biological | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Change in | | 27 082 | 16 454 | 1 731 | 1 052 | | payables and | | | | | | | deferred income | | | | | | -------------------------------------------------------------------------------- | NET CASH USED | | -8 171 | -107 048 | -520 | -6 840 | | IN OPERATING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -7 599 | -12 885 | -486 | -824 | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 3 600 | 313 | 230 | 20 | | sale of | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -5 100 | -900 | -326 | -58 | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 205 | 29 000 | 13 | 1 853 | | sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | 0 | -126 299 | 0 | -8 072 | | subsidiaries | | | | | | | and interests | | | | | | | in jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 0 | 1 005 | 0 | 64 | | disposal of | | | | | | | subsidiaries | | | | | | | and interests | | | | | | | in jointly | | | | | | | controlled | | | | | | | entities | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | 0 | -126 500 | 0 | -8 085 | | other financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 45 739 | 107 502 | 2 923 | 6 871 | | sale of other | | | | | | | financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Loans granted | | -23 480 | -49 739 | -1 501 | -3 179 | -------------------------------------------------------------------------------- | Repayment of | | 5 429 | 3 426 | 347 | 219 | | loans granted | | | | | | -------------------------------------------------------------------------------- | Interest | | 2 921 | 18 460 | 187 | 1 180 | | received | | | | | | -------------------------------------------------------------------------------- | NET CASH USED | | 21 715 | -156 617 | 1 387 | -10 011 | | IN / FROM | | | | | | | INVESTING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 74 601 | 41 754 | 4 768 | 2 669 | | loans received | | | | | | -------------------------------------------------------------------------------- | Repayment of | | -120 987 | -227 687 | -7 732 | -14 552 | | loans and | | | | | | | payment of | | | | | | | finance lease | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Change in | | 0 | -14 | 0 | -1 | | overdraft | | | | | | -------------------------------------------------------------------------------- | Change in group | | 0 | -798 | 0 | -51 | | account | | | | | | | liability | | | | | | -------------------------------------------------------------------------------- | Interest paid | | -21 819 | -35 917 | -1 394 | -2 296 | -------------------------------------------------------------------------------- | Dividends paid | | 0 | -42 274 | 0 | -2 702 | -------------------------------------------------------------------------------- | Income tax paid | | 0 | -2 916 | 0 | -186 | | on dividends | | | | | | -------------------------------------------------------------------------------- | NET CASH USED | | -68 205 | -267 852 | -4 358 | -17 119 | | IN / FROM | | | | | | | FINANCING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | NET CASH FLOW | | -54 661 | -531 517 | -3 491 | -33 970 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 172 574 | 765 008 | 11 029 | 48 893 | | equivalents at | | | | | | | beginning of | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Decrease / | | -54 661 | -531 517 | -3 493 | -33 970 | | increase in | | | | | | | cash and cash | | | | | | | equivalents | | | | | | -------------------------------------------------------------------------------- | Effect of | | -333 | -333 | -22 | -21 | | exchange rate | | | | | | | fluctuations | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 117 580 | 233 158 | 7 515 | 14 901 | | equivalents at | | | | | | | end of period | | | | | | --------------------------------------------------------------------------------