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Arco Vara AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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29.05.2009 20:09:25
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2009. AASTA I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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2009. AASTA I KVARTALI JA 3 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA) TEGEVUSARUANNE Juhatuse esimehe kommentaarid majandustulemustele 2009. aasta esimese kvartali jooksul müüdi Arco Vara projektides 14 korterit või krunti ning broneeriti 13 objekti. Boulevard Residence Madrid'i projektis Sofias sõlmiti 30-aastane üürileping Austria supermarketi ketiga Billa, millega supermarket võtab üürile ca 900 m2 hoone esimese korruse kaubanduspinnast. Arco Vara arendusdivisjoni strateegia on pooleliolevad korterid Kodukolde ja elamukrundid Merivälja2 Tallinnas, Bišumuiža-1 Riias, Boulevard Residence Madrid ja Manastirski Sofias soodsamaks muutunud ehitushindadega valmis ehitada ja realiseerida, vabastades investeeritud omakapitali ja vähendades Kontserni kohustusi. Koos ehitushindade langusega ja konkurentsis püsimise eesmärgiga oleme langetanud I kvartalis ka Arco Vara projektides kruntide ja korterite hindasid. Ehitusdivisjonis sõlmiti I kvartali jooksul uusi lepinguid 103 mln krooni (6,6 mln euro) ulatuses (2008 : I kvartal 111 mln krooni, 7,1 mln eurot). Arvestades Eesti ehitusturu üldist olukorda on Arco Vara ehitusdivisjoni uute lepingute mahu vähenemine võrreldes eelmise aasta sama perioodiga olnud väike, 7,3 % võrra. Võrreldes eelmise aasta IV kvartaliga, kui olukord järsult kinnisvara- ja ehitussektoris muutus, on uute ehituslepingute maht kasvanud 35 %, 69 mln kroonilt (4,4 mln eurolt) 103 mln kroonini (6,6 mln euroni). Ehitusdivisjoni üks olulisemaid lähiaja eesmärke on sarnaselt Eestis läbiviidud kokkuhoiuprogrammile vähendada ka Läti tütarettevõtte üldhalduskulusid. Ilma erakorraliste koondamistasudeta oli Eesti ehitusdivisjoni ärikahjum ca 0,5 mln krooni (0,03 mln eurot). Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni üldhalduskulusid. Töötajate arv on aastaga vähenenud 290 inimese võrra, ehk 80%, samas on käive kahenenud vähem. I kvartali jooksul muudeti mõnede väiksemate väljaspool pealinna asuvate kontorite töökorraldust, kus loobusime klassikalisest kontoripõhisest töökorraldusest kodukontorite süsteemi kasuks, säilitades samas kogu teenuste valiku. Teistes kontorites jätkatakse koostöös töötajatega kuluefektiivsemate töökorraldusvormide rakendamist. Teenindusdivisjonis on haldusosakond suutnud käivet ning kasumlikkust säilitada ning bilansipäevajärgselt on Arco Vara Halduse portfelli lisandunud 2 objekti. Teenindusdivisjoni I kvartali erakorralised kulud summas 1,5 mln krooni (0,1 mln eurot) on tingitud koondamistasude maksmisest, lahkunud töötajate materiaalse põhivara ning nende kasutuses olnud transpordivahendite müügist, mis turuolukorrast tulenevalt toimus enamasti alla liisinglepingutes fikseeritud jääkmaksumuse, ning varasematel aastatel lühiajaliseks investeeringuks soetatud kinnistute müügist enamasti alla omahinna. Teenindusdivisjoni eesmärk on jätkata osaliselt juba juurutatud ning praeguses turusituatsioonis end õigustanud töökorralduse sisseviimist ka välisturgudel, mis võimaldab piiratumate vahenditega suurendada teenuste pakkumist antud riikides, keskendudes edaspidi eelkõige Eestile, Lätile ning Bulgaariale. Kokkuvõtvalt oleme suutnud Kontsernipõhiselt I kvartalis, võrreldes eelmise aasta sama perioodiga, üldhaldus- ja turustuskuludelt kokku hoida üle 17 mln krooni (1,1 mln eurot), mis tähendab, et liigume oma sügisel seatud eesmärgist hoida kokku kulusid 60 mln krooni (4 mln eurot) aastas eespool. Kontsernis töötavate inimeste arv on vähenenud 654-lt inimeselt I kvartalis 2008 258-le inimesele I kvartalis 2009. Siiski teenis Kontsern I kvartaliga kahjumit 14,7 mln krooni (0,8 mln eurot), millest erakorraliste tegevuskulude osakaal oli ca 5 mln krooni (0,3 mln eurot). 2009. AASTA I KVARTALI PÕHILISED NÄITAJAD I kvartali äritulud kokku moodustasid 95,6 mln krooni (6,1 mln eurot), 15% vähem kui eelmisel aastal Ärikahjum oli -13,9 mln krooni (-0,9 mln eurot), 53,2% parem kui eelmine aasta Puhaskahjum oli -14,7 mln krooni (-0,9 mln eurot), 12,0% parem kui eelmine aasta Omakapital moodustab 36,8% (2008 I kv: 54.3%) bilansimahust. Omakapitali tootlikkus oli -92,4% (2008 I kv: 7,8%). Investeeritud kapitali tootlikkus oli -46,7% (2008 I kv: 6,1%) Ehitusdivisjonis sõlmiti uusi lepinguid 103 mln krooni (6,6 mln euro) ulatuses, 2008 I kvartalis 111 mln krooni (7,1 mln eurot) Ehituslepingute järelejäänud maht on I kvartali lõpu seisuga 232,0 mln krooni (14,8 mln eurot), 2008 I kvartalis 358 mln krooni (22,9 mln eurot) Kvartali jooksul müüdi kortereid ja krunte kokku 14 tükki (2008 I kv: 11) ja broneeriti 13 tükki (2008 I kv: 48). -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Müügitulu ja muu | 95,6 | 111,9 | 6,1 | 7,2 | | äritulu | | | | | -------------------------------------------------------------------------------- | Ärikahjum | -13,9 | -29,7 | -0,9 | -1,9 | -------------------------------------------------------------------------------- | s.h | 0,0 | -12,4 | 0,0 | -0,8 | | kinnisvarainvesteeri | | | | | | ngute ümberhindlused | | | | | -------------------------------------------------------------------------------- | Kahjum enne | -14,7 | -16,4 | -0,9 | -1,0 | | tulumaksu | | | | | -------------------------------------------------------------------------------- | s.h kasum või kahjum | 0,0 | 0,0 | 0,0 | 0,0 | | finantsvarade | | | | | | võõrandamisest | | | | | -------------------------------------------------------------------------------- | Puhaskahjum | -14,7 | -16,7 | -0,9 | -1,1 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EPS 1 (kroonides ja | -0,15 | -0,16 | -0,01 | -0,01 | | eurodes) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Varad kokku, | 1 894,2 | 3 521,8 | 121,1 | 225,1 | | perioodi lõpu | | | | | | seisuga | | | | | -------------------------------------------------------------------------------- | Investeeritud | 1 689,4 | 3 227,8 | 108,0 | 206,3 | | kapital, perioodi | | | | | | lõpu seisuga | | | | | -------------------------------------------------------------------------------- | Neto laenud, | 877,8 | 684,4 | 56,1 | 43,7 | | perioodi lõpu | | | | | | seisuga | | | | | -------------------------------------------------------------------------------- | Omakapital, perioodi | 697,1 | 1 911,3 | 44,6 | 122,2 | | lõpu seisuga | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajaliste | 1,9 | 2,1 | | | | kohustuste | | | | | | kattekordaja | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | ROIC (rolling 12 | -46,7% | 6,2% | | | | kuud) | | | | | -------------------------------------------------------------------------------- | ROE (rolling 12 | -92,4% | 7,8% | | | | kuud) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Töötajate arv | 258 | 654 | | | | perioodi lõpul | | | | | -------------------------------------------------------------------------------- TULUD JA KASUM -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Müügitulu ja muu | | | | | | äritulu | | | | | -------------------------------------------------------------------------------- | Teenindus | 10,8 | 32,6 | 0,7 | 2,1 | -------------------------------------------------------------------------------- | Arendus | 30,1 | 29,7 | 1,9 | 1,9 | -------------------------------------------------------------------------------- | Ehitus | 58,9 | 89,5 | 3,8 | 5,7 | -------------------------------------------------------------------------------- | Elimineerimised | -4,2 | -39,9 | -0,3 | -2,5 | -------------------------------------------------------------------------------- | Müügitulu ja muu | 95,6 | 111,9 | 6,1 | 7,2 | | äritulu kokku | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Ärikasum | | | | | -------------------------------------------------------------------------------- | Teenindus | -5,2 | -8,2 | -0,3 | -0,5 | -------------------------------------------------------------------------------- | Arendus | -0,3 | -16,1 | 0,0 | -1,0 | -------------------------------------------------------------------------------- | Ehitus | -3,4 | 4,2 | -0,2 | 0,3 | -------------------------------------------------------------------------------- | Elimineerimised | -0,1 | -4,6 | 0,0 | -0,3 | -------------------------------------------------------------------------------- | Jagamatud ärikulud | -4,9 | -5,1 | -0,3 | -0,3 | -------------------------------------------------------------------------------- | Ärikasum kokku | -13,9 | -29,7 | -0,8 | -1,8 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Intressitulud ja | -5,0 | 5,0 | -0,3 | 0,3 | | intressikulud | | | | | -------------------------------------------------------------------------------- | Muud finantstulud ja | 4,3 | 8,3 | 0,3 | 0,5 | | -kulud | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | 0,0 | -0,4 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Puhaskasum | -14,7 | -16,7 | -0,8 | -1,0 | -------------------------------------------------------------------------------- Kontsern müüs kortereid ja krunte kokku 14 tükki (2008 I kvartal 11 tükki). Äritulu suutis säilitada arendusdivisjon, ehitusdivisjoni käive langes 34% ja teenindusdivisjoni 67% võrra. Praeguse madala valmistoodangu laoseisu tõttu on käibe paranemist oodata käesoleva aasta IV kvartalis. Sügisel lõpetatakse Sofias projekt Boulevard Residence Madrid, Tallinnas lisandub Kodukolde projektis üle 60 korteri ja Merivälja2 projektis üle 50 elamukrundi koos väljaarendatud infrastruktuuriga, senised broneeringud ning uued müügid kajastatakse käibena alles peale ehitamise lõppu ja kasutuslubade saamist. I kvartalis olulisi varade ümberhindlusi ei toimunud. Võrreldes varasemaga kajastame makstud intresse rohkem ka intressikuluna, sest osa projekte on külmutatud ja Kontsern nende intresse enam ei kapitaliseeri. Finantstulusid ja -kulusid mõjutas enim AS-i Ühendatud Kapital vastu USA dollarites kajastatud nõude valuutakursi kasum 4,2 mln krooni (0,3 mln eurot). Kontsernil on konsolideerituna kvartali lõpus likviidseid vahendeid 114,5 mln krooni (7,3 mln eurot). Intressikandvaid kohustusi on kokku 979,4 mln krooni (62,6 mln eurot), millest 477,3 mln krooni (30,5 mln eurot) on lühiajalisi. RAHAVOOD -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | miljonites | | | | | -------------------------------------------------------------------------------- | Äritegevuse rahavood | -1,1 | -33,3 | -0,1 | -2,1 | -------------------------------------------------------------------------------- | Investeerimistegevus | 27,6 | -180,6 | 1,8 | -11,6 | | e rahavood | | | | | -------------------------------------------------------------------------------- | Finantseerimistegevu | -84,4 | -69,4 | -5,4 | -4,4 | | se rahavood | | | | | -------------------------------------------------------------------------------- | Perioodi rahavood | -57,9 | -283,3 | -3,7 | -18,1 | | kokku | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Raha ja raja | 172,6 | 765,0 | 11,0 | 48,9 | | ekvivalendid | | | | | | perioodi alguses | | | | | -------------------------------------------------------------------------------- | Valuutakursi mõju | -0,1 | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Raha ja raha | 114,5 | 481,7 | 7,3 | 30,8 | | ekvivalendid | | | | | | perioodi lõpus | | | | | -------------------------------------------------------------------------------- Jaanuaris 2009 maksti erakorraliselt tagasi 40 mln krooni Tivoli ja Laeva projektidega seotud laenude põhiosa SEB pangale, vabastades seeläbi Kontserni 150 mln kroonisest (9,6 mln eurot) likviidsete vahendite hoidmise kohustusest SEB pangas. Suurimad lühiajalised kohustused on lunastatavad võlakirjad ca 52 mln krooni (3,3 mln eurot), Ahtri projektiga seotud laen 97,2 mln krooni (6,2 mln eurot), ligi 77 mln krooni (4,9 mln eurot) on arvestuslikke põhiosatagastusi varade müügilt („Kodukolde”, „Merivälja2” ja „Boulevard Residence Madrid”). Lühiajalisi kohustusi on enim mõjutanud projektide „Tivoli” ja „Laeva2” laenude kajastamine lühiajalisena, laenude saldod on summas 120 mln krooni (7,7 mln eurot) tähtajaga 31.03.2010. Jooksvalt on makstud laene projektis „Kodukolde” Tallinnas, Eestis ja „Bišumuiža-1” Riias, Lätis. Bilansipäevajärgselt on vastavad laenud refinantseeritud ja uus laenuteeninduse tase jääb allapoole müügihindasid, jättes Kontsernile rohkem vaba raha. Bilansipäevajärgselt on enamus Kontserni kohustusi eurodes. TEENINDUSDIVISJON Sügisel alustatud kulude ja ärimudeli optimeerimine on andnud häid tulemusi, kuid ei ole olnud veel piisav puhaskasumi teenimiseks. Rahavooliselt on I kvartalis divisjoni kulud ja tulud tasakaalus ning emaettevõtte dotatsiooni ei vajatud. Seades esikohale ettevõtte likviidsuse müüs divisjon I kvartalis varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte, turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Töötajate arv divisjonis on vähenenud 12 kuuga 80 % võrra, kokku 290 inimese võrra, kuid käive on kahanenud 60 % võrra. Kontserni vahendustehingute arv 12 kuu võrdluses on langenud 57%, hindamisaktide arv on langenud 60% võrra. Haldusosakond on suutnud käivet ning kasumlikkust säilitada, kus bilansipäevajärgselt on portfelli lisandunud ka veel 2 objekti. Divisjoni erakorralised tegevuskulud ulatusid üle 1,5 mln krooni (0,1 mln euro), mis olid seotud koondamistasude ning varade müügiga alla omahinna. Töötajate arv divisjonis on kvartali jooksul kahanenud 66 inimese võrra. I kvartali lõpu seisuga töötas divisjonis kokku 73 inimest (2008 I kvartal: 360 inimest). -------------------------------------------------------------------------------- | | I kv 2009 | I kv 2008 | muutus, % | -------------------------------------------------------------------------------- | Vahendatud | 208 | 483 | -56,9% | | objektide arv | | | | -------------------------------------------------------------------------------- | Müügis olevad | 186 | 247 | -24,7% | | projektid, tk | | | | -------------------------------------------------------------------------------- | Hindamisaktide | 810 | 2 052 | -60,5% | | arv | | | | -------------------------------------------------------------------------------- | Hindajate arv* | 33 | 44 | -25,0% | -------------------------------------------------------------------------------- | Maaklerite arv* | 111 | 201 | -44,8% | -------------------------------------------------------------------------------- | Divisjoni | 73 | 360 | -79,7% | | töötajate arv | | | | | perioodi lõpus | | | | -------------------------------------------------------------------------------- * Sisaldab käsunduslepinguid ARENDUSDIVISJON I kvartali jooksul müüdi 14 korterit või krunti ning broneeriti 13 objekti. Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m2 hõlmav üürileping Austria supermarketi ketiga Billa. Tallinna Halduskohus tühistas Tivoli detailplaneeringu (vt. Lisa 16). Bilansipäevajärgselt on apellatsioonkaebus koostamisel. Arendusdivisjoni suurimaks riskiks on kujunenud tühjade kruntide laenude refinantseerimine Eestis. Kuigi Kontserni rahavoog on pingeline, peame õigeks ehitada soodsamaks muutunud ehitushindadega pooleliolevad korterid ja krundid lõpuni, et reageerida turunõudlusele müügivalmis laovaruga. Uute investeeringutega ei ole plaanis alustada. Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides müügi edendamiseks hindasid langetatud ning aasta jooksul plaanime müüa rahavoogu genereerivaid projekte. Osadel töötajatel on vähendatud nii töötasusid kui ka tööaega. Märtsi lõpus töötas divisjonis kokku 43 inimest (2008 I kvartal: 55 inimest). Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus EHITUSDIVISJON Ehitusdivisjon on võitnud hankeid põhiliselt keskkonna- ja infrastruktuuriehituses. Hangete keskmine maht on langenud ja tellijaks on riik või omavalitsused. I kvartalis olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt. I kvartalis sõlmiti uusi ehituslepinguid 103 mln krooni (6,6 mln euro) väärtuses, 2008 I kvartalis 111 mln krooni (7,1 mln eurot). Kvartali lõpu seisuga on ehituslepingute järelejäänud maht 232 mln krooni (14,8 mln eurot) ja kontsernisisene müügitulu moodustas kogutuludest 0%, 2008 I kvartalis oli ehituslepingute järelejäänud maht 358 mln krooni (22,9 mln eurot). I kvartali lõpu seisuga töötas divisjonis kokku 127 inimest (2008 I kvartal: 195 inimest). KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | I kvartal | I kvartal | I kvartal | I kvartal | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 75 914 | 88 691 | 4 852 | 5 668 | | teenuste müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu | | 18 408 | 18 830 | 1 176 | 1 203 | | kaupade müügist | | | | | | -------------------------------------------------------------------------------- | Müügitulu kokku | 2 | 94 322 | 107 521 | 6 028 | 6 871 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu | | -87 592 | -86 327 | -5 598 | -5 517 | | kulu | | | | | | -------------------------------------------------------------------------------- | Brutokasum | | 6 730 | 21 194 | 430 | 1 354 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 3 | 1 308 | 4 394 | 84 | 281 | -------------------------------------------------------------------------------- | Turustuskulud | 4 | -879 | -4 672 | -56 | -299 | -------------------------------------------------------------------------------- | Üldhalduskulud | 5 | -20 602 | -34 075 | -1 317 | -2 178 | -------------------------------------------------------------------------------- | Muud ärikulud | 3 | -475 | -16 512 | -30 | -1 055 | -------------------------------------------------------------------------------- | Ärikahjum | | -13 918 | -29 671 | -889 | -1 897 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 6 | 7 772 | 14 011 | 497 | 895 | | investeerimisteg | | | | | | | evuse tulud | | | | | | -------------------------------------------------------------------------------- | Finants- ja | 6 | -8 529 | -703 | -545 | -45 | | investeerimisteg | | | | | | | evuse kulud | | | | | | -------------------------------------------------------------------------------- | Kahjum enne | | -14 675 | -16 363 | -937 | -1 047 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | | 0 | -366 | 0 | -23 | -------------------------------------------------------------------------------- | Aruandeperioodi | | -14 675 | -16 729 | -937 | -1 070 | | puhaskahjum | | | | | | -------------------------------------------------------------------------------- | Muu koondkahjum | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | 0 | -278 | 0 | -18 | | vahed | | | | | | | välisettvõtte | | | | | | | ümberarvestamise | | | | | | | l | | | | | | -------------------------------------------------------------------------------- | Muu | | -14 675 | -17 007 | -938 | -1 087 | | aruandeperioodi | | | | | | | koondkahjum | | | | | | -------------------------------------------------------------------------------- | Aruandeperioodi | | -14 675 | -17 007 | -938 | -1 087 | | koonkahjum | | | | | | -------------------------------------------------------------------------------- | Perioodi kasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -860 | -1 442 | -55 | -92 | | osalus kahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemus osalus | | -13 815 | -15 287 | -883 | -977 | | kahjumis | | | | | | -------------------------------------------------------------------------------- | | | -14 675 | -16 729 | -938 | -1 069 | -------------------------------------------------------------------------------- | Perioodi | | | | | | | koondkasumi | | | | | | | jaotus: | | | | | | -------------------------------------------------------------------------------- | Emaettevõtja | | -860 | -1 442 | -55 | -92 | | osalus | | | | | | | koondkahjumis | | | | | | -------------------------------------------------------------------------------- | Vähemus osalus | | -13 815 | -15 565 | -883 | -995 | | koondkahjumis | | | | | | -------------------------------------------------------------------------------- | | | -14 675 | -17 007 | -938 | -1 087 | -------------------------------------------------------------------------------- | Aktsia | 7 | | | | | | puhaskasum | | | | | | -------------------------------------------------------------------------------- | - tava | | -0,15 | -0,16 | -0,01 | -0,01 | -------------------------------------------------------------------------------- | - lahustatud | | -0,15 | -0,16 | -0,01 | -0,01 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSEISUNDI ARUANNE -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | I kvartal | I kvartal | I kvartal | I kvartal | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 114 514 | 172 574 | 7 319 | 11 029 | | ekvivalendid | | | | | | -------------------------------------------------------------------------------- | Finantsinvesteer | | 0 | 40 416 | 0 | 2 583 | | ingud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 8 | 275 323 | 294 352 | 17 596 | 18 813 | -------------------------------------------------------------------------------- | Ettemakstud | | 6 934 | 6 165 | 443 | 394 | | kulud | | | | | | -------------------------------------------------------------------------------- | Varud | 9 | 871 588 | 849 440 | 55 705 | 54 289 | -------------------------------------------------------------------------------- | Bioloogilised | | 2 940 | 3 679 | 188 | 235 | | varad | | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | | 1 271 299 | 1 366 626 | 81 251 | 87 343 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finantsinvesteer | | 255 | 255 | 16 | 16 | | ingud | | | | | | -------------------------------------------------------------------------------- | Nõuded | 8 | 9 666 | 6 671 | 618 | 427 | -------------------------------------------------------------------------------- | Kinnisvarainvest | 10 | 547 114 | 542 753 | 34 967 | 34 688 | | eeringud | | | | | | -------------------------------------------------------------------------------- | Materiaalne | 11 | 53 464 | 41 812 | 3 417 | 2 672 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Immateriaalne | 12 | 12 381 | 12 475 | 791 | 797 | | põhivara | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | | 622 880 | 603 966 | 39 809 | 38 600 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 1 894 179 | 1 970 592 | 121 060 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 13 | 477 342 | 353 417 | 30 508 | 22 587 | -------------------------------------------------------------------------------- | Võlad | 14 | 123 370 | 132 677 | 7 885 | 8 480 | -------------------------------------------------------------------------------- | Ettemaksed | | 75 962 | 65 174 | 4 855 | 4 165 | -------------------------------------------------------------------------------- | Eraldised | | 5 419 | 5 917 | 346 | 378 | -------------------------------------------------------------------------------- | Lühiajalised | | 682 093 | 557 185 | 43 594 | 35 610 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Laenukohustused | 13 | 502 089 | 692 919 | 32 089 | 44 286 | -------------------------------------------------------------------------------- | Võlad | 14 | 8 588 | 4 404 | 549 | 281 | -------------------------------------------------------------------------------- | Edasilükkunud | | 20 | 20 | 1 | 1 | | tulumaksukohustu | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Eraldised | | 4 291 | 4 291 | 274 | 274 | -------------------------------------------------------------------------------- | Pikaajalised | | 514 988 | 701 634 | 32 913 | 44 842 | | kohustused kokku | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | | 1 197 081 | 1 258 819 | 76 507 | 80 452 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 952 842 | 952 842 | 60 898 | 60 898 | -------------------------------------------------------------------------------- | Ülekurss | | 712 514 | 712 514 | 45 538 | 45 538 | -------------------------------------------------------------------------------- | Kohustuslik | | 31 463 | 31 463 | 2 011 | 2 011 | | reservkapital | | | | | | -------------------------------------------------------------------------------- | Jaotamata kasum | | -998 483 | -984 668 | -63 815 | -62 932 | -------------------------------------------------------------------------------- | Oma aktsiad | | -3 992 | -3 992 | -255 | -255 | | (miinus) | | | | | | -------------------------------------------------------------------------------- | Emaettevõtte | | 694 344 | 708 159 | 44 377 | 45 260 | | omanikele kuuluv | | | | | | | omakapital kokku | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Vähemusosalusele | | 2 754 | 3 614 | 176 | 231 | | kuuluv | | | | | | | omakapital | | | | | | -------------------------------------------------------------------------------- | Omakapital kokku | | 697 098 | 711 773 | 44 553 | 45 491 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 1 894 179 | 1 970 592 | 121 060 | 125 943 | | OMAKAPITAL KOKKU | | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Lisa | I kvartal | I kvartal | I kvartal | I kvartal | | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | tuhandetes | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | | -14 675 | -16 729 | -938 | -1 070 | | (-kahjum) | | | | | | -------------------------------------------------------------------------------- | Intressitulud ja | 6 | 5 014 | -5 019 | 320 | -321 | | intressikulud | | | | | | -------------------------------------------------------------------------------- | Tulud ja kulud | 6 | -52 | 507 | -3 | 32 | | muudelt | | | | | | | pikaajalistelt | | | | | | | finantsinvesteer | | | | | | | ingutelt | | | | | | -------------------------------------------------------------------------------- | Finantsvarade | 6 | 14 | -13 264 | 1 | -848 | | allahindluskulu | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | 1 094 | 1 325 | 70 | 85 | | immateriaalse | | | | | | | põhivara | | | | | | | amortisatsioon | | | | | | | ja väärtuse | | | | | | | langus | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | 3 | 263 | -1 | 17 | -1 | | immateriaalse | | | | | | | põhivara müügi | | | | | | | kasum või kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvest | 3 | 43 | 4 | 3 | 1 | | eeringute müügi | | | | | | | kasum või kahjum | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvest | 3 | 0 | 12 437 | 0 | 795 | | eeringute ja | | | | | | | bioloogilise | | | | | | | vara õiglase | | | | | | | väärtuse muutus | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | 6 | -4 219 | 4 468 | -270 | 286 | | kasumid ja | | | | | | | kahjumid | | | | | | -------------------------------------------------------------------------------- | Ettevõtte | 6 | 0 | 366 | 0 | 23 | | tulumaksukulu | | | | | | -------------------------------------------------------------------------------- | Äritegevuse | | -12 518 | -15 906 | -800 | -1 018 | | rahavood enne | | | | | | | käibekapitali | | | | | | | muutuseid | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 19 659 | 20 767 | 1 256 | 1 327 | | seotud nõuete ja | | | | | | | ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Varude muutus | | -30 430 | -44 466 | -1 945 | -2 842 | -------------------------------------------------------------------------------- | Bioloogiliste | | 447 | -16 | 29 | -1 | | varade muutus | | | | | | -------------------------------------------------------------------------------- | Äritegevusega | | 21 727 | 6 313 | 1 389 | 403 | | seotud | | | | | | | kohustuste | | | | | | | ettemaksude | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -1 115 | -33 308 | -71 | -2 131 | | ÄRITEGEVUSEST | | | | | | | KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | -13 701 | -7 242 | -876 | -463 | | immateriaalse | | | | | | | põhivara soetus | | | | | | -------------------------------------------------------------------------------- | Materiaalse ja | | 341 | 89 | 22 | 6 | | immateriaalse | | | | | | | põhivara müük | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvest | | -5 100 | -516 | -326 | -33 | | eeringute soetus | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvest | | 205 | 103 | 13 | 7 | | eeringute müük | | | | | | -------------------------------------------------------------------------------- | Tütar- ja | | 0 | -82 616 | 0 | -5 280 | | ühisettevõtete | | | | | | | soetus | | | | | | -------------------------------------------------------------------------------- | Muude | | 0 | -80 000 | 0 | -5 113 | | finantsinvesteer | | | | | | | ingute soetus | | | | | | -------------------------------------------------------------------------------- | Muude | | 41 123 | 8 332 | 2 628 | 533 | | finantsinvesteer | | | | | | | ingute müük | | | | | | -------------------------------------------------------------------------------- | Antud laenud | | -942 | -30 667 | -60 | -1 960 | -------------------------------------------------------------------------------- | Antud laenude | | 3 417 | 832 | 218 | 53 | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 2 284 | 11 052 | 146 | 706 | -------------------------------------------------------------------------------- | RAHAVOOD | | 27 627 | -180 633 | 1 765 | -11 544 | | INVESTEERIMISTEG | | | | | | | EVUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Saadud laenud | | 28 720 | 12 115 | 1 836 | 774 | -------------------------------------------------------------------------------- | Laenude ja | | -98 978 | -58 656 | -6 326 | -3 749 | | kapitalirendikoh | | | | | | | ustuste | | | | | | | tagasimaksed | | | | | | -------------------------------------------------------------------------------- | Arvelduskrediidi | | 869 | 43 | 56 | 3 | | muutus | | | | | | -------------------------------------------------------------------------------- | Kontsernikonto | | 0 | -804 | 0 | -51 | | kohustuse muutus | | | | | | -------------------------------------------------------------------------------- | Makstud | | -15 050 | -17 156 | -962 | -1 096 | | intressid | | | | | | -------------------------------------------------------------------------------- | Makstud | | 0 | -2 557 | 0 | -163 | | dividendid | | | | | | -------------------------------------------------------------------------------- | Makstud | | 0 | -2 338 | 0 | -149 | | dividendide | | | | | | | tulumaks | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD | | -84 439 | -69 353 | -5 396 | -4 431 | | FINANTSEERIMISEG | | | | | | | EVUSEST KOKKU | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | | -57 927 | -283 294 | -3 702 | -18 106 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 172 574 | 765 008 | 11 029 | 48 893 | | ekvivalendid | | | | | | | perioodi alguses | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | -57 927 | -283 294 | -3 702 | -18 106 | | ekvivalentide | | | | | | | muutus | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | -133 | 8 | -9 | 0 | | mõju | | | | | | -------------------------------------------------------------------------------- | Raha ja raha | | 114 514 | 481 722 | 7 318 | 30 787 | | ekvivalendid | | | | | | | perioodi lõpus | | | | | | -------------------------------------------------------------------------------- Arco Vara AS
Pealkiri
FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Teade
FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) Management report for the first quarter of 2009 Comments by the CEO During the 1st quarter 2009, 14 apartments or plots were sold and 13 objects reserved in Arco Vara projects. In the Boulevard Residence Madrid project in Sofia, a 30-year rental agreement was concluded with the Austrian supermarket chain Billa, by which the supermarket will rent approx. 900 m2 of the ground floor sales space of the building. The strategy of Arco Vara development division is to complete and sell the unfinished apartments in project Kodukolde and plots in project Merivälja2 in Tallinn, Bišumuiža-1 in Riga, Boulevard Residence in Madrid and Manastirski in Sofia by using the benefits of dropped construction prices and releasing this way invested equity as well as reducing the liabilities of the Group. Together with the drop in construction prices and considering our goal to maintain our competitiveness, we have decreased the prices of plots and apartments of Arco Vara projects in the 1st quarter. In the construction division, new agreements in the amount of 103 million kroons (6.6 million euros) were concluded in the 1st quarter (2008 Q1: 11 million kroons, 7.1 million euros). Considering the general situation on the Estonian construction market, the decrease in contract prices of Arco Vara construction division has been low on year-over-year basis - 7.3%. Compared to the 4th quarter 2008 when the situation in the real estate and construction sector changed rapidly, the volume of new construction agreements has increased 35%, from 69 million kroons (4.4 million euros) to 103 million kroons (6.6 million euros). One of the most important goals of the construction division for the near future is to decrease the administration costs of the Latvian subsidiary, similarly to what has already been done in Estonia. The operating loss of the Estonian construction division (without nonrecurring redundancy costs) was approx. 0.5 million kroons (0.03 million euros). By restructuring the service division, we have considerably decreased its administration costs. The number of employees has been reduced by 290 persons (80%), at the same time, the turnover has decreased less. During the 1st quarter, the work organisation of some smaller offices outside the capital was changed: the classical office-based work organisation was given up and replaced by the home office system, whereby all services were maintained. In other offices, more cost effective work organisation solutions are being implemented in cooperation with employees. In the service division, the property management department has managed to maintain the turnover and profitability, after the balance sheet date, 2 objects have been added to their portfolio. The nonrecurring expenditure of the service division in the 1st quarter amounting to 1.5 million kroons (0.1 million euros) was caused by redundancy payments, sales of intangible assets and vehicles used by redundants, which was, due to market situation, made under the price level fixed in leasing contracts, and sales of properties acquired in earlier years as current investments under their cost price. The aim of the service division is to continue implementing the partially applied and in the current market situation justified work organisation also in foreign markets, which allows increasing service provision with unlimited means in these countries, with a future focus on Estonia, Latvia and Bulgaria. All in all, we have managed to save in the 1st quarter on y-o-y basis more than 17 million kroons (1.1 million euros) administration and marketing costs, which means that we are ahead our annual schedule of saving 60 million kroons (4 million euros) that we set ourselves in autumn. The number of persons employed by the Group has decreased from 654 persons in 1st quarter 2008 to 259 persons in 1st quarter 2009. However, the Group earned a loss of 14.7 million kroons (0.8 million euros) in the first quarter, wherefrom the portion of nonrecurring expenditures was approx. 5 million kroons (0.3 million euros). KEY FINANCALS Revenue and other income for the 1st quarter totalled 95.6 million kroons (6.1 million euros), 15% down year-over-year. EBIT amounted to -13.9 million kroons (-0.9 million euros), 53.2% up year-over-year. Net profit amounted to -14.7 million kroons (-0.9 million euros), 12.0% up year-over-year. Equity ratio was 36.8% (2008 Q1: 54.3%). ROE was -92.4% (2008 Q1: 7.8%). ROIC was -46.7% (2008 Q1: 6.1%) Construction division was awarded new construction contracts worth 103 million kroons (6.6 million euros), (2008 Q1: 111 million kroons, 7.1 million euros) Group's order backlog in the Construction division stood at 232.0 million kroons (14.8 million euros), (2008 Q1: 358 million kroons, 22.9 million euros) Over the quarter, a total of 14 apartments and plots were sold (2008 Q1: 11) and 13 reserved (2008 Q1: 48). -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Revenue and other | 95.6 | 111.9 | 6.1 | 7.2 | | income | | | | | -------------------------------------------------------------------------------- | EBIT | -13.9 | -29.7 | -0.9 | -1.9 | -------------------------------------------------------------------------------- | incl. revaluation of | 0.0 | -12.4 | 0.0 | -0.8 | | investment property | | | | | -------------------------------------------------------------------------------- | Profit / loss before | -14.7 | -16.4 | -0.9 | -1.0 | | tax | | | | | -------------------------------------------------------------------------------- | incl. profit or loss | 0.0 | 0.0 | 0.0 | 0.0 | | from transfer of | | | | | | financial assets | | | | | -------------------------------------------------------------------------------- | Net profit / loss | -14.7 | -16.7 | -0.9 | -1.1 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EPS 1 (in kroons and | -0.15 | -0.16 | -0.01 | -0.01 | | euros) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total assets at | 1,894.2 | 3,521.8 | 121.1 | 225.1 | | period end | | | | | -------------------------------------------------------------------------------- | Invested capital at | 1,689.4 | 3,227.8 | 108.0 | 206.3 | | period end | | | | | -------------------------------------------------------------------------------- | Net loans at period | 877.8 | 684.4 | 56.1 | 43.7 | | end | | | | | -------------------------------------------------------------------------------- | Equity at period end | 697.1 | 1,911.3 | 44.6 | 122.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current Ratio | 1.9 | 2.1 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ROIC (rolling 12 | -46.7% | 6.2% | | | | months) | | | | | -------------------------------------------------------------------------------- | ROE (rolling 12 | -92.4% | 7.8% | | | | months) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Number of staff at | 258 | 654 | | | | period end | | | | | -------------------------------------------------------------------------------- REVENUE AND PROFIT -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Revenue and other | | | | | | income | | | | | -------------------------------------------------------------------------------- | Services | 10.8 | 32.6 | 0.7 | 2.1 | -------------------------------------------------------------------------------- | Development | 30.1 | 29.7 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Construction | 58.9 | 89.5 | 3.8 | 5.7 | -------------------------------------------------------------------------------- | Eliminations | -4.2 | -39.9 | -0.3 | -2.5 | -------------------------------------------------------------------------------- | Total revenue and | 95.6 | 111.9 | 6.1 | 7.2 | | other income | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EBIT | | | | | -------------------------------------------------------------------------------- | Services | -5.2 | -8.2 | -0.3 | -0.5 | -------------------------------------------------------------------------------- | Development | -0.3 | -16.1 | 0.0 | -1.0 | -------------------------------------------------------------------------------- | Construction | -3.4 | 4.2 | -0.2 | 0.3 | -------------------------------------------------------------------------------- | Eliminations | -0.1 | -4.6 | 0.0 | -0.3 | -------------------------------------------------------------------------------- | Unallocated expenses | -4.9 | -5.1 | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Total EBIT | -13.9 | -29.7 | -0.8 | -1.8 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Interest income and | -5.0 | 5.0 | -0.3 | 0.3 | | expense | | | | | -------------------------------------------------------------------------------- | Net other financial | 4.3 | 8.3 | 0.3 | 0.5 | | items | | | | | -------------------------------------------------------------------------------- | Income tax expense | 0.0 | -0.4 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Net profit / loss | -14.7 | -16.7 | -0.8 | -1.0 | -------------------------------------------------------------------------------- The Group sold a total of 14 apartments and plots (2008 Q1: 11). The development division was able to maintain the revenue, the revenue of the construction division decreased 34% and the one of the service division 67%. Due to the low stock-in-trade an improvement in turnover can be expected in the 4th quarter 2009. In autumn, the project “Boulevard Residence Madrid” will be completed in Sofia. In Tallinn, more than 60 apartments add in the “Kodukolde” project and in the “Merivälja2” project more than 50 plots with full infrastructure. The recent reservations and new sales will be reflected after the end of construction and authorisation for use are obtained as turnover. No substantial revaluations were made in the 1st quarter. More than before, interests paid are recognised as interest costs, as some of the projects have been frozen and the Group is not capitalizing these interests anymore. The financial income and expenses were mainly influenced by the exchange rate profit of 4.2 million kroons (0.3 million euros) from the claim against AS Ühendatud Kapital in US dollars. As at the end of the quarter the Group has liquid assets in value of 114.5 million kroons (7.3 million euros). Interest-bearing liabilities amount to 979.4 million kroons (62.6 million euros) of which 477.3 million kroons (30.5 euros) are short-term. CASH FLOWS -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | -------------------------------------------------------------------------------- | In millions | | | | | -------------------------------------------------------------------------------- | Cash flows from | -1.1 | -33.3 | -0.1 | -2.1 | | operating activities | | | | | -------------------------------------------------------------------------------- | Cash flows from | 27.6 | -180.6 | 1.8 | -11.6 | | investing activities | | | | | -------------------------------------------------------------------------------- | Cash flows from | -84.4 | -69.4 | -5.4 | -4.4 | | financing activities | | | | | -------------------------------------------------------------------------------- | Net cash flow | -57.9 | -283.3 | -3.7 | -18.1 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 172.6 | 765.0 | 11.0 | 48.9 | | equivalents at | | | | | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange | -0.1 | 0.0 | 0.0 | 0.0 | | rate fluctuations | | | | | -------------------------------------------------------------------------------- | Cash and cash | 114.5 | 481.7 | 7.3 | 30.8 | | equivalents at end | | | | | | of period | | | | | -------------------------------------------------------------------------------- In January 2009 the company made an extraordinary repayment of 40 million kroons related to Tivoli and Laeva projects loans to SEB Bank by releasing the Group from the obligation to maintain liquid assets worth 150 million kroons (9.6 million euros) in SEB bank accounts. The biggest short-term liabilities are the bond stock in the amount of approx. 52 million kroons (3.3 million euros) to be redeemed, the loan related to the Ahtri project in the amount of 97.2 million kroons (6.2 million euros), and approx. 77 million kroons (4.9 million euros) calculated principal returns from the sales of assets („Kodukolde”, „Merivälja2” and „Boulevard Residence Madrid”). Short-term liabilities have been mostly affected by accounting the Tivoli and Laeva2 project loans as short-term loans, in the amount of 120 million kroons (7.7 million euros) with an expiry date of 31.03.2010. On a current basis, loans in the project „Kodukolde” in Tallinn and „Bišumuiža-1” in Riga, Latvia have been paid, where the recent loan payments per sold square meter are higher than the sales turnover. After the balance sheet date, the relevant loans have been refunded and the loan servicing costs remained under the sales prices, by leaving the Group more disposable funds. After the balance sheet date, most of the Group liabilities will be in euros. SERVICE DIVISION Cost and business model optimisation started in autumn has had good results but is still not sufficient for earning net profit. By cash flow, the revenues and expenses of the division in 1st quarter are in balance and didn't need any subsidy from parent company. In the 1st quarter, as the liquidity of the company is most important, the division sold objects that were acquired earlier as short-term investments, due to the market situation, the prices have been sometimes under the cost price. The number of employees in the division has decreased within 12 months by 80%, a total of 290 persons, while the turnover has decreased by 67%.The number of brokerage transactions of the Group in 12 months has decreased by 57%, and the number of valuation reports has decreased by 60%. The property management department has managed to maintain the turnover and the profitability, after the balance sheet date, 2 more objects were added to the portfolio. The nonrecurring operating costs of the division amounted to more than 1.5 million kroons (0.1 million euros) and were related to redundancy payments and sales of assets under their cost price. The number of employees in the division has been reduced by 66 persons. At the end of the 1st quarter the division employed 73 persons (2008 Q1: 360 persons). -------------------------------------------------------------------------------- | | 2009 Q1 | 2008 Q1 | change, % | -------------------------------------------------------------------------------- | Number of | 208 | 483 | -56,9% | | brokered objects | | | | -------------------------------------------------------------------------------- | Projects being | 186 | 247 | -24,7% | | sold, pcs. | | | | -------------------------------------------------------------------------------- | Number of | 810 | 2 052 | -60,5% | | valuation | | | | | reports | | | | -------------------------------------------------------------------------------- | Number of | 33 | 44 | -25,0% | | appraisers* | | | | -------------------------------------------------------------------------------- | Number of real | 111 | 201 | -44,8% | | estate brokers* | | | | -------------------------------------------------------------------------------- | Number of | 73 | 360 | -79,7% | | division staff | | | | | at the end of | | | | | period | | | | -------------------------------------------------------------------------------- * Includes authorisation agreements DEVELOPMENT DIVISION In the 1st quarter 2009, 14 apartments or plots were sold and 13 were reserved. Within the “Boulevard Residence Madrid” project in Sofia, long-term lease agreement was concluded with the Austrian supermarket chain “Billa”; the supermarket will lease 900 m2 of retail premises. Tallinn Administrative Court annulled the decision of Tallinn City Council with what detailed plan of Tivoli project in Tallinn was established, (see Note 16). After the balance sheet date an appeal is drafting. The main risk factor for the development division is the refinancing of loans of empty plots in Estonia. Although the cash flow of the Group is tense, we will finish the construction of unfinished apartments and plots with more favourable construction prices in order to satisfy the demand with ready to be sold stock. No new investments are planned. In order to reduce liquidity risk, the prices in current projects in the Baltic's as well as in Sofia have been decreased substantially and during the year we aim at selling cash flow generating projects. For some employees, salaries and working times have been reduced. At the end of the 1st quarter the division employed 43 persons (2008 Q1: 55 persons). Further information on the projects: www.arcorealestate.com/development CONSTRUCTION DIVISION The construction division has mostly won tenders of environmental and infrastructure engineering. The average volume of the tenders has decreased and the contractor is usually the state or local governments. The biggest new contracts in the 1st quarter were the Emajõe-Võhandu drinking water project and the Kohtla-Järve-Kiviõli sewerage project. In the 1st quarter the division was awarded construction contracts worth 103 million kroons (6.6 million euros), in the 1st quarter of 2008 the corresponding figure was 111 million kroons (7.1 million euros). At the end of the 1st quarter, the division's order backlog was 232 million kroons (14.8 million euros) and the internal sales accounted for 0%, in the 1st quarter of 2008 the division's order backlog was 358 million kroons (22.9 million euros). At the end of the 1st quarter the division employed 127 persons (2008 Q1: 195 persons). CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | | | | | | | | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Rendering of | | 75 914 | 88 691 | 4 852 | 5 668 | | services | | | | | | -------------------------------------------------------------------------------- | Sale of goods | | 18 408 | 18 830 | 1 176 | 1 203 | -------------------------------------------------------------------------------- | Total revenue | 2 | 94 322 | 107 521 | 6 028 | 6 871 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cost of sales | | -87 592 | -86 327 | -5 598 | -5 517 | -------------------------------------------------------------------------------- | Gross profit | | 6 730 | 21 194 | 430 | 1 354 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other income | 3 | 1 308 | 4 394 | 84 | 281 | -------------------------------------------------------------------------------- | Selling and | 4 | -879 | -4 672 | -56 | -299 | | distribution | | | | | | | costs | | | | | | -------------------------------------------------------------------------------- | Administrative | 5 | -20 602 | -34 075 | -1 317 | -2 178 | | expenses | | | | | | -------------------------------------------------------------------------------- | Other expenses | 3 | -475 | -16 512 | -30 | -1 055 | -------------------------------------------------------------------------------- | EBIT | | -13 918 | -29 671 | -889 | -1 897 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Finance income | 6 | 7 772 | 14 011 | 497 | 895 | -------------------------------------------------------------------------------- | Finance expenses | 6 | -8 529 | -703 | -545 | -45 | -------------------------------------------------------------------------------- | Profit / loss | | -14 675 | -16 363 | -937 | -1 047 | | before tax | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | | 0 | -366 | 0 | -23 | | expense | | | | | | -------------------------------------------------------------------------------- | Net profit / | | -14 675 | -16 729 | -937,00 | -1 070 | | loss | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | Comprehensive | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Exchange | | 0 | -278 | 0 | -18 | | differences on | | | | | | | translation | | | | | | | foreign | | | | | | | subsidiaries | | | | | | -------------------------------------------------------------------------------- | Other | | -14 675 | -17 007 | -938 | -1 087 | | Comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total | | -14 675 | -17 007 | -938,00 | -1 087 | | comprehensive | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | | | attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders | | -860 | -1 442 | -55 | -92 | | of the parent | | | | | | -------------------------------------------------------------------------------- | Minority | | -13 815 | -15 287 | -883 | -977 | | interest | | | | | | -------------------------------------------------------------------------------- | | | -14 675 | -16 729 | -938 | -1 069 | -------------------------------------------------------------------------------- | Comprehensive | | | | | | | income | | | | | | | attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders | | -860 | -1 442 | -55 | -92 | | of the parent | | | | | | -------------------------------------------------------------------------------- | Minority | | -13 815 | -15 565 | -883 | -995 | | interest | | | | | | -------------------------------------------------------------------------------- | | | -14 675 | -17 007 | -938 | -1 087 | -------------------------------------------------------------------------------- | Earnings per | 7 | | | | | | share | | | | | | -------------------------------------------------------------------------------- | - Basic earnings | | -0.15 | -0.16 | -0.01 | -0.01 | | per share | | | | | | -------------------------------------------------------------------------------- | - Diluted | | -0.15 | -0.16 | -0.01 | -0.01 | | earnings per | | | | | | | share | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | | | | | | | | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 114 514 | 172 574 | 7 319 | 11 029 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Other financial | | 0 | 40 416 | 0 | 2 583 | | assets | | | | | | -------------------------------------------------------------------------------- | Receivables | 8 | 275 323 | 294 352 | 17 596 | 18 813 | -------------------------------------------------------------------------------- | Prepayments | | 6 934 | 6 165 | 443 | 394 | -------------------------------------------------------------------------------- | Inventories | 9 | 871 588 | 849 440 | 55 705 | 54 289 | -------------------------------------------------------------------------------- | Biological | | 2 940 | 3 679 | 188 | 235 | | assets | | | | | | -------------------------------------------------------------------------------- | Total current | | 1 271 299 | 1 366 626 | 81 251 | 87 343 | | assets | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial assets | | 255 | 255 | 16 | 16 | -------------------------------------------------------------------------------- | Receivables | 8 | 9 666 | 6 671 | 618 | 427 | -------------------------------------------------------------------------------- | Investment | 10 | 547 114 | 542 753 | 34 967 | 34 688 | | property | | | | | | -------------------------------------------------------------------------------- | Property, plant | 11 | 53 464 | 41 812 | 3 417 | 2 672 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Intangible | 12 | 12 381 | 12 475 | 791 | 797 | | assets | | | | | | -------------------------------------------------------------------------------- | Total | | 622 880 | 603 966 | 39 809 | 38 600 | | non-current | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 1 894 179 | 1 970 592 | 121 060 | 125 943 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 13 | 477 342 | 353 417 | 30 508 | 22 587 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 14 | 123 370 | 132 677 | 7 885 | 8 480 | -------------------------------------------------------------------------------- | Deferred income | | 75 962 | 65 174 | 4 855 | 4 165 | -------------------------------------------------------------------------------- | Provisions | | 5 419 | 5 917 | 346 | 378 | -------------------------------------------------------------------------------- | Total current | | 682 093 | 557 185 | 43 594 | 35 610 | | liabilities | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Loans and | 13 | 502 089 | 692 919 | 32 089 | 44 286 | | borrowings | | | | | | -------------------------------------------------------------------------------- | Liabilities | 14 | 8 588 | 4 404 | 549 | 281 | -------------------------------------------------------------------------------- | Deferred income | | 20 | 20 | 1 | 1 | | tax liability | | | | | | -------------------------------------------------------------------------------- | Provisions | | 4 291 | 4 291 | 274 | 274 | -------------------------------------------------------------------------------- | Total | | 514 988 | 701 634 | 32 913 | 44 842 | | non-current | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1 197 081 | 1 258 819 | 76 507 | 80 452 | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Share capital | | 952 842 | 952 842 | 60 898 | 60 898 | -------------------------------------------------------------------------------- | Share premium | | 712 514 | 712 514 | 45 538 | 45 538 | -------------------------------------------------------------------------------- | Statutory | | 31 463 | 31 463 | 2 011 | 2 011 | | capital reserve | | | | | | -------------------------------------------------------------------------------- | Other reserves | | -998 483 | -984 668 | -63 815 | -62 932 | -------------------------------------------------------------------------------- | Retained | | -3 992 | -3 992 | -255 | -255 | | earnings | | | | | | -------------------------------------------------------------------------------- | Own shares | | 694 344 | 708 159 | 44 377 | 45 260 | | (minus) | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Minority | | 2 754 | 3 614 | 176 | 231 | | interests | | | | | | -------------------------------------------------------------------------------- | Total equity | | 697 098 | 711 773 | 44 553 | 45 491 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | TOTAL | | 1 894 179 | 1 970 592 | 121 060 | 125 943 | | LIABILITIES AND | | | | | | | EQUITY | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | EEK | EUR | -------------------------------------------------------------------------------- | | Note | 2009 Q1 | 2008 Q1 | 2009 Q1 | 2008 Q1 | | | | | | | | -------------------------------------------------------------------------------- | in thousands | | | | | | -------------------------------------------------------------------------------- | Net profit / | | -14 675 | -16 729 | -938 | -1 070 | | loss | | | | | | -------------------------------------------------------------------------------- | Interest income | 6 | 5 014 | -5 019 | 320 | -321 | | and expense | | | | | | -------------------------------------------------------------------------------- | Gains and losses | 6 | -52 | 507 | -3 | 32 | | on other | | | | | | | financial assets | | | | | | -------------------------------------------------------------------------------- | Impairment | 6 | 14 | -13 264 | 1 | -848 | | losses on | | | | | | | financial assets | | | | | | -------------------------------------------------------------------------------- | Depreciation, | | 1 094 | 1 325 | 70 | 85 | | amortisation and | | | | | | | impairment | | | | | | | losses on | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 3 | 263 | -1 | 17 | -1 | | the sale of | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Gain / loss on | 3 | 43 | 4 | 3 | 1 | | the sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Change in the | 3 | 0 | 12 437 | 0 | 795 | | fair value of | | | | | | | investment | | | | | | | property and | | | | | | | biological | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Exchange gains | 6 | -4 219 | 4 468 | -270 | 286 | | and losses | | | | | | -------------------------------------------------------------------------------- | Corporate income | 6 | 0 | 366 | 0 | 23 | | tax expense | | | | | | -------------------------------------------------------------------------------- | Operating cash | | -12 518 | -15 906 | -800 | -1 018 | | flow before | | | | | | | working capital | | | | | | | changes | | | | | | -------------------------------------------------------------------------------- | Change in | | 19 659 | 20 767 | 1 256 | 1 327 | | receivables and | | | | | | | prepayments | | | | | | -------------------------------------------------------------------------------- | Change in | | -30 430 | -44 466 | -1 945 | -2 842 | | inventories | | | | | | -------------------------------------------------------------------------------- | Change in | | 447 | -16 | 29 | -1 | | biological | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Change in | | 21 727 | 6 313 | 1 389 | 403 | | payables and | | | | | | | deferred income | | | | | | -------------------------------------------------------------------------------- | NET CASH USED IN | | -1 115 | -33 308 | -71 | -2 131 | | OPERATING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -13 701 | -7 242 | -876 | -463 | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 341 | 89 | 22 | 6 | | sale of | | | | | | | property, plant | | | | | | | and equipment | | | | | | | and intangible | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | -5 100 | -516 | -326 | -33 | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 205 | 103 | 13 | 7 | | sale of | | | | | | | investment | | | | | | | property | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | 0 | -82 616 | 0 | -5 280 | | subsidiaries and | | | | | | | interests in | | | | | | | jointly | | | | | | | controlled | | | | | | | entities, net of | | | | | | | cash acquired | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | 0 | -80 000 | 0 | -5 113 | | other financial | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 41 123 | 8 332 | 2 628 | 533 | | sale of other | | | | | | | financial assets | | | | | | -------------------------------------------------------------------------------- | Loans granted | | -942 | -30 667 | -60 | -1 960 | -------------------------------------------------------------------------------- | Repayment of | | 3 417 | 832 | 218 | 53 | | loans granted | | | | | | -------------------------------------------------------------------------------- | Interest | | 2 284 | 11 052 | 146 | 706 | | received | | | | | | -------------------------------------------------------------------------------- | NET CASH USED IN | | 27 627 | -180 633 | 1 765 | -11 544 | | / FROM INVESTING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Proceeds from | | 28 720 | 12 115 | 1 836 | 774 | | loans received | | | | | | -------------------------------------------------------------------------------- | Repayment of | | -98 978 | -58 656 | -6 326 | -3 749 | | loans and | | | | | | | payment of | | | | | | | finance lease | | | | | | | liabilities | | | | | | -------------------------------------------------------------------------------- | Change in | | 869 | 43 | 56 | 3 | | overdraft | | | | | | -------------------------------------------------------------------------------- | Change in group | | 0 | -804 | 0 | -51 | | account | | | | | | | liability | | | | | | -------------------------------------------------------------------------------- | Interest paid | | -15 050 | -17 156 | -962 | -1 096 | -------------------------------------------------------------------------------- | Dividends paid | | 0 | -2 557 | 0 | -163 | -------------------------------------------------------------------------------- | Income tax paid | | 0 | -2 338 | 0 | -149 | | on dividends | | | | | | -------------------------------------------------------------------------------- | NET CASH USED IN | | -84 439 | -69 353 | -5 396 | -4 431 | | / FROM FINANCING | | | | | | | ACTIVITIES | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | NET CASH FLOW | | -57 927 | -283 294 | -3 702 | -18 106 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 172 574 | 765 008 | 11 029 | 48 893 | | equivalents at | | | | | | | beginning of | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Decrease / | | -57 927 | -283 294 | -3 702 | -18 106 | | increase in cash | | | | | | | and cash | | | | | | | equivalents | | | | | | -------------------------------------------------------------------------------- | Effect of | | -133 | 8 | -9 | 0 | | exchange rate | | | | | | | fluctuations | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | 114 514 | 481 722 | 7 318 | 30 787 | | equivalents at | | | | | | | end of period | | | | | | -------------------------------------------------------------------------------- Arco Vara AS