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PARANDUSTEADE: 2009 IV KVARTALI JA 12 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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25.02.2010 16:15:00
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2009 IV KVARTALI JA 12 KUU KONSOLIDEERITUD VAHEARUANNE (AUDITEERIMATA)
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2009. aasta majandustulemuste kokkuvõte Kontserni äritegevuse kasumlikkus Nordecon International kontserni brutokasum 2009. aastal moodustas 136,3 miljonit krooni (8,7 miljonit eurot), mis on võrreldes eelmise aastaga vähenenud 62%, millal brutokasumi suuruseks kujunes 357,9 miljonit krooni (22,9 miljonit eurot). Brutokasumi vähenemisele absoluutnumbrites avaldas kõige suuremat mõju ehitusprojektide kasumlikkuse oluline vähenemine kõikides segmentides ning varasematel perioodidel sõlmitud suurema kasumlikkusega lepingute lõppemine. Normaaltingimuses on keskmisest nõrgem kasumlikkus I ja IV kvartalis olnud tegevuse sesoonsusest tingitult iseloomulik just rohkem teedehituse sektoris tegutsevatele ettevõtetele, mida on II-III kvartalis aga seevastu kompenseeritud. Käesoleval aastal on sesoonsuse mõjule teedeehituses lisandunud väga nõrk nõudlus hoonete valdkonnas aastaringselt. See omakorda on põhjustanud äärmuslikult tihedast konkurentsist tingituna marginaalide vähenemise. Nimetatud põhjusel on 12 kuu brutokasum võrreldes III kvartali lõpu seisuga ka vähenenud. Kontsern lõpetas 2009. majandusaasta ärikahjumiga 126,7 miljonit krooni (8,1 miljonit eurot). Võrreldaval perioodil oli Kontserni tegevus kasumlik ja ärikasumi suuruseks 208,5 miljonit krooni (13,3 miljonit eurot). Ärikahjumi tekkimisele avaldasid kõige enam mõju brutokasumlikkuse vähenemine ning majandusaasta lõpus läbi viidud Kontserni vara ja kohustuste hindamine. Brutokasumlikkuse oodatavale vähenemisele 2009. aastal reageeris Kontsern üldhalduskulude osas juba alates aasta algusest kokkuhoidmisvõimaluste rakendamisega, eesmärgiga vähendada kulubaasi 30% eelmise aastaga võrreldes. Kontserni üldhalduskulud kokku 2009. aastal moodustasid 186,4 miljonit krooni (11,9 miljonit eurot). Nimetatud üldhalduskulud sisaldavad endas olulises mahus komponente, millele kulude kokkuhoiu meetmeid rakendada ei saa (näiteks firmaväärtuse allahindlused). Ilma nimetatud kuludeta moodustasid aruandeperioodi üldhalduskulud 125,2 miljonit krooni (8 miljonit eurot). Eelmise aasta võrreldavate üldhalduskuludega tähendab see ligikaudu 33% suurust kulude vähendamist. Täiendavalt tuleb arvesse võtta, et 2009. aastal toimus Kontserni restruktureerimine, millega kaasnesid ühekordsed väljaminekud nii tegevuskulude osas kui ka makstud koondamistasud. Ilma firmaväärtuste ühekordsete allahindlusteta moodustasid üldhalduskulud 5,2% müügitulust, mis ületab küll kergelt juhtkonna poolt eesmärgistatud 5%-lise piirmäära, kuid on igati vastuvõetav, arvestades mahtude kukkumise kiirust ehitusturul tervikuna. Samuti mõjutasid ärikasumit muu vara allahindlused (nõuded ostjate vastu, kinnisvarainvesteeringud), mis kajastatakse „muude ärikulude“ koosseisus. Nõuete allahindluse kulud moodustasid 42,0 miljonit krooni (2,7 miljonit eurot) ning kinnisvarainvesteeringute allahindluskulu 12,5 miljonit krooni (0,8 miljonit eurot). Kokku on ühekordsete allahindluste mõju ärikasumile 115,7 miljonit krooni (7,4 miljonit eurot). Kontserni eesmärk on jätkuvalt vähendada kulubaasi tervikuna kuni 30% võrra perioodil 2009-2010 võrreldes aastatega 2007-2008 ning valmis ollakse vajalikeks otsusteks ka tulevikus. 2009. aastal lõpetas Kontsern puhaskahjumiga 88,7 miljonit krooni (5,7 miljonit eurot). Sellest Kontserni emaettevõtte aktsionäridele kuuluv kahjum moodustas 45,3 miljonit krooni (2,9 miljonit eurot). Kontserni kuuluvate ettevõtete vähemusosanike kahjum moodustas 43,4 miljonit krooni (2,8 miljonit eurot). Kontserni juhtkonna poolt jälgitavates rentaablusnäitajates on ärikeskkonna märkimisväärsest halvenemisest tingituna toimunud olulised muutused. Rentaablusnäitajate vähenemiseni (sh kõikidel Kontserni tegutsemisturgudel) on võrreldava perioodi suhtes viinud eelkõige toimunud langus nõudluses. Spetsiifiliselt väljendub see peamiselt järjest kasvavas ehitusvõimsuse ülejäägis võrrelduna pakutavate uute ehitusprojektide hulgaga. Kõikide ehitusettevõtete ärivajaduste rahuldamiseks ebapiisav nõudlus avaldas järjest kasvavat survet hindade langetamiseks. Konkurentsitingimustes on Kontserni 12 kuu brutokasumi marginaal langenud 5,7%-ni (12 kuud 2008: 9,3%). Kontsern loeb nimetatud brutokasumi taset tänases turuolukorras veel kasumlikku äritegevust võimaldavaks. Kontserni eesmärk on läbi sisemiste protsesside ümberkujundamise (teenuste sisseostmise tõhustamine, kulude kokkuhoid jms.) ning ehitusturul välja joonistuvate uute trendide valguses hoida brutokasumlikkust tasemel, mis tagaks positiivse ärikasumi tervikuna järgmises majandusaastas. Kontserni rahavood Kontserni rahavoog äritegevusest moodustas 99,9 miljonit krooni (6,4 miljonit eurot), mis on oluliselt parem majandusaasta I poolaastast, kui äritegevuse netorahavoog oli negatiivne (-57,1 miljonit krooni / 3,6 miljonit eurot). Hetke turutingimustes toimub projektidest raha laekumine tänu tellijate poolt pikendatud maksetähtpäevadele varasemaga võrreldes pikema perioodi vältel. Samuti mõjutab üldisi laekumisi ehituse sesoonse tsükli liikumine lõpu poole ning sellega seoses projektide lõppaktide koostamine. Äritegevuse positiivse rahavoo säilimine sõltub Kontserni kohanemisvõimest uuenenud ärikeskkonnaga (nt maksetähtaegade pikendamine allhankijatega) ja samuti tegevuskulude kokkuhoiu ulatusest. Investeerimistegevuse rahavoog 2009. aastal oli negatiivne 54,0 miljonit krooni (3,5 miljonit eurot) kui võrreldaval perioodil moodustas raha väljaminek 156,6 miljonit krooni (10,0 miljonit eurot). 12 kuu seisuga moodustas investeerimistegevus teistesse ettevõtetesse (sh investeeringute müük) väljaminekuna netosummas 30,5 miljonit krooni (2,0 miljonit eurot). 2008. aasta vastav näitaja oli 139,1 miljonit krooni (8,9 miljonit eurot). Finantseerimistegevuse rahavoog oli negatiivne 116,9 miljonit krooni (7,5 miljonit eurot). Võrreldaval perioodil oli vastav näitaja negatiivne 88,2 miljonit krooni (5,6 miljonit eurot). Kontserni väline finantseerimine on aeglustunud kuna äritegevuse mahud ei kasva ning netosummas finantskohustused pigem vähenevad. Intressikandvate finantskohustustega seotud rahavoog (ilma intressikuludeta) 12 kuu seisuga oli negatiivne 56,1 miljonit krooni (3,6 miljonit eurot) (12 kuud 2008: positiivne 49,4 miljonit krooni/3,2 miljonit eurot). Ülejäänud osa finantseerimistegevusest moodustasid dividendimaksed summas 31,9 miljonit krooni (2,0 miljonit eurot) (12 kuud 2008: 104,1 miljonit krooni/6,7 miljonit eurot). Olulisemad suhtarvud ja näitajad -------------------------------------------------------------------------------- | Suhtarv / näitaja | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Kaalutud keskmine aktsiate arv*, tk | 30 | 30 756 | 30 756 | | | 756 728 | 728 | 728 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), krooni | -1,47 | 4,73 | 8,70 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS), eurot | -0,09 | 0,30 | 0,56 | -------------------------------------------------------------------------------- | Müügitulu kasv | -37,7% | 3,1% | 49,9% | -------------------------------------------------------------------------------- | Keskmine töötajate arv | 1 128 | 1 232 | 1 103 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat krooni | 2 137 | 3 140 | 3 402 | -------------------------------------------------------------------------------- | Müügitulu töötaja kohta, tuhat eurot | 137 | 201 | 217 | -------------------------------------------------------------------------------- | Tööjõukulude määr müügitulust, % | 15,1% | 12,7% | 12,3% | -------------------------------------------------------------------------------- | Üldhalduskulude määr müügitulust, % | 7,7% | 4,7% | 4,6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA, tuhat krooni | -56 897 | 281 161 | 370 581 | -------------------------------------------------------------------------------- | EBITDA, tuhat eurot | -3 636 | 17 969 | 23 684 | -------------------------------------------------------------------------------- | EBITDA määr müügitulust, % | -2,4% | 7,3% | 9,9% | -------------------------------------------------------------------------------- | Brutokasumi määr müügitulust, % | 5,7% | 9,3% | 13,3% | -------------------------------------------------------------------------------- | Ärikasumi määr müügitulust, % | -5,3% | 5,4% | 8,2% | -------------------------------------------------------------------------------- | Ärikasumi määr ilma varamüügi kasumita, | -5,4% | 5,3% | 7,8% | | % | | | | -------------------------------------------------------------------------------- | Puhaskasumi määr müügitulust, % | -3,7% | 4,4% | 7,7% | -------------------------------------------------------------------------------- | Investeeritud kapitali tootlus, % | -4,1% | 19,1% | 37,2% | -------------------------------------------------------------------------------- | Vara tootlus, % | -6,0% | 9,1% | 17,1% | -------------------------------------------------------------------------------- | Omakapitali tootlus, % | -11,3% | 20,5% | 44,1% | -------------------------------------------------------------------------------- | Omakapitali osakaal, % | 37,1% | 36,5% | 36,9% | -------------------------------------------------------------------------------- | Finantsvõimendus | 26,5% | 18,2% | 13,5% | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste kattekordaja | 1,47 | 1,33 | 1,30 | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.200 | 31.12.200 | | | 9 | 8 | 7 | -------------------------------------------------------------------------------- | Ehituslepingute teostamata tööde mahud, | 1 530 661 | 2 220 748 | 2 526 652 | | tuhat krooni | | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata tööde mahud, | 97 827 | 141 932 | 161 482 | | tuhat eurot | | | | -------------------------------------------------------------------------------- * kaalutud keskmiseks aktsiate arvuks on võrreldavuse tagamiseks loetud aktsiate arv pärast fondiemissioone -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta (EPS) = | Puhaskasumi määr müügitulust = | | Emaettevõtte aktsionäride osa | Aruandeperioodi puhaskasum / | | puhaskasumist/Kaalutud keskmine | Müügitulu | | aktsiate arv | Investeeritud kapitali tootlus = | | Müügitulu töötaja kohta = Müügitulu | (Kasum enne tulumaksustamist + | | / Keskmine töötajate arv | intressikulud) / Perioodi keskmine | | Tööjõukulude määr müügitulust = | (intressi kandvad kohustused + | | Tööjõukulud / Müügitulu | omakapital) | | Üldhalduskulude osakaal müügitulust | Vara tootlus = Ärikasum / Perioodi | | = Üldhalduskulud / müügitulu | keskmine vara kokku | | EBITDA = Ärikasum + Kulum | Omakapitali tootlus = Aruandeperioodi | | EBITDA määr müügitulust = EBITDA / | puhaskasum / Perioodi keskmine | | Müügitulu | omakapital kokku | | Brutokasumi määr müügitulust = | Omakapitali osakaal = Omakapital | | Brutokasum / Müügitulu | kokku / Kohustused ja omakapital | | Ärikasumi määr müügitulust = | kokku | | Ärikasum / Müügitulu | Finantsvõimendus = (Intressikandvad | | Ärikasumi määr ilma varamüügi | kohustused - raha ja raha | | kasumita = (Ärikasum - põhivara | ekvivalendid) / (Intressikandvad | | müügikasum - kinnisvara müügikasum) | kohustused + omakapital) | | / Müügitulu | Lühiajaliste kohustuste kattekordaja | | | = Käibevara kokku / Lühiajalised | | | kohustused kokku | -------------------------------------------------------------------------------- Majandustegevus geograafiliste turgude lõikes Kontserni väljaspool Eestit teenitud müügitulu moodustas 2009. aastal ligikaudu 15% kogu müügitulust. Samal perioodil aasta tagasi oli see ligikaudu 20%. Osakaal vähenes eelkõige Ukraina turu arvelt. Kontsern suurendas 2009. aastal varasemaga võrreldes oma tegevusmahtusid Läti turul. Aasta lõpu seisuga moodustas Kontserni müügitulu Lätist ligikaudu 11% kui 2008. aastal tervikuna oli see 6%. Arvestades, et Läti turul toimus tegutsemine kahjumlikult, on Kontsern 2010. aasta alguses müünud oma osaluse Läti äriettevõtetes ning 2010. aastal on oodata Kontserni tegevusmahtude olulist langemist sellel turul. Kontsern jätkab lähiaastatel äritegevust Lätis võimalusel läbi Eesti tütarettevõtete projektipõhiselt, kaasates vajadusel partnereid. Projektipõhise töö jätkumine eeldab, et projekte on võimalik läbi viia kasumlikult. Samal ajal on vähenenud Ukrainast teenitud müügitulu osakaal ligikaudu 3%-ni Kontserni müügitulust. Ukraina müügitulu vähenemine on tingitud peamiselt eelmisel perioodil alustatud suuremate projektide lõpetamisest ning Ukraina majandustingimustes uute lepingute sõlmimise keerukusest. Leedus on Kontsern hetkel oma aktiivse tegevuse peatanud (vt peatükk“ Toimunud muudatused Kontserni juhtimisstruktuuris ja äritegevuses 2009. aastal“). Täiendavalt on geograafiliste turgude arengut kommenteeritud tegevusaruande peatükis „Väljavaated Kontserni tegutsemisturgudele“. -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Eesti | 85,7% | 80,3% | 87,9% | -------------------------------------------------------------------------------- | Ukraina | 2,7% | 11,4% | 11,6% | -------------------------------------------------------------------------------- | Leedu | 0,4% | 2,4% | 0,5% | -------------------------------------------------------------------------------- | Läti | 11,2% | 5,9% | 0% | -------------------------------------------------------------------------------- 2009. aasta majandustegevus tegevusvaldkondade lõikes Nordecon International kontsern on keskendunud hoonete ja rajatiste ehituse projektijuhtimisele ja peatöövõtule ning tegutseb muuhulgas teedeehituse, -hoolduse, keskkonnaehituse, betoonitööde ja kinnisvaraarenduse vallas. Kontserni müügitulu 2009. aasta IV kvartali lõpuks oli 2 410,8 miljonit krooni (154,1 miljonit eurot). Võrreldes eelmise perioodiga, mil vastav näitaja oli 3 867,9 miljonit krooni (247,2 miljonit eurot), on müügitulu vähenenud 37,7%. Müügitulu vähenemist on mõjutanud eelkõige ehitusturul toimunud nõudluse vähenemine kõikidel Kontserni tegutsemisturgudel. Samuti on mõjutanud müügitulu absoluutnumbrit konkurentsisurvest tulenev ehitushindade alanemine (vt täpsemaid selgitusi ja ootusi järgmiste perioodide osas tegevusaruande peatükis „ Väljavaated Kontserni tegutsemisturgudele“). Kontserni üheks eesmärgiks on hoida ärisegmentide (hooned ja rajatised) esindatus müügitulus tasakaalustatuna, kuna see võimaldab hajutada riske ja tagada paremad võimalused ehitustegevuseks ka raskemates turutingimustes, kus mõnda ärisegmenti on tabanud tegevusmahtude langus. Arvestades hinnanguid korterite nõudlusele kinnisvaraturul ning elamuarendusega seotud riske, jääb ka järgnevatel aastatel korterelamute ehitamise osakaal (Kontsern arendajana või ehitajana) kogumüügist oluliselt alla strateegiliselt määratud 20% piiri. Segmentide müügitulu Erinevalt viimasest paarist aastast on 2009. aastal rajatiste müügitulu ületanud hoonete oma. Peamiselt on seda mõjutanud hetkel valitsev olukord ehitusturul (eelkõige Eestis), kus rajatiste segmendi tööde osakaal teostamata tööde portfellis hakkas suurenema võrreldes hoonete omaga juba 2008. majandusaasta teisest poolest. 2009. aastal moodustas hoonete ja rajatiste segmentide müügitulu kokku vastavalt 1 047,4 ja 1 339,2 miljonit krooni (66,9 ja 85,6 miljonit eurot). Aasta tagasi olid vastavad näitajad 2 136,9 ja 1 698,5 miljonit krooni (136,6 ja 108,6 miljonit eurot). Hoonete segmendi müügitulu langus 51% peegeldab Kontserni juhtkonna arusaamasid turuolukorrast ning langus on olnud selles osas ootuspärane. Müügitulu jaotus segmentides* -------------------------------------------------------------------------------- | Ärisegmendid | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Hooned | 45% | 63% | 53% | -------------------------------------------------------------------------------- | Rajatised | 55% | 37% | 47% | -------------------------------------------------------------------------------- * Tulenevalt rahvusvahelise finantsaruandluse standardi IFRS 8 „Tegevussegmendid“ jõustumisega aruandeperioodil on Kontsern muutnud raamatupidamisaruandes segmentide käsitlust. Ukraina hoonete segment, mis raamatupidamise vahearuandes on esitatud eraldiseisvalt, kuulub tegevusaruandes hoonete segmendi koosseisu. Tegevusaruande segmendiinfo ei sisalda raamatupidamisaruande „muud segmendid“ müügitulu. Tulenevalt turuolukorrast on Kontserni juhtkonna hinnangul oodata põhisegmentide osas 2010. majandusaastal jätkuvalt rajatiste segmendi osakaalu suurenemist võrreldes eelmise aastaga. Sellele viitab ka Kontserni ehituslepingute teostamata tööde maht, kus 31.12.2009 seisuga ületavad rajatiste segmendiga seotud lepingud hoonete omasid (vt tegevusaruande peatükk „Ehituslepingute teostamata tööde mahud“). Segmendisisene müügitulu Hoonete ärisegmendis on müügitulu jaotus püsinud eelmiste perioodidega sarnastes vahemikes, kus ärihoonete osakaal moodustab üle 50% kogu segmendi müügitulust. Alamsegmendi osakaalu suurenemisele 2/3-ni segmendi müügitulust andsid kaks suurprojekti: Nordea panga maja Tallinnas ja Lõunakeskuse laiendamine Tartus. Oodatult on majandusolukorrast tingituna vähenenud müügitulu osakaal tööstus- ja laohoonete ehitusest. Tingituna soodsatest ehitushindadest on tunda ühiskondlike hoonete osakaalu mõningast kasvu segmendisiseselt tänu omavalitsuste poolt tehtavatele investeeringutele koolimajadesse, lasteaedadesse jm. avalikesse ehitistesse. Vaatamata soodsatele ehitushindadele on seejuures takistavaks teguriks aga ehitusprojektide finantseerimise lahendamise keerukus. -------------------------------------------------------------------------------- | Müügitulu jaotus hoonete segmendis | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Ärihooned | 66% | 59% | 58% | -------------------------------------------------------------------------------- | Tööstus- ja laohooned | 10% | 16% | 9% | -------------------------------------------------------------------------------- | Ühiskondlikud hooned | 18% | 14% | 19% | -------------------------------------------------------------------------------- | Korterelamud | 6% | 11% | 14% | -------------------------------------------------------------------------------- Nordecon Infra SIA alamkontserni tegevuse kasv aastatel 2008-2009 tõi kaasa struktuurinihkeid müügitulu jaotumises rajatiste segmendi sees võrreldes 2007. aastaga. Nii on segmendisiseselt võrreldes eelmise ja üleeelmise aastaga kasvanud muude rajatiste osatähtsus, mis koosneb suures osas teostatud torustike- ja välisvõrkude ehitustöödest. Alates 2010. aastast on seoses Nordecon Infra SIA müügiga oodata muude rajatiste osakaalu langust (vt peatükk „Väljavaated Kontserni tegutsemisturgudele“). Riigi- ja omavalitsuste poolsest investeeringute lisandumisest ehitushindade alanedes annab aimu keskkonnaehituse osakaalu suurenemine. -------------------------------------------------------------------------------- | Müügitulu jaotus rajatiste segmendis | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Teedeehitus ja -hooldus | 49% | 45% | 41% | -------------------------------------------------------------------------------- | Sadamaehitus | 12% | 24% | 33% | -------------------------------------------------------------------------------- | Muud rajatised | 31% | 25% | 13% | -------------------------------------------------------------------------------- | Keskkonnaehitus | 8% | 6% | 13% | -------------------------------------------------------------------------------- Ehituslepingute teostamata tööde mahud Kontserni ettevõtete poolt sõlmitud ehituslepingute teostamata tööde maht seisuga 31.12.2009 oli 1 531 miljonit krooni (98 miljonit eurot), mis on ligikaudu kolmandiku võrra vähem võrreldes aastataguse 2 221 miljoni krooniga (142 miljoni euroga). -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.200 | 31.12.2007 | | | 9 | 8 | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata tööde mahud, | 1 530 661 | 2 220 748 | 2 526 652 | | tuhat krooni | | | | -------------------------------------------------------------------------------- | Ehituslepingute teostamata tööde mahud, | 97 827 | 141 932 | 161 482 | | tuhat eurot | | | | -------------------------------------------------------------------------------- Seejuures on Kontserni ehituslepingute teostamata tööde mahud kasvanud rajatiste segmendi osas võrreldes eelmise perioodiga. Seisuga 31.12.2009 moodustas rajatiste tööde osakaal 74% kogu portfellist (31.12.2008: rajatiste osakaal 59%). See viitab ehitusturgudel hetkel valitsevale olukorrale, kus hoonete segmendis on ehitusmahtude vähenemine olnud märgatavalt kiirem kui rajatiste segmendis nende lisandumine. Ehituslepingute teostamata tööde mahtude absoluutnumbritele on märkimisväärset mõju avaldanud lisaks ehitusmahtude vähenemisele ka ehitushindade oluline langus võrreldava perioodi suhtes. Perioodil bilansipäevast (31.12.2009) kuni käesoleva vahearuande avalikustamiseni on Kontserni ettevõtted sõlminud täiendavalt ehituslepingud ligikaudu 61 miljoni krooni väärtuses (3,9 miljonit eurot). Töötajad Nordecon peab oma suurimaks väärtuseks siin töötavaid inimesi ning on ettevõttena väärt nii palju kui professionaalsed, motiveeritud ja lojaalsed on tema töötajad. Kontserni juhtkonna üks selgeid eesmärke on luua Nordeconi töötajatele kaasaegne ja professionaalset arengut toetav töökeskkond, seda nii töötingimuste, karjäärivõimaluste kui töö sisu osas. Töötajad ja tööjõukulud 2009. aasta IV kvartali lõpu seisuga töötas Kontserni emaettevõttes ja tütarettevõtetes kokku aastas keskmiselt 1 128 inimest. Nendest insenertehniline personal moodustab ligikaudu 470 inimest. 2009. aastal on lisandunud Läti tütarettevõtte SIA LCB soetamisega üle 100 töötaja. Siiski on töötajate arvu kasvukõver 2008.a. lõpust pöördunud langusele seoses töötajate koondamistega, mille on kaasa toonud töömahtude märkimisväärne vähenemine. Töötajate keskmine arv kontserni ettevõtetes (emaettevõte ja tütarettevõtted): -------------------------------------------------------------------------------- | Aasta | ITP | Töölised | Keskmine kokku | -------------------------------------------------------------------------------- | 2009 | 467 | 661 | 1 128 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1 232 | -------------------------------------------------------------------------------- | 2007 | 425 | 678 | 1 103 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Kontserni 2009. aasta tööjõukulud koos kõikide maksudega moodustasid 363,5 miljonit krooni (23,2 miljonit eurot), mis on 27% vähem kui eelmise majandusaasta võrreldavas perioodis, millal tööjõukulud olid kokku 498,6 miljonit krooni (31,9 miljonit eurot). Tööjõukulude vähenemine on tingitud nii Kontserni töötajate koondamisest kui ka põhipalkade vähendamisest võrreldes eelmise perioodiga. Kontserni ettevõtetes on läbiviidud töötajate töötasude vähendamine, sh on insenertehnilise personali (ITP) töötasusid vähendatud keskmiselt 15%. Samuti on vähenenud projektpersonali töötasude osana arvestatavad tulemustasud, mis on otseselt sõltuvad ehitusprojektide kasumlikkusest. 2009. aastal on tingituna üldisest majandusolukorrast ja ehitusturul toimunud langusest Konterni ettevõtetes töösuhe lõpetatud ligikaudu 620 töötajaga. Samas ei mõjuta see koheselt samas summas perioodi keskmist töötajate arvu. Arvestada tuleb seejuures ka töötajate lisandumisi tütarettevõtete soetamise kaudu ning tähtajaliste lepingutega tööle võetud inimeste arvu. Kontserni töötajate arvu vähenemine võib jätkuda ka 2010. aastal, kuid olulisemalt aeglasemas tempos, v.a tütarettevõtte Nordecon Infra SIA müümise mõju, millega töötajate arv Kontsernis väheneb ligikaudu 150 töötaja võrra. Nordecon International AS nõukogu liikmetele on 2009. aastal arvestatud tasusid koos sotsiaalmaksuga 1 436 tuhat krooni (92 tuhat eurot). Eelmisel aastal oli vastav näitaja 1 443 tuhat krooni (92 tuhat eurot). Nordecon International AS juhatuse liikmetele kokku on 2009. aastal arvestatud tasusid ja preemiahüvitisi koos sotsiaalmaksuga 3 254 tuhat krooni (208 tuhat eurot) ning 2008. aastal võrreldava perioodi kohta 14 514 tuhat krooni (928 tuhat eurot). Erinevused juhatuse tasudes tulenevad asjaolust, et alates 5. jaanuarist 2009 on Nordecon International AS juhatuses kolm liiget ning oktoobrist alates on juhatuse liikmeid kaks. 2008. aastal oli juhatuses viis liiget (vt peatükk „Toimunud muudatused Kontserni juhtimisstruktuuris ja äritegevuses 2009. aastal“). Samuti on mõju avaldanud kontserni ettevõtete juhatuse liikmete teenistustasu vähendamine sarnaselt töötajatega 15% võrra. Aktsia ja aktsionärid Aktsiainformatsioon ISIN EE3100039496 Väärtpaberi lühinimi NCN1T (kuni 03.04.2009 EEH1T) Nominaalväärtus 10,00 EEK / 0,64 EUR Emiteeritud väärtpabereid 30 756 728 Noteeritud väärtpabereid 30 756 728 Noteerimise kuupäev 18.05.2006 Nordecon International AS aktsiakapital koosneb 30 756 728 lihtaktsiast nimiväärtusega 10 Eesti krooni aktsia. Lihtaktsia omanikel on õigus saada dividende kui ettevõte neid jagab. Iga lihtaktsia annab ühe hääle Nordecon International AS üldkoosolekul. Aktsiatega kauplemise koondtulemused Väärtpaberi kauplemisajalugu (EEK) -------------------------------------------------------------------------------- | Hind | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Avamishind | 16,43 | 76,51 | 166,64 | -------------------------------------------------------------------------------- | Kõrgeim | 29,26 | 76,51 | 224,53 | -------------------------------------------------------------------------------- | Madalaim | 8,61 | 14,86 | 69,00 | -------------------------------------------------------------------------------- | Viimane sulgemishind | 24,72 | 15,96 | 76,67 | -------------------------------------------------------------------------------- | Kaubeldud aktsiaid (tk) | 9 627 956 | 6 447 283 | 7 284 775 | -------------------------------------------------------------------------------- | Käive, mln | 188,24 | 313,68 | 845,09 | -------------------------------------------------------------------------------- | Noteeritud aktsiate arv | 30 757 | 30 757 | 15 378 | | (31.12.), tuhat tükki | | | | -------------------------------------------------------------------------------- | Turuväärtus (31.12.), mln | 760,36 | 490,86 | 2 358,07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Väärtpaberi kauplemisajalugu (EUR) -------------------------------------------------------------------------------- | Hind | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Avamishind | 1,05 | 4,89 | 10,65 | -------------------------------------------------------------------------------- | Kõrgeim | 1,87 | 4,89 | 14,35 | -------------------------------------------------------------------------------- | Madalaim | 0,55 | 0,95 | 4,41 | -------------------------------------------------------------------------------- | Viimane sulgemishind | 1,58 | 1,02 | 4,90 | -------------------------------------------------------------------------------- | Kaubeldud aktsiaid (tk) | 9 627 956 | 6 447 283 | 7 284 775 | -------------------------------------------------------------------------------- | Käive, mln | 12,03 | 20,05 | 54,01 | -------------------------------------------------------------------------------- | Noteeritud aktsiate arv | 30 757 | 30 757 | 15 378 | | (31.12.), tuhat tükki | | | | -------------------------------------------------------------------------------- | Turuväärtus (31.12.), mln | 48,60 | 31,37 | 150,71 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Aktsionäride struktuur Nordecon International AS suurimad aktsionärid 31.12.2009 seisuga -------------------------------------------------------------------------------- | Aktsionär | Aktsiate arv | Osalus (%) | | | (tk) | | -------------------------------------------------------------------------------- | AS Nordic Contractors | 16 507 464 | 53,67 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken Ab Clients | 2 608 822 | 8,48 | -------------------------------------------------------------------------------- | State Street Bank and Trust Omnibus Account A | 1 147 911 | 3,73 | | Fund | | | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 1 111 853 | 3,61 | -------------------------------------------------------------------------------- | Ain Tromp | 678 960 | 2,21 | -------------------------------------------------------------------------------- | ASM Investments OÜ | 519 600 | 1,69 | -------------------------------------------------------------------------------- | SEB Pank AS | 405 757 | 1,32 | -------------------------------------------------------------------------------- | Aivo Kont | 339 480 | 1,10 | -------------------------------------------------------------------------------- | Raul Rebane | 316 104 | 1,03 | -------------------------------------------------------------------------------- 4. septembril 2009 teatas AS Nordic Contractors, et on müünud 2 300 000 Nordecon International AS aktsiat (7,48% aktsiatest) institutsionaalsetele investoritele. Tehingu tagajärjel vähenes Kontserni tuumikaktsionäri osalus Nordecon International AS-is 53,67%-ni. 16. septembril 2009 teatas East Capital Asset Management AB, et East Capital grupi ettevõtete osalus Nordecon International AS-is läbi esindajakontode on 5,04%. Nordecon International AS aktsionäride struktuur seisuga 31.12.2009: -------------------------------------------------------------------------------- | | Aktsionäride | Osalus (%) | | | arv (tk) | | -------------------------------------------------------------------------------- | Aktsionärid osalusega > 5% | 1 | 53,67% | -------------------------------------------------------------------------------- | Aktsionärid osalusega 1%-5% | 8 | 23,18% | -------------------------------------------------------------------------------- | Aktsionärid osalusega < 1% | 1 882 | 23,15% | -------------------------------------------------------------------------------- | Kokku | 1 891 | 100,00% | -------------------------------------------------------------------------------- Nordecon International AS nõukogu liikmete poolt kontrollitud aktsiad 31.12.2009 seisuga: -------------------------------------------------------------------------------- | Nõukogu | | Aktsiate arv | Osalus | | | | (tk) | (%) | -------------------------------------------------------------------------------- | Toomas Luman (AS Nordic | Nõukogu | 16 559 144 | 53,84 | | Contractors, OÜ Luman ja | esimees | | | | Pojad)* | | | | -------------------------------------------------------------------------------- | Ain Tromp | Nõukogu liige | 678 960 | 2,21 | -------------------------------------------------------------------------------- | Alar Kroodo (ASM Investments | Nõukogu liige | 519 600 | 1,69 | | OÜ)* | | | | -------------------------------------------------------------------------------- | Andri Hõbemägi | Nõukogu liige | 40 000 | 0,13 | -------------------------------------------------------------------------------- | Tiina Mõis | Nõukogu liige | 0 | 0,00 | -------------------------------------------------------------------------------- | Meelis Milder | Nõukogu liige | 0 | 0,00 | -------------------------------------------------------------------------------- * eraisiku poolt kontrollitavad ettevõtted Nordecon International AS juhatuse liikmete poolt kontrollitud aktsiad 31.12.2009 seisuga: -------------------------------------------------------------------------------- | Juhatus | | Aktsiate arv | Osalus | | | | (tk) | (%) | -------------------------------------------------------------------------------- | Jaano Vink | Juhatuse | 34 000 | 0,11% | | | esimees | | | -------------------------------------------------------------------------------- | Priit Tiru | Juhatuse | 0 | 0,00% | | | liige | | | -------------------------------------------------------------------------------- Nordecon International AS nõukogu ja juhatuse liikmetele ega nende poolt kontrollitavatele ettevõtetele ei ole väljastatud aktsiaoptsioone, mille alusel oleks võimalik omandada tulevastel perioodidel Nordecon International AS aktsiaid. Info oluliste tehingutega kohta seotud osapooltega 26.03.2009 soetas Nordecon Ehitus AS 50% OÜ Unigate osadest. OÜ Unigate soetati Kontserni tuumikaktsionäri Nordic Contractors AS tütarettevõttelt AS Arealis. OÜ Unigate on Eestis registreeritud ettevõte, mis tegutseb kinnisvaraarenduse (elamuehitus) tegevusvaldkonnas. Ettevõtte majandustegevus on seotud tema omandis olevate kinnistute arendamistegevusega, mis asuvad Tallinnas Paekalda tänaval. Osalus OÜ-s Unigate soetati vastavalt Kontserni strateegilistele eesmärkidele. Strateegia kohaselt on Kontsern 2009-2010 aastal valmistumas ette Eesti kinnisvaraturu uueks võimalikuks tõusuperioodiks peale 2010. aastat. Seetõttu luuakse Kontserni tütarettevõtetesse kinnistuportfell, mis võimaldab õigeaegselt alustada elamuarendust turusentimendi muutumise korral. Tehingutingimuste kohaselt tasuti 20,0 miljonit krooni (1,3 miljonit eurot): sellest 1,5 miljonit krooni (0,1 miljonit eurot) osaluse eest osakapitalis ning 18,5 miljonit krooni (1,2 miljonit krooni) AS Arealis laenunõuete eest OÜ Unigate vastu. Sõltuvalt kinnistute arendamise edukusest hakatakse AS-le Arealis hiljem tasuma ka muutuvosa 450 krooni (28,8 eurot) müüdud ruutmeetri pealt. Veebruaris 2009 oli OÜ Unigate omandis olevate kinnistuste turuväärtus (Nordecon Ehitus AS-le kuuluv osa) ligikaudu 47,5 miljonit krooni (3,0 miljonit eurot). Väljavaated Kontserni tegutsemisturgudele Eesti Eesti ehitusturgu iseloomustavad 2010. aastal Kontserni juhtkonna hinnangul järgmised sündmused: - Ehitusturu kogunõudluse erakordselt suur sõltuvus riigihangetest ning Euroopa Liidu finantstoel läbiviidavatest (eelkõige infrastruktuuri-, keskkonnaehituse- jms.) projektidest (sh oluliselt riigi ja kohalike omavalitsuste haldussuutlikkusest) ning hinnakujundusest. Siiski ei kompenseeri rajatiste ehitamise mahtude mõõdukas kahanemine võrreldes eelmiste perioodidega järsku langust hoonete ehitusmahtudes, kust hetkel on kadunud enamus eraettevõtetest ja -isikutest kliente. Nii eeldab Kontserni juhtkond 2010. aastaks, et võrreldes 2008. aastaga on ehitusturu kogumahud langenud üle 50%. - Elamuarendusele ja -ehitusele spetsialiseerunud ettevõtete hulga vähenemine (turu konsolideerumine). Jätkub 2008. aastal alanud suund, kus seni peamiselt elamuehitusele keskendunud ettevõtted püüavad siirduda teistesse turusegmentidesse (sh infrastruktuuride ehitus) ning teravdavad seeläbi oluliselt konkurentsisurvet. Turu madalseisu jätkumine viib ettevõtete ühinemisteni, ülevõtmisteni ning pankrottideni. - Suure tõenäosusega peatub 2010. aastal ehitushindade langus ja eeldada võib pigem nende pöördumist tõusule võrreldes 2008-2009 aastaga. Sellistes tingimustes põhjendamatult madala marginaaliga või alla omahinna sõlmitud pikaajaliste lepingute lõpetamine võib osutuda äärmiselt kahjumlikuks, tuues kaasa märgatavaid raskuseid neile ehitusettevõtetele, kes mainitud trendi on tähelepanuta jätnud. - 2009. aastal haripunkti jõudnud üleilmse finantskriisi järel on pankade poolt pakutavad finantseerimistingimused hakanud küll paranema, kuid siiski on suurel osal erasektori ettevõtetel raskusi uute ehitusprojektide finantseerimisega võõrkapitali abil. Nõudluse järsemat vähenemist aitab ehk mingil määral siiski pehmendada ehitusturu tihenevast konkurentsist tulenev hinnalangus, mis muudab tellijatele investeerimise atraktiivsemaks võrreldes turuhindade kõrgperioodiga aastatel 2006-2007. - Ehitusturu kasvuperioodil toodangumahtusid märkimisväärselt suurendanud ehitusmaterjalide tootjad kogesid 2009. aastal nõudluse jätkuvat vähenemist ehitusmaterjalide osas ning tootmisvõimsuse suurendamiseks võetud kohustuste täitmine oli oluliselt raskem. Ehitusmaterjalide hinnalangus on täna pidurdunud ning 2010. aastal on oodata pigem hindade kasvu. - Ehituse peatöövõtu ja projektijuhtimisega tegelevatel ehitusettevõtetel ebatõenäoliselt laekuvate ja lootusetute nõudesummade kasvamise suurenev tõenäosus. - Infrastruktuuriobjektide tähtsustumise kaudu on kujunenud senisest olulisemateks eduteguriteks spetsiifiline (insenertehniline) oskusteave ja kogemused koos vastavate ressursside olemasoluga. - Halvenev majanduskliima ja suurenenud konkurents ehitusturul seoses mahtude vähenemisega on põhjustanud ehitustööliste tööpuuduse jätkuva kasvu, mis läbi tööjõu pakkumise suurenemise on aidanud ehitusettevõtetel tööjõukulusid vähendada. - Ehitusprojektide finantseerimisskeemide muutumine (sh tellija maksetähtaegade oluline pikendamine) ning täiendavad nõuded projektide peatöövõtjapoolsele finantseerimisele ehitustegevuse perioodil, mis kokkuvõttes avaldab survet ettevõtete likviidsusele. Nordecon International kontsern tegutseb pikaajalistele eesmärkidele tuginedes, mida korrigeeritakse väliskeskkonna muutumisest tulenevate mõjudega. Vastav strateegilise juhtimise protsess kuulub Kontserni juhtkonna töökohustuste hulka (vt Kontserni strateegia kirjeldus peatükis „Kontserni strateegia ja eesmärgid aastatel 2009-2013“). Kontsern on valmistunud senise majanduskeskkonna muutumiseks järgmiselt: - Kasumlikkuse tagamiseks keskendutakse kulude kokkuhoiule ning efektiivsete tehniliste lahenduste otsimisele, mis peaksid kasumimarginaalide languse 2010. aastal võrreldes eelmiste perioodidega peatama; - Klientide makse- ja krediidivõime senisest kriitilisem eelanalüüs ning tähtaja ületanud nõuetega varasem ning aktiivsem tegelemine; - Riskide maandamine läbi projektiportfelli kujundamise; - Tegevuse kiire kokkutõmbamine välisturgudel ning keskendumine koduturule. Läti ja Leedu 2009. aasta III kvartali aruandes avalikustas Kontsern, et Läti turul tegutsev ettevõte Nordecon Infra SIA on sattunud likviidsusraskustesse, kuna suuremate projektide tellijad ei ole vahendite nappuse ning haldussuutmatuse tõttu tasunud õigeaegselt ehitustööde teostamise eest. Lisaks sellele tegutses ettevõtte turuolukorras, kus kasumlik tegevus ei olnud võimalik ilma ebaproportsionaalseid riske võtmata. Tulenevalt asjaolust, et 2009. aastal tegutses Kontsern Läti turul kahjumiga ning lähiajal ei ole oodata selles tegevusvaldkonnas positiivseid arenguid, müüs Kontsern oma osaluse Läti ettevõttes Nordecon Infra SIA veebruaris 2010. Leedu majanduse viimase aja arengud on sarnased teiste Balti riikide omadega. Investeeringute pidurdumine era- ja avalikus sektoris jms tegurid mõjutavad otseselt ehitusturgu. Äripindade ja korterelamute (Kontserni ettevõte kui peatöövõtja, mitte arendaja) ehitamise osas on turg järsult kokku tõmbunud ning uute projektide algatamine eraettevõtetest investorite poolt lähiajal ei ole tõenäoline. Eelnevast tulenevalt on Kontsern käesolevaks hetkeks Leedus tegutseva Nordecon Statyba UAB (endine UAB Eurocon LT) aktiivse tegevuse sisuliselt peatanud ning jälgib turul toimuvat. Tegevuse ajutise peatamisega ei kaasne Kontsernile olulisi kulusid. Kontserni juhtkond ei välista, et Leedus on tegevus peatatud ka peale 2010. aastat. See otsus ei muuda Kontserni strateegilisi eesmärke seoses osalemisega Leedu ehitusturul ega tähenda ettevõtte müümist ega likvideerimist. Ukraina Kontsern jätkab Ukrainas eelkõige kui ehituse peatöövõtu ja projektijuhtimisega tegelev ettevõtte äri- ja tootmishoonete vallas. 2009. aastal on hoonete segmendis turul reaalselt alustatud ehituslepingute hulk oluliselt vähenenud. Selles osas ei ole märkimisväärset elavnemist oodata ka vähemalt 2010 aasta esimeses pooles. Mahukaid investeeringuid nõudvad tegevused kinnisvaraarendusprojektiga (Kontsernil hetkel kaks konserveeritud arendusprojekti) on peatatud, et minimeerida riske ning oodata olukorra selginemist Ukraina ja maailma finantsturgudel. Kohaliku ehitusturu põhilised riskid on seotud riigi- ja omavalitsuse ning kohtusüsteemi nõrga toimimisefektiivsusega, inflatsiooni ja kvaliteetsete ehitussisendite kättesaadavusega. Nõudlusele on hetkel suurimat mõju avaldamas tellijate finantsvahendite puudumine ehitustegevuse alustamiseks. Praeguseks hetkeks on 2008. aastal alanud kohaliku valuuta odavnemine peatunud ning Kontserni avatus turust tulenevale valuutariskile oluliselt vähenenud. Samas on 46 miljoni elanikuga riigi ehitusturg pakkumas siiski võimalusi äritegevuse läbiviimiseks ka tulevikus. Peamiseks eduteguriks Kontsernile turul tegutsemisel on vähene konkurents ehituse projektijuhtimisfirmade hulgas (euroopalike juhtimistavade- ja oskustega paindlik ehituse projektijuhtimisettevõte). Kontserni juhtkond on veendunud, et täna nähtav kriis Ukraina ehitusturul ja majanduses tervikuna korrigeerib oluliselt riigis kehtinud arusaamu ning tõekspidamisi kaasaegset ehituse peatöövõtu- ja projektijuhtimisettevõtet iseloomustavate põhimõtete osas ja uuenenud mõtteviis parandab tuntavalt Kontserni positsiooni pikemas perspektiivis. Peamiste riskide kirjeldus Äririskid Äritegevuse sesoonsusest (peamiselt ilmastikutingimused talvekuudel) tulenevate riskide maandamiseks on Kontsern muuhulgas sõlminud teehoolduslepinguid, kus on aastaringne hooldamiskohustus. Samuti otsivad Kontserni ettevõtted jätkuvalt uusi tehnilisi lahendeid, mis lubaksid senisest tõhusamalt töötada muutuvates ilmastikutingimustes. Igapäevaste ehitustegevuse riskide haldamiseks on kontserniettevõtted sõlminud ehituse koguriskikindlustuse lepingud. Sõltuvalt konkreetse projekti iseloomust kasutatakse nii üldiseid raamlepinguid kui ka konkreetse projekti eripära ning tellija soove arvestavaid projektipõhiseid kindlustusi. Alltöövõtjatega sõlmitud töövõtulepingutest tulenevate alltöövõtjate kohustuste täitmise tagamiseks esitatakse Kontserni ettevõtte kasuks reeglina pangagarantii. Garantiiperioodil ilmneda võivate ehitajast tingitud puuduste kõrvaldamiseks on kõigis kontserniettevõtetes loodud garantiikulude eraldis. 31.12.2009 seisuga moodustas garantiieraldis (lühi- ja pikaajaline osa) kokku 15,7 miljonit krooni (1,0 miljonit eurot). Võrreldava perioodi vastav näitaja oli 14,6 miljonit krooni (0,93 miljonit eurot). Krediidiriskid Krediidiriski haldamisel analüüsitakse juba pakkumistegevuse etapis tulevase võimaliku lepingupartneri senist maksekäitumist ja -võimet. Lepingu sõlmimise järgselt toimub kliendi maksekäitumise pidev monitooring, alates ettemaksu lepingukohasest tasumisest kuni edaspidise lepingujärgsest maksegraafikust kinnipidamiseni, mis omakorda on reeglina sõltuvuses valminud ehitustööde akteerimisest. Usume, et kirjeldatud viisil toimimine võimaldab maksehäirete ilmnemisele piisava kiirusega reageerida. Aruandeperioodi lõpu seisuga hindame oma klientide maksekäitumist valitsevas majandusolukorras heaks, kuid esineb ka suuremahulisi probleemseid kliente. Tähtaja ületanud nõuete osakaal on kasvanud, mis suurendab krediidikahjumite tekkimise võimalust ka järgmistel perioodidel. Kontserni arvestuspõhimõtete kohaselt kajastatakse kuludes kõik nõuded, mis on ületanud maksetähtaja rohkem kui 180 päeva või mille osas puuduvad täiendavad kokkulepped klientidega võlgnevuste tasumiseks. 2009. aastal moodustas netokahjum ebatõenäoliselt laekuvatest nõuetest 42,0 miljonit krooni (2,7 miljonit eurot). Nimetatud allahindlus sisaldab III kvartali aruandes viidatud Peterburi Ärikvartali ehitusega seotud nõuete allahindlust. Eelmisel perioodil ületasid varasemalt alla hinnatud nõuete laekumisest tekkinud tulu aruandeperioodi nõuete allahindlusest tekkinud kulu 9,0 miljoni krooni võrra (0,6 miljonit eurot). Likviidsusriskid Vabu rahalisi vahendeid hoiab ettevõte tegutsemisturgude suurimates pankades üleöö- või fikseeritud intressiga tähtajalistel hoiustel. Kohustuste tähtaegse täitmise tagamiseks hoitakse arveldus- või üleöödeposiidi kontodel ligikaudu kahe nädala käiberaha ning vajadusel kasutatakse arvelduskrediiti. Kontserni käibevara ületab lühiajalisi kohustusi 1,47 kordselt (31.12.2008: 1,33 korda). Bilansipäeva seisuga oli Kontsernil vabu rahalisi vahendeid 225,2 miljonit krooni (14,4 miljonit eurot) (31.12.2008: 296,2 miljonit krooni / 18,9 miljonit eurot), mis moodustab piisava likviidsusvaru Kontserni äritegevuse läbiviimiseks võrreldes eelmise aastaga keerulisemates majandustingimustes. Intressiriskid Kontserni intressikandvad võlakohustused pankade ees on peamiselt fikseeritud intressimääradega. Kapitalirendi lepingud on ujuva intressimääraga ja põhinevad EURIBOR-il. Kontserni intressikandvad võlakohustused on võrreldes varasema perioodiga suurenenud 4,3 miljoni krooni võrra (0,3 miljonit eurot). Seisuga 31.12.2009 on Kontsernil intressikandvaid kohustusi summas 558,8 miljonit krooni (35,7 miljonit eurot). Intressikulud 2009. aastal moodustasid 26,6 miljonit krooni (1,7 miljonit eurot) ning võrreldes 2008. aastaga on intressikulud vähenenud 11,3 miljonit krooni (0,7 miljonit eurot), tulenevalt EURIBOR-i baasintressi langemisest ning võlakohustuste vähenemisest. Valuutariskid Ehituslepingud ja allhankelepingud on reeglina sõlmitud asukohamaa valuutas, Eesti kroonides (EEK), Läti lattides (LVL), Leedu littides (LTL) ja Ukraina grivnades (UAH). Välisriikidest sisseostetud teenused on olulises osas eurodes, mille osas valuutarisk kontserni Eesti, Läti ja Leedu ettevõtetele puudub. Kontserni kursikasumid ja -kahjumid tekivad peamiselt Ukraina äritegevusest, kus kohalik valuuta on ujuvkursiga võrreldes euro ja seega ka Eesti krooniga. Praeguseks on 2008. aasta viimases kvartalis alanud Ukraina grivna kursi nõrgenemine euro suhtes peatunud. Kontserni kursikasumid ja -kahjumid kokku moodustasid 2009. aastal kahjumi 0,7 miljonit krooni (0,04 miljonit eurot). Võrreldaval perioodil oli kursierinevuste tulemuseks kasum summas 6,6 miljonit krooni (0,4 miljonit eurot). Raamatupidamise vahearuanne Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | EEK`000 | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 225 191 | 296 184 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 338 767 | 473 935 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 322 283 | 408 541 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 776 | 776 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 3 207 | -------------------------------------------------------------------------------- | Varud | 403 307 | 386 733 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 4 616 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 1 294 941 | 1 569 376 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 35 933 | 112 605 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 87 975 | 116 783 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 204 115 | 263 295 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 268 233 | 305 188 | -------------------------------------------------------------------------------- | Põhivara kokku | 596 256 | 797 871 | -------------------------------------------------------------------------------- | VARA KOKKU | 1 891 197 | 2 367 247 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused | 262 959 | 235 948 | -------------------------------------------------------------------------------- | Võlad hankijatele | 244 764 | 439 615 | -------------------------------------------------------------------------------- | Maksuvõlad | 45 169 | 65 760 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 318 742 | 423 270 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 10 364 | 11 600 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 881 998 | 1 176 193 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 295 828 | 318 578 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 4 846 | 2 534 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 7 041 | 6 630 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 307 715 | 327 742 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 1 189 712 | 1 503 935 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital | 307 567 | 307 567 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 40 012 | 34 800 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -3 201 | -4 106 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 345 777 | 426 995 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 690 155 | 765 256 | | omakapital | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 11 330 | 98 056 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 701 485 | 863 312 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 891 197 | 2 367 247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR`000 | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARA | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 14 392 | 18 930 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 21 651 | 30 290 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | 20 598 | 26 110 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaks | 50 | 50 | -------------------------------------------------------------------------------- | Tulumaksu nõuded | 0 | 205 | -------------------------------------------------------------------------------- | Varud | 25 776 | 24 717 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 295 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 82 762 | 100 301 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Pikaajalised finantsinvesteeringud | 2 297 | 7 197 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 5 623 | 7 464 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 13 045 | 16 828 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 17 143 | 19 505 | -------------------------------------------------------------------------------- | Põhivara kokku | 38 108 | 50 993 | -------------------------------------------------------------------------------- | VARA KOKKU | 120 870 | 151 295 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused | 16 806 | 15 080 | -------------------------------------------------------------------------------- | Võlad hankijatele | 15 644 | 28 096 | -------------------------------------------------------------------------------- | Maksuvõlad | 2 887 | 4 203 | -------------------------------------------------------------------------------- | Muud võlad ja ettemaksed | 20 371 | 27 052 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 662 | 741 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 56 370 | 75 172 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 18 908 | 20 361 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 310 | 162 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 450 | 424 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 19 668 | 20 947 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 76 038 | 96 119 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital | 19 657 | 19 657 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 2 557 | 2 224 | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | -205 | -262 | -------------------------------------------------------------------------------- | Jaotamata kasum (kahjum) | 22 099 | 27 290 | -------------------------------------------------------------------------------- | Emaettevõtte aktsionäridele kuuluv | 44 108 | 48 909 | | omakapital | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 724 | 6 267 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 44 832 | 55 176 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 120 870 | 151 295 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | EEK`000 | IV kv | IV kv | 12 kuud | 12 kuud | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Müügitulu | 443 158 | 945 036 | 2 410 | 3 867 | | | | | 798 | 917 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 472 075 | 899 262 | 2 274 | 3 510 | | | | | 493 | 006 | -------------------------------------------------------------------------------- | Brutokasum | -28 917 | 45 774 | 136 305 | 357 911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | 2 626 | 1 795 | 9 416 | 8 007 | -------------------------------------------------------------------------------- | Üldhalduskulud | 90 494 | 45 376 | 186 376 | 182 526 | -------------------------------------------------------------------------------- | sh firmaväärtuse allahindlus | 61 206 | 0 | 61 206 | 0 | -------------------------------------------------------------------------------- | Muud äritulud | 3 282 | 45 435 | 25 458 | 63 947 | -------------------------------------------------------------------------------- | Muud ärikulud | 52 592 | 14 268 | 92 710 | 22 845 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -171 347 | 29 770 | -126 738 | 208 480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 48 848 | 19 690 | 84 657 | 96 877 | -------------------------------------------------------------------------------- | Finantskulud | 8 205 | 37 765 | 33 910 | 68 019 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | 40 643 | -18 075 | 50 747 | 28 858 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 340 | -2 181 | 1 855 | 17 | | arvestatud kasum | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 4 653 | 22 672 | 7 691 | 24 770 | | arvestatud kahjum | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -4 313 | -24 853 | -5 836 | -24 753 | | arvestatud kasum/kahjum kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Maksustamiseelne kasum (-kahjum) | -135 017 | -13 158 | -81 827 | 212 585 | -------------------------------------------------------------------------------- | Tulumaks | 1 525 | -1 176 | 6 842 | 41 269 | -------------------------------------------------------------------------------- | Puhaskasum (-kahjum) | -136 542 | -11 982 | -88 669 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | 569 | -3 263 | 905 | -6 371 | -------------------------------------------------------------------------------- | Kokku muu koondkasum (-kahjum) | 569 | -3 263 | 905 | -6 371 | -------------------------------------------------------------------------------- | Kokku koondkasum (-kahjum) | -135 973 | -15 245 | -87 764 | 164 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele | -111 818 | -9 722 | -45 242 | 145 580 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele | -24 724 | -2 260 | -43 427 | 25 736 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | | -136 542 | -11 982 | -88 669 | 171 316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku koondkasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele | -111 249 | -12 045 | -44 337 | 139 120 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele | -24 724 | -3 200 | -43 427 | 25 825 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | | -135 973 | -15 245 | -87 764 | 164 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | | | | | aktsia kohta emavõtte | | | | | | aktsionäridele: | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | -3,64 | -0,32 | -1,47 | 4,73 | | (EEK/aktsia) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -3,64 | -0,32 | -1,47 | 4,73 | | kohta (EEK/aktsia) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR`000 | IV kv | IV kv | 12 kuud | 12 kuud | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Müügitulu | 28 323 | 60 399 | 154 078 | 247 205 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 30 171 | 57 473 | 145 367 | 224 330 | -------------------------------------------------------------------------------- | Brutokasum | -1 848 | 2 925 | 8 711 | 22 875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | 168 | 115 | 602 | 512 | -------------------------------------------------------------------------------- | Üldhalduskulud | 5 784 | 2 900 | 11 912 | 11 666 | -------------------------------------------------------------------------------- | sh firmaväärtuse allahindlus | 3 912 | 0 | 3 912 | 0 | -------------------------------------------------------------------------------- | Muud äritulud | 210 | 2 904 | 1 627 | 4 087 | -------------------------------------------------------------------------------- | Muud ärikulud | 3 361 | 912 | 5 925 | 1 460 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -10 951 | 1 903 | -8 100 | 13 324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 3 122 | 1 258 | 5411 | 6 192 | -------------------------------------------------------------------------------- | Finantskulud | 524 | 2 414 | 2 167 | 4 347 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | 2 598 | -1 155 | 3 244 | 1 844 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 21 | -139 | 118 | 1 | | arvestatud kasum | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | 297 | 1 449 | 492 | 1 583 | | arvestatud kahjum | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse meetodil | -276 | -1 588 | -374 | -1 582 | | arvestatud kasum/kahjum kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Maksustamiseelne kasum (-kahjum) | - 8 629 | -841 | -5 230 | 13 587 | -------------------------------------------------------------------------------- | Tulumaks | 97 | -75 | 437 | 2 638 | -------------------------------------------------------------------------------- | Puhaskasum (-kahjum) | -8 727 | -766 | -5 667 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | Realiseerumata kursivahed | 36 | -208 | 58 | -407 | -------------------------------------------------------------------------------- | Kokku muu koondkasum (-kahjum) | 36 | -208 | 58 | -407 | -------------------------------------------------------------------------------- | Kokku koondkasum (-kahjum) | -8 690 | -974 | -5 609 | 10 542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele | -7 147 | -621 | -2 892 | 9 304 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele | -1 580 | -144 | -2 775 | 1 645 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | | -8 727 | -766 | -5 667 | 10 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku koondkasum (-kahjum): | | | | | -------------------------------------------------------------------------------- | - emaettevõtte aktsionäridele | -7 110 | -770 | -2 834 | 8 891 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | - mittekontrollivale osalusele | -1 580 | -204 | -2 775 | 1 651 | | kuuluv osa | | | | | -------------------------------------------------------------------------------- | | -8 690 | -974 | -5 609 | 10 542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta emavõtte | | | | | | aktsionäridele: | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | -0,23 | -0,02 | -0,09 | 0,30 | | (EUR/aktsia) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -0,23 | -0,02 | -0,09 | 0,30 | | kohta (EUR/aktsia) | | | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne -------------------------------------------------------------------------------- | | EEK`000 | EUR`000 | -------------------------------------------------------------------------------- | | 12k 2009 | 12k 2008 | 12k 2009 | 12k 2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | | | -------------------------------------------------------------------------------- | Laekumised ostjatelt | 3 337 | 4 693 | 213 303 | 282 802 | | | 467 | 418 | | | -------------------------------------------------------------------------------- | Maksed hankijatele | -2 799 | -3 809 | -178 928 | -243 468 | | | 616 | 442 | | | -------------------------------------------------------------------------------- | Maksed töötajatele ja | -427 098 | -540 926 | -27 296 | -34 571 | | töötajate eest | | | | | -------------------------------------------------------------------------------- | Makstud tulumaks | -10 858 | -38 041 | -694 | -2 431 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | 99 895 | 305 009 | 6 385 | 19 494 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavood | | | | | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | Materiaalse põhivara soetamine | -2 156 | -11 856 | -138 | -758 | -------------------------------------------------------------------------------- | Immateriaalse põhivara | -7 609 | -929 | -486 | -59 | | soetamine | | | | | -------------------------------------------------------------------------------- | Põhivara müük | 17 406 | 11 989 | 1 112 | 766 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringute | -200 | 0 | -13 | | | soetamine | | | | | -------------------------------------------------------------------------------- | Tütarettevõtete soetamine, | -11 688 | -211 331 | -747 | -13 507 | | netorahavoog | | | | | -------------------------------------------------------------------------------- | Tütarettevõtete müük | 0 | 2 063 | 0 | 132 | -------------------------------------------------------------------------------- | Sidusettevõtete soetamine | -6 000 | -7 615 | -383 | -487 | -------------------------------------------------------------------------------- | Sidusettevõtete müük | 7 230 | 77 812 | 462 | 4 973 | -------------------------------------------------------------------------------- | Ühisettevõtete soetamine | -20 000 | 0 | -1 278 | 0 | -------------------------------------------------------------------------------- | Antud laenud | -80 828 | -120 756 | -5 166 | -7 718 | -------------------------------------------------------------------------------- | Antud laenude laekumised | 34 897 | 86 721 | 2 230 | 5 542 | -------------------------------------------------------------------------------- | Saadud dividendid | 61 | 183 | 4 | 12 | -------------------------------------------------------------------------------- | Saadud intressid | 14 907 | 17 079 | 953 | 1 092 | -------------------------------------------------------------------------------- | Netorahavoog | -53 980 | -159 640 | -3 450 | -10 011 | | investeerimistegevusest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavood | | | | | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | Saadud laenud | 343 242 | 415 558 | 21 937 | 26 559 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | -348 364 | -309 607 | -22 265 | -19 787 | -------------------------------------------------------------------------------- | Makstud dividendid | -31 933 | -104 130 | -2 041 | -6 655 | -------------------------------------------------------------------------------- | Kapitalirendi maksed | -51 029 | -56 517 | -3 261 | -3 612 | -------------------------------------------------------------------------------- | Makstud intressid | -28 284 | -33 283 | -1 808 | -2 127 | -------------------------------------------------------------------------------- | Muud maksed | -487 | -258 | -31 | -16 | -------------------------------------------------------------------------------- | Netorahavoog | -116 855 | -88 237 | -7 469 | -5 639 | | finantseerimistegevusest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Rahavoog kokku | -70 940 | 60 132 | -4 534 | 3 843 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 296 184 | 236 112 | 18 930 | 15 090 | | perioodi algul | | | | | -------------------------------------------------------------------------------- | Valuutakursimuutused | -53 | -60 | -3 | -4 | -------------------------------------------------------------------------------- | Raha jäägi muutus | -70 940 | 60 132 | -4 534 | 3 843 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 225 191 | 296 184 | 14 393 | 18 930 | | perioodi lõpul | | | | | -------------------------------------------------------------------------------- Nordecon International kontsern hõlmab ettevõtteid, mis on keskendunud hoonete ja rajatiste ehitamise projektijuhtimisele ja peatöövõtule. Geograafiliselt tegutsevad kontserni ettevõtted Eestis, Lätis, Leedus ja Ukrainas. Eestis on täiendavateks tegevusvaldkondadeks lisaks teedeehituse ja -hoolduse ning keskkonnaehituse ja betoonitööde otsetöövõtt. Kontserni emaettevõte on Nordecon International AS, mis on registreeritud ja asub Tallinnas, Eestis. Kontserni kuulub lisaks emaettevõttele üle 15 tütarettevõtte. Kontserni 2008. aasta konsolideeritud müügitulu oli 3,9 miljardit krooni (247 miljonit eurot) ja konsolideeritud puhaskasum 171 miljonit krooni (11 miljonit eurot). Nordecon International kontsern andis 2009. aasta lõpus tööd ligikaudu 1 000 inimesele. Alates 18.05.2006 on emaettevõtte aktsiad noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas. 1 euro = 15,6466 krooni Raimo Talviste Nordecon International AS Finants- ja investorsuhete juht Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com
Pealkiri
2009 IV QUARTER AND 12 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED)
Teade
Financial review Margins Nordecon International Group ended 2009 with a gross profit of 136.3 million kroons (8.7 million euros), 62% down from the 357.9 million kroons (22.9 million euros) earned in 2008. The decrease is mainly attributable to a significant decline in the profitability of construction contracts across all segments and the completion of more profitable contracts started in previous periods. In ordinary circumstances, lower than average profitability in the first and fourth quarter results from seasonal factors that impact mainly the road construction business and are counteracted in the second and third quarters. In 2009, however, they were accompanied by exceptionally weak demand in the buildings construction sector throughout the year, which triggered fierce competition and, accordingly, a steep decrease in margins. This caused also a decrease in gross profit for 12 months compared with gross profit for the third quarter. The Group ended the year with an operating loss of 126.7 million kroons (8.1 million euros). The comparative period, 2008, ended with an operating profit of 208.5 million kroons (13.3 million euros). The incurrence of an operating loss can be explained by shrinkage in gross profit and the year-end re-measurement of the Group's assets and liabilities. In 2009, the Group responded to the anticipated decline in gross profit already at the beginning of the year by applying decisive measures for cutting administrative costs with a view to reducing the cost base compared with the previous year by 30%. Consolidated administrative expenses for 2009 totalled 186.4 million kroons (11.9 million euros). However, a significant proportion of administrative expenses is made up of items that are not impacted by cost-cutting (such as impairment losses on goodwill). Excluding such items, administrative expenses for 2009 totalled 125.2 million kroons (8 million euros), reflecting a roughly 33% decrease in comparable administrative expenses for 2008. In addition, the restructuring conducted in 2009 gave rise to certain non-recurring expenditures in the form of operating expenses and termination benefits. Excluding the non-recurring items, the ratio of administrative expenses to revenue was 5.2%, which is slightly above the 5% target set by management but perfectly acceptable in view of the plunge in volumes experienced by the construction market. The Group's operating result was also influenced by the impairment losses recognised for other assets (trade receivables and investment properties) within Other expenses. Impairment losses on receivables and investment properties totalled 42.0 million kroons (2.7 million euros) and 12.5 million kroons (0.8 million euros) respectively. Altogether, the impact of the one-off write-down expenses on operating profit was 115.7 million kroons (7.4 million euros). The Group remains committed to the aim of reducing the cost base in 2009-2010 by up to 30% compared with 2007-2008 and is prepared to adopt resolute measures also in the future. Fiscal 2009 ended with a consolidated net loss of 88.7 million kroons (5.7 million euros). The loss attributable to owners of the parent amounted to 45.3 million kroons (2.9 million euros) while the loss attributable to non-controlling interests equalled 43.4 million kroons (2.8 million euros). The profitability ratios monitored by the Group's management have changed significantly due to dramatic deterioration in the operating environment. The Group's margins have dropped (in all markets) year-over-year primarily on account of a steep decline in demand. The main sector-specific trend has been the increasing excess of construction capacities over the number of projects on offer. Demand that is insufficient for meeting the needs of all market players has heightened pressure for lowering the prices. Under the circumstances, the Group's gross margin for 2009 dropped to 5.7% (2008: 9.3%). The Group believes that in the current market situation, the above level of gross margin is still acceptable for profitable operation. In the light of new trends emerging in the construction market, the Group intends to continue redesigning its internal processes (improving the efficiency of purchase of services, cost cutting, etc) so as to maintain its gross margin at a level that would ensure that the next financial year will end in an operating profit. Cash flows The Group's operating activities generated a net cash inflow of 99.9 million kroons (6.4 million euros), a strong improvement on the net outflow of 57.1 million kroons (3.6 million euros) posted for the first half-year. In the current market situation, due to renegotiated and extended settlement terms, cash is received over a considerably longer period than previously. In addition, the period's receipts were influenced by the approaching end of the construction season that is accompanied by the signature of completion documents. The Group's ability to maintain a positive net operating cash flow depends on how well it can adapt to the new economic environment (e.g. by extending settlement terms with subcontractors) and the extent to which operating costs can be cut. Investing activities for 2009 resulted in a net outflow of 54.0 million kroons (3.5 million euros) compared with an outflow of 156.6 million kroons (10.0 million euros) for 2008. Acquisitions of investments in subsidiaries, associates and joint ventures (including disposals) generated a net outflow of 30.5 million kroons (2.0 million euros). The corresponding figure for 2008 was a net outflow of 139.1 million kroons (8.9 million euros). Financing activities generated a net outflow of 116.9 million kroons (7.5 million euros). The corresponding figure for 2008 was an outflow of 88.2 million kroons (5.6 million euros). Debt financing has decelerated because business volumes are not growing and in net terms financial liabilities are decreasing. The period's net outflow from interest-bearing loans and borrowings (excluding interest expense) was 56.1 million kroons (3.6 million euros) against a net inflow of 49.4 million kroons (3.2 million euros) in 2008. The remainder of financing cash flows was made up of a dividend distribution of 31.9 million kroons (2.0 million euros) compared with 104.1 million kroons (6.7 million euros) in 2008. Key financial figures and ratios -------------------------------------------------------------------------------- | Figure / ratio | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Weighted average number of shares* | 30,756,72 | 30,756,72 | 30,756,72 | | | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Earnings per share (in kroons) | -1.47 | 4.73 | 8.70 | -------------------------------------------------------------------------------- | Earnings per share (in euros) | -0.09 | 0.30 | 0.56 | -------------------------------------------------------------------------------- | Revenue growth | -37.7% | 3.1% | 49.9% | -------------------------------------------------------------------------------- | Average number of employees | 1,128 | 1,232 | 1,103 | -------------------------------------------------------------------------------- | Revenue per employee (in thousands of | 2,137 | 3,140 | 3,402 | | kroons) | | | | -------------------------------------------------------------------------------- | Revenue per employee (in thousands of | 137 | 201 | 217 | | euros) | | | | -------------------------------------------------------------------------------- | Personnel expenses to revenue, % | 15.1% | 12.7% | 12.3% | -------------------------------------------------------------------------------- | Administrative expenses to revenue, % | 7.7% | 4.7% | 4.6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA (in thousands of kroons) | -56,897 | 281,161 | 370,581 | -------------------------------------------------------------------------------- | EBITDA (in thousands of euros) | -3,636 | 17,969 | 23,684 | -------------------------------------------------------------------------------- | EBITDA margin, % | -2.4% | 7.3% | 9.9% | -------------------------------------------------------------------------------- | Gross margin, % | 5.7% | 9.3% | 13.3% | -------------------------------------------------------------------------------- | Operating margin, % | -5.3% | 5.4% | 8.2% | -------------------------------------------------------------------------------- | Operating margin excluding gains on | -5.4% | 5.3% | 7.8% | | asset sales, % | | | | -------------------------------------------------------------------------------- | Net margin, % | -3.7% | 4.4% | 7.7% | -------------------------------------------------------------------------------- | Return on invested capital, % | -4.1% | 19.1% | 37.2% | -------------------------------------------------------------------------------- | Return on assets, % | -6.0% | 9.1% | 17.1% | -------------------------------------------------------------------------------- | Return on equity, % | -11.3% | 20.5% | 44.1% | -------------------------------------------------------------------------------- | Equity ratio, % | 37.1% | 36.5% | 36.9% | -------------------------------------------------------------------------------- | Gearing, % | 26.5% | 18.2% | 13.5% | -------------------------------------------------------------------------------- | Current ratio | 1.47 | 1.33 | 1.30 | -------------------------------------------------------------------------------- * For comparability, the weighted average number of shares is the number of shares after the bonus issues. -------------------------------------------------------------------------------- | As at 31 December | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Order book (in thousands of kroons) | 1,530,661 | 2,220,748 | 2,526,652 | -------------------------------------------------------------------------------- | Order book (in thousands of euros) | 97,827 | 141,932 | 161,482 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) = net | Operating margin excluding gains on | | profit attributable to equity | asset sales = (operating profit - | | holders of the parent / weighted | gains on sale of property, plant and | | average number of shares outstanding | equipment - gains on sale of real | | Revenue per employee = revenue / | estate) / revenue | | average number of employees | Net margin = net profit for the | | Personnel expenses to revenue = | period / revenue | | personnel expenses / revenue | Return on invested capital = (profit | | Administrative expenses to revenue = | before tax + interest expense) / the | | administrative expenses / revenue | period's average (interest-bearing | | EBITDA = earnings before interest, | liabilities + equity) | | taxes, depreciation and | Return on assets = operating profit / | | amortisation | the period's average total assets | | EBITDA margin = EBITDA / revenue | Return on equity = net profit for the | | Gross margin = gross profit / | period /the period's average total | | revenue | equity | | Operating margin = operating profit | Equity ratio = total equity / total | | / revenue | equity and liabilities | | | Gearing = (interest-bearing | | | liabilities - cash and cash | | | equivalents) / (interest bearing | | | liabilities + equity) | | | Current ratio = total current assets | | | / total current liabilities | -------------------------------------------------------------------------------- Performance by geographical market Revenue earned outside Estonia in 2009 accounted for approximately 15% of consolidated revenue against approximately 20% a year ago. The decline is primarily attributable to developments in the Ukrainian market. In 2009, the Group expanded its operations in Latvia - at the end of the year Latvian revenues accounted for around 11% of the total while in 2008 the proportion was 6%. However, since the Latvian operations were generating a loss, the Group sold its interest in the Latvian entities at the beginning of 2010. As a result, the Group expects that its Latvian revenues will decline significantly in 2010. In the next few years, the Group plans to continue project-based business in Latvia through its Estonian entities, involving partners where necessary. Continuation of project-based operations assumes the availability of profitable projects. At the same time, the contribution of Ukrainian revenues has dropped to approximately 3%. The downturn is mainly attributable to the completion of major projects started in the previous period and the complexity of entering into new contracts during a steep recession. In Lithuania, the Group has suspended active operations for the time being (see Changes in the Group's management structure and operations in 2009). Further information on developments in the Group's markets can be found in the section Outlooks of the Group's geographical markets. -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Estonia | 85.7% | 80.3% | 87.9% | -------------------------------------------------------------------------------- | Ukraine | 2.7% | 11.4% | 11.6% | -------------------------------------------------------------------------------- | Lithuania | 0.4% | 2.4% | 0.5% | -------------------------------------------------------------------------------- | Latvia | 11.2% | 5.9% | 0% | -------------------------------------------------------------------------------- Performance by business line The core business of Nordecon International Group is general contracting and project management in buildings and infrastructure construction. In addition, the Group is involved in road construction and maintenance, environmental engineering, concrete works and real estate development. Consolidated revenue for 2009 amounted to 2,410.8 million kroons (154.1 million euros), a 37.7% decrease from the 3,867.9 million kroons (247.2 million euros) generated in 2008. Revenue has decreased mainly on account of shrinkage in demand in all of the Group's markets. In addition, the absolute revenue figure has been impacted by stiff competition that has lowered the construction prices (see further commentary and forecasts for the future in Outlooks of the Group's geographical markets). The Group aims to maintain the revenues generated by its main segments (Buildings and Infrastructure) in balance as this helps disperse risks and provides a more solid foundation under stressed circumstances when one segment experiences shrinkage in operating volumes. In view of estimated demand for apartments in the real estate market and housing development risks, in subsequent years the proportion of housing construction revenue from apartment buildings (the Group as a developer or a builder) will remain significantly below the strategic 20% limit. Segment revenue In contrast to previous years, in 2009 the revenue generated by the Infrastructure segment exceeded that of Buildings. This results mainly from the situation in the construction market (particularly in Estonia) that has caused the order book of the Infrastructure segment to develop more favourably already since the second half of 2008. In 2009, the Buildings and Infrastructure segments generated revenue of 1,047.4 million kroons (66.9 million euros) and 1,339.2 million kroons (85.6 million euros) respectively. The corresponding figures for 2008 were 2,136.9 million kroons (136.6 million euros) and 1,698.5 million kroons (108.6 million euros) respectively. The 51%-decrease in the revenue generated by the Buildings segment corresponded to management's assessment of the market situation and was therefore anticipated. Revenue distribution between segments * -------------------------------------------------------------------------------- | Business segments | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Buildings | 45% | 63% | 53% | -------------------------------------------------------------------------------- | Infrastructure | 55% | 37% | 47% | -------------------------------------------------------------------------------- * In connection with the entry into force of IFRS 8 Operating Segments during the reporting period, the Group has changed segment reporting in its financial statements. In the Directors' report the Ukrainian and EU Buildings segments which are disclosed separately in the financial statements are presented as a single segment. In addition, the segment information presented in the Directors' report does not include the disclosures on “other segments” that are presented in the financial statements. Management estimates that because of the market situation the proportion of revenue generated by the Infrastructure segment in 2010 will continue increasing compared with 2009. The assessment is supported by the Group's order book as at 31 December 2009 where the contracts of the Infrastructure segment exceed those of the Buildings segment (see Order book in Director's report). Revenue distribution within segments The distribution of the Group's buildings construction revenue has remained stable, with Commercial buildings accounting for over 50% of the total. The growth in the contribution of the Commercial buildings sub-segment to two thirds of segment revenue is attributable to two large projects: the building of the Nordea Bank in Tallinn and an extension to the Lõunakeskus shopping mall in Tartu. As anticipated, revenues from the construction of industrial and warehouse facilities and apartment buildings have decreased. On the other hand, the downturn in construction prices has triggered slight growth in the construction of public buildings thanks to municipal investments in schools, nurseries and other public buildings. However, despite attractive construction prices, further growth in local government projects may be undermined by financing difficulties. -------------------------------------------------------------------------------- | Revenue distribution in the Buildings | 2009 | 2008 | 2007 | | segment | | | | -------------------------------------------------------------------------------- | Commercial buildings | 66% | 59% | 58% | -------------------------------------------------------------------------------- | Industrial and warehouse facilities | 10% | 16% | 9% | -------------------------------------------------------------------------------- | Public buildings | 18% | 14% | 19% | -------------------------------------------------------------------------------- | Apartment buildings | 6% | 11% | 14% | -------------------------------------------------------------------------------- Growth in the operations of the Nordecon Infra SIA subgroup in 2008-2009 caused structural shifts in revenue distribution within the Infrastructure segment. The contribution of other engineering projects increased largely on account of growth in pipeline and outdoor network construction. Due to the divestment of Nordecon Infra SIA in 2010, the contribution of other engineering projects is expected to decline (see Outlooks of the Group's geographical markets). Environmental engineering revenues have expanded thanks to a decline in construction prices that has increased investments by state and local government. -------------------------------------------------------------------------------- | Revenue distribution in the | 2009 | 2008 | 2007 | | Infrastructure segment | | | | -------------------------------------------------------------------------------- | Road construction and maintenance | 49% | 45% | 41% | -------------------------------------------------------------------------------- | Port construction | 12% | 24% | 33% | -------------------------------------------------------------------------------- | Other engineering | 31% | 25% | 13% | -------------------------------------------------------------------------------- | Environmental engineering | 8% | 6% | 13% | -------------------------------------------------------------------------------- Order book At 31 December 2009, the Group's order book stood at 1,531 million kroons (98 million euros), approximately a third down from the 2,221 million kroons (142 million euros) posted a year ago. -------------------------------------------------------------------------------- | As at 31 December | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Order book, in thousands of kroons | 1,530,661 | 2,220,748 | 2,526,652 | -------------------------------------------------------------------------------- | Order book, in thousands of euros | 97,827 | 141,932 | 161,482 | -------------------------------------------------------------------------------- The order book of the Infrastructure segment has been growing year-over-year. At 31 December 2009 it accounted for 74% of the Group's total order book (31 December 2008: 59%), reflecting the situation in the construction market where shrinkage in the Buildings segment has significantly outpaced growth in the Infrastructure segment. In absolute terms, the order book figures have been severely weakened by tumbling construction prices. Between the reporting date (31 December 2009) and the date of release of this report, Group companies have been awarded additional construction contracts of approximately 61 million kroons (3.9 million euros). People Nordecon believes that its most important assets are its people and that the value of the company depends on the professionalism, motivation and loyalty of its employees. Accordingly, the Group's management is committed to creating a contemporary work environment that fosters professional growth and development in terms of working conditions, career opportunities and the nature of the work. People and personnel expenses In 2009, the Group (including the parent and the subsidiaries) employed, on average, 1,128 people including around 470 engineers and technical personnel (ETP). The acquisition of the Latvian company SIA LCB in 2009 increased the number of staff by more than 100. However, since the end of 2008 personnel growth has been replaced by a decline owing to downsizing triggered by a significant decrease in the Group's operations. Average number of the Group's employees (including the parent and its subsidiaries): -------------------------------------------------------------------------------- | Year | ETP | Workers | Total average | -------------------------------------------------------------------------------- | 2009 | 467 | 661 | 1,128 | -------------------------------------------------------------------------------- | 2008 | 511 | 721 | 1,232 | -------------------------------------------------------------------------------- | 2007 | 425 | 678 | 1,103 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The Group's personnel expenses for 2009, including associated taxes, totalled 363.5 million kroons (23.2 million euros), a 27% decrease compared with the 498.6 million kroons (31.9 million euros) incurred in 2008. Personnel expenses have declined on account of downsizing and the cutting of basic salaries. Employee salaries have been lowered at all Group entities; the average pay-cut for engineers and technical personnel was 15%. The performance pay of project staff that is linked to the projects' profit margins has also dropped. Owing to the overall economic situation and the slump in the construction market, in 2009 Group entities terminated employment relations with approximately 620 people. However, this is not directly reflected in the total average number of employees because the latter is increased by the staff taken over on the acquisition of subsidiaries and the people hired under fixed term contracts. The decrease in the number of staff may continue in 2010 but considerably more slowly except for the effect of the divestment of Nordecon Infra SIA that has reduced the number of the Group's employees by around 150. In 2009, the remuneration of the members of the council of Nordecon International AS including social security charges amounted to 1,436 thousand kroons (92 thousand euros). The corresponding figure for 2008 was 1,443 thousand kroons (92 thousand euros). The remuneration and benefits of the members of the board of Nordecon International AS including social security charges totalled 3,254 thousand kroons (208 thousand euros) compared with 14,514 thousand kroons (928 thousand euros) in 2008. The differences in the remuneration of the board stem from the fact that from 5 January 2009 the board had three members and since October 2009 there have been two members while in 2008 the number was five (see Changes in the Group's management structure and operations in 2009). In addition, the figure has been impacted by a 15% reduction in board member remuneration across the Group. Share and shareholders Share information ISIN code EE3100039496 Short name of the security NCN1T (until 3 April 2009 EEH1T) Nominal value 10.00 kroons / 0.64 euros Total number of securities issued 30,756,728 Number of listed securities 30,756,728 Listing date 18 May 2006 The share capital of Nordecon International AS consists of 30,756,728 ordinary shares with a par value of 10 Estonian kroons each. Owners of ordinary shares are entitled to dividends as distributed from time to time. Each share carries one vote at the general meetings of Nordecon International AS. Summarised trading results Share trading history (EEK) -------------------------------------------------------------------------------- | Price | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Open | 16.43 | 76.51 | 166.64 | -------------------------------------------------------------------------------- | High | 29.26 | 76.51 | 224.53 | -------------------------------------------------------------------------------- | Low | 8.61 | 14.86 | 69.00 | -------------------------------------------------------------------------------- | Last closing price | 24.72 | 15.96 | 76.67 | -------------------------------------------------------------------------------- | Traded volume | 9,627,956 | 6,447,283 | 7,284,775 | -------------------------------------------------------------------------------- | Turnover, millions | 188.24 | 313.68 | 845.09 | -------------------------------------------------------------------------------- | Listed volume (31 December), | 30,757 | 30,757 | 15,378 | | thousands | | | | -------------------------------------------------------------------------------- | Market capitalisation (31 | 760.36 | 490.86 | 2,358.07 | | December), millions | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Share trading history (EUR) -------------------------------------------------------------------------------- | Price | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | Open | 1.05 | 4.89 | 10.65 | -------------------------------------------------------------------------------- | High | 1.87 | 4.89 | 14.35 | -------------------------------------------------------------------------------- | Low | 0.55 | 0.95 | 4.41 | -------------------------------------------------------------------------------- | Last closing price | 1.58 | 1.02 | 4.90 | -------------------------------------------------------------------------------- | Traded volume | 9,627,956 | 6,447,283 | 7,284,775 | -------------------------------------------------------------------------------- | Turnover, millions | 12.03 | 20.05 | 54.01 | -------------------------------------------------------------------------------- | Listed volume (31 December), | 30,757 | 30,757 | 15,378 | | thousands | | | | -------------------------------------------------------------------------------- | Market capitalisation (31 | 48.60 | 31.37 | 150.71 | | December), millions | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shareholder structure The largest shareholders of Nordecon International AS at 31 December 2009 -------------------------------------------------------------------------------- | Shareholder | Number of | Ownership | | | shrares | interest | -------------------------------------------------------------------------------- | AS Nordic Contractors | 16,507,464 | 53.67 | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken Ab Clients | 2,608,822 | 8.48 | -------------------------------------------------------------------------------- | State Street Bank and Trust Omnibus | 1,147,911 | 3.73 | | Account A Fund | | | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 1,111,853 | 3.61 | -------------------------------------------------------------------------------- | Ain Tromp | 678,960 | 2.21 | -------------------------------------------------------------------------------- | ASM Investments OÜ | 519,600 | 1.69 | -------------------------------------------------------------------------------- | SEB Pank AS | 405,757 | 1.32 | -------------------------------------------------------------------------------- | Aivo Kont | 339,480 | 1.10 | -------------------------------------------------------------------------------- | Raul Rebane | 316,104 | 1.03 | -------------------------------------------------------------------------------- On 4 September 2009 AS Nordic Contractors announced that it had sold 2,300,000 of its shares in Nordecon International AS (7.48% of all shares) to institutional investors. By the transaction, the ultimate controlling party's interest in Nordecon International AS dropped to 53.67%. On 16 September 2009, East Capital Asset Management AB announced that East Capital Group's total stake in Nordecon International AS (through nominee accounts) was 5.04%. Shareholder structure at 31 December 2009 -------------------------------------------------------------------------------- | | Number of | Ownership | | | shareholders | interest | -------------------------------------------------------------------------------- | Shareholders with interest exceeding | 1 | 53.67% | | 5% | | | -------------------------------------------------------------------------------- | Shareholders with interest between | 8 | 23.18% | | 1% and 5% | | | -------------------------------------------------------------------------------- | Shareholders with interest below 1% | 1,882 | 23.15% | -------------------------------------------------------------------------------- | Total | 1,891 | 100.00% | -------------------------------------------------------------------------------- Shares controlled by members of the council of Nordecon International AS at 31 December 2009 -------------------------------------------------------------------------------- | Council | | Number of | Ownership | | | | shares | interest | -------------------------------------------------------------------------------- | Toomas Luman (AS Nordic | Chairman of | 16,559,144 | 53.84 | | Contractors, | the Council | | | | OÜ Luman ja Pojad)* | | | | -------------------------------------------------------------------------------- | Ain Tromp | Member of the | 678,960 | 2.21 | | | Council | | | -------------------------------------------------------------------------------- | Alar Kroodo (ASM | Member of the | 519,600 | 1.69 | | Investments OÜ)* | Council | | | -------------------------------------------------------------------------------- | Andri Hõbemägi | Member of the | 40,000 | 0.13 | | | Council | | | -------------------------------------------------------------------------------- | Tiina Mõis | Member of the | 0 | 0.00 | | | Council | | | -------------------------------------------------------------------------------- | Meelis Milder | Member of the | 0 | 0.00 | | | Council | | | -------------------------------------------------------------------------------- * Companies controlled by the individual Shares controlled by members of the board of Nordecon International AS at 31 December 2009 -------------------------------------------------------------------------------- | Board | | Number of | Ownership | | | | shares | interest | -------------------------------------------------------------------------------- | Jaano Vink | Chairman of | 34,000 | 0.11% | | | the Board | | | -------------------------------------------------------------------------------- | Priit Tiru | Member of the | 0 | 0.00% | | | Board | | | -------------------------------------------------------------------------------- Members of the board and council of Nordecon International AS and companies controlled by them have not been granted any share options under which they could acquire shares in Nordecon International AS in subsequent periods. Information on significant transactions with related parties On 26 March 2009, Nordecon Ehitus AS acquired a 50% stake in OÜ Unigate from AS Arealis, a subsidiary of the Group's controlling shareholder Nordic Contractors AS. OÜ Unigate is a housing developer incorporated in Estonia that has been developing properties belonging to it in Paekalda street in Tallinn. The investment was made in line with the Group's strategy according to which in 2009-2010 the Group is to prepare for a potential rise of the Estonian real estate market that may take place after 2010. For this, the Group's subsidiaries will acquire property portfolios that will allow launching housing construction projects as soon as the market situation changes. In accordance with the terms of the transaction, AS Arealis was paid 20.0 million kroons (1.3 million euros) including 1.5 million kroons (0.1 million euros) for an interest in the entity's share capital and 18.5 million kroons (1.2 million euros) for AS Arealis' loan receivables from OÜ Unigate. Depending on the success of the development operations, AS Arealis will also be paid a variable price component that will be calculated at 450 kroons (28.8 euros) per square metre sold. In February 2009, the market value of the properties belonging to OÜ Unigate (the proportion acquired by Nordecon Ehitus AS) was approximately 47.5 million kroons (3.0 million euros). Outlooks of the Group's geographical markets Estonia According to assessment of the Group's management, in 2010 the Estonian construction market will be characterised by the following features: - Total demand in the construction market will depend heavily on public procurement tenders and the number and pricing of infrastructure, environmental and other projects conducted with the financial support of the European Union (the latter will be critically influenced by the administrative capabilities of the central and local governments). However, the more moderate decline in the infrastructure sector will not be able to compensate for the steep contraction of the buildings construction market that has currently been abandoned by most private sector corporates and individuals. The Group's management assumes that by 2010 the total volumes of the construction market will have decreased by over 50% compared with 2008 - The number of development and buildings construction companies will decrease (market consolidation). Companies focused on residential construction that in 2008 began seeking opportunities for penetrating other market segments such as infrastructure will continue to do so, heightening competition in the segments involved. The continuing slump will lead to mergers, takeovers and bankruptcies. - Construction prices will probably cease declining in 2010 and may even start rising compared with 2008-2009. In such a situation, completion of contracts concluded at unreasonably low margins or below cost may have an adverse impact and may cause serious difficulties for companies not noticing the trend. - After the global financial crisis that peaked in 2009, the financing terms offered by banks have started improving but many private sector companies are still finding it difficult to raise debt in order to finance new construction projects. The steep decrease in demand may be somewhat alleviated by a competition-induced decrease in prices, which will render investment in construction projects more attractive than it was during the boom of 2006 and 2007. - In 2009, building materials manufacturers that had significantly increased their output during the growth phase of the market were faced by continuing shrinkage in demand and, consequently, greater strain in meeting the obligations taken for increasing their capacities. To date, the decline in building materials prices has notably decelerated and the prices are expected to start rising in 2010. - Companies involved in general contracting and project management will probably have to face growth in doubtful and irrecoverable receivables. - Because of the increasing importance of infrastructure projects, critical success factors include specialised engineering expertise and experience as well as the availability of relevant resources. - The deteriorating economic climate and fierce competition in the construction market along with falling demand have caused continuing unemployment for construction workers. The ensuing increase in the availability of labour has lowered construction companies' personnel expenses. - The change in construction projects' financing schemes (including significant extension of customers' settlement terms) and additional requirements to the financing provided by general contractors during the construction period put pressure on contractors' liquidity. Nordecon International Group operates in accordance with its long-term objectives that are adjusted for changes in the external environment. Relevant strategic management is the responsibility of the Group's board (see The Group's strategy and objectives for 2009-2013). The Group has prepared for changes in the economic environment by: - Ensuring profitability by cutting costs an seeking effective technical solutions that should halt year-over-year decrease in profit margins in 2010 - Performing a more thorough preliminary analysis of the customers' solvency and creditworthiness and dealing proactively with the collection of overdue receivables - Dispersing risks through portfolio design - Rapidly reducing the operations in foreign markets and focusing on the home market. Latvia and Lithuania In its third quarter financial statements, the Group reported that its Latvian subsidiary Nordecon Infra SIA was experiencing liquidity difficulties because owing to a lack of resources and administrative weaknesses the customers of major projects did not settle their accounts on a timely basis. Moreover, the entity was operating in an environment where profitable performance was not possible without taking disproportionate risks. Because the Group incurred losses in the Latvian market in 2009 and the market situation was not expected to improve in the foreseeable future, the Group sold its stake in Nordecon Infra SIA in February 2010. Recent economic developments in Lithuania have been similar to the ones in the other Baltic countries. Slowdown in investment, both in the public and private sectors, and similar factors have directly influenced the construction market. The commercial and residential construction markets (the Group as a general contractor not a developer) have contracted visibly and the launch of any new private sector projects in the near future is unlikely. In response to this, the business operations of the Group's Lithuanian subsidiary Nordecon Statyba UAB (formerly UAB Eurocon LT) have been essentially suspended and the Group is monitoring the market situation. The temporary suspension of operations does not result in any major costs for the Group. The Group's management does not exclude the possibility that the Lithuanian operations will remain suspended also after 2010. The decision does not change the Group's strategic objectives in the Lithuanian construction market and does not imply the sale or liquidation of the company. Ukraine In Ukraine, the Group will continue mainly as a general contractor and project manager in the construction of commercial buildings and production facilities. In 2009, the number of projects started in the buildings construction market has decreased substantially. The situation in the sector is not expected to improve until after the first half of 2010. Activities on development projects that require major investment (currently two) have been suspended and conserved to minimise the risks until the situation in the Ukrainian and global financial markets has eased up. The main risks in the Ukrainian market are connected with the low administrative efficiency of the central and local governments and the judicial system, inflation, and the availability of quality construction inputs. Demand is currently mainly undermined by the lack of financing. To date, the weakening of the local currency that began in 2008 has stopped and the Group's exposure to market-based currency risk has decreased considerably. Nevertheless, the Group believes that the construction market of a country with a population of 46 million will offer business opportunities also in the future. The Group's main success factor is negligible competition in the project management sector (the Group offers flexible construction management in combination with European practices and competencies). The Group's management is confident that the current crisis in the Ukrainian construction market and economy as a whole will transform the local understanding and expectations of general contracting and project management in the construction business, which will improve the Group's position in the long-term perspective. Description of the main risks Business risks To mitigate the risks arising from the seasonal nature of the construction business (primarily the weather conditions during the winter months), the Group has acquired road maintenance contracts that generate year-round business. In addition, Group companies are constantly seeking new technical solutions that would allow working more efficiently under changeable weather conditions. To manage their daily construction risks, Group companies purchase Contractors' All Risks insurance. Depending on the nature of the project, both general frame agreements and specially tailored project-specific contracts are used. In addition, as a rule, subcontractors are required to secure the performance of their obligations with a bank guarantee issued for the benefit of a Group company. To remedy builder-caused deficiencies which may be detected during the warranty period, all Group companies create warranties provisions. At 31 December 2009, the provisions (including current and non-current ones) totalled 15.7 million kroons (1.0 million euros). The corresponding figure at 31 December 2008 was 14.6 million kroons (0.93 million euros). Credit risks For credit risk management, a potential customer's settlement behaviour and creditworthiness are analysed already in the tendering stage. Subsequent to the signature of a contract, the customer's settlement behaviour is monitored on an ongoing basis from the making of an advance payment to adherence to the contractual settlement schedule, which usually depends on the documentation of the delivery of work performed. We believe that the system in place allows us to respond to customers' settlement difficulties with sufficient speed. As at the end of the reporting period, our customers' settlement behaviour was good, considering the current economic situation; however, there were also some large problem customers. The proportion of overdue receivables has increased, increasing the probability of credit losses also in subsequent periods. In accordance with the Group's accounting policies, all receivables that are more than 180 days overdue or in respect of which no additional settlement agreements have been reached are recognised as an expense. In 2009, net loss on doubtful receivables amounted to 42.0 million kroons (2.7 million euros). The figure includes the impairment loss recognised for the receivables connected with the construction of the St Petersburg Business Quarter referred to in the third quarter financial statements. In 2008, recoveries of receivables written down in preceding periods exceeded the period's impairment losses on receivables by 9.0 million kroons (0.6 million euros). Liquidity risks Free funds are placed in overnight or fixed-interest term deposits with the largest banks of the markets where the Group operates. To ensure timely settlement of liabilities, approximately two weeks' working capital is kept in current accounts or overnight deposits. Where necessary, overdraft facilities are used. At the reporting date, the Group's current assets exceeded its current liabilities 1.47-fold (31 December 2008: 1.33-fold) and available cash funds totalled 225.2 million kroons (14.4 million euros) (31 December 2008: 296.2 million kroons / 18.9 million euros), providing a sufficient liquidity buffer for operating in an economic environment that is more uncertain than in the previous year. Interest rate risks The Group's interest-bearing liabilities to banks have mainly fixed interest rates. Finance lease liabilities have floating interest rates and are linked to EURIBOR. At 31 December 2009, the Group's interest-bearing loans and borrowings totalled 558.8 million kroons (35.7 million euros), a 4.3 million kroon (0.3 million euro) increase year-over-year. Interest expense for 2009 amounted to 26.6 million kroons (1.7 million euros). Compared with 2008, interest expense has contracted by 11.3 million kroons (0.7 million euros) thanks to a decline in the EURIBOR base rate and a decrease in loans and borrowings. Currency risks As a rule, construction contracts and subcontractors' service contracts are made in the currency of the host country: in Estonia contracts are made in Estonian kroons (EEK), in Latvia in Latvian lats (LVL), in Lithuania in Lithuanian litas (LTL) and in Ukraine in Ukrainian hryvnas (UAH). Services purchased from other countries are mostly priced in euros, which does not constitute a currency risk for the Group's Estonian, Latvian and Lithuanian entities. The Group's foreign exchange gains and losses result mainly from its Ukrainian operations because the Ukrainian national currency floats against the euro and, consequently, against the Estonian kroon. To date, the weakening of the Ukrainian hryvna against the euro that began in the last quarter of 2008 has stopped. The Group's net exchange loss for 2009 was 0.7 million kroons (0.04 million euros). In 2008, the Group's exchange differences resulted in a gain of 6.6 million kroons (0.4 million euros). Condensed consolidated interim financial statements Condensed consolidated interim statement of financial position -------------------------------------------------------------------------------- | EEK ‘000 | 2009 | 2008 | | As at 31 December | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | | | -------------------------------------------------------------------------------- | Trade receivables | 225,191 | 296,184 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 338,767 | 473,935 | -------------------------------------------------------------------------------- | Deferred tax assets | 322,283 | 408,541 | -------------------------------------------------------------------------------- | Income tax assets | 776 | 776 | -------------------------------------------------------------------------------- | Inventories | 0 | 3,207 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 403,307 | 386,733 | -------------------------------------------------------------------------------- | Total current assets | 4,616 | 0 | -------------------------------------------------------------------------------- | Current assets | 1,294,941 | 1,569,376 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term investments | 35,933 | 112,605 | -------------------------------------------------------------------------------- | Investment property | 87,975 | 116,783 | -------------------------------------------------------------------------------- | Property, plant and equipment | 204,115 | 263,295 | -------------------------------------------------------------------------------- | Intangible assets | 268,233 | 305,188 | -------------------------------------------------------------------------------- | Total non-current assets | 596,256 | 797,871 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1,891,197 | 2,367,247 | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 262,959 | 235,948 | -------------------------------------------------------------------------------- | Trade payables | 244,764 | 439,615 | -------------------------------------------------------------------------------- | Taxes payable | 45,169 | 65,760 | -------------------------------------------------------------------------------- | Other payables | 318,742 | 423,270 | -------------------------------------------------------------------------------- | Provisions | 10,364 | 11,600 | -------------------------------------------------------------------------------- | Total current liabilities | 881,998 | 1,176,193 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 295,828 | 318,578 | -------------------------------------------------------------------------------- | Other liabilities | 4,846 | 2,534 | -------------------------------------------------------------------------------- | Provisions | 7,041 | 6,630 | -------------------------------------------------------------------------------- | Total non-current liabilities | 307,715 | 327,742 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,189,712 | 1,503,935 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 307,567 | 307,567 | -------------------------------------------------------------------------------- | Statutory capital reserve | 40,012 | 34,800 | -------------------------------------------------------------------------------- | Translation reserve | -3,201 | -4,106 | -------------------------------------------------------------------------------- | Retained earnings | 345,777 | 426,995 | -------------------------------------------------------------------------------- | Equity attributable to owners of the | 690,155 | 765,256 | | parent | | | -------------------------------------------------------------------------------- | Non-controlling interests | 11,330 | 98,056 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 701,485 | 863,312 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 1,891,197 | 2,367,247 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR `000 | 2009 | 2008 | | As at 31 December | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | | | -------------------------------------------------------------------------------- | Trade receivables | 14,392 | 18,930 | -------------------------------------------------------------------------------- | Other receivables and prepayments | 21,651 | 30,290 | -------------------------------------------------------------------------------- | Deferred tax assets | 20,598 | 26,110 | -------------------------------------------------------------------------------- | Income tax assets | 50 | 50 | -------------------------------------------------------------------------------- | Inventories | 0 | 205 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 25,776 | 24,717 | -------------------------------------------------------------------------------- | Total current assets | 295 | 0 | -------------------------------------------------------------------------------- | Current assets | 82,762 | 100,301 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term investments | 2,297 | 7,197 | -------------------------------------------------------------------------------- | Investment property | 5,623 | 7,464 | -------------------------------------------------------------------------------- | Property, plant and equipment | 13,045 | 16,828 | -------------------------------------------------------------------------------- | Intangible assets | 17,143 | 19,505 | -------------------------------------------------------------------------------- | Total non-current assets | 38,108 | 50,993 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 120,870 | 151,295 | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 16,806 | 15,080 | -------------------------------------------------------------------------------- | Trade payables | 15,644 | 28,096 | -------------------------------------------------------------------------------- | Taxes payable | 2,887 | 4,203 | -------------------------------------------------------------------------------- | Other payables | 20,371 | 27,052 | -------------------------------------------------------------------------------- | Provisions | 662 | 741 | -------------------------------------------------------------------------------- | Total current liabilities | 56,370 | 75,172 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and borrowings | 18,908 | 20,361 | -------------------------------------------------------------------------------- | Other liabilities | 310 | 162 | -------------------------------------------------------------------------------- | Provisions | 450 | 424 | -------------------------------------------------------------------------------- | Total non-current liabilities | 19,668 | 20,947 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 76,038 | 96,119 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 19,657 | 19,657 | -------------------------------------------------------------------------------- | Statutory capital reserve | 2,557 | 2,224 | -------------------------------------------------------------------------------- | Translation reserve | -205 | -262 | -------------------------------------------------------------------------------- | Retained earnings | 22,099 | 27,290 | -------------------------------------------------------------------------------- | Equity attributable to owners of the parent | 44,108 | 48,909 | -------------------------------------------------------------------------------- | Non-controlling interests | 724 | 6,267 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 44,832 | 55,176 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 120,870 | 151,295 | -------------------------------------------------------------------------------- Condensed consolidated interim statement of comprehensive income -------------------------------------------------------------------------------- | EEK ‘000 | Q4 2009 | Q4 2008 | 12M 2009 | 12M 2008 | -------------------------------------------------------------------------------- | Revenue | 443,158 | 945,036 | 2,410,798 | 3,867,917 | -------------------------------------------------------------------------------- | Cost of sales | 472,075 | 899,262 | 2,274,493 | 3,510,006 | -------------------------------------------------------------------------------- | Gross profit / loss | -28,917 | 45,774 | 136,305 | 357,911 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 2,626 | 1,795 | 9,416 | 8,007 | -------------------------------------------------------------------------------- | Administrative expenses | 90,494 | 45,376 | 186,376 | 182,526 | -------------------------------------------------------------------------------- | Including impairment losses on | 61,206 | 0 | 61,206 | 0 | | goodwill | | | | | -------------------------------------------------------------------------------- | Other operating income | 3,282 | 45,435 | 25,458 | 63,947 | -------------------------------------------------------------------------------- | Other operating expenses | 52,592 | 14,268 | 92,710 | 22,845 | -------------------------------------------------------------------------------- | Operating profit / loss | -171,34 | 29,770 | -126,738 | 208,480 | | | 7 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 48,848 | 19,690 | 84,657 | 96,877 | -------------------------------------------------------------------------------- | Finance expenses | 8,205 | 37,765 | 33,910 | 68,019 | -------------------------------------------------------------------------------- | Net finance income / expense | 40,643 | -18,075 | 50,747 | 28,858 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | 340 | -2,181 | 1,855 | 17 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 4,653 | 22,672 | 7,691 | 24,770 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Net share of profit and loss of | -4,313 | -24,853 | -5,836 | -24,753 | | equity accounted investees | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss before income tax | -135,01 | -13,158 | -81,827 | 212,585 | | | 7 | | | | -------------------------------------------------------------------------------- | Income tax expense | 1,525 | -1,176 | 6,842 | 41,269 | -------------------------------------------------------------------------------- | Profit / loss for the period | -136,54 | -11,982 | -88,669 | 171,316 | | | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income / | | | | | | expense: | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 569 | -3,263 | 905 | -6,371 | | translating foreign operations | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | 569 | -3,263 | 905 | -6,371 | | income / expense for the period | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME / | -135,97 | -15,245 | -87,764 | 164,945 | | EXPENSE FOR THE PERIOD | 3 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss attributable to: | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | -111,81 | -9,722 | -45,242 | 145,580 | | | 8 | | | | -------------------------------------------------------------------------------- | - Non-controlling interests | -24,724 | -2,260 | -43,427 | 25,736 | -------------------------------------------------------------------------------- | | -136,54 | -11,982 | -88,669 | 171,316 | | | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income / | | | | | | expense attributable to: | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | -111,24 | -12,045 | -44,337 | 139,120 | | | 9 | | | | -------------------------------------------------------------------------------- | - Non-controlling interests | -24,724 | -3,200 | -43,427 | 25,825 | -------------------------------------------------------------------------------- | | -135,97 | -15,245 | -87,764 | 164,945 | | | 3 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable | | | | | | to owners of the parent: | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | -3.64 | -0.32 | -1.47 | 4.73 | | (EEK/share) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | -3.64 | -0.32 | -1.47 | 4.73 | | (EEK/share) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR ‘000 | Q4 2009 | Q4 2008 | 12M 2009 | 12M 2008 | -------------------------------------------------------------------------------- | Revenue | 28,323 | 60,399 | 154,078 | 247,205 | -------------------------------------------------------------------------------- | Cost of sales | 30,171 | 57,473 | 145,367 | 224,330 | -------------------------------------------------------------------------------- | Gross profit / loss | -1,848 | 2,925 | 8,711 | 22,875 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution expenses | 168 | 115 | 602 | 512 | -------------------------------------------------------------------------------- | Administrative expenses | 5,784 | 2,900 | 11,912 | 11,666 | -------------------------------------------------------------------------------- | Including impairment losses on | 3,912 | 0 | 3,912 | 0 | | goodwill | | | | | -------------------------------------------------------------------------------- | Other operating income | 210 | 2,904 | 1,627 | 4,087 | -------------------------------------------------------------------------------- | Other operating expenses | 3,361 | 912 | 5,925 | 1,460 | -------------------------------------------------------------------------------- | Operating profit / loss | -10,951 | 1,903 | -8,100 | 13,324 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 3,122 | 1,258 | 5411 | 6,192 | -------------------------------------------------------------------------------- | Finance expenses | 524 | 2,414 | 2,167 | 4,347 | -------------------------------------------------------------------------------- | Net finance income / expense | 2,598 | -1,155 | 3,244 | 1,844 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | 21 | -139 | 118 | 1 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Share of loss of equity | 297 | 1,449 | 492 | 1,583 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Net share of profit and loss of | -276 | -1,588 | -374 | -1,582 | | equity accounted investees | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss before income tax | -8,629 | -841 | -5,230 | 13,587 | -------------------------------------------------------------------------------- | Income tax expense | 97 | -75 | 437 | 2,638 | -------------------------------------------------------------------------------- | Profit / loss for the period | -8,727 | -766 | -5,667 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income / | | | | | | expense: | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 36 | -208 | 58 | -407 | | translating foreign operations | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | 36 | -208 | 58 | -407 | | income / expense for the period | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME / | -8,690 | -974 | -5,609 | 10,542 | | EXPENSE FOR THE PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit / loss attributable to: | -7,147 | -621 | -2,892 | 9,304 | -------------------------------------------------------------------------------- | - Owners of the parent | -1,580 | -144 | -2,775 | 1,645 | -------------------------------------------------------------------------------- | - Non-controlling interests | -8,727 | -766 | -5,667 | 10,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income / | -7,110 | -770 | -2,834 | 8,891 | | expense attributable to: | | | | | -------------------------------------------------------------------------------- | - Owners of the parent | -1,580 | -204 | -2,775 | 1,651 | -------------------------------------------------------------------------------- | | -8,690 | -974 | -5,609 | 10,542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable | | | | | | to owners of the parent: | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | -0.23 | -0.02 | -0.09 | 0.30 | | (EUR/share) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | -0.23 | -0.02 | -0.09 | 0.30 | | (EUR/share) | | | | | -------------------------------------------------------------------------------- Condensed consolidated interim statement of cash flows -------------------------------------------------------------------------------- | | EEK ‘000 | EUR ‘000 | -------------------------------------------------------------------------------- | For twelve months | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 3,337,46 | 4,693,41 | 213,303 | 282,802 | | | 7 | 8 | | | -------------------------------------------------------------------------------- | Cash paid to suppliers | -2,799,6 | -3,809,4 | -178,928 | -243,468 | | | 16 | 42 | | | -------------------------------------------------------------------------------- | Cash paid to and for employees | -427,098 | -540,926 | -27,296 | -34,571 | -------------------------------------------------------------------------------- | Income taxes paid | -10,858 | -38,041 | -694 | -2,431 | -------------------------------------------------------------------------------- | Net cash from operating | 99,895 | 305,009 | 6,385 | 19,494 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant | -2,156 | -11,856 | -138 | -758 | | and equipment | | | | | -------------------------------------------------------------------------------- | Acquisition of intangible | -7,609 | -929 | -486 | -59 | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of | 17,406 | 11,989 | 1,112 | 766 | | property, plant and equipment | | | | | | and intangible assets | | | | | -------------------------------------------------------------------------------- | Acquisition of investment | -200 | 0 | -13 | | | properties | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | -11,688 | -211,331 | -747 | -13,507 | | net of cash acquired | | | | | -------------------------------------------------------------------------------- | Proceeds from disposal of | 0 | 2,063 | 0 | 132 | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Acquisition of associates | -6,000 | -7,615 | -383 | -487 | -------------------------------------------------------------------------------- | Proceeds from disposal of | 7,230 | 77,812 | 462 | 4973 | | associates | | | | | -------------------------------------------------------------------------------- | Acquisition of interests in | -20,000 | 0 | -1,278 | 0 | | joint ventures | | | | | -------------------------------------------------------------------------------- | Loans granted | -80,828 | -120,756 | -5,166 | -7,718 | -------------------------------------------------------------------------------- | Repayment of loans granted | 34,897 | 86,721 | 2,230 | 5542 | -------------------------------------------------------------------------------- | Dividends received | 61 | 183 | 4 | 12 | -------------------------------------------------------------------------------- | Interest received | 14,907 | 17,079 | 953 | 1092 | -------------------------------------------------------------------------------- | Net cash used in investing | -53,980 | -159,640 | -3,450 | -10,011 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Proceeds from loans received | 343,242 | 415,558 | 21,937 | 26,559 | -------------------------------------------------------------------------------- | Repayment of loans received | -348,364 | -309,607 | -22,265 | -19,787 | -------------------------------------------------------------------------------- | Dividends paid | -31,933 | -104,130 | -2,041 | -6,655 | -------------------------------------------------------------------------------- | Payment of finance lease | -51,029 | -56,517 | -3,261 | -3,612 | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest paid | -28,284 | -33,283 | -1,808 | -2,127 | -------------------------------------------------------------------------------- | Other payments made | -487 | -258 | -31 | -16 | -------------------------------------------------------------------------------- | Net cash used in financing | -116,855 | -88,237 | -7,469 | -5,639 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow | -70,940 | 60,132 | -4,534 | 3,843 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 296,184 | 236,112 | 18,930 | 15,090 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | -53 | -60 | -3 | -4 | | fluctuations | | | | | -------------------------------------------------------------------------------- | Decrease / increase in cash | -70,940 | 60,132 | -4,534 | 3,843 | | and cash equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 225,191 | 296,184 | 14,393 | 18,930 | | end of period | | | | | -------------------------------------------------------------------------------- Nordecon International is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is Nordecon International AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 15 subsidiaries in the Group. The consolidated revenue of the Group in 2008 was 3.9 billion kroons (247 million euros) and the consolidated net profit was 171 million kroons (11 million euros). At the end of 2009 Nordecon International Group employed nearly 1,000 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. 1 euro = 15.6466 kroons Raimo Talviste Nordecon International AS Head of Finance and Investor Relations Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com