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10.11.2009 09:00:00
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2009 III KVARTALI JA 9 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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Tegevusaruanne 2009. aasta 9 kuu majandustulemuste kokkuvõte Kontserni äritegevuse kasumlikkus Nordecon International kontserni brutokasum 2009. aasta 9 kuu seisuga moodustas 165,2 miljonit krooni (10,6 miljonit eurot), mis on võrreldes eelmise aastaga vähenenud 47%, millal brutokasumi suuruseks kujunes 312,0 miljonit krooni (19,9 miljonit eurot). Brutokasumi vähenemisele absoluutnumbrites avaldas kõige suuremat mõju ehitusprojektide kasumlikkuse vähenemine kõikides segmentides. Normaaltingimuses on keskmisest nõrgem kasumlikkus I kvartalis olnud tegevuse sesoonsusest tingitult iseloomulik just rohkem teedehituse sektoris tegutsevatele ettevõtetele, mida on II ja III kvartalis aga seevastu kompenseeritud. Käesoleval aastal on sesoonsuse mõjule teedeehituses lisandunud väga nõrk nõudlus hoonete valdkonnas, mis omakorda on põhjustanud äärmuslikult tihedast konkurentsist tingitud marginaalide vähenemise. Kontserni ärikasum 30.09.2009 seisuga moodustas 44,6 miljonit krooni (2,9 miljonit eurot). Vähenenud brutokasumi juures on positiivse ärikasumi tekkimisele suurimat mõju avaldanud üldhalduskulude kahanemine. Võrreldava perioodiga on üldhalduskulud vähenenud 41,5 miljonit krooni (2,7 miljonit eurot) ehk 30%. 9 kuu seisuga moodustas üldhalduskulude osakaal müügitulust 4,9% (9 kuud 2008: 4,7%), mis on kooskõlas juhtkonna poolt eesmärgistatud 5%-lise piirmääraga. Kontserni eesmärk on jätkuvalt vähendada kulubaasi tervikuna kuni 30% võrra perioodil 2009-2010 võrreldes aastatega 2007-2008 ning valmis ollakse vajalikeks otsusteks ka tulevikus. 2009. aasta 9 kuuga teenis Kontsern puhaskasumit 46,7 miljonit krooni (3,0 miljonit eurot). Sellest Kontserni emaettevõtte aktsionäridele kuuluv kasum moodustas 65,4 miljonit krooni (4,2 miljonit eurot). Kontserni vähemusosanikega ettevõtetest teeniti kahjumit, millest vähemusosanike osa moodustas 18,7 miljonit krooni (1,2 miljonit eurot). Kontserni juhtkonna poolt jälgitavates rentaablusnäitajates on jätkunud eelmise majandusaasta viimases kvartalis alguse saanud suundumused, mis on tingitud ärikeskkonna märkimisväärsest halvenemisest. Rentaablusnäitajate vähenemiseni (sh kõikidel Kontserni tegutsemisturgudel) on võrreldava perioodi suhtes viinud eelkõige toimunud langus nõudluses. Spetsiifiliselt väljendub see peamiselt järjest kasvavas ehitusvõimsuse ülejäägis võrrelduna pakutavate uute ehitusprojektide hulgaga. Kõikide ehitusettevõtete ärivajaduste rahuldamiseks ebapiisav nõudlus avaldas järjest kasvavat survet hindade langetamiseks. Püsimaks konkurentsis oli Kontsern sunnitud majandusaasta esimese 9 kuu tegevuse tulemusel langetama brutokasumi marginaali 8,4%-ni, mis võrreldes varasema perioodiga on läbi teinud olulise vähenemise (9 kuud 2008: 10,7%). Kontserni eesmärk on läbi sisemiste protsesside ümberkujundamise (teenuste sisseostmise tõhustamine, kulude kokkuhoid jms.) ning ehitusturul välja joonistuvate uute trendide valguses hoida brutokasumlikkust selliselt, et oleks tagatud positiivne ärikasum aastas tervikuna. Kontserni juhtkond viib majandusaasta lõppemisel (IV kvartali jooksul) läbi Kontserni vara hindamise, millise tegevuse ühekordne mõju on tõenäoliselt ärikasumit vähendav. Võimalike allahindluste suurusjärgu osas ei anna Kontserni juhtkond prognoose enne hindamistulemuste selgumist. Kontserni rahavood Kontserni rahavoog äritegevusest moodustas 71,0 miljonit krooni (4,5 miljonit eurot), mis on oluliselt parem majandusaasta I poolaastast, kui äritegevuse netorahavoog oli negatiivne (-57,1 miljonit krooni / 3,6 miljonit eurot). Hetke turutingimustes toimub projektidest raha laekumine vastavalt maksetähtpäevale reeglina tunduvalt hilisemalt pärast lepinguliste tööde üleandmist tellijale. Kontsern on sellel majandusaastal lõpetanud varasematel perioodidel alustatud suuremaid projekte. Samuti mõjutab üldisi laekumisi ehituse sesoonse tsükli liikumine selle lõpu poole ning sellega seoses projektide lõppaktide koostamine. Äritegevuse positiivse rahavoo säilimine sõltub Kontserni kohanemisvõimest uuenenud ärikeskkonnaga (nt maksetähtaegade pikendamine allhankijatega). Samuti tegevuskulude kokkuhoiu ulatusest. Investeerimistegevuse rahavoog 2009. aasta 9 kuu seisuga oli negatiivne 45,9 miljonit krooni (2,9 miljonit eurot), kui võrreldaval perioodil moodustas raha väljaminek 158,6 miljonit krooni (10,1 miljonit eurot). 9 kuu seisuga moodustas investeerimistegevus teistesse ettevõtetesse (sh investeeringute müük) väljaminekuna netosummas 30,7 miljonit krooni (2,0 miljonit eurot) 2008. aasta 9 vastav näitaja oli 108,7 miljonit krooni (6,9 miljonit eurot). Finantseerimistegevuse rahavoog oli negatiivne 79,8 miljonit krooni (5,1 miljonit eurot). Võrreldaval perioodil oli vastav näitaja negatiivne 35,8 miljonit krooni (2,3 miljonit eurot). Finantseerimistegevuse struktuurimuutuse on põhjustanud võõrkapitali märksa vähesem kaasamine ning olemasolevate laenukohustuste täitmisega seotud tagasimaksed. Intressikandvate finantskohustustega seotud rahavoog (ilma intressikuludeta) 9 kuu seisuga oli negatiivne 24,2 miljonit krooni (1,5 miljonit eurot) (9 kuud 2008: positiivne 97,6 miljonit krooni/6,2 miljonit eurot). Ülejäänud osa finantseerimistegevusest moodustasid dividendimaksed summas 31,9 miljonit krooni (2,0 miljonit eurot) (9 kuud 2008: 104,1 miljonit krooni/6,7 miljonit eurot). Olulisemad suhtarvud ja näitajad -------------------------------------------------------------------------------- | Suhtarv / näitaja | 9k 2009 | 9k 2008 | 9k 2007 | 2008 | -------------------------------------------------------------------------------- | Kaalutud keskmine aktsiate | 30 756 | 30 756 | 30 756 | 30 756 | | arv*, tk | 728 | 728 | 728 | 728 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 2,13 | 5,06 | 6,38 | 4,73 | | krooni | | | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), | 0,14 | 0,32 | 0,41 | 0,30 | | eurot | | | | | -------------------------------------------------------------------------------- | Müügitulu kasv | -32,7% | 9,9% | 50,7% | 3,1% | -------------------------------------------------------------------------------- | Keskmine töötajate arv | 1 110 | 1 267 | 1 113 | 1 232 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 1 773 | 2 306 | 2 389 | 3 140 | | krooni | | | | | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat | 113 | 147 | 153 | 201 | | eurot | | | | | -------------------------------------------------------------------------------- | Tööjõukulude määr müügitulust, | 14,2% | 12,4% | 11,2% | 12,7% | | % | | | | | -------------------------------------------------------------------------------- | Üldhalduskulude määr | 4,9% | 4,7% | 4,4% | 4,7% | | müügitulust, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA, tuhat krooni | 97 471 | 234 230 | 277 622 | 281 161 | -------------------------------------------------------------------------------- | EBITDA, tuhat eurot | 6 230 | 14 970 | 17 743 | 17 969 | -------------------------------------------------------------------------------- | EBITDA määr müügitulust, % | 5,0% | 8,0% | 10,4% | 7,3% | -------------------------------------------------------------------------------- | Brutokasumi määr müügitulust, | 8,4% | 10,7% | 13,0% | 9,3% | | % | | | | | -------------------------------------------------------------------------------- | Ärikasumi määr müügitulust, % | 2,3% | 6,1% | 8,7% | 5,4% | -------------------------------------------------------------------------------- | Ärikasumi määr ilma varamüügi | 2,1% | 6,0% | 8,4% | 5,3% | | kasumita, % | | | | | -------------------------------------------------------------------------------- | Puhaskasumi määr müügitulust, | 2,4% | 6,3% | 7,9% | 4,4% | | % | | | | | -------------------------------------------------------------------------------- | Investeeritud kapitali | 5,3% | 18,9% | 26,3% | 19,1% | | tootlus, % | | | | | -------------------------------------------------------------------------------- | Vara tootlus, % | 1,9% | 7,7% | 13,4% | 9,1% | -------------------------------------------------------------------------------- | Omakapitali tootlus, % | 5,5% | 21,7% | 35,8% | 20,5% | -------------------------------------------------------------------------------- | Omakapitali osakaal, % | 36,9% | 35,5% | 32,6% | 36,5% | -------------------------------------------------------------------------------- | Finantsvõimendus | 25,7% | 28,7% | 23,2% | 18,2% | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste | 1,43 | 1,42 | 1,38 | 1,33 | | kattekordaja | | | | | -------------------------------------------------------------------------------- | | 30.09.20 | 30.09.20 | 30.09.200 | 31.12.200 | | | 09 | 08 | 7 | 8 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 1 612 | 3 042 | 3 161 956 | 2 220 748 | | tööde mahud, tuhat krooni | 160 | 654 | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 103 036 | 194 461 | 202 086 | 141 932 | | tööde mahud, tuhat eurot | | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast fondiemissioone -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS) = | Puhaskasumi määr müügitulust = | | Emaettevõtte aktsionäride osa | Aruandeperioodi puhaskasum / | | puhaskasumist/Kaalutud keskmine | Müügitulu | | aktsiate arv | Investeeritud kapitali tootlus = | | Müügitulu töötaja kohta = Müügitulu | (Kasum enne tulumaksustamist + | | / Keskmine töötajate arv | intressikulud) / Perioodi keskmine | | Tööjõukulude määr müügitulust = | (intressi kandvad kohustused + | | Tööjõukulud / Müügitulu | omakapital) | | Üldhalduskulude osakaal müügitulust | Vara tootlus = Ärikasum / Perioodi | | = Üldhalduskulud / müügitulu | keskmine vara kokku | | EBITDA = Ärikasum + Kulum | Omakapitali tootlus = Aruandeperioodi | | EBITDA määr müügitulust = EBITDA / | puhaskasum / Perioodi keskmine | | Müügitulu | omakapital kokku | | Brutokasumi määr müügitulust = | Omakapitali osakaal = Omakapital | | Brutokasum / Müügitulu | kokku / Kohustused ja omakapital | | Ärikasumi määr müügitulust = | kokku | | Ärikasum / Müügitulu | Finantsvõimendus = (Intressikandvad | | Ärikasumi määr ilma varamüügi | kohustused - raha ja raha | | kasumita = (Ärikasum - põhivara | ekvivalendid) / (Intressikandvad | | müügikasum - kinnisvara müügikasum) | kohustused + omakapital) | | / Müügitulu | Lühiajaliste kohustuste kattekordaja | | | = Käibevara kokku / Lühiajalised | | | kohustused kokku | -------------------------------------------------------------------------------- Majandustegevus geograafiliste turgude lõikes Kontserni poolt teenitud müügitulu väljaspool Eestit moodustas 2009. aasta 9 kuu seisuga ligikaudu 15% kogu müügitulust. Samal perioodil aasta tagasi oli see ligikaudu 20%. Kontsern on 2009. aasta 9 kuu seisuga suurendanud varasemaga võrreldes oma tegevust Läti turul. Kolmanda kvartali lõpu seisuga moodustab Kontserni müügitulu Lätist ligikaudu 12% kui 2008. aastal tervikuna oli see 6%. Samal ajal on vähenenud Ukrainast teenitud müügitulu osakaal 2%-ni Kontserni müügitulust. Ukraina müügitulu vähenemine on tingitud peamiselt eelmisel perioodil alustatud suuremate projektide lõpetamisest ning Ukraina majandustingimustes uute lepingute sõlmimise keerukusest. Leedus on Kontsern hetkel oma aktiivse tegevuse peatanud. -------------------------------------------------------------------------------- | | 9k 2009 | 9k 2008 | 9k 2007 | 2008 | -------------------------------------------------------------------------------- | Eesti | 84,9% | 80,1% | 88,1% | 80,3% | -------------------------------------------------------------------------------- | Ukraina | 2,2% | 13,4% | 11,9% | 11,4% | -------------------------------------------------------------------------------- | Leedu | 0,5% | 2,4% | 0% | 2,4% | -------------------------------------------------------------------------------- | Läti | 12,3% | 4,1% | 0% | 5,9% | -------------------------------------------------------------------------------- 2009. aasta 9 kuu majandustegevus tegevusvaldkondade lõikes Nordecon International kontsern on keskendunud hoonete ja rajatiste ehituse projektijuhtimisele ja peatöövõtule ning tegutseb muuhulgas teedeehituse, -hoolduse, keskkonnaehituse, betoonitööde ja kinnisvaraarenduse vallas. Kontserni müügitulu 2009. aasta III kvartali lõpuks oli 1 967,6 miljonit krooni (125,8 miljonit eurot). Võrreldes eelmise perioodiga, mil vastav näitaja oli 2 921,7 miljonit krooni (186,7 miljonit eurot), on müügitulu vähenenud 32,4%. Müügitulu vähenemist on mõjutanud eelkõige ehitusturul toimunud nõudluse vähenemine kõikidel Kontserni tegutsemisturgudel. Samuti on mõjutanud müügitulu absoluutnumbrit konkurentsisurvest tulenev ehitushindade alanemine (vt täpsemaid selgitusi ja ootusi järgmiste perioodide osas tegevusaruande peatükis „ Väljavaated Kontserni tegutsemisturgudele“). Kontserni üheks eesmärgiks on hoida ärisegmentide (hooned ja rajatised) esindatus müügitulus tasakaalustatuna, kuna see võimaldab hajutada riske ja tagada paremad võimalused ehitustegevuseks ka raskemates turutingimustes, kus mõnda ärisegmenti on tabanud tegevusmahtude langus. Arvestades hinnanguid korterite nõudlusele kinnisvaraturul ning elamuarendusega seotud riske, jääb ka järgnevatel aastatel korterelamute ehitamise osakaal (Kontsern arendajana või ehitajana) kogumüügist oluliselt alla strateegiliselt määratud 20% piiri. Segmentide müügitulu Erinevalt viimasest paarist aastast on 2009. aasta 9 kuu seisuga rajatiste müügitulu ületanud hoonete oma. Peamiselt on seda mõjutanud hetkel valitsev olukord ehitusturul (eelkõige Eestis), kus rajatiste segmendi tööde osakaal teostamata tööde portfellis hakkas suurenema võrreldes hoonete omaga juba 2008. majandusaasta teisest poolest. 2009. aasta 9 kuu seisuga moodustas hoonete ja rajatiste segmentide müügitulu kokku vastavalt 872,0 ja 1 075,9 miljonit krooni (55,7 ja 68,8 miljonit eurot). Aasta tagasi olid vastavad näitajad 1 642,2 ja 1 226,0 miljonit krooni (105,0 ja 78,4 miljonit eurot). Hoonete segmendi müügitulu langus 47% peegeldab Kontserni juhtkonna arusaamasid turuolukorrast ning langus on olnud selles osas ootuspärane. Müügitulu jaotus segmentides* -------------------------------------------------------------------------------- | Ärisegmendid | 9k 2009 | 9k 2008 | 9k 2007 | 2008 | -------------------------------------------------------------------------------- | Hooned | 44% | 64% | 52% | 63% | -------------------------------------------------------------------------------- | Rajatised | 56% | 36% | 48% | 37% | -------------------------------------------------------------------------------- * Tulenevalt rahvusvahelise finantsaruandluse standardi IFRS 8 „Tegevussegmendid“ jõustumisega aruandeperioodil on Kontsern muutnud raamatupidamisaruandes segmentide käsitlust. Ukraina hoonete segment, mis raamatupidamise vahearuandes on esitatud eraldiseisvalt, kuulub tegevusaruandes hoonete segmendi koosseisu. Tegevusaruande segmendiinfo ei sisalda raamatupidamisaruande „muud segmendid“ müügitulu. Tulenevalt turuolukorrast on Kontserni juhtkonna hinnangul põhisegmentide osas 2009. majandusaastal jätkuvalt oodata rajatiste segmendi osakaalu suurenemist võrreldes eelmise aastaga. Sellele viitab ka Kontserni ehituslepingute teostamata tööde maht, kus 30.09.2009 seisuga ületavad rajatiste segmendiga seotud lepingud hoonete omasid (vt tegevusaruande peatükk „Ehituslepingute teostamata tööde mahud“). Segmendisisene müügitulu Hoonete ärisegmendis on müügitulu jaotus püsinud eelmiste perioodidega sarnastes vahemikes, kus ärihoonete osakaal moodustab üle 50% kogu segmendi müügitulust. Oodatult on majandusolukorrast tingituna vähenenud müügitulu osakaal tööstus- ja laohoonete ehitusest. Tingituna soodsatest ehitushindadest on näha ühiskondlike hoonete osakaalu mõningast kasvu segmendisiseselt tänu omavalitsuste poolt tehtavatele investeeringutele koolimajadesse, lasteaedadesse jms. avalikesse ehitistesse. Vaatamata soodsatele ehitushindadele võib seejuures takistavaks teguriks osutuda aga ehitusprojektide finantseerimise lahendamise keerukus. -------------------------------------------------------------------------------- | Müügitulu jaotus hoonete | 9k 2009 | 9k 2008 | 9k 2007 | 2008 | | segmendis | | | | | -------------------------------------------------------------------------------- | Ärihooned | 64% | 59% | 58% | 59% | -------------------------------------------------------------------------------- | Tööstus- ja laohooned | 9% | 16% | 9% | 16% | -------------------------------------------------------------------------------- | Ühiskondlikud hooned | 23% | 14% | 19% | 14% | -------------------------------------------------------------------------------- | Korterelamud | 4% | 11% | 14% | 11% | -------------------------------------------------------------------------------- Nordecon Infra SIA alamkontserni lisandumine on toonud kaasa struktuurinihkeid müügitulu jaotumises rajatiste segmendi sees võrreldes eelmise aastaga. Nii on segmendisiseselt võrreldes eelmise aastaga kasvanud muude rajatiste osatähtsus, mis koosneb suures osas teostatud torustike ja välisvõrkude töödest. Riigi- ja omavalitsustepoolsest investeeringute lisandumisest ehitushindade alanedes annab aimu keskkonnaehituse osakaalu suurenemine. -------------------------------------------------------------------------------- | Müügitulu jaotus rajatiste | 9k 2009 | 9k 2008 | 9k 2007 | 2008 | | segmendis | | | | | -------------------------------------------------------------------------------- | Teedeehitus ja -hooldus | 43% | 52% | 37% | 45% | -------------------------------------------------------------------------------- | Sadamaehitus | 16% | 19% | 39% | 24% | -------------------------------------------------------------------------------- | Muud rajatised | 31% | 23% | 12% | 6% | -------------------------------------------------------------------------------- | Keskkonnaehitus | 10% | 6% | 12% | 25% | -------------------------------------------------------------------------------- Ehituslepingute teostamata tööde mahud Kontserni ettevõtete poolt sõlmitud ehituslepingute teostamata tööde maht seisuga 30.09.2009 oli 1 612 miljonit krooni (103 miljonit eurot), mis on ligikaudu poole vähem võrreldes aastataguse 3 043 miljoni krooniga (194 miljoni euroga). -------------------------------------------------------------------------------- | | 30.09.20 | 30.09.200 | 30.09.200 | 31.12.200 | | | 09 | 8 | 7 | 8 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 1 612 | 3 042 654 | 3 161 956 | 2 220 748 | | tööde mahud, tuhat krooni | 160 | | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata | 103 036 | 194 461 | 202 086 | 141 932 | | tööde mahud, tuhat eurot | | | | | -------------------------------------------------------------------------------- Seejuures on Kontserni ehituslepingute teostamata tööde mahud kasvanud rajatiste segmendi osas võrreldes eelmise perioodiga. Seisuga 30.09.2009 moodustas rajatiste tööde osakaal 66% kogu portfellist (30.09.2008: rajatiste osakaal 52%). See viitab ehitusturgudel hetkel valitsevale olukorrale, kus hoonete segmendis on ehitusmahtude vähenemine olnud märgatavalt kiirem kui rajatiste segmendis nende lisandumine. Ehituslepingute teostamata tööde mahtude absoluutnumbritele on märkimisväärset mõju avaldanud lisaks ehitusmahtude vähenemisele ka ehitushindade oluline langus võrreldava perioodi suhtes. Perioodil bilansipäevast (30.09.2009) kuni käesoleva vahearuande avalikustamiseni on Kontserni ettevõtted sõlminud täiendavalt ehituslepingud ligikaudu 180 miljoni krooni väärtuses (11,5 miljonit eurot). Töötajad Nordecon peab oma suurimaks väärtuseks siin töötavaid inimesi ning on ettevõttena väärt nii palju kui professionaalsed, motiveeritud ja lojaalsed on tema töötajad. Kontserni juhtkonna üks selgeid eesmärke on luua Nordeconi töötajatele kaasaegne ja professionaalset arengut toetav töökeskkond, seda nii töötingimuste, karjäärivõimaluste kui töö sisu osas. Töötajad ja tööjõukulud 2009. aasta III kvartali lõpu seisuga töötas Kontserni emaettevõttes ja tütarettevõtetes kokku keskmiselt 1 110 inimest. Nendest insenertehniline personal moodustab ligikaudu 450 inimest. 2009. aastal on lisandunud Läti tütarettevõtte SIA LCB soetamisega üle 100 töötaja. Siiski on töötajate arvu kasvukõver 2008.a. lõpust pöördunud langusele seoses töötajate koondamistega, mille on kaasa toonud töömahtude märkimisväärne vähenemine. Töötajate keskmine arv kontserni ettevõtetes (emaettevõte ja tütarettevõtted): -------------------------------------------------------------------------------- | Aasta | ITP | Töölised | Keskmine kokku | -------------------------------------------------------------------------------- | 9k 2009 | 456 | 654 | 1 110 | -------------------------------------------------------------------------------- | 9k 2008 | 525 | 742 | 1 267 | -------------------------------------------------------------------------------- | 9k 2007 | 413 | 657 | 1 088 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1 232 | -------------------------------------------------------------------------------- Kontserni 2009. aasta 9 kuu tööjõukulud koos kõikide maksudega moodustasid 279,9 miljonit krooni (17,9 miljonit eurot), mis on 23% vähem kui eelmise majandusaasta võrreldavas perioodis, millal tööjõukulud olid kokku 363,7 miljonit krooni (23,2 miljonit eurot). Tööjõukulude vähenemine on tingitud nii Kontserni töötajate koondamisest kui ka põhipalkade vähendamisest võrreldes eelmise perioodiga. Kontserni ettevõtetes on läbiviidud töötajate töötasude vähendamine, sh on insenertehnilise personali (ITP) töötasusid vähendatud keskmiselt 15%. Samuti on vähenenud projektpersonali töötasude osana arvestatavad tulemustasud, mis on otseselt sõltuvad ehitusprojektide kasumlikkusest. 2009. aasta 9 kuuga on tingituna üldisest majandusolukorrast ja ehitusturul toimunud langusest Kontserni ettevõtetes töösuhe lõpetatud ligikaudu 675 töötajaga, sealhulgas koondatud ja poolte kokkuleppel lõpetatud töösuhted ligikaudu 450 töötajaga. Samas ei mõjuta see koheselt samas summas perioodi keskmist töötajate arvu. Arvestada tuleb seejuures ka töötajate lisandumisi tütarettevõtete soetamise kaudu ning tähtajaliste lepingutega tööle võetud inimeste arvu. Nordecon International AS nõukogu liikmetele on 2009. aasta 9 kuuga arvestatud tasusid koos sotsiaalmaksuga 1 077 tuhat krooni (69 tuhat eurot). Eelmisel aastal oli vastav näitaja 1 084 tuhat krooni (69 tuhat eurot). Nordecon International AS juhatuse liikmetele on 2009. aasta 9 kuuga arvestatud tasusid ja preemiahüvitisi koos sotsiaalmaksuga 2 701 tuhat krooni (173 tuhat eurot) ning 2008. aastal võrreldava perioodi kohta 13 550 tuhat krooni (866 tuhat eurot). Erinevused juhatuse tasudes tulenevad asjaolust, et alates 5. jaanuarist 2009 on Nordecon International AS juhatuses kolm liiget, kui 2008. aastal oli juhatuses viis liiget (vt peatükk „Toimunud muudatused Kontserni juhtimisstruktuuris ja äritegevuses 2009. aastal“). Samuti on mõju avaldanud kontserni ettevõtete juhatuse liikmete teenistustasu vähendamine sarnaselt töötajatega 15% võrra. Aktsia ja aktsionärid Aktsiainformatsioon ISIN EE3100039496 Väärtpaberi lühinimi NCN1T (kuni 03.04.2009 EEH1T) Nominaalväärtus 10,00 EEK / 0,64 EUR Emiteeritud väärtpabereid 30 756 728 Noteeritud väärtpabereid 30 756 728 Noteerimise kuupäev 18.05.2006 Nordecon International AS aktsiakapital koosneb 30 756 728 lihtaktsiast nimiväärtusega 10 Eesti krooni aktsia. Lihtaktsia omanikel on õigus saada dividende kui ettevõte neid jagab. Iga lihtaktsia annab ühe hääle Nordecon International AS üldkoosolekul. Aktsiatega kauplemise koondtulemused Väärtpaberi kauplemisajalugu (EEK) -------------------------------------------------------------------------------- | Hind | 9k 2009 | 9k 2008 | 9k 2007 | -------------------------------------------------------------------------------- | Avamishind | 16,43 | 76,51 | 166,64 | -------------------------------------------------------------------------------- | Kõrgeim | 25,97 | 76,51 | 224,53 | -------------------------------------------------------------------------------- | Madalaim | 8,61 | 37,55 | 79,8 | -------------------------------------------------------------------------------- | Viimane sulgemishind | 23,78 | 41,78 | 86,06 | -------------------------------------------------------------------------------- | Kaubeldud aktsiaid (tk) | 7 157 618 | 5 402 797 | 4 863 307 | -------------------------------------------------------------------------------- | Käive, mln | 128,24 | 291,03 | 648,01 | -------------------------------------------------------------------------------- | Noteeritud aktsiate arv | 30 757 | 30 757 | 15 378 | | (30.09.), tuhat tükki | | | | -------------------------------------------------------------------------------- | Turuväärtus (30.09.), mln | 731,40 | 1285,03 | 1323,43 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Väärtpaberi kauplemisajalugu (EUR) -------------------------------------------------------------------------------- | Hind | 9k 2009 | 9k 2008 | 9k 2007 | -------------------------------------------------------------------------------- | Avamishind | 1,05 | 4,89 | 10,65 | -------------------------------------------------------------------------------- | Kõrgeim | 1,66 | 4,89 | 14,35 | -------------------------------------------------------------------------------- | Madalaim | 0,55 | 2,40 | 5,10 | -------------------------------------------------------------------------------- | Viimane sulgemishind | 1,52 | 2,67 | 5,50 | -------------------------------------------------------------------------------- | Kaubeldud aktsiaid (tk) | 7 157 618 | 5 402 797 | 4 863 307 | -------------------------------------------------------------------------------- | Käive, mln | 8,20 | 18,60 | 41,42 | -------------------------------------------------------------------------------- | Noteeritud aktsiate arv | 30 757 | 30 757 | 15 378 | | (30.09.), tuhat tükki | | | | -------------------------------------------------------------------------------- | Turuväärtus (30.09.), mln | 46,75 | 82,13 | 84,58 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Aktsionäride struktuur Nordecon International AS suurimad aktsionärid 30.09.2009 seisuga -------------------------------------------------------------------------------- | Aktsionär | Aktsiate arv | Osalus (%) | | | (tk) | | -------------------------------------------------------------------------------- | AS Nordic Contractors | 16 507 464 | 53,67 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken Ab Clients | 2 720 758 | 8,85 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 1 111 853 | 3,61 | -------------------------------------------------------------------------------- | Ain Tromp | 678 960 | 2,21 | -------------------------------------------------------------------------------- | State Street Bank and Trust Omnibus Account A | 660 111 | 2,15 | | Fund | | | -------------------------------------------------------------------------------- | ASM Investments OÜ | 519 600 | 1,69 | -------------------------------------------------------------------------------- | SEB Pank AS | 344 757 | 1,12 | -------------------------------------------------------------------------------- | Aivo Kont | 339 480 | 1,10 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken | 339 410 | 1,10 | -------------------------------------------------------------------------------- | The Bank of New York Mellon | 337 509 | 1,10 | -------------------------------------------------------------------------------- | Raul Rebane | 316 104 | 1,03 | -------------------------------------------------------------------------------- 4. septembril 2009 teatas AS Nordic Contractors, et on müünud 2 300 000 Nordecon International AS aktsiat (7,48% aktsiatest) institutsionaalsetele investoritele. Tehingu tagajärjel vähenes Kontserni tuumikaktsionäri osalus Nordecon International AS-is 53,67%-ni. 16. septembril 2009 teatas East Capital Asset Management AB, et East Capital grupi ettevõtete osalus Nordecon International AS-is läbi esindajakontode on 5,04%. Nordecon International AS aktsionäride struktuur seisuga 30.09.2009: -------------------------------------------------------------------------------- | | Aktsionäride | Osalus (%) | | | arv (tk) | | -------------------------------------------------------------------------------- | Aktsionärid osalusega > 5% | 1 | 53,67% | -------------------------------------------------------------------------------- | Aktsionärid osalusega 1%-5% | 10 | 23,96% | -------------------------------------------------------------------------------- | Aktsionärid osalusega < 1% | 1 897 | 22,37% | -------------------------------------------------------------------------------- | Kokku | 1 908 | 100,00% | -------------------------------------------------------------------------------- Nordecon International AS nõukogu liikmete poolt kontrollitud aktsiad 30.09.2009 seisuga: -------------------------------------------------------------------------------- | Nõukogu | | Aktsiate arv | Osalus | | | | (tk) | (%) | -------------------------------------------------------------------------------- | Toomas Luman (AS Nordic | Nõukogu | 16 759 144 | 54,49 | | Contractors, OÜ Luman ja | esimees | | | | Pojad)* | | | | -------------------------------------------------------------------------------- | Ain Tromp | Nõukogu liige | 678 960 | 2,21 | -------------------------------------------------------------------------------- | Alar Kroodo (ASM Investments | Nõukogu liige | 519 600 | 1,69 | | OÜ)* | | | | -------------------------------------------------------------------------------- | Andri Hõbemägi | Nõukogu liige | 40 000 | 0,13 | -------------------------------------------------------------------------------- | Tiina Mõis | Nõukogu liige | 0 | 0,00 | -------------------------------------------------------------------------------- | Meelis Milder | Nõukogu liige | 0 | 0,00 | -------------------------------------------------------------------------------- * eraisiku poolt kontrollitavad ettevõtted Nordecon International AS juhatuse liikmete poolt kontrollitud aktsiad 30.09.2009 seisuga: -------------------------------------------------------------------------------- | Juhatus | | Aktsiate arv | Osalus | | | | (tk) | (%) | -------------------------------------------------------------------------------- | Jaano Vink | Juhatuse | 34 000 | 0,11% | | | esimees | | | -------------------------------------------------------------------------------- | Sulev Luiga | Juhatuse | 1 000 | 0,00% | | | liige | | | -------------------------------------------------------------------------------- | Priit Tiru | Juhatuse | 0 | 0,00% | | | liige | | | -------------------------------------------------------------------------------- Nordecon International AS nõukogu ja juhatuse liikmetele ega nende poolt kontrollitavatele ettevõtetele ei ole väljastatud aktsiaoptsioone, mille alusel oleks võimalik omandada tulevastel perioodidel Nordecon International AS aktsiaid. Info oluliste tehingutega kohta seotud osapooltega 26.03.2009 soetas Nordecon Ehitus AS 50% OÜ Unigate osadest. OÜ Unigate soetati Kontserni tuumikaktsionäri Nordic Contractors AS tütarettevõttelt AS Arealis. OÜ Unigate on Eestis registreeritud ettevõte, mis tegutseb kinnisvaraarenduse (elamuehitus) tegevusvaldkonnas. Ettevõtte majandustegevus on seotud tema omandis olevate kinnistute arendamistegevusega, mis asuvad Tallinnas Paekalda tänaval. Osalus OÜ-s Unigate soetati vastavalt Kontserni strateegilistele eesmärkidele. Strateegia kohaselt on Kontsern 2009-2010 aastal valmistumas ette Eesti kinnisvaraturu uueks võimalikuks tõusuperioodiks peale 2010. aastat. Seetõttu luuakse Kontserni tütarettevõtetesse kinnistuportfell, mis võimaldab õigeaegselt alustada elamuarendust turusentimendi muutumise korral. Tehingutingimuste kohaselt tasuti 20,0 miljonit krooni (1,3 miljonit eurot): sellest 1,5 miljonit krooni (0,1 miljonit eurot) osaluse eest osakapitalis ning 18,5 miljonit krooni (1,2 miljonit krooni) AS Arealis laenunõuete eest OÜ Unigate vastu. Sõltuvalt kinnistute arendamise edukusest hakatakse AS-le Arealis hiljem tasuma ka muutuvosa 450 krooni (28,8 eurot) müüdud ruutmeetri pealt. Veebruaris 2009 oli OÜ Unigate omandis olevate kinnistuste turuväärtus (Nordecon Ehitus AS-le kuuluv osa) ligikaudu 47,5 miljonit krooni (3,0 miljonit eurot). Väljavaated Kontserni tegutsemisturgudele Eesti Eesti ehitusturgu iseloomustavad 2009-2010 aastal Kontserni juhtkonna hinnangul järgmised sündmused: - Ehitusturu kogunõudluse erakordselt suur sõltuvus riigihangetest ning Euroopa Liidu finantstoel alustatavatest (eelkõige infrastruktuuri-, keskkonnaehituse- jms.) projektidest (sh oluliselt riigi ja kohalike omavalitsuste haldussuutlikkusest) ning hinnakujundusest. Siiski ei kompenseeri rajatiste ehitamise mahtude mõõdukas kahanemine võrreldes eelmiste perioodidega järsku langust hoonete ehitusmahtudes, kust hetkel on kadunud enamus eraettevõtetest ja -isikutest kliente. Nii prognoosib Kontserni juhtkond 2010. aastaks, et võrreldes 2008. aastaga on ehitusturu kogumahud langenud üle 50%. - Elamuarendusele ja -ehitusele spetsialiseerunud ettevõtete hulga vähenemine (turu konsolideerumine). Jätkub 2008. aastal alanud suund, kus seni peamiselt elamuehitusele keskendunud ettevõtted püüavad siirduda teistesse turusegmentidesse (sh infrastruktuuride ehitus) ning teravdavad seeläbi oluliselt konkurentsisurvet. Turu madalseisu jätkumine viib ettevõtete ühinemisteni, ülevõtmisteni ning pankrottideni. - Üleilmalisest finantskriisist tingituna on majanduses ringleva raha hulk oluliselt vähenenud ning üha suuremal osal erasektori ettevõtetel on raskusi uute ehitusprojektide finantseerimisega võõrkapitali abil. Nõudluse järsemat vähenemist võib aidata mingil määral siiski pehmendada ehitusturu tihenevast konkurentsist tulenev hinnalangus, mis muudab tellijatele investeerimise atraktiivsemaks võrreldes turuhindade kõrgperioodiga aastatel 2006-2007. Ehitusturu kasvuperioodil toodangumahtusid märkimisväärselt suurendanud ehitusmaterjalide tootjad seisavad silmitsi nõudluse vähenemisega ehitusmaterjalide osas ning tootmisvõimsuse suurendamiseks võetud kohustuste täitmise raskemaks muutumisega. - Kinnisvaraarendusega tegelevate ettevõtete olemasolevate laenude teenindamise ja tagasimaksevõime halvenemine ja uute laenude võtmisel krediidikõlbulikkuse vähenemine. Ehituse peatöövõtu ja -projektijuhtimisega tegelevatel ehitusettevõtetel ebatõenäoliselt laekuvate ja lootusetute nõudesummade kasvamise suurenev tõenäosus. - Infrastruktuuriobjektide tähtsustumise kaudu kujunevad senisest olulisemateks eduteguriteks spetsiifiline (insenertehniline) oskusteave ja kogemused koos vastavate ressursside olemasoluga. - Halvenev majanduskliima ja suurenenud konkurents ehitusturul seoses mahtude vähenemisega toob kaasa sektoris ehitustööliste tööpuuduse jätkuva kasvu, mis läbi tööjõu pakkumise suurenemise viib ehitusettevõtete tööjõukulude vähenemiseni. Tööjõukulude alanemise mõju vähendab lühiajalises perspektiivis koondamistasude maksmine. - Ehitusprojektide finantseerimisskeemide muutumine (sh tellija maksetähtaegade oluline pikendamine) ning täiendavad nõuded projektide peatöövõtjapoolsele finantseerimisele ehitustegevuse perioodil, mis kokkuvõttes avaldab survet ettevõtete likviidsusele. Nordecon International kontsern tegutseb pikaajalistele eesmärkidele tuginedes, mida korrigeeritakse väliskeskkonna muutumisest tulenevate mõjudega. Vastav strateegilise juhtimise protsess kuulub Kontserni juhtkonna töökohustuste hulka (vt Kontserni strateegia kirjeldus vahearuande peatükis „Kontserni strateegia ja eesmärgid aastatel 2009-2013“). Kontsern on valmistunud senise majanduskeskkonna muutumiseks järgmiselt: Kontserni eesmärk on vähendada kulubaasi 30% võrra (sh tööjõukulude vähendamine läbi koondamiste ja palkade alandamise, kaupade- ja teenuste sisseostukulude vähendamine jne). - Kontserni restruktureerimine ärivaldkondade (hoonete ja infrastruktuuride ehitamine) paremaks juhtimiseks ja konkurentsieeliste säilitamiseks. - Klientide makse- ja krediidivõime senisest kriitilisem eelanalüüs ning tähtaja ületanud nõuetega varasem ning aktiivsem tegelemine. - Riskide maandamine läbi projektiportfelli kujundamise. - Tegevuse hajutamisega geograafiliselt ja segmenditi. Läti ja Leedu Vaatamata Läti poliitilises- ja rahandussüsteemis esinevatele probleemidele on seni suhteliselt samal tasemelpüsinud riigi- ja kohalike omavalitsuste poolt Euroopa Liidu toetusfondide raha abil finantseeritavate mitmesuguste infrastruktuuriprojektide mahud (nt joogivee- ja keskküttetorustike renoveerimine jms). Ehitustegevusele avaldab survet eelkõige finantseerimisasutuste olukord ja tellimuste vähenemisest tulenev konkurentsi teravnemine. Vähenenud on Läti riigi ja kohalike omavalitsuste suutlikkus tagada omafinantseering EL toetusfondide abil finantseeritavatesse projektidesse. Selle tagajärjeks on suurenevad viivitused tasumisel ehitustööde teostajatele ja senisest suurem sõltuvus IMF-i poolt antavast laenust riigile/omavalitsustele. Eelnevast tulenevalt on Kontserni ettevõtte Nordecon Infra SIA likviidsus vähenenud tasemeni, kus ettevõtte edasine tegevus sõltub suurel määral täiendavate finantseerimisallikate kaasamisest ning olemasolevate refinantseerimisest. Vahearuande avalikustamise seisuga on Nordecon Infra SIA majandustegevus jätkuv, kuid ettevõttevälise finantseerimistegevuse peatumisel võib ettevõte sattuda tõsistesse raskustesse. Leedu majanduse viimase aja arengud on sarnased teiste Balti riikide omadega. Investeeringute pidurdumine era- ja avalikus sektoris jms tegurid mõjutavad otseselt ehitusturgu. Äripindade ja korterelamute (Kontserni ettevõte kui peatöövõtja, mitte arendaja) ehitamise osas on turg järsult kokku tõmbunud ning uute projektide algatamine eraettevõtetest investorite poolt lähiajal ei ole tõenäoline. Eelnevast tulenevalt on Kontsern käesolevaks hetkeks Leedus tegutseva Nordecon Statyba UAB (endine UAB Eurocon LT) aktiivse tegevuse sisuliselt peatanud ning jälgib turul toimuvat. Tegevuse ajutise peatamisega ei kaasne Kontsernile olulisi kulusid. Kontserni juhtkond ei välista, et Leedus on tegevus peatatud ka peale 2010. aastat. See otsus ei muuda Kontserni strateegilisi eesmärke seoses osalemisega Leedu ehitusturul ega tähenda ettevõtte müümist ega likvideerimist. Kontserni juhtkond on äraootaval seisukohal seoses Läti ja Leedu ehitusturgude arengutega lähitulevikus, kuna sarnaselt Eestile on nendes riikides raskustesse sattunud majandus tervikuna, mille mõju avaldub teravalt ka ehitussektoris. Kontserni juhtkond analüüsib senist tegevust Läti ja Leedu turul väliskeskkonna kiiretest muutustest tulenevaid asjaolusid arvesse võttes ning on valmis vajadusel ka otsustavalt seniseid plaane korrigeerima. Kontsern lähtub oma tegevuse pikaajalisel kujundamisel Läti ja Leedu ehitusturul vastavalt vastuvõetud strateegiale välisturgudele laienemise osas (vt tegevusaruande peatükk „Kontserni strateegia ja eesmärgid aastatel 2009-2013“) ning peab Läti ja Leedu ehitusturge pikemat ajahorisonti silmas pidades endiselt loogiliseks jätkuks ettevõtte rahvusvahelistumisel. Ukraina Kontsern jätkab Ukrainas eelkõige kui ehituse peatöövõtu ja projektijuhtimisega tegelev ettevõtte äri- ja tootmishoonete vallas. 2009. aastal on hoonete segmendis turul reaalselt alustatud ehituslepingute hulk oluliselt vähenenud. Selles osas ei ole märkimisväärset elavnemist oodata ka vähemalt 2010 aasta esimeses pooles. Mahukaid investeeringuid nõudvad tegevused kinnisvaraarendusprojektiga (Kontsernil hetkel kaks konserveeritud arendusprojekti) on peatatud, et minimeerida riske ning oodata olukorra selginemist Ukraina ja maailma finantsturgudel. Kohaliku ehitusturu põhilised riskid on seotud riigi- ja omavalitsuse ning kohtusüsteemi nõrga toimimisefektiivsusega, inflatsiooni ja kvaliteetsete ehitussisendite kättesaadavusega. Nõudlusele on hetkel suurimat mõju avaldamas tellijate finantsvahendite puudumine ehitustegevuse alustamiseks. Praeguseks hetkeks on 2008. aastal alanud kohaliku valuuta odavnemine peatunud ning Kontserni avatus turust tulenevale valuutariskile oluliselt vähenenud. Samas on 46 miljoni elanikuga riigi ehitusturg pakkumas siiski võimalusi äritegevuse läbiviimiseks ka tulevikus. Peamiseks eduteguriks Kontsernile turul tegutsemisel on vähene konkurents ehituse projektijuhtimisfirmade hulgas (euroopalike juhtimistavade- ja oskustega paindlik ehituse projektijuhtimisettevõte). Kontserni juhtkond on veendunud, et täna nähtav kriis Ukraina ehitusturul ja majanduses tervikuna korrigeerib oluliselt riigis kehtinud arusaamu ning tõekspidamisi kaasaegset ehituse peatöövõtu- ja projektijuhtimisettevõtet iseloomustavate põhimõtete osas ja uuenenud mõtteviis parandab tuntavalt Kontserni positsiooni pikemas perspektiivis. Peamiste riskide kirjeldus Äririskid Äritegevuse sesoonsusest (peamiselt ilmastikutingimused talvekuudel) tulenevate riskide maandamiseks on Kontsern muuhulgas sõlminud teehoolduslepinguid, kus on aastaringne hooldamiskohustus. Samuti otsivad Kontserni ettevõtted jätkuvalt uusi tehnilisi lahendeid, mis lubaksid senisest tõhusamalt töötada muutuvates ilmastikutingimustes. Igapäevaste ehitustegevuse riskide haldamiseks on kontserniettevõtted sõlminud ehituse koguriskikindlustuse lepingud. Sõltuvalt konkreetse projekti iseloomust kasutatakse nii üldiseid raamlepinguid kui ka konkreetse projekti eripära ning tellija soove arvestavaid projektipõhiseid kindlustusi. Alltöövõtjatega sõlmitud töövõtulepingutest tulenevate alltöövõtjate kohustuste täitmise tagamiseks esitatakse Kontserni ettevõtte kasuks reeglina pangagarantii. Garantiiperioodil ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on kõigis kontserniettevõtetes loodud garantiikulude eraldis. 30.09.2009 seisuga moodustas garantiieraldis (lühi- ja pikaajaline osa) kokku 15,2 miljonit krooni (1,0 miljonit eurot). Võrreldava perioodi vastav näitaja oli 10,3 miljonit krooni (0,7 miljonit eurot). Krediidiriskid Krediidiriski haldamisel analüüsitakse juba pakkumistegevuse etapis tulevase võimaliku lepingupartneri senist maksekäitumist ja -võimet. Lepingu sõlmimise järgselt toimub kliendi maksekäitumise pidev monitooring, alates ettemaksu lepingukohasest tasumisest kuni edaspidise lepingujärgsest maksegraafikust kinnipidamiseni, mis omakorda on reeglina sõltuvuses valminud ehitustööde akteerimisest. Usume, et kirjeldatud viisil toimimine võimaldab maksehäirete ilmnemisele piisava kiirusega reageerida. Aruandeperioodi lõpu seisuga hindame oma klientide maksekäitumist valitsevas majandusolukorras heaks, kuid esineb ka suuremahulisi probleemseid kliente. Tähtaja ületanud nõuete osakaal on kasvanud, mis suurendab krediidikahjumite tekkimise võimalust ka järgmistel perioodidel. Kontserni arvestuspõhimõtete kohaselt kajastatakse kuludes kõik nõuded, mis on ületanud maksetähtaja rohkem kui 180 päeva või mille osas puuduvad täiendavad kokkulepped klientidega võlgnevuste tasumiseks. 2009. aasta 9 kuu seisuga moodustas netokahjum ebatõenäoliselt laekuvatest nõuetest 18,6 miljonit krooni (1,2 miljonit eurot). Eelmisel perioodil ületasid varasemalt alla hinnatud nõuetest tulenevad laekumised perioodil tehtud nõuete allahindamise kulusid 0,2 miljoni krooni võrra (o miljonit eurot). Kontserni tütarettevõte AS Eston Ehitus on kohtule esitanud avaldused pankrotimenetluse alustamiseks Peterburi ärikvartali ehitamise tellinud ettevõtte Peterburi Ärikvartal OÜ ning selle ehitust osaliselt finantseerinud Kobe Investments AS vastu summas ligikaudu 25 miljonit krooni (1,6 miljonit eurot). Kontserni juhtkond teeb nende nõuete allahindamise vajaduse ja ulatuse osas otsuse IV kvartalis sõltuvalt pankrotimenetluse kulgemisest. Likviidsusriskid Vabu rahalisi vahendeid hoiab ettevõte tegutsemisturgude suurimates pankades üleöö- või fikseeritud intressiga tähtajalistel hoiustel. Kohustuste tähtaegse täitmise tagamiseks hoitakse arveldus- või üleöödeposiidi kontodel ligikaudu kahe nädala käiberaha ning vajadusel kasutatakse arvelduskrediiti. Kontserni käibevara ületab lühiajalisi kohustusi 1,43 kordselt (30.09.2008: 1,42 korda). Bilansipäeva seisuga oli Kontsernil vabu rahalisi vahendeid 241,4 miljonit krooni (15,4 miljonit eurot) (30.09.2008: 296,2 miljonit krooni / 18,9 miljonit eurot), mis moodustab piisava likviidsusvaru Kontserni äritegevuse läbiviimiseks võrreldes eelmise aastaga keerulisemates majandustingimustes. Intressiriskid Kontserni intressikandvad võlakohustused pankade ees on peamiselt fikseeritud intressimääradega. Kapitalirendi lepingud on ujuva intressimääraga ja põhinevad EURIBOR-il. Kontserni intressikandvad võlakohustused on võrreldes varasema perioodiga vähenenud 9,2 miljoni krooni võrra (0,6 miljonit eurot). Seisuga 30.09.2009 on Kontsernil intressikandvaid kohustusi summas 610,5 miljonit krooni (39,0 miljonit eurot). Intressikulud olid 2009. aasta 9 kuu seisuga moodustasid 22,0 miljonit krooni (1,4 miljonit eurot) ning võrreldes 2008. aasta 9 kuuga on intressikulud vähenenud 6,2 miljonit krooni (0,4 miljonit eurot), tulenevalt EURIBOR-i baasintressi langemisest ning võlakohustuste vähenemisest. Valuutariskid Ehituslepingud ja allhankelepingud on reeglina sõlmitud asukohamaa valuutas, Eesti kroonides (EEK), Läti lattides (LVL), Leedu littides (LTL) ja Ukraina grivnades (UAH). Välisriikidest sisseostetud teenused on olulises osas eurodes, mille osas valuutarisk kontserni Eesti, Läti ja Leedu ettevõtetele puudub. Kontserni kursikasumid ja -kahjumid tekivad peamiselt Ukraina äritegevusest, kus kohalik valuuta on ujuvkursiga võrreldes euro ja seega ka Eesti krooniga. Praeguseks on 2008. aasta viimases kvartalis alanud Ukraina grivna kursi nõrgenemine euro suhtes peatunud. Kontserni kursikasumid ja -kahjumid kokku moodustasid 2009. aasta 9 kuu seisuga kahjumi 0,9 miljonit krooni (0,06 miljonit eurot). Võrreldaval perioodil oli kursierinevuste tulemuseks kasum summas 0,7 miljonit krooni (0,04 miljonit eurot). Raamatupidamise vahearuanne Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EEK`000 | 30.09.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 241 426 | 296 184 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 455 890 | 473 935 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 359 150 | 408 541 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 776 | 776 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 3 207 | -------------------------------------------------------------------------------- | Varud | 433 402 | 386 733 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 4 484 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 1 495 129 | 1 569 376 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 126 554 | 112 605 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 116 783 | 116 783 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 221 847 | 263 295 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 279 335 | 305 188 | -------------------------------------------------------------------------------- | Põhivara kokku | 744 519 | 797 871 | -------------------------------------------------------------------------------- | VARA KOKKU | 2 239 648 | 2 367 247 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused | 241 478 | 235 948 | -------------------------------------------------------------------------------- | Võlad hankijatele | 390 226 | 439 615 | -------------------------------------------------------------------------------- | Maksuvõlad | 38 971 | 65 760 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 356 273 | 423 270 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 13 826 | 11 600 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 1 040 776 | 1 176 193 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 369 004 | 318 578 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 3 035 | 2 534 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 1 367 | 6 630 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 373 406 | 327 742 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1 414 182 | 1 503 935 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital | 307 567 | 307 567 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 40 012 | 34 800 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -4 298 | -4 106 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 456 453 | 426 995 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 799 734 | 765 256 | | omakapital | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 25 733 | 98 056 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 825 467 | 863 312 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 239 648 | 2 367 247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR`000 | 30.09.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 15 430 | 18 930 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 29 137 | 30 290 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 22 954 | 26 110 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 50 | 50 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 205 | -------------------------------------------------------------------------------- | Varud | 27 699 | 24 717 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 287 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 95 556 | 100 301 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 8 088 | 7 197 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 7 464 | 7 464 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 14 179 | 16 828 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 17 853 | 19 505 | -------------------------------------------------------------------------------- | Põhivara kokku | 47 583 | 50 993 | -------------------------------------------------------------------------------- | VARA KOKKU | 143 140 | 151 295 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused | 15 433 | 15 080 | -------------------------------------------------------------------------------- | Võlad hankijatele | 24 940 | 28 096 | -------------------------------------------------------------------------------- | Maksuvõlad | 2 491 | 4 203 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 22 770 | 27 052 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 884 | 741 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 66 518 | 75 172 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 23 584 | 20 361 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 194 | 162 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 87 | 424 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 23 866 | 20 947 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 90 384 | 96 119 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital | 19 657 | 19 657 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 2 557 | 2 224 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -275 | -262 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 29 173 | 27 290 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 51 112 | 48 909 | | omakapital | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 1 645 | 6 267 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 52 756 | 55 176 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 143 140 | 151 295 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | EEK`000 | III kv | III kv | 9k | 9k | 2008 | | | 2009 | 2008 | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 742 546 | 1 051 | 1 967 | 2 921 | 3 867 | | | | 062 | 640 | 697 | 917 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 661 677 | 977 791 | 1 802 | 2 609 | 3 510 | | | | | 418 | 689 | 006 | -------------------------------------------------------------------------------- | Brutokasum | 80 869 | 73 271 | 165 222 | 312 008 | 357 911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | 2 427 | 2 810 | 6 790 | 6 212 | 8 007 | -------------------------------------------------------------------------------- | Üldhalduskulud | 30 532 | 44 266 | 95 882 | 137 354 | 182 526 | -------------------------------------------------------------------------------- | Muud äritulud | 2 279 | 105 | 22 177 | 18 525 | 63 947 | -------------------------------------------------------------------------------- | Muud ärikulud | 10 745 | -7 622 | 40 118 | 8 068 | 22 845 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 39 444 | 33 922 | 44 609 | 178 899 | 208 480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 4 907 | 53 760 | 35 809 | 77 187 | 96 877 | -------------------------------------------------------------------------------- | Finantskulud | 3 933 | 4 751 | 26 845 | 29 886 | 68 019 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | 974 | 49 009 | 8 964 | 47 301 | 28 858 | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 738 | 2 198 | 1 515 | 2 198 | 17 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 155 | 746 | 3 038 | 1 093 | 24 770 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 583 | 1 452 | -1 523 | 1 105 | -24 753 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Maksustamiseelne kasum | 41 001 | 84 383 | 52 050 | 227 306 | 212 585 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Tulumaks | -578 | 11 622 | 5 317 | 43 772 | 41 269 | -------------------------------------------------------------------------------- | Puhaskasum (-kahjum) | 41 579 | 72 761 | 46 733 | 183 534 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (-kahjum): | | | | | | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -769 | -1 619 | -2 480 | -3 108 | -6 371 | -------------------------------------------------------------------------------- | Kokku muu koondkasum | -769 | -1 619 | -2 480 | -3 108 | -6 371 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Kokku koondkasum | 40 810 | 71 142 | 44 253 | 180 426 | 164 945 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum (-kahjum): | | | | | | -------------------------------------------------------------------------------- | - emaettevõtte | 42 260 | 51 204 | 65 436 | 155 476 | 145 580 | | aktsionäridele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale | -2 681 | 21 557 | -18 703 | 28 058 | 25 736 | | osalusele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | | 41 579 | 72 761 | 46 733 | 183 534 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku koondkasum | | | | | | | (-kahjum): | | | | | | -------------------------------------------------------------------------------- | - emaettevõtte | 42 776 | 50 140 | 65 245 | 151 165 | 139 120 | | aktsionäridele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale | -1 966 | 21 002 | -20 992 | 29 261 | 25 825 | | osalusele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | | 40 810 | 71 142 | 44 253 | 180 426 | 164 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi | | | | | | | puhaskasum aktsia kohta | | | | | | | emavõtte aktsionäridele: | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | 1,44 | 1,66 | 2,13 | 5,05 | 4,73 | | kohta (EEK/aktsia) | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 1,44 | 1,66 | 2,13 | 5,05 | 4,73 | | aktsia kohta (EEK/aktsia) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR`000 | III kv | III kv | 9k | 9k | 2008 | | | 2009 | 2008 | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 47 457 | 67 175 | 125 755 | 186 730 | 247 205 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 42 289 | 62 492 | 115 196 | 166 790 | 224 330 | -------------------------------------------------------------------------------- | Brutokasum | 5 168 | 4 683 | 10 560 | 19 941 | 22 875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | 155 | 180 | 434 | 397 | 512 | -------------------------------------------------------------------------------- | Üldhalduskulud | 1 951 | 2 829 | 6 128 | 8 779 | 11 666 | -------------------------------------------------------------------------------- | Muud äritulud | 146 | 7 | 1 417 | 1 184 | 4 087 | -------------------------------------------------------------------------------- | Muud ärikulud | 687 | 487 | 2 564 | 516 | 1 460 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | 2 521 | 2 168 | 2 851 | 11 434 | 13 324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 314 | 3 436 | 2 289 | 4 933 | 6 192 | -------------------------------------------------------------------------------- | Finantskulud | 251 | 304 | 1 716 | 1 910 | 4 347 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | 63 | 3 132 | 573 | 3 023 | 1 844 | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 47 | 140 | 97 | 140 | 1 | | arvestatud kasum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 10 | 48 | 194 | 70 | 1 583 | | arvestatud kahjum | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 37 | 93 | -97 | 71 | -1 582 | | arvestatud kasum/kahjum | | | | | | | kokku | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Maksustamiseelne kasum | 2 620 | 5 393 | 3 326 | 14 528 | 13 587 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Tulumaks | -37 | 743 | 340 | 2 798 | 2 638 | -------------------------------------------------------------------------------- | Puhaskasum (-kahjum) | 2 657 | 4 650 | 2 986 | 11 730 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (-kahjum): | | | | | | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -49 | -103 | -159 | -199 | -407 | -------------------------------------------------------------------------------- | Kokku muu koondkasum | -49 | -103 | -159 | -199 | -407 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Kokku koondkasum | 2 608 | 4 547 | 2 828 | 11 531 | 10 542 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum (-kahjum): | | | | | | -------------------------------------------------------------------------------- | - emaettevõtte | 2 828 | 3 273 | 4 182 | 9 937 | 9 304 | | aktsionäridele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale | -171 | 1 378 | -1 195 | 1 793 | 1 645 | | osalusele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | | 2 657 | 4 650 | 2 986 | 11 730 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku koondkasum | | | | | | | (-kahjum): | | | | | | -------------------------------------------------------------------------------- | - emaettevõtte | 2 734 | 3 205 | 4 170 | 9 661 | 8 891 | | aktsionäridele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale | -126 | 1 342 | -1 342 | 1 870 | 1 651 | | osalusele kuuluv osa | | | | | | -------------------------------------------------------------------------------- | | 2 608 | 4 547 | 2 828 | 11 531 | 10 542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | | | | | | emavõtte aktsionäridele: | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | 0,09 | 0,11 | 0,14 | 0,32 | 0,30 | | kohta (EUR/aktsia) | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,09 | 0,11 | 0,14 | 0,32 | 0,30 | | aktsia kohta (EUR/aktsia) | | | | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | | EEK`000 | EUR`000 | -------------------------------------------------------------------------------- | | 9k 2009 | 9k 2008 | 9k 2009 | 9k 2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | | | -------------------------------------------------------------------------------- | Laekumised ostjatelt | 2 581 | 3 521 | 164 968 | 225 085 | | | 192 | 815 | | | -------------------------------------------------------------------------------- | Maksed hankijatele | -2 168 | -2 912 | -138 606 | -186 128 | | | 718 | 266 | | | -------------------------------------------------------------------------------- | Maksed töötajatele ja | -331 652 | -430 106 | -21 196 | -27 489 | | töötajate eest | | | | | -------------------------------------------------------------------------------- | Makstud tulumaks | -9 867 | -36 959 | -631 | -2 362 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | 70 955 | 142 484 | 4 535 | 9 106 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavood | | | | | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | Materiaalse põhivara soetamine | -1 317 | -9 845 | -84 | -629 | -------------------------------------------------------------------------------- | Immateriaalse põhivara | -7 588 | -929 | -485 | -59 | | soetamine | | | | | -------------------------------------------------------------------------------- | Põhivara müük | 5 118 | 10 753 | 327 | 687 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringute | -200 | 0 | -13 | | | soetamine | | | | | -------------------------------------------------------------------------------- | Tütarettevõtete soetamine, | -11 688 | -202 800 | -747 | -12 962 | | netorahavoog | | | | | -------------------------------------------------------------------------------- | Tütarettevõtete müük | 0 | 2 063 | 0 | 132 | -------------------------------------------------------------------------------- | Sidusettevõtete soetamine | -6 000 | -10 842 | -383 | -693 | -------------------------------------------------------------------------------- | Sidusettevõtete müük | 7 024 | 102 927 | 449 | 6 578 | -------------------------------------------------------------------------------- | Ühisettevõtete soetamine | -20 000 | 0 | -1 278 | 0 | -------------------------------------------------------------------------------- | Antud laenud | -84 843 | -118 454 | -5 422 | -7 571 | -------------------------------------------------------------------------------- | Antud laenude laekumised | 61 040 | 56 562 | 3 901 | 3 615 | -------------------------------------------------------------------------------- | Saadud dividendid | 61 | 122 | 4 | 8 | -------------------------------------------------------------------------------- | Saadud intressid | 12 524 | 11 794 | 800 | 754 | -------------------------------------------------------------------------------- | Netorahavoog | -45 869 | -158 649 | -2 931 | -10 140 | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavood | | | | | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | Saadud laenud | 193 432 | 405 466 | 12 427 | 25 914 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | -179 952 | -265 443 | -11 501 | -16 965 | -------------------------------------------------------------------------------- | Makstud dividendid | -31 933 | -104 130 | -2 041 | -6 655 | -------------------------------------------------------------------------------- | Kapitalirendi maksed | -37 648 | -42 387 | -2 406 | -2 709 | -------------------------------------------------------------------------------- | Makstud intressid | -23 344 | -29 053 | -1 492 | -1 857 | -------------------------------------------------------------------------------- | Muud maksed | -307 | -301 | -20 | -19 | -------------------------------------------------------------------------------- | Netorahavoog | -79 752 | -35 848 | -5 033 | -2 291 | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavoog kokku | -54 666 | -52 013 | -3 494 | -3 324 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 296 184 | 236 112 | 18 930 | 15 090 | | perioodi algul | | | | | -------------------------------------------------------------------------------- | Valuutakursimuutused | -92 | -15 | -6 | -1 | -------------------------------------------------------------------------------- | Raha jäägi muutus | -54 666 | -52 013 | -3 494 | -3 324 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 241 426 | 184 084 | 15 430 | 11 765 | | perioodi lõpul | | | | | -------------------------------------------------------------------------------- Nordecon International kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on täiendavateks tegevusvaldkondadeks lisaks teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on Nordecon International AS, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub lisaks emaettevõttele üle 20 tütarettevõtte. Kontserni 2008. aasta konsolideeritud müügitulu oli 3,9 miljardit krooni (247 miljonit eurot) ja konsolideeritud puhaskasum 171 miljonit krooni (11 miljonit eurot). Nordecon International kontsern annab tööd rohkem kui 1 000 inimesele. Alates 18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas. 1 euro = 15,6466 krooni Raimo Talviste Nordecon International AS Finants- ja investorsuhete juht Tel: +372 615 4445 Email: raimo.talviste@nordecon.com http://www.nordecon.com
Pealkiri
2009 III QUARTER AND 9 MONTHS INTERIM REPORT (UNAUDITED)
Teade
Directors' report Financial review Margins Nordecon International Group ended the first nine months of 2009 with a gross profit of 165.2 million kroons (10.6 million euros), 47% down from the 312.0 million kroons (19.9 million euros) earned in the first nine months of 2008. The decrease results largely from a decline in the profitability of construction contracts across all segments. In ordinary circumstances, lower than average profitability in the first quarter results from seasonal factors that impact mainly the road construction business and are counteracted in the second and third quarters. This year, however, they have been accompanied by exceptionally weak demand in the buildings construction sector, which has triggered fierce competition and, accordingly, a steep decrease in margins. Consolidated operating profit for the first nine months was 44.6 million kroons (2.9 million euros). The generation of a positive operating result despite a decrease in gross profit is mainly attributable to a decisive reduction of administrative expenses. Compared with a year ago, administrative expenses have decreased by 41.5 million kroons (2.7 million euros), i.e. 30%. At period-end, the ratio of administrative expenses to revenue stood at 4.9% (9M 2008: 4.7%), which corresponds to the 5% limit set by management. The Group remains committed to its stated aim of reducing the cost base in 2009-2010 by up to 30% compared with 2007-2008 and is prepared to act resolutely to achieve this. In the first nine months, the Group earned a net profit of 46.7 million kroons (3.0 million euros). Net profit attributable to owners of the parent amounted to 65.4 million kroons (4.2 million euros) while the loss attributable to non-controlling interests equalled 18.7 million kroons (1.2 million euros). The profitability ratios monitored by the Group's management are following the same trends that emerged in the last quarter of 2008 as a result of adverse changes in the operating environment. The Group's margins have dropped (in all markets) year-over-year primarily on account of a steep decline in demand. The main sector-specific trend has been the increasing excess of construction capacities over the number of projects on offer. Low demand that is insufficient for meeting the business needs of all market players has heightened pressure for lowering the prices. To remain competitive, the Group was forced to lower the gross margin for the first nine months to 8.4%, a notable decrease from the 10.7% posted for the first nine months of 2008. In the light of the trends prevailing in the construction market, the Group will focus on redesigning its internal processes (improving the efficiency of purchase of services, cost cutting, etc) so as to maintain its gross margin at a level that would ensure that the year will end in an operating profit. At the end of the financial year (in the fourth quarter), the Group's management will perform a valuation of the Group's assets, which will probably lower consolidated operating profit on a non-recurring basis. Management is not going to forecast the extent of any potential impairment losses before the valuation results are available. Cash flows The Group's operating activities for the first nine months generated a net cash inflow of 71.0 million kroons (4.5 million euros), a strong improvement on the net outflow of 57.1 million kroons (3.6 million euros) posted for the first half-year. In the current market situation, cash receipts occur, as a rule, according to settlement terms that are significantly later than the delivery dates of the projects. In the reporting year, the Group has completed a number of major projects started in previous periods. In addition, receipts are influenced by the approaching end of the construction season that is accompanied by the signature of completion documents. The Group's ability to maintain a positive net operating cash flow depends on how well it can adapt to the new economic environment (e.g. by extending settlement terms with subcontractors) and the extent to which operating costs can be cut. Investing activities for the first nine months of 2009 resulted in a net outflow of 45.9 million kroons (2.9 million euros) compared with an outflow of 158.6 million kroons (10.1 million euros) for the first nine months of 2008. Acquisitions of investments in subsidiaries, associates and joint ventures (including disposals) generated a net outflow of 30.7 million kroons (2.0 million euros). The corresponding figure for the first nine months of 2008 was a net outflow of 108.7 million kroons (6.9 million euros). Financing activities generated a net outflow of 79.8 million kroons (5.1 million euros). The corresponding figure for the first nine months of 2008 was an outflow of 35.8 million kroons (2.3 million euros). The structure of financing cash flows has changed because the Group has reduced borrowings but is continuing the servicing of existing debt. The period's net outflow from interest-bearing loans and borrowings (excluding interest expense) was negative at 24.2 million kroons (1.5 million euros) against a net inflow of 97.6 million kroons (6.2 million euros) in the first nine months of 2008. The remainder of financing cash flows was made up of a dividend distribution of 31.9 million kroons (2.0 million euros) compared with 104.1 million kroons (6.7 million euros) for the first nine months of 2008. Key financial figures and ratios -------------------------------------------------------------------------------- | Figure / ratio | 9M 2009 | 9M 2008 | 9M 2007 | 2008 | -------------------------------------------------------------------------------- | Weighted average number of | 30,756,7 | 30,756,7 | 30,756,72 | 30,756,72 | | shares * | 28 | 28 | 8 | 8 | -------------------------------------------------------------------------------- | Earnings per share (in kroons) | 2.13 | 5.06 | 6.38 | 4.73 | -------------------------------------------------------------------------------- | Earnings per share (in euros) | 0.14 | 0.32 | 0.41 | 0.30 | -------------------------------------------------------------------------------- | Revenue growth | -32.7% | 9.9% | 50.7% | 3.1% | -------------------------------------------------------------------------------- | Average number of employees | 1,110 | 1,267 | 1,113 | 1,232 | -------------------------------------------------------------------------------- | Revenue per employee (in | 1,773 | 2,306 | 2,389 | 3,140 | | thousands of kroons) | | | | | -------------------------------------------------------------------------------- | Revenue per employee (in | 113 | 147 | 153 | 201 | | thousands of euros) | | | | | -------------------------------------------------------------------------------- | Personnel expenses to revenue, | 14.2% | 12.4% | 11.2% | 12.7% | | % | | | | | -------------------------------------------------------------------------------- | Administrative expenses to | 4.9% | 4.7% | 4.4% | 4.7% | | revenue, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA (in thousands of | 97,471 | 234,230 | 277,622 | 281,161 | | kroons) | | | | | -------------------------------------------------------------------------------- | EBITDA (in thousands of euros) | 6,230 | 14,970 | 17,743 | 17,969 | -------------------------------------------------------------------------------- | EBITDA margin, % | 5.0% | 8.0% | 10.4% | 7.3% | -------------------------------------------------------------------------------- | Gross margin, % | 8.4% | 10.7% | 13.0% | 9.3% | -------------------------------------------------------------------------------- | Operating margin, % | 2.3% | 6.1% | 8.7% | 5.4% | -------------------------------------------------------------------------------- | Operating margin excluding | 2.1% | 6.0% | 8.4% | 5.3% | | gains on asset sales, % | | | | | -------------------------------------------------------------------------------- | Net margin, % | 2.4% | 6.3% | 7.9% | 4.4% | -------------------------------------------------------------------------------- | Return on invested capital, % | 5.3% | 18.9% | 26.3% | 19.1% | -------------------------------------------------------------------------------- | Return on assets, % | 1.9% | 7.7% | 13.4% | 9.1% | -------------------------------------------------------------------------------- | Return on equity, % | 5.5% | 21.7% | 35.8% | 20.5% | -------------------------------------------------------------------------------- | Equity ratio, % | 36.9% | 35.5% | 32.6% | 36.5% | -------------------------------------------------------------------------------- | Gearing, % | 25.7% | 28.7% | 23.2% | 18.2% | -------------------------------------------------------------------------------- | Current ratio | 1.43 | 1.42 | 1.38 | 1.33 | -------------------------------------------------------------------------------- | | 30 Sept | 30 Sept | 30 Sept | 31 Dec | | | 2009 | 2008 | 2007 | 2008 | -------------------------------------------------------------------------------- | Order book (in thousands of | 1,612,16 | 3,042,65 | 3,161,956 | 2,220,748 | | kroons) | 0 | 4 | | | -------------------------------------------------------------------------------- | Order book (in thousands of | 103,036 | 194,461 | 202,086 | 141,932 | | euros) | | | | | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares is the number of shares after the bonus issues. -------------------------------------------------------------------------------- | Earnings per share (EPS) = net | Operating margin excluding gains on | | profit attributable to equity | asset sales = (operating profit - | | holders of the parent / weighted | gains on sale of property, plant and | | average number of shares outstanding | equipment - gains on sale of real | | Revenue per employee = revenue / | estate) / revenue | | average number of employees | Net margin = net profit for the | | Personnel expenses to revenue = | period / revenue | | personnel expenses / revenue | Return on invested capital = (profit | | Administrative expenses to revenue = | before tax + interest expense) / the | | administrative expenses / revenue | period's average (interest-bearing | | EBITDA = earnings before interest, | liabilities + equity) | | taxes, depreciation and | Return on assets = operating profit / | | amortisation | the period's average total assets | | EBITDA margin = EBITDA / revenue | Return on equity = net profit for the | | Gross margin = gross profit / | period /the period's average total | | revenue | equity | | Operating margin = operating profit | Equity ratio = total equity / total | | / revenue | equity and liabilities | | | Gearing = (interest-bearing | | | liabilities - cash and cash | | | equivalents) / (interest bearing | | | liabilities + equity) | | | Current ratio = total current assets | | | / total current liabilities | -------------------------------------------------------------------------------- Performance by geographical market Revenue earned outside Estonia during the first nine months of 2009 accounted for approximately 15% of consolidated revenue against approximately 20% a year ago. The Group has expanded operations in Latvia - at the end of the first nine months of 2009 Latvian revenues accounted for around 12% of the total while in 2008 (full year) the proportion was 6%. At the same time, the contribution of Ukrainian revenues has dropped to 2%. The downturn is attributable to the completion of major projects started in the previous period and the complexity of entering into new contracts during the steep recession. In Lithuania, the Group has suspended active operations for the time being (see interim report Changes in the Group's management structure and operations in 2009). Further information on developments in the Group's chosen markets can be found in interim report Outlooks of the Group's geographical markets. -------------------------------------------------------------------------------- | | 9M 2009 | 9M 2008 | 9M 2007 | 2008 | -------------------------------------------------------------------------------- | Estonia | 84.9% | 80.1% | 88.1% | 80.3% | -------------------------------------------------------------------------------- | Ukraine | 2.2% | 13.4% | 11.9% | 11.4% | -------------------------------------------------------------------------------- | Lithuania | 0.5% | 2.4% | 0% | 2.4% | -------------------------------------------------------------------------------- | Latvia | 12.3% | 4.1% | 0% | 5.9% | -------------------------------------------------------------------------------- Performance by business line The core business of Nordecon International Group is general contracting and project management in buildings and infrastructure construction. In addition, the Group is involved in road construction and maintenance, environmental engineering, concrete works and real estate development. Consolidated revenue for the first nine months of 2009 was 1,967.6 million kroons (125.8 million euros), a 32.4% decrease from the 2,921.7 million kroons (186.7 million euros) generated in the first nine months of 2008. Revenue has decreased mainly on account of shrinkage in demand in all of the Group's markets. In addition, the absolute revenue figure has been impacted by stiff competition that has lowered the construction prices (see further commentary and forecasts for the future in interim report Outlooks of the Group's geographical markets). The Group aims to maintain the revenues generated by its main segments (Buildings and Infrastructure) in balance as this helps disperse risks and provides a more solid foundation under stressed circumstances when one segment experiences shrinkage in operating volumes. In view of estimated of demand for apartments in the real estate market and housing development risks, in subsequent years the proportion of housing construction revenue from apartment buildings (the Group as a developer or a builder) will remain significantly below the strategic 20% limit. Segment revenue In contrast to previous years, at the end of the first nine months of 2009 the revenue generated by the Infrastructure segment surpassed that of Buildings. This results mainly from the situation in the construction market (particularly in Estonia) that has caused the order book of the Infrastructure segment to develop more favourably already since the second half of 2008. During the first nine months of 2009, the Buildings and Infrastructure segments generated revenue of 872.0 million kroons (55.7 million euros) and 1,075.9 million kroons (68.8 million euros) respectively. The corresponding figures for the first nine months of 2008 were 1,642.2 million kroons (105.0 million euros) and 1,226.0 million kroons (78.4 million euros) respectively. The 47% decrease in the revenue generated by the Buildings segment corresponds to management's assessment of the current market situation and was therefore expected. Revenue distribution between segments * -------------------------------------------------------------------------------- | Business segments | 9M 2009 | 9M 2008 | 9M 2007 | 2008 | -------------------------------------------------------------------------------- | Buildings | 44% | 64% | 52% | 63% | -------------------------------------------------------------------------------- | Infrastructure | 56% | 36% | 48% | 37% | -------------------------------------------------------------------------------- * In connection with the entry into force of IFRS 8 Operating Segments during the reporting period, the Group has changed segment reporting in its financial statements. In the Directors' report the Ukrainian and EU Buildings segments which are disclosed separately in the financial statements are presented as a single segment. In addition, the segment information presented in the Directors' report does not include the disclosures on “other segments” that are presented in the financial statements. Management estimates that because of the market situation the proportion of revenue generated by the Infrastructure segment in 2009 will continue increasing compared with 2008. The assessment is supported by the Group's order book as at 30 September 2009 where the contracts of the Infrastructure segment surpass those of the Buildings segment (see Order book in Director's report). Revenue distribution within segments The distribution of the Group's buildings construction revenue has remained stable, with commercial buildings accounting for over 50% of the total. As anticipated, revenues from the construction of industrial and warehouse facilities and apartment buildings have decreased. On the other hand, the downturn in construction prices has triggered growth in the construction of public buildings thanks to municipal investments in schools, nurseries and other public buildings. However, despite attractive construction prices, further growth in local government projects may be undermined by financing difficulties. -------------------------------------------------------------------------------- | Revenue distribution in the | 9M 2009 | 9M 2008 | 9M 2007 | 2008 | | Buildings segment | | | | | -------------------------------------------------------------------------------- | Commercial buildings | 64% | 59% | 58% | 59% | -------------------------------------------------------------------------------- | Industrial and warehouse | 9% | 16% | 9% | 16% | | facilities | | | | | -------------------------------------------------------------------------------- | Public buildings | 23% | 14% | 19% | 14% | -------------------------------------------------------------------------------- | Apartment buildings | 4% | 11% | 14% | 11% | -------------------------------------------------------------------------------- Changes in the structure of the Group's infrastructure revenues are attributable to the addition of the Nordecon Infra SIA subgroup. The contribution of other engineering projects has increased, year-over-year, largely on account of growth in pipeline and outdoor network construction, while environmental engineering revenues have expanded thanks to a decline in construction prices that has increased investment by state and local government. -------------------------------------------------------------------------------- | Revenue distribution in the | 9M 2009 | 9M 2008 | 9M 2007 | 2008 | | Infrastructure segment | | | | | -------------------------------------------------------------------------------- | Road construction and | 43% | 52% | 37% | 45% | | maintenance | | | | | -------------------------------------------------------------------------------- | Port construction | 16% | 19% | 39% | 24% | -------------------------------------------------------------------------------- | Other engineering | 31% | 23% | 12% | 6% | -------------------------------------------------------------------------------- | Environmental engineering | 10% | 6% | 12% | 25% | -------------------------------------------------------------------------------- Order book At 30 September 2009, the Group's order book stood at 1,612 million kroons (103 million euros), approximately 50% down from the 3,043 million kroons (194 million euros) posted a year ago. -------------------------------------------------------------------------------- | | 30 Sept | 30 Sept | 30 Sept | 31 Dec | | | 2009 | 2008 | 2007 | 2008 | -------------------------------------------------------------------------------- | Order book, in thousands of | 1,612,16 | 3,042,654 | 3,161,956 | 2,220,748 | | kroons | 0 | | | | -------------------------------------------------------------------------------- | Order book, in thousands of | 103,036 | 194,461 | 202,086 | 141,932 | | euros | | | | | -------------------------------------------------------------------------------- In the Infrastructure segment, the order book has been growing year-over-year. At 30 September 2009 it accounted for 66% of the Group's total order book (30 September 2008: 52%), reflecting the situation in the construction market where shrinkage in the Buildings segment has been outpacing growth in the Infrastructure segment. In absolute terms, the order book figures have been severely weakened by tumbling construction prices. Between the reporting date (30 September 2009) and the date of release of this report, Group companies have been awarded additional construction contracts of approximately 180 million kroons (11.5 million euros). People Nordecon believes that its most important assets are its people and that the value of the company depends on the professionalism, motivation and loyalty of its employees. Accordingly, the Group's management is committed to creating a contemporary work environment that fosters professional growth and development in terms of working conditions, career opportunities and the nature of the work. People and personnel expenses In the first nine months of 2009 the Group (including the parent and the subsidiaries) employed, on average, 1,110 people including around 450 engineers and technical personnel (ETP). The acquisition of the Latvian company SIA LCB in 2009 increased the number of staff by more than 100. However, since the end of 2008 personnel growth has been replaced by a decline owing to downsizing triggered by a significant decrease in the Group's operations. Average number of the Group's employees (including the parent and its subsidiaries): -------------------------------------------------------------------------------- | Period | ETP | Workers | Total average | -------------------------------------------------------------------------------- | 9M 2009 | 456 | 654 | 1,110 | -------------------------------------------------------------------------------- | 9M 2008 | 525 | 742 | 1,267 | -------------------------------------------------------------------------------- | 9M 2007 | 413 | 657 | 1,088 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1,232 | -------------------------------------------------------------------------------- The Group's personnel expenses for the first nine months of 2009, including associated taxes, totalled 279.9 million kroons (17.9 million euros), a 23% decrease compared with the 363.7 million kroons (23.2 million euros) incurred in the same period in 2008. Personnel expenses have declined on account of downsizing and the cutting of basic salaries. Employee salaries have been lowered at all Group entities; the average pay-cut for engineers and technical personnel was 15%. The performance pay of project staff that is linked to the projects' profit margins has also dropped. Owing to the overall economic situation and the slump in the construction market, in the first nine months of 2009 Group entities terminated employment relations with approximately 675 people. The figure includes forced and voluntary redundancies involving 450 people. However, this is not directly reflected in the total average number of employees because the latter is increased by the staff taken over on the acquisition of subsidiaries and the people hired under fixed term contracts. In the first nine months of 2009, the remuneration of the members of the council of Nordecon International AS including social security charges amounted to 1,077 thousand kroons (69 thousand euros). The corresponding figure for the first nine months of 2008 was 1,084 thousand kroons (69 thousand euros). The remuneration and benefits of the members of the board of Nordecon International AS including social security charges totalled 2,701 thousand kroons (173 thousand euros) compared with 13,550 thousand kroons (866 thousand euros) for the first nine months of 2008. The differences in the remuneration of the board stem from the fact that since 5 January 2009 the board had three members while in 2008 the number was five (see interim report Changes in the Group's management structure and operations in 2009). In addition, the figure has been impacted by a 15% reduction in board member remuneration across the Group. Share and shareholders Share information ISIN code EE3100039496 Short name of the security NCN1T (until 3 April 2009 EEH1T) Nominal value 10.00 kroons / 0.64 euros Total number of securities issued 30,756,728 Number of listed securities 30,756,728 Listing date 18 May 2006 The share capital of Nordecon International AS consists of 30,756,728 ordinary shares with a par value of 10 Estonian kroons each. Owners of ordinary shares are entitled to dividends as distributed from time to time. Each share carries one vote at the general meetings of Nordecon International AS. Summarised trading results Share trading history (EEK) -------------------------------------------------------------------------------- | Price | 9M 2009 | 9M 2008 | 9M 2007 | -------------------------------------------------------------------------------- | Open | 16.43 | 76.51 | 166.64 | -------------------------------------------------------------------------------- | High | 25.97 | 76.51 | 224.53 | -------------------------------------------------------------------------------- | Low | 8.61 | 37.55 | 79.8 | -------------------------------------------------------------------------------- | Last closing price | 23.78 | 41.78 | 86.06 | -------------------------------------------------------------------------------- | Traded volume | 7,157,618 | 5,402,797 | 4,863,307 | -------------------------------------------------------------------------------- | Turnover, millions | 128.24 | 291.03 | 648.01 | -------------------------------------------------------------------------------- | Listed volume (30 Sept ), | 30,757 | 30,757 | 15,378 | | thousands | | | | -------------------------------------------------------------------------------- | Market capitalisation (30 | 731.40 | 1,285.03 | 1,323.43 | | Sept ), millions | | | | -------------------------------------------------------------------------------- Share trading history (EUR) -------------------------------------------------------------------------------- | Price | 9M 2009 | 9M 2008 | 9M 2007 | -------------------------------------------------------------------------------- | Open | 1.05 | 4.89 | 10.65 | -------------------------------------------------------------------------------- | High | 1.66 | 4.89 | 14.35 | -------------------------------------------------------------------------------- | Low | 0.55 | 2.40 | 5.10 | -------------------------------------------------------------------------------- | Last closing price | 1.52 | 2.67 | 5.50 | -------------------------------------------------------------------------------- | Traded volume | 7,157,618 | 5,402,797 | 4,863,307 | -------------------------------------------------------------------------------- | Turnover, millions | 8.20 | 18.60 | 41.42 | -------------------------------------------------------------------------------- | Listed volume (30 Sept ), | 30,757 | 30,757 | 15,378 | | thousands | | | | -------------------------------------------------------------------------------- | Market capitalisation (30 | 46.75 | 82.13 | 84.58 | | Sept ), millions | | | | -------------------------------------------------------------------------------- Shareholder structure The largest shareholders of Nordecon International AS at 30 September 2009 -------------------------------------------------------------------------------- | Shareholder | Number of | Ownership | | | shares | interest | -------------------------------------------------------------------------------- | AS Nordic Contractors | 16,507,464 | 53.67 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken Ab Clients | 2,720,758 | 8.85 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 1,111,853 | 3.61 | -------------------------------------------------------------------------------- | Ain Tromp | 678,960 | 2.21 | -------------------------------------------------------------------------------- | State Street Bank and Trust Omnibus Account A | 660,111 | 2.15 | | Fund | | | -------------------------------------------------------------------------------- | ASM Investments OÜœ | 519,600 | 1.69 | -------------------------------------------------------------------------------- | SEB Pank AS | 344,757 | 1.12 | -------------------------------------------------------------------------------- | Aivo Kont | 339,480 | 1.10 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken | 339,410 | 1.10 | -------------------------------------------------------------------------------- | The Bank of New York Mellon | 337,509 | 1.10 | -------------------------------------------------------------------------------- | Raul Rebane | 316,104 | 1.03 | -------------------------------------------------------------------------------- On 4 September 2009 AS Nordic Contractors announced that it had sold 2,300,000 of its shares in Nordecon International AS (7.48% of all shares) to institutional investors. As a result of the transaction, the majority shareholder's interest in Nordecon International AS dropped to 53.67%. On 16 September 2009, East Capital Asset Management AB announced that East Capital Group's total stake in Nordecon International AS (through nominee accounts) was 5.04%. Shareholder structure at 30 September 2009 -------------------------------------------------------------------------------- | | Number of | Ownership | | | shareholders | interest | -------------------------------------------------------------------------------- | Shareholders with interest exceeding 5% | 1 | 53.67% | -------------------------------------------------------------------------------- | Shareholders with interest between 1% | 10 | 23.96% | | and 5% | | | -------------------------------------------------------------------------------- | Shareholders with interest below 1% | 1,897 | 22.37% | -------------------------------------------------------------------------------- | Total | 1,908 | 100.00% | -------------------------------------------------------------------------------- Shares controlled by members of the council of Nordecon International AS at 30 September 2009 -------------------------------------------------------------------------------- | Council | | Number of | Ownership | | | | shares | interest | -------------------------------------------------------------------------------- | Toomas Luman (AS Nordic | Chairman of the | 16,759,144 | 54.49 | | Contractors, | Council | | | | OÜ Luman ja Pojad)* | | | | -------------------------------------------------------------------------------- | Ain Tromp | Member of the | 678,960 | 2.21 | | | Council | | | -------------------------------------------------------------------------------- | Alar Kroodo (ASM | Member of the | 519,600 | 1.69 | | Investments OÜ)* | Council | | | -------------------------------------------------------------------------------- | Andri Hõbemägi | Member of the | 40,000 | 0.13 | | | Council | | | -------------------------------------------------------------------------------- | Tiina Mõis | Member of the | 0 | 0.00 | | | Council | | | -------------------------------------------------------------------------------- | Meelis Milder | Member of the | 0 | 0.00 | | | Council | | | -------------------------------------------------------------------------------- * Companies controlled by the individual Shares controlled by members of the board of Nordecon International AS at 30 September 2009 -------------------------------------------------------------------------------- | Board | | Number of | Ownership | | | | shares | interest | -------------------------------------------------------------------------------- | Jaano Vink | Chairman of | 34,000 | 0.11% | | | the Board | | | -------------------------------------------------------------------------------- | Sulev Luiga | Member of the | 1,000 | 0.00% | | | Board | | | -------------------------------------------------------------------------------- | Priit Tiru | Member of the | 0 | 0.00% | | | Board | | | -------------------------------------------------------------------------------- Members of the board and council of Nordecon International AS and companies controlled by them have not been granted any share options under which they could acquire shares in Nordecon International AS in subsequent periods. Information on significant transactions with related parties On 26 March 2009 Nordecon Ehitus AS, a wholly-owned subsidiary of Nordecon International AS, acquired a 50% stake in OÜ Unigate from AS Arealis, a subsidiary of the Group's controlling shareholder Nordic Contractors AS. OÜ Unigate is a housing developer incorporated in Estonia that has been developing properties belonging to it in Paekalda street in Tallinn. The investment was made in line with the Group's strategy according to which in 2009-2010 the Group is to prepare for a potential rise of the Estonian real estate market that may take place after 2010. For this, the Group's subsidiaries will acquire property portfolios that will allow launching housing construction projects as soon as the market situation changes. In accordance with the terms of the transaction, AS Arealis was paid 20.0 million kroons (1.3 million euros) including 1.5 million kroons (0.1 million euros) for an interest in the entity's share capital and 18.5 million kroons (1.2 million euros) for AS Arealis' loan receivables from OÜ Unigate. Depending on the success of the development operations, AS Arealis will also be paid a variable price component that will be calculated at 450 kroons (28.8 euros) per square metre sold. In February 2009 the market value of the properties belonging to OÜ Unigate (the proportion acquired by Nordecon Ehitus AS) was approximately 47.5 million kroons (3.0 million euros). Outlooks of the Group's geographical markets Estonia According to assessment of the Group's management, in 2009-2010 the Estonian construction market will be characterised by the following features: - Total demand in the construction market will depend heavily on public procurement tenders and the number and pricing of infrastructure, environmental and other projects launched with the support of the European Union funds (the latter will be critically influenced by the administrative capabilities of the central and local governments). However, the more moderate decline in the infrastructure sector will not be able to compensate for the steep contraction of the buildings construction market that has currently been abandoned by most private sector corporates and individuals. The Group's management estimates that by 2010 the total volumes of the construction market will have decreased by over 50% compared with 2008. - The number of development and buildings construction companies will decrease (market consolidation). Companies focused on residential construction which in 2008 began seeking opportunities to penetrate other market segments such as infrastructure will continue to do so, heightening competition in the segments involved. The continuing slump will lead to mergers, takeovers and bankruptcies. - Owing to the global financial crisis, the amount of money circulating in the economy has decreased considerably. As a result, more and more private sector companies will have difficulty in raising debt to finance new construction projects. The steep decrease in demand may be somewhat alleviated by a competition-induced decrease in prices, which will render investment in construction projects more attractive than it was during the boom of 2006 and 2007. - Building materials manufacturers that significantly increased their output during the growth phase of the market will be faced by shrinking demand and, consequently, greater strain in meeting the obligations taken for increasing capacities. - Real estate development companies' ability to service and repay existing loans will weaken and their creditworthiness will decrease. For companies involved in general contracting and project management, this may mean an increase in doubtful and irrecoverable receivables. - The importance of infrastructure projects will increase and, accordingly, critical success factors will include specialised engineering expertise and experience as well as the availability of relevant resources. - The deteriorating economic climate and fierce competition in the construction market along with falling demand will cause continuing unemployment for construction workers. The ensuing increase in the availability of labour will lower construction companies' personnel expenses although in the short term the decrease will be lessened by the disbursement of redundancy benefits. - The change in construction projects' financing schemes (customers' settlement terms will extend significantly) in combination with additional requirements to the financing provided by general contractors during the construction period will put pressure on contractors' liquidity. Nordecon International Group operates in accordance with its long-term objectives that are adjusted for changes in the external environment. Relevant strategic management is the responsibility of the Group's board (see interim report The Group's strategy and objectives for 2009-2013). The Group has prepared for changes in the economic environment by: - Setting the objective of reducing the cost base by 30% (by cutting personnel expenses through downsizing and lowering salaries, reducing the costs of goods and services purchased, etc) - Restructuring the Group for better management of the business lines (buildings and infrastructure construction) and maintaining the competitive advantages - Performing a more thorough preliminary analysis of the customers' solvency and creditworthiness and dealing proactively with the collection of overdue receivables - Dispersing risks through portfolio design - Dispersing activities across geographical areas and business segments Latvia and Lithuania Despite the difficulties of the Latvian political and monetary systems, to date the volumes of various infrastructure projects financed by the state and local government with the support of EU funding (such as projects for the rehabilitation of the water supply and central heating systems) have remained relatively stable Construction activities are affected by the situation of the financing institutions and declining demand that heightens competition. Moreover, the ability of the Latvian central and local governments to provide self-financing for projects financed with the support of the EU is weakening. This is causing extensive settlement delays and increasing dependence on the loans granted to the state and local governments by IMF. As a result, the liquidity of the Group's Latvian subsidiary Nordecon Infra has decreased to a level where its further operations depend largely on its ability to raise additional external financing and to refinance existing borrowings. At the date of release of this report, Nordecon Infra SIA continues operating as a going concern. However, if external financing were withdrawn, the company might run into serious difficulties. Recent economic developments in Lithuania have been similar to the ones in the other Baltic countries. Slowdown in investment, both in the public and private sectors, and similar factors have directly influenced the construction market. The commercial and residential construction markets (the Group as a general contractor not a developer) have contracted visibly and the launch of any new private sector projects in the near future is unlikely. In response to this, the business operations of the Group's Lithuanian subsidiary Nordecon Statyba UAB (formerly UAB Eurocon LT) have been essentially suspended and the Group is monitoring the market situation. The temporary suspension of operations does not result in any major costs for the Group. The Group's management does not exclude the possibility that the Lithuanian operations will remain suspended also after 2010. The decision does not change the Group's strategic objectives in the Lithuanian construction market and does not imply the sale or liquidation of the company. The Group's management remains alert to developments in Latvia and Lithuania because similarly to Estonia, their whole economy is in difficulty and this can also be felt in the construction sector. Management is analysing the Group's operations in the Latvian and Lithuanian markets in the light of developments in the external environment and is prepared to revise the existing plans swiftly and decisively. The Group designs its activities in the Latvian and Lithuanian construction markets in accordance with its international expansion strategy (see interim report The Group's strategy and objectives for 2009-2013) and believes that in the long term the two markets will have a logical place in the Group's internationalisation. Ukraine In Ukraine, the Group will continue mainly as a general contractor and project manager in the construction of commercial buildings and production facilities. In 2009 the number of projects started in the buildings construction market has decreased substantially. The situation in the sector is not expected to improve until after the first half of 2010. Activities on development projects that require major investment (currently two) have been suspended and conserved to minimise the risks until the situation in the Ukrainian and global financial markets has eased up. The main risks in the Ukrainian market are connected with the low administrative efficiency of the central and local governments and the judicial system, inflation, and the availability of quality construction inputs. Demand is mainly undermined by the lack of financing. To date, the weakening of the local currency has stopped and the Group's exposure to market-based currency risk has decreased considerably. Nevertheless, the Group believes that the construction market of a country with a population of 46 million will offer business opportunities also in the future. The Group's main success factor is negligible competition in the project management sector (the Group offers flexible construction management in combination with European practices and competencies). The Group's management is confident that the current crisis in the Ukrainian construction market and economy as a whole will transform the local understanding and expectations of general contracting and project management in the construction business, which will improve the Group's position in the long-term perspective. Description of the main risks Business risks To mitigate the risks arising from the seasonal nature of the construction business (primarily the weather conditions during the winter months), the Group has acquired road maintenance contracts that generate year-round business. In addition, Group companies are constantly seeking new technical solutions that would allow working more efficiently under changeable weather conditions. To manage their daily construction risks, Group companies purchase Contractors' All Risks insurance. Depending on the nature of the project, both general frame agreements and specially tailored project-specific contracts are used. In addition, as a rule, subcontractors are required to secure the performance of their obligations with a bank guarantee issued for the benefit of a Group company. To remedy builder-caused deficiencies which may be detected during the warranty period, all Group companies create warranties provisions. At 30 September 2009 the provisions (including current and non-current ones) totalled 15.2 million kroons (1.0 million euros). The corresponding figure at 30 September 2008 was 10.3 million kroons (0.7 million euros). Credit risks For credit risk management, a potential customer's settlement behaviour and creditworthiness are analysed already in the tendering stage. Subsequent to the signature of a contract, the customer's settlement behaviour is monitored on an ongoing basis from the making of an advance payment to adherence to the contractual settlement schedule, which usually depends on the documentation of the delivery of work performed. We believe that the system in place allows us to respond to customers' settlement difficulties with sufficient speed. As at the end of the reporting period, our customers' settlement behaviour was good, considering the current economic situation; however, there were also some large problem customers. The proportion of overdue receivables has increased, increasing the probability of credit losses also in subsequent periods. In accordance with the Group's accounting policies, all receivables that are more than 180 days overdue or in respect of which no additional settlement agreements have been reached are recognised as an expense. The reporting period's net loss on doubtful receivables amounted to 18.6 million kroons (1.2 million euros). In the comparative period in 2008, recoveries of receivables written down in preceding periods surpassed the period's write-down losses by 0.2 million kroons (0 million euros). The Group's subsidiary AS Eston Ehitus has filed bankruptcy petitions against Peterburi Ärikvartal OÜ that commissioned the construction of the Peterburi Business Quarter and Kobe Investments AS that provided partial financing for the project. The Group's receivables from the project amount to approximately 25 million kroons (1.6 million euros). The Group's management will decide whether and to what extent the receivables need to be written down in the fourth quarter by reference to the progress of the bankruptcy proceedings. Liquidity risks Free funds are placed in overnight or fixed-interest term deposits with the largest banks of the markets where the Group operates. To ensure timely settlement of liabilities, approximately two weeks' working capital is kept in current accounts or overnight deposits. Where necessary, overdraft facilities are used. At the reporting date, the Group's current assets exceeded its current liabilities 1.43-fold (30 September 2008: 1.42-fold) and available cash funds totalled 241.4 million kroons (15.4 million euros) (30 September 2008: 296.2 million kroons / 18.9 million euros), providing a sufficient liquidity buffer for operating in an economic environment that is more uncertain than in the previous year. Interest rate risks The liabilities of Group companies to banks operating in Estonia, Latvia and Ukraine have mainly fixed interest rates. Finance lease liabilities have floating interest rates and are linked to EURIBOR. At 30 September 2009, the Group's interest-bearing loans and borrowings totalled 610.5 million kroons (39.0 million euros), a 9.2 million kroon (0.6 million euro) decrease year-over-year. Interest expense for the first nine months of 2009 amounted to 22.0 million kroons (1.4 million euros). Compared with the first nine months of 2008, interest expense has contracted by 6.2 million kroons (0.4 million euros) thanks to a decline in the EURIBOR base rate and a decrease in loans and borrowings. Currency risks As a rule, construction contracts and subcontractors' service contracts are made in the currency of the host country: in Estonia contracts are made in Estonian kroons (EEK), in Latvia in Latvian lats (LVL), in Lithuania in Lithuanian litas (LTL) and in Ukraine in Ukrainian hryvnas (UAH). Services purchased from other countries are mostly priced in euros, which does not constitute a currency risk for the Group's Estonian, Latvian and Lithuanian entities. The Group's foreign exchange gains and losses result mainly from its Ukrainian operations because the Ukrainian national currency floats against the euro and, accordingly, the Estonian kroon. To date, the weakening of the Ukrainian hryvna against the euro that began in the last quarter of 2008 has stopped. The Group's net exchange loss for the first nine months of 2009 was 0.9 million kroons (0.06 million euros). In the comparative period in 2008, the Group's exchange differences resulted in a gain of 0.7 million kroons (0.04 million euros). Condensed consolidated interim financial statements Condensed consolidated interim statement of financial position -------------------------------------------------------------------------------- | EEK ‘000 | 30 Sept 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 241,426 | 296,184 | -------------------------------------------------------------------------------- | Trade receivables | 455,890 | 473,935 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 359,150 | 408,541 | -------------------------------------------------------------------------------- | Deferred tax assets | 776 | 776 | -------------------------------------------------------------------------------- | Income tax assets | 0 | 3,207 | -------------------------------------------------------------------------------- | Inventories | 433,402 | 386,733 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 4,484 | 0 | -------------------------------------------------------------------------------- | Total current assets | 1,495,129 | 1,569,376 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term investments | 126,554 | 112,605 | -------------------------------------------------------------------------------- | Investment property | 116,783 | 116,783 | -------------------------------------------------------------------------------- | Property, plant and equipment | 221,847 | 263,295 | -------------------------------------------------------------------------------- | Intangible assets | 279,335 | 305,188 | -------------------------------------------------------------------------------- | Total non-current assets | 744,519 | 797,871 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2,239,648 | 2,367,247 | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 241,478 | 235,948 | -------------------------------------------------------------------------------- | Trade payables | 390,226 | 439,615 | -------------------------------------------------------------------------------- | Taxes payable | 38,971 | 65,760 | -------------------------------------------------------------------------------- | Other payables | 356,273 | 423,270 | -------------------------------------------------------------------------------- | Provisions | 13,826 | 11,600 | -------------------------------------------------------------------------------- | Total current liabilities | 1,040,776 | 1,176,193 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 369,004 | 318,578 | -------------------------------------------------------------------------------- | Other liabilities | 3,035 | 2,534 | -------------------------------------------------------------------------------- | Provisions | 1,367 | 6,630 | -------------------------------------------------------------------------------- | Total non-current liabilities | 373,406 | 327,742 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,414,182 | 1,503,935 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 307,567 | 307,567 | -------------------------------------------------------------------------------- | Statutory capital reserve | 40,012 | 34,800 | -------------------------------------------------------------------------------- | Translation reserve | -4,298 | -4,106 | -------------------------------------------------------------------------------- | Retained earnings | 456,453 | 426,995 | -------------------------------------------------------------------------------- | Equity attributable to owners of the | 799,734 | 765,256 | | parent | | | -------------------------------------------------------------------------------- | Non-controlling interests | 25,733 | 98,056 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 825,467 | 863,312 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 2,239,648 | 2,367,247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR ‘000 | 30 Sept 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 15,430 | 18,930 | -------------------------------------------------------------------------------- | Trade receivables | 29,137 | 30,290 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 22,954 | 26,110 | -------------------------------------------------------------------------------- | Deferred tax assets | 50 | 50 | -------------------------------------------------------------------------------- | Income tax assets | 0 | 205 | -------------------------------------------------------------------------------- | Inventories | 27,699 | 24,717 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 287 | 0 | -------------------------------------------------------------------------------- | Total current assets | 95,556 | 100,301 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term investments | 8,088 | 7,197 | -------------------------------------------------------------------------------- | Investment property | 7,464 | 7,464 | -------------------------------------------------------------------------------- | Property, plant and equipment | 14,179 | 16,828 | -------------------------------------------------------------------------------- | Intangible assets | 17,853 | 19,505 | -------------------------------------------------------------------------------- | Total non-current assets | 47,583 | 50,993 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 143,140 | 151,295 | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 15,433 | 15,080 | -------------------------------------------------------------------------------- | Trade payables | 24,940 | 28,096 | -------------------------------------------------------------------------------- | Taxes payable | 2,491 | 4,203 | -------------------------------------------------------------------------------- | Other payables | 22,770 | 27,052 | -------------------------------------------------------------------------------- | Provisions | 884 | 741 | -------------------------------------------------------------------------------- | Total current liabilities | 66,518 | 75,172 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 23,584 | 20,361 | -------------------------------------------------------------------------------- | Other liabilities | 194 | 162 | -------------------------------------------------------------------------------- | Provisions | 87 | 424 | -------------------------------------------------------------------------------- | Total non-current liabilities | 23,865 | 20,947 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 90,384 | 96,119 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 19,657 | 19,657 | -------------------------------------------------------------------------------- | Statutory capital reserve | 2,557 | 2,224 | -------------------------------------------------------------------------------- | Translation reserve | -275 | -262 | -------------------------------------------------------------------------------- | Retained earnings | 29,173 | 27,290 | -------------------------------------------------------------------------------- | Equity attributable to owners of the parent | 51,112 | 48,909 | -------------------------------------------------------------------------------- | Non-controlling interests | 1,645 | 6,267 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 52,756 | 55,176 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 143,140 | 151,295 | -------------------------------------------------------------------------------- Condensed consolidated interim statement of comprehensive income -------------------------------------------------------------------------------- | EEK ‘000 | Q3 2009 | Q3 2008 | 9M 2009 | 9M 2008 | 2008 | -------------------------------------------------------------------------------- | Revenue | 742,546 | 1,051,0 | 1,967,6 | 2,921,6 | 3,867,91 | | | | 62 | 40 | 97 | 7 | -------------------------------------------------------------------------------- | Cost of sales | 661,677 | 977,791 | 1,802,4 | 2,609,6 | 3,510,00 | | | | | 18 | 89 | 6 | -------------------------------------------------------------------------------- | Gross profit | 80,869 | 73,271 | 165,222 | 312,008 | 357,911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 2,427 | 2,810 | 6,790 | 6,212 | 8,007 | -------------------------------------------------------------------------------- | Administrative expenses | 30,532 | 44,266 | 95,882 | 137,354 | 182,526 | -------------------------------------------------------------------------------- | Other operating income | 2,279 | 105 | 22,177 | 18,525 | 63,947 | -------------------------------------------------------------------------------- | Other operating expenses | 10,745 | -7,622 | 40,118 | 8,068 | 22,845 | -------------------------------------------------------------------------------- | Operating profit | 39,444 | 33,922 | 44,609 | 178,899 | 208,480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 4,907 | 53,760 | 35,809 | 77,187 | 96,877 | -------------------------------------------------------------------------------- | Finance expenses | 3,933 | 4,751 | 26,845 | 29,886 | 68,019 | -------------------------------------------------------------------------------- | Net finance income | 974 | 49,009 | 8,964 | 47,301 | 28,858 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | 738 | 2,198 | 1,515 | 2,198 | 17 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 155 | 746 | 3,038 | 1,093 | 24,770 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 583 | 1,452 | -1,523 | 1,105 | -24,753 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 41,001 | 84,383 | 52,050 | 227,306 | 212,585 | -------------------------------------------------------------------------------- | Income tax expense | -578 | 11,622 | 5,317 | 43,772 | 41,269 | -------------------------------------------------------------------------------- | Profit for the period | 41,579 | 72,761 | 46,733 | 183,534 | 171,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income: | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | -769 | -1,619 | -2,480 | -3,108 | -6,371 | | translating foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | -769 | -1,619 | -2,480 | -3,108 | -6,371 | | income for the period | | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 40,810 | 71,142 | 44,253 | 180,426 | 164,945 | | INCOME FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to: | | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 42,260 | 51,204 | 65,436 | 155,476 | 145,580 | -------------------------------------------------------------------------------- | - Non-controlling | -2,681 | 21,557 | -18,703 | 28,058 | 25,736 | | interests | | | | | | -------------------------------------------------------------------------------- | | 41,579 | 72,761 | 46,733 | 183,534 | 171,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | income attributable to: | | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 42,776 | 50,140 | 65,245 | 151,165 | 139,120 | -------------------------------------------------------------------------------- | - Non-controlling | -1,966 | 21,002 | -20,992 | 29,261 | 25,825 | | interests | | | | | | -------------------------------------------------------------------------------- | | 40,810 | 71,142 | 44,253 | 180,426 | 164,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | | attributable to owners of | | | | | | | the parent: | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 1.44 | 1.66 | 2.13 | 5.05 | 4.73 | | (EEK/share) | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 1.44 | 1.66 | 2.13 | 5.05 | 4.73 | | share (EEK/share) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR ‘000 | Q3 2009 | Q3 2008 | 9M 2009 | 9M 2008 | 2008 | -------------------------------------------------------------------------------- | Revenue | 47,457 | 67,175 | 125,755 | 186,730 | 247,205 | -------------------------------------------------------------------------------- | Cost of sales | 42,289 | 62,492 | 115,196 | 166,790 | 224,330 | -------------------------------------------------------------------------------- | Gross profit | 5,168 | 4,683 | 10,560 | 19,941 | 22,875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 155 | 180 | 434 | 397 | 512 | -------------------------------------------------------------------------------- | Administrative expenses | 1,951 | 2,829 | 6,128 | 8,779 | 11,666 | -------------------------------------------------------------------------------- | Other operating income | 146 | 7 | 1,417 | 1,184 | 4,087 | -------------------------------------------------------------------------------- | Other operating expenses | 687 | 487 | 2,564 | 516 | 1,460 | -------------------------------------------------------------------------------- | Operating profit | 2,521 | 2,168 | 2,851 | 11,434 | 13,324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 314 | 3,436 | 2,289 | 4,933 | 6,192 | -------------------------------------------------------------------------------- | Finance expenses | 251 | 304 | 1,716 | 1,910 | 4,347 | -------------------------------------------------------------------------------- | Net finance income / | 63 | 3,132 | 573 | 3,023 | 1,844 | | expense | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | 47 | 140 | 97 | 140 | 1 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 10 | 48 | 194 | 70 | 1,583 | | accounted investees | | | | | | -------------------------------------------------------------------------------- | Net share of profit and | 37 | 93 | -97 | 71 | -1,582 | | loss of equity accounted | | | | | | | investees | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 2,620 | 5,393 | 3,326 | 14,528 | 13,587 | -------------------------------------------------------------------------------- | Income tax expense | -37 | 743 | 340 | 2,798 | 2,638 | -------------------------------------------------------------------------------- | Profit for the period | 2,657 | 4,650 | 2,986 | 11,730 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income: | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | -49 | -103 | -159 | -199 | -407 | | translating foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | -49 | -103 | -159 | -199 | -407 | | income for the period | | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 2,608 | 4,547 | 2,828 | 11,531 | 10,542 | | INCOME FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to: | | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 2,828 | 3,273 | 4,182 | 9,937 | 9,304 | -------------------------------------------------------------------------------- | - Non-controlling | -171 | 1,378 | -1,195 | 1,793 | 1,645 | | interests | | | | | | -------------------------------------------------------------------------------- | | 2,657 | 4,650 | 2,986 | 11,730 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | income attributable to: | | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | 2,734 | 3,205 | 4,170 | 9,661 | 8,891 | -------------------------------------------------------------------------------- | - Non-controlling | -126 | 1,342 | -1,342 | 1,870 | 1,651 | | interests | | | | | | -------------------------------------------------------------------------------- | | 2,608 | 4,547 | 2,828 | 11,531 | 10,542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | | attributable to owners of | | | | | | | the parent: | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 0.09 | 0.11 | 0.14 | 0.32 | 0.30 | | (EUR/share) | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.09 | 0.11 | 0.14 | 0.32 | 0.30 | | share (EUR/share) | | | | | | -------------------------------------------------------------------------------- Condensed consolidated interim statement of cash flows -------------------------------------------------------------------------------- | | EEK ‘000 | EUR ‘000 | -------------------------------------------------------------------------------- | | 9M 2009 | 9M 2008 | 9M 2009 | 9M 2008 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 2,581,19 | 3,521,81 | 164,968 | 225,085 | | | 2 | 5 | | | -------------------------------------------------------------------------------- | Cash paid to suppliers | -2,168,7 | -2,912,2 | -138,606 | -186,128 | | | 18 | 66 | | | -------------------------------------------------------------------------------- | Cash paid to and for employees | -331,652 | -430,106 | -21,196 | -27,489 | -------------------------------------------------------------------------------- | Income taxes paid | -9,867 | -36,959 | -631 | -2,362 | -------------------------------------------------------------------------------- | Net cash from operating | 70,955 | 142,484 | 4,535 | 9,106 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant | -1,317 | -9,845 | -84 | -629 | | and equipment | | | | | -------------------------------------------------------------------------------- | Acquisition of intangible | -7,588 | -929 | -485 | -59 | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 5,118 | 10,753 | 327 | 687 | | property, plant and equipment | | | | | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Acquisition of investment | -200 | 0 | -13 | | | properties | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | -11,688 | -202,800 | -747 | -12,962 | | net of cash acquired | | | | | -------------------------------------------------------------------------------- | Proceeds from disposal of | 0 | 2,063 | 0 | 132 | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Acquisition of associates | -6,000 | -10,842 | -383 | -693 | -------------------------------------------------------------------------------- | Proceeds from disposal of | 7,024 | 102,927 | 449 | 6,578 | | associates | | | | | -------------------------------------------------------------------------------- | Acquisition of interests in | -20,000 | 0 | -1,278 | 0 | | joint ventures | | | | | -------------------------------------------------------------------------------- | Loans granted | -84,843 | -118,454 | -5,422 | -7,571 | -------------------------------------------------------------------------------- | Repayment of loans granted | 61,040 | 56,562 | 3,901 | 3,615 | -------------------------------------------------------------------------------- | Dividends received | 61 | 122 | 4 | 8 | -------------------------------------------------------------------------------- | Interest received | 12,524 | 11,794 | 800 | 754 | -------------------------------------------------------------------------------- | Net cash used in investing | -45,869 | -158,649 | -2,931 | -10,140 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from loans received | 193,432 | 405,466 | 12,427 | 25,914 | -------------------------------------------------------------------------------- | Repayment of loans received | -179,952 | -265,443 | -11,501 | -16,965 | -------------------------------------------------------------------------------- | Dividends paid | -31,933 | -104,130 | -2,041 | -6,655 | -------------------------------------------------------------------------------- | Payment of finance lease | -37,648 | -42,387 | -2,406 | -2,709 | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest paid | -23,344 | -29,053 | -1,492 | -1,857 | -------------------------------------------------------------------------------- | Other payments made | -307 | -301 | -20 | -19 | -------------------------------------------------------------------------------- | Net cash used in financing | -79,752 | -35,848 | -5,033 | -2,291 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow | -54,666 | -52,013 | -3,494 | -3,324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 296,184 | 236,112 | 18,930 | 15,090 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | -92 | -15 | -6 | -1 | | fluctuations | | | | | -------------------------------------------------------------------------------- | Decrease in cash and cash | -54,666 | -52,013 | -3,494 | -3,324 | | equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 241,426 | 184,084 | 15,430 | 11,765 | | end of period | | | | | -------------------------------------------------------------------------------- Nordecon International is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is Nordecon International AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 20 subsidiaries in the Group. The consolidated revenue of the Group in 2008 was 3.9 billion kroons (247 million euros) and the consolidated net profit was 171 million kroons (11 million euros). Nordecon International Group employs more than 1,000 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. 1 euro = 15.6466 kroons Raimo Talviste Nordecon International AS Head of Finance and Investor Relations Tel: +372 615 4445 Email: raimo.talviste@nordecon.com http://www.nordecon.com