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Arco Vara AS

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28.08.2009 19:49:08

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2009. aasta II kvartali ja 6 kuu vahearuanne

Teade

Juhatuse esimehe kommentaarid                                                   

2009. aasta kuue kuuga müüdi Arco Vara projektides 25 korterit või krunti ning  
broneeriti 21 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. Kuue kuuga on    
müüdud Tallinnas Kodukolde projektis 16 ja Lätis BM-1 projektis 7 korterit.
     
Arco Vara arendusdivisjoni strateegia on lõpetada soodsamaks muutunud           
ehitushindadega pooleliolevad korterid Kodukolde ja elamukrundid Merivälja2     
projektides Tallinnas, korterid Bišumuiža-1 projektis Riias, korterid ning      
äripinnad Boulevard Residence Madrid ja Manastirski projektides Sofias. Valminud
elamis- ja äripinnad realiseerida, vabastades investeeritud omakapitali ja      
vähendades Kontserni kohustusi. Konkurentsis püsimiseks ja müügitempo           
kiirendamiseks oleme langetanud ka II kvartalis Arco Vara projektides kruntide  
ja korterite hindasid, mille tulemusel hindasime alla projektide                
raamatupidamislikku maksumust.                                 
                 
Ehitusdivisjonis sõlmiti kuue kuuga uusi lepinguid 116,1 mln krooni (7,4 mln    
euro) ulatuses, millest 13,0 mln krooni (0,8 mln eurot) II kvartalis. Tulemus   
jäi alla II kvartaliks seatud eesmärgile. Arvestades suurt käibekapitali        
vajadust on divisjoni rahavood sügiseni pingelised, kuni saabuvad suuremahulised
akteerimised ja laekumiste tähtajad. 
                                   
Teenindusdivisjoni restruktureerimisega oleme oluliselt vähendanud divisjoni
üldhalduskulusid ja kahjum on vähenenud 2 korda. Töötajate arv on kuue kuuga
vähenenud 81 inimese võrra ja aasta arvestuses 257 inimese võrra. Divisjon on
realiseerinud I poolaasta jooksul enamuse ajalooliselt lühiajaliseks
investeeringuks soetatud kinnisvara objekte, mis on aidanud rahavooliselt
divisjonil nulli jõuda. 
I poolaasta 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. Teenindusdivisjoni eesmärk on jätkata osaliselt
juba  juurutatud ning praeguses turusituatsioonis end õigustanud töökorralduse  
rakendamist ka välisturgudel, mis võimaldab piiratumate vahenditega suurendada  
teenuste pakkumist antud riikides, keskendudes edaspidi eelkõige Eestile, Lätile
ning Bulgaariale.   
                                                            
Kokkuvõtvalt, ilma kinnisvara ümberhindlusteta ja laenude erakorraliste         
põhiosade tagastusteta oleks ettevõte teeninud nii puhaskasumit kui ka          
positiivset rahavoogu. Kontsern suutis ilma kinnisvara ümberhindlust arvestamata
teenida I poolaastaga 19,0 mln krooni (1,2 mln eurot) brutokasumit (2008 I pa:  
50,7 mln krooni; 3,2 mln eurot) ja 7,5 mln krooni (0,5 mln eurot) puhaskasumit  
(2008 I pa: -27,8 mln krooni; -1,8 mln eurot), millest II kvartali              
ümberhindlusteta puhaskasum moodustas 22,1 mln krooni (1,4 mln eurot). Kulude   
kokkuhoiu programm on olnud oodatust edukam ja kui võrrelda 2008 I poolaasta    
kulubaasi, siis käesoleva aasta I poolaasta kulude tase on ca 65 mln krooni (4,1
mln eurot) madalam. Ilma pankade erakorraliste põhiosa tagastusteta oleks ka    
ettevõtte poolaasta rahavood positiivsed ca 10 mln krooniga (0,6 mln euroga).   
Sõltumata edukast kulude kokkuhoiu programmist ja ümberhindluste eelsest        
puhaskasumist on suurimaks riskiks Kontserni likviidsus, mille parandamiseks    
peab ettevõte müüma olulisi projekte. Bilansipäevajärgselt on toimumas mitme    
olulise projekti suunatud enampakkumine nii kohalikele kui rahvusvahelistele    
investoritele.                                                                  


I POOLAASTA PÕHILISED NÄITAJAD                                                  

I poolaasta äritulud kokku moodustasid 277,0 mln krooni (17,7 mln eurot), mis on
19,7% vähem kui eelmisel aastal   
                                              
Ärikahjum oli -51,1 mln krooni (-3,3 mln eurot), mis on 3,9% suurem kui eelmise 
aasta samal perioodil           
                                                
Puhaskahjum oli -27,0 mln krooni (-1,7 mln eurot), mis on 40,0% väiksem kui     
eelmise aasta samal perioodil  
                                                 
Omakapital moodustab 36,0% (2008 I pa: 56,1%) bilansimahust. Omakapitali        
tootlikkus oli negatiivne (2008 I pa: neg.). Investeeritud kapitali tootlikkus  
oli negatiivne (2008 I pa: 0,3%)         
                                       
Ehitusdivisjonis sõlmiti uusi lepinguid 116,1 mln krooni (7,4 mln euro)         
ulatuses, 2008 I poolaastal 209,1mln krooni (13,4mln eurot)   
                  
Ehituslepingute järelejäänud maht on I poolaasta lõpu seisuga 142,6 mln krooni  
(9,1 mln eurot), 2008 I poolaastal 338,0 mln krooni (21,6 mln eurot)  
          
Poole aasta jooksul müüdi kortereid ja krunte kokku 25 tükki (2008 I pa: 47).   

--------------------------------------------------------------------------------
|                   EEK                   |        EUR                         |
--------------------------------------------------------------------------------
|            | I pa | I pa |   II |        II |  I pa |  I pa |    II |     II |
|            | 2009 | 2008 | kvar |   kvartal |  2009 |  2008 | kvart | kvarta |
|            |      |      |  tal |      2008 |       |       |    al | l 2008 |
|            |      |      | 2009 |           |       |       |  2009 |        |
--------------------------------------------------------------------------------
| miljonites |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Müügitulu  | 277, | 344, | 181, |     232,9 |  17,7 |  22,0 |  11,6 |   14,9 |
| ja muu     |    0 |    8 |    3 |           |       |       |       |        |
| äritulu    |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Ärikasum   | -51, | -49, | -37, |     -19,5 |  -3,3 |  -3,1 |  -2,4 |   -1,2 |
|            |    1 |    2 |    1 |           |       |       |       |        |
--------------------------------------------------------------------------------
| s.h        | -34, | -16, | -34, |      -4,4 |  -2,2 |  -1,1 |  -2.2 |   -0,3 |
| kinnisvara |    5 |    9 |    5 |           |       |       |       |        |
| investeeri |      |      |      |           |       |       |       |        |
| ngute ja   |      |      |      |           |       |       |       |        |
| varude     |      |      |      |           |       |       |       |        |
| neto       |      |      |      |           |       |       |       |        |
| ümberhindl |      |      |      |           |       |       |       |        |
| used       |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Kasum enne | -26, | -33, | -11, |     -17,2 |  -1,7 |  -2,1 |  -0,7 |   -1,1 |
| tulumaksu  |    2 |    5 |    6 |           |       |       |       |        |
--------------------------------------------------------------------------------
| s.h kasum  |  0,0 | -19, |  0,0 |     -19,5 |   0,0 |  -1,2 |   0,0 |   -1,2 |
| või kahjum |      |    5 |      |           |       |       |       |        |
| finantsvar |      |      |      |           |       |       |       |        |
| ade        |      |      |      |           |       |       |       |        |
| võõrandami |      |      |      |           |       |       |       |        |
| sest       |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Puhaskasum | -27, | -44, | -12, |     -28,0 |  -1,7 |  -2,9 |  -0,8 |   -1,8 |
|            |    0 |    7 |    4 |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| EPS        | -0,2 | -0,5 | -0,1 |     -0,38 | -0,02 | -0,03 | -0,01 |  -0,02 |
| (kroonides |    8 |    4 |    3 |           |       |       |       |        |
| ja         |      |      |      |           |       |       |       |        |
| eurodes)   |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Varad      |    1 |    3 |      |           | 121,2 | 208,8 |       |        |
| kokku,     | 896, | 267, |      |           |       |       |       |        |
| perioodi   |    7 |    0 |      |           |       |       |       |        |
| lõpu       |      |      |      |           |       |       |       |        |
| seisuga    |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Investeeri | 1 67 |    3 |      |           | 107,2 | 192,9 |       |        |
| tud        |  6,7 | 019, |      |           |       |       |       |        |
| kapital,   |      |    0 |      |           |       |       |       |        |
| perioodi   |      |      |      |           |       |       |       |        |
| lõpu       |      |      |      |           |       |       |       |        |
| seisuga    |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Neto       | 875, | 815, |      |           |  55,9 |  52,1 |       |        |
| laenud,    |    4 |    4 |      |           |       |       |       |        |
| perioodi   |      |      |      |           |       |       |       |        |
| lõpu       |      |      |      |           |       |       |       |        |
| seisuga    |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Omakapital | 683, |    1 |      |           |  43,7 | 117,1 |       |        |
| , perioodi |    7 | 832, |      |           |       |       |       |        |
| lõpu       |      |    7 |      |           |       |       |       |        |
| seisuga    |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Laenude    |  1,9 |  1,9 |      |           |   1,9 |   1,9 |       |        |
| keskmine   |      |      |      |           |       |       |       |        |
| pikkus     |      |      |      |           |       |       |       |        |
| (aastates) |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Laenude    | 5,7% | 7,2% |      |           |  5,7% |  7,2% |       |        |
| keskmine   |      |      |      |           |       |       |       |        |
| intress    |      |      |      |           |       |       |       |        |
| (aastas)   |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| ROIC       | neg. | 0,3% |      |           |  neg. |  0,3% |       |        |
| (jooksev 4 |      |      |      |           |       |       |       |        |
| kvartalit) |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| ROE        | neg. | neg. |      |           |  neg. |  neg. |       |        |
| (jooksev 4 |      |      |      |           |       |       |       |        |
| kvartalit) |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Töötajate  |  257 |  569 |      |           |   257 |   569 |       |        |
| arv        |      |      |      |           |       |       |       |        |
| perioodi   |      |      |      |           |       |       |       |        |
| lõpul      |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------

TULUD JA KASUM                                                                  

--------------------------------------------------------------------------------
|                   EEK                    |                EUR                |
--------------------------------------------------------------------------------
|        |  I pa |  I pa |     II |     II |   I pa |   I pa |     II |     II |
|        |  2009 |  2008 | kvarta | kvarta |   2009 |   2008 | kvarta | kvarta |
|        |       |       | l 2009 | l 2008 |        |        | l 2009 | l 2008 |
--------------------------------------------------------------------------------
| miljon |       |       |        |        |        |        |        |        |
| ites   |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Müügit |       |       |        |        |        |        |        |        |
| ulu ja |       |       |        |        |        |        |        |        |
| muu    |       |       |        |        |        |        |        |        |
| äritul |       |       |        |        |        |        |        |        |
| u      |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Teenin |  20,2 |  65,5 |    9,5 |   32,8 |   71,0 |  116,6 |  -17,8 |  -26,8 |
| dus    |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Arendu | 148,7 | 139,9 |  118,6 |  110,2 |    9,5 |   32,8 |   71,0 |  116,6 |
| s      |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Ehitus | 129,9 | 206,1 |   71,0 |  116,6 |  -17,8 |  -26,8 |    0,0 |  181,3 |
--------------------------------------------------------------------------------
| Elimin | -21,9 | -66,7 |  -17,8 |  -26,7 |    0,0 |  181,3 |  232,9 |    0,0 |
| eerimi |       |       |        |        |        |        |        |        |
| sed    |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Müügit | 276,9 | 344,8 |  181,3 |  232,9 |   17,7 |   22,0 |   11,6 |   14,9 |
| ulu ja |       |       |        |        |        |        |        |        |
| muu    |       |       |        |        |        |        |        |        |
| äritul |       |       |        |        |        |        |        |        |
| u      |       |       |        |        |        |        |        |        |
| kokku  |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
|        |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Ärikas |       |       |        |        |        |        |        |        |
| um     |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Teenin | -10,6 | -18,0 |   -5,4 |   -9,8 |   -0,7 |   -1,2 |   -0,3 |   -0,6 |
| dus    |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Arendu | -36,9 | -22,2 |  -36,6 |   -6,1 |   -2,4 |   -1,4 |   -2,3 |   -0,4 |
| s      |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Ehitus |  -4,7 |   3,9 |   -1,3 |   -0,3 |   -0,3 |    0,2 |   -0,1 |    0,0 |
--------------------------------------------------------------------------------
| Elimin |   0,4 |  -1,9 |    0,6 |    2,6 |    0,0 |   -0,1 |    0,0 |    0,2 |
| eerimi |       |       |        |        |        |        |        |        |
| sed    |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Jagama |   0,8 | -11,0 |    5,7 |   -5,9 |    0,1 |   -0,7 |    0,4 |   -0,4 |
| tud    |       |       |        |        |        |        |        |        |
| ärikul |       |       |        |        |        |        |        |        |
| ud     |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Ärikas | -51,0 | -49,2 |  -37,1 |  -19,5 |   -3,3 |   -3,2 |   -2,3 |   -1,2 |
| um     |       |       |        |        |        |        |        |        |
| kokku  |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
|        |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Intres | -13,5 |  16,0 |   -8,5 |   11,0 |   -0,9 |    1,0 |   -0,5 |    0,7 |
| situlu |       |       |        |        |        |        |        |        |
| d ja   |       |       |        |        |        |        |        |        |
| intres |       |       |        |        |        |        |        |        |
| sikulu |       |       |        |        |        |        |        |        |
| d      |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Muud   |  38,3 |  -0,4 |   34,0 |   -8,7 |    2,5 |    0,0 |    2,2 |   -0,6 |
| finant |       |       |        |        |        |        |        |        |
| stulud |       |       |        |        |        |        |        |        |
| ja     |       |       |        |        |        |        |        |        |
| -kulud |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Tuluma |  -0,8 | -11,2 |   -0,8 |  -10,8 |   -0,1 |   -0,7 |   -0,1 |   -0,7 |
| ksukul |       |       |        |        |        |        |        |        |
| u      |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------
| Puhask | -27,0 | -44,7 |  -12,3 |  -28,0 |   -1,8 |   -2,9 |   -0,7 |   -1,8 |
| asum   |       |       |        |        |        |        |        |        |
--------------------------------------------------------------------------------

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.     
                                                     
Poolaasta koondtulemust mõjutavad enim I kvartali madalad tulemused. Kinnisvara 
ümberhindlusi arvestamata on II kvartal oluliselt parem esimesest.              
Bilansipäevajärgselt on näha, et III kvartal on alanud käibe poolelt samal      
tasemel II kvartali näitajatega. Olulist kasumlikkuse paranemist igapäevasest   
majandustegevusest II poolaastaks ei prognoosi. Põhilised kulude kärped on      
tehtud ja Kontserni fookus on suunatud käibe suurendamisele ja likviidsuse      
parandamisele läbi projektide müügi.           
                                 
Kinnisvara ümberhindlusi arvestamata teenis Kontsern poolaastaga 7,5 mln krooni 
(0,5 mln eurot) puhaskasumit võrreldes -27,8 mln kroonise (-1,8 mln eurose)     
puhaskahjumiga eelmise aasta samal ajal. Poolaasta seisuga pole täiendavalt     
diskonteeritud nõuet AS Ühendatud Kapitali vastu, mille bilansiline maksumus on 
hetkel 66,5 mln krooni (4,2 mln eurot). Hiljemalt oktoobriks prognoosime        
Tallinna Arbitraažikohtu otsust. Peale otsust kaalub ettevõtte juhtkond uuesti  
nõude laekumise tõenäosust. II kvartalis tühistati 2008. aastal ühisettevõtte   
Bisumuizas Nami SIA-ga seotud nõude allahindlus summas 34,1 mln krooni ( 2,2 mln
eurot), sest Bisumuizas Nami SIA omakapital seisuga 31.12.2008 oli  -16,2 mln   
krooni (- 1,0 mln eurot) ja seisuga 30.06.2009 45,9 mln krooni ( 2,9 mln eurot).

II kvartalis toimusid olulised varade allahindlused, kuna II kvartali jooksul   
langetas ettevõte kõigis müüdavates elukondlikes projektides müügihindasid, mis 
vähendab projektide müügist teenitavat tulu. Suurim üleshindlus toimus Lätis,   
kus varudes kajastatud hoonestusõigus reklassifitseeriti ümber                  
kinnisvarainvesteeringuks, sest lähiajal ei ole plaanis arendustegevusega       
alustada. Tegemist on elamukruntide projektiga 86 hektarilisel krundil asukohaga
Mazais Baltezers'i järve lähedal Riia külje all. Vastavalt detailplaneeringule  
on lubatud rajada kokku 189 krunti elamutele kogumahuga 172 380 m2 suletud      
brutopinda.                                                                     


RAHAVOOD                                                                        

--------------------------------------------------------------------------------
|                     EEK                      |              EUR              |
--------------------------------------------------------------------------------
|              |   I poolaasta |   I poolaasta |   I poolaasta |   I poolaasta |
|              |          2009 |          2008 |          2009 |          2008 |
--------------------------------------------------------------------------------
| miljonites   |               |               |               |               |
--------------------------------------------------------------------------------
| Äritegevuse  |          -8,2 |        -107,0 |          -0,5 |          -6,8 |
| rahavood     |               |               |               |               |
--------------------------------------------------------------------------------
| Investeerimi |          21,7 |        -156,6 |           1,4 |         -10,0 |
| stegevuse    |               |               |               |               |
| rahavood     |               |               |               |               |
--------------------------------------------------------------------------------
| Finantseerim |         -68,2 |        -267,9 |          -4,4 |         -17,1 |
| istegevuse   |               |               |               |               |
| rahavood     |               |               |               |               |
--------------------------------------------------------------------------------
| Perioodi     |         -54,7 |        -531,5 |          -3,5 |         -34,0 |
| rahavood     |               |               |               |               |
| kokku        |               |               |               |               |
--------------------------------------------------------------------------------
|              |               |               |               |               |
--------------------------------------------------------------------------------
| Raha ja raja |         172,6 |         765,0 |          11,0 |          48,9 |
| ekvivalendid |               |               |               |               |
| perioodi     |               |               |               |               |
| alguses      |               |               |               |               |
--------------------------------------------------------------------------------
| Valuutakursi |          -0,3 |          -0,3 |           0,0 |           0,0 |
| mõju         |               |               |               |               |
--------------------------------------------------------------------------------
| Raha ja raha |         117,6 |         233,2 |           7,5 |          14,9 |
| 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. Erakorraliselt on tagastatud ka väiksemaid laene ja laenude         
põhiosasid. Kui erakorralised laenude tagasimaksed välja arvata, oleks tänu     
edukale kulude kokkuhoiuprogrammile Kontserni I poolaasta rahavood olnud ca 10  
mln krooniga (0,6 mln euroga) positiivsed. Nimetatud refinantseerimistehingud on
kahandanud Kontserni üldist likviidsuspositsiooni.                              
Ahtri 3 projektiga seotud laene Sampo pangas on pikendatud summas 97,2 mln      
krooni (6,2 mln eurot), makstes tagasi põhiosa ainult 3,0 mln krooni (0,2 mln   
eurot). Bilansipäevajärgselt on pikendatud ja ümberstruktureeritud pooled       
kommertspaberid 26 mln krooni (1,6 mln euro) väärtuses.                         
Suurimad lühiajalised kohustused:                                               
Ahtri projektiga seotud laen 97,2 mln krooni (6,2 mln eurot),                   
ligi 40 mln krooni (2,6 mln eurot) arvestuslikud põhiosatagastused varade       
müügilt („Kodukolde”, „Merivälja2” ja „Boulevard Residence Madrid”),            
projektide „Tivoli” ja „Laeva2” laenud kogusummas 114,5 mln krooni (7,3 mln     
eurot)                                                                          
„Kodukolde“ projekti laen summas 73,4 mln krooni (4,7 mln eurot).               
Jooksvalt on makstud laene tagasi projektides „Kodukolde” Tallinnas, Eestis ja  
„Bišumuiža-1” Riias, Lätis. Kevadel on vastavad laenud refinantseeritud ja uus  
laenuteeninduse tase jääb alla müügihindasid, jättes Kontsernile rohkem vaba    
raha. Enamus Kontserni kohustusi on eurodes.                                    

TEENINDUSDIVISJON                                                               
Aasta tagasi 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 poolaastal  
varasematel perioodidel lühiajaliseks investeeringuks ostetud objekte,          
turuolukorrast sõltuvalt on tulnud müüa ka alla omahinna. Bilansipäevajärgselt  
saab öelda, et juulikuus tegi teenindusdivisjon Eestis (kinnisvarabüroode       
operaator) käesoleva aasta esimese positiivse puhaskasumi, ca 0,4 mln krooni    
(0,0 mln eurot), Läti ja Bulgaaria bürood kokku jäid nulli.                     
Kinnisvaraturu                                                                  
madalseisu tõttu on töötajate arv divisjonis vähenenud 12 kuuga 82 % võrra,     
kokku 257 inimese võrra. Kontserni vahendustehingute arv 12 kuu võrdluses on    
langenud 51%, hindamisaktide arv on langenud 60% võrra.                         
Divisjoni erakorralised tegevuskulud ulatusid üle 2,0 mln krooni (0,1 mln
euro), mis olid seotud koondamistasude ning varade müügiga alla omahinna. 
Poolaasta seisuga töötas divisjonis kokku 58 inimest (2008 I pa: 315 inimest). 

--------------------------------------------------------------------------------
|          |     I pa |     I pa |  muutus, |    II kv |     II kv | muutus, % |
|          |     2009 |     2008 |        % |     2009 |      2008 |           |
--------------------------------------------------------------------------------
| Vahendat |      449 |      913 |     -51% |      241 |       430 |      -44% |
| ud       |          |          |          |          |           |           |
| objektid |          |          |          |          |           |           |
| e arv    |          |          |          |          |           |           |
--------------------------------------------------------------------------------
| Müügis   |       60 |      270 |     -78% |       60 |       293 |      -80% |
| olevad   |          |          |          |          |           |           |
| projekti |          |          |          |          |           |           |
| d, tk    |          |          |          |          |           |           |
--------------------------------------------------------------------------------
| Hindamis |    1 625 |    4 044 |     -60% |      815 |     1 992 |      -59% |
| aktide   |          |          |          |          |           |           |
| arv      |          |          |          |          |           |           |
--------------------------------------------------------------------------------
| Hindajat |       32 |       46 |     -30% |          |           |           |
| e arv*   |          |          |          |          |           |           |
--------------------------------------------------------------------------------
| Maakleri |      102 |      183 |     -44% |          |           |           |
| te arv*  |          |          |          |          |           |           |
--------------------------------------------------------------------------------
| Divisjon |       58 |      315 |     -82% |          |           |           |
| i        |          |          |          |          |           |           |
| töötajat |          |          |          |          |           |           |
| e arv    |          |          |          |          |           |           |
| perioodi |          |          |          |          |           |           |
| lõpus    |          |          |          |          |           |           |
--------------------------------------------------------------------------------
  * Sisaldab käsunduslepinguid                                                  

ARENDUSDIVISJON                                                                 
I poolaasta jooksul müüdi 25 korterit või krunti ning broneeriti 21 objekti.    
Boulevard Residence Madrid'i projektis Sofias sõlmiti pikaajaline ja ca 900 m2  
hõlmav üürileping Austria supermarketi ketiga Billa. Mais tühistas Tallinna     
Halduskohus Tivoli detailplaneeringu (vt. Lisa 18). Kontsern on esitanud        
apellatsioonkaebuse.                                                            
Arendusdivisjoni suurimaks riskiks on kujunenud hoonestamata 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 esialgu plaanis alustada.                              
Likviidsusriski maandamiseks on juba töösolevates Baltikumi ja Sofia projektides
müügi edendamiseks hindasid  langetatud ning aasta jooksul plaanime müüa nii    
arendusprojekte kui ka rahavoogu genereerivaid projekte. Osadel töötajatel on   
vähendatud nii töötasusid kui ka tööaega. Märtsi lõpus töötas divisjonis kokku  
41 inimest (2008 I pa: 49 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 poolaastal olid suuremateks uuteks ehituslepinguteks Emajõe-Võhandu joogivee  
projekt ja Kohtla-Järve-Kiviõli kanalisatsiooni projekt.                        
I poolaastal sõlmiti uusi ehituslepinguid 116,1 mln krooni (7,4 mln euro)       
väärtuses, millest 13,0 mln krooni (0,8 mln eurot) II kvartalis. Poolaasta lõpu 
seisuga on ehituslepingute järelejäänud maht 143 mln krooni (9,1 mln eurot). I  
poolaasta lõpu seisuga töötas divisjonis kokku 143 inimest (2008 I pa: 181      
inimest).                                                                       

Konsolideeritud raamatupidamise vahearuanne                                     

Konsolideeritud koondkasumiaruanne                                              
--------------------------------------------------------------------------------
|            | Lisa       |          I |          I | II kvartal |  II kvartal |
|            |            |  poolaasta |  poolaasta |       2009 |        2008 |
|            |            |       2009 |       2008 |            |             |
--------------------------------------------------------------------------------
| EEK        |            |            |            |            |             |
| tuhandetes |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |            |    151 756 |    222 890 |     75 842 |     134 199 |
| teenuste   |            |            |            |            |             |
| müügist    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |            |     33 034 |     90 589 |     14 626 |      71 759 |
| kaupade    |            |            |            |            |             |
| müügist    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |     2      |    184 790 |    313 479 |     90 468 |     205 958 |
| kokku      |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müüdud     |     3      |   -274 865 |   -262 733 |   -187 273 |    -176 406 |
| toodangu   |            |            |            |            |             |
| kulu       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Brutokasum |            |    -90 075 |     50 746 |    -96 805 |      29 552 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muud       |    2,4     |     92 165 |     31 342 |     90 857 |      26 948 |
| äritulud   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Turustusku |     5      |     -1 999 |     -9 238 |     -1 120 |      -4 566 |
| lud        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Üldhaldusk |     6      |    -37 979 |    -72 913 |    -17 377 |     -38 840 |
| ulud       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muud       |     4      |    -13 171 |    -49 105 |    -12 696 |     -32 592 |
| ärikulud   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Ärikasum   |            |    -51 059 |    -49 168 |    -37 141 |     -19 498 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finants-   |     7      |     15 141 |     31 569 |      7 369 |      17 558 |
| ja         |            |            |            |            |             |
| investeeri |            |            |            |            |             |
| mistegevus |            |            |            |            |             |
| e tulud    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finants-   |     7      |      9 692 |    -15 929 |     18 221 |     -15 228 |
| ja         |            |            |            |            |             |
| investeeri |            |            |            |            |             |
| mistegevus |            |            |            |            |             |
| e kulud    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Kasum enne |            |    -26 226 |    -33 528 |    -11 551 |     -17 168 |
| tulumaksu  |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Tulumaksuk |            |       -809 |    -11 155 |       -809 |     -10 788 |
| ulu        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aruandeper |            |    -27 035 |    -44 683 |    -12 360 |     -27 956 |
| ioodi      |            |            |            |            |             |
| puhaskasum |            |            |            |            |             |
| (-kahjum)  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muu        |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| m          |            |            |            |            |             |
--------------------------------------------------------------------------------
| Valuutakur |            |        125 |         64 |          8 |           4 |
| si vahed   |            |            |            |            |             |
| välisettvõ |            |            |            |            |             |
| tte        |            |            |            |            |             |
| ümberarves |            |            |            |            |             |
| tamisel    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aruandeper |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
| ioodi      |            |            |            |            |             |
| koondkasum |            |            |            |            |             |
| (-kahjum)  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Perioodi   |            |            |            |            |             |
| kasumi     |            |            |            |            |             |
| jaotus:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Emaettevõt |            |    -26 259 |    -51 865 |    -12 561 |     -36 640 |
| ja osalus  |            |            |            |            |             |
| kahjumis   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Vähemusosa |            |       -651 |      7 246 |        209 |       8 688 |
| lus        |            |            |            |            |             |
| kahjumis   |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
--------------------------------------------------------------------------------
| Perioodi   |            |            |            |            |             |
| koondkasum |            |            |            |            |             |
| i jaotus:  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Emaettevõt |            |    -26 259 |    -51 865 |    -12 561 |     -36 640 |
| ja osalus  |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| mis        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Vähemusosa |            |       -651 |      7 246 |        209 |       8 688 |
| lus        |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| mis        |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
--------------------------------------------------------------------------------
| Aktsia     |     8      |            |            |            |             |
| puhaskasum |            |            |            |            |             |
--------------------------------------------------------------------------------
| - tava     |            |      -0,28 |      -0,54 |      -0,13 |        0,38 |
--------------------------------------------------------------------------------
| -          |            |      -0,28 |      -0,54 |      -0,13 |        0,38 |
| lahustatud |            |            |            |            |             |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|            | Lisa       |          I |          I | II kvartal |  II kvartal |
|            |            |  poolaasta |  poolaasta |       2009 |        2008 |
|            |            |       2009 |       2008 |            |             |
--------------------------------------------------------------------------------
| EUR        |            |            |            |            |             |
| tuhandetes |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |            |      9 699 |     14 245 |      4 847 |       8 577 |
| teenuste   |            |            |            |            |             |
| müügist    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |            |      2 111 |      5 790 |        935 |       4 586 |
| kaupade    |            |            |            |            |             |
| müügist    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müügitulu  |     2      |     11 810 |     20 035 |      5 782 |      13 163 |
| kokku      |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Müüdud     |     3      |    -17 567 |    -16 792 |    -11 969 |     -11 274 |
| toodangu   |            |            |            |            |             |
| kulu       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Brutokasum |            |     -5 757 |      3 243 |     -6 187 |       1 889 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muud       |    2,4     |      5 890 |      2 003 |      5 807 |       1 722 |
| äritulud   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Turustusku |     5      |       -128 |       -590 |        -72 |        -292 |
| lud        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Üldhaldusk |     6      |     -2 427 |     -4 660 |     -1 111 |      -2 482 |
| ulud       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muud       |     4      |       -842 |     -3 138 |       -811 |      -2 083 |
| ärikulud   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Ärikasum   |            |     -3 264 |     -3 142 |     -2 374 |      -1 246 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finants-   |     7      |        968 |      2 018 |        471 |       1 122 |
| ja         |            |            |            |            |             |
| investeeri |            |            |            |            |             |
| mistegevus |            |            |            |            |             |
| e tulud    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finants-   |     7      |        619 |     -1 018 |      1 165 |        -973 |
| ja         |            |            |            |            |             |
| investeeri |            |            |            |            |             |
| mistegevus |            |            |            |            |             |
| e kulud    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Kasum enne |            |     -1 677 |     -2 142 |       -738 |      -1 097 |
| tulumaksu  |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Tulumaksuk |            |        -52 |       -713 |        -52 |        -689 |
| ulu        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aruandeper |            |     -1 729 |     -2 855 |       -790 |      -1 786 |
| ioodi      |            |            |            |            |             |
| puhaskasum |            |            |            |            |             |
| (-kahjum)  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Muu        |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| m          |            |            |            |            |             |
--------------------------------------------------------------------------------
| Valuutakur |            |          8 |          4 |          1 |           0 |
| si vahed   |            |            |            |            |             |
| välisettvõ |            |            |            |            |             |
| tte        |            |            |            |            |             |
| ümberarves |            |            |            |            |             |
| tamisel    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aruandeper |            |     -1 721 |     -2 851 |       -789 |      -1 786 |
| ioodi      |            |            |            |            |             |
| koondkasum |            |            |            |            |             |
| (-kahjum)  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Perioodi   |            |            |            |            |             |
| kasumi     |            |            |            |            |             |
| jaotus:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Emaettevõt |            |     -1 678 |     -3 315 |       -803 |      -2 342 |
| ja osalus  |            |            |            |            |             |
| kahjumis   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Vähemusosa |            |        -42 |        463 |         13 |         555 |
| lus        |            |            |            |            |             |
| kahjumis   |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |     -1 720 |     -2 852 |       -790 |      -1 787 |
--------------------------------------------------------------------------------
| Perioodi   |            |            |            |            |             |
| koondkasum |            |            |            |            |             |
| i jaotus:  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Emaettevõt |            |     -1 678 |     -3 315 |       -803 |      -2 342 |
| ja osalus  |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| mis        |            |            |            |            |             |
--------------------------------------------------------------------------------
| Vähemusosa |            |        -42 |        463 |         13 |         555 |
| lus        |            |            |            |            |             |
| koondkahju |            |            |            |            |             |
| mis        |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |     -1 720 |     -2 852 |       -790 |      -1 787 |
--------------------------------------------------------------------------------
| Aktsia     |     8      |            |            |            |             |
| puhaskasum |            |            |            |            |             |
--------------------------------------------------------------------------------
| - tava     |            |      -0,02 |      -0,03 |      -0,01 |        0,02 |
--------------------------------------------------------------------------------
| -          |            |      -0,02 |      -0,03 |      -0,01 |        0,02 |
| lahustatud |            |            |            |            |             |
--------------------------------------------------------------------------------



Konsolideeritud finantsseisundi aruanne   
                                      
--------------------------------------------------------------------------------
|                                                EEK |                     EUR |
--------------------------------------------------------------------------------
|                 | Lisa | 30.06.200 | 31.12.200 |     30.06.2009 | 31.12.2008 |
|                 |      |         9 |         8 |                |            |
--------------------------------------------------------------------------------
| tuhandetes      |      |           |           |                |            |
--------------------------------------------------------------------------------
| Raha ja raha    |      |   117 580 |   172 574 |          7 515 |     11 029 |
| ekvivalendid    |      |           |           |                |            |
--------------------------------------------------------------------------------
| Finantsinvestee |      |        32 |    40 416 |              2 |      2 583 |
| ringud          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Nõuded          |  9   |   245 808 |   294 352 |         15 710 |     18 813 |
--------------------------------------------------------------------------------
| Ettemakstud     |      |     6 204 |     6 165 |            397 |        394 |
| kulud           |      |           |           |                |            |
--------------------------------------------------------------------------------
| Varud           |  10  |   815 692 |   849 440 |         52 132 |     54 289 |
--------------------------------------------------------------------------------
| Bioloogilised   |      |     1 299 |     3 679 |             83 |        235 |
| varad           |      |           |           |                |            |
--------------------------------------------------------------------------------
| Käibevara kokku |      | 1 186 615 | 1 366 626 |         75 839 |     87 343 |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Finantsinvestee |      |       295 |       255 |             19 |         16 |
| ringud          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Nõuded          |  9   |    10 213 |     6 671 |            653 |        427 |
--------------------------------------------------------------------------------
| Kinnisvarainves |  12  |   656 436 |   542 753 |         41 954 |     34 688 |
| teeringud       |      |           |           |                |            |
--------------------------------------------------------------------------------
| Materiaalne     |  13  |    30 836 |    41 812 |          1 971 |      2 672 |
| põhivara        |      |           |           |                |            |
--------------------------------------------------------------------------------
| Immateriaalne   |  14  |    12 336 |    12 475 |            788 |        797 |
| põhivara        |      |           |           |                |            |
--------------------------------------------------------------------------------
| Põhivara kokku  |      |   710 116 |   603 966 |         45 385 |     38 600 |
--------------------------------------------------------------------------------
| VARAD KOKKU     |      | 1 896 731 | 1 970 592 |        121 224 |    125 943 |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Laenukohustused |  15  |   501 282 |   353 417 |         32 038 |     22 587 |
--------------------------------------------------------------------------------
| Võlad           |  16  |   118 709 |   132 677 |          7 587 |      8 480 |
--------------------------------------------------------------------------------
| Ettemaksed      |      |    89 619 |    65 174 |          5 728 |      4 165 |
--------------------------------------------------------------------------------
| Eraldised       |      |    11 703 |     5 917 |            748 |        378 |
--------------------------------------------------------------------------------
| Lühiajalised    |      |   721 313 |   557 185 |         46 101 |     35 610 |
| kohustused      |      |           |           |                |            |
| kokku           |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Laenukohustused |  15  |   485 059 |   692 919 |         31 001 |     44 286 |
--------------------------------------------------------------------------------
| Võlad           |  16  |     5 535 |     4 404 |            354 |        281 |
--------------------------------------------------------------------------------
| Edasilükkunud   |      |        20 |        20 |              1 |          1 |
| tulumaksukohust |      |           |           |                |            |
| us              |      |           |           |                |            |
--------------------------------------------------------------------------------
| Eraldised       |      |     1 100 |     4 291 |             70 |        274 |
--------------------------------------------------------------------------------
| Pikaajalised    |      |   491 714 |   701 634 |         31 426 |     44 842 |
| kohustused      |      |           |           |                |            |
| kokku           |      |           |           |                |            |
--------------------------------------------------------------------------------
| KOHUSTUSED      |      | 1 213 027 | 1 258 819 |         77 527 |     80 452 |
| KOKKU           |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Aktsiakapital   |      |   952 842 |   952 842 |         60 898 |     60 898 |
--------------------------------------------------------------------------------
| Ülekurss        |      |         0 |   712 514 |              0 |     45 538 |
--------------------------------------------------------------------------------
| Kohustuslik     |      |    31 463 |    31 463 |          2 011 |      2 011 |
| reservkapital   |      |           |           |                |            |
--------------------------------------------------------------------------------
| Muud reservid   |      |         0 |         0 |              0 |          0 |
--------------------------------------------------------------------------------
| Jaotamata kasum |      |  -298 413 |  -984 668 |        -19 072 |    -62 932 |
--------------------------------------------------------------------------------
| Oma aktsiad     |      |    -3 992 |    -3 992 |           -255 |       -255 |
--------------------------------------------------------------------------------
| Emaettevõtte    |      |   681 900 |   708 159 |         43 582 |     45 260 |
| omanikele       |      |           |           |                |            |
| kuuluv          |      |           |           |                |            |
| omakapital      |      |           |           |                |            |
| kokku           |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Vähemusosalusel |      |     1 804 |     3 614 |            115 |        231 |
| e kuuluv        |      |           |           |                |            |
| omakapital      |      |           |           |                |            |
--------------------------------------------------------------------------------
| Omakapital      |      |   683 704 |   711 773 |         43 697 |     45 491 |
| kokku           |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| KOHUSTUSED JA   |      | 1 896 731 | 1 970 592 |        121 224 |    125 943 |
| OMAKAPITAL      |      |           |           |                |            |
| KOKKU           |      |           |           |                |            |
--------------------------------------------------------------------------------

Konsolideeritud rahavoogude aruanne                                             

--------------------------------------------------------------------------------
|                                            EEK |                         EUR |
--------------------------------------------------------------------------------
|                 | Lisa  |         I |  I poolaasta |          I |          I |
|                 |       | poolaasta |         2008 |  poolaasta |  poolaasta |
|                 |       |      2009 |              |       2009 |       2008 |
--------------------------------------------------------------------------------
| tuhandetes      |       |           |              |            |            |
--------------------------------------------------------------------------------
| Puhaskasum      |       |   -27 035 |      -44 683 |     -1 729 |     -2 855 |
--------------------------------------------------------------------------------
| Intressitulud   |   7   |    13 480 |      -16 004 |        862 |     -1 023 |
| ja              |       |           |              |            |            |
| intressikulud   |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kasumid ja      |       |         0 |       19 476 |          0 |      1 245 |
| kahjumid tütar- |       |           |              |            |            |
| ja              |       |           |              |            |            |
| ühisettevõtete  |       |           |              |            |            |
| müügist         |       |           |              |            |            |
--------------------------------------------------------------------------------
| Tulud ja kulud  |   7   |    -2 667 |        1 465 |       -170 |         94 |
| muudelt         |       |           |              |            |            |
| pikaajalistelt  |       |           |              |            |            |
| finantsinvestee |       |           |              |            |            |
| ringutelt       |       |           |              |            |            |
--------------------------------------------------------------------------------
| Finantsvarade   |   7   |   -31 634 |      -25 248 |     -2 022 |     -1 614 |
| allahindluskulu |       |           |              |            |            |
--------------------------------------------------------------------------------
| Materiaalse ja  | 3,4,6 |     2 382 |        3 700 |        152 |        235 |
| immateriaalse   |       |           |              |            |            |
| põhivara        |       |           |              |            |            |
| amortisatsioon  |       |           |              |            |            |
| ja väärtuse     |       |           |              |            |            |
| langus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Materiaalse ja  | 3,4,6 |    -1 056 |          -38 |        -68 |         -1 |
| immateriaalse   |       |           |              |            |            |
| põhivara müügi  |       |           |              |            |            |
| kasum või       |       |           |              |            |            |
| kahjum          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kinnisvarainves |   4   |     1 761 |            0 |        114 |          0 |
| teeringute      |       |           |              |            |            |
| müügi kasum või |       |           |              |            |            |
| kahjum          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kinnisvarainves |   4   |   -74 420 |       16 855 |     -4 756 |      1 077 |
| teeringute ja   |       |           |              |            |            |
| bioloogilise    |       |           |              |            |            |
| vara õiglase    |       |           |              |            |            |
| väärtuse muutus |       |           |              |            |            |
--------------------------------------------------------------------------------
| Varude          |   3   |   108 924 |            0 |      6 962 |          0 |
| ümberhindluse   |       |           |              |            |            |
| kasum/kahjum    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Valuutakursi    |   7   |    -4 012 |        4 671 |       -256 |        299 |
| kasumid ja      |       |           |              |            |            |
| kahjumid        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Ettevõtte       |       |       651 |       11 731 |         42 |        750 |
| tulumaksukulu   |       |           |              |            |            |
--------------------------------------------------------------------------------
| Äritegevuse     |       |   -13 626 |      -28 075 |       -869 |     -1 793 |
| rahavood enne   |       |           |              |            |            |
| käibekapitali   |       |           |              |            |            |
| muutuseid       |       |           |              |            |            |
--------------------------------------------------------------------------------
| Äritegevusega   |       |    19 179 |      -48 687 |      1 226 |     -3 111 |
| seotud nõuete   |       |           |              |            |            |
| ja ettemaksude  |       |           |              |            |            |
| muutus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Varude muutus   |       |   -42 996 |      -47 214 |     -2 748 |     -3 018 |
--------------------------------------------------------------------------------
| Bioloogiliste   |       |     2 190 |          474 |        140 |         30 |
| varade muutus   |       |           |              |            |            |
--------------------------------------------------------------------------------
| Äritegevusega   |       |    27 082 |       16 454 |      1 731 |      1 052 |
| seotud          |       |           |              |            |            |
| kohustuste      |       |           |              |            |            |
| ettemaksude     |       |           |              |            |            |
| muutus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| RAHAVOOD        |       |    -8 171 |     -107 048 |       -520 |     -6 840 |
| ÄRITEGEVUSEST   |       |           |              |            |            |
| KOKKU           |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Materiaalse ja  |       |    -7 599 |      -12 885 |       -486 |       -824 |
| immateriaalse   |       |           |              |            |            |
| põhivara soetus |       |           |              |            |            |
--------------------------------------------------------------------------------
| Materiaalse ja  |       |     3 600 |          313 |        230 |         20 |
| immateriaalse   |       |           |              |            |            |
| põhivara müük   |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kinnisvarainves |       |    -5 100 |         -900 |       -326 |        -58 |
| teeringute      |       |           |              |            |            |
| soetus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kinnisvarainves |       |       205 |       29 000 |         13 |      1 853 |
| teeringute müük |       |           |              |            |            |
--------------------------------------------------------------------------------
| Tütar- ja       |       |         0 |     -126 299 |          0 |     -8 072 |
| ühisettevõtete  |       |           |              |            |            |
| soetus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Tütar- ja       |       |         0 |        1 005 |          0 |         64 |
| ühisettevõtete  |       |           |              |            |            |
| müük            |       |           |              |            |            |
--------------------------------------------------------------------------------
| Muude           |       |         0 |     -126 500 |          0 |     -8 085 |
| finantsinvestee |       |           |              |            |            |
| ringute soetus  |       |           |              |            |            |
--------------------------------------------------------------------------------
| Muude           |       |    45 739 |      107 502 |      2 923 |      6 871 |
| finantsinvestee |       |           |              |            |            |
| ringute müük    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Antud laenud    |       |   -23 480 |      -49 739 |     -1 501 |     -3 179 |
--------------------------------------------------------------------------------
| Antud laenude   |       |     5 429 |        3 426 |        347 |        219 |
| tagasimaksed    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Saadud          |       |     2 921 |       18 460 |        187 |      1 180 |
| intressid       |       |           |              |            |            |
--------------------------------------------------------------------------------
| RAHAVOOD        |       |    21 715 |     -156 617 |      1 387 |    -10 011 |
| INVESTEERIMISTE |       |           |              |            |            |
| GEVUSEST KOKKU  |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Saadud laenud   |       |    74 601 |       41 754 |      4 768 |      2 669 |
--------------------------------------------------------------------------------
| Laenude ja      |       |  -120 987 |     -227 687 |     -7 732 |    -14 552 |
| kapitalirendiko |       |           |              |            |            |
| hustuste        |       |           |              |            |            |
| tagasimaksed    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Arvelduskrediid |       |         0 |          -14 |          0 |         -1 |
| i muutus        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Kontsernikonto  |       |         0 |         -798 |          0 |        -51 |
| kohustuse       |       |           |              |            |            |
| muutus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Makstud         |       |   -21 819 |      -35 917 |     -1 394 |     -2 296 |
| intressid       |       |           |              |            |            |
--------------------------------------------------------------------------------
| Makstud         |       |         0 |      -42 274 |          0 |     -2 702 |
| dividendid      |       |           |              |            |            |
--------------------------------------------------------------------------------
| Makstud         |       |         0 |       -2 916 |          0 |       -186 |
| dividendide     |       |           |              |            |            |
| tulumaks        |       |           |              |            |            |
--------------------------------------------------------------------------------
| RAHAVOOD        |       |   -68 205 |     -267 852 |     -4 358 |    -17 119 |
| FINANTSEERIMISE |       |           |              |            |            |
| GEVUSEST KOKKU  |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU  |       |   -54 661 |     -531 517 |     -3 491 |    -33 970 |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Raha ja raha    |       |   172 574 |      765 008 |     11 029 |     48 893 |
| ekvivalendid    |       |           |              |            |            |
| perioodi        |       |           |              |            |            |
| alguses         |       |           |              |            |            |
--------------------------------------------------------------------------------
| Raha ja raha    |       |   -54 661 |     -531 517 |     -3 493 |    -33 970 |
| ekvivalentide   |       |           |              |            |            |
| muutus          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Valuutakursi    |       |      -333 |         -333 |        -22 |        -21 |
| mõju            |       |           |              |            |            |
--------------------------------------------------------------------------------
| Raha ja raha    |       |   117 580 |      233 158 |      7 515 |     14 901 |
| ekvivalendid    |       |           |              |            |            |
| perioodi lõpus  |       |           |              |            |            |
--------------------------------------------------------------------------------

Pealkiri

Interim report of second quarter and six months of 2009

Teade

Comments by the CEO                                                             

Within the first half-year of 2009, 25 apartments or plots were sold and 21     
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. Within six months, 16 apartments  
have been sold in the Kodukolde project in Tallinn and 7 apartments in the BM-1 
project in Latvia.         
                                                     
The strategy of Arco Vara development division is to finish the unfinished      
apartments in the Kodukolde project and the plots in the Merivälja2 projects in 
Tallinn, the apartments in the Bišumuiža-1 project in Riga, the apartments and  
business areas in the Boulevard Residence Madrid and  Manastirski projects in   
Sofia with more favourable construction prices. The finished residential and    
business areas are to  be sold by releasing invested equity and reducing the    
liabilities of the Group. In order to stay in competition and accelerate sales  
pace, we have reduced plot and apartment prices of Arco Vara projects in the 2nd
quarter, too. As a result of this, we have written down the book value of some  
projects.          
                                                             
In the construction division, new agreements in the amount of 116.1 million     
kroons (7.4 million euros) were concluded during the six months, thereof 13.0   
millions kroons (0.8 million euros) in the 2nd quarter. The result was by times 
lower than the target set for the 2nd quarter. Considering the great need for   
working capital, the cash flows of the division will be tense until autumn, when
receivables will be due.       
                                                 
With the restructuring of the service division, we  have considerably reduced
administration costs of the division and reduced the loss by double. The number
of employees has been reduced by 81 persons within six months and by 257
persons year-over-year. During the first half-year, the division has sold most
of the real estate objects historically acquired for short-term investments,
which has helped to break even the cash flows of the division. 
During the first half-year, the work organisation of some smaller offices
outside the capital city was changed, where we gave up the classical
office-based work organisation and applied the home office system by
maintaining 
our full service selection at the same time. In other offices, more cost        
effective work organisation solutions are being implemented in cooperation with 
employees.                                                                    
The aim of the service division is to continue implementing the 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. 
       
In summary, without revaluations and redeeming the extraordinary principal      
amounts, the company would have earned both net profit and positive cash flow.  
Apart from real estate revaluation, the group managed to earn 19.0 million      
kroons (1.2 million euros) gross profit in the first half-year (2008 HY1: 50.7  
million kroons; 3.2 million euros) and 7.5 million kroons (0.5 million euros)   
net profit (2008 HY1: -27.8 million kroons; -1.8 million euros), whereof the net
profit without revaluations made up 22.1 million kroons (1.4 million euros) in  
the 2nd quarter. The cost cutting programme has been more successful than       
expected and when comparing with the cost basis of the 1st quarter 2008, the    
cost level of the first half-year of the present year is approx. 65 million     
kroons (4.1 million euros) lower. Apart from principal amount redemptions to    
banks, the cash flows of the company would have been positive by approx. 10     
million kroons (0.6 million euros). Irrespective of the successful cost cutting 
programme and net profit before revaluations, the biggest risk is the liquidity 
of the Group. To improve this, important projects have to be sold. After the    
balance sheet date, targeted auctions of several important projects are going on
both to local and international investors.                                      

MAIN INDICATORS OF THE 1ST HALF-YEAR                                            

Revenue and other income for the first half-year months totalled 277.0 million  
kroons (17.7 million euros), 19.7% down year-over-year   
                       
EBIT amounted to -51.1 million kroons (-3.3 million euros), 3.9% up             
year-over-year.                            
                                     
Net loss was -27.0 million kroons (-1.7 million euros), 40.0% down              
year-over-year.       
                                                          
Equity ratio was 36.0% (2008 HY1: 56.1%). ROE was negative (2008 HY1: neg.).    
ROIC was negative (2008 HY1: 0.3%)  
                                            
In the construction division, new agreements in the amount of 116.1 million     
kroons (7.4 million euros) were concluded, 2008 HY1: 209.1 million kroons (13.4 
million euros).            
                                                     
At the end of 1st half-year, order backlog in the construction business stood at
142.6 million kroons (9.1 million euros) against 338.0 million kroons (21.6     
million euros) in 2008 HY1.              
                                       
During the half-year, 25 apartments and plots were sold (2008 HY1: 47). 
        

--------------------------------------------------------------------------------
|                   EEK                   |        EUR                         |
--------------------------------------------------------------------------------
|            |  HY1 |  HY1 |   Q2 |   Q2 2008 |   HY1 |   HY1 |    Q2 |     Q2 |
|            | 2009 | 2008 | 2009 |           |  2009 |  2008 |  2009 |   2008 |
--------------------------------------------------------------------------------
| In         |      |      |      |           |       |       |       |        |
| millions   |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Revenue    | 277, | 344, | 181, |     232,9 |  17,7 |  22,0 |  11,6 |   14,9 |
| and other  |    0 |    8 |    3 |           |       |       |       |        |
| income     |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| EBIT       | -51, | -49, | -37, |     -19,5 |  -3,3 |  -3,1 |  -2,4 |   -1,2 |
|            |    1 |    2 |    1 |           |       |       |       |        |
--------------------------------------------------------------------------------
| incl. net  | -34, | -16, | -34, |      -4,4 |  -2,2 |  -1,1 |  -2.2 |   -0,3 |
| revaluatio |    5 |    9 |    5 |           |       |       |       |        |
| n of       |      |      |      |           |       |       |       |        |
| investment |      |      |      |           |       |       |       |        |
| property   |      |      |      |           |       |       |       |        |
| and        |      |      |      |           |       |       |       |        |
| inventory  |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Profit /   | -26, | -33, | -11, |     -17,2 |  -1,7 |  -2,1 |  -0,7 |   -1,1 |
| loss       |    2 |    5 |    6 |           |       |       |       |        |
| before tax |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| incl.      |  0,0 | -19, |  0,0 |     -19,5 |   0,0 |  -1,2 |   0,0 |   -1,2 |
| profit or  |      |    5 |      |           |       |       |       |        |
| loss from  |      |      |      |           |       |       |       |        |
| transfer   |      |      |      |           |       |       |       |        |
| of         |      |      |      |           |       |       |       |        |
| financial  |      |      |      |           |       |       |       |        |
| assets     |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Net profit | -27, | -44, | -12, |     -28,0 |  -1,7 |  -2,9 |  -0,8 |   -1,8 |
| / loss     |    0 |    7 |    4 |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| EPS (in    | -0,2 | -0,5 | -0,1 |     -0,38 | -0,02 | -0,03 | -0,01 |  -0,02 |
| kroons and |    8 |    4 |    3 |           |       |       |       |        |
| euros)     |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Total      |    1 |    3 |      |           | 121,2 | 208,8 |       |        |
| assets at  | 896, | 267, |      |           |       |       |       |        |
| period end |    7 |    0 |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Invested   | 1 67 |    3 |      |           | 107,2 | 192,9 |       |        |
| capital at |  6,7 | 019, |      |           |       |       |       |        |
| period end |      |    0 |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Net debt   | 875, | 815, |      |           |  55,9 |  52,1 |       |        |
| at period  |    4 |    4 |      |           |       |       |       |        |
| end        |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Equity at  | 683, |    1 |      |           |  43,7 | 117,1 |       |        |
| period end |    7 | 832, |      |           |       |       |       |        |
|            |      |    7 |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Average    |  1,9 |  1,9 |      |           |   1,9 |   1,9 |       |        |
| loan term  |      |      |      |           |       |       |       |        |
| (in years) |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Average    | 5,7% | 7,2% |      |           |  5,7% |  7,2% |       |        |
| interest   |      |      |      |           |       |       |       |        |
| rate of    |      |      |      |           |       |       |       |        |
| loans (per |      |      |      |           |       |       |       |        |
| year)      |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| ROIC       | neg. | 0,3% |      |           |  neg. |  0,3% |       |        |
| (rolling 4 |      |      |      |           |       |       |       |        |
| quarters)  |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| ROE        | neg. | neg. |      |           |  neg. |  neg. |       |        |
| (rolling 4 |      |      |      |           |       |       |       |        |
| quarters)  |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
|            |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------
| Number of  |  257 |  569 |      |           |   257 |   569 |       |        |
| staff at   |      |      |      |           |       |       |       |        |
| period end |      |      |      |           |       |       |       |        |
--------------------------------------------------------------------------------


REVENUE  AND  PROFIT                                                            

--------------------------------------------------------------------------------
|                   EEK                    |                EUR                |
--------------------------------------------------------------------------------
|          |   HY1 |   HY1 |    Q2 |    Q2 |    HY1 |    HY1 |     Q2 |     Q2 |
|          |  2009 |  2008 |  2009 |  2008 |   2009 |   2008 |   2009 |   2008 |
--------------------------------------------------------------------------------
| In       |       |       |       |       |        |        |        |        |
| millions |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Revenue  |       |       |       |       |        |        |        |        |
| and      |       |       |       |       |        |        |        |        |
| other    |       |       |       |       |        |        |        |        |
| income   |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Services |  20,2 |  65,5 |   9,5 |  32,8 |   71,0 |  116,6 |  -17,8 |  -26,8 |
--------------------------------------------------------------------------------
| Developm | 148,7 | 139,9 | 118,6 | 110,2 |    9,5 |   32,8 |   71,0 |  116,6 |
| ent      |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Construc | 129,9 | 206,1 |  71,0 | 116,6 |  -17,8 |  -26,8 |    0,0 |  181,3 |
| tion     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Eliminat | -21,9 | -66,7 | -17,8 | -26,7 |    0,0 |  181,3 |  232,9 |    0,0 |
| ions     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Total    | 276,9 | 344,8 | 181,3 | 232,9 |   17,7 |   22,0 |   11,6 |   14,9 |
| revenue  |       |       |       |       |        |        |        |        |
| and      |       |       |       |       |        |        |        |        |
| other    |       |       |       |       |        |        |        |        |
| income   |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
|          |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| EBIT     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Services | -10,6 | -18,0 |  -5,4 |  -9,8 |   -0,7 |   -1,2 |   -0,3 |   -0,6 |
--------------------------------------------------------------------------------
| Developm | -36,9 | -22,2 | -36,6 |  -6,1 |   -2,4 |   -1,4 |   -2,3 |   -0,4 |
| ent      |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Construc |  -4,7 |   3,9 |  -1,3 |  -0,3 |   -0,3 |    0,2 |   -0,1 |    0,0 |
| tion     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Eliminat |   0,4 |  -1,9 |   0,6 |   2,6 |    0,0 |   -0,1 |    0,0 |    0,2 |
| ions     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Unalloca |   0,8 | -11,0 |   5,7 |  -5,9 |    0,1 |   -0,7 |    0,4 |   -0,4 |
| ted      |       |       |       |       |        |        |        |        |
| expenses |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Total    | -51,0 | -49,2 | -37,1 | -19,5 |   -3,3 |   -3,2 |   -2,3 |   -1,2 |
| EBIT     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
|          |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Interest | -13,5 |  16,0 |  -8,5 |  11,0 |   -0,9 |    1,0 |   -0,5 |    0,7 |
| income   |       |       |       |       |        |        |        |        |
| and      |       |       |       |       |        |        |        |        |
| expense  |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Net      |  38,3 |  -0,4 |  34,0 |  -8,7 |    2,5 |    0,0 |    2,2 |   -0,6 |
| other    |       |       |       |       |        |        |        |        |
| financia |       |       |       |       |        |        |        |        |
| l items  |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Income   |  -0,8 | -11,2 |  -0,8 | -10,8 |   -0,1 |   -0,7 |   -0,1 |   -0,7 |
| tax      |       |       |       |       |        |        |        |        |
| expense  |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------
| Net      | -27,0 | -44,7 | -12,3 | -28,0 |   -1,8 |   -2,9 |   -0,7 |   -1,8 |
| profit / |       |       |       |       |        |        |        |        |
| loss     |       |       |       |       |        |        |        |        |
--------------------------------------------------------------------------------

Due to the low low inventory balance 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 Merivälja 2 project more than 50 plots with full
infrastructure. The recent reservations and new sales will be reflected as
turnover after the end of construction and getting authorisation for use. 
     
The consolidated result of the half-year will most be affected by the weak
results 1st quarter. When not considering the real estate revaluations, the 2nd
quarter is considerably better than the first. After the balance sheet date, it
is evident that the turnover at the beginning of the 3rd quarter has the same
level as in the 2nd quarter. No considerable improvement in profitability in
daily operations is forecasted for the 2nd half-year. Main cost cuttings have
been made and the focus of the Group is now set on increasing the turnover and
improving the liquidity through the sales of projects. 
                         
Apart from real estate revaluations, the net profit of the Group in the         
half-year was 7.5 million kroons (0.5 million euros) against a -27.8 million    
kroons (-1.8 million euros) net loss year-over-year. As of end of half year, the
claim against AS Ühendatud Kapital with a book value of 66.5 million kroons (4.2
million euros) has not been additionally discounted. We except the Tallinn      
Arbitrage to take a decision by October at the latest. After the decision, the  
company management will weigh the likeliness of receiving the claim again. 
In the 2nd quarter, the write down of the claim related to the joint company 
Bisumuizas Nami SIA in 2008 in the amount of 34.1 million kroons (2.2 million   
euros) was cancelled, because the equity of Bisumuizas Nami SIA on 31.12.2008   
was -16.2 million koons (- 1.0 million euros) and on 30.06.2009 45.9 million    
kroons ( 2.9 million euros).                                                    

In the 2nd quarter, considerable fair value adjustments were made as during the 
2nd quarter, the company reduced sales prices in all residential projects on    
sale, which will reduce the revenues from the projects. The biggest write up was
made in Latvia where the right of leasehold right recorded under inventory was  
reclassified to investment property as in the near future, no development       
activities are planned. It is a residential project on a land plot in size of 86
ha, located at the Mazais Baltezers lake near Riga. According to the detailed   
plan, a total of 189 plots for houses with a total gross enclosed area of       
172,380 m2 can be built.                                                        

CASH FLOWS                                                                      

--------------------------------------------------------------------------------
|                     EEK                      |              EUR              |
--------------------------------------------------------------------------------
|              |      HY1 2009 |      HY1 2008 |      HY1 2009 |      HY1 2008 |
--------------------------------------------------------------------------------
| In millions  |               |               |               |               |
--------------------------------------------------------------------------------
| Cash flows   |          -8,2 |        -107,0 |          -0,5 |          -6,8 |
| from         |               |               |               |               |
| operating    |               |               |               |               |
| activities   |               |               |               |               |
--------------------------------------------------------------------------------
| Cash flows   |          21,7 |        -156,6 |           1,4 |         -10,0 |
| from         |               |               |               |               |
| investing    |               |               |               |               |
| activities   |               |               |               |               |
--------------------------------------------------------------------------------
| Cash flows   |         -68,2 |        -267,9 |          -4,4 |         -17,1 |
| from         |               |               |               |               |
| financing    |               |               |               |               |
| activities   |               |               |               |               |
--------------------------------------------------------------------------------
| Net cash     |         -54,7 |        -531,5 |          -3,5 |         -34,0 |
| flow         |               |               |               |               |
--------------------------------------------------------------------------------
|              |               |               |               |               |
--------------------------------------------------------------------------------
| Cash and     |         172,6 |         765,0 |          11,0 |          48,9 |
| cash         |               |               |               |               |
| equivalents  |               |               |               |               |
| at beginning |               |               |               |               |
| of period    |               |               |               |               |
--------------------------------------------------------------------------------
| Effect of    |          -0,3 |          -0,3 |           0,0 |           0,0 |
| exchange     |               |               |               |               |
| rate         |               |               |               |               |
| fluctuations |               |               |               |               |
--------------------------------------------------------------------------------
| Cash and     |         117,6 |         233,2 |           7,5 |          14,9 |
| cash         |               |               |               |               |
| equivalents  |               |               |               |               |
| at end of    |               |               |               |               |
| period       |               |               |               |               |
--------------------------------------------------------------------------------

In January 2009, 40 million kroons from the loan principals related to the      
Tivoli and Laeva projects were paid back on an extraordinary basis, by releasing
the Group from the obligation to keep liquid assets in an amount of 150 million 
kroons   (9.6 million euros) in the SEB bank. On an extraordinary basis, smaller
loans and principal amounts have been paid back, too. Apart from extraordinary  
loan redemptions, the cash flows of the Group would have been positive by       
approx. 10 million kroons (0.6 million euros) due to the successful cost cutting
programme. These refunding transactions have decreased the general liquidity of 
the Group. The loans related to the Ahtri 3 project in the amount of 97.2       
million kroons (6.2 million euros) in Sampo bank have been extended by paying   
back the principal in the amount of 3.0 million kroons (0.2 million euros) only.

After the balance sheet date, a half of the commercial papers have been extended
and restructured in the amount of 26 million kroons (1.6 million euros).        
Major short-term liabilities:                                                   
* the Ahtri project loan of 97.2 million kroons (6.2 million euros), 
* calculated principal redemptions in the amount of approx. 40 million kroons
(2.6 
million euros) from the sales of assets („Kodukolde”, „Merivälja2” and          
„Boulevard Residence Madrid”)
* „Tivoli” and „Laeva2” project loans in the total amount of 114.5 million
kroons (7.3 million euros) 
* „Kodukolde“ project loan in the amount of 73.4 million kroons (4.7 million 
euros).  
                                                                       
On a current basis, loans have been redeemed in the „Kodukolde” project in      
Tallinn, Estonia and the „Bišumuiža-1” project in Riga, Latvia. In spring, the  
relevant loans have been refunded and the new loan service level will remain    
under sales prices by leaving the Group more disposable funds. Most of the      
liabilities of the Group are in euros.                                          

SERVICE DIVISION                                                                
Cost and business model optimisation started a year ago has had good results but
is still not sufficient for earning net profit. By cash flow, the revenues and  
expenses of the division are in balance in the 1st quarter and do not need any  
subsidy from parent company. Having the liquidity of the company as its         
priority, the division sold in the 1st quarter objects that were acquired       
earlier as short-term investments, due to the market situation, the prices have 
sometimes been under the cost price.
The information after the balance sheet date is that in July, Service Division
in Estonia (operator of real estate agencies) made the first positive net
profit this year - approx. 0.4 million kroons (0.0 million euros), the Latvian
and the Bulgarian agencies in total broke even. 
Due to the situation in real estate the number of employees in the division has
reduced by 82%, i.e. 257 persons during 12 months. The number of brokerage
transactions of the Group in 12 months has decreased by 57%, the number of
valuation reports has decreased by 60%. 
The nonrecurring operating costs of the division amounted to more than 2.0
million kroons (0.1 million euros) and were related to redundancy payments and
sales of assets under their cost price. 
As at the end of half-year the division employed 58 persons (2008 HY1: 315
persons). 

--------------------------------------------------------------------------------
|            | HY1 2009 |     HY1 |  change, |  Q2 2009 |  Q2 2008 | change, % |
|            |          |    2008 |        % |          |          |           |
--------------------------------------------------------------------------------
| Number of  |      449 |     913 |     -51% |      241 |      430 |      -44% |
| brokered   |          |         |          |          |          |           |
| objects    |          |         |          |          |          |           |
--------------------------------------------------------------------------------
| Projects   |       60 |     270 |     -78% |       60 |      293 |      -80% |
| being      |          |         |          |          |          |           |
| sold, pcs. |          |         |          |          |          |           |
--------------------------------------------------------------------------------
| Number of  |    1 625 |   4 044 |     -60% |      815 |    1 992 |      -59% |
| valuation  |          |         |          |          |          |           |
| reports    |          |         |          |          |          |           |
--------------------------------------------------------------------------------
| Number of  |       32 |      46 |     -30% |          |          |           |
| appraisers |          |         |          |          |          |           |
| *          |          |         |          |          |          |           |
--------------------------------------------------------------------------------
| Number of  |      102 |     183 |     -44% |          |          |           |
| real       |          |         |          |          |          |           |
| estate     |          |         |          |          |          |           |
| brokers*   |          |         |          |          |          |           |
--------------------------------------------------------------------------------
| Average    |       58 |     315 |     -82% |          |          |           |
| number of  |          |         |          |          |          |           |
| staff      |          |         |          |          |          |           |
--------------------------------------------------------------------------------
  * Includes authorisation agreements                                           

DEVELOPMENT DIVISION                                                            
During the 1st half-year, 25 apartments or plots were sold and 21 objects were  
reserved. Under the Boulevard Residence Madrid project in Sofia, a long-term    
rental agreement with the Austrian supermarket chain Billa was concluded for    
approx. 900 m2. In May, Tallinn Administrative Court cancelled the Tivoli       
detailed plan (see Note 18). The Group has appealed.
                            
The main risk factor for the development division is the refinancing of loans of
land bank in Estonia. 

Although the cash flow of the Group is tense, we consider it to be sensible to
finish the unfinished projects with more favourable construction prices in
order to satisfy the demand with ready to be sold stock. No new investments are
planned at the moment. 
In order to manage the liquidity risk, the prices in current projects in the    
Baltics as well as in Sofia have been decreased in order to improve sales, and  
during the year we aim at selling both development projects and cash flow       
generating projects. For some employees, salaries and working times have been   
reduced. As at the end of March the division employed 41 persons (2008 HY1: 49  
persons).                                                                       
Further information on the projects: www.arcorealestate.com/arendus             

CONSTRUCTION DIVISION                                                           
The construction division has won tenders of environmental and infrastructure   
engineering. The average volume of the tenders has decreased and the contractor 
is the state or local governments.                                              
In the 1st half-year, the major new construction agreements were the            
Emajõe-Võhandu drinking water project  and the Kohtla-Järve-Kiviõli  sewerage   
project.                                                                        
In the 1st half-year new construction contracts worth 116.1million kroons (7.4  
million euros) were concluded, thereof 13.0 millions kroons (0.8 million euros) 
in the 2nd quarter. As at end of half-year, the residual cost of building       
contracts is 143 million kroons (9.1 million euros). As at the end of first     
half-year the division employed 143 persons (2008 HY1: 181 persons).            


Condensed consolidated interim financial statements                             

Condensed consolidated income statement                                         
--------------------------------------------------------------------------------
|            | Note       |   HY1 2009 |   HY1 2008 |    Q2 2009 |     Q2 2008 |
--------------------------------------------------------------------------------
| in EEK,    |            |            |            |            |             |
| thousands  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Rendering  |            |    151 756 |    222 890 |     75 842 |     134 199 |
| of         |            |            |            |            |             |
| services   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Sale of    |            |     33 034 |     90 589 |     14 626 |      71 759 |
| goods      |            |            |            |            |             |
--------------------------------------------------------------------------------
| Total      |     2      |    184 790 |    313 479 |     90 468 |     205 958 |
| revenue    |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Cost of    |     3      |   -274 865 |   -262 733 |   -187 273 |    -176 406 |
| sales      |            |            |            |            |             |
--------------------------------------------------------------------------------
| Gross      |            |    -90 075 |     50 746 |    -96 805 |      29 552 |
| profit     |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |    2,4     |     92 165 |     31 342 |     90 857 |      26 948 |
| income     |            |            |            |            |             |
--------------------------------------------------------------------------------
| Selling    |     5      |     -1 999 |     -9 238 |     -1 120 |      -4 566 |
| and        |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on costs   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Administra |     6      |    -37 979 |    -72 913 |    -17 377 |     -38 840 |
| tive       |            |            |            |            |             |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |     4      |    -13 171 |    -49 105 |    -12 696 |     -32 592 |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| EBIT       |            |    -51 059 |    -49 168 |    -37 141 |     -19 498 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finance    |     7      |     15 141 |     31 569 |      7 369 |      17 558 |
| income     |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finance    |     7      |      9 692 |    -15 929 |     18 221 |     -15 228 |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit /   |            |    -26 226 |    -33 528 |    -11 551 |     -17 168 |
| loss       |            |            |            |            |             |
| before tax |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Income tax |            |       -809 |    -11 155 |       -809 |     -10 788 |
| expense    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit /   |            |    -27 035 |    -44 683 |    -12 360 |     -27 956 |
| loss for   |            |            |            |            |             |
| the period |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |            |            |            |            |             |
| aggregated |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Exchange   |            |        125 |         64 |          8 |           4 |
| rate       |            |            |            |            |             |
| difference |            |            |            |            |             |
| s in       |            |            |            |            |             |
| converting |            |            |            |            |             |
| foreign    |            |            |            |            |             |
| company    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aggregate  |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
| profit /   |            |            |            |            |             |
| loss for   |            |            |            |            |             |
| the period |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit     |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on for the |            |            |            |            |             |
| period:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Parent     |            |    -26 259 |    -51 865 |    -12 561 |     -36 640 |
| company's  |            |            |            |            |             |
| participat |            |            |            |            |             |
| ion in     |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Minority   |            |       -651 |      7 246 |        209 |       8 688 |
| interest   |            |            |            |            |             |
| in loss    |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
--------------------------------------------------------------------------------
| Aggregate  |            |            |            |            |             |
| profit     |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on for the |            |            |            |            |             |
| period:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Parent     |            |    -26 259 |    -51 865 |    -12 561 |     -36 640 |
| company    |            |            |            |            |             |
| participat |            |            |            |            |             |
| ion in     |            |            |            |            |             |
| aggregate  |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Minority   |            |       -651 |      7 246 |        209 |       8 688 |
| interest   |            |            |            |            |             |
| in         |            |            |            |            |             |
| aggregate  |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |    -26 910 |    -44 619 |    -12 352 |     -27 952 |
--------------------------------------------------------------------------------
| Earning    |     8      |            |            |            |             |
| per share  |            |            |            |            |             |
--------------------------------------------------------------------------------
| - basic    |            |      -0,28 |      -0,54 |      -0,13 |        0,38 |
--------------------------------------------------------------------------------
| - diluted  |            |      -0,28 |      -0,54 |      -0,13 |        0,38 |
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
|            | Note       |   HY1 2009 |   HY1 2008 |    Q2 2009 |     Q2 2008 |
--------------------------------------------------------------------------------
| in EUR,    |            |            |            |            |             |
| thousands  |            |            |            |            |             |
--------------------------------------------------------------------------------
| Rendering  |            |      9 699 |     14 245 |      4 847 |       8 577 |
| of         |            |            |            |            |             |
| services   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Sale of    |            |      2 111 |      5 790 |        935 |       4 586 |
| goods      |            |            |            |            |             |
--------------------------------------------------------------------------------
| Total      |     2      |     11 810 |     20 035 |      5 782 |      13 163 |
| revenue    |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Cost of    |     3      |    -17 567 |    -16 792 |    -11 969 |     -11 274 |
| sales      |            |            |            |            |             |
--------------------------------------------------------------------------------
| Gross      |            |     -5 757 |      3 243 |     -6 187 |       1 889 |
| profit     |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |    2,4     |      5 890 |      2 003 |      5 807 |       1 722 |
| income     |            |            |            |            |             |
--------------------------------------------------------------------------------
| Selling    |     5      |       -128 |       -590 |        -72 |        -292 |
| and        |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on costs   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Administra |     6      |     -2 427 |     -4 660 |     -1 111 |      -2 482 |
| tive       |            |            |            |            |             |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |     4      |       -842 |     -3 138 |       -811 |      -2 083 |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| EBIT       |            |     -3 264 |     -3 142 |     -2 374 |      -1 246 |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finance    |     7      |        968 |      2 018 |        471 |       1 122 |
| income     |            |            |            |            |             |
--------------------------------------------------------------------------------
| Finance    |     7      |        619 |     -1 018 |      1 165 |        -973 |
| expenses   |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit /   |            |     -1 677 |     -2 142 |       -738 |      -1 097 |
| loss       |            |            |            |            |             |
| before tax |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |            |            |            |             |
--------------------------------------------------------------------------------
| Income tax |            |        -52 |       -713 |        -52 |        -689 |
| expense    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit /   |            |     -1 729 |     -2 855 |       -790 |      -1 786 |
| loss for   |            |            |            |            |             |
| the period |            |            |            |            |             |
--------------------------------------------------------------------------------
| Other      |            |            |            |            |             |
| aggregated |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Exchange   |            |          8 |          4 |          1 |           0 |
| rate       |            |            |            |            |             |
| difference |            |            |            |            |             |
| s in       |            |            |            |            |             |
| converting |            |            |            |            |             |
| foreign    |            |            |            |            |             |
| company    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Aggregate  |            |     -1 721 |     -2 851 |       -789 |      -1 786 |
| profit /   |            |            |            |            |             |
| loss for   |            |            |            |            |             |
| the period |            |            |            |            |             |
--------------------------------------------------------------------------------
| Profit     |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on for the |            |            |            |            |             |
| period:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Parent     |            |     -1 678 |     -3 315 |       -803 |      -2 342 |
| company's  |            |            |            |            |             |
| participat |            |            |            |            |             |
| ion in     |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Minority   |            |        -42 |        463 |         13 |         555 |
| interest   |            |            |            |            |             |
| in loss    |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |     -1 720 |     -2 852 |       -790 |      -1 787 |
--------------------------------------------------------------------------------
| Aggregate  |            |            |            |            |             |
| profit     |            |            |            |            |             |
| distributi |            |            |            |            |             |
| on for the |            |            |            |            |             |
| period:    |            |            |            |            |             |
--------------------------------------------------------------------------------
| Parent     |            |     -1 678 |     -3 315 |       -803 |      -2 342 |
| company    |            |            |            |            |             |
| participat |            |            |            |            |             |
| ion in     |            |            |            |            |             |
| aggregate  |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
| Minority   |            |        -42 |        463 |         13 |         555 |
| interest   |            |            |            |            |             |
| in         |            |            |            |            |             |
| aggregate  |            |            |            |            |             |
| loss       |            |            |            |            |             |
--------------------------------------------------------------------------------
|            |            |     -1 720 |     -2 852 |       -790 |      -1 787 |
--------------------------------------------------------------------------------
| Earning    |     8      |            |            |            |             |
| per share  |            |            |            |            |             |
--------------------------------------------------------------------------------
| - basic    |            |      -0,02 |      -0,03 |      -0,01 |        0,02 |
--------------------------------------------------------------------------------
| - diluted  |            |      -0,02 |      -0,03 |      -0,01 |        0,02 |
--------------------------------------------------------------------------------



Statement of financial position 
                                                
--------------------------------------------------------------------------------
|                                                EEK |                     EUR |
--------------------------------------------------------------------------------
|                 | Note | 30.06.200 | 31.12.200 |     30.06.2009 | 31.12.2008 |
|                 |      |         9 |         8 |                |            |
--------------------------------------------------------------------------------
| in thousands    |      |           |           |                |            |
--------------------------------------------------------------------------------
| Cash and cash   |      |   117 580 |   172 574 |          7 515 |     11 029 |
| equivalents     |      |           |           |                |            |
--------------------------------------------------------------------------------
| Financial       |      |        32 |    40 416 |              2 |      2 583 |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Receivables     |  9   |   245 808 |   294 352 |         15 710 |     18 813 |
--------------------------------------------------------------------------------
| Prepayments     |      |     6 204 |     6 165 |            397 |        394 |
--------------------------------------------------------------------------------
| Inventories     |  10  |   815 692 |   849 440 |         52 132 |     54 289 |
--------------------------------------------------------------------------------
| Biological      |      |     1 299 |     3 679 |             83 |        235 |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Total current   |      | 1 186 615 | 1 366 626 |         75 839 |     87 343 |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Financial       |      |       295 |       255 |             19 |         16 |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Receivables     |  9   |    10 213 |     6 671 |            653 |        427 |
--------------------------------------------------------------------------------
| Investment      |  12  |   656 436 |   542 753 |         41 954 |     34 688 |
| property        |      |           |           |                |            |
--------------------------------------------------------------------------------
| Property, plant |  13  |    30 836 |    41 812 |          1 971 |      2 672 |
| and equipment   |      |           |           |                |            |
--------------------------------------------------------------------------------
| Intangible      |  14  |    12 336 |    12 475 |            788 |        797 |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
| Total           |      |   710 116 |   603 966 |         45 385 |     38 600 |
| non-current     |      |           |           |                |            |
| assets          |      |           |           |                |            |
--------------------------------------------------------------------------------
| TOTAL ASSETS    |      | 1 896 731 | 1 970 592 |        121 224 |    125 943 |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Loans and       |  15  |   501 282 |   353 417 |         32 038 |     22 587 |
| borrowings      |      |           |           |                |            |
--------------------------------------------------------------------------------
| Liabilities     |  16  |   118 709 |   132 677 |          7 587 |      8 480 |
--------------------------------------------------------------------------------
| Deferred income |      |    89 619 |    65 174 |          5 728 |      4 165 |
--------------------------------------------------------------------------------
| Provisions      |      |    11 703 |     5 917 |            748 |        378 |
--------------------------------------------------------------------------------
| Total current   |      |   721 313 |   557 185 |         46 101 |     35 610 |
| liabilities     |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Loans and       |  15  |   485 059 |   692 919 |         31 001 |     44 286 |
| borrowings      |      |           |           |                |            |
--------------------------------------------------------------------------------
| Liabilities     |  16  |     5 535 |     4 404 |            354 |        281 |
--------------------------------------------------------------------------------
| Deferred income |      |        20 |        20 |              1 |          1 |
| tax liability   |      |           |           |                |            |
--------------------------------------------------------------------------------
| Provisions      |      |     1 100 |     4 291 |             70 |        274 |
--------------------------------------------------------------------------------
| Total           |      |   491 714 |   701 634 |         31 426 |     44 842 |
| non-current     |      |           |           |                |            |
| liabilities     |      |           |           |                |            |
--------------------------------------------------------------------------------
| TOTAL           |      | 1 213 027 | 1 258 819 |         77 527 |     80 452 |
| LIABILITIES     |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Share capital   |      |   952 842 |   952 842 |         60 898 |     60 898 |
--------------------------------------------------------------------------------
| Share premium   |      |         0 |   712 514 |              0 |     45 538 |
--------------------------------------------------------------------------------
| Statutory       |      |    31 463 |    31 463 |          2 011 |      2 011 |
| capital reserve |      |           |           |                |            |
--------------------------------------------------------------------------------
| Other reserves  |      |         0 |         0 |              0 |          0 |
--------------------------------------------------------------------------------
| Retained        |      |  -298 413 |  -984 668 |        -19 072 |    -62 932 |
| earnings        |      |           |           |                |            |
--------------------------------------------------------------------------------
| Own shares      |      |    -3 992 |    -3 992 |           -255 |       -255 |
--------------------------------------------------------------------------------
| Total equity    |      |   681 900 |   708 159 |         43 582 |     45 260 |
| attributable to |      |           |           |                |            |
| equity holders  |      |           |           |                |            |
| of the parent   |      |           |           |                |            |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| Minority        |      |     1 804 |     3 614 |            115 |        231 |
| interests       |      |           |           |                |            |
--------------------------------------------------------------------------------
| Total equity    |      |   683 704 |   711 773 |         43 697 |     45 491 |
--------------------------------------------------------------------------------
|                 |      |           |           |                |            |
--------------------------------------------------------------------------------
| TOTAL           |      | 1 896 731 | 1 970 592 |        121 224 |    125 943 |
| LIABILITIES AND |      |           |           |                |            |
| EQUITY          |      |           |           |                |            |
--------------------------------------------------------------------------------

Condensed consolidated interim cash flow statement    
                          
--------------------------------------------------------------------------------
|                                            EEK |                         EUR |
--------------------------------------------------------------------------------
|                 | Note  |  HY1 2009 |     HY1 2008 |   HY1 2009 |   HY1 2008 |
--------------------------------------------------------------------------------
| in thousands    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Net profit /    |       |   -27 035 |      -44 683 |     -1 729 |     -2 855 |
| loss            |       |           |              |            |            |
--------------------------------------------------------------------------------
| Interest income |   7   |    13 480 |      -16 004 |        862 |     -1 023 |
| and expense     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Gains and       |       |         0 |       19 476 |          0 |      1 245 |
| losses on       |       |           |              |            |            |
| disposal of     |       |           |              |            |            |
| subsidiaries    |       |           |              |            |            |
| and interests   |       |           |              |            |            |
| in jointly      |       |           |              |            |            |
| controlled      |       |           |              |            |            |
| entities        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Gains and       |   7   |    -2 667 |        1 465 |       -170 |         94 |
| losses on other |       |           |              |            |            |
| financial       |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Impairment      |   7   |   -31 634 |      -25 248 |     -2 022 |     -1 614 |
| losses on       |       |           |              |            |            |
| financial       |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Depreciation,   | 3,4,6 |     2 382 |        3 700 |        152 |        235 |
| amortisation    |       |           |              |            |            |
| and impairment  |       |           |              |            |            |
| losses on       |       |           |              |            |            |
| property, plant |       |           |              |            |            |
| and equipment   |       |           |              |            |            |
| and intangible  |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Gain / loss on  | 3,4,6 |    -1 056 |          -38 |        -68 |         -1 |
| the sale of     |       |           |              |            |            |
| property, plant |       |           |              |            |            |
| and equipment   |       |           |              |            |            |
| and intangible  |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Gain / loss on  |   4   |     1 761 |            0 |        114 |          0 |
| the sale of     |       |           |              |            |            |
| investment      |       |           |              |            |            |
| property        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in the   |   4   |   -74 420 |       16 855 |     -4 756 |      1 077 |
| fair value of   |       |           |              |            |            |
| investment      |       |           |              |            |            |
| property and    |       |           |              |            |            |
| biological      |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Profit/loss     |   3   |   108 924 |            0 |      6 962 |          0 |
| from property   |       |           |              |            |            |
| and inventory   |       |           |              |            |            |
| revaluation     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Exchange gains  |   7   |    -4 012 |        4 671 |       -256 |        299 |
| and losses      |       |           |              |            |            |
--------------------------------------------------------------------------------
| Corporate       |       |       651 |       11 731 |         42 |        750 |
| income tax      |       |           |              |            |            |
| expense         |       |           |              |            |            |
--------------------------------------------------------------------------------
| Operating cash  |       |   -13 626 |      -28 075 |       -869 |     -1 793 |
| flow before     |       |           |              |            |            |
| working capital |       |           |              |            |            |
| changes         |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in       |       |    19 179 |      -48 687 |      1 226 |     -3 111 |
| receivables and |       |           |              |            |            |
| prepayments     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in       |       |   -42 996 |      -47 214 |     -2 748 |     -3 018 |
| inventories     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in       |       |     2 190 |          474 |        140 |         30 |
| biological      |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in       |       |    27 082 |       16 454 |      1 731 |      1 052 |
| payables and    |       |           |              |            |            |
| deferred income |       |           |              |            |            |
--------------------------------------------------------------------------------
| NET CASH USED   |       |    -8 171 |     -107 048 |       -520 |     -6 840 |
| IN OPERATING    |       |           |              |            |            |
| ACTIVITIES      |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Acquisition of  |       |    -7 599 |      -12 885 |       -486 |       -824 |
| property, plant |       |           |              |            |            |
| and equipment   |       |           |              |            |            |
| and intangible  |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Proceeds from   |       |     3 600 |          313 |        230 |         20 |
| sale of         |       |           |              |            |            |
| property, plant |       |           |              |            |            |
| and equipment   |       |           |              |            |            |
| and intangible  |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Acquisition of  |       |    -5 100 |         -900 |       -326 |        -58 |
| investment      |       |           |              |            |            |
| property        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Proceeds from   |       |       205 |       29 000 |         13 |      1 853 |
| sale of         |       |           |              |            |            |
| investment      |       |           |              |            |            |
| property        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Acquisition of  |       |         0 |     -126 299 |          0 |     -8 072 |
| subsidiaries    |       |           |              |            |            |
| and interests   |       |           |              |            |            |
| in jointly      |       |           |              |            |            |
| controlled      |       |           |              |            |            |
| entities        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Proceeds from   |       |         0 |        1 005 |          0 |         64 |
| disposal of     |       |           |              |            |            |
| subsidiaries    |       |           |              |            |            |
| and interests   |       |           |              |            |            |
| in jointly      |       |           |              |            |            |
| controlled      |       |           |              |            |            |
| entities        |       |           |              |            |            |
--------------------------------------------------------------------------------
| Acquisition of  |       |         0 |     -126 500 |          0 |     -8 085 |
| other financial |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Proceeds from   |       |    45 739 |      107 502 |      2 923 |      6 871 |
| sale of other   |       |           |              |            |            |
| financial       |       |           |              |            |            |
| assets          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Loans granted   |       |   -23 480 |      -49 739 |     -1 501 |     -3 179 |
--------------------------------------------------------------------------------
| Repayment of    |       |     5 429 |        3 426 |        347 |        219 |
| loans granted   |       |           |              |            |            |
--------------------------------------------------------------------------------
| Interest        |       |     2 921 |       18 460 |        187 |      1 180 |
| received        |       |           |              |            |            |
--------------------------------------------------------------------------------
| NET CASH USED   |       |    21 715 |     -156 617 |      1 387 |    -10 011 |
| IN / FROM       |       |           |              |            |            |
| INVESTING       |       |           |              |            |            |
| ACTIVITIES      |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Proceeds from   |       |    74 601 |       41 754 |      4 768 |      2 669 |
| loans received  |       |           |              |            |            |
--------------------------------------------------------------------------------
| Repayment of    |       |  -120 987 |     -227 687 |     -7 732 |    -14 552 |
| loans and       |       |           |              |            |            |
| payment of      |       |           |              |            |            |
| finance lease   |       |           |              |            |            |
| liabilities     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in       |       |         0 |          -14 |          0 |         -1 |
| overdraft       |       |           |              |            |            |
--------------------------------------------------------------------------------
| Change in group |       |         0 |         -798 |          0 |        -51 |
| account         |       |           |              |            |            |
| liability       |       |           |              |            |            |
--------------------------------------------------------------------------------
| Interest paid   |       |   -21 819 |      -35 917 |     -1 394 |     -2 296 |
--------------------------------------------------------------------------------
| Dividends paid  |       |         0 |      -42 274 |          0 |     -2 702 |
--------------------------------------------------------------------------------
| Income tax paid |       |         0 |       -2 916 |          0 |       -186 |
| on dividends    |       |           |              |            |            |
--------------------------------------------------------------------------------
| NET CASH USED   |       |   -68 205 |     -267 852 |     -4 358 |    -17 119 |
| IN / FROM       |       |           |              |            |            |
| FINANCING       |       |           |              |            |            |
| ACTIVITIES      |       |           |              |            |            |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| NET CASH FLOW   |       |   -54 661 |     -531 517 |     -3 491 |    -33 970 |
--------------------------------------------------------------------------------
|                 |       |           |              |            |            |
--------------------------------------------------------------------------------
| Cash and cash   |       |   172 574 |      765 008 |     11 029 |     48 893 |
| equivalents at  |       |           |              |            |            |
| beginning of    |       |           |              |            |            |
| period          |       |           |              |            |            |
--------------------------------------------------------------------------------
| Decrease /      |       |   -54 661 |     -531 517 |     -3 493 |    -33 970 |
| increase in     |       |           |              |            |            |
| cash and cash   |       |           |              |            |            |
| equivalents     |       |           |              |            |            |
--------------------------------------------------------------------------------
| Effect of       |       |      -333 |         -333 |        -22 |        -21 |
| exchange rate   |       |           |              |            |            |
| fluctuations    |       |           |              |            |            |
--------------------------------------------------------------------------------
| Cash and cash   |       |   117 580 |      233 158 |      7 515 |     14 901 |
| equivalents at  |       |           |              |            |            |
| end of period   |       |           |              |            |            |
--------------------------------------------------------------------------------