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09.05.2008 09:30:52
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2008 I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
Teade
2008 I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
TEGEVUSARUANNE
AS Eesti Ehitus kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja
rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt
tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on
täiendavateks tegevusvaldkondadeks ka teedeehituse ja -hoolduse ning
keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on AS Eesti
Ehitus, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub
lisaks emaettevõttele üle 20 tütarettevõtte. AS Eesti
Ehitus annab tööd rohkem kui 1100 inimesele. Alates 18.05.2006 on emaettevõtte
aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas.
Missioon
Olla oma klientidele parim partner hoonete ja rajatiste projekteerimisel ja
ehitamisel, aidates neil seeläbi oma vara väärtust kasvatada.
Tagada kontserni töötajate motivatsioon, selged arenguvõimalused ja moderne
töökeskkond ning suurendada seeläbi ettevõtte väärtust.
Visioon
Kasvada ehituskontserniks, mis suudab alati pakkuda pisut enam kui klient oodata
oskab.
Jagatud väärtused
Kvaliteet
Oleme professionaalsed ehitajad - rakendame läbimõeldult asjakohaseid töövõtteid
ja tehnoloogiaid ning järgime tunnustatud kvaliteedistandardeid. Pakume
klientidele madalate kogukuludega terviklahendusi. Hoolime ümbritsevast
keskkonnast ja tegutseme säästlikult. Väärtustame oma töötajaid, tagades neile
modernse, loovusele innustava töökeskkonna ning ettevõtlikkust soosiva
motivatsioonisüsteemi.
Usaldusväärsus
Pidades kinni antud lubadustest ja kokkulepetest, oleme oma klientidele
usaldusväärseks partneriks. Tegutseme avatult ja läbipaistvalt. Seisame
ehitusala heade tavade järgimise eest. Me ei võta riske klientide arvel.
Innovatiivsus
Oleme inseneridena uuendusmeelsed ja loovusele orienteeritud. Kasutame
optimaalselt infotehnoloogia poolt pakutavaid võimalusi. Arendame oma töötajaid
läbi järjepideva koolituse ja tasakaalustatud karjäärivõimaluste.
Kontserni struktuur
2008 I kvartali ja 3 kuu vahearuande auditeerimata majandustulemused on
konsolideeritud emaettevõtte ja järgmiste konsolideerimisgruppi kuuluvate
ettevõtete raamatupidamisaruannete põhjal:
--------------------------------------------------------------------------------
| AS Eesti Ehitus otsene ja kaudne osalus kokku: | |
--------------------------------------------------------------------------------
| Ettevõte | 31.03.2008 | 31.03.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| AS Linnaehitus | Eesti | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| AS Aspi | Eesti | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| AS Järva Teed | Eesti | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| OÜ Hiiu Teed | Eesti | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| Estcon OY | Soome | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| OÜ EE Ressursid | Eesti | 100,0% | 100,0% | 100,0% |
--------------------------------------------------------------------------------
| UAB Eurocon LT | Leedu | 70,0% | 0,0% | 70,0% |
--------------------------------------------------------------------------------
| OÜ Eurocon | Eesti | 66,5% | 64,0% | 64,0% |
--------------------------------------------------------------------------------
| TOV Eurocon | Ukraina | 66,5% | 61,4% | 61,4% |
| Ukraine | | | | |
--------------------------------------------------------------------------------
| TOV Eurocon West | Ukraina | 66,5% | 61,4% | 61,4% |
--------------------------------------------------------------------------------
| Instar Property OÜ | Eesti | 66,5% | 0% | 0% |
--------------------------------------------------------------------------------
| TOV Instar | Ukraina | 66,5% | 0% | 0% |
| Property | | | | |
--------------------------------------------------------------------------------
| TOV Bukovina | Ukraina | 65,8% | 60,8% | 60,8% |
| Developments | | | | |
--------------------------------------------------------------------------------
| OÜ Mapri Projekt | Eesti | 52,0% | 52,0% | 52,0% |
--------------------------------------------------------------------------------
| AS Eston Ehitus | Eesti | 52,0% | 0% | 52,0% |
--------------------------------------------------------------------------------
| OÜ Kaurits | Eesti | 52,0% | 52,0% | 52,0% |
--------------------------------------------------------------------------------
| OÜ DSN | Eesti | 34,3% | 0,0% | 34,3% |
| Ehitusmasinad | | | | |
--------------------------------------------------------------------------------
| Infra Ehitus OÜ | Eesti | 52,0% | 52,0% | 52,0% |
--------------------------------------------------------------------------------
| SIA Abagars | Läti | 34,3% | 34,3% | 34,3% |
--------------------------------------------------------------------------------
| SIA Vides Tikli | Läti | 34,3% | 34,3% | 34,3% |
--------------------------------------------------------------------------------
| TOV V.I. Center | Ukraina | 34,6% | 32,0% | 32,0% |
--------------------------------------------------------------------------------
| TOV EA Reng Proekt | Ukraina | 33,9% | 31,3% | 31,3% |
--------------------------------------------------------------------------------
| TOV Eurobeton | Ukraina | 0% | 30,7% | 0% |
--------------------------------------------------------------------------------
| TOV Technopolis-2 | Ukraina | 33,3% | 30,7% | 30,7% |
--------------------------------------------------------------------------------
| TOV Baltik | Ukraina | 33,3% | 0,0% | 30,7% |
| Development | | | | |
--------------------------------------------------------------------------------
| OÜ Kastani | Eesti | 26,0% | 26,0% | 26,0% |
| Kinnisvara | | | | |
--------------------------------------------------------------------------------
| OÜ Sepavara | Eesti | 26,0% | 0% | 26% |
--------------------------------------------------------------------------------
| OÜ Kalda Kodu | Eesti | 22,9% | 0% | 22,9% |
--------------------------------------------------------------------------------
| TOV Passage | Ukraina | 19,3%* | 55,3% | 17,8%* |
| Theatre | | | | |
--------------------------------------------------------------------------------
| OÜ Crislivnica | Eesti | 17,7% | 0% | 17,7% |
--------------------------------------------------------------------------------
| P/S BKT | Läti | 17,2% | 17,2% | 17,2% |
--------------------------------------------------------------------------------
| TOV European House | Ukraina | 6,7% | 0% | 6,1% |
--------------------------------------------------------------------------------
| OÜ E-Trading | Eesti | 6,2% | 0% | 6,2% |
--------------------------------------------------------------------------------
* seoses sõlmitud eellepingutega on 61% TOV Passage Theatre osalusest kajastatud
kui müügiootel põhivara (vt raamatupidamise vahearuande lisa 5).
Muudatused Kontserni struktuuris 2008. aasta I kvartalis
Osaluste omandamine ja tütarettevõtete asutamine
05. veebruaril 2008 omandas OÜ Eurocon 4%lise osaluse TOV Eurocon Ukrainas ja
sai seega nimetatud ettevõtte ainuomanikuks.
12. veebruaril 2008. aastal omandas AS Eesti Ehitus OÜ Eurocon
vähemusaktsionärilt 2,5% tema osalusest ning tehingujärgselt on AS Eesti Ehituse
osalus OÜs Eurocon 66,5%.
18. veebruaril 2008 asutas AS Eesti Ehitus tütarettevõtja OÜ Eurocon uue
äriühingu Instar Property OÜ (osalus 100%). Instar Property OÜ osakapital
asutamisel on 40 000 krooni (ligikaudu 2 557 eurot). Instar Property OÜ hakkab
tegutsema peamiselt valdusäriühinguna, millesse kavatsetakse kontsernisiseste
ümberkorralduste käigus koondada otsesed ja kaudsed osalused Ukrainas
teostatavates kinnisvaraarendusprojektides.
Bilansikuupäeva järgsed muutused kontserni struktuuris
Osaluste omandamine
02. mail 2008 omandas AS Eesti Ehitus 100%line tütarettevõtja AS ASPI 56%lise
osaluse oma tütarettevõtjalt OÜ Kaurits Läti Vabariigis tegutsevas ettevõttes
SIA Abagars.
Osaluste võõrandamine
04. aprillil 2008 võõrandas AS Eesti Ehitus osakapitali suurendamise teel
Ukraina residendile 4%lise osaluse ettevõttes Eurocon OÜ.
10. aprillil 2008 võõrandas AS Eesti Ehitus tütarettevõtja Eurocon Ukraine LLC
33%lise osaluse Ukraina äriühingus TOV Passage Theatre.
14. aprillil 2008 võõrandas AS Eesti Ehitus tütarettevõtja Eurocon Ukraine LLC
50%lise osaluse Ukraina äriühingus TOV Baltic Development.
Majandustulemuste kokkuvõte 2008.a I kvartal
Kasumlikkus ja rahavoog
Kontserni kasumlikkus on 2008. aasta I kvartalis võrrelduna 2007. aasta I
kvartaliga paranenud. Brutokasumi määr oli 13% (12% 2007. aastal).
Üldhalduskulude suhe müügituludesse ei muutunud oluliselt eelmise aasta
võrreldava perioodiga, olles 5% juures. Ärikasumi määraks kujunes 8% müügitulust
(7% 2007 I kvartal).
Kokku teeniti 2008 I kvartalis puhaskasumit 44,9 miljonit krooni (2,9 miljonit
eurot). Võrreldes aastataguse perioodiga, kus esimese kvartali puhaskasum oli
31,4 miljonit krooni (2 miljonit eurot), on puhaskasumi kasv 43%. Emaettevõtte
aktsionäridele kuuluv osa puhaskasumist moodustas 46,1 miljonit krooni (2,9
miljonit eurot) ja võrreldaval perioodil 29,5 miljonit krooni (1,9 miljonit
eurot).
Äritegevuse rahavoog oli 2008 I kvartalis 36 miljonit krooni (2,3 miljonit
eurot), mis on selgelt parem kui eelmise aasta võrreldaval perioodil, kus
äritegevuse rahavoog oli negatiivne 5,5 miljonit krooni (0,35 miljonit eurot).
Investeerimistegevuse negatiivne rahavoog on seotud peamiselt eelmistel
perioodidel sõlmitud lepingute kohaste maksete tasumisega. Kontserni rahajäägi
muutus oli 2008 I kvartalis positiivne 136 miljonit krooni (8,7 miljonit eurot)
kuna lisaks positiivsele äritegevuse rahavoole oli neto raha sissetulek
finantseerimistegevusest positiivne.
Olulisemad suhtarvud ja näitajad
--------------------------------------------------------------------------------
| Suhtarv / näitaja | 3k 2008 | 3k 2007 | 3k 2006 | 2007 |
--------------------------------------------------------------------------------
| Kaalutud keskmine aktsiate arv, | 30 756 | 30 | 30 756 72 | 30 756 |
| tk | 728 | 756 728* | 8* | 728 |
--------------------------------------------------------------------------------
| Puhaskasum aktsia kohta (EPS), | 1,50 | 0,96 | 0,59 | 8,70 |
| krooni | | | | |
--------------------------------------------------------------------------------
| Puhaskasum aktsia kohta (EPS), | 0,1 | 0,06 | 0,04 | 0,56 |
| eurot | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu kasv | 38,2% | 63,8% | 7,8% | 49,9% |
--------------------------------------------------------------------------------
| Keskmine töötajate arv | 1102 | 1009 | 772 | 1103 |
--------------------------------------------------------------------------------
| Müügitulu töötaja kohta, tuhat | 702 | 555 | 443 | 3 402 |
| krooni | | | | |
--------------------------------------------------------------------------------
| Müügitulu töötaja kohta, tuhat | 45 | 35 | 28 | 217 |
| eurot | | | | |
--------------------------------------------------------------------------------
| Tööjõukulude määr müügitulust, | 13,6% | 13,3% | 12,9% | 12,3% |
| % | | | | |
--------------------------------------------------------------------------------
| Üldhalduskulude määr | 5,6% | 5,3% | 6,1% | 4,7% |
| müügitulust, % | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA, tuhat krooni | 77 166 | 51 619 | 33 990 | 370 574 |
--------------------------------------------------------------------------------
| EBITDA, tuhat eurot | 4 932 | 3 299 | 2 172 | 23 684 |
--------------------------------------------------------------------------------
| EBITDA määr müügitulust, % | 10,0% | 9,2% | 9,9% | 9,9% |
--------------------------------------------------------------------------------
| Brutokasumi määr müügitulust, % | 13,1% | 11,8% | 8,8% | 13,3% |
--------------------------------------------------------------------------------
| Ärikasumi määr müügitulust, % | 7,9% | 6,7% | 8,1% | 8,2% |
--------------------------------------------------------------------------------
| Ärikasumi määr ilma varamüügi | 7,6% | 6,2% | 2,7% | 8,0% |
| kasumita, % | | | | |
--------------------------------------------------------------------------------
| Puhaskasumi määr müügitulust, % | 5,8% | 5,6% | 5,1% | 7,7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investeeritud kapitali tootlus, | 3,9% | 5,7% | 5,5% | 32,7% |
| % | | | | |
--------------------------------------------------------------------------------
| Varade tootlus, % | 3,3% | 2,7% | 2,9% | 17,1% |
--------------------------------------------------------------------------------
| Omakapitali tootlus, % | 5,4% | 6,2% | 8,8% | 44,7% |
--------------------------------------------------------------------------------
| Omakapitali osakaal, % | 38,0% | 38,3% | 21,8% | 36,9% |
--------------------------------------------------------------------------------
| Finantsvõimendus | 18,9% | 19,3% | 12,3% | 13,5% |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste | 1,65 | 1,41 | 1,17 | 1,30 |
| kattekordaja | | | | |
--------------------------------------------------------------------------------
| | 31.03.2 | 31.03.20 | 31.03.200 | 31.12.200 |
| | 08 | 07 | 6 | 7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ehituslepingute teostamata osa, | 3 368 | 3 197 | 1 775 931 | 2 526 652 |
| tuhat krooni | 680 | 000 | | |
--------------------------------------------------------------------------------
| Ehituslepingute teostamata osa, | 215 298 | 204 326 | 113 503 | 161 482 |
| 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 | Varade tootlus = Ärikasum / Perioodi |
| = Üldhalduskulud / müügitulu | keskmine varad 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 |
--------------------------------------------------------------------------------
Müügitulu jaotus turgude lõikes
Müügitulu jaotus geograafiliste segmentide lõikes
--------------------------------------------------------------------------------
| | 3k 2008 | 3k 2007 | 3k 2006 | 2007 |
--------------------------------------------------------------------------------
| Eesti | 81,9% | 83,3% | 95,4% | 87,9% |
--------------------------------------------------------------------------------
| Ukraina | 16,2% | 16,7% | 4,6% | 11,6% |
--------------------------------------------------------------------------------
| Leedu | 1,9% | 0% | 0% | 0,5% |
--------------------------------------------------------------------------------
| Läti | 0% | 0% | 0% | 0% |
--------------------------------------------------------------------------------
Kontsern on alustanud tegevust Leedus ning on seeläbi ellu viimas oma eesmärke,
mille abil hajutatakse müügitegevust erinevate geograafiliste piirkondade vahel.
Samuti on kasvanud järjepidevalt Kontserni tegevuse osakaal Ukraina turul. Läti
turul on tegevust alustatud ja müügitulu tekkimine Lätist kaasneb osaluse
suurenemisega Abagars SIAs (vt “Bilansikuupäeva järgsed muutused kontserni
struktuuris”).
2008. I kvartal tegevusvaldkondade lõikes
Kontsern Eesti Ehitus on keskendunud hoonete ja rajatiste ehituse
projektijuhtimisele ja peatöövõtule ning tegutseb muuhulgas ka teedeehituse,
-hoolduse, keskkonnaehituse, betoonitööde ja kinnisvaraarenduse vallas.
Kontserni müügitulu 2008 I kvartalis oli 773,5 miljonit krooni (49,4 miljonit
eurot). Võrreldes eelmise perioodiga, mil vastav näitaja oli 559,7 miljonit
krooni (35,8 miljonit eurot), on müügitulu kasvanud 38%. Kontserni üheks
eesmärgiks on hoida erinevate segmentide esindatust võimalikult tasakaalus, kuna
see võimaldab hajutada riske ja tagab kindlama seljataguse ka raskemates
turutingimustes. Ettevõtte fookusest ja strateegiast lähtuvalt hoitakse ka
kinnisvaraarendusprojektide osakaalu suhteliselt madalal müügitulust (kunagi
mitte rohkem kui 20%).
Hoonete ja rajatiste segmendi tulud ehituslepingutest olid vastavalt 648,2 ja
116,7 miljonit krooni (41,4 ja 7,5 miljonit eurot). 2007 vastavad näitajad olid
307,4 ja 248,0 miljonit krooni (19,6 ja 15,8 miljonit eurot). Oluline on
märkida, et erinevalt 2007 aasta võrreldavast perioodist oli I kvartal 2008
kontsernile rajatiste segmendis nö. normaalne ja pigem võrreldav 2006 aastaga,
kus suuremahulisi projekte on töös suhteliselt vähe ning mahud seetõttu
tagasihoidlikumad.
--------------------------------------------------------------------------------
| Müügitulu jaotus | | | | | |
| segmenditi | | | | | |
--------------------------------------------------------------------------------
| Ärisegmendid | 3k 2008 | 3k 2007 | 3k 2006 | 2007 | |
--------------------------------------------------------------------------------
| Hooned | 85% | 55% | 73% | 53% | |
--------------------------------------------------------------------------------
| Rajatised | 15% | 45% | 27% | 47% | |
--------------------------------------------------------------------------------
| Müügitulu jaotus hoonete | 3k 2008 | 3k 2007 | 3k 2006 | 2007 |
| segmendis | | | | |
--------------------------------------------------------------------------------
| Korterelamud | 9% | 18% | 19% | 12% |
--------------------------------------------------------------------------------
| Ühiskondlikud hooned | 14% | 18% | 10% | 16% |
--------------------------------------------------------------------------------
| Ärihooned | 63% | 50% | 45% | 61% |
--------------------------------------------------------------------------------
| Tööstus- ja laohooned | 14% | 14% | 26% | 11% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu jaotus rajatiste | 3k 2008 | 3k 2007 | 3k 2006* | 2007 |
| segmendis | | | | |
--------------------------------------------------------------------------------
| Teedeehitus ja -hooldus | 53% | 24% | - | 41% |
--------------------------------------------------------------------------------
| Sadamaehitus | 14% | 58% | - | 33% |
--------------------------------------------------------------------------------
| Keskkonnaehitus | 6% | 18% | - | 13% |
--------------------------------------------------------------------------------
| Muud rajatised | 27% | - | - | 13% |
--------------------------------------------------------------------------------
*Rajatiste segmendis ei olnud 2006. aastal detailset jaotust
Kontserni sõlmitud ehituslepingute teostamata osa maht 31.03.2007 seisuga oli 3
369 miljonit krooni (215 miljonit eurot), mis on pisut enam võrreldes
aastataguse 3 197 miljoni krooniga (204 miljonit eurot), kuid ometigi hea
tulemus, arvestades 2007 aasta teises pooles ning 2008 a. I kvartalis toimunud
muutustega nii ehitusturul kui ka majanduskliimas tervikuna.
2008 I kvartalis sõlmitud suuremad ehituslepingud:
--------------------------------------------------------------------------------
| Ehituslepingu lühikirjeldus | Maksumus (tuh | Planeeritud |
| | EEK/tuhEUR) | valmimine |
--------------------------------------------------------------------------------
| Riigimaantee 92 Rõhu-Puhja lõigu | 92 336 / 5 901 | August 2009 |
| taastusremont | | |
--------------------------------------------------------------------------------
| Paldiski Lõunasadama kai nr. 8 ja | 316 363 / 20 219 | Mai 2009 |
| 9ehitamine | | |
--------------------------------------------------------------------------------
| Teaduskeskus AHHAA hoone projekteerimine | 179 100 / 11 447 | August 2010 |
| ja ehitamine | | |
--------------------------------------------------------------------------------
Töötajad ja tööjõukulud
2008. aasta I kvartali seisuga töötas kontserni ettevõtetes kokku keskmiselt
1102 inimest, neist pea 500 omab insenertehnilist haridust. Viimastel aastatel
on insenertehnilise personali osakaal seoses kontserni ja projektide mahtude
suurenemisega jõudsalt tõusnud ning kasv jätkub ka lähiaastatel, seda muuhulgas
ka seoses Kontserni laienemisega Leedu, Läti ja Ukraina turul. Töötajate arv
kontsernis:
--------------------------------------------------------------------------------
| Periood | ITP | Töölised | Keskmine kokku |
--------------------------------------------------------------------------------
| 3k 2008 | 456 | 646 | 1102 |
--------------------------------------------------------------------------------
| 3k 2007 | 396 | 613 | 1009 |
--------------------------------------------------------------------------------
| 3k 2006 | 292 | 480 | 772 |
--------------------------------------------------------------------------------
| 2007 | 425 | 678 | 1103 |
--------------------------------------------------------------------------------
Kontserni 2008. aasta I kvartali tööjõukulud olid 105,4 miljonit krooni (6,7
miljonit eurot), mida on 42% rohkem kui 2007. aastal I kvartalis. Tööjõukulude
kasv on tingitud peamiselt uute tütarettevõtete soetamisest aga ka tulenevalt
Kontserni personalipoliitikast.
2008. aasta I kvartalis on AS-i Eesti Ehitus kontserni nõukogu liikmetele
arvestatud tasusid 270 tuhat krooni (17 tuhat eurot). AS-i Eesti Ehitus juhatuse
liikmetele on arvestatud tasusid 2 575 tuhat krooni (165 tuhat eurot). 2007 I
kvartali andmed on nõukogu ja juhatuse liikmetele arvestatud tasude osas
vastavalt 270 tuhat krooni (17 tuhat eurot) ja 1 788 tuhat krooni (114 tuhat
eurot).
Aktsia ja aktsionärid
--------------------------------------------------------------------------------
| ISIN | EE3100039496 |
--------------------------------------------------------------------------------
| Väärtpaberi lühinimi | EEH1T |
--------------------------------------------------------------------------------
| Nominaal | 10,00 EEK/0,64EUR |
--------------------------------------------------------------------------------
| Emiteeritud väärtpabereid | 30 756 728 |
--------------------------------------------------------------------------------
| Noteeritud väärtpabereid | 30 756 728 |
--------------------------------------------------------------------------------
| Noteerimise kuupäev | 18.05.2006 |
--------------------------------------------------------------------------------
Riskid
Äririskid
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 AS-i Eesti Ehitus kasuks reeglina pangagarantii. Garantiiperioodil
ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on kõigis
kontserniettevõtetes loodud garantiieraldiste reserv. 2008 I kvartali lõpus
moodustas reserv kokku 11,8 miljonit krooni (0,76 miljonit eurot). Võrreldava
perioodi vastavad näitajad on 7 miljonit krooni (0,5 miljonit eurot).
Krediidiriskid
Krediidiriski haldamisel analüüsitakse juba pakkumistegevuse etapis tulevase
võimaliku lepingupartneri senist maksekäitumist ja -võimet. Lepingu sõlmimise
järgselt aga 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. Aastavahetuse seisuga hindame oma
klientide maksekäitumist heaks.
Likviidsusriskid
Vabu rahalisi vahendeid hoiab ettevõte Eesti suurimates pankades üleöö- või
fikseeritud intressiga tähtajalistel hoiustel. Kohustuste tähtaegse täitmise
tagamiseks hoitakse arveldus- või üleöödeposiidi kontodel ligikaudu kahe nädala
käiberaha ning vajadusel kasutatakse arvelduskrediiti.
Intressiriskid
Kontserni poolt Eesti ja Ukraina pankadelt võetud laenud on fikseeritud
intressimääraga. Kapitalirendi lepingud on ujuva intressimääraga ja põhinevad
EURIBOR-il. Kontserni laenukohustused on kasvanud võrreldes eelmise aasta I
kvartaliga 368 miljonit krooni (24 miljonit eurot) ehk 127%. Intressikulud on
samal perioodi kasvanud 5,2 miljonit krooni (0,33 miljonit eurot).
Valuutariskid
Ehituslepingud ja allhankelepingud on reeglina sõlmitud asukohamaa valuutas,
Eestis seega Eesti kroonis ja Ukrainas Ukraina grivnas. Ukrainas võib esineda
üksikuid materjalide tarneid, mille arveldusvaluutaks on euro. Samuti arveldab
kontserni emaettevõte AS Eesti Ehitus oma Ukraina tütarettevõtte Eurocon Ukraine
LLC-ga eurodes, kuid mitte olulises mahus. Arvestades, et Ukraina grivna kursi
kõikumine USA dollari suhtes jääb väga väikesesse vahemikku, eksisteerib sellest
tulenevalt Ukrainas grivna kursikõikumistes euro suhtes valuutarisk, kuid
mõistlikud võimalused selle riski maandamiseks koostöös kohalike pankadega on
pea olematud. Ukraina tegevusest sai Kontsern 2008 I kvartalis täiendavat
kahjumit valuutakursi muutustest 11,4 miljonit krooni (0,73 miljonit eurot).
Väljavaated lähitulevikuks
Järgnevatel aastatel prognoositav majanduskasvu aeglustumine väljendub
ehitusturul eeldatavasti eelkõige järgnevates trendides:
Ehitusturu senisest suurem sõltuvus riigihangetest ning Euroopa Liidu
finantstoel alustatavate (infrastruktuuri, keskkonna jmt) projektide hulgast
ning hinnakujundusest;
Infrastruktuuri objektide tähtsustumise kaudu kujunevad senisest olulisemateks
eduteguriteks eriline (insenertehniline) oskusteave ja kogemused, spetsiifiliste
ressursside olemasolu;
Elamuarenduse ja -ehituse mahtude kahanemine. Elamuarendusele ja -ehitusele
spetsialiseerunud ettevõtete hulga vähenemine (konsolideerumine). Esmase
konsolideerumisprotsessiga kaasneb ettevõtetevahelise konkurentsi teravnemine
ning surve kasumimarginaalidele;
Viimastel aastatel teravnenud tööjõupuuduse kahanemine-kadumine ehituses ning
sedakaudu tööjõukulude kasvu normaliseerumine;
Kinnisvaraarendusettevõtete olemasolevate laenude teenindamise võime ja uute
laenude võtmisel krediidikõlbulikkuse vähenemine. Ehitusettevõtetel
ebatõenäoliselt laekuvate ja lootusetute nõudesummade kasvamise oht.
Kontsern on valmistunud selliseks majanduskeskkonna muutumiseks eelkõige riskide
hajutamisega projektiportfelli kujundamise kaudu (viimaste aastate elamuehituse
osakaal ei ületa 10-15%) ning geograafiliselt (senine Eesti osatähtsus
kogutegevustes väheneb teiste riikide osatähtsuse kasvu kaudu).
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| Auditeerimata EEK`000 | Lisa | 31.03.200 | 31.03.200 | 31.12.200 |
| | | 8 | 7 | 7 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 372 537 | 133 446 | 236 112 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 2 | 359 718 | 332 990 | 511 819 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 3 | 245 195 | 179 173 | 264 551 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaks | | 1 905 | 1 015 | 1 905 |
--------------------------------------------------------------------------------
| Varud | 4 | 431 055 | 293 298 | 393 529 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 5 | 43 362 | 0 | 43 362 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 1 453 772 | 939 922 | 1 447 963 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Pikaajalised | 7 | 91 828 | 51 051 | 111 686 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 8 | 133 753 | 24 199 | 133 984 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 9 | 276 167 | 233 859 | 221 748 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 10 | 290 356 | 164 581 | 273 223 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 792 104 | 473 690 | 740 641 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 2 245 876 | 1 413 612 | 2 191 919 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | 151 184 | 77 270 | 135 856 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 291 656 | 185 979 | 335 754 |
--------------------------------------------------------------------------------
| Maksuvõlad | | 48 411 | 44 900 | 54 771 |
--------------------------------------------------------------------------------
| Muud võlad ja ettemaksed | 13 | 382 168 | 352 058 | 574 722 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 14 | 8 078 | 5 214 | 12 458 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 881 497 | 665 421 | 1 113 561 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused | 12 | 506 308 | 211 761 | 263 723 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | | 761 | 490 | 714 |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 14 | 3 739 | 1 885 | 4 328 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 510 808 | 214 136 | 268 765 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 1 392 305 | 879 557 | 1 382 326 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 87 067 | 35 271 | 90 095 |
--------------------------------------------------------------------------------
| Aktsiakapital | 15 | 307 567 | 153 784 | 307 567 |
--------------------------------------------------------------------------------
| Ülekurss | 15 | 0 | 108 465 | 0 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 21 426 | 4 158 | 11 766 |
--------------------------------------------------------------------------------
| Realiseerumata kursivahed | | 4 574 | 2 292 | 2 354 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) | 15 | 432 937 | 230 085 | 397 810 |
--------------------------------------------------------------------------------
| Emaettevõtte aktsionäridele | | 766 504 | 498 784 | 719 497 |
| kuuluv omakapital | | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | | 853 571 | 534 055 | 809 592 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 2 245 876 | 1 413 612 | 2 191 918 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| Auditeerimata EUR`000 | Lisa | 31.03.200 | 31.03.200 | 31.12.200 |
| | | 8 | 7 | 7 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 23 809 | 8 529 | 15 090 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 2 | 22 990 | 21 282 | 32 711 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 3 | 15 671 | 11 451 | 16 908 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaks | | 122 | 65 | 122 |
--------------------------------------------------------------------------------
| Varud | 4 | 27 549 | 18 745 | 25 151 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 5 | 2 771 | 0 | 2 771 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 92 913 | 60 072 | 92 542 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Pikaajalised | 7 | 5 869 | 3 263 | 7 138 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 8 | 8 548 | 1 547 | 8 563 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 9 | 17 650 | 14 946 | 14 172 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 10 | 18 557 | 10 519 | 17 462 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 50 625 | 30 274 | 47 336 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 143 538 | 90 346 | 140 089 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 12 | 9 662 | 4 938 | 8 683 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 18 640 | 11 886 | 21 459 |
--------------------------------------------------------------------------------
| Maksuvõlad | | 3 094 | 2 870 | 3 501 |
--------------------------------------------------------------------------------
| Muud võlad ja ettemaksed | 13 | 24 425 | 22 501 | 36 731 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 14 | 516 | 333 | 796 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 56 338 | 42 528 | 71 170 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused | 12 | 32 359 | 13 534 | 16 855 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | | 49 | 31 | 46 |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 14 | 239 | 120 | 277 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 32 647 | 13 686 | 17 177 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | 88 985 | 56 214 | 88 347 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 5 565 | 2 254 | 5 758 |
--------------------------------------------------------------------------------
| Aktsiakapital | 15 | 19 657 | 9 829 | 19 657 |
--------------------------------------------------------------------------------
| Ülekurss | 15 | 0 | 6 932 | 0 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 1 369 | 266 | 752 |
--------------------------------------------------------------------------------
| Realiseerumata kursivahed | | 292 | 146 | 150 |
--------------------------------------------------------------------------------
| Jaotamata kasum (kahjum) | 15 | 27 670 | 14 705 | 25 425 |
--------------------------------------------------------------------------------
| Emaettevõtte aktsionäridele | | 48 989 | 31 878 | 45 984 |
| kuuluv omakapital | | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | | 54 553 | 34 132 | 51 742 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 143 538 | 90 346 | 140 089 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| | Lisa | I KV | I KV 2007 | 2007 |
| Auditeerimata EEK`000 | | 2008 | | |
--------------------------------------------------------------------------------
| Müügitulu | 17;1 | 773 510 | 559 735 | 3 752 028 |
| | 8 | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 19 | 672 156 | 493 785 | 3 252 051 |
--------------------------------------------------------------------------------
| Brutokasum | | 101 354 | 65 950 | 499 977 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turunduskulud | | 827 | 532 | 2 395 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 20 | 43 493 | 29 856 | 176 273 |
--------------------------------------------------------------------------------
| Muud äritulud | 21 | 7 122 | 2 970 | 16 411 |
--------------------------------------------------------------------------------
| Muud ärikulud | 21 | 3 113 | 1 234 | 30 256 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | | 61 043 | 37 298 | 307 464 |
--------------------------------------------------------------------------------
| Finantstulud | 22 | 4 559 | 9 825 | 31 486 |
--------------------------------------------------------------------------------
| Finantskulud | 22 | 19 851 | 6 037 | 30 028 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | -15 292 | 3 788 | 1 458 |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | 16 | 757 | 856 |
| arvestatud kasum | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | 728 | 238 | 4 031 |
| arvestatud kahjum | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -712 | 519 | -3 175 |
| arvestatud kasum/kahjum kokku | | | | |
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu | | 45 039 | 41 605 | 305 747 |
--------------------------------------------------------------------------------
| Tulumaks | 23 | 145 | 10 192 | 15 976 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 44 894 | 31 413 | 289 771 |
| (-kahjum) | | | | |
--------------------------------------------------------------------------------
| Sh emaettevõtte aktsionäride osa | | 46 138 | 29 492 | 267 482 |
| kasumist | | | | |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | | -1 244 | 1 921 | 22 289 |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | 15 | 1,50 | 0,96 | 8,70 |
| (kroonides)* | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 15 | 1,50 | 0,96 | 8,70 |
| (kroonides)* | | | | |
--------------------------------------------------------------------------------
* kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate
arv pärast (fondi)emissioone
ehk 30 756 728 aktsiat
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| Auditeerimata EUR`000 | Lisa | I KV | I KV 2007 | 2007 |
| | | 2008 | | |
--------------------------------------------------------------------------------
| Müügitulu | 17;1 | 49 436 | 35 774 | 239798 |
| | 8 | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 19 | 42 959 | 31 559 | 207844 |
--------------------------------------------------------------------------------
| Brutokasum | | 6 478 | 4 215 | 31 954 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turunduskulud | | 53 | 34 | 153 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 20 | 2 780 | 1 908 | 11 266 |
--------------------------------------------------------------------------------
| Muud äritulud | 21 | 455 | 190 | 1 049 |
--------------------------------------------------------------------------------
| Muud ärikulud | 21 | 199 | 79 | 1 934 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | | 3 901 | 2 384 | 19 651 |
--------------------------------------------------------------------------------
| Finantstulud | 22 | 291 | 628 | 2 012 |
--------------------------------------------------------------------------------
| Finantskulud | 22 | 1 269 | 386 | 1 919 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | -977 | 242 | 93 |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | 1 | 48 | 55 |
| arvestatud kasum | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | 47 | 15 | 258 |
| arvestatud kahjum | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | -46 | 33 | -203 |
| arvestatud kasum/kahjum kokku | | | | |
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu | | 2 879 | 2 659 | 19 541 |
--------------------------------------------------------------------------------
| Tulumaks | 23 | 9 | 651 | 1 021 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 2 869 | 2 008 | 18 520 |
| (-kahjum) | | | | |
--------------------------------------------------------------------------------
| Sh emaettevõtte aktsionäride osa | | 2 949 | 1 885 | 17 095 |
| kasumist | | | | |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | | -80 | 123 | 1 425 |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | 15 | 0,10 | 0,06 | 0,56 |
| (eurodes)* | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 15 | 0,10 | 0,06 | 0,56 |
| (eurodes)* | | | | |
--------------------------------------------------------------------------------
* kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate
arv pärast (fondi)emissioone
ehk 30 756 728 aktsiat.
1 euro = 15,6466 krooni
AS Eesti Ehitus kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja
rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt
tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on
täiendavateks tegevusvaldkondadeks ka teedeehituse ja -hoolduse ning
keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on AS Eesti
Ehitus, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub
lisaks emaettevõttele üle 20 tütarettevõtte. Kontserni 2007. aasta
konsolideeritud müügitulu oli 3,8 miljardit krooni (240 miljonit eurot) ja
konsolideeritud puhaskasum 290 miljonit krooni (19 miljonit eurot). AS Eesti
Ehitus annab tööd rohkem kui 1100 inimesele. Alates 18.05.2006 on emaettevõtte
aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas.
Raimo Talviste
AS Eesti Ehitus
Investorsuhete juht
Tel: +372 6400 445
Email: raimo.talviste@eestiehitus.ee
Pealkiri
CONSOLIDATED INTERIM FINANCIAL STATEMENTS FIRST QUARTER OF 2008
Teade
CONSOLIDATED INTERIM FINANCIAL STATEMENTS FIRST QUARTER OF 2008
DIRECTORS' REPORT
Eesti Ehitus is a group of construction companies whose core business is general
contracting and construction management in the construction of buildings and
structures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia
our companies act as independent contractors in road construction and
maintenance, environmental engineering, the assembly of reinforced concrete
elements, and the performance of cast-on-site concrete works. The parent of the
Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia.
In addition to the parent company, there are more than 20 subsidiaries in the
Group. AS Eesti Ehitus Group employs more than 1100 people. Since 18
May 2006, the company's shares have been quoted in the main list of the NASDAQ
OMX Tallinn Stock Exchange.
Our mission
We are committed to providing premier value added design and construction
services by creating a successful partnership with our customers.
We seek to add value to the company by motivating our employees and providing
them with clear development opportunities and a contemporary work environment.
Our vision
We strive to be a construction group which can always surpass the customer's
expectations.
Shared values
Quality
We are professionals - we apply appropriate and effective construction
techniques and technologies and observe generally accepted quality standards. We
provide our customers with integrated cost efficient solutions. We are
environmentally aware and operate sustainably. We value our employees by
providing them with a modern work environment which encourages creativity and a
motivation system which fosters initiative.
Reliability
We always keep our promises and honour our agreements. We act openly and
transparently. We consistently support and promote the best construction
practices. We do not take risks at the expense of our customers.
Innovation
We are innovative and creative engineers. We take maximum advantage of the
benefits offered by information technology. We inspire our employees to grow
through continuous training and balanced career opportunities.
THE GROUP'S STRUCTURE
The unaudited consolidated financial statements of AS Eesti Ehitus as at and for
the first quarter of 2008 comprise the results of the parent and its
subsidiaries and the Group's interests in associates:
--------------------------------------------------------------------------------
| Direct and indirect ownership interests of AS Eesti | |
| Ehitus: | |
--------------------------------------------------------------------------------
| Company | 31 March 2008 | 31 March 2007 | 31 December |
| | | | 2007 |
--------------------------------------------------------------------------------
| AS Linnaehitus | Estonia | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| AS Aspi | Estonia | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| AS Järva Teed | Estonia | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| OÜ Hiiu Teed | Estonia | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| Estcon OY | Finland | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| OÜ EE Ressursid | Estonia | 100.0% | 100.0% | 100.0% |
--------------------------------------------------------------------------------
| UAB Eurocon LT | Lithuania | 70.0% | 0.0% | 70.0% |
--------------------------------------------------------------------------------
| OÜ Eurocon | Estonia | 66.5% | 64.0% | 64.0% |
--------------------------------------------------------------------------------
| TOV Eurocon | Ukraine | 66.5% | 61.4% | 61.4% |
| Ukraine | | | | |
--------------------------------------------------------------------------------
| TOV Eurocon West | Ukraine | 66.5% | 61.4% | 61.4% |
--------------------------------------------------------------------------------
| Instar Property | Estonia | 66.5% | 0% | 0% |
| OÜ | | | | |
--------------------------------------------------------------------------------
| TOV Instar | Ukraine | 66.5% | 0% | 0% |
| Property | | | | |
--------------------------------------------------------------------------------
| TOV Bukovina | Ukraine | 65.8% | 60.8% | 60.8% |
| Developments | | | | |
--------------------------------------------------------------------------------
| OÜ Mapri Projekt | Estonia | 52.0% | 52.0% | 52.0% |
--------------------------------------------------------------------------------
| AS Eston Ehitus | Estonia | 52.0% | 0% | 52.0% |
--------------------------------------------------------------------------------
| OÜ Kaurits | Estonia | 52.0% | 52.0% | 52.0% |
--------------------------------------------------------------------------------
| OÜ DSN | Estonia | 34.3% | 0.0% | 34.3% |
| Ehitusmasinad | | | | |
--------------------------------------------------------------------------------
| Infra Ehitus OÜ | Estonia | 52.0% | 52.0% | 52.0% |
--------------------------------------------------------------------------------
| SIA Abagars | Latvia | 34.3% | 34.3% | 34.3% |
--------------------------------------------------------------------------------
| SIA Vides Tikli | Latvia | 34.3% | 34.3% | 34.3% |
--------------------------------------------------------------------------------
| TOV V.I. Center | Ukraine | 34.6% | 32.0% | 32.0% |
| | | | | |
--------------------------------------------------------------------------------
| TOV EA Reng | Ukraine | 33.9% | 31.3% | 31.3% |
| Proekt | | | | |
--------------------------------------------------------------------------------
| TOV Eurobeton | Ukraine | 0% | 30.7% | 0% |
--------------------------------------------------------------------------------
| TOV | Ukraine | 33.3% | 30.7% | 30.7% |
| Technopolis-2 | | | | |
--------------------------------------------------------------------------------
| TOV Baltik | Ukraine | 33.3% | 0.0% | 30.7% |
| Development | | | | |
--------------------------------------------------------------------------------
| OÜ Kastani | Estonia | 26.0% | 26.0% | 26.0% |
| Kinnisvara | | | | |
--------------------------------------------------------------------------------
| OÜ Sepavara | Estonia | 26.0% | 0% | 26% |
--------------------------------------------------------------------------------
| OÜ Kalda Kodu | Estonia | 22.9% | 0% | 22.9% |
--------------------------------------------------------------------------------
| TOV Passage | Ukraine | 19.3%* | 55.3% | 17.8%* |
| Theatre | | | | |
--------------------------------------------------------------------------------
| OÜ Crislivnica | Estonia | 17.7% | 0% | 17.7% |
--------------------------------------------------------------------------------
| P/S BKT | Latvia | 17.2% | 17.2% | 17.2% |
--------------------------------------------------------------------------------
| TOV European | Ukraine | 6.7% | 0% | 6.1% |
| House | | | | |
--------------------------------------------------------------------------------
| OÜ E-Trading | Estonia | 6.2% | 0% | 6.2% |
--------------------------------------------------------------------------------
* Based on preliminary agreements already signed, 61 per cent of the investment
in TOV Passage Theatre has been recognised as a non-current asset held for sale
(see note 5 to the consolidated financial statements).
Changes in the Group's structure during the first quarter of 2008
Acquisitions of interests and establishment of subsidiaries
On 5 February 2008, OÜ Eurocon acquired a further 4 per cent stake in TOV
Eurocon Ukraine, raising its interest in the entity to 100 per cent.
On 12 February 2008, AS Eesti Ehitus acquired a 2.5 per cent stake in OÜ Eurocon
from a minority shareholder, increasing its interest in OÜ Eurocon to 66.5 per
cent.
On 18 February 2008, AS Eesti Ehitus' subsidiary OÜ Eurocon established a
wholly-owned subsidiary - Instar Property OÜ. At the date of establishment, the
share capital of Instar Property OÜ was 40,000 kroons (approx. 2,557 euros).
Instar Property OÜ is going to operate as a holding company for the Group's
direct and indirect interests in development projects performed in Ukraine.
Changes in the Group's structure after the reporting date
Acquisitions of interests
On 2 May 2008, AS Eesti Ehitus' wholly-owned subsidiary AS ASPI acquired a 56
per cent stake in the Latvian entity SIA Abagars. ASPI acquired the interest
from its subsidiary OÜ Kaurits.
Divestment of interests
On 4 April 2008, AS Eesti Ehitus transferred a 4 per cent interest in Eurocon OÜ
to a Ukrainian resident. The divestment was performed by increasing share
capital.
On 10 April 2008, AS Eesti Ehitus' subsidiary Eurocon Ukraine LLC divested a 33
per cent stake in the Ukrainian company TOV Passage Theatre.
On 14 April 2008, AS Eesti Ehitus' subsidiary Eurocon Ukraine LLC divested
itself of a 50 per cent stake in the Ukrainian company TOV Baltic Development.
Financial review
Profitability and cash flows
Compared with a year ago, the Group's profitability indicators have improved.
Gross margin for the first quarter was 13 per cent (Q1 2007: 12 per cent), the
ratio of administrative expenses to revenue was around 5 per cent (Q1 2007:
around 5 per cent), and operating margin was 8 per cent (Q1 2007: 7 per cent).
The Group ended the reporting period with consolidated net profit of 44.9
million kroons (2.9 million euros), a 43 per cent increase on the 31.4 million
kroons (2 million euros) earned a year ago. The profit attributable to equity
holders of the parent amounted to 46.1 million kroons (2.9 million euros)
against 29.5 million kroons (1.9 million euros) for the first quarter of 2007.
Net operating cash flow was significantly better than in the first quarter of
2007: operating activities generated cash inflow of 36 million kroons (2.3
million euros), whereas the first quarter of 2007 ended with net cash outflow of
5.5 million kroons (0.35 million kroons). Negative investing cash flows are
mainly attributable to payments made under contracts concluded in prior periods.
Thanks to strong positive operating and financing cash flows, cash and cash
equivalents grew by 136 million kroons (8.7 million euros).
Key financial figures and ratios
--------------------------------------------------------------------------------
| Ratio / figure | Q1 2008 | Q1 2007 | Q1 2006 | 2007 |
--------------------------------------------------------------------------------
| Weighted average number of | 30,756, | 30,756,72 | 30,756,72 | 30,756,72 |
| shares | 728 | 8* | 8* | 8 |
--------------------------------------------------------------------------------
| Earnings per share (in kroons) | 1.50 | 0.96 | 0.59 | 8.70 |
--------------------------------------------------------------------------------
| Earnings per share (in euros) | 0.1 | 0.06 | 0.04 | 0.56 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue growth | 38.2% | 63.8% | 7.8% | 49.9% |
--------------------------------------------------------------------------------
| Average number of employees | 1102 | 1009 | 772 | 1103 |
--------------------------------------------------------------------------------
| Revenue per employee (in | 702 | 555 | 443 | 3,402 |
| thousands of kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue per employee (in | 45 | 35 | 28 | 217 |
| thousands of euros) | | | | |
--------------------------------------------------------------------------------
| Personnel expenses to revenue, | 13.6% | 13.3% | 12.9% | 12.3% |
| % | | | | |
--------------------------------------------------------------------------------
| Administrative expenses to | 5.6% | 5.3% | 6.1% | 4.7% |
| revenue, % | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (in thousands of | 77,166 | 51,619 | 33,990 | 370,574 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| EBITDA (in thousands of euros) | 4,932 | 3,299 | 2,172 | 23,684 |
--------------------------------------------------------------------------------
| EBITDA margin, % | 10.0% | 9.2% | 9.9% | 9.9% |
--------------------------------------------------------------------------------
| Gross margin, % | 13.1% | 11.8% | 8.8% | 13.3% |
--------------------------------------------------------------------------------
| Operating margin, % | 7.9% | 6.7% | 8.1% | 8.2% |
--------------------------------------------------------------------------------
| Operating margin excluding | 7.6% | 6.2% | 2.7% | 8.0% |
| gains on asset sales, % | | | | |
--------------------------------------------------------------------------------
| Net margin, % | 5.8% | 5.6% | 5.1% | 7.7% |
--------------------------------------------------------------------------------
| Return on invested capital, % | 3.9% | 5.7% | 5.5% | 32.7% |
--------------------------------------------------------------------------------
| Return on assets, % | 3.3% | 2.7% | 2.9% | 17.1% |
--------------------------------------------------------------------------------
| Return on equity, % | 5.4% | 6.2% | 8.8% | 44.7% |
--------------------------------------------------------------------------------
| Equity ratio, % | 38.0% | 38.3% | 21.8% | 36.9% |
--------------------------------------------------------------------------------
| Gearing, % | 18.9% | 19.3% | 12.3% | 13.5% |
--------------------------------------------------------------------------------
| Current ratio | 1.65 | 1.41 | 1.17 | 1.30 |
--------------------------------------------------------------------------------
| | 31 | 31 March | 31 March | 31 |
| | March | 2007 | 2006 | December |
| | 2008 | | | 2007 |
--------------------------------------------------------------------------------
| Order backlog (in thousands of | 3,368,6 | 3,197,000 | 1,775,931 | 2,526,652 |
| kroons) | 80 | | | |
--------------------------------------------------------------------------------
| Order backlog (in thousands of | 215,298 | 204,326 | 113,503 | 161,482 |
| 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 Return on invested |
| personnel expenses / revenue | capital = (profit before tax + |
| Administrative expenses to revenue = | interest expense) / the period's |
| administrative expenses / revenue | average (interest-bearing liabilities |
| EBITDA = earnings before interest, | + equity) |
| taxes, depreciation and amortisation | Return on assets = operating profit / |
| EBITDA margin = EBITDA / revenue | the period's average total assets |
| Gross margin = gross profit / | Return on equity = net profit for the |
| revenue | period /the period's average total |
| Operating margin = operating profit | equity |
| / revenue | Equity ratio = total equity / total |
| | equity and liabilities |
| | Gearing = (interest-bearing |
| | liabilities - cash and cash |
| | equivalents) / (interest bearing |
| | liabilities + equity) |
| | Current ratio = total current assets |
| | / total current liabilities |
--------------------------------------------------------------------------------
Revenue
Revenue distribution by geographical segments
--------------------------------------------------------------------------------
| | Q1 2008 | Q1 2007 | Q1 2006 | 2007 |
--------------------------------------------------------------------------------
| Estonia | 81.9% | 83.3% | 95.4% | 87.9% |
--------------------------------------------------------------------------------
| Ukraine | 16.2% | 16.7% | 4.6% | 11.6% |
--------------------------------------------------------------------------------
| Lithuania | 1.9% | 0% | 0% | 0.5% |
--------------------------------------------------------------------------------
| Latvia | 0% | 0% | 0% | 0% |
--------------------------------------------------------------------------------
The Group has launched operations in Lithuania, thereby implementing the
strategy of dispersing risks by expanding to different geographical areas. In
addition, the Group has consistently increased its operations in Ukraine and has
penetrated the Latvian market. Latvian revenue should grow in connection with an
increase in the Group's interest in Abagars SIA (see Changes in the Group's
structure after the reporting date).
Business review
The core business of Eesti Ehitus Group is general contracting and construction
management in the construction of buildings and structures. In addition, the
Group is involved in road construction and maintenance, environmental
engineering, concrete works and real estate development.
Consolidated revenue for the first quarter of 2008 amounted to 773.5 million
kroons (49.4 million kroons), 38 per cent up on the 559.7 million kroons (35.8
million euros) generated in the first quarter of 2007. The Group tries to
maintain the revenues generated by its two segments in balance as this helps
disperse risks and provides a more solid foundation under stressed
circumstances. In line with the corporate strategy, the proportion of
development revenue is consistently maintained at a relatively low level (at or
below 20 per cent).
The residential and non-residential segment contributed 648.2 million kroons
(41.4 million euros) and the civil engineering segment 116.7 million kroons (7.5
million euros) of total construction contract revenue. The corresponding figures
for the first quarter of 2007 were 307.4 million kroons and 248.0 million kroons
(19.6 million euros and 15.8 million euros) respectively. It should be noted
that in contrast to the first quarter of 2007, the beginning of 2008 was
customary for the civil engineering segment and more comparable with 2006
because the number of large projects was small and operating volumes therefore
less significant.
--------------------------------------------------------------------------------
| Revenue by segments | | | | |
--------------------------------------------------------------------------------
| Business segments | Q1 2008 | Q1 2007 | Q1 2006 | 2007 |
--------------------------------------------------------------------------------
| Residential and non-residential | 85% | 55% | 73% | 53% |
--------------------------------------------------------------------------------
| Civil engineering | 15% | 45% | 27% | 47% |
--------------------------------------------------------------------------------
| Revenue distribution in the | Q1 2008 | Q1 2007 | Q1 2006 | 2007 |
| Residential and non-residential | | | | |
| segment | | | | |
--------------------------------------------------------------------------------
| Residential buildings | 9% | 18% | 19% | 12% |
--------------------------------------------------------------------------------
| Public buildings | 14% | 18% | 10% | 16% |
--------------------------------------------------------------------------------
| Commercial buildings | 63% | 50% | 45% | 61% |
--------------------------------------------------------------------------------
| Industrial and warehouse facilities | 14% | 14% | 26% | 11% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue distribution in the Civil | Q1 2008 | Q1 2007 | Q1 2006* | 2007 |
| engineering segment | | | | |
--------------------------------------------------------------------------------
| Road construction and maintenance | 53% | 24% | - | 41% |
--------------------------------------------------------------------------------
| Port construction | 14% | 58% | - | 33% |
--------------------------------------------------------------------------------
| Environmental engineering | 6% | 18% | - | 13% |
--------------------------------------------------------------------------------
| Other engineering | 27% | - | - | 13% |
--------------------------------------------------------------------------------
* In 2006, the Civil engineering segment was not divided into sub-segments.
At 31 March 2008 the Group's order backlog was 3,369 million kroons (215 million
euros), only a slight improvement on the 3,197 million kroons (204 million
euros) posted a year ago, but a fairly strong result considering the changes in
the construction market and the economic environment in the second half of 2007
and the first quarter of 2008.
The largest construction contracts signed in the first quarter of 2008:
--------------------------------------------------------------------------------
| Brief description of contract | Cost | Expected |
| | | delivery |
| | (EEK '000 / EUR | |
| | '000) | |
--------------------------------------------------------------------------------
| Rehabilitation of the Rõhu-Puhja Section | 92,336 / 5,901 | August 2009 |
| of National Road 92 | | |
--------------------------------------------------------------------------------
| Construction of Berths No 8 and 9 at | 316,363 / 20,219 | May 2009 |
| Paldiski South Harbour | | |
--------------------------------------------------------------------------------
| Design and construction of Science Centre | 179,100 / 11,447 | August 2010 |
| AHHAA Building | | |
--------------------------------------------------------------------------------
People and personnel expenses
In the first quarter of 2008, the Group employed, on average, 1102 people,
including 500 engineers. The proportion of engineers and technical personnel
(ETP) has increased significantly during the past couple of years due to the
growth of the Group and the size of the contracts. We expect the trend to
continue, among other things, because of the Group's growth in Lithuania, Latvia
and Ukraine.
Number of employees:
--------------------------------------------------------------------------------
| Period | ETP | Workers | Total average |
--------------------------------------------------------------------------------
| Q1 2008 | 456 | 646 | 1102 |
--------------------------------------------------------------------------------
| Q1 2007 | 396 | 613 | 1009 |
--------------------------------------------------------------------------------
| Q1 2006 | 292 | 480 | 772 |
--------------------------------------------------------------------------------
| 2007 | 425 | 678 | 1103 |
--------------------------------------------------------------------------------
The Group's personnel expenses for the first quarter of 2008 totalled 105.4
million kroons (6.7 million euros), a 42 per cent increase on the first quarter
of 2007. The rise in personnel expenses is attributable to the acquisition of
subsidiaries and the Group's personnel policy.
In the first quarter of 2008, the remuneration of the Group's council totalled
270 thousand kroons (17 thousand euros) and the remuneration of the Group's
board amounted to 2,575 thousand kroons (165 thousand euros). The corresponding
figures for the first quarter of 2007 were 270 thousand kroons (17 thousand
euros) and 1,788 thousand kroons (114 thousand euros) respectively.
Share and shareholders
--------------------------------------------------------------------------------
| ISIN code | EE3100039496 |
--------------------------------------------------------------------------------
| Short name of the security | EEH1T |
--------------------------------------------------------------------------------
| Nominal value | 10.00 kroons / 0.64 euros |
--------------------------------------------------------------------------------
| Total number of securities | 30,756,728 |
--------------------------------------------------------------------------------
| Number of listed securities | 30,756,728 |
--------------------------------------------------------------------------------
| Listing date | 18 May 2006 |
--------------------------------------------------------------------------------
Risks
Business risks
To manage 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 AS Eesti
Ehitus. To remedy builder-caused deficiencies which may be detected during the
warranty period, all Group companies create warranty provisions. At the end of
the first quarter of 2008, the provisions totalled 11.8 million kroons (0.76
million euros). The corresponding figure for the first quarter of 2007 was 7
million kroons (0.5 million euros).
Credit risk
For credit risk management, a potential customer's settlement behaviour and
creditworthiness are analysed already in the tendering stage. Subsequent to the
conclusion of a contract, customers' settlement behaviour is monitored on an
ongoing basis from the making of an advance payment to adherence to the
contractual settlement schedule, which usually depends on the documentation of
the delivery of work performed. We believe that the system in place allows us to
respond to customers' settlement difficulties with sufficient speed. As at the
end of the reporting period, our customers' settlement practice was good.
Liquidity risk
Free funds are placed in overnight or fixed-interest term deposits with the
largest banks in Estonia. To ensure timely settlement of liabilities,
approximately two weeks' working capital is kept in current accounts or
overnight deposits. Where necessary, overdraft facilities are used.
Interest rate risk
The loans taken from banks operating in Estonia and Ukraine have fixed interest
rates. Finance lease contracts have floating interest rates and are linked to
EURIBOR. Compared with the first quarter of 2007, the Group's loan liabilities
have increased by 368 million kroons (24 million euros) or 127 per cent and
interest expense has grown by 5.2 million kroons (0.33 million euros).
Currency risk
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, in Ukraine in Ukrainian grivnas. In Ukraine, some materials supply
contracts are made in euro. In addition, the Group's parent AS Eesti Ehitus
settles accounts with its Ukrainian subsidiary Eurocon Ukraine LLC in euro but
the volumes are immaterial. The Ukrainian grivna fluctuates slightly against the
US dollar. Therefore, in Ukraine the fluctuations of the grivna against the euro
give rise to a currency risk but possibilities for hedging the risk in
cooperation with local banks are almost non-existent. In the first quarter of
2008, the Group's foreign exchange loss from Ukrainian operations amounted to
11.4 million kroons (0.73 million euros).
Outlook for the near future
We believe that in the construction sector the deceleration in economic growth
will trigger the following trends:
The construction sector will become more dependent on public procurement tenders
and the number and pricing of infrastructure, environment and other projects
launched with the support of European Union funds.
The importance of infrastructure projects will increase and, accordingly,
critical success factors will include specialised engineering expertise and the
availability of specialised resources.
Housing development and construction volumes will shrink and the number of
related companies will decrease (consolidation). The consolidation process will
heighten competition and exert downward pressure on profit margins.
The past few years' labour deficit in the construction sector will decline and,
consequently, the growth in personnel expenses will normalise.
Real estate developers' ability to service existing loans and take new ones will
weaken due to a decrease in their creditworthiness. For construction companies,
this may mean an increase in doubtful and irrecoverable receivables.
We have prepared ourselves for changes in the economic environment by dispersing
our risks between activities (for a number of years the proportion of
residential construction has not exceeded 10-15 per cent) and markets (the
importance of the Estonian market will decline as the importance of other
markets increases).
Consolidated interim balance sheet
Unaudited
--------------------------------------------------------------------------------
| EEK '000 | Note | 31 March | 31 March | 31 Dec |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 372,537 | 133,446 | 236,112 |
--------------------------------------------------------------------------------
| Trade receivables | 2 | 359,718 | 332,990 | 511,819 |
--------------------------------------------------------------------------------
| Other receivables and | 3 | 245,195 | 179,173 | 264,551 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | 1,905 | 1,015 | 1,905 |
--------------------------------------------------------------------------------
| Inventories | 4 | 431,055 | 293,298 | 393,529 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 5 | 43,362 | 0 | 43,362 |
--------------------------------------------------------------------------------
| Total current assets | | 1,453,772 | 939,922 | 1,447,963 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Long-term investments | 7 | 91,828 | 51,051 | 111,686 |
--------------------------------------------------------------------------------
| Investment property | 8 | 133,753 | 24,199 | 133,984 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 9 | 276,167 | 233,859 | 221,748 |
--------------------------------------------------------------------------------
| Intangible assets | 10 | 290,356 | 164,581 | 273,223 |
--------------------------------------------------------------------------------
| Total non-current assets | | 792,104 | 473,690 | 740,641 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 2,245,876 | 1,413,612 | 2,191,919 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 12 | 151,184 | 77,270 | 135,856 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 291,656 | 185,979 | 335,754 |
--------------------------------------------------------------------------------
| Tax liabilities | | 48,411 | 44,900 | 54,771 |
--------------------------------------------------------------------------------
| Other payables and advances | 13 | 382,168 | 352,058 | 574,722 |
| received | | | | |
--------------------------------------------------------------------------------
| Provisions | 14 | 8,078 | 5,214 | 12,458 |
--------------------------------------------------------------------------------
| Total current liabilities | | 881,497 | 665,421 | 1,113,561 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 12 | 506,308 | 211,761 | 263,723 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Other liabilities | | 761 | 490 | 714 |
--------------------------------------------------------------------------------
| Provisions | 14 | 3,739 | 1,885 | 4,328 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 510,808 | 214,136 | 268,765 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1,392,305 | 879,557 | 1,382,326 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 87,067 | 35,271 | 90,095 |
--------------------------------------------------------------------------------
| Share capital | 15 | 307,567 | 153,784 | 307,567 |
--------------------------------------------------------------------------------
| Share premium | 15 | 0 | 108,465 | 0 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 21,426 | 4,158 | 11,766 |
--------------------------------------------------------------------------------
| Translation reserve | | 4,574 | 2,292 | 2,354 |
--------------------------------------------------------------------------------
| Retained earnings | 15 | 432,937 | 230,085 | 397,810 |
--------------------------------------------------------------------------------
| Total equity attributable to | | 766,504 | 498,784 | 719,497 |
| equity holders of the parent | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 853,571 | 534,055 | 809,592 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 2,245,876 | 1,413,612 | 2,191,918 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Consolidated interim balance sheet
Unaudited
--------------------------------------------------------------------------------
| EUR '000 | Note | 31 March | 31 March | 31 Dec |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 23,809 | 8,529 | 15,090 |
--------------------------------------------------------------------------------
| Trade receivables | 2 | 22,990 | 21,282 | 32,711 |
--------------------------------------------------------------------------------
| Other receivables and | 3 | 15,671 | 11,451 | 16,908 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | 122 | 65 | 122 |
--------------------------------------------------------------------------------
| Inventories | 4 | 27,549 | 18,745 | 25,151 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 5 | 2,771 | 0 | 2,771 |
--------------------------------------------------------------------------------
| Total current assets | | 92,913 | 60,072 | 92,542 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Long-term investments | 7 | 5,869 | 3,263 | 7,138 |
--------------------------------------------------------------------------------
| Investment property | 8 | 8,548 | 1,547 | 8,563 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 9 | 17,650 | 14,946 | 14,172 |
--------------------------------------------------------------------------------
| Intangible assets | 10 | 18,557 | 10,519 | 17,462 |
--------------------------------------------------------------------------------
| Total non-current assets | | 50,625 | 30,274 | 47,336 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 143,538 | 90,346 | 140,089 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 12 | 9,662 | 4,938 | 8,683 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 18,640 | 11,886 | 21,459 |
--------------------------------------------------------------------------------
| Tax liabilities | | 3,094 | 2,870 | 3,501 |
--------------------------------------------------------------------------------
| Other payables and advances | 13 | 24,425 | 22,501 | 36,731 |
| received | | | | |
--------------------------------------------------------------------------------
| Provisions | 14 | 516 | 333 | 796 |
--------------------------------------------------------------------------------
| Total current liabilities | | 56,338 | 42,528 | 71,170 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 12 | 32,359 | 13,534 | 16,855 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Other liabilities | | 49 | 31 | 46 |
--------------------------------------------------------------------------------
| Provisions | 14 | 239 | 120 | 277 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 32,647 | 13,686 | 17,177 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 88,985 | 56,214 | 88,347 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 5,565 | 2,254 | 5,758 |
--------------------------------------------------------------------------------
| Share capital | 15 | 19,657 | 9,829 | 19,657 |
--------------------------------------------------------------------------------
| Share premium | 15 | 0 | 6,932 | 0 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 1,369 | 266 | 752 |
--------------------------------------------------------------------------------
| Translation reserve | | 292 | 146 | 150 |
--------------------------------------------------------------------------------
| Retained earnings | 15 | 27,670 | 14,705 | 25,425 |
--------------------------------------------------------------------------------
| Total equity attributable to | | 48,989 | 31,878 | 45,984 |
| equity holders of the parent | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 54,553 | 34,132 | 51,742 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 143,538 | 90,346 | 140,089 |
--------------------------------------------------------------------------------
Consolidated interim income statement
--------------------------------------------------------------------------------
| | Note | Q1 2008 | Q1 2007 | 2007 |
| Unaudited | | | | |
| EEK '000 | | | | |
--------------------------------------------------------------------------------
| Revenue | 17, | 773,510 | 559,735 | 3,752,028 |
| | 18 | | | |
--------------------------------------------------------------------------------
| Cost of sales | 19 | 672,156 | 493,785 | 3,252,051 |
--------------------------------------------------------------------------------
| Gross profit | | 101,354 | 65,950 | 499,977 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | | 827 | 532 | 2,395 |
--------------------------------------------------------------------------------
| Administrative expenses | 20 | 43,493 | 29,856 | 176,273 |
--------------------------------------------------------------------------------
| Other operating income | 21 | 7,122 | 2,970 | 16,411 |
--------------------------------------------------------------------------------
| Other operating expenses | 21 | 3,113 | 1,234 | 30,256 |
--------------------------------------------------------------------------------
| Operating profit | | 61,043 | 37,298 | 307,464 |
--------------------------------------------------------------------------------
| Financial income | 22 | 4,559 | 9,825 | 31,486 |
--------------------------------------------------------------------------------
| Financial expenses | 22 | 19,851 | 6,037 | 30,028 |
--------------------------------------------------------------------------------
| Net financial items | | -15,292 | 3,788 | 1,458 |
--------------------------------------------------------------------------------
| Share of profit of equity | | 16 | 757 | 856 |
| accounted investees | | | | |
--------------------------------------------------------------------------------
| Share of loss of equity accounted | | 728 | 238 | 4,031 |
| investees | | | | |
--------------------------------------------------------------------------------
| Net share of profit and loss of | | -712 | 519 | -3,175 |
| equity accounted investees | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 45,039 | 41,605 | 305,747 |
--------------------------------------------------------------------------------
| Income tax expense | 23 | 145 | 10,192 | 15,976 |
--------------------------------------------------------------------------------
| Profit for the period | | 44,894 | 31,413 | 289,771 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | | 46,138 | 29,492 | 267,482 |
--------------------------------------------------------------------------------
| Minority interest | | -1,244 | 1,921 | 22,289 |
--------------------------------------------------------------------------------
| Basic earnings per share (in | 15 | 1.50 | 0.96 | 8.70 |
| kroons)* | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share (in | 15 | 1.50 | 0.96 | 8.70 |
| kroons)* | | | | |
--------------------------------------------------------------------------------
* For comparability, the weighted average number of shares used is the number of
shares after the bonus issues, i.e. 30,756,728 shares
Consolidated interim income statement
--------------------------------------------------------------------------------
| Unaudited | Note | Q1 2008 | Q1 2007 | 2007 |
| EUR '000 | | | | |
--------------------------------------------------------------------------------
| Revenue | 17, | 49,436 | 35,774 | 239798 |
| | 18 | | | |
--------------------------------------------------------------------------------
| Cost of sales | 19 | 42,959 | 31,559 | 207844 |
--------------------------------------------------------------------------------
| Gross profit | | 6,478 | 4,215 | 31,954 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | | 53 | 34 | 153 |
--------------------------------------------------------------------------------
| Administrative expenses | 20 | 2,780 | 1,908 | 11,266 |
--------------------------------------------------------------------------------
| Other operating income | 21 | 455 | 190 | 1,049 |
--------------------------------------------------------------------------------
| Other operating expenses | 21 | 199 | 79 | 1,934 |
--------------------------------------------------------------------------------
| Operating profit | | 3,901 | 2,384 | 19,651 |
--------------------------------------------------------------------------------
| Financial income | 22 | 291 | 628 | 2,012 |
--------------------------------------------------------------------------------
| Financial expenses | 22 | 1,269 | 386 | 1,919 |
--------------------------------------------------------------------------------
| Net financial items | | -977 | 242 | 93 |
--------------------------------------------------------------------------------
| Share of profit of equity | | 1 | 48 | 55 |
| accounted investees | | | | |
--------------------------------------------------------------------------------
| Share of loss of equity accounted | | 47 | 15 | 258 |
| investees | | | | |
--------------------------------------------------------------------------------
| Net share of profit and loss of | | -46 | 33 | -203 |
| equity accounted investees | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | | 2,879 | 2,659 | 19,541 |
--------------------------------------------------------------------------------
| Income tax expense | 23 | 9 | 651 | 1,021 |
--------------------------------------------------------------------------------
| Profit for the period | | 2,869 | 2,008 | 18,520 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | | 2,949 | 1,885 | 17,095 |
--------------------------------------------------------------------------------
| Minority interest | | -80 | 123 | 1,425 |
--------------------------------------------------------------------------------
| Basic earnings per share (in | 15 | 0.10 | 0.06 | 0.56 |
| euros)* | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share (in | 15 | 0.10 | 0.06 | 0.56 |
| euros)* | | | | |
--------------------------------------------------------------------------------
* For comparability, the weighted average number of shares used is the number of
shares after the bonus issues, i.e. 30,756,728 shares.
1 EUR = 15,6466 EEK
Eesti Ehitus is a group of construction companies whose core business is general
contracting and construction management in the construction of buildings and
structures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia
our companies act as independent contractors in road construction and
maintenance, environmental engineering, the assembly of reinforced concrete
elements, and the performance of cast-on-site concrete works. The parent of the
Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia.
In addition to the parent company, there are more than 20 subsidiaries in the
Group. The consolidated revenue of the Group in 2007 was 3,8 billion kroons
(240 million euros) and the consolidated net profit was 290 million kroons (19
million euros). AS Eesti Ehitus Group employs more than 1100 people. Since 18
May 2006, the company's shares have been quoted in the main list of the NASDAQ
OMX Tallinn Stock Exchange.
Raimo Talviste
AS Eesti Ehitus
Head of Investor Relations
Tel: +372 6400 445
Email: raimo.talviste@eestiehitus.ee