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Arco Vara AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
28.11.2008 16:28:37
Pealkiri
2008. aasta III kvartali ja 9 kuu tegevusaruanne
Teade
2008. aasta III kvartali ja 9 kuu tegevusaruanne
Juhatuse esimehe kommentaar
Üheltpoolt on Arco Vara kliendid ostnud ja broneerinud 9 kuuga rohkem kortereid
või krunte kui eelmisel aastal, teiseltpoolt peame aga lähtuvalt kinnisvaraturu
olukorrast Arco Vara koduturgudel olema valmis järjekordseks korrektsiooniks
arendusäri marginaalides ja müügiperioodis.
Positiivne on, et 9 kuu võrdluses ei ole olulist vähenemist Arco Vara
vahendustehingute arvus.
Bilansipäevajärgset kinnisvaraturgude olukorda arvestades käivitus oktoobris ka
püsikulude kokkuhoiuprogramm, mille esimese etapi maht on vähemalt 40 mln krooni
(2.6 mln eurot) aastas. Kokkuhoiuprogrammi raames on koondatud ka töötajaid, mis
on vähendanud töötajate arvu novembri lõpuks üle 170 inimese võrra võrreldes
aasta algusega. Lisaks on võimalus, Kontserni kulude struktuuri arvestades,
lasta käimasolevates projektis hinda alla tasemele, mis rahavooliselt ikkagi
katab ära laenude teeninduse ning Kontserni püsikulud, mida aruandejärgsel
päeval on Kodukolde projektis rakendatud.
Teenindusdivisjoni 33.1 mln kroonise (2.1 mln eurose) kahjumi vähendamiseks
tuleval aastal on bilansipäeva järgselt Leedu ja Rumeenia kontorid
likvideerimismenetluses, kust on lahkunud juba ka 95% inimestest, kuid kus
säilib esindaja lepingu alusel. Novembri lõpuks pakub maaklerteenust 40% Eesti
maaklerbüroo müügipersonalist käsunduslepingute alusel. On koondatud ka 9 tipp-
ja keskastme juhti ning müügimahtude langedes peab valmistuma ka Ukraina ja
Bulgaaria vahendusbüroo strateegiamuudatusteks. Viimased teenisid kolmandas
kvartalis ainukeste büroodena positiivset ärikasumit. Divisjoni saneerimiskulud
ulatuvad 15.6 mln kroonini (1.0 mln euroni), milles suurem osa leiab aset
neljandas kvartalis.
Arendusdivisjoni tegevusmõõdikud (planeeringute, ehituste, vakantsuste ja
korterimüükide seis) olid 9 kuu kokkuvõttes positiivsed. Samas võimaldab
Bulgaaria projekti ehitusetapp müügitulu kajastamise asemel näidata vaid
broneerimistasude laekumisi Kontserni bilansis. Arendusdivisjoni tulemuste suur
kõikumine kvartalite lõikes on seega oodatav ning oluliste projektide
edenemisega võivad järgnevate kvartalite tulemused oluliselt muutuda. Arvestades
mitmete oluliste projektide (Tivoli, Ahtri3, Laeva, Bišumuiža 2) arengufaasi
ning varade väärtuse kasvu pidurdumist, oli arendusdivisjoni kasumi langus
oodatav. 9 kuu tähtsamateks sündmusteks olid: Tivoli, Laeva 2 ja MB-3
planeeringute kehtestamine, Simferoopoli projektist väljumine ja korterimüügi
blokktehing Sofias.
Ehitusdivisjoni kasum ning võime võita ehitushankeid keskkonnaehituses nii
Eestis kui ka Lätis, kinnitab valitud tegevussuuna õigsust. 9 kuu jooksul Eestis
ja Lätis võidetud uued hanked on ehitusdivisjoni tulemuste osakaalu grupi
tulemustes kasvatanud. Tsiviilehituse ja sisekäibe osakaal ehitusdivisjoni
tulemustes on vähenenud minimaalseks, 2%-ni.
PÕHILISED NÄITAJAD
Kontserni kõige olulisema tulu teenis ehitusdivisjon, kasvatades divisjoni 9 kuu
käivet 10% - 323.3 mln kroonini (20.7 mln euroni).
Oluline käibe kukkumine oli tingitud arendusdivisjoni tulemusest. Kuigi
kortereid ja krunte müüdi või broneeriti kokku 102 (Kolde 32, Merivälja3 2,
Madrid 68, Manastirski 14, BM-1 -12 ja MB-5 -2), realiseerub enamus 9 kuu
broneeringutest laekuv käive ja brutokasum alles 2009 aasta lõpus, pärast
Madridi projekt valmimist, kus on ette
broneeritud juba 43% kogu müüdavast ja välja renditavast pinnast, elupindadest
on broneeritud koguni 71%.
Kui eelmise aasta sama perioodi ärikasum oli 112.3 mln krooni (7.2 mln eurot),
siis selle aasta 9 kuuga tuli vastu võtta ärikahjum -106.7 mln krooni (-6.8 mln
eurot). Ärikahjum sisaldab 61.2 mln krooni (3.9 mln eurot)
kinnisvarainvesteeringute allahindluste netotulemust arendusdivisjonis ning
33.1 mln krooni (2.1 mln euro) suurust teenindusdivisjoni kahjumit, millest
Eesti büroo moodustas 7.9 mln krooni (0.5 mln eurot), Läti büroo 7.7 mln krooni
(0.5 mln eurot), Leedu büroo 6.9 mln krooni (0.4 mln eurot) ning Rumeenia büroo
8.5 mln krooni (0.5 mln eurot).
Põhilised finantstulud 9 kuu jooksul olid: intressitulud 37.7 mln krooni (2.4
mln eurot) ning valuutakursi muutuse kasum 5.3 mln krooni (0.3 mln eurot).
Põhilised finantskulud 9 kuu jooksul olid: AVEC Asset Management AS'i aktsiate
võõrandamise kahjum ning õiglase väärtuse muutus 35.7 mln krooni (2.3 mln eurot)
ning intressikulud 22.6 mln krooni (1.4 mln eurot). Finantskulude koosseisus on
kajastatud ka Kippsala projekti nõude allahindluse tühistamine summas 25.2
miljonit krooni (1.51 miljonit eurot).
PÕHILISED NÄITAJAD KOKKUVÕTVALT
9 kuu äritulud kokku moodustasid 540.0 mln krooni (34.5 mln eurot), mis on 21.4%
vähem kui eelmisel aastal;
Ärikasum oli -106.7 mln krooni (-6.8 mln eurot), 218.4 mln krooni (13.9 mln
eurot) vähem kui eelmisel aastal;
Puhaskasum oli -102.5 mln krooni (-6.5 mln eurot), 366.6 mln krooni (23.4 mln
eurot) vähem kui eelmisel aastal;
Omakapital moodustab 55.5% (2007 9 kuud: 55.4%) bilansimahust. Omakapitali
tootlikkus oli -7.3% (2007 9 kuud: 31.5%).
Investeeritud kapitali tootlikkus oli -2.7% (2007 9 kuud: 19.5%);
Ehituslepingute järelejäänud maht oli 233.0 mln krooni (14.9 mln eurot)
võrrelduna 361.0 mln krooniga (23.1 mln euroga) eelmisel aastal;
9 kuu jooksul müüdi või broneeriti Arco Vara arendusprojektides kortereid ja
krunte kokku102 (2007 9 kuud: 98).
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| miljonites | 9 | 9 | III | III | 9 | 9 kuud | III kv | III |
| | kuud | kuud | kv | kv | kuud | 2007 | 2008 | kv |
| | 2008 | 2007 | 2008 | 2007 | 2008 | | | 2007 |
--------------------------------------------------------------------------------
| Müügitulu | 540.0 | 686.7 | 195.2 | 199.1 | 34.5 | 43.9 | 12.5 | 12.7 |
| ja muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -106. | 112.3 | -57.6 | 24.2 | -6.8 | 7.2 | -3.7 | 1.5 |
| | 7 | | | | | | | |
--------------------------------------------------------------------------------
| s.h | -61.2 | 66.1 | -4.4 | 6.7 | -3.9 | 4.2 | -0.3 | 0.4 |
| kinnisvara | | | | | | | | |
| investeeri | | | | | | | | |
| ngute | | | | | | | | |
| ümberhindl | | | | | | | | |
| used | | | | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | -91.8 | 279.2 | -58.2 | 42.2 | -5.9 | 17.8 | -3.7 | 2.7 |
| tulumaksu | | | | | | | | |
--------------------------------------------------------------------------------
| s.h kasum | -36.6 | 131.3 | -19.5 | 7.7 | -2.3 | 8.4 | -1.2 | 0.5 |
| või kahjum | | | | | | | | |
| finantsvar | | | | | | | | |
| ade | | | | | | | | |
| võõrandami | | | | | | | | |
| sest | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -102. | 264.1 | -57.9 | 36.9 | -6.6 | 16.9 | -3.7 | 2.4 |
| | 5 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS | -1.15 | 3.27 | -0.61 | 0.43 | -0.07 | 0.21 | -0.04 | 0.03 |
| (kroonides | | | | | | | | |
| ja | | | | | | | | |
| eurodes) | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Varad | 3,192 | 3,535 | | | 204.0 | 226.0 | | |
| kokku, | .0 | .6 | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Investeeri | 2,945 | 3,230 | | | 188.3 | 206.5 | | |
| tud | .5 | .7 | | | | | | |
| kapital, | | | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Neto | 855.8 | 372.4 | | | 54.7 | 23.8 | | |
| laenud, | | | | | | | | |
| perioodi | | | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | 1,770 | 1,957 | | | 113.1 | 125.1 | | |
| , perioodi | .2 | .9 | | | | | | |
| lõpu | | | | | | | | |
| seisuga | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Laenude | 2.2 | n/a | | | 2.2 | n/a | | |
| keskmine | | | | | | | | |
| pikkus | | | | | | | | |
| (aastates) | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude | 7.4% | n/a | | | 7.4% | n/a | | |
| keskmine | | | | | | | | |
| intress | | | | | | | | |
| (aastas) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | -2.7 | 19.4% | | | -2.7% | 19.4% | | |
| (jooksev 4 | % | | | | | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE | -7.3 | 31.2% | | | -7.3% | 31.2% | | |
| (jooksev 4 | % | | | | | | | |
| kvartalit) | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Töötajate | 546 | 649 | | | 546 | 649 | | |
| arv | | | | | | | | |
| perioodi | | | | | | | | |
| lõpul | | | | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| miljoni | 9 | 9 | III | III kv | 9 kuud | 9 kuud | III kv | III kv |
| tes | kuud | kuud | kv | 2007 | 2008 | 2007 | 2008 | 2007 |
| | 2008 | 2007 | 2008 | | | | | |
--------------------------------------------------------------------------------
| Müügitu | | | | | | | | |
| lu ja | | | | | | | | |
| muu | | | | | | | | |
| äritulu | | | | | | | | |
--------------------------------------------------------------------------------
| Teenind | 83.7 | 86.2 | 25.1 | 21.4 | 5.4 | 5.5 | 1.6 | 1.4 |
| us | | | | | | | | |
--------------------------------------------------------------------------------
| Arendus | 195.7 | 493.5 | 55.8 | 111.0 | 12.5 | 31.5 | 3.6 | 7.1 |
--------------------------------------------------------------------------------
| Ehitus | 323.3 | 293.7 | 117.2 | 136.3 | 20.7 | 18.8 | 7.5 | 8.7 |
--------------------------------------------------------------------------------
| Varahal | 6.8 | 10.2 | 0.0 | 4.0 | 0.4 | 0.7 | 0.0 | 0.3 |
| dus | | | | | | | | |
--------------------------------------------------------------------------------
| Elimine | -69.5 | -196. | -2.8 | -73.6 | -4.4 | -12.6 | -0.2 | -4.7 |
| erimise | | 9 | | | | | | |
| d | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitu | 540.0 | 686.7 | 195.2 | 199.1 | 34.5 | 43.9 | 12.5 | 12.7 |
| lu ja | | | | | | | | |
| muu | | | | | | | | |
| äritulu | | | | | | | | |
| kokku | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Teenind | -33.1 | -15.9 | -12.7 | -6.9 | -2.1 | -1.0 | -0.8 | -0.4 |
| us | | | | | | | | |
--------------------------------------------------------------------------------
| Arendus | -67.9 | 145.3 | -45.7 | 31.0 | -4.3 | 9.3 | -2.9 | 2.0 |
--------------------------------------------------------------------------------
| Ehitus | 7.7 | 10.0 | 3.7 | 13.3 | 0.5 | 0.6 | 0.2 | 0.8 |
--------------------------------------------------------------------------------
| Varahal | 2.4 | 4.4 | 0.0 | 2.0 | 0.2 | 0.3 | 0.0 | 0.1 |
| dus | | | | | | | | |
--------------------------------------------------------------------------------
| Elimine | -0.2 | -11.3 | 1.7 | -12.3 | 0.0 | -0.7 | 0.1 | -0.8 |
| erimise | | | | | | | | |
| d | | | | | | | | |
--------------------------------------------------------------------------------
| Jagamat | -15.7 | -20.2 | -4.7 | -3.0 | -1.0 | -1.3 | -0.3 | -0.2 |
| ud | | | | | | | | |
| ärikulu | | | | | | | | |
| d | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasu | -106. | 112.3 | -57.5 | 24.2 | -6.8 | 7.2 | -3.7 | 1.5 |
| m kokku | 7 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intress | 22.6 | -10.3 | 6.6 | 4.7 | 1.4 | -0.7 | 0.5 | 0.4 |
| itulud | | | | | | | | |
| ja | | | | | | | | |
| intress | | | | | | | | |
| ikulud | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | -7.6 | 177.2 | -7.2 | 13.2 | -0.5 | 11.3 | -0.5 | 0.8 |
| finants | | | | | | | | |
| tulud | | | | | | | | |
| ja | | | | | | | | |
| -kulud | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumak | -10.8 | -15.1 | 0.4 | -5.2 | -0.7 | -1.0 | 0.0 | -0.3 |
| sukulu | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaska | -102. | 264.1 | -57.8 | 36.9 | -6.6 | 16.9 | -3.7 | 2.4 |
| sum | 5 | | | | | | | |
--------------------------------------------------------------------------------
RAHAVOOD
Äritegevuse negatiivse rahavoo oluline komponent on varude muutus, kus
kajastuvad elamispindade projektide investeeringud: Kolde 10.0 mln krooni (0.64
mln eurot), BM-1 13.8 mln krooni (0.9 mln eurot), Madrid ja Manastirski kokku
83.3 mln krooni (5.3 mln eurot). Kolmanda kvartaliga on oluliselt vähenenud ka
käibemaksu ettemaks, kuid ikkagi ulatub saldo 46.9 mln kroonini (3.0 mln
euroni).
Investeerimistegevuse rahavoo olulised negatiivsed komponendid olid:
järelmaksuga ostetud tütarettevõtete maksetähtaja saabumine summas ca 44.0 mln
krooni (2.8 mln eurot), Ukraina investeeringud ja laenud 108.4 mln krooni (6.9
mln eurot) ja 202.6 mln krooni (12.9 mln euro) likviidsete vahendite paigutamine
nii Kesko kommertspaberitesse kui 3-kuulistesse või pikematesse deposiitidesse.
Lisaks anti ühisettevõtetele laene kokku 17.6 mln krooni (1.1 mln eurot).
Finantseerimistegevuse rahavoo olulised komponendid olid: makstud intressid 62.5
mln krooni (4.0 mln eurot), makstud dividendid koos tulumaksuga 57.7 mln krooni
(3.7 mln eurot), laenude vähendamised 203.2 mln krooni (13.0 mln eurot), millest
80.6 mln krooni (5.1 mln eurot) oli seotud projektide müükidega (Kolde, BM-1,
Saaremaa STÜ) ning ülejäänud 122.6 mln krooni (7.8 mln eurot) oli laenude
mittepikendamised lõpptähtajal.
Bilansipäeva järgselt on Arco Vara väljunud Simferoopoli projektist ja alustanud
läbirääkimisi rahade tagastamise osas. Arco Vara nõue on garanteeritud AS
Ühendatud Kapital-i poolt.
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| miljonit | 9 kuud | 9 | III | III | 9 kuud | 9 | III | III kv |
| es | 2008 | kuu | kv | kv | 2008 | kuud | kv | 2007 |
| | | d | 2008 | 2007 | | 2007 | 2008 | |
| | | 200 | | | | | | |
| | | 7 | | | | | | |
--------------------------------------------------------------------------------
| Äritegev | -101.4 | -43 | 5.6 | -462 | -6.5 | -28.1 | 0.4 | -29.6 |
| use | | 9.7 | | .7 | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Investee | -128.7 | 158 | 27.9 | 29.9 | -8.2 | 10.2 | 1.8 | 1.9 |
| rimisteg | | .8 | | | | | | |
| evuse | | | | | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Finantse | -323.4 | 1,0 | -55. | 182. | -20.7 | 68.4 | -3.5 | 11.7 |
| erimiste | | 71. | 5 | 4 | | | | |
| gevuse | | 0 | | | | | | |
| rahavood | | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | -553.6 | 790 | -22. | -250 | -35.4 | 50.5 | -1.4 | -16.0 |
| rahavood | | .1 | 1 | .4 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Raha ja | 765.0 | 58. | 233. | 1,09 | 48.9 | 3.7 | 14.9 | 70.2 |
| raha | | 3 | 2 | 8.7 | | | | |
| ekvivale | | | | | | | | |
| ndid | | | | | | | | |
| perioodi | | | | | | | | |
| alguses | | | | | | | | |
--------------------------------------------------------------------------------
| Valuutak | 0.1 | -0. | 0.4 | -0.5 | 0.0 | 0.0 | 0.0 | 0.0 |
| ursi | | 7 | | | | | | |
| mõju | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja | 211.5 | 847 | 211. | 847. | 13.5 | 54.2 | 13.5 | 54.2 |
| raha | | .8 | 5 | 8 | | | | |
| ekvivale | | | | | | | | |
| ndid | | | | | | | | |
| perioodi | | | | | | | | |
| lõpus | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ARCO VARA TEGEVUSALADE KOKKUVÕTTED NING TULEVIKU VÄLJAVAATED
TEENINDUSDIVISJON
Arco Vara vahendustehingute arv 9 kuu võrdluses ei ole oluliselt muutunud.
Hindamisaktide arv on kukkunud 18%. Bilansipäevajärgne statistika näitab aga
languse kiirenemist neljandas kvartalis. Turuolukorda arvestades oleme sulgenud
9 kuu jooksul 10 kontorit ning bilansipäeva järgselt alustanud
likvideerimismenetlust kõigis Leedu ja Rumeenia büroodes, kus jääb kohapeale
Kontserni esindaja lepingu alusel. 9 kuu seisuga opereerib teenindusdivisjon
20-s asukohas.
Sofia ja Kiievi kontorid tegid kolmandas kvartalis ainukeste büroodena
positiivset ärikasumit. Eluasemelaenude väljastamise peatumine nimetatud
turgudel sunnib ka seal alternatiivsed tegevusplaane kaaluma.
Oluliseim tegevus teenindusdivisjonis on hetkel ärimudeli muutmine Eestis, kus
seniajani oli organisatsioon koormatud põhipalka teenivate maaklerite ja
keskastmejuhtidega. See on negatiivses mõttes unikaalne formaat tööstusharus
ning ka jätkusuutmatu. Novembri lõpuks jätkatakse vähemalt 40%-ga
müügipersonalist koostöölepingute alusel.
Positiivse arenguna lisaks Sofia ja Kiievi büroode ärikasumile on Arco
kinnisvarahalduse teenuse kiire areng ja positiivne tegevuskasum. Antud
valdkonda panustab Kontsern järjest rohkem.
--------------------------------------------------------------------------------
| | 9 kuud | 9 kuud | Muutus, | Q3 2008 | Q3 2007 | Muutus, |
| | 2008 | 2007 | % | | | % |
--------------------------------------------------------------------------------
| Vahendatud | 1 ,416 | 1,465 | -3 | 503 | 484 | 4 |
| objektide | | | | | | |
| arv, tk | | | | | | |
--------------------------------------------------------------------------------
| Müügisoleva | 271 | 164 | 65 | 272 | 188 | 45 |
| d projektid | | | | | | |
| (perioodi | | | | | | |
| keskmine), | | | | | | |
| tk | | | | | | |
--------------------------------------------------------------------------------
| Hindamisakt | 5,681 | 6,957 | -18 | 1,637 | 2,027 | -19 |
| ide arv, tk | | | | | | |
--------------------------------------------------------------------------------
| Hindajate | 44 | 47 | -6 | | | |
| arv | | | | | | |
| perioodi | | | | | | |
| lõpus, tk | | | | | | |
--------------------------------------------------------------------------------
| Maaklerite | 177 | 233 | -24 | | | |
| arv | | | | | | |
| perioodi | | | | | | |
| lõpus | | | | | | |
--------------------------------------------------------------------------------
| Divisjoni | 305 | 395 | -23 | | | |
| töötajate | | | | | | |
| arv | | | | | | |
| perioodi | | | | | | |
| lõpus | | | | | | |
--------------------------------------------------------------------------------
ARENDUSDIVISJON
Kinnisvaratehingute arvu langus Baltikumis avaldas enim mõju Läti
arendusdivisjoni ettevõttele, kus 9 kuuga loobus kokku 14 klienti broneeringust
BM-1 ja MB-5 projektis. Teistel turgudel ei ole kliendid broneeringutest
Kontserni arendusprojektides loobunud. Langus Lätis kompenseeriti kasvuga
Tallinnas ja Sofias. Kolde projektis Tallinnas müüdi või broneeriti kokku 32
korterit, Sofias 82 korterit, s.h 14 broneeringut projektis „Manastirski“.
Madridi projektis Sofias on kogu projektist 43% müüdavast ja renditavast pinnast
broneeritud, elupindadest ainuüksi 71%. Projektis „Manastirski“ alustati
ehitustöödega ja eelmüügiga.
Säilib endiselt maaportfelli refinantseerimisrisk projektides, kus arendust ei
ole veel alustatud (Ahtri, Laeva, Tivoli). Likviidsusriski maandamiseks on juba
käimasolevates Baltikumi projektides hindasid oluliselt langetatud ning
liigutakse oluliste projektide realiseerimise suunas. On müüdud ka Kuressaare
ärimaja, mille müügihind võrdus vara raamatupidamisliku maksumusega. 2007. aasta
lõpus loobus Kontsern Kippsala projektist, kuna müüja ei suutnud tagada
detailplaneeringu kehtestamist. Vastavalt algsele müügilepingule oli müüjal
kohustus ettemaks koos intressidega Kontsernile tagastada. Seisuga 30.09.2008 on
tagastamata osa suurus Kontserni bilansis 27.4 mln krooni (1.7 mln eurot).
Järelejäänud nõude osas on sõlmitud maksegraafik koos intresside maksmisega.
Arendusdivisjonis töötab 9 kuu seisuga kokku 48 inimest (2007 9 kuud: 59
inimest).
Projektide kohta leiate lisainfot ja pilte:
www.arcorealestate.com/arendus.
EHITUSDIVISJON
Ehitustellimuste vähenemine elukondliku kinnisvara sektoris on Kontserni
hinnangul langetanud elukondliku kinnisvara ehitushindu ca 20-25%. Seetõttu on
ehitusdivisjon võitnud hankeid vaid keskkonna- ja infrastruktuuriehituses ning
mitte ühtegi tsiviilehituses. Suuremad ettevõtted konkureerivad nüüd ka
väiksematel hangetel, kus Arco Ehitus seniajani oma positsiooni kindlalt tundis.
Positiivne on Läti tütarettevõte saavutatud positsioon riigihangetel
osalemiseks. Esimene võidetud konkurss oli I kvartalis veepuhastusjaama
rauaeraldusjaama projekteerimiseks ning ehitamiseks Lätis Ogre külas mahus 48.5
mln krooni (3.1 mln eurot). Bilansipäeva järgselt on lisandunud Riias
jalakäijate tunneli ehituse ja projekteerimise töö Stockmanni kaubamajale.
III kvartalis sõlmiti uusi ehituslepinguid 21.0 mln krooni (1.3 mln euro)
väärtuses. 9 kuu seisuga on ehituslepingute järelejäänud maht 233 mln krooni
(14.9 mln eurot) ja kontsernisisene müügitulu moodustas kogutuludest 2%.
Divisjonis töötab kokku 171 inimest (2007 9 kuud: 172).
Konsolideeritud kasumiaruanne (EEK)
--------------------------------------------------------------------------------
| EEK | 9 kuud 2008 | 9 kuud 2007 | III kv 2008 | III kv 2007 |
| tuhandetes | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 368,828 | 232,434 | 145,938 | 96,813 |
| teenuste | | | | |
| müügist | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 138,819 | 361,309 | 48,230 | 84,172 |
| kaupade | | | | |
| müügist | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 507,647 | 593,743 | 194,168 | 180,985 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud | -430,713 | -434,941 | -167,980 | -133,704 |
| toodangu | | | | |
| kulu | | | | |
--------------------------------------------------------------------------------
| Brutokasum | 76,934 | 158,802 | 26,188 | 47,281 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud | 32,364 | 92,925 | 1,022 | 18,106 |
| äritulud | | | | |
--------------------------------------------------------------------------------
| Turustuskulu | -11,776 | -18,763 | -2,538 | -5,888 |
| d | | | | |
--------------------------------------------------------------------------------
| Üldhalduskul | -109,945 | -93,886 | -37,032 | -29,754 |
| ud | | | | |
--------------------------------------------------------------------------------
| Muud | -94,310 | -26,760 | -45,205 | -5,565 |
| ärikulud | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -106,733 | 112,318 | -57,565 | 24,180 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finants- ja | 56,141 | 198,131 | 24,572 | 25,087 |
| investeerimi | | | | |
| stegevuse | | | | |
| tulud | | | | |
--------------------------------------------------------------------------------
| Finants- ja | -41,168 | -31,229 | -25,239 | -7,114 |
| investeerimi | | | | |
| stegevuse | | | | |
| kulud | | | | |
--------------------------------------------------------------------------------
| Kasum enne | -91,760 | 279,220 | -58,232 | 42,153 |
| tulumaksu | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulumaksukul | -10,787 | -15,112 | 368 | -5,208 |
| u | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -102,547 | 264,108 | -57,864 | 36,945 |
--------------------------------------------------------------------------------
| s.h | 7,196 | 8,167 | -50 | 2,985 |
| vähemusosani | | | | |
| kele kuuluv | | | | |
| puhaskasum | | | | |
--------------------------------------------------------------------------------
| s.h Arco | -109,743 | 255,941 | -57,814 | 33,960 |
| Vara AS | | | | |
| aktsionäride | | | | |
| le kuuluv | | | | |
| puhaskasum | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Puhaskasum | | | | |
| aktsia kohta | | | | |
| (kroonides) | | | | |
--------------------------------------------------------------------------------
| - tava | -1.15 | 3.27 | -0.61 | 0.43 |
--------------------------------------------------------------------------------
| - lahustatud | -1.15 | 3.27 | -0.61 | 0.43 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (EUR)
--------------------------------------------------------------------------------
| | 9 kuud | 9 kuud | III kvartal | III kvartal |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| EUR tuhandetes | | | | |
--------------------------------------------------------------------------------
| Müügitulu teenuste | 23,572 | 14,855 | 9,327 | 6,187 |
| müügist | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade | 8,872 | 23,092 | 3,082 | 5,380 |
| müügist | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 32,444 | 37,948 | 12,409 | 11,567 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | -27,528 | -27,798 | -10,736 | -8,545 |
--------------------------------------------------------------------------------
| Brutokasum | 4,916 | 10,149 | 1,674 | 3,022 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2,068 | 5,939 | 65 | 1,157 |
--------------------------------------------------------------------------------
| Turustuskulud | -753 | -1,199 | -162 | -376 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -7,027 | -6,000 | -2,367 | -1,902 |
--------------------------------------------------------------------------------
| Muud ärikulud | -6,028 | -1,710 | -2,889 | -356 |
--------------------------------------------------------------------------------
| Ärikasum / - kahjum | -6,823 | 7,180 | -3,679 | 1,545 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 3,588 | 12,663 | 1,570 | 1,603 |
| investeerimistegevuse | | | | |
| tulud | | | | |
--------------------------------------------------------------------------------
| Finants- ja | -2,631 | -1,996 | -1,613 | -455 |
| investeerimistegevuse | | | | |
| kulud | | | | |
--------------------------------------------------------------------------------
| Kasum/ -kahjum enne | -5,867 | 17,847 | -3,722 | 2,693 |
| tulumaksu | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -689 | -966 | 24 | -333 |
--------------------------------------------------------------------------------
| Puhaskasum / -kahjum | -6,555 | 16,881 | -3,698 | 2,360 |
--------------------------------------------------------------------------------
| s.h vähemusosanikele | 460 | 522 | -3 | 191 |
| kuuluv puhaskasum / | | | | |
| -kahjum | | | | |
--------------------------------------------------------------------------------
| s.h Arco Vara AS | -7,014 | 16,358 | -3,695 | 2,170 |
| aktsionäridele kuuluv | | | | |
| puhaskasum / -kahjum | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Puhaskasum / -kahjum | | | | |
| aktsia kohta (eurodes) | | | | |
--------------------------------------------------------------------------------
| - tava | -0.07 | 0.21 | -0.04 | 0.03 |
--------------------------------------------------------------------------------
| - lahustatud | -0.07 | 0.21 | -0.04 | 0.03 |
--------------------------------------------------------------------------------
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| | EEK | EEK | EUR | EUR |
--------------------------------------------------------------------------------
| Tuhandetes | 30.09.2008 | 31.12.2007 | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| Raha ja raha | 211,467 | 765,008 | 13,515 | 48,893 |
| ekvivalendid | | | | |
--------------------------------------------------------------------------------
| Finantsinvest | 107,983 | 78,595 | 6,901 | 5,023 |
| eeringud | | | | |
--------------------------------------------------------------------------------
| Nõuded | 412,414 | 297,189 | 26,358 | 18,994 |
--------------------------------------------------------------------------------
| Ettemakstud | 15,143 | 10,450 | 968 | 668 |
| kulud | | | | |
--------------------------------------------------------------------------------
| Varud | 1,284,175 | 1,148,433 | 82,074 | 73,398 |
--------------------------------------------------------------------------------
| Bioloogilised | 7,222 | 8,360 | 462 | 534 |
| varad | | | | |
--------------------------------------------------------------------------------
| Käibevara | 2,038,404 | 2,308,035 | 130,278 | 147,510 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantsinvest | 235 | 48,515 | 15 | 3,101 |
| eeringud | | | | |
--------------------------------------------------------------------------------
| Nõuded | 51,175 | 40,124 | 3,271 | 2,564 |
--------------------------------------------------------------------------------
| Kinnisvarainv | 928,413 | 999,999 | 59,336 | 63,912 |
| esteeringud | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 156,932 | 141,863 | 10,030 | 9,067 |
| põhivara | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 16,805 | 25,505 | 1,074 | 1,630 |
| põhivara | | | | |
--------------------------------------------------------------------------------
| Põhivara | 1,153,560 | 1,256,006 | 73,726 | 80,274 |
| kokku | | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 3,191,964 | 3,564,041 | 204,004 | 227,784 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Laenukohustus | 521,221 | 753,077 | 33,312 | 48,130 |
| ed | | | | |
--------------------------------------------------------------------------------
| Võlad | 171,075 | 223,591 | 10,934 | 14,290 |
--------------------------------------------------------------------------------
| Ettemaksed | 69,983 | 47,216 | 4,473 | 3,018 |
--------------------------------------------------------------------------------
| Eraldised | 5,405 | 3,468 | 345 | 222 |
--------------------------------------------------------------------------------
| Lühiajalised | 767,684 | 1,027,352 | 49,064 | 65,660 |
| kohustused | | | | |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Laenukohustus | 647,240 | 600,938 | 41,366 | 38,407 |
| ed | | | | |
--------------------------------------------------------------------------------
| Võlad | 6,766 | 4,607 | 432 | 294 |
--------------------------------------------------------------------------------
| Edasilükkunud | 91 | 1,321 | 6 | 84 |
| tulumaksukohu | | | | |
| stus | | | | |
--------------------------------------------------------------------------------
| Eraldised | 18 | 251 | 1 | 16 |
--------------------------------------------------------------------------------
| Pikaajalised | 654,115 | 607,117 | 41,805 | 38,801 |
| kohustused | | | | |
| kokku | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED | 1,421,799 | 1,634,469 | 90,869 | 104,461 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiakapital | 952,842 | 952,842 | 60,898 | 60,898 |
--------------------------------------------------------------------------------
| Ülekurss | 712,514 | 712,514 | 45,538 | 45,538 |
--------------------------------------------------------------------------------
| Kohustuslik | 31,463 | 20,084 | 2,011 | 1,284 |
| reservkapital | | | | |
--------------------------------------------------------------------------------
| Muud reservid | -591 | 37 | -38 | 2 |
--------------------------------------------------------------------------------
| Jaotamata | 60,548 | 218,830 | 3,870 | 13,986 |
| kasum | | | | |
--------------------------------------------------------------------------------
| Oma aktsiad | -3,992 | 0 | -255 | 0 |
| (miinus) | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | 1,752,784 | 1,904,307 | 112,024 | 121,708 |
| omanikele | | | | |
| kuuluv | | | | |
| omakapital | | | | |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vähemusosalus | 17,381 | 25,265 | 1,111 | 1,615 |
| ele kuuluv | | | | |
| omakapital | | | | |
--------------------------------------------------------------------------------
| Omakapital | 1,770,165 | 1,929,572 | 113,135 | 123,323 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | 3,191,964 | 3,564,041 | 204,004 | 227,784 |
| OMAKAPITAL | | | | |
| KOKKU | | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| | EEK | EEK | EUR | EUR |
--------------------------------------------------------------------------------
| | 9 kuud | 9 kuud | 9 kuud | 9 kuud |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| tuhandetes | | | | |
--------------------------------------------------------------------------------
| Puhaskahjum | -102,547 | 264,108 | -6,555 | 16,881 |
--------------------------------------------------------------------------------
| Intressitulud ja | -22,592 | 10,275 | -1,444 | 657 |
| intressikulud | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | 36,643 | -131,281 | 2,342 | -8,390 |
| tütar- ja ühisettevõtete | | | | |
| müügist | | | | |
--------------------------------------------------------------------------------
| Tulud ja kulud muudelt | 1,477 | -47,461 | 94 | -3,033 |
| pikaajalistelt | | | | |
| finantsinvesteeringutelt | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | -25,258 | 0 | -1,614 | 0 |
| allahindluskulu | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 5,352 | 3,378 | 342 | 215 |
| immateriaalse põhivara | | | | |
| amortisatsioon ja | | | | |
| väärtuse langus | | | | |
--------------------------------------------------------------------------------
| Firmaväärtuse allahindlus | 5,171 | 0 | 330 | 0 |
| ja negatiivse | | | | |
| firmaväärtuse tulusse | | | | |
| kandmine | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 38 | -36 | 2 | -2 |
| immateriaalse põhivara | | | | |
| müügi kasum või kahjum | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringute | -617 | -213 | -38 | -14 |
| müügi kasum või kahjum | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringute | 61,223 | -66,078 | 3,913 | -4,223 |
| ja bioloogilise vara | | | | |
| õiglase väärtuse muutus | | | | |
--------------------------------------------------------------------------------
| Valuutakursi kasumid ja | -5,243 | 1,565 | -335 | 100 |
| kahjumid | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksukulu | 10,787 | 15,112 | 689 | 966 |
--------------------------------------------------------------------------------
| Äritegevuse rahavood enne | -35,566 | 49,369 | -2,274 | 3,157 |
| käibekapitali muutuseid | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | -3,052 | -127,035 | -195 | -8,118 |
| nõuete ja ettemaksude | | | | |
| muutus | | | | |
--------------------------------------------------------------------------------
| Varude ja bioloogiliste | -83,918 | -335,779 | -5,363 | -21,460 |
| varade muutus | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | 21,120 | -26,228 | 1,350 | -1,676 |
| kohustuste ja ettemaksude | | | | |
| muutus | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD ÄRITEGEVUSEST | -101,416 | -439,673 | -6,482 | -28,097 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | -21,775 | -32,798 | -1,392 | -2,096 |
| immateriaalse põhivara | | | | |
| soetus | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 443 | 8,330 | 28 | 532 |
| immateriaalse põhivara | | | | |
| müük | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringute | -1,173 | -9,607 | -75 | -614 |
| soetus | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringute | 29,000 | 44,492 | 1,853 | 2,844 |
| müük | | | | |
--------------------------------------------------------------------------------
| Tütar- ja ühisettevõtete | -126,312 | -19,654 | -8,073 | -1,256 |
| soetus | | | | |
--------------------------------------------------------------------------------
| Tütar- ja ühisettevõtete | 1,002 | 221,528 | 64 | 14,158 |
| müük | | | | |
--------------------------------------------------------------------------------
| Muude | -202,665 | -59,731 | -12,953 | -3,818 |
| finantsinvesteeringute | | | | |
| soetus | | | | |
--------------------------------------------------------------------------------
| Muude | 214,161 | 0 | 13,687 | 0 |
| finantsinvesteeringute | | | | |
| müük | | | | |
--------------------------------------------------------------------------------
| Antud laenud | -50,546 | -48,470 | -3,230 | -3,098 |
--------------------------------------------------------------------------------
| Antud laenude | 3,784 | 40,916 | 242 | 2,615 |
| tagasimaksed | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | 25,339 | 10,672 | 1,619 | 682 |
--------------------------------------------------------------------------------
| Saadud dividendid | 0 | 3,147 | 0 | 201 |
--------------------------------------------------------------------------------
| RAHAVOOD | -128,742 | 158,825 | -8,230 | 10,150 |
| INVESTEERIMISTEGEVUSEST | | | | |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| Saadud laenud | 235,961 | 695,381 | 15,081 | 44,443 |
--------------------------------------------------------------------------------
| Laenude ja | -435,147 | -543,922 | -27,811 | -34,763 |
| kapitalirendikohustuste | | | | |
| tagasimaksed | | | | |
--------------------------------------------------------------------------------
| Arvelduskrediidi muutus | -14 | -18,309 | -1 | -1,170 |
--------------------------------------------------------------------------------
| Kontsernikonto kohustuse | 0 | 406 | 0 | 26 |
| muutus | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | -62,525 | -34,119 | -3,996 | -2,181 |
--------------------------------------------------------------------------------
| Aktsiate emiteerimine | 0 | 987,514 | 0 | 63,114 |
--------------------------------------------------------------------------------
| Oma aktsiate tagasiost | -3,992 | 0 | -255 | 0 |
--------------------------------------------------------------------------------
| Makstud dividendid | -42,274 | -10,893 | -2,702 | -696 |
--------------------------------------------------------------------------------
| Makstud dividendide | -15,444 | -5,106 | -987 | -326 |
| tulumaks | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | -323,435 | 1,070,952 | -20,671 | 68,447 |
| FINANTSEERIMISEGEVUSEST | | | | |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | -553,593 | 790,104 | -35,383 | 50,500 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 765,008 | 58,345 | 48,893 | 3,729 |
| perioodi alguses | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | -553,593 | 790,104 | -35,381 | 50,500 |
| ekvivalentide muutus | | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | 52 | -695 | 2 | -44 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 211,467 | 847,754 | 13,515 | 54,184 |
| perioodi lõpus | | | | |
--------------------------------------------------------------------------------
Heigo Metsoja
CFO
Heigo.Metsoja@arcovara.ee
+372 6144 654
+372 512 7114
Pealkiri
III QUARTER AND 9 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED)
Teade
III QUARTER AND 9 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED)
Comments by the CEO
While the Group's clients have acquired or booked a higher number of apartments
or land plots than last year, we expect another correction of margins and a
longer sales period in the development business, because of the changed real
estate market situation. Considering the changed situation in real estate
markets a fixed cost reduction program was launched, amounting to at least 40
million kroons (2.6 million euros) per year in the first stage. In addition,
considering the Group's cost structure, the sales prices in current projects can
be lowered further to a level which covers the Group's debt services and
overheads in terms of cash. Furthermore, the downsizing of personnel has
continued and in comparison to the beginning of 2008 more than 170 persons have
been laid off as at the end of November.
To reduce the loss of the service division - 33.1 million kroons (2.1 million
euros) significantly over the next year, the Group has commenced after the
reporting period the liquidation of the offices in Romania and Lithuania, 95% of
the people having already left, whereas representative offices will continue on
commission basis. As of the end of November, 40% of the brokers in Estonia
provide their services according to commission agreements. Top and middle
management has also been cut by 9 persons and along with the downturn of
brokerage market, the strategies in Ukraine and Bulgaria shall be reviewed as
well. The latter were the only offices yielding a positive EBIT in the third
quarter. Restructuring costs in the service division amount to 15.6 million
kroons (1.0 million euros), the majority of which will be used during the fourth
quarter.
Development divisions' performance indicators (planning, construction, vacancies
and apartment sales) for the first nine months were positive. However,
throughout the development stage of the Sofia project, only booking fees and no
revenues can be recorded in the Group's balance sheet. More than 43% of the
spaces in the Madrid project have already been booked. The results of the
Development division are therefore subject to significant quarterly fluctuations
and as the projects progress, might not be the same for the coming quarters.
Taking account of the development stage of several important projects (Tivoli,
Ahtri3, Laeva, BM-2 etc.) and a slowdown in the growth of asset value, the
results of the division were expected to be poor. The highlights of the 9 month
period included adoption of the plans for Tivoli, Laeva 2 and MB-2 projects,
withdrawal from the Simferopol project and the Sofia apartment sales block deal.
As the Construction division continues turning a profit and has won several
environmental engineering tenders in both Estonia and Latvia, the chosen fields
of activity have proven to be just. The bids won over the 9 months in Estonia
and Latvia have increased the division's contribution to the Group's overall
results. The share of civil engineering and intragroup sales in the results of
the Construction division has decreased to a minimum of 2%.
KEY FINANCIALS
The bulk of the Group's revenue was generated by the Construction division which
increased the sales of 9 months by 10% to 323.3 million kroons (20.7 million
euros). The plunge in sales may be attributed to the performance of the
Development division. Although 102 apartments and land plots were sold or booked
(Kolde 32, Merivälja2 2, Madrid 68, Manastirski 14, BM1 -12, MB5 -2), majority
of the revenue and gross profit is recorded at the end of 2009 after completion
of the Madrid project, where more than 43% of the total saleable and rentable
spaces and 71% of residential spaces have already been booked.
While the EBIT over the same period in 2007 was 112.3 million kroons (7.2
million euros), the first nine months of 2008 brought an operating loss of
-106.7 million kroons (-6.8 million euros). EBIT includes 61.2 million kroons
(3.9 million euros) of net write-downs of real estate investments and 33.1
million kroons (2.1 million euros) of operating loss in service division, of
which the Estonian office accounts for 7.9 million kroons (0.5 million euros),
the Latvian office for 7.7 million kroons (0.5 million euros), the Lithuanian
office for 6.9 million kroons (0.4 million euros) and the Romanian office for
8.5 million kroons (0.5 million euros).
Financial income resulted mainly from: Interest income of 37,7 million kroons
(2.4 million euros) and foreign exchange gains of 5.3 million kroons (0.3
million euros). Financial expenses resulted mainly from: disposal of shares in
AVEC Asset management and fair value adjustments resulted in a loss of 35.7
million kroons (2.3 million euros) and interest expenses were 22.6 million
kroons (1.4 million euros). In financial expenses we have also recorded the
reversal of fair value write down of project “Kippsala” receivable in value of
25.2 million kroons (1.51 million euros).
OVERVIEW OF KEY FINANCIALS FIGURES
Revenue and other income for the nine months totalled 540.0 million kroons (34.5
million euros), 21.4% down year-over-year;
EBIT amounted to -106.7 million kroons (-6.8 million euros), a 218.4 million
kroons (13.9 million euro) decrease compared with the year before;
Net profit was -102.5 million kroons (-6.5 million euros), 366.6 million kroons
(23.4 million euros) down from the year ago. Equity ratio was 55.5% (9 months
2007: 55.4%).ROE was -7.3% (9 months 2007: 31.5%). ROIC was -2.7% (9 months
2007: 19.5%);
The Group's order backlog in the construction business stood at 233.0 million
kroons (14.9 million euros) against 361.0 million kroons (23.1 million euros)
last year;
During the period, 102 apartments and plots were sold or booked (9 months 2007:
98).
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2008 | 2007 | month | months | 2008 | 2007 |
| | s | s | | | s | 2007 | | |
| | 2008 | 2007 | | | 2008 | | | |
--------------------------------------------------------------------------------
| In millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue and | 540.0 | 686.7 | 195. | 199. | 34.5 | 43.9 | 12.5 | 12.7 |
| other income | | | 2 | 1 | | | | |
--------------------------------------------------------------------------------
| EBIT | -106. | 112.3 | -57. | 24.2 | -6.8 | 7.2 | -3.7 | 1.5 |
| | 7 | | 6 | | | | | |
--------------------------------------------------------------------------------
| Including net | -61.2 | 66.1 | -4.4 | 6.7 | -3.9 | 4.2 | -0.3 | 0.4 |
| gain / loss | | | | | | | | |
| on fair value | | | | | | | | |
| adjustments | | | | | | | | |
| to investment | | | | | | | | |
| property | | | | | | | | |
--------------------------------------------------------------------------------
| Profit / loss | -91.8 | 279.2 | -58. | 42.2 | -5.9 | 17.8 | -3.7 | 2.7 |
| before tax | | | 2 | | | | | |
--------------------------------------------------------------------------------
| Including net | -36.6 | 131.3 | -19. | 7.7 | -2.3 | 8.4 | -1.2 | 0.5 |
| gain / loss | | | 5 | | | | | |
| on the | | | | | | | | |
| divestment of | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit / | -102. | 264.1 | -57. | 36.9 | -6.6 | 16.9 | -3.7 | 2.4 |
| loss | 5 | | 9 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EPS (in | -1.15 | 3.27 | -0.6 | 0.43 | -0.07 | 0.21 | -0.04 | 0.03 |
| kroons and | | | 1 | | | | | |
| euros) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Total assets | 3,192 | 3,535 | | | 204.0 | 226.0 | | |
| at period end | .0 | .6 | | | | | | |
--------------------------------------------------------------------------------
| Invested | 2,945 | 3,230 | | | 188.3 | 206.5 | | |
| capital at | .5 | .7 | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Net loans at | 855.8 | 372.4 | | | 54.7 | 23.8 | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 1,770 | 1,957 | | | 113.1 | 125.1 | | |
| period end | .2 | .9 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Average loan | 2.2 | n/a | | | 2.2 | n/a | | |
| term (in | | | | | | | | |
| years) | | | | | | | | |
--------------------------------------------------------------------------------
| Average | 7.4% | n/a | | | 7.4% | n/a | | |
| interest rate | | | | | | | | |
| of loans (per | | | | | | | | |
| year) | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling | -2.7% | 19.4% | | | -2.7% | 19.4% | | |
| 4 quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (rolling | -7.3% | 31.2% | | | -7.3% | 31.2% | | |
| 4 quarters) | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Number of | 546 | 649 | | | 546 | 649 | | |
| staff at | | | | | | | | |
| period end | | | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2008 | 2007 | month | months | 2008 | 2007 |
| | s | s | | | s | 2007 | | |
| | 2008 | 2007 | | | 2008 | | | |
--------------------------------------------------------------------------------
| In | | | | | | | | |
| millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Service | 83.7 | 86.2 | 25.1 | 21.4 | 5.4 | 5.5 | 1.6 | 1.4 |
--------------------------------------------------------------------------------
| Developme | 195.7 | 493.5 | 55.8 | 111.0 | 12.5 | 31.5 | 3.6 | 7.1 |
| nt | | | | | | | | |
--------------------------------------------------------------------------------
| Construct | 323.3 | 293.7 | 117.2 | 136.3 | 20.7 | 18.8 | 7.5 | 8.7 |
| ion | | | | | | | | |
--------------------------------------------------------------------------------
| Asset | 6.8 | 10.2 | 0.0 | 4.0 | 0.4 | 0.7 | 0.0 | 0.3 |
| managemen | | | | | | | | |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminati | -69.5 | -196. | -2.8 | -73.6 | -4.4 | -12.6 | -0.2 | -4.7 |
| ons | | 9 | | | | | | |
--------------------------------------------------------------------------------
| Total | 540.0 | 686.7 | 195.2 | 199.1 | 34.5 | 43.9 | 12.5 | 12.7 |
| revenue | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -33.1 | -15.9 | -12.7 | -6.9 | -2.1 | -1.0 | -0.8 | -0.4 |
--------------------------------------------------------------------------------
| Service | -67.9 | 145.3 | -45.7 | 31.0 | -4.3 | 9.3 | -2.9 | 2.0 |
--------------------------------------------------------------------------------
| Developme | 7.7 | 10.0 | 3.7 | 13.3 | 0.5 | 0.6 | 0.2 | 0.8 |
| nt | | | | | | | | |
--------------------------------------------------------------------------------
| Construct | 2.4 | 4.4 | 0.0 | 2.0 | 0.2 | 0.3 | 0.0 | 0.1 |
| ion | | | | | | | | |
--------------------------------------------------------------------------------
| Asset | -0.2 | -11.3 | 1.7 | -12.3 | 0.0 | -0.7 | 0.1 | -0.8 |
| managemen | | | | | | | | |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminati | -15.7 | -20.2 | -4.7 | -3.0 | -1.0 | -1.3 | -0.3 | -0.2 |
| ons | | | | | | | | |
--------------------------------------------------------------------------------
| Unallocat | -106. | 112.3 | -57.5 | 24.2 | -6.8 | 7.2 | -3.7 | 1.5 |
| ed | 7 | | | | | | | |
| expenses | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| | 22.6 | -10.3 | 6.6 | 4.7 | 1.4 | -0.7 | 0.5 | 0.4 |
--------------------------------------------------------------------------------
| Interest | -7.6 | 177.2 | -7.2 | 13.2 | -0.5 | 11.3 | -0.5 | 0.8 |
| income | | | | | | | | |
| and | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net other | -10.8 | -15.1 | 0.4 | -5.2 | -0.7 | -1.0 | 0.0 | -0.3 |
| financial | | | | | | | | |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Income | -102. | 264.1 | -57.8 | 36.9 | -6.6 | 16.9 | -3.7 | 2.4 |
| tax | 5 | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
CASH FLOWS
The increase in inventories where the investments in residential projects are
recorded was the main component of negative operating cash flow: Kolde 10.0
million kroons (0.64 million euros), BM-1 13.8 million kroons (0.9 million
euros), Madrid and Manastirski 83.3 million kroons (5.3 million euros) in total.
Although VAT receivable has decreased substantially in Q3, it is still high at
46.9 million kroons (3.0 million euros) and this cash contributes to short-term
liquidity.
The main components of negative investment cash flows were: major payables
coming due in the amount of 44.0 million kroons (2.8 million euros), Ukraine
investment of 108.4 million kroons (6.9 million euros) and excess cash
investments of 202.6 million kroons (12.9 million euros) to both Kesko's
commercial papers and to short and long-term deposits. The Group also granted
loans to joint ventures in the amount of 17.6 million kroons (1.1 million
euros).
The main components of financing cash flows were: 62.5 million kroons (4.0
million euros) of interest cost, 57.7 million kroons (3.7 million euros) of
gross dividend payment, 203.2 million kroons (13.0 million euros) of debt
service related to the sales of development projects; the remaining 122.6
million kroons (7.8 million euros) being the loans which were not prolonged.
After the reporting period the Group has entered negotiations with the Ukrainian
partner to reclaim the initial investment. The investment is secured by a
guarantee of an Estonian entity AS Ühendatud Kapital.´
--------------------------------------------------------------------------------
| | EEK | EEK | EEK | EEK | EUR | EUR | EUR | EUR |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2008 | 2007 | month | months | 2008 | 2007 |
| | s | s | | | s | 2007 | | |
| | 2008 | 2007 | | | 2008 | | | |
--------------------------------------------------------------------------------
| In millions | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -101. | -439. | 5.6 | -462 | -6.5 | -28.1 | 0.4 | -29.6 |
| from | 4 | 7 | | .7 | | | | |
| operating | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -128. | 158.8 | 27.9 | 29.9 | -8.2 | 10.2 | 1.8 | 1.9 |
| from | 7 | | | | | | | |
| investing | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows | -323. | 1,071 | -55. | 182. | -20.7 | 68.4 | -3.5 | 11.7 |
| from | 4 | .0 | 5 | 4 | | | | |
| financing | | | | | | | | |
| activities | | | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow | -553. | 790.1 | -22. | -250 | -35.4 | 50.5 | -1.4 | -16.0 |
| | 6 | | 1 | .4 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 765.0 | 58.3 | 233. | 1,09 | 48.9 | 3.7 | 14.9 | 70.2 |
| equivalents | | | 2 | 8.7 | | | | |
| at beginning | | | | | | | | |
| of period | | | | | | | | |
--------------------------------------------------------------------------------
| Effect of | 0.1 | -0.7 | 0.4 | -0.5 | 0.0 | 0.0 | 0.0 | 0.0 |
| exchange rate | | | | | | | | |
| fluctuations | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 211.5 | 847.8 | 211. | 847. | 13.5 | 54.2 | 13.5 | 54.2 |
| equivalents | | | 5 | 8 | | | | |
| at end of | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
SUMMARY OF SERVICES OF ARCO VARA AND FUTURE OUTLOOK
SERVICE DIVISION
There is no considerable change in the number of brokerage transactions during
the 9 month period year-over-year. The number of valuation reports has decreased
by 18%. The figures from October and November, however, indicate an acceleration
of decrease in the deal flow in Q4. Considering the market situation we have
closed down 10 offices in 9 months and in October the liquidation proceedings in
Lithuanian and Romanian offices were launched, the Group will keep
representative offices there on commission basis. As at the end of September the
division operates in 20 locations.
The Sofia and Kiev offices were the only ones to create positive EBIT in the
third quarter. Due to the mortgage lending slowdown on these markets,
alternative strategies will have to be considered there, too.
The Division's priority at the moment is rearranging the business model in
Estonia, where the organisational structure is currently burdened by brokers and
middle-management on fixed salaries. Such model is unique in the industry in a
negative way and also unsustainable. By the end of November at least 40% of the
sales personnel provide their services based on commission agreements.
Another positive development in addition to the operating profit of Kiev and
Sofia offices in the third quarter was the rapid growth of our property
management services arm that has broken even for the whole year. The Group
increasingly contributes to the development of property management services.
--------------------------------------------------------------------------------
| | 9 | 9 months | Change, | Q3 2008 | Q3 2007 | Change, |
| | months | 2007 | % | | | % |
| | 2008 | | | | | |
--------------------------------------------------------------------------------
| Number of | 1 ,416 | 1,465 | -3 | 503 | 484 | 4 |
| properties | | | | | | |
| brokered | | | | | | |
--------------------------------------------------------------------------------
| Number of | 271 | 164 | 65 | 272 | 188 | 45 |
| projects on | | | | | | |
| sale | | | | | | |
--------------------------------------------------------------------------------
| Number of | 5,681 | 6,957 | -18 | 1,637 | 2,027 | -19 |
| valuation | | | | | | |
| reports | | | | | | |
| issued | | | | | | |
--------------------------------------------------------------------------------
| Number of | 44 | 47 | -6 | | | |
| appraisers | | | | | | |
--------------------------------------------------------------------------------
| Number of | 177 | 233 | -24 | | | |
| real estate | | | | | | |
| brokers | | | | | | |
--------------------------------------------------------------------------------
| Average | 305 | 395 | -23 | | | |
| number of | | | | | | |
| staff | | | | | | |
--------------------------------------------------------------------------------
DEVELOPMENT DIVISION
The declined number of property deals affected our Latvian business most - 14 of
our clients chose to cancel their bookings and lose the down payment in BM1 and
MB5 project during the 9 month period. On other markets no bookings in the
Group's development projects have been cancelled. Downturn in Latvia is
compensated by an increase in Tallinn and Sofia. 32 apartments were sold or
booked in the Kolde project in Tallinn and 82 in Sofia, including 14 bookings in
the Manastirski project. In the Madrid project in Sofia 43% of the total
saleable and rentable space has already been booked and 71% of the residential
spaces. In the Manastirski project construction works and sales were started.
The main concern is still the refinancing risk of our land bank in projects
where development activities have not been started yet (Ahtri, Laeva, Tivoli).
To hedge the risk, considerable discounts have already been made in the ongoing
projects on the Baltic market and the sales of major projects are continuously
pursued. The commercial facilities in Kuressaare were sold at the price of book
value, 30 million kroons (1.9 million euros).As of 30.09.2008 the division
employs 48 people (30.09.2007: 59 people). Please find further information and
pictures in regard to our projects on: www.arcorealestate.com/development.
CONSTRUCTION DIVISION
According to the Group's estimates, lower demand for residential construction
services has decreased housing construction prices by around 20-25%. As a
consequence, the division has won only environmental and infrastructure
engineering tenders and no civil engineering tenders. Large companies are
elbowing their way to smaller tenders where to date Arco Ehitus has had an edge.
On the positive side, our Latvian subsidiary has gained a position that enables
them to participate in state tenders. In the first quarter the subsidiary won a
public tender for the design and construction of an iron removal plant at a
water treatment facility in the village of Ogre. The size of the contract is
48.5 million kroons (3.1 million euros). After the reporting period the company
won a tender of constructing and designing a pedestrian tunnel for Stockmann
department store in Riga.
In the third quarter the division was awarded construction contracts in the
amount of 21.0 million kroons (1.3 million euros). At the end of the reporting
period, the division's order backlog was 233 million kroons (14.9 million euros)
and intragroup sales accounted for 2%. During the reporting period, the division
employed 171 people (9 months 2007: 172).
Condensed consolidated interim income statement (EEK)
--------------------------------------------------------------------------------
| | 9 months | 9 months | Q3 2008 | Q3 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| In EEK, thousands | | | | |
--------------------------------------------------------------------------------
| Rendering of services | 368,828 | 232,434 | 145,938 | 96,813 |
--------------------------------------------------------------------------------
| Sale of goods | 138,819 | 361,309 | 48,230 | 84,172 |
--------------------------------------------------------------------------------
| Total revenue | 507,647 | 593,743 | 194,168 | 180,985 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cost of sales | -430,713 | -434,941 | -167,980 | -133,704 |
--------------------------------------------------------------------------------
| Gross profit | 76,934 | 158,802 | 26,188 | 47,281 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other income | 32,364 | 92,925 | 1,022 | 18,106 |
--------------------------------------------------------------------------------
| Selling and | -11,776 | -18,763 | -2,538 | -5,888 |
| distribution costs | | | | |
--------------------------------------------------------------------------------
| Administrative | -109,945 | -93,886 | -37,032 | -29,754 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other expenses | -94,310 | -26,760 | -45,205 | -5,565 |
--------------------------------------------------------------------------------
| EBIT | -106,733 | 112,318 | -57,565 | 24,180 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finance income | 56,141 | 198,131 | 24,572 | 25,087 |
--------------------------------------------------------------------------------
| Finance expenses | -41,168 | -31,229 | -25,239 | -7,114 |
--------------------------------------------------------------------------------
| Profit / loss before | -91,760 | 279,220 | -58,232 | 42,153 |
| tax | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -10,787 | -15,112 | 368 | -5,208 |
--------------------------------------------------------------------------------
| Profit / loss for the | -102,547 | 264,108 | -57,864 | 36,945 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to | 7,196 | 8,167 | -50 | 2,985 |
| minority interests | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | -109,743 | 255,941 | -57,814 | 33,960 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| euros) | | | | |
--------------------------------------------------------------------------------
| - Basic | -1.15 | 3.27 | -0.61 | 0.43 |
--------------------------------------------------------------------------------
| - Diluted | -1.15 | 3.27 | -0.61 | 0.43 |
--------------------------------------------------------------------------------
Condensed consolidated interim income statement (EUR)
--------------------------------------------------------------------------------
| | 9 months | 9 months | Q3 2008 | Q3 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| In EUR, thousands | | | | |
--------------------------------------------------------------------------------
| Rendering of services | 23,572 | 14,855 | 9,327 | 6,187 |
--------------------------------------------------------------------------------
| Sale of goods | 8,872 | 23,092 | 3,082 | 5,380 |
--------------------------------------------------------------------------------
| Total revenue | 32,444 | 37,948 | 12,409 | 11,567 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cost of sales | -27,528 | -27,798 | -10,736 | -8,545 |
--------------------------------------------------------------------------------
| Gross profit | 4,916 | 10,149 | 1,674 | 3,022 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other income | 2,068 | 5,939 | 65 | 1,157 |
--------------------------------------------------------------------------------
| Selling and | -753 | -1,199 | -162 | -376 |
| distribution costs | | | | |
--------------------------------------------------------------------------------
| Administrative | -7,027 | -6,000 | -2,367 | -1,902 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other expenses | -6,028 | -1,710 | -2,889 | -356 |
--------------------------------------------------------------------------------
| EBIT | -6,823 | 7,180 | -3,679 | 1,545 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finance income | 3,588 | 12,663 | 1,570 | 1,603 |
--------------------------------------------------------------------------------
| Finance expenses | -2,631 | -1,996 | -1,613 | -455 |
--------------------------------------------------------------------------------
| Profit / loss before | -5,867 | 17,847 | -3,722 | 2,693 |
| tax | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -689 | -966 | 24 | -333 |
--------------------------------------------------------------------------------
| Profit / loss for the | -6,555 | 16,881 | -3,698 | 2,360 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to | 460 | 522 | -3 | 191 |
| minority interests | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | -7,014 | 16,358 | -3,695 | 2,170 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| euros) | | | | |
--------------------------------------------------------------------------------
| - Basic | -0.07 | 0.21 | -0.04 | 0.03 |
--------------------------------------------------------------------------------
| - Diluted | -0.07 | 0.21 | -0.04 | 0.03 |
--------------------------------------------------------------------------------
Condensed consolidated interim balance sheet
--------------------------------------------------------------------------------
| | EEK | EEK | EUR | EUR |
--------------------------------------------------------------------------------
| | 30.09.2008 | 31.12.2007 | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| In thousands | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 211,467 | 765,008 | 13,515 | 48,893 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Other financial | 107,983 | 78,595 | 6,901 | 5,023 |
| assets | | | | |
--------------------------------------------------------------------------------
| Receivables | 412,414 | 297,189 | 26,358 | 18,994 |
--------------------------------------------------------------------------------
| Prepayments | 15,143 | 10,450 | 968 | 668 |
--------------------------------------------------------------------------------
| Inventories | 1,284,175 | 1,148,433 | 82,074 | 73,398 |
--------------------------------------------------------------------------------
| Biological assets | 7,222 | 8,360 | 462 | 534 |
--------------------------------------------------------------------------------
| Total current assets | 2,038,404 | 2,308,035 | 130,278 | 147,510 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other financial | 235 | 48,515 | 15 | 3,101 |
| assets | | | | |
--------------------------------------------------------------------------------
| Receivables | 51,175 | 40,124 | 3,271 | 2,564 |
--------------------------------------------------------------------------------
| Investment property | 928,413 | 999,999 | 59,336 | 63,912 |
--------------------------------------------------------------------------------
| Property, plant and | 156,932 | 141,863 | 10,030 | 9,067 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 16,805 | 25,505 | 1,074 | 1,630 |
--------------------------------------------------------------------------------
| Total non-current | 1,153,560 | 1,256,006 | 73,726 | 80,274 |
| assets | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3,191,964 | 3,564,041 | 204,004 | 227,784 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 521,221 | 753,077 | 33,312 | 48,130 |
--------------------------------------------------------------------------------
| Other liabilities | 171,075 | 223,591 | 10,934 | 14,290 |
--------------------------------------------------------------------------------
| Deferred income | 69,983 | 47,216 | 4,473 | 3,018 |
--------------------------------------------------------------------------------
| Provisions | 5,405 | 3,468 | 345 | 222 |
--------------------------------------------------------------------------------
| Total current | 767,684 | 1,027,352 | 49,064 | 65,660 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 647,240 | 600,938 | 41,366 | 38,407 |
--------------------------------------------------------------------------------
| Other liabilities | 6,766 | 4,607 | 432 | 294 |
--------------------------------------------------------------------------------
| Deferred income tax | 91 | 1,321 | 6 | 84 |
| liability | | | | |
--------------------------------------------------------------------------------
| Provisions | 18 | 251 | 1 | 16 |
--------------------------------------------------------------------------------
| Total non-current | 654,115 | 607,117 | 41,805 | 38,801 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,421,799 | 1,634,469 | 90,869 | 104,461 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Share capital | 952,842 | 952,842 | 60,898 | 60,898 |
--------------------------------------------------------------------------------
| Share premium | 712,514 | 712,514 | 45,538 | 45,538 |
--------------------------------------------------------------------------------
| Statutory capital | 31,463 | 20,084 | 2,011 | 1,284 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Other reserves | -591 | 37 | -38 | 2 |
--------------------------------------------------------------------------------
| Retained earnings | 60,548 | 218,830 | 3,870 | 13,986 |
--------------------------------------------------------------------------------
| Own shares (minus) | -3,992 | 0 | -255 | 0 |
--------------------------------------------------------------------------------
| Total equity | 1,752,784 | 1,904,307 | 112,024 | 121,708 |
| attributable to | | | | |
| equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Minority interests | 17,381 | 25,265 | 1,111 | 1,615 |
--------------------------------------------------------------------------------
| Total equity | 1,770,165 | 1,929,572 | 113,135 | 123,323 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 3,191,964 | 3,564,041 | 204,004 | 227,784 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
Condensed consolidated interim cash flow statement
--------------------------------------------------------------------------------
| | EEK | EEK | EUR | EUR |
--------------------------------------------------------------------------------
| | 9 months | 9 months | 9 months | 9 months |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| In thousands | | | | |
--------------------------------------------------------------------------------
| Net profit / loss | -102,547 | 264,108 | -6,555 | 16,881 |
--------------------------------------------------------------------------------
| Interest income and | -22,592 | 10,275 | -1,444 | 657 |
| expense | | | | |
--------------------------------------------------------------------------------
| Gains and losses on | 36,643 | -131,281 | 2,342 | -8,390 |
| disposal of subsidiaries | | | | |
| and interests in jointly | | | | |
| controlled entities | | | | |
--------------------------------------------------------------------------------
| Gains and losses on other | 1,477 | -47,461 | 94 | -3,033 |
| long-term financial | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | -25,258 | 0 | -1,614 | 0 |
| financial assets | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 5,352 | 3,378 | 342 | 215 |
| amortisation and | | | | |
| impairment losses on | | | | |
| property, plant and | | | | |
| equipment and intangible | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Goodwill adjustments and | 5,171 | 0 | 330 | 0 |
| recognition of negative | | | | |
| goodwill as revenues | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the sale | 38 | -36 | 2 | -2 |
| of property, plant and | | | | |
| equipment and intangible | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Gain / loss on the sale | -617 | -213 | -38 | -14 |
| of investment property | | | | |
--------------------------------------------------------------------------------
| Change in the fair value | 61,223 | -66,078 | 3,913 | -4,223 |
| of investment property | | | | |
| and biological assets | | | | |
--------------------------------------------------------------------------------
| Exchange rate gains and | -5,243 | 1,565 | -335 | 100 |
| losses | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | 10,787 | 15,112 | 689 | 966 |
| expense | | | | |
--------------------------------------------------------------------------------
| Operating cash flow | -35,566 | 49,369 | -2,274 | 3,157 |
| before working capital | | | | |
| changes | | | | |
--------------------------------------------------------------------------------
| Change in receivables and | -3,052 | -127,035 | -195 | -8,118 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Change in inventory and | -83,918 | -335,779 | -5,363 | -21,460 |
| biological assets | | | | |
--------------------------------------------------------------------------------
| Change in payables and | 21,120 | -26,228 | 1,350 | -1,676 |
| deferred income | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN | -101,416 | -439,673 | -6,482 | -28,097 |
| OPERATING ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Acquisition of property, | -21,775 | -32,798 | -1,392 | -2,096 |
| plant and equipment and | | | | |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | 443 | 8,330 | 28 | 532 |
| property, plant and | | | | |
| equipment and intangible | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Acquisition of investment | -1,173 | -9,607 | -75 | -614 |
| property | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | 29,000 | 44,492 | 1,853 | 2,844 |
| investment property | | | | |
--------------------------------------------------------------------------------
| Acquisition of | -126,312 | -19,654 | -8,073 | -1,256 |
| subsidiaries and | | | | |
| interests in jointly | | | | |
| controlled entities | | | | |
--------------------------------------------------------------------------------
| Proceeds from disposal of | 1,002 | 221,528 | 64 | 14,158 |
| subsidiaries and | | | | |
| interests in jointly | | | | |
| controlled entities | | | | |
--------------------------------------------------------------------------------
| Acquisition of other | -202,665 | -59,731 | -12,953 | -3,818 |
| financial assets | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | 214,161 | 0 | 13,687 | 0 |
| other financial assets | | | | |
--------------------------------------------------------------------------------
| Loans granted | -50,546 | -48,470 | -3,230 | -3,098 |
--------------------------------------------------------------------------------
| Repayment of loans | 3,784 | 40,916 | 242 | 2,615 |
| granted | | | | |
--------------------------------------------------------------------------------
| Interest received | 25,339 | 10,672 | 1,619 | 682 |
--------------------------------------------------------------------------------
| Dividends received | 0 | 3,147 | 0 | 201 |
--------------------------------------------------------------------------------
| NET CASH USED IN / FROM | -128,742 | 158,825 | -8,230 | 10,150 |
| INVESTING ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 235,961 | 695,381 | 15,081 | 44,443 |
| received | | | | |
--------------------------------------------------------------------------------
| Repayment of loans and | -435,147 | -543,922 | -27,811 | -34,763 |
| payment of finance lease | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Change in overdraft | -14 | -18,309 | -1 | -1,170 |
--------------------------------------------------------------------------------
| Change in group account | 0 | 406 | 0 | 26 |
| liability | | | | |
--------------------------------------------------------------------------------
| Interest paid | -62,525 | -34,119 | -3,996 | -2,181 |
--------------------------------------------------------------------------------
| Issue of share capital | 0 | 987,514 | 0 | 63,114 |
--------------------------------------------------------------------------------
| Repurchase of own shares | -3,992 | 0 | -255 | 0 |
--------------------------------------------------------------------------------
| Dividends paid | -42,274 | -10,893 | -2,702 | -696 |
--------------------------------------------------------------------------------
| Income tax paid on | -15,444 | -5,106 | -987 | -326 |
| dividends | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN / FROM | -323,435 | 1,070,952 | -20,671 | 68,447 |
| FINANCING ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW | -553,593 | 790,104 | -35,383 | 50,500 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 765,008 | 58,345 | 48,893 | 3,729 |
| at beginning of period | | | | |
--------------------------------------------------------------------------------
| Decrease / increase in | -553,593 | 790,104 | -35,381 | 50,500 |
| cash and cash equivalents | | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate | 52 | -695 | 2 | -44 |
| fluctuations | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 211,467 | 847,754 | 13,515 | 54,184 |
| at end of period | | | | |
--------------------------------------------------------------------------------
Heigo Metsoja
CFO
Heigo.Metsoja@arcovara.ee
+372 6144 654
+372 512 7114