Börsiteade
Arco Vara AS
LEI kood
097900BHCB0000066171
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
2760
Manused
Esitamise kuupäev ja aeg
28.05.2010 17:55:04
Teate sisu eesti keeles
Pealkiri
2010. aasta I kvartali tegevusaruanne
Teade
Juhatuse esimehe kommentaarid
2010. aasta esimese kvartali jooksul müüdi Arco Vara projektides 30 korterit või
krunti. Arco Vara arendusdivisjoni strateegia on lõpetada pooleliolevad korterid
Bišumuiža-1 projektis Riias, korterid ning äripinnad Boulevard Residence Madrid
ja Manastirski projektides Sofias.
Samas tuleb alustada uute arendustega, et olla valmis turul tekkinud nõudluse
rahuldamiseks. Viimaste kvartalite müügitempo on laoseisu oluliselt vähendanud
ning ehitushinnad on jätkuvalt soodsad. Arco Vara AS Kontserni tütarettevõte AS
Kolde ja AS Merko Ehitus sõlmisid töövõtulepingu Kodukolde arendusprojekti
järgmise etapi ehitamiseks ja finantseerimiseks. Uus elamukompleks koosneb
neljast korterelamust 100 korteri ja 40 majadealuse garaažikohaga, maapealse
suletud brutopinnaga 8 760 ruutmeetrit. Esimesed kaks maja valmivad 2011. aasta
kevadel. Jaanuaris jõustus Paldiski mnt 80 kinnistu ja lähiala detailplaneering,
mis näeb ette ärihoone maksimaalse suletud brutopinnaga 30 300 m2.
Teenindusdivisjoni restruktureerimisega vähendati oluliselt divisjoni
üldhalduskulusid (eelmise aasta sama perioodiga võrreldes oli vähenemine 62 %),
vähenenud on ka käive, kuid aeglasemas tempos (eelmise aasta sama perioodiga
võrreldes vähenemine 39 %). Kvartali ärikahjumiks jooksvast tegevusest kujunes
1,4 mln krooni (0,1 mln eurot), mis on 74 % vähem kui eelmise aasta samal
perioodil. Töötajate arvu vähenemine on peatunud ning moodustab 86 % 2009. aasta
sama perioodi näitajast. Muudetud on mõnede väiksemate, väljaspool pealinna
asuvate kontorite töökorraldust, kus loobuti klassikalisest kontoripõhisest
töökorraldusest kodukontori süsteemi kasuks, säilitades samas kogu teenuste
valiku. Teistes kontorites jätkatakse töötajatega koostöös kuluefektiivsemate
töökorraldusvormide rakendamist. Teenindusdivisjoni eesmärk on jätkata Eestis
juurutatud ning praeguses turusituatsioonis end õigustanud töökorralduse
rakendamist ka välisturgudel. See võimaldab piiratumate vahenditega suurendada
teenuste pakkumist antud riikides, keskendudes edaspidi eelkõige Eestile, Lätile
ning Bulgaariale.
Ehitusdivisjonis sõlmiti kolme kuuga uusi lepinguid 83,4 mln krooni (5,3 mln
euro) ulatuses, mis on oluline tõus võrreldes eelmise aasta IV kvartali 34,0 mln
krooniga (2,2 mln eurot). Kasvanud on ehitulepingute jääk - 125,7 mln kroonini
(8,0 mln euroni). Põhiliseks tellijaks on jätkuvalt riiklik sektor ja
omavalitsusasutused. Keskkonna ja infrastruktuuriga seotud projektidele lisaks
suunatakse vahendeid haridussektoriga seotud projektidesse. Oluline on märkida,
et ehitusega seotud sisekäive on olnud grupis I kvartali jooksul pea olematu.
Brutokasum ilma varude ümberhindluseta oli 10,9 mln krooni (0,7 mln eurot).
Puhaskasum ilma varude, kinnisvarainvesteeringute, finantsvarade, firmaväärtuste
ümberhindlusteta ja osaluste ning varade võõrandamise kahjumita oli -4,9 mln
krooni (-0,3 mln eurot). Eelmisel aastal toimunud püsikulude vähendamine on
positiivselt mõjutanud ka selle aasta tulemusi, üldhalduskulud on vähenenud
eelmise aasta sama perioodiga võrreldes 14%.
Püsikulude kokkuhoid on jätkuvalt juhtkonna teravdatud tähelepanu all.
Vähendamise kõrval on muutunud taas oluliseks kulude optimeerimine viisil, mis
antud turuolukorras võimalikult hästi toetaks müügikasvu. Püsikulude katmiseks
tulevikus alustati uue toodangu ehitamisega ja selle müügiga. Lisaks Kodukolde
viimase etapi arendusele peame läbirääkimisi pankade ja potentsiaalsete
partneritega Tivoli projekti esimese etapi (ca 150 korterit) käivitamiseks ja
sellele soodsa finantseerimisstruktuuri leidmiseks.
Likviidsuse parandamiseks on Kontsern esimese kvartali jooksul jooksvalt müünud
väiksemaid kinnisvarainvesteeringuid, mille üle puudub võimalus teostada
kontrolli ja juhtimist, või mis muul viisil ei sobi kontserni strateegiliste
eesmärkidega.
Kontsern on pikendanud Sofias Madrid projekti arendamiseks Piraeus Bank
Bulgaria'lt võetud laenu ja Tallinnas asuvate projektidega Navigator ja Tivoli
seotud laene SEB Pangalt kogusummas 371,6 mln krooni (23,8 mln eurot). Selle
tulemusena pikenes Madrid'i projekti arendamiseks võetud laenu tagasimakse
tähtaeg kolme aasta võrra, 2012. aastalt 2015. aastani, projektide Navigator ja
Tivoli laen pikenes 30. juunini 2010. Tänu antud laenude pikendamisele on
Kontserni finantsriskid märgatavalt vähenenud.
Möödunud aasta detsembris otsustasid Arco Vara AS aktsionärid vähendada
aktsiakapitali ning 16.03.2010 jõustus sellekohane äriregistri kanne.
Aktsiakapitali vähendamine on vähendanud aktsia hinna volatiilsust, võimaldanud
aktsiat börsil efektiivsemalt hinnastada (läbi ostu- ja müügihindade vahe
vähenemise) ja loonud uusi võimalusi kapitalistruktuuri edasiseks tugevdamiseks.
Ühisettevõtete kajastamise arvestuspõhimõtte muutus.
Kontserni juhtkond on üle vaadanud ühisettevõtete kajastamise
arvestuspõhimõtted. Varasemalt kajastati ühisettevõtteid proportsionaalse
konsolideerimise meetodil. Alates 1. jaanuarist 2010 kajastatakse
ühisettevõtteid kapitaliosaluse meetodil. Juhtkonna arvates kajastab
kapitaliosaluse meetod varasemast adekvaatsemalt grupi varasid, kohustusi ja
omakapitali.
PÕHILISED NÄITAJAD
I kvartali äritulud kokku moodustasid 68,0 mln krooni (4,3 mln eurot), 25 %
vähem kui eelmisel aastal
Ärikahjum oli -9,8 mln krooni (- 0,6 mln eurot), 42 % vähem kui eelmisel aastal
Puhaskahjum oli -11,8 mln krooni (- 0,8 mln eurot), 33 % vähem kui eelmisel
aastal
Omakapital moodustab 37,1 % (2009 I kv: 49 %) bilansimahust. Omakapitali
tootlikkus oli negatiivne
(2009 I kv: negatiivne). Investeeritud kapitali tootlikkus oli negatiivne (2009
I kv: negatiivne)
Ehituslepingute järelejäänud maht on 125,7 mln krooni (8,0 mln eurot)
Kvartali jooksul müüdi kortereid ja krunte kokku 30 tükki.
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
| | | I kvartal | I | I kvartal | I kvartal |
| | | 2010 | kvartal | 2010 | 2009 |
| | | | 2009 | | |
--------------------------------------------------------------------------------
| miljonites | | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja muu äritulu | | 68,0 | 90,2 | 4,3 | 5,8 |
--------------------------------------------------------------------------------
| Ärikasum | | -9,8 | -17,1 | -0,6 | -1,1 |
--------------------------------------------------------------------------------
| s.h | | -3,3 | 0,0 | -0,2 | 0,0 |
| kinnisvarainvesteeringute | | | | | |
| ja varude ümberhindlused | | | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | | -11,8 | -17,6 | -0,8 | -1,1 |
--------------------------------------------------------------------------------
| s.h kasum või kahjum | | -3,7 | -4,7 | -0,2 | -0,3 |
| finantsvarade | | | | | |
| võõrandamisest | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -11,8 | -17,6 | -0,8 | -1,1 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| EPS 1 (kroonides ja | | -2,45 | -3,52 | -0,16 | -0,23 |
| eurodes) | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Varad kokku, perioodi | | 1 180,2 | 1 657,0 | 75,4 | 105,9 |
| lõpu seisuga | | | | | |
--------------------------------------------------------------------------------
| Investeeritud kapital, | | 997,8 | 1 435,4 | 63,8 | 91,7 |
| perioodi lõpu seisuga | | | | | |
--------------------------------------------------------------------------------
| Neto laenud, perioodi | | 509,1 | 519,2 | 32,5 | 33,2 |
| lõpu seisuga | | | | | |
--------------------------------------------------------------------------------
| Omakapital, perioodi lõpu | | 438,2 | 812,3 | 28,0 | 51,9 |
| seisuga | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Laenude keskmine pikkus | | 1,6 | 1,8 | 1,6 | 1,8 |
| (aastates) | | | | | |
--------------------------------------------------------------------------------
| Laenude keskmine intress | | 6,0% | 6,7% | 6,0% | 6,7% |
| (aastas) | | | | | |
--------------------------------------------------------------------------------
| ROIC (jooksev 4 | | neg | neg | neg | neg |
| kvartalit) | | | | | |
--------------------------------------------------------------------------------
| ROE (jooksev 4 kvartalit) | | neg | neg | neg | neg |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Töötajate arv perioodi | | 160 | 245 | 160 | 245 |
| lõpul | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| | EEK | |
--------------------------------------------------------------------------------
| | | I kvartal | I kvartal | I kvartal | I |
| | | 2010 | 2009 | 2010 | kvartal |
| | | | | | 2009 |
--------------------------------------------------------------------------------
| Miljonites | | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja muu äritulu | | | | | |
--------------------------------------------------------------------------------
| Teenindus | | 6,6 | 10,8 | 0,4 | 0,7 |
--------------------------------------------------------------------------------
| Arendus | | 38,9 | 24,7 | 2,5 | 1,6 |
--------------------------------------------------------------------------------
| Ehitus | | 24,1 | 58,9 | 1,5 | 3,8 |
--------------------------------------------------------------------------------
| Elimineerimised | | -1,6 | -4,2 | -0,1 | -0,3 |
--------------------------------------------------------------------------------
| Müügitulu ja muu äritulu | | 68,0 | 90,2 | 4,3 | 5,8 |
| kokku | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | | | | |
--------------------------------------------------------------------------------
| Teenindus | | -1,4 | -5,2 | -0,1 | -0,3 |
--------------------------------------------------------------------------------
| Arendus | | -2,7 | -3,7 | -0,2 | -0,2 |
--------------------------------------------------------------------------------
| Ehitus | | -2,0 | -3,4 | -0,1 | -0,2 |
--------------------------------------------------------------------------------
| Elimineerimised | | 3,9 | 0,0 | 0,2 | 0,0 |
--------------------------------------------------------------------------------
| Jagamatud ärikulud | | -7,6 | -4,8 | -0,5 | -0,4 |
--------------------------------------------------------------------------------
| Ärikasum kokku | | -9,8 | -17,1 | -0,7 | -1,1 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | | -2,0 | 0,2 | -0,1 | 0,0 |
| intressikulud | | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud ja | | 0,0 | -0,6 | 0,0 | 0,0 |
| -kulud | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -11,8 | -17,6 | -0,8 | -1,1 |
--------------------------------------------------------------------------------
2010 aasta I kvartali jooksul olulisi varade ümberhindlusi ei toimunud.
Põhilised kulude kärped on tehtud ja töö kulude alandamise suunas on muutunud
iga äriüksuse rutiiniks. Põhitähelepanu on suunatud käibe suurendamisele,
Madrid'i projekti lõpetamisele ja likviidsuse parandamisele läbi projektide ja
laoseisu müügi.
Finantstulusid- ja kulusid mõjutas enim AS-i Ühendatud Kapital vastu USA
dollarites kajastatud nõude valuutakursi kasum summas 2,3 mln krooni (0,15 mln
eurot) ja Arco Vara Saare Kinnistute OÜ müügist tekkinud kahjum 3,6 mln krooni
(0,23 mln eurot). Hoolimata müügitulude ja muude äritulude vähenemisest
Ehitusdivisjonis ja Teenindusdivisjonis on ärikahjum võrreldes eelmise aasta
sama perioodiga vähenenud kõikide divisjonide lõikes.
RAHAVOOD
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | | | I | I | | I | I |
| | | | kvartal | kvarta | | kvartal | kvartal |
| | | | 2010 | l 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| miljonites | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | | | -0,8 | -37,7 | | -0,1 | -2,4 |
| rahavood | | | | | | | |
--------------------------------------------------------------------------------
| Investeerimistegev | | | -0,2 | 34,7 | | 0,0 | 2,2 |
| use rahavood | | | | | | | |
--------------------------------------------------------------------------------
| Finantseerimistege | | | -13,5 | -88,3 | | -0,9 | -5,6 |
| vuse rahavood | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi rahavood | | | -14,5 | -91,3 | | -1,0 | -5,8 |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raja | | | 64,7 | 156,1 | | 4,1 | 10,0 |
| ekvivalendid | | | | | | | |
| perioodi alguses | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | | | 0,2 | 0,0 | | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Raha ja raha | | | 50,5 | 64,7 | | 3,2 | 4,1 |
| ekvivalendid | | | | | | | |
| perioodi lõpus | | | | | | | |
--------------------------------------------------------------------------------
2010. aasta I kvartalis erakorralisi laenutagastusi pole toimunud.
Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed 8,0 mln
krooni (0,5 mln eurot), mis on vähenenud võrreldes eelmise aasta sama perioodiga
20%. Graafikujärgseid ja varude müügiga seotud põhiosa tagasimakseid on olnud
31,6 mln krooni (2,0 mln eurot), perioodi jooksul kasutatud limiitidest suurima
osa moodustab Madridi projekti lõpetamisega seotud finantseerimine 25,5 mln
krooni (1,6 mln eurot).
Suurimad lühiajalised kohustused järgmise 12 kuu jooksul:
projektide „Tivoli” ja „Laeva2” laenud kogusummas 102,5 mln krooni (6,6 mln
eurot);
„Kodukolde“ projekti laen summas 31,2 mln krooni (2,0 mln eurot);
Bišumuiža-1 (BM-1) arendusprojekti laen Riias summas 45,1 mln krooni (2,9 mln
eurot);
arvestuslik põhiosatagastus broneeritud pindade müügist projektis „Boulevard
Residance Madrid“ Sofias, sest maja valmib hiljemalt I poolaasta jooksul 2010,
summas 115,0 mln krooni (7,4 mln eurot);
kommertspaberid summas 18,9 mln krooni (1,2 mln eurot).
Jooksvalt on makstud laene tagasi projektides „Kodukolde” ja Merivälja2
Tallinnas, „Bišumuiža-1” Riias ning rahavoogu tootvates projektides. Enamus
Kontserni kohustusi on eurodes.
TEENINDUSDIVISJON
Kulud on suures osas viidud miinimumini, kuid neid hoitakse pideva järelevalve
all. Plaanis on lõpetada veel mõned koostöölepingud, mis ei ole
teenindusdivisjonile enam kasulikud. Realiseerimisse suunati kaks varasemat
investeeringut, mida ei ole otstarbekas hoida.
Seoses eluruumide turu segmendi elavnemise märkidega alustati aktiivsemat
turunduskampaaniat üle Eesti, mida on plaanis jätkata 2010. aasta lõpuni.
Alustati läbirääkimisi koostöölepingute sõlmimiseks suuremate elu- ja äripindade
arendajatega, otsiti ja võeti juurde büroodele juhte ja müügiinimesi, kes
aktiviseeriks maakler-, hindamis- ja turundustegevust kõikides Eesti
piirkondades ja tooks meie teenused ja büroode asukohad klientidele nähtavamaks.
Eesmärgiks on aidata klientidel teha otsuseid keerulises turuolukorras ja
pakkuda laia teenuste ja objektide valikut.
Divisjoni I kvartali ärikasum oli kokku -1,4 mln krooni (-0,09 mln eurot),
millest ebatõenäoliselt laekuvate nõuete allahindlused moodustasid 0,6 mln
krooni (0,04 mln eurot). Kvartali ärikasum põhitegevusest oli seega -0,8 mln
krooni (-0,05 mln eurot), mis on ajalooliselt üks parimaid tulemusi.
Kontserni vahendustehingute arv võrreldes eelmise aasta sama perioodiga on
tõusnud 11 %, samuti on tõusnud hindamisaktide arv 12 % võrra.
2010. aasta märtsi lõpu seisuga töötas divisjonis kokku 63 inimest (31.03.2009
seisuga 73 inimest).
--------------------------------------------------------------------------------
| | | I kvartal | I kvartal | muutus, % |
| | | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Vahendatud objektide arv | | 230 | 208 | 11% |
--------------------------------------------------------------------------------
| Müügis olevad projektid, tk | | 171 | 186 | -8% |
--------------------------------------------------------------------------------
| Hindamisaktide arv | | 910 | 810 | 12% |
--------------------------------------------------------------------------------
| Hindajate arv* | | 36 | 33 | 9% |
--------------------------------------------------------------------------------
| Maaklerite arv* | | 77 | 111 | -31% |
--------------------------------------------------------------------------------
| Divisjoni töötajate arv | | 63 | 73 | -14% |
| perioodi lõpus | | | | |
--------------------------------------------------------------------------------
| * sisaldab käsunduslepinguid | | | | |
--------------------------------------------------------------------------------
ARENDUSDIVISJON
Kolme kuuga müüdi Arco Vara projektides 30 korterit või krunti. Lätis müüdi
kolme kuu jooksul 3 Bišumuiža korterit ja 4 elamukrunti projektis Mazais
Baltezers'i järve lähedal. Eestis müüdi 16 Kodukolde korterit ja 7 Merivälja
krunti.
Kodukolde arendusprojekti järgmise etapi ehitamiseks (100 korterit) ja
finantseerimiseks on sõlmitud töövõtuleping AS-iga Merko Ehitus. Neljast majast
esimesed kaks valmivad 2011. aasta kevadel.
Tivoli projekti osas peetakse jätkuvalt läbirääkimisi võimalike partnerite ja
pankadega ehituse alustamiseks ja finantseerimiseks.
Arendusdivisjoni suurimaks riskiks on jätkuvalt hoonestamata kruntide laenude
refinantseerimine Eestis.
Tänu kinnisvaraturu stabiliseerumisele on varasemad müügi edendamiseks tehtud
hinnalangetused tänaseks peatunud ning mõne objekti puhul on hinnad ka mõningal
määral tõusnud. 2010. aasta märtsi lõpu seisuga töötas divisjonis kokku 26
inimest (31.03.2009 seisuga 30 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on võitnud hankeid lisaks tavapäraseks kujunenud keskkonna- ja
infrastruktuuriprojektidele ka tsiviilehituse (enamasti haridusasutustega
seotud) pakkumistel.
Kolme kuu suuremateks uuteks ehituslepinguteks on Lennuakadeemia 43,9 mln
krooniga (2,8 mln eurot), TTÜ 4 korpus ja Järvamaa Hariduskeskuse Paide
õppehoone.
Kolme kuuga sõlmiti uusi ehituslepinguid 83,4 mln krooni (5,3 mln euro)
väärtuses, mis on oluline tõus võrreldes eelmise aasta IV kvartali 34,0 mln
krooniga (2,2 mln eurot). Ehituslepingute järelejäänud maht on I kvartali lõpu
seisuga 125,7 mln krooni (8,0 mln eurot) võrreldes 2009. aasta lõpu 80,0 mln
krooniga (5,1 mln euroga).
2010. aasta märtsi lõpu seisuga töötas divisjonis kokku 49 inimest (31.03.2009
seisuga 59 inimest).
Konsolideeritud raamatupidamise vahearuanne
Konsolideeritud koondkasumiaruanne
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| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | Lis | | I | I | | I | I |
| | a | | kvartal | kvartal | | kvartal | kvartal |
| | | | 2010 | 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| EEK tuhandetes | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu teenuste | | | 28 707 | 70 536 | | 1 835 | 4 508 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade | | | 37 463 | 18 406 | | 2 394 | 1 176 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | | | 66 170 | 88 942 | | 4 229 | 5 684 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu | 3 | | -58 597 | -85 994 | | -3 745 | -5 496 |
| kulu | | | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | | 7 573 | 2 948 | | 484 | 188 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 4 | | 1 836 | 1 271 | | 117 | 81 |
--------------------------------------------------------------------------------
| Turustuskulud | 5 | | -983 | -876 | | -63 | -56 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 6 | | -17 213 | -20 063 | | -1 100 | -1 282 |
--------------------------------------------------------------------------------
| Muud ärikulud | 4 | | -1 058 | -429 | | -68 | -27 |
--------------------------------------------------------------------------------
| Ärikasum | | | -9 845 | -17 149 | | -630 | -1 096 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | 4 926 | 11 766 | | 315 | 752 |
| investeerimistegev | | | | | | | |
| use tulud | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | -6 832 | -12 204 | | -437 | -780 |
| investeerimistegev | | | | | | | |
| use kulud | | | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | | -11 751 | -17 587 | | -752 | -1 124 |
| tulumaksu | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | | -8 | 0 | | -1 | 0 |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -11 759 | -17 587 | | -753 | -1 124 |
| puhaskasum(-kahjum | | | | | | | |
| ) | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi kasumi | | | | | | | |
| jaotus: | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | | -11 759 | -16 727 | | -753 | -1 069 |
| osalus kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemus osalus | | | 0 | -860 | | 0 | -55 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkahjum: | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 161 | 13 | | 11 | 1 |
| välisettevõtte | | | | | | |
| ümberarvestamisel | | | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -11 598 | -17 574 | | -742 | -1 123 |
| koondkasum(-kahjum | | | | | | | |
| ) | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | | -11 598 | -16 714 | | -742 | -1 068 |
| osalus kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemus osalus | | | 0 | -860 | | 0 | -55 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| | | | -11 598 | -17 574 | | -742 | -1 123 |
--------------------------------------------------------------------------------
| Aktsia puhaskasum | 8 | | | | | | |
--------------------------------------------------------------------------------
| - tava | | | -2,45 | -3,52 | | -0,16 | -0,23 |
--------------------------------------------------------------------------------
| - lahustatud | | | -2,45 | -3,52 | | -0,16 | -0,23 |
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
--------------------------------------------------------------------------------
| | Lisa | | 31.03.2 | | 31.12.200 | | 31.12.20 |
| | | | 010 | | 9 | | 08 |
--------------------------------------------------------------------------------
| tuhandetes EEK | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | 50 505 | | 64 724 | | 156 061 |
| ekvivalendid | | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 0 | | 0 | | 40 416 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 129 500 | | 150 939 | | 276 541 |
--------------------------------------------------------------------------------
| Ettemakstud kulud | | | 2 383 | | 2 999 | | 6 077 |
--------------------------------------------------------------------------------
| Varud | 10 | | 749 155 | | 754 805 | | 827 237 |
--------------------------------------------------------------------------------
| Bioloogilised varad | | | 0 | | 0 | | 3 680 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 931 543 | | 973 467 | | 1 310 |
| | | | | | | | 012 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 17 883 | | 17 853 | | 216 025 |
--------------------------------------------------------------------------------
| Nõuded | | | 2 640 | | 2 635 | | 921 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteering | 11 | | 217 051 | | 219 129 | | 157 367 |
| ud | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 12 | | 10 245 | | 10 545 | | 41 664 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 13 | | 800 | | 812 | | 12 475 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 248 619 | | 250 974 | | 428 452 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 1 180 | | 1 224 441 | | 1 738 |
| | | | 162 | | | | 464 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 392 648 | | 371 615 | | 223 598 |
--------------------------------------------------------------------------------
| Võlad | 15 | | 53 805 | | 83 621 | | 124 190 |
--------------------------------------------------------------------------------
| Ettemaksed | | | 83 382 | | 81 902 | | 64 172 |
--------------------------------------------------------------------------------
| Eraldised | | | 45 161 | | 43 571 | | 37 999 |
--------------------------------------------------------------------------------
| Lühiajalised | | | 574 996 | | 580 709 | | 449 959 |
| kohustused kokku | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 160 801 | | 186 578 | | 454 048 |
--------------------------------------------------------------------------------
| Võlad | | | 6 178 | | 6 278 | | 1 418 |
--------------------------------------------------------------------------------
| Eraldised | | | 0 | | 1 100 | | 3 191 |
--------------------------------------------------------------------------------
| Pikaajalised | | | 166 979 | | 193 956 | | 458 657 |
| kohustused kokku | | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | | 741 975 | | 774 665 | | 908 616 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 8 | | 47 417 | | 952 841 | | 952 842 |
--------------------------------------------------------------------------------
| Ülekurss | | | 0 | | 0 | | 712 514 |
--------------------------------------------------------------------------------
| Kohustuslik | | | 31 463 | | 31 463 | | 31 463 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 359 298 | | -530 536 | | -866 593 |
--------------------------------------------------------------------------------
| Oma aktsiad | | | 0 | | -3 992 | | -3 992 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 438 178 | | 449 776 | | 826 234 |
| kuuluv omakapital | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele | | | 9 | | 0 | | 3 614 |
| kuuluv omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 438 187 | | 449 776 | | 829 848 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | 1 180 | | 1 224 441 | | 1 738 |
| OMAKAPITAL KOKKU | | | 162 | | | | 464 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Lisa | | 31.03.2 | | 31.12.200 | | 31.12.20 |
| | | | 010 | | 9 | | 08 |
--------------------------------------------------------------------------------
| tuhandetes EUR | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | 3 228 | | 4 137 | | 9 974 |
| ekvivalendid | | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 0 | | 0 | | 2 583 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 8 277 | | 9 647 | | 17 674 |
--------------------------------------------------------------------------------
| Ettemakstud kulud | | | 152 | | 192 | | 388 |
--------------------------------------------------------------------------------
| Varud | 10 | | 47 880 | | 48 241 | | 52 870 |
--------------------------------------------------------------------------------
| Bioloogilised varad | | | 0 | | 0 | | 235 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 59 537 | | 62 217 | | 83 724 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 1 143 | | 1 141 | | 13 806 |
--------------------------------------------------------------------------------
| Nõuded | | | 169 | | 168 | | 59 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteering | 11 | | 13 872 | | 14 005 | | 10 058 |
| ud | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 12 | | 655 | | 674 | | 2 663 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 13 | | 51 | | 52 | | 798 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 15 890 | | 16 040 | | 27 384 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 75 427 | | 78 257 | | 111 108 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 25 095 | | 23 750 | | 14 290 |
--------------------------------------------------------------------------------
| Võlad | 15 | | 3 439 | | 5 344 | | 7 937 |
--------------------------------------------------------------------------------
| Ettemaksed | | | 5 329 | | 5 234 | | 4 101 |
--------------------------------------------------------------------------------
| Eraldised | | | 2 886 | | 2 788 | | 2 429 |
--------------------------------------------------------------------------------
| Lühiajalised | | | 36 749 | | 37 116 | | 28 757 |
| kohustused kokku | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 10 277 | | 11 924 | | 29 019 |
--------------------------------------------------------------------------------
| Võlad | | | 395 | | 401 | | 91 |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 0 | | 70 | | 204 |
| tulumaksukohustus | | | | | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | 10 672 | | 12 395 | | 29 314 |
| kohustused kokku | | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | | 47 421 | | 49 511 | | 58 071 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 8 | | 3 030 | | 60 897 | | 60 897 |
--------------------------------------------------------------------------------
| Ülekurss | | | 0 | | 0 | | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik | | | 2 011 | | 2 011 | | 2 011 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 22 963 | | -33 907 | | -55 385 |
--------------------------------------------------------------------------------
| Oma aktsiad | | | 0 | | -255 | | -255 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 28 004 | | 28 746 | | 52 806 |
| kuuluv omakapital | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele | | | 1 | | 0 | | 231 |
| kuuluv omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 28 005 | | 28 746 | | 53 037 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | 75 426 | | 78 257 | | 111 108 |
| OMAKAPITAL KOKKU | | | | | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | Li | | I | I | | I | I |
| | sa | | kvarta | kvarta | | kvartal | kvartal |
| | | | l 2010 | l 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | | -11 | -17 | | -752 | -1 124 |
| | | | 759 | 587 | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | 7 | | 1 979 | -191 | | 126 | -12 |
| intressikulud | | | | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | | | 3 590 | 4 673 | | 229 | 299 |
| tütar- ja ühisettevõtete | | | | | | | |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud muudelt | 7 | | 48 | 21 | | 3 | 1 |
| pikaajalistelt | | | | | | | |
| finantsinvesteeringutelt | | | | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 7 | | 0 | 52 | | 0 | 3 |
| allahindluskulu | | | | | | | |
--------------------------------------------------------------------------------
| Kasum ja kahjum | | | -1 256 | 4 673 | | -80 | 299 |
| kap.osaluse meetodil | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3, | | 376 | 1 000 | | 24 | 64 |
| immateriaalse põhivara | 4, | | | | | | |
| amortisatsioon ja | 6 | | | | | | |
| väärtuse langus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3, | | 0 | 24 | | 0 | 2 |
| immateriaalse põhivara | 4, | | | | | | |
| müügi kasum või kahjum | 6 | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringut | 4 | | 0 | -97 | | 0 | -6 |
| e müügi kasum või kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringut | 4 | | 5 | 0 | | 1 | 0 |
| e ja bioloogilise vara | | | | | | | |
| õiglase väärtuse muutus | | | | | | | |
--------------------------------------------------------------------------------
| Varude ümberhindluse | 3 | | 3 291 | 0 | | 210 | 0 |
| kasum/kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi kasumid ja | 7 | | -2 455 | -4 117 | | -157 | -263 |
| kahjumid | | | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksukulu | | | 8 | 0 | | 1 | 0 |
--------------------------------------------------------------------------------
| Äritegevuse rahavood | | | -6 173 | -11 | | -395 | -737 |
| enne käibekapitali | | | | 549 | | | |
| muutuseid | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | | | 29 156 | 22 940 | | 1 863 | 1 466 |
| nõuete ja ettemaksude | | | | | | | |
| muutus | | | | | | | |
--------------------------------------------------------------------------------
| Varude muutus | | | 14 661 | -32 | | 937 | -2 071 |
| | | | | 399 | | | |
--------------------------------------------------------------------------------
| Bioloogiliste varade | | | 0 | 447 | | 0 | 29 |
| muutus | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | | | -38 | -17 | | -2 456 | -1 096 |
| kohustuste ettemaksude | | | 440 | 144 | | | |
| muutus | | | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD ÄRITEGEVUSEST | | | -796 | -37 | | -51 | -2 409 |
| KOKKU | | | | 705 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | | -162 | -7 747 | | -10 | -495 |
| immateriaalse põhivara | | | | | | | |
| soetus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | | 0 | 341 | | 0 | 22 |
| immateriaalse põhivara | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringut | | | -111 | -15 | | -7 | -1 |
| e soetus | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringut | | | 0 | 250 | | 0 | 16 |
| e müük | | | | | | | |
--------------------------------------------------------------------------------
| Muude | | | 0 | 40 416 | | 0 | 2 583 |
| finantsinvesteeringute | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Antud laenud | | | -182 | -4 246 | | -12 | -271 |
--------------------------------------------------------------------------------
| Antud laenude | | | 28 | 3 395 | | 2 | 217 |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | | 364 | 2 301 | | 23 | 147 |
--------------------------------------------------------------------------------
| RAHAVOOD | | | -63 | 34 695 | | -4 | 2 218 |
| INVESTEERIMISTEGEVUSEST | | | | | | | |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Saadud laenud | | | 26 113 | 21 754 | | 1 669 | 1 390 |
--------------------------------------------------------------------------------
| Laenude ja | | | -31 | -100 | | -2 020 | -6 399 |
| kapitalirendikohustuste | | | 599 | 119 | | | |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | | | -8 015 | -9 974 | | -512 | -637 |
--------------------------------------------------------------------------------
| RAHAVOOD | | | -13 | -88 | | -863 | -5 646 |
| FINANTSEERIMISEGEVUSEST | | | 501 | 339 | | | |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | | | -14 | -91 | | -918 | -5 837 |
| | | | 360 | 349 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | 64 724 | 156 | | 4 137 | 9 974 |
| ekvivalendid perioodi | | | | 061 | | | |
| alguses | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | -14 | -91 | | -918 | -5 837 |
| ekvivalentide muutus | | | 360 | 349 | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | | | 141 | 12 | | 8 | 1 |
--------------------------------------------------------------------------------
| Raha ja raha | | | 50 505 | 64 724 | | 3 228 | 4 137 |
| ekvivalendid perioodi | | | | | | | |
| lõpus | | | | | | | |
--------------------------------------------------------------------------------
Teate sisu inglise keeles
Pealkiri
Management report to 1st quarter 2010
Teade
Comments by the CEO
During the first quarter of 2010, 30 apartments or plots were sold under Arco
Vara projects. The strategy of Arco Vara development division is to finish the
unfinished apartments in the Bišumuiža-1 project in Riga, the apartments and
business areas in the Boulevard Residence Madrid and Manastirski projects in
Sofia.
At the same time, new developments have to be started, in order to be ready for
the market demand. The sales pace during recent quarters has considerably
decreased the stock-in-trade and the construction prices are still favourable.
AS Kolde, a subsidiary of Arco Vara AS group, and AS Merko Ehitus agreed on the
next construction and financing phase of the Kodukolde development project. The
new residential complex consists of four apartment houses with 100 apartments
and 40 underground garage boxes, with a gross enclosed area of 8,760 square
meters. The two first houses will be completed by the spring 2011. In January,
the detailed plan of Paldiski road 80 entered into force, providing for a
business building with a maximum gross enclosed area of 30,300 m2.
By restructuring the service division, the administration costs were
considerably reduced (by 62% on year-over-year basis), at a somewhat slower
pace, the turnover has decreased (by 39% on year-over-year basis). The operating
loss of the quarter from current operations amounted to 1.4 million kroons (0.1
million euros), 74% down year-over-year. Reduction of the number of employees
has stopped and the staff decreased by 14% on year-over-year basis. The work
organisation of some smaller offices outside the capital city was changed by
giving up the classical office-based work organisation and applying the home
office system by maintaining our full service selection at the same time. In
other offices, more cost effective work organisation solutions are being
implemented in cooperation with employees. The aim of the service division is to
continue implementing the work organisation that has been applied and has
justified itself in Estonia also in foreign markets. This allows increasing
service provision with unlimited means in these countries, with a future focus
on Estonia, Latvia and Bulgaria.
In construction division, new contracts amounting to 83.4 million kroons (5.3
million euro) in total were concluded during the three months, which is
considerably more than the 34.0 million kroons (2.2 million euros) of Q4. The
reserve of construction agreements has increased to 125.7 million kroons (8.0
million euros). The main contracting authority is still the government sector
and municipalities. In addition to environmental and infrastructure projects,
resources are directed to projects related to education sector. It is important
to mention that the internal turnover related to construction has been almost
non-existent during the first quarter in the group.
The gross profit without revaluation was 10.9 million kroons (0.7 million
euros). The net profit without revaluation of inventory, property investment,
financial assets, and goodwill, and without the loss of transfer of holdings and
assets amounted to -4.9 million kroons (-0.3 million euros). The reduction in
fixed costs accomplished during the last year has had a positive effect to the
results of the current year, the administration costs have been reduced by 14%
year-over-year.
The management is still focused on the reduction of fixed costs. In addition to
reduction, cost optimisation in a manner that supports the sales increase in the
best possible way has become important again. In order to cover the fixed costs,
construction and sales of new production were started. In addition to the
development of the last stage of the Kodukolde project, we are negotiating with
banks and potential partners in order to start the first stage of the Tivoli
project (approx. 150 apartments) and find a beneficial financing structure for
it.
In order to improve liquidity, the group has sold on a current basis smaller
property investments during the first quarter, over which no control and
management can be exercised or that in any other way do not meet the group's
strategic goals.
The group has extended the loan taken from the Piraeus Bank Bulgaria for the
development of the Madrid project in Sofia, as well as the SEB bank loans
related to the Navigator and Tivoli projects in Tallinn in a total amount of
371.6 million kroons (23.8 million euros). As a result, the loan term for the
Madrid project was extended by three years from 2012 to 2015, the loan for the
Navigator and Tivoli projects were extended to 30 June 2010. Thanks to the
extension of loans, the financial risks of the group are considerably lower.
In December last year, Arco Vara AS shareholders decided to reduce the share
capital and on 16.03.2010, the relevant entry in the business register entered
into force. Reduction of share capital has reduced the volatility of the share
price, enabled a more efficient pricing of the share on stock exchange (through
reduction in purchase and sales price difference), and created possibilities for
a further strengthening of the capital structure.
Change in accounting policies for recognising jointly controlled entities.
The Group's management has reviewed the accounting principles for reflecting the
joint ventures. Previously, jointly controlled entities were recognised using
proportionate consolidation. Starting from January 2010, jointly controlled
entities are recognised by equity method. In management's opinion, the equity
method reflects the assets, liabilities and equity of the group on a more
adequate basis than before.
KEY FINANCIALS
Revenue and other income for the 1st quarter totalled 68.0 million kroons (4.3
million euros), 25 % down year-over-year.
Operating loss was -9.8 million kroons (-0.6 million euros), 42% down
year-over-year.
Net loss was -11.8 million kroons (-0.8 million euros), 33% down year-over-year.
Equity ratio was 37.1 % (2009 Q1: 49 %) of the balance sheet total. ROE was
negative (2009 Q1: negative).
ROIC was negative (2009 Q1: negative).
The residual volume of building contracts is 125.7 million kroons (8.0 million
euros.
During the quarter, a total of 30 apartments and plots were sold.
--------------------------------------------------------------------------------
| | | EEK | EUR |
--------------------------------------------------------------------------------
| | | 2010 Q1 | 2009 Q1 | 2010 Q1 | 2009 Q1 |
--------------------------------------------------------------------------------
| In millions | | | | | |
--------------------------------------------------------------------------------
| Revenue and other income | | 68.0 | 90.2 | 4.3 | 5.8 |
--------------------------------------------------------------------------------
| Operating profit | | -9.8 | -17.1 | -0.6 | -1.1 |
--------------------------------------------------------------------------------
| incl. revaluation of | | -3.3 | 0.0 | -0.2 | 0.0 |
| investment property and | | | | | |
| inventory | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | | -11.8 | -17.6 | -0.8 | -1.1 |
--------------------------------------------------------------------------------
| incl. profit or loss from | | -3.7 | -4.7 | -0.2 | -0.3 |
| transfer of financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Profit for the year | | -11.8 | -17.6 | -0.8 | -1.1 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| EPS 1 (in kroons and | | -2.45 | -3.52 | -0.16 | -0.23 |
| euros) | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Total assets at period | | 1 180.2 | 1 657.0 | 75.4 | 105.9 |
| end | | | | | |
--------------------------------------------------------------------------------
| Invested capital at | | 997.8 | 1 435.4 | 63.8 | 91.7 |
| period end | | | | | |
--------------------------------------------------------------------------------
| Net loans at period end | | 509.1 | 519.2 | 32.5 | 33.2 |
--------------------------------------------------------------------------------
| Equity at period end | | 438.2 | 812.3 | 28.0 | 51.9 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Average loan term (in | | 1.6 | 1.8 | 1.6 | 1.8 |
| years) | | | | | |
--------------------------------------------------------------------------------
| Average interest rate of | | 6.0% | 6.7% | 6.0% | 6.7% |
| loans (per year) | | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling 4 quarters) | | neg | neg | neg | neg |
--------------------------------------------------------------------------------
| ROE (rolling 4 quarters) | | neg | neg | neg | neg |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Number of staff at period | | 160 | 245 | 160 | 245 |
| end | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| | EEK | |
--------------------------------------------------------------------------------
| | | 2010 Q1 | 2009 Q1 | 2010 Q1 | 2009 Q1 |
--------------------------------------------------------------------------------
| In millions | | | | | |
--------------------------------------------------------------------------------
| Revenue and other income | | | | | |
--------------------------------------------------------------------------------
| Service | | 6.6 | 10.8 | 0.4 | 0.7 |
--------------------------------------------------------------------------------
| Development | | 38.9 | 24.7 | 2.5 | 1.6 |
--------------------------------------------------------------------------------
| Construction | | 24.1 | 58.9 | 1.5 | 3.8 |
--------------------------------------------------------------------------------
| Eliminations | | -1.6 | -4.2 | -0.1 | -0.3 |
--------------------------------------------------------------------------------
| Total revenue and other | | 68.0 | 90.2 | 4.3 | 5.8 |
| income | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | |
--------------------------------------------------------------------------------
| Service | | -1.4 | -5.2 | -0.1 | -0.3 |
--------------------------------------------------------------------------------
| Development | | -2.7 | -3.7 | -0.2 | -0.2 |
--------------------------------------------------------------------------------
| Construction | | -2.0 | -3.4 | -0.1 | -0.2 |
--------------------------------------------------------------------------------
| Eliminations | | 3.9 | 0.0 | 0.2 | 0.0 |
--------------------------------------------------------------------------------
| Unallocated expenses | | -7.6 | -4.8 | -0.5 | -0.4 |
--------------------------------------------------------------------------------
| Total operating profit | | -9.8 | -17.1 | -0.7 | -1.1 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Interest income and | | -2.0 | 0.2 | -0.1 | 0.0 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Net other financial items | | 0.0 | -0.6 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Profit for the year | | -11.8 | -17.6 | -0,8 | -1.1 |
--------------------------------------------------------------------------------
During the first quarter of 2010, no considerable revaluations of assets were
made. Main cost cuttings have been made, and striving towards reduced costs has
become a routine practice in all of our business units. The main focus is now
set on increasing the turnover, completing the Madrid project, and improving the
liquidity through the sales of projects and stock-in-trade.
The financial income and expenses were mainly influenced by the exchange rate
profit of 2.3 million kroons (0.15 million euros) from the claim against AS
Ühendatud Kapital in US dollars, as well as by the loss from the sales of Arco
Vara Saare Kinnistute OÜ - 3.6 million kroons (0.23 million euros). Despite of
the reduction in sales and other operating revenue and income in the
construction and service divisions, the operating loss has decreased in all
divisions year-over-year.
CASH FLOWS
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | | | 2010 Q1 | 2009 | | 2010 Q1 | 2009 Q1 |
| | | | | Q1 | | | |
--------------------------------------------------------------------------------
| In millions | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | | -0.8 | -37.7 | | -0.1 | -2.4 |
| operating | | | | | | | |
| activities | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | | -0.2 | 34.7 | | 0.0 | 2.2 |
| investing | | | | | | | |
| activities | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | | -13.5 | -88.3 | | -0.9 | -5.6 |
| financing | | | | | | | |
| activities | | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow | | | -14.5 | -91.3 | | -1.0 | -5.8 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 64.7 | 156.1 | | 4.1 | 10.0 |
| equivalents at | | | | | | | |
| beginning of | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Effect of exchange | | | 0.2 | 0.0 | | 0.0 | 0.0 |
| rate fluctuations | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 50.5 | 64.7 | | 3.2 | 4.1 |
| equivalents at end | | | | | | | |
| of period | | | | | | | |
--------------------------------------------------------------------------------
No extraordinary loan redemptions were made during Q1 2010. Financing activity
from net cash flows comprises interest payments 8.0 million kroons (0.5 million
euros), which has reduced 20% year-over-year. Scheduled repayments as well as
principal repayments related to the sales of inventories have amounted to 31.6
million kroons (2.0 million euros), the biggest portion of limits used during
the period is made up by the financing in the amount of 25.5 million kroons (1.6
million euros) related to the completion of the Madrid project.
Major short-term liabilities during the next 12 months:
„Tivoli” and „Laeva2” project loans in the total amount of 102.5 million kroons
(6.6 million euros)
„Kodukolde“ project loan in the amount of 31.2 million kroons (2.0 million
euros);
The loan for the Bišumuiža-1 (BM-1) development project in Riga in the amount of
45.1 million kroons (2.9 million euros);
calculated principal returns from the sales of booked spaces in the „Boulevard
Residence Madrid“ project on Sofia as the house will be finished by the 1st
half-year 2010 at the latest, in an amount of 115.0 million kroons (7.4 million
euros);
commercial papers in the amount of 18.9 million kroons (1.2 million euros).
On a current basis, loans have been redeemed in the „Kodukolde” and Merivälja 2
projects in Tallinn and the „Bišumuiža-1” in Riga as well as in projects
creating cash flow. Most of the liabilities of the Group are in euros.
SERVICE DIVISION
Costs have been minimised to a large extent, but they are being kept under
strict supervision. Some cooperation agreements that are not profitable for the
service division anymore, are intended to be terminated. Two previous
unprofitable investments were sold. In connection with signs of activation on
the residential market segment, more powerful marketing campaign was started all
over Estonia, which is intended to be continued until end of 2010. Negotiations
for cooperation agreements with bigger residential and commercial area
developers were started, managers and sales persons for offices were recruited,
in order to activate brokerage, valuation and marketing activity in all Estonian
regions and make our services and office locations more visible for our
customers. Our aim is to help customers to make decisions in a difficult market
situation and offer a broad service and property selection.
Division's total operating profit for Q1 amounted to -1.4 million kroons (-0.09
million euros), whereof doubtful receivable impairments made up 0.6 million
kroons (0.04 million euros). Thus, quarter operating profit from core activities
amounted to -0.8 million kroons (-0.05 million euros) which is historically one
of the best results.
The number of brokerage transaction of the group has increased by 11%
year-over-year, also the number of valuation reports has increased by 12%. As of
31 March 2010, the division employed 63 persons (31 March 2009: 73 persons).
--------------------------------------------------------------------------------
| | | 2010 Q1 | 2009 Q1 | change, % |
--------------------------------------------------------------------------------
| Number of brokered objects | | 230 | 208 | 11% |
--------------------------------------------------------------------------------
| Projects being sold, pcs. | | 171 | 186 | -8% |
--------------------------------------------------------------------------------
| Number of valuation reports | | 910 | 810 | 12% |
--------------------------------------------------------------------------------
| Number of appraisers* | | 36 | 33 | 9% |
--------------------------------------------------------------------------------
| Number of real estate brokers* | | 77 | 111 | -31% |
--------------------------------------------------------------------------------
| Average number of staff | | 63 | 73 | -14% |
--------------------------------------------------------------------------------
| * Includes authorisation | | | | |
| agreements | | | | |
--------------------------------------------------------------------------------
DEVELOPMENT DIVISION
Within three months, 30 apartments or plots were sold under Arco Vara projects.
In Latvia, 3 Bišumuiža apartments and 4 residential plots in the project near
the Mazais Baltezers lake were sold. In Estonia, 16 Kodukolde apartments and 7
Merivälja plots were sold.
For the construction (100 apartments) and financing of the next stage of
Kodukolde a contract for services with AS Merko Ehitus has been concluded. The
two first houses will be finished by the spring 2011.
With regard to the Tivoli project, negotiations for finding possible partners
and banks for starting and financing the construction are being held.
The main risk factor for the development division is still the refinancing of
loans of plots in Estonia.
Thanks to stabilisation of the real estate market, the previous price deductions
made for promoting sales have been suspended, for some projects, the prices have
increased to some extent. 2010. As of 31 March 2010, the division employed 26
people (31 March 2009: 30 persons).
CONSTRUCTION DIVISION
In addition to routine environmental and infrastructure projects, the
construction division has won tenders related to educational institutions.
The biggest construction agreements during three months were Aviation Academy
with 43.9 million kroons (2.8 million euros), Tallinn Technical University 4th
block, and the Paide study building of the Järvamaa Education Centre.
New construction agreements amounting to 83.4 million kroons (5.3 million euro)
in total were concluded during the three months, which is considerably more than
the 34.0 million kroons (2.2 million euros) of last year's Q4. At the end of 1st
quarter, the construction agreements volume stood at 125.7 million kroons (8.0
million euros) against 80.0 million kroons (5.1 million euros) at the end of
2009. As of 31 March 2010, the division employed 49 people (31 March 2009: 59
persons).
Condensed consolidated interim financial statements
Condensed consolidated statement of comprehensive income
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | Note | | 2010 Q1 | 2009 Q1 | | 2010 Q1 | 2009 Q1 |
--------------------------------------------------------------------------------
| In thousands EEK | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from | | | 28 707 | 70 536 | | 1 835 | 4 508 |
| rendering of | | | | | | | |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Sale of goods | | | 37 463 | 18 406 | | 2 394 | 1 176 |
--------------------------------------------------------------------------------
| Total revenue | | | 66 170 | 88 942 | | 4 229 | 5 684 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | 3 | | -58 597 | -85 994 | | -3 745 | -5 496 |
--------------------------------------------------------------------------------
| Gross profit | | | 7 573 | 2 948 | | 484 | 188 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Other income | 4 | | 1 836 | 1 271 | | 117 | 81 |
--------------------------------------------------------------------------------
| Selling and | 5 | | -983 | -876 | | -63 | -56 |
| distribution | | | | | | | |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Administrative | 6 | | -17 213 | -20 063 | | -1 100 | -1 282 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 4 | | -1 058 | -429 | | -68 | -27 |
--------------------------------------------------------------------------------
| Operating profit | | | -9 845 | -17 149 | | -630 | -1 096 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finance income | 7 | | 4 926 | 11 766 | | 315 | 752 |
--------------------------------------------------------------------------------
| Finance expenses | 7 | | -6 832 | -12 204 | | -437 | -780 |
--------------------------------------------------------------------------------
| Profit before tax | | | -11 751 | -17 587 | | -752 | -1 124 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | -8 | 0 | | -1 | 0 |
--------------------------------------------------------------------------------
| Profit / loss for | | | -11 759 | -17 587 | | -753 | -1 124 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Profit | | | | | | | |
| distribution for | | | | | | | |
| the period: | | | | | | | |
--------------------------------------------------------------------------------
| Parent company's | | | -11 759 | -16 727 | | -753 | -1 069 |
| participation in | | | | | | | |
| loss | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 0 | -860 | | 0 | -55 |
| interest in loss | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | |
| comprehensive | | | | | | | |
| loss: | | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate differences | | 161 | 13 | | 11 | 1 |
| in converting foreign | | | | | | |
| company | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive | | | -11 598 | -17 574 | | -742 | -1 123 |
| profit / loss for | | | | | | | |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Parent company's | | | -11 598 | -16 714 | | -742 | -1 068 |
| participation in | | | | | | | |
| loss | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 0 | -860 | | 0 | -55 |
| interest in loss | | | | | | | |
--------------------------------------------------------------------------------
| | | | -11 598 | -17 574 | | -742 | -1 123 |
--------------------------------------------------------------------------------
| Earning per share | 8 | | | | | | |
--------------------------------------------------------------------------------
| - Basic | | | -2.45 | -3.52 | | -0.16 | -0.23 |
--------------------------------------------------------------------------------
| - Diluted | | | -2.45 | -3.52 | | -0.16 | -0.23 |
--------------------------------------------------------------------------------
Consolidated statement of financial position
--------------------------------------------------------------------------------
| | Note | | 31.03.2 | | 31.12.200 | | 31.12.20 |
| | | | 010 | | 9 | | 08 |
--------------------------------------------------------------------------------
| in thousands EEK | | | | | | | |
--------------------------------------------------------------------------------
| In thousands Cash and | | | 50 505 | | 64 724 | | 156 061 |
| cash equivalents | | | | | | | |
--------------------------------------------------------------------------------
| Financial investments | | | 0 | | 0 | | 40 416 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 129 500 | | 150 939 | | 276 541 |
--------------------------------------------------------------------------------
| Prepayments | | | 2 383 | | 2 999 | | 6 077 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 749 155 | | 754 805 | | 827 237 |
--------------------------------------------------------------------------------
| Biological assets | | | 0 | | 0 | | 3 680 |
--------------------------------------------------------------------------------
| Total current assets | | | 931 543 | | 973 467 | | 1 310 |
| | | | | | | | 012 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Financial investments | | | 17 883 | | 17 853 | | 216 025 |
--------------------------------------------------------------------------------
| Receivables | | | 2 640 | | 2 635 | | 921 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 217 051 | | 219 129 | | 157 367 |
--------------------------------------------------------------------------------
| Property, plant and | 12 | | 10 245 | | 10 545 | | 41 664 |
| equipment | | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 13 | | 800 | | 812 | | 12 475 |
--------------------------------------------------------------------------------
| Total non-current | | | 248 619 | | 250 974 | | 428 452 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 1 180 | | 1 224 441 | | 1 738 |
| | | | 162 | | | | 464 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 392 648 | | 371 615 | | 223 598 |
--------------------------------------------------------------------------------
| Payables | 15 | | 53 805 | | 83 621 | | 124 190 |
--------------------------------------------------------------------------------
| Deferred income | | | 83 382 | | 81 902 | | 64 172 |
--------------------------------------------------------------------------------
| Provisions | | | 45 161 | | 43 571 | | 37 999 |
--------------------------------------------------------------------------------
| Total current | | | 574 996 | | 580 709 | | 449 959 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 160 801 | | 186 578 | | 454 048 |
--------------------------------------------------------------------------------
| Payables | | | 6 178 | | 6 278 | | 1 418 |
--------------------------------------------------------------------------------
| Provisions | | | 0 | | 1 100 | | 3 191 |
--------------------------------------------------------------------------------
| Total non-current | | | 166 979 | | 193 956 | | 458 657 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | | 741 975 | | 774 665 | | 908 616 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 47 417 | | 952 841 | | 952 842 |
--------------------------------------------------------------------------------
| Share premium | | | 0 | | 0 | | 712 514 |
--------------------------------------------------------------------------------
| Statutory capital | | | 31 463 | | 31 463 | | 31 463 |
| reserve | | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | | 359 298 | | -530 536 | | -866 593 |
--------------------------------------------------------------------------------
| Treasury shares | | | 0 | | -3 992 | | -3 992 |
--------------------------------------------------------------------------------
| Total equity | | | 438 178 | | 449 776 | | 826 234 |
| attributable to equity | | | | | | | |
| holders of the parent | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 9 | | 0 | | 3 614 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Total equity | 8 | | 438 187 | | 449 776 | | 829 848 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 1 180 | | 1 224 441 | | 1 738 |
| EQUITY | | | 162 | | | | 464 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Note | | 31.03.2 | | 31.12.200 | | 31.12.20 |
| | | | 010 | | 9 | | 08 |
--------------------------------------------------------------------------------
| in thousands EUR | | | | | | | |
--------------------------------------------------------------------------------
| In thousands Cash and | | | 3 228 | | 4 137 | | 9 974 |
| cash equivalents | | | | | | | |
--------------------------------------------------------------------------------
| Financial investments | | | 0 | | 0 | | 2 583 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 8 277 | | 9 647 | | 17 674 |
--------------------------------------------------------------------------------
| Prepayments | | | 152 | | 192 | | 388 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 47 880 | | 48 241 | | 52 870 |
--------------------------------------------------------------------------------
| Biological assets | | | 0 | | 0 | | 235 |
--------------------------------------------------------------------------------
| Total current assets | | | 59 537 | | 62 217 | | 83 724 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Financial investments | | | 1 143 | | 1 141 | | 13 806 |
--------------------------------------------------------------------------------
| Receivables | | | 169 | | 168 | | 59 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 13 872 | | 14 005 | | 10 058 |
--------------------------------------------------------------------------------
| Property, plant and | 12 | | 655 | | 674 | | 2 663 |
| equipment | | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 13 | | 51 | | 52 | | 798 |
--------------------------------------------------------------------------------
| Total non-current | | | 15 890 | | 16 040 | | 27 384 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 75 427 | | 78 257 | | 111 108 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 25 095 | | 23 750 | | 14 290 |
--------------------------------------------------------------------------------
| Payables | 15 | | 3 439 | | 5 344 | | 7 937 |
--------------------------------------------------------------------------------
| Deferred income | | | 5 329 | | 5 234 | | 4 101 |
--------------------------------------------------------------------------------
| Provisions | | | 2 886 | | 2 788 | | 2 429 |
--------------------------------------------------------------------------------
| Total current | | | 36 749 | | 37 116 | | 28 757 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 10 277 | | 11 924 | | 29 019 |
--------------------------------------------------------------------------------
| Payables | | | 395 | | 401 | | 91 |
--------------------------------------------------------------------------------
| Deferred income tax | | | 0 | | 70 | | 204 |
| liability | | | | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 10 672 | | 12 395 | | 29 314 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | | 47 421 | | 49 511 | | 58 071 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 3 030 | | 60 897 | | 60 897 |
--------------------------------------------------------------------------------
| Share premium | | | 0 | | 0 | | 45 538 |
--------------------------------------------------------------------------------
| Statutory capital | | | 2 011 | | 2 011 | | 2 011 |
| reserve | | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | | 22 963 | | -33 907 | | -55 385 |
--------------------------------------------------------------------------------
| Treasury shares | | | 0 | | -255 | | -255 |
--------------------------------------------------------------------------------
| Total equity | | | 28 004 | | 28 746 | | 52 806 |
| attributable to equity | | | | | | | |
| holders of the parent | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 1 | | 0 | | 231 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Total equity | 8 | | 28 005 | | 28 746 | | 53 037 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 75 426 | | 78 257 | | 111 108 |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
Consolidated cash flow statement
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | No | | 2010 | 2009 | | 2010 Q1 | 2009 Q1 |
| | te | | Q1 | Q1 | | | |
--------------------------------------------------------------------------------
| In thousands | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the year | | | -11 | -17 | | -752 | -1 124 |
| | | | 759 | 587 | | | |
--------------------------------------------------------------------------------
| Interest income and | 7 | | 1 979 | -191 | | 126 | -12 |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Gains and losses on | | | 3 590 | 4 673 | | 229 | 299 |
| disposal of subsidiaries | | | | | | | |
| and interests in jointly | | | | | | | |
| controlled entities | | | | | | | |
--------------------------------------------------------------------------------
| Gains and losses on | 7 | | 48 | 21 | | 3 | 1 |
| other long-term | | | | | | | |
| financial assets | | | | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | 7 | | 0 | 52 | | 0 | 3 |
| financial assets | | | | | | | |
--------------------------------------------------------------------------------
| Profit and loss by | | | -1 256 | 4 673 | | -80 | 299 |
| equity method | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 3, | | 376 | 1 000 | | 24 | 64 |
| amortisation and | 4, | | | | | | |
| impairment losses on | 6 | | | | | | |
| property, plant and | | | | | | | |
| equipment and intangible | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the sale | 3, | | 0 | 24 | | 0 | 2 |
| of property, plant and | 4, | | | | | | |
| equipment and intangible | 6 | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the sale | 4 | | 0 | -97 | | 0 | -6 |
| of investment property | | | | | | | |
--------------------------------------------------------------------------------
| Change in the fair value | 4 | | 5 | 0 | | 1 | 0 |
| of investment property | | | | | | | |
| and biological assets | | | | | | | |
--------------------------------------------------------------------------------
| Loss on decrease of net | 3 | | 3 291 | 0 | | 210 | 0 |
| realisable value of | | | | | | | |
| inventories | | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate gains and | 7 | | -2 455 | -4 117 | | -157 | -263 |
| losses | | | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | | 8 | 0 | | 1 | 0 |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Operating cash flow | | | -6 173 | -11 | | -395 | -737 |
| before working capital | | | | 549 | | | |
| changes | | | | | | | |
--------------------------------------------------------------------------------
| Change in receivables | | | 29 156 | 22 940 | | 1 863 | 1 466 |
| and prepayments | | | | | | | |
--------------------------------------------------------------------------------
| Change in inventories | | | 14 661 | -32 | | 937 | -2 071 |
| | | | | 399 | | | |
--------------------------------------------------------------------------------
| Change in biological | | | 0 | 447 | | 0 | 29 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Change in prepayments | | | -38 | -17 | | -2 456 | -1 096 |
| | | | 440 | 144 | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN | | | -796 | -37 | | -51 | -2 409 |
| OPERATING ACTIVITIES | | | | 705 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of property, | | | -162 | -7 747 | | -10 | -495 |
| plant and equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 0 | 341 | | 0 | 22 |
| property, plant and | | | | | | | |
| equipment and intangible | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | -111 | -15 | | -7 | -1 |
| investment property | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 0 | 250 | | 0 | 16 |
| investment property | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from disposal | | | 0 | 40 416 | | 0 | 2 583 |
| of other financial | | | | | | | |
| investments | | | | | | | |
--------------------------------------------------------------------------------
| Loans granted | | | -182 | -4 246 | | -12 | -271 |
--------------------------------------------------------------------------------
| Repayment of loans | | | 28 | 3 395 | | 2 | 217 |
| granted | | | | | | | |
--------------------------------------------------------------------------------
| Interest received | | | 364 | 2 301 | | 23 | 147 |
--------------------------------------------------------------------------------
| NET CASH USED IN | | | -63 | 34 695 | | -4 | 2 218 |
| INVESTING ACTIVITIES | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | | | 26 113 | 21 754 | | 1 669 | 1 390 |
| received | | | | | | | |
--------------------------------------------------------------------------------
| Repayment of loans and | | | -31 | -100 | | -2 020 | -6 399 |
| payment of finance lease | | | 599 | 119 | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Interest paid | | | -8 015 | -9 974 | | -512 | -637 |
--------------------------------------------------------------------------------
| NET CASH FROM FINANCING | | | -13 | -88 | | -863 | -5 646 |
| ACTIVITIES | | | 501 | 339 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW | | | -14 | -91 | | -918 | -5 837 |
| | | | 360 | 349 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 64 724 | 156 | | 4 137 | 9 974 |
| equivalents at beginning | | | | 061 | | | |
| of period | | | | | | | |
--------------------------------------------------------------------------------
| Increase / decrease | | | -14 | -91 | | -918 | -5 837 |
| | | | 360 | 349 | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate | | | 141 | 12 | | 8 | 1 |
| fluctuations | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 50 505 | 64 724 | | 3 228 | 4 137 |
| equivalents at end of | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------