Börsiteade
Arco Vara AS
LEI kood
097900BHCB0000066171
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Poolaastaaruanne
Teate ID
2845
Manused
Esitamise kuupäev ja aeg
27.08.2010 17:30:00
Teate sisu eesti keeles
Pealkiri
2010. AASTA II KVARTALI JA 6 KUU KONSOLIDEERITUD VAHEARUANNE
Teade
Juhatuse esimehe kommentaarid
2010. aasta esimese poolaasta jooksul müüdi Arco Vara projektides 53 korterit
või krunti, millest 43 Eestis ja 10 Lätis. Arco Vara ajaloo suurim algusest
lõpuni iseseisvalt arendatud projekt Boulevard Residence Madrid Sofias sai
kasutusloa juuni lõpus, mis võimaldab alustada asjaõiguslepingute sõlmimist ja
üüripindade üleandmist klientidele. Arendusdivisjon jätkab pooleliolevate
korterite lõpetamist Bišumuiža-1 projektis Riias ja Manastirski projektis
Sofias.
Viimaste kvartalite müügitempo on laoseisu oluliselt vähendanud ning
ehitushinnad on jätkuvalt soodsad. Seetõttu on alustatud uute arendustega, et
olla valmis turul tekkinud nõudluse rahuldamiseks. Arco Vara kontserni kuuluv AS
Kolde ja AS Merko Ehitus sõlmisid töövõtulepingu Kodukolde arendusprojekti
järgmise etapi ehitamiseks ja finantseerimiseks. Uus elamukompleks koosneb
neljast korterelamust 100 korteri ja 40 majadealuse garaažikohaga, maapealse
suletud brutopinnaga 8 760 ruutmeetrit. Esimesed kaks maja valmivad 2011. aasta
kevadel. Bilansipäevajärgselt võib öelda, et ehitustegevusega on juba alustatud
ja eelmüükide arv on ületanud kõik ootused.
Jaanuaris jõustus Paldiski mnt 80 kinnistu ja lähiala detailplaneering, mis näeb
ette ärihoone maksimaalse suletud brutopinnaga 30 300 m2.
Teenindusdivisjoni restruktureerimine avaldab jätkuvalt mõju divisjoni
üldhalduskulude vähenemisele (eelmise aasta sama perioodiga võrreldes oli
vähenemine 47 %), vähenenud on ka käive, kuid aeglasemas tempos (eelmise aasta
sama perioodiga võrreldes vähenemine 33 %). Poolaasta ärikahjumiks jooksvast
tegevusest kujunes 2,5 mln krooni (0,2 mln eurot), mis on 68 % vähem kui eelmise
aasta samal perioodil. Samas on töötajate arv 2009. aasta sama perioodi
näitajaga võrreldes 2 % kasvanud, mis peegeldab kinnisvaraturu elavnemist.
Muudetud on mõnede väiksemate, väljaspool pealinna asuvate kontorite
töökorraldust, kus loobuti klassikalisest kontoripõhisest töökorraldusest
kodukontori süsteemi kasuks, säilitades samas kogu teenuste valiku. Teistes
kontorites jätkatakse töötajatega koostöös kuluefektiivsemate
töökorraldusvormide rakendamist. Teenindusdivisjoni eesmärk on jätkata Eestis
juurutatud ning praeguses turusituatsioonis end õigustanud töökorralduse
rakendamist ka välisturgudel. See võimaldab piiratumate vahenditega suurendada
teenuste pakkumist antud riikides, keskendudes edaspidi eelkõige Eestile, Lätile
ning Bulgaariale.
Ehitusdivisjonis sõlmiti kuue kuuga uusi lepinguid 95,5 mln krooni (6,1 mln
euro) ulatuses, ehituslepingute jääk poolaasta lõpu seisuga on 94,0 mln krooni
(8,0 mln eurot). Põhilisteks tellijateks on jätkuvalt riiklik sektor ja
omavalitsusasutused. Keskkonna ja infrastruktuuriga seotud projektidele lisaks
suunatakse jätkuvalt vahendeid haridussektoriga seotud projektidesse. Oluline on
märkida, et ehitusega seotud sisekäive on olnud kontsernis I poolaasta jooksul
pea olematu.
Kontserni brutokasum ilma varude ümberhindluseta oli 22,3 mln krooni (1,4 mln
eurot). Puhaskasum ilma varude ümberhindluse ja osaluste ning varade
võõrandamise kahjumita oli -10,8 mln krooni (-0,7 mln eurot). Eelmisel aastal
toimunud püsikulude vähendamine on positiivselt mõjutanud ka selle aasta
tulemusi, üldhalduskulud on vähenenud eelmise aasta sama perioodiga võrreldes
17%.
Püsikulude kokkuhoid on jätkuvalt juhtkonna teravdatud tähelepanu all.
Vähendamise kõrval on muutunud taas oluliseks kulude optimeerimine viisil, mis
antud turuolukorras võimalikult hästi toetaks müügikasvu. Üks näide sellest on
Teenindusdivisjoni inimeste arvu suurendamine samas jätkates kulude vähendamist.
Püsikulude katmiseks tulevikus alustati uue toodangu ehitamisega ja selle
müügiga. Lisaks Kodukolde viimase etapi arendusele peame läbirääkimisi pankade
ja potentsiaalsete partneritega Tivoli projekti esimese etapi (ca 150 korterit)
käivitamiseks ja sellele soodsa finantseerimisstruktuuri leidmiseks.
Likviidsuse parandamiseks on Kontsern esimese poolaasta jooksul jooksvalt müünud
väiksemaid kinnisvarainvesteeringuid, mille üle puudub võimalus teostada
kontrolli ja juhtimist, või mis muul viisil ei sobi kontserni strateegiliste
eesmärkidega.
Kontsern on pikendanud Sofias Madrid projekti arendamiseks Piraeus Bank
Bulgaria'lt võetud laenu ja Tallinnas asuvate projektidega Navigator ja Tivoli
seotud laene SEB Pangalt kogusummas 360,7 mln krooni (23,1 mln eurot). Selle
tulemusena pikenes Madrid'i projekti arendamiseks võetud laenu tagasimakse
tähtaeg kolme aasta võrra, 2012. aastalt 2015. aastani, projektide Navigator ja
Tivoli laen pikenes 15. oktoobrini 2010.
Möödunud aasta detsembris otsustasid Arco Vara AS aktsionärid vähendada
aktsiakapitali ning 16.03.2010 jõustus sellekohane äriregistri kanne.
Aktsiakapitali vähendamine on vähendanud aktsia hinna volatiilsust, võimaldanud
aktsiat börsil efektiivsemalt hinnastada (läbi ostu- ja müügihindade vahe
vähenemise) ja loonud uusi võimalusi kapitalistruktuuri edasiseks tugevdamiseks.
Ühisettevõtete kajastamise arvestuspõhimõtte muutus.
Kontserni juhtkond on üle vaadanud ühisettevõtete kajastamise
arvestuspõhimõtted. Varasemalt kajastati ühisettevõtteid proportsionaalse
konsolideerimise meetodil. Alates 1. jaanuarist 2010 kajastatakse
ühisettevõtteid kapitaliosaluse meetodil. Juhtkonna arvates kajastab
kapitaliosaluse meetod varasemast adekvaatsemalt grupi varasid, kohustusi ja
omakapitali.
PÕHILISED NÄITAJAD
I poolaasta äritulud kokku moodustasid 139,1 mln krooni (8,9 mln eurot), mis on
47% vähem kui eelmisel aastal
Ärikahjum oli -16,0 mln krooni (-1,0 mln eurot), mis on 74% vähem kui eelmise
aasta samal perioodil
Puhaskahjum oli -17,8 mln krooni (-1,1 mln eurot), mis on 82% väiksem kui
eelmise aasta samal perioodil
Omakapital moodustab 37,1% (2009 I pa: 45,7%) bilansimahust. Omakapitali
tootlikkus oli negatiivne (2009 I pa: negatiivne). Investeeritud kapitali
tootlikkus oli negatiivne (2009 I pa: negatiivne)
Ehituslepingute järelejäänud maht on I poolaasta lõpu seisuga 94,0 mln krooni
(6,0 mln eurot), 2009 I poolaastal 142,6 mln krooni (9,1 mln eurot)
Poole aasta jooksul müüdi kortereid ja krunte kokku 53 tükki (2009 I pa: 25)
--------------------------------------------------------------------------------
| | | EEK | EUR
|
--------------------------------------------------------------------------------
| | | I pa | I pa | II | II | I pa | I pa | II | II
|
| | | 2010 | 2009 | kvar | kvar | 2010 | 2009 | kvart | kvart |
| | | | | tal | tal | | | al | al |
| | | | | 2010 | 2009 | | | 2010 | 2009 |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | |
|
--------------------------------------------------------------------------------
| Müügitulu ja | | 139, | 263, | 71,1 | 173, | 8,9 | 16,8 | 4,5 | 11,1
|
| muu äritulu | | 1 | 5 | | 3 | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | -16, | -62, | -6,1 | -45, | -1,0 | -4,0 | -0,4 | -2,9
|
| | | 0 | 6 | | 4 | | | | |
--------------------------------------------------------------------------------
| s.h | | -5,6 | -36, | -2,3 | -36, | -0,4 | -2,4 | -0,1 | -2,4
|
| kinnisvarainves | | | 9 | | 9 | | | | |
| teeringute ja | | | | | | | | | |
| varude | | | | | | | | | |
| ümberhindlused | | | | | | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | -17, | -96, | -5,6 | -78, | -1,1 | -6,2 | -0,4 | -5,0
|
| tulumaksu | | 3 | 3 | | 7 | | | | |
--------------------------------------------------------------------------------
| s.h kasum või | | -2,4 | 0,0 | 1,3 | 0,0 | -0,2 | 0,0 | 0,1 | 0,0
|
| kahjum | | | | | | | | | |
| finantsvarade | | | | | | | | | |
| võõrandamisest | | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -17, | -97, | -6,0 | -79, | -1,1 | -6,2 | -0,4 | -5,1
|
| | | 8 | 1 | | 5 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| EPS 1 | | -3,7 | -20, | -1,2 | -16, | -0,2 | -1,3 | -0,08 | -1,06
|
| (kroonides ja | | 4 | 34 | 6 | 65 | 4 | 0 | | |
| eurodes) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Varad kokku, | | 1 | 1 | | | 74,5 | 102, | |
|
| perioodi lõpu | | 166, | 600, | | | | 3 | | |
| seisuga | | 1 | 7 | | | | | | |
--------------------------------------------------------------------------------
| Investeeritud | | 974, | 1 | | | 62,3 | 87,2 | |
|
| kapital, | | 2 | 363, | | | | | | |
| perioodi lõpu | | | 9 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
| Neto laenud, | | 506, | 535, | | | 32,3 | 34,3 | |
|
| perioodi lõpu | | 0 | 9 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital, | | 432, | 732, | | | 27,6 | 46,8 | |
|
| perioodi lõpu | | 2 | 1 | | | | | | |
| seisuga | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Laenude | | 1,5 | 1,5 | | | 1,5 | 1,5 | |
|
| keskmine pikkus | | | | | | | | | |
| (aastates) | | | | | | | | | |
--------------------------------------------------------------------------------
| Laenude | | 6,1% | 6,6% | | | 6,1% | 6,6% | |
|
| keskmine | | | | | | | | | |
| intress | | | | | | | | | |
| (aastas) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (jooksev 4 | | neg | neg | | | neg | neg | |
|
| kvartalit) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (jooksev 4 | | neg | neg | | | neg | neg | |
|
| kvartalit) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Töötajate arv | | 153 | 244 | | | 153 | 244 | |
|
| perioodi lõpul | | | | | | | | | |
--------------------------------------------------------------------------------
TULUD JA KASUM
| | EEK | EUR
|
--------------------------------------------------------------------------------
| | | I | I pa | II | II | I pa | I pa | II | II |
| | | pa | 2009 | kvar | kvar | 2010 | 2009 | kvart | kvart |
| | | 201 | | tal | tal | | | al | al |
| | | 0 | | 2010 | 2009 | | | 2010 | 2009 |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja | | | | | | | | | |
| muu äritulu | | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | | 13, | 20,2 | 7,2 | 9,5 | 0,9 | 1,3 | 0,5 | 0,6 |
| | | 7 | | | | | | | |
--------------------------------------------------------------------------------
| Arendus | | 75, | 137, | 36,5 | 112, | 4,8 | 8,8 | 2,3 | 7,2 |
| | | 4 | 5 | | 8 | | | | |
--------------------------------------------------------------------------------
| Ehitus | | 52, | 129, | 28,6 | 71,0 | 3,4 | 8,3 | 1,8 | 4,5 |
| | | 8 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Elimineerimised | | -2, | -24, | -1,2 | -19, | -0,2 | -1,5 | -0,1 | -1,3 |
| | | 8 | 1 | | 9 | | | | |
--------------------------------------------------------------------------------
| Müügitulu ja | | 139 | 263, | 71,1 | 173, | 8,9 | 16,8 | 4,5 | 11,1 |
| muu äritulu | | ,1 | 5 | | 4 | | | | |
| kokku | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | | | | | | | | |
--------------------------------------------------------------------------------
| Teenindus | | -2, | -7,8 | -1,1 | -2,6 | -0,2 | -0,5 | -0,1 | -0,2 |
| | | 5 | | | | | | | |
--------------------------------------------------------------------------------
| Arendus | | -3, | -31, | -0,7 | -28, | -0,2 | -2,0 | 0,0 | -1,8 |
| | | 4 | 7 | | 0 | | | | |
--------------------------------------------------------------------------------
| Ehitus | | 0,3 | -5,8 | 2,3 | -2,4 | 0,0 | -0,4 | 0,1 | -0,2 |
--------------------------------------------------------------------------------
| Elimineerimised | | -0, | -1,6 | -4,0 | -1,6 | 0,0 | -0,1 | -0,3 | -0,1 |
| | | 1 | | | | | | | |
--------------------------------------------------------------------------------
| Jagamatud | | -10 | -15, | -2,6 | -10, | -0,7 | -1,0 | -0,2 | -0,7 |
| ärikulud | | ,3 | 7 | | 8 | | | | |
--------------------------------------------------------------------------------
| Ärikasum kokku | | -16 | -62, | -6,1 | -45, | -1,1 | -4,0 | -0,5 | -3,0 |
| | | ,0 | 6 | | 4 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Intressitulud | | -4, | -2,1 | -2,2 | -2,3 | -0,3 | -0,1 | -0,1 | -0,1 |
| ja | | 2 | | | | | | | |
| intressikulud | | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 2,8 | -31, | 2,8 | -31, | 0,3 | -2,0 | 0,2 | -2,0 |
| finantstulud ja | | | 6 | | 0 | | | | |
| -kulud | | | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | -0, | -0,8 | -0,4 | -0,8 | 0,0 | -0,1 | 0,0 | -0,1 |
| | | 4 | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | -17 | -97, | -6,0 | -79, | -1,1 | -6,2 | -0,4 | -5,2 |
| | | ,8 | 1 | | 5 | | | | |
--------------------------------------------------------------------------------
2010. aasta I poolaasta jooksul olulisi varade ümberhindlusi ei toimunud.
Põhilised kulude kärped on tehtud ja töö kulude alandamise suunas on muutunud
iga äriüksuse rutiiniks. Põhitähelepanu on suunatud käibe suurendamisele,
käimasolevate projektide lõpetamisele, uute alustamisele ja likviidsuse
parandamisele läbi projektide ja laoseisu müügi.
Finantstulusid- ja kulusid mõjutas enim AS-i Ühendatud Kapital vastu USA
dollarites kajastatud nõude valuutakursi kasum summas 5,9 mln krooni (0,38 mln
eurot). Hoolimata müügitulude ja muude äritulude vähenemisest kõikide
divisjonide lõikes on ärikahjum võrreldes eelmise aasta sama perioodiga
vähenenud kontserni tasandil 74%.
RAHAVOOD
| | EEK | EUR
|
--------------------------------------------------------------------------------
| | | I | I pa | II | II | I pa | I pa | II | II |
| | | pa | 2009 | kvar | kvar | 2010 | 2009 | kvart | kvart |
| | | 201 | | tal | tal | | | al | al |
| | | 0 | | 2010 | 2009 | | | 2010 | 2009 |
--------------------------------------------------------------------------------
| miljonites | | | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevuse | | 1,7 | -35, | 2,5 | 1,9 | 0,1 | -2,3 | 0,2 | 0,1 |
| rahavood | | | 8 | | | | | | |
--------------------------------------------------------------------------------
| Investeerimiste | | 13, | 31,4 | 13,3 | -3,3 | 0,8 | 2,0 | 0,8 | -0,2 |
| gevuse rahavood | | 1 | | | | | | | |
--------------------------------------------------------------------------------
| Finantseerimist | | -40 | -54, | -27, | 33,7 | -2,6 | -3,5 | -1,7 | 2,2 |
| egevuse | | ,7 | 6 | 2 | | | | | |
| rahavood | | | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | | -25 | -59, | -11, | 32,3 | -1,7 | -3,8 | -0,7 | 2,1 |
| rahavood | | ,9 | 0 | 4 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 64, | 156, | 50,5 | 64,7 | 4,1 | 10,0 | 3,2 | 4,1 |
| ekvivalendid | | 7 | 1 | | | | | | |
| perioodi | | | | | | | | | |
| alguses | | | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | -2, | -1,2 | -3,1 | -1,1 | -0,1 | -0,1 | -0,2 | -0,1 |
| mõju | | 8 | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 36, | 95,9 | 36,0 | 95,9 | 2,3 | 6,1 | 2,3 | 6,1 |
| ekvivalendid | | 0 | | | | | | | |
| perioodi lõpus | | | | | | | | | |
--------------------------------------------------------------------------------
Mais 2010 lunastas Arco Vara AS ennetähtaegselt 18,9 mln krooni (1,2 mln euro)
ulatuses kommertspabereid.
Rohkem erakorralisi laenutagastusi 2010. aasta I poolaastal ei ole toimunud.
Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed 16,7 mln
krooni (1,1 mln eurot). Graafikujärgseid ja varude müügiga seotud põhiosa
tagasimakseid on olnud 54,3 mln krooni (3,5 mln eurot), perioodi jooksul
kasutatud limiitidest suurima osa moodustab Madridi projekti lõpetamisega seotud
finantseerimine 37,1 mln krooni (2,4 mln eurot).
Suurimad lühiajalised kohustused järgmise 12 kuu jooksul:
arvestuslik põhiosatagastus broneeritud pindade müügist ning vastavalt
tagastusgraafikule projektis Boulevard Residence Madrid Sofias summas 158,7 mln
krooni (10,1 mln eurot);
projektide Tivoli ja Laeva2 laenud kogusummas 102,5 mln krooni (6,6 mln
eurot);
Bišumuiža-1 (BM-1) arendusprojekti laen Riias summas 42,0 mln krooni (2,7 mln
eurot);
Kodukolde projekti laen summas 23,0 mln krooni (1,5 mln eurot);
Manastirski projekti laenu lühiajaline osa vastavalt graafikule summa 15,8 mln
krooni (1,0 mln eurot).
Jooksvalt on makstud laene tagasi projektides „Kodukolde” ja Merivälja2
Tallinnas, „Bišumuiža-1” Riias ning rahavoogu tootvates projektides (sh kogu
Enerpointi projektiga seotud pangalaen). Enamus Kontserni kohustusi on eurodes.
TEENINDUSDIVISJON
Hoiame kulusid pideva kontrolli all, et vältida kulude kasvamist tuludest
kiiremini. Plaanis on lõpetada osad koostöölepingud, mis ei ole tänasel päeval
teenindusdivisjonile enam kasulikud.
Samas on sõlmitud mitmeid uusi koostöölepinguid, mis on juba tänaseks osutunud
perspektiivikateks nii II kvartalis kui ka pikemas plaanis. Realiseeritud on üks
investeering esimesel poolaastal ja üks suunati realiseerimisele.
Seoses elamispindade turu aktiviseerumisega jätkame veelgi aktiivsemat
turunduskampaaniat üle Eesti ja teeme seda kuni käesoleva aasta lõpuni.
Jätkatakse läbirääkimisi koostöölepingute sõlmimiseks suuremate elamis- ja
äripindade arendajatega, otsitakse ja võetakse juurde büroodele juhte ja
müügiinimesi, kes aktiviseeriks maakler-, hindamis- ja turundustegevust kõikides
meie piirkondades ja tooks meie teenused ja büroode asukohad klientidele
nähtavaks.
Eestis on eesmärgiks aidata klientidel teha otsuseid eurole üle minevas faasis
ehk praeguses turuolukorras ja pakkuda klientidele laia teenuste ning objektide
valikut. Objektide arv on I poolaastal kasvanud.
Divisjoni I poolaasta ärikasum oli kokku -2,5 mln krooni (0,2 mln eurot).
Kontserni vahendustehingute arv võrreldes eelmise aasta sama perioodiga on
tõusnud 15%, samuti on tõusnud hindamisaktide arv 33% võrra. Ka võrreldes
käesoleva aasta esimese kvartaliga on tehingute arvus näha selget tõusutrendi.
ARENDUSDIVISJON
Kuue kuuga müüdi Arco Vara projektides 53 korterit või krunti. Lätis müüdi kuue
kuu jooksul 5 Bišumuiža korterit ja 5 elamukrunti projektis Mazais Baltezers'i
järve lähedal. Eestis müüdi 25 Kodukolde korterit ja 18 Merivälja krunti.
Kodukolde arendusprojekti uue etapi ehitamiseks (100 korterit)ja
finantseerimiseks on sõlmitud töövõtuleping AS-iga Merko Ehitus. Ehitustöödega
on alustatud ja need on graafikus. Neljast majast esimesed kaks valmivad 2011.
aasta kevadel.
Arendusdivisjon omandas kinnistu Harku vallas eesmärgiga ehitada lasteaed.
Sõlmitud on lasteaia rendileping vallaga ja ehitus- ning finantseerimisleping
YIT Ehitus AS-iga.
Boulevard Residence Madrid äri- ja eluhoone Sofias sai juunis kasutusloa.
Kasutusluba võimaldab alustada asjaõiguslepingute sõlmimist ja üüripindade
üleandmist klientidele.
Tivoli projekti osas peetakse läbirääkimisi võimalike partnerite ja pankadega
ehituse alustamiseks ja finantseerimiseks.
Arendusdivisjoni suurimaks riskiks on jätkuvalt hoonestamata kruntide laenude
refinantseerimine Eestis.
Tänu kinnisvaraturu stabiliseerumisele on varasemad müügi edendamiseks tehtud
hinnalangetused tänaseks peatunud ning mõne objekti puhul on hinnad ka tõusnud.
2010. aasta juuni lõpu seisuga töötas divisjonis kokku 26 inimest (30.06.2009
seisuga 28 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on võitnud hankeid lisaks tavapäraseks kujunenud keskkonna- ja
infrastruktuuriprojektidele ka tsiviilehituse (enamasti haridusasutustega
seotud) pakkumistel.
Kuue kuu suuremateks uuteks ehituslepinguteks on Lennukolledž 43,9 mln krooniga
(2,8 mln eurot), TTÜ 4 korpus ja Järvamaa Hariduskeskuse Paide õppehoone.
Kuue kuuga sõlmiti uusi ehituslepinguid 95,5 mln krooni (6,1 mln euro)
väärtuses. Ehituslepingute järelejäänud maht on I poolaasta lõpu seisuga 94,0
mln krooni (6,0 mln eurot) võrreldes 2009. aasta lõpu 80,0 mln krooniga (5,1 mln
euroga).
2010. aasta juuni lõpu seisuga töötas divisjonis kokku 47 inimest (30.06.2009
seisuga 143 inimest). Töötajate arv on suures osas vähenenud seoses Arco Ehituse
osaluse müügiga tütarettevõttes Arco Construction SIA 2009. aasta detsembris.
LÜHENDATUD KONSOLIDEERITUD RAAMATUPIDAMISE VAHEARUANNE
Konsolideeritud koondkasumiaruanne
--------------------------------------------------------------------------------
| | Lis | | I | I | | II | II |
| | a | | poolaast | poolaast | | kvartal | kvartal |
| | | | a 2010 | a 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| EEK tuhandetes | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | | 65 713 | 138 418 | | 37 006 | 67 882 |
| teenuste müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade | | | 70 521 | 33 034 | | 33 058 | 14 628 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 2 | | 136 234 | 171 452 | | 70 064 | 82 510 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu | 3 | | -119 497 | -272 676 | | -60 900 | -186 682 |
| kulu | | | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | | 16 737 | -101 224 | | 9 164 | -104 172 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 4 | | 2 869 | 92 095 | | 1 033 | 90 824 |
--------------------------------------------------------------------------------
| Turustuskulud | 5 | | -2 493 | -1 852 | | -1 510 | -976 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 6 | | -30 384 | -36 842 | | -13 171 | -16 779 |
--------------------------------------------------------------------------------
| Muud ärikulud | 4 | | -2 687 | -14 740 | | -1 629 | -14 311 |
--------------------------------------------------------------------------------
| Ärikahjum | | | -15 958 | -62 563 | | -6 113 | -45 414 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | 9 079 | 28 906 | | 4 153 | 17 140 |
| investeerimistege | | | | | | | |
| vuse tulud | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | -10 445 | -62 632 | | -3 613 | -50 428 |
| investeerimistege | | | | | | | |
| vuse kulud | | | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne | | | -17 324 | -96 289 | | -5 573 | -78 702 |
| tulumaksu | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | | -431 | -809 | | -423 | -809 |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -17 755 | -97 098 | | -5 996 | -79 511 |
| puhaskahjum | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | 8 | | -17 755 | -96 448 | | -5 996 | -79 721 |
| osalus kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 0 | -650 | | 0 | 210 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum | | | | | | | |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 182 | 762 | | 21 | 749 |
| välisettevõtte | | | | | | |
| ümberarvestamisel | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkahjum | | | 182 | 762 | | 21 | 749 |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -17 573 | -96 336 | | -5 975 | -78 762 |
| koondkahjum | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | | | | | | | |
| koondkahjumi | | | | | | | |
| jaotus: | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | | -17 573 | -95 686 | | -5 975 | -78 972 |
| osalus | | | | | | | |
| koondkahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 0 | -650 | | 0 | 210 |
| koondkahjumis | | | | | | | |
--------------------------------------------------------------------------------
| | | | -17 573 | -96 336 | | -5 975 | -78 762 |
--------------------------------------------------------------------------------
| Aktsia | | | | | | | |
| puhaskahjum | | | | | | | |
| (kroonides) | | | | | | | |
--------------------------------------------------------------------------------
| - tava | | | -3,74 | -20,34 | | -1,26 | -16,65 |
--------------------------------------------------------------------------------
| - lahustatud | | | -3,74 | -20,34 | | -1,26 | -16,65 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Lis | | I | I | | II | II |
| | a | | poolaast | poolaast | | kvartal | kvartal |
| | | | a 2010 | a 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| EUR tuhandetes | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu | | | 4 200 | 8 847 | | 2 365 | 4 338 |
| teenuste müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kaupade | | | 4 507 | 2 111 | | 2 113 | 935 |
| müügist | | | | | | | |
--------------------------------------------------------------------------------
| Müügitulu kokku | 2 | | 8 707 | 10 958 | | 4 478 | 5 273 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu | 3 | | -7 637 | -17 427 | | -3 892 | -11 931 |
| kulu | | | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | | | 1 070 | -6 469 | | 586 | -6 658 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 4 | | 183 | 5 886 | | 66 | 5 805 |
--------------------------------------------------------------------------------
| Turustuskulud | 5 | | -159 | -118 | | -97 | -62 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 6 | | -1 942 | -2 355 | | -842 | -1 072 |
--------------------------------------------------------------------------------
| Muud ärikulud | 4 | | -172 | -942 | | -104 | -915 |
--------------------------------------------------------------------------------
| Ärikahjum | | | -1 020 | -3 998 | | -391 | -2 902 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | 580 | 1 847 | | 265 | 1 095 |
| investeerimistege | | | | | | | |
| vuse tulud | | | | | | | |
--------------------------------------------------------------------------------
| Finants- ja | 7 | | -668 | -4 003 | | -231 | -3 223 |
| investeerimistege | | | | | | | |
| vuse kulud | | | | | | | |
--------------------------------------------------------------------------------
| Kahjum enne | | | -1 108 | -6 154 | | -357 | -5 030 |
| tulumaksu | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | | -28 | -52 | | -27 | -52 |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -1 136 | -6 206 | | -384 | -5 082 |
| puhaskahjum | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | 8 | | -1 136 | -5 556 | | -384 | -5 292 |
| osalus kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 0 | -650 | | 0 | 210 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum | | | | | | | |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | | 12 | 49 | | 1 | 48 |
| välisettevõtte | | | | | | |
| ümberarvestamisel | | | | | | |
--------------------------------------------------------------------------------
| Muu koondkasum | | | 12 | 49 | | 1 | 48 |
| (-kahjum) | | | | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi | | | -1 124 | -6 157 | | -383 | -5 034 |
| koondkahjum | | | | | | | |
--------------------------------------------------------------------------------
| Perioodi | | | | | | | |
| koondkahjumi | | | | | | | |
| jaotus: | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | | -1 124 | -6 115 | | -383 | -5 047 |
| osalus kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 0 | -42 | | 0 | 13 |
| kahjumis | | | | | | | |
--------------------------------------------------------------------------------
| | | | -1 124 | -6 157 | | -383 | -5 034 |
--------------------------------------------------------------------------------
| Aktsia | | | | | | | |
| puhaskahjum | | | | | | | |
| (eurodes) | | | | | | | |
--------------------------------------------------------------------------------
| - tava | | | -0,24 | -1,30 | | -0,08 | -1,06 |
--------------------------------------------------------------------------------
| - lahustatud | | | -0,24 | -1,30 | | -0,08 | -1,06 |
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
--------------------------------------------------------------------------------
| | Lisa | | 30.06.20 | 31.12.2 | | 31.12.200 |
| | | | 10 | 009 | | 8 |
--------------------------------------------------------------------------------
| tuhandetes EEK | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | | 36 021 | 64 724 | | 156 061 |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 0 | 0 | | 40 416 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 146 280 | 150 939 | | 276 541 |
--------------------------------------------------------------------------------
| Ettemakstud kulud | | | 1 284 | 2 999 | | 6 077 |
--------------------------------------------------------------------------------
| Varud | 10 | | 573 770 | 754 805 | | 827 237 |
--------------------------------------------------------------------------------
| Bioloogilised varad | | | 0 | 0 | | 3 680 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 757 355 | 973 467 | | 1 310 012 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 17 762 | 17 853 | | 216 025 |
--------------------------------------------------------------------------------
| Nõuded | | | 2 639 | 2 635 | | 921 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 11 | | 377 559 | 219 129 | | 157 367 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 12 | | 10 006 | 10 545 | | 41 664 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 13 | | 819 | 812 | | 12 475 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 408 785 | 250 974 | | 428 452 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 1 166 | 1 224 | | 1 738 464 |
| | | | 140 | 441 | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 367 238 | 371 615 | | 223 598 |
--------------------------------------------------------------------------------
| Võlad | 15 | | 60 023 | 83 621 | | 124 190 |
--------------------------------------------------------------------------------
| Ettemaksed | | | 89 980 | 81 902 | | 64 172 |
--------------------------------------------------------------------------------
| Eraldised | | | 41 963 | 43 571 | | 37 999 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 559 204 | 580 709 | | 449 959 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 167 596 | 186 578 | | 454 048 |
--------------------------------------------------------------------------------
| Võlad | | | 6 037 | 6 278 | | 1 418 |
--------------------------------------------------------------------------------
| Eraldised | | | 1 100 | 1 100 | | 3 191 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 174 733 | 193 956 | | 458 657 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | | 733 937 | 774 665 | | 908 616 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 8 | | 47 417 | 952 841 | | 952 842 |
--------------------------------------------------------------------------------
| Ülekurss | | | 0 | 0 | | 712 514 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 31 463 | 31 463 | | 31 463 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 353 323 | -530 | | -866 593 |
| | | | | 536 | | |
--------------------------------------------------------------------------------
| Oma aktsiad | | | 0 | -3 992 | | -3 992 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 432 203 | 449 776 | | 826 234 |
| kuuluv omakapital kokku | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele kuuluv | | | 0 | 0 | | 3 614 |
| omakapital | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 432 203 | 449 776 | | 829 848 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 1 166 | 1 224 | | 1 738 464 |
| KOKKU | | | 140 | 441 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Lisa | | 30.06.20 | 31.12.2 | | 31.12.200 |
| | | | 10 | 009 | | 8 |
--------------------------------------------------------------------------------
| tuhandetes EUR | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | | 2 302 | 4 137 | | 9 974 |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 0 | 0 | | 2 583 |
--------------------------------------------------------------------------------
| Nõuded | 9 | | 9 349 | 9 647 | | 17 674 |
--------------------------------------------------------------------------------
| Ettemakstud kulud | | | 82 | 192 | | 388 |
--------------------------------------------------------------------------------
| Varud | 10 | | 36 670 | 48 241 | | 52 870 |
--------------------------------------------------------------------------------
| Bioloogilised varad | | | 0 | 0 | | 235 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 48 403 | 62 217 | | 83 724 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Finantsinvesteeringud | | | 1 135 | 1 141 | | 13 806 |
--------------------------------------------------------------------------------
| Nõuded | | | 169 | 168 | | 59 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 11 | | 24 130 | 14 005 | | 10 058 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 12 | | 639 | 674 | | 2 663 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 13 | | 52 | 52 | | 798 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 26 125 | 16 040 | | 27 384 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 74 528 | 78 257 | | 111 108 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 23 471 | 23 750 | | 14 290 |
--------------------------------------------------------------------------------
| Võlad | 15 | | 3 836 | 5 344 | | 7 937 |
--------------------------------------------------------------------------------
| Ettemaksed | | | 5 751 | 5 234 | | 4 101 |
--------------------------------------------------------------------------------
| Eraldised | | | 2 682 | 2 785 | | 2 429 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 35 740 | 37 116 | | 28 757 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 14 | | 10 711 | 11 924 | | 29 019 |
--------------------------------------------------------------------------------
| Võlad | 15 | | 386 | 401 | | 91 |
--------------------------------------------------------------------------------
| Eraldised | | | 70 | 70 | | 204 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 11 167 | 12 395 | | 29 314 |
| kokku | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | | | 46 907 | 49 511 | | 58 071 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 8 | | 3 030 | 60 897 | | 60 897 |
--------------------------------------------------------------------------------
| Ülekurss | | | 0 | 0 | | 45 538 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 2 011 | 2 011 | | 2 011 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 22 580 | -33 907 | | -55 385 |
--------------------------------------------------------------------------------
| Oma aktsiad | | | 0 | -255 | | -255 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 27 621 | 28 746 | | 52 806 |
| kuuluv omakapital kokku | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele kuuluv | | | 0 | 0 | | 231 |
| omakapital | | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 27 621 | 28 746 | | 53 037 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 74 528 | 78 257 | | 111 108 |
| KOKKU | | | | | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | Lis | | I pa | I pa | | I pa | I pa |
| | a | | 2010 | 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| tuhandetes | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | | | -17 755 | -97 | | -1 135 | -6 206 |
| | | | | 098 | | | |
--------------------------------------------------------------------------------
| Intressitulud ja | 7 | | 4 193 | 2 078 | | 268 | 133 |
| intressikulud | | | | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid tütar- ja | | 1 377 | 0 | | 88 | 0 |
| ühisettevõtete müügist | | | | | | |
--------------------------------------------------------------------------------
| Finantsvarade | 7 | | 134 | 2 526 | | 9 | 161 |
| allahindluskulu | | | | | | | |
--------------------------------------------------------------------------------
| Kasumid ja kahjumid | | 0 | 35 821 | | 0 | 2 289 |
| sidusettevõttest kap. | | | | | | |
| osalusel | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | 3,6 | | 906 | 2 497 | | 58 | 160 |
| immateriaalse põhivara | | | | | | | |
| amortisatsioon ja | | | | | | | |
| väärtuse langus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | | 0 | -38 | | 0 | -2 |
| immateriaalse põhivara | | | | | | | |
| müügi kasum või kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 4 | | 329 | 0 | | 21 | 0 |
| te müügi kasum või | | | | | | | |
| kahjum | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 4 | | 11 | -72 | | 1 | -4 653 |
| te ja bioloogilise vara | | | | 800 | | | |
| õiglase väärtuse muutus | | | | | | | |
--------------------------------------------------------------------------------
| Varude ümberhindluse | 3 | | 5 559 | 109 | | 355 | 7 012 |
| kasum/kahjum | | | | 707 | | | |
--------------------------------------------------------------------------------
| Valuutakursi kasumid ja | 7 | | -5 783 | -4 020 | | -370 | -257 |
| kahjumid | | | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksukulu | | | -15 | 0 | | -1 | 0 |
--------------------------------------------------------------------------------
| Äritegevuse rahavood enne | | -11 044 | -21 | | -706 | -1 363 |
| käibekapitali muutuseid | | | 327 | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete | | 12 714 | -17 | | 813 | -1 098 |
| ja ettemaksude muutus | | | 177 | | | |
--------------------------------------------------------------------------------
| Varude muutus | | | 2 831 | -56 | | 181 | -3 615 |
| | | | | 569 | | | |
--------------------------------------------------------------------------------
| Bioloogiliste varade | | | 0 | 24 307 | | 0 | 1 554 |
| muutus | | | | | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud | | -2 785 | 34 967 | | -178 | 2 235 |
| kohustuste ettemaksude muutus | | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD ÄRITEGEVUSEST | | | 1 716 | -35 | | 110 | -2 287 |
| KOKKU | | | | 799 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | | -346 | -1 578 | | -22 | -101 |
| immateriaalse põhivara | | | | | | | |
| soetus | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalse ja | | | 0 | 2 056 | | 0 | 131 |
| immateriaalse põhivara | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | | | -167 | -5 678 | | -11 | -363 |
| te soetus | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | | | 23 778 | 4 981 | | 1 520 | 318 |
| te müük | | | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | | | 0 | -251 | | 0 | -16 |
| ühisettevõtete soetus | | | | | | | |
--------------------------------------------------------------------------------
| Tütar- ja | | | 105 | 0 | | 7 | 0 |
| ühisettevõtete müük | | | | | | | |
--------------------------------------------------------------------------------
| Muude | | | 0 | 40 416 | | 0 | 2 583 |
| finantsinvesteeringute | | | | | | | |
| müük | | | | | | | |
--------------------------------------------------------------------------------
| Antud laenud | | | -10 447 | -26 | | -668 | -1 722 |
| | | | | 940 | | | |
--------------------------------------------------------------------------------
| Antud laenude | | | 0 | 15 810 | | 0 | 1 010 |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | | 165 | 2 587 | | 11 | 165 |
--------------------------------------------------------------------------------
| RAHAVOOD | | 13 088 | 31 403 | | 837 | 2 005 |
| INVESTEERIMISTEGEVUSEST KOKKU | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Saadud laenud | | | 60 618 | 94 944 | | 3 874 | 6 068 |
--------------------------------------------------------------------------------
| Laenude ja | | | -84 677 | -126 | | -5 412 | -8 086 |
| kapitalirendikohustuste | | | | 514 | | | |
| tagasimaksed | | | | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | | | -16 684 | -23 | | -1 067 | -1 471 |
| | | | | 035 | | | |
--------------------------------------------------------------------------------
| RAHAVOOD | | -40 743 | -54 | | -2 605 | -3 489 |
| FINANTSEERIMISEGEVUSEST KOKKU | | | 605 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | | | -25 939 | -59 | | -1 658 | -3 771 |
| | | | | 001 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | 64 724 | 156 | | 4 137 | 9 974 |
| ekvivalendid perioodi | | | | 061 | | | |
| alguses | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | | -25 939 | -59 | | -1 658 | -3 771 |
| ekvivalentide muutus | | | | 001 | | | |
--------------------------------------------------------------------------------
| Valuutakursi mõju | | | -2 764 | -1 178 | | -177 | -75 |
--------------------------------------------------------------------------------
| Raha ja raha | | | 36 021 | 95 882 | | 2 303 | 6 127 |
| ekvivalendid perioodi | | | | | | | |
| lõpus | | | | | | | |
--------------------------------------------------------------------------------
Teate sisu inglise keeles
Pealkiri
INTERIM REPORT SECOND QUARTER AND SIX MONTHS 2010
Teade
Group Chief Executive's review
In the first half of 2010, a total of 53 apartments and plots were sold in the
projects of Arco Vara - 43 in Estonia and 10 in Latvia. Our largest ever
completely self-developed project Boulevard Residence Madrid in Sofia was
granted a use permit at the end of June. We can now start signing real right
contracts and transferring rental premises to clients. Our Development division
continues completing apartments in the Bishumuiza-1 project in Riga and the
Manastirski project in Sofia.
Improving sales of the past quarters have reduced the inventory balance
significantly and construction prices continue to be favourable. Therefore, we
have launched new developments in order to be ready for meeting the emerging
market demand. The Group's subsidiary AS Kolde and AS Merko Ehitus signed a
contract for the construction and financing of the next phase of the Kodukolde
development project. The new housing complex consists of four apartment
buildings with 100 apartment units and 40 underground garage spaces with a gross
enclosed area of 8,760 square metres. The first two buildings will be completed
in spring 2011. We are pleased to report that construction has commenced and the
number of pre-completion sales is exceeding all expectations
A detailed plan for the Paldiski mnt 80 property and its surrounding area was
adopted in January. The plan foresees construction of a commercial building with
a maximum gross enclosed area of 30,300 square metres.
The Service division has been able to cut its administrative expenses through
carefully planned restructuring (47% down compared with the same period in
2009). Sales have also decreased but to a lesser extent (a 33% decline
year-over-year). Six-month operating loss from current operations was 2.5
million kroons (0.2 million euros), a 68% improvement on the loss incurred in
the same period last year. On the other hand, the number of staff has grown by
2% year-over-year, reflecting a slight recovery in the real estate market. We
have reorganized work at some of the division's smaller offices outside the
capital by replacing the classical corporate office system with a home office
one while keeping the full service offering. At other offices, we have adopted
more cost efficient work procedures. The Service division intends to apply the
measures that have yielded positive results in Estonia also in its other
markets. This should allow increasing the service offering in the face of
limited resources. The main focus of the division will be on Estonia, Latvia and
Bulgaria.
Within the six-month period, the Construction division secured new contracts of
95.5 million kroons (6.1 million euros). The order backlog as at the reporting
date amounted to 94.0 million kroons (8.0 million euros). The main customers
continue to be the public sector and local governments. In addition to
environmental and infrastructure projects, funds are being allocated to the
education sector. It is worth mentioning that in the first half-year most of the
construction revenue was external - the proportion of internally generated sales
was minimal.
The Group's gross profit for the first half-year, excluding inventory
revaluations, amounted to 22.3 million kroons (1.4 million euros). Net loss
excluding inventory revaluations and losses on the disposal of investments and
other assets was 10.8 million kroons (0.7 million euros). The reduction of fixed
costs in 2009 has had a positive effect on the Group's performance in 2010 -
compared with the same period last year administrative expenses have decreased
by 17%.
We will continue monitoring our fixed costs. In addition to cost-cutting, it is
important to optimise the costs in a manner that would support sales growth in
the present market situation. One example of this is increasing the number of
staff at the Service division while sustaining cost-cutting. To cover future
fixed costs, we have started building and selling new real estate projects. In
addition to developing the last phase of the Kodukolde project, we have entered
into negotiations with the banks and potential business partners with a view to
launching phase I of the Tivoli project (approximately 150 apartments) and
securing a favourable financing scheme for it.
In the first half-year we adopted various measures for improving liquidity. We
disposed of a number of smaller investment properties that were not under our
complete control or otherwise did not fit our corporate strategy.
In addition, we extended the loans taken from Piraeus Bank Bulgaria for the
development of the Madrid project in Sofia and SEB Pank for the Navigator and
Tivoli projects in Tallinn of 360.7 million kroons (23.1 million euros) in
aggregate. As a result, the maturity date of the loan taken for the Madrid
project was deferred by three years from 2012 to 2015 and the one of the
Navigator and Tivoli projects was changed for 15 October 2010.
In December 2009 the shareholders of Arco Vara AS decided to reduce the
company's share capital. A corresponding Commercial Registry entry took effect
on 16 March 2010. The reduction of share capital has curbed the volatility of
the share price, has allowed more effective pricing of the share on the stock
exchange (through a decrease in the difference between the bid and ask prices)
and has created new opportunities for further strengthening the capital
structure.
Change in accounting for jointly controlled entities
The Group's management has revised the policy for accounting for interests in
jointly controlled entities. Previously, interests in jointly controlled
entities were accounted for using proportionate consolidation. As from 1 January
2010, interests in jointly controlled entities are accounted for using the
equity method. Management believes that the equity method provides a more
faithful representation of the Group's assets, liabilities and equity.
KEY PERFORMANCE INDICATORS
In the first half-year, the Group generated revenue and other income of 139.1
million kroons (8.9 million euros), a 47% decrease year-over-year
Operating loss amounted to 16.0 million kroons (1.0 million euros), a 74%
improvement year-over-year
Net loss was 17.8 million kroons (1.1 million euros), an 82% improvement
year-over-year
Equity to assets ratio was 37.1% (HY1 2009: 45.7%). Return on equity was
negative (HY1 2009: negative). Return on invested capital was negative (HY1
2009: negative)
At the end of the first half-year, our order backlog (in the construction
business) stood at 94.0 million kroons (6.0 million euros) compared with 142.6
million kroons (9.1 million euros) at the end of the first half of 2009
In the first half of 2010 we sold a total of 53 apartments and plots (HY1 2009:
25).
--------------------------------------------------------------------------------
| | | EEK | EUR
|
--------------------------------------------------------------------------------
| | | HY1 | HY1 | Q2 | Q2 | HY1 | HY1 | Q2 | Q2
|
| | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| In millions | | | | | | | | |
|
--------------------------------------------------------------------------------
| Revenue and | | 139. | 263. | 71.1 | 173. | 8.9 | 16.8 | 4.5 | 11.1
|
| other income | | 1 | 5 | | 3 | | | | |
--------------------------------------------------------------------------------
| Operating loss | | -16. | -62. | -6.1 | -45. | -1.0 | -4.0 | -0.4 | -2.9
|
| | | 0 | 6 | | 4 | | | | |
--------------------------------------------------------------------------------
| Incl. net loss | | -5.6 | -36. | -2.3 | -36. | -0.4 | -2.4 | -0.1 | -2.4
|
| from the | | | 9 | | 9 | | | | |
| revaluation of | | | | | | | | | |
| investment | | | | | | | | | |
| properties and | | | | | | | | | |
| inventories | | | | | | | | | |
--------------------------------------------------------------------------------
| Loss before tax | | -17. | -96. | -5.6 | -78. | -1.1 | -6.2 | -0.4 | -5.0
|
| | | 3 | 3 | | 7 | | | | |
--------------------------------------------------------------------------------
| Incl. net | | -2.4 | 0.0 | 1.3 | 0.0 | -0.2 | 0.0 | 0.1 | 0.0
|
| gain/loss from | | | | | | | | | |
| the disposal of | | | | | | | | | |
| financial | | | | | | | | | |
| assets | | | | | | | | | |
--------------------------------------------------------------------------------
| Net loss | | -17. | -97. | -6.0 | -79. | -1.1 | -6.2 | -0.4 | -5.1
|
| | | 8 | 1 | | 5 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| EPS 1 (in | | -3.7 | -20. | -1.2 | -16. | -0.2 | -1.3 | -0.08 | -1.06
|
| kroons and | | 4 | 34 | 6 | 65 | 4 | 0 | | |
| euros) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Total assets at | | 1,16 | 1,60 | | | 74.5 | 102. | |
|
| period end | | 6.1 | 0.7 | | | | 3 | | |
--------------------------------------------------------------------------------
| Invested | | 974. | 1,36 | | | 62.3 | 87.2 | |
|
| capital at | | 2 | 3.9 | | | | | | |
| period end | | | | | | | | | |
--------------------------------------------------------------------------------
| Net loans at | | 506. | 535. | | | 32.3 | 34.3 | |
|
| period end | | 0 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Equity at | | 432. | 732. | | | 27.6 | 46.8 | |
|
| period end | | 2 | 1 | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Average loan | | 1.5 | 1.5 | | | 1.5 | 1.5 | |
|
| term (in years) | | | | | | | | | |
--------------------------------------------------------------------------------
| Average | | 6.1% | 6.6% | | | 6.1% | 6.6% | |
|
| interest rate | | | | | | | | | |
| of loans (per | | | | | | | | | |
| year) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROIC (rolling, | | neg | neg | | | neg | neg | |
|
| 4 quarters) | | | | | | | | | |
--------------------------------------------------------------------------------
| ROE (rolling, 4 | | neg | neg | | | neg | neg | |
|
| quarters) | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
|
--------------------------------------------------------------------------------
| Number of staff | | 153 | 244 | | | 153 | 244 | |
|
| at period end | | | | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND PROFIT
| | EEK | EUR
|
--------------------------------------------------------------------------------
| | | HY1 | HY1 | Q2 | Q2 | HY1 | HY1 | Q2 | Q2 |
| | | 201 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
| | | 0 | | | | | | | |
--------------------------------------------------------------------------------
| In millions | | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue and | | | | | | | | | |
| other income | | | | | | | | | |
--------------------------------------------------------------------------------
| Service | | 13. | 20.2 | 7.2 | 9.5 | 0.9 | 1.3 | 0.5 | 0.6 |
| | | 7 | | | | | | | |
--------------------------------------------------------------------------------
| Development | | 75. | 137. | 36.5 | 112. | 4.8 | 8.8 | 2.3 | 7.2 |
| | | 4 | 5 | | 8 | | | | |
--------------------------------------------------------------------------------
| Construction | | 52. | 129. | 28.6 | 71.0 | 3.4 | 8.3 | 1.8 | 4.5 |
| | | 8 | 9 | | | | | | |
--------------------------------------------------------------------------------
| Eliminations | | -2. | -24. | -1.2 | -19. | -0.2 | -1.5 | -0.1 | -1.3 |
| | | 8 | 1 | | 9 | | | | |
--------------------------------------------------------------------------------
| Total revenue | | 139 | 263. | 71.1 | 173. | 8.9 | 16.8 | 4.5 | 11.1 |
| and other | | .1 | 5 | | 4 | | | | |
| income | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Operating | | | | | | | | | |
| profit/loss | | | | | | | | | |
--------------------------------------------------------------------------------
| Service | | -2. | -7.8 | -1.1 | -2.6 | -0.2 | -0.5 | -0.1 | -0.2 |
| | | 5 | | | | | | | |
--------------------------------------------------------------------------------
| Development | | -3. | -31. | -0.7 | -28. | -0.2 | -2.0 | 0.0 | -1.8 |
| | | 4 | 7 | | 0 | | | | |
--------------------------------------------------------------------------------
| Construction | | 0.3 | -5.8 | 2.3 | -2.4 | 0.0 | -0.4 | 0.1 | -0.2 |
--------------------------------------------------------------------------------
| Eliminations | | -0. | -1.6 | -4.0 | -1.6 | 0.0 | -0.1 | -0.3 | -0.1 |
| | | 1 | | | | | | | |
--------------------------------------------------------------------------------
| Unallocated | | -10 | -15. | -2.6 | -10. | -0.7 | -1.0 | -0.2 | -0.7 |
| expenses | | .3 | 7 | | 8 | | | | |
--------------------------------------------------------------------------------
| Total operating | | -16 | -62. | -6.1 | -45. | -1.1 | -4.0 | -0.5 | -3.0 |
| loss | | .0 | 6 | | 4 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Interest income | | -4. | -2.1 | -2.2 | -2.3 | -0.3 | -0.1 | -0.1 | -0.1 |
| and expense | | 2 | | | | | | | |
--------------------------------------------------------------------------------
| Other finance | | 2.8 | -31. | 2.8 | -31. | 0.3 | -2.0 | 0.2 | -2.0 |
| income and | | | 6 | | 0 | | | | |
| expense | | | | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -0. | -0.8 | -0.4 | -0.8 | 0.0 | -0.1 | 0.0 | -0.1 |
| expense | | 4 | | | | | | | |
--------------------------------------------------------------------------------
| Net loss | | -17 | -97. | -6.0 | -79. | -1.1 | -6.2 | -0.4 | -5.2 |
| | | .8 | 1 | | 5 | | | | |
--------------------------------------------------------------------------------
In the first half of 2010, we did not perform any major asset revaluations. Most
cuts have been made and managing and reducing costs has become a daily routine
at all business units. For the time being, our main focus is on increasing
sales, completing projects in progress and launching new ones, and improving
liquidity by selling new projects and inventories.
Finance income and expense for the period were strongly influenced by exchange
gain of 5.9 million kroons (0.38 million kroons) recognised for a US
dollar-based receivable from AS Ühendatud Kapital. Despite a decrease in revenue
and other income across all divisions, the Group has succeeded in reducing its
operating loss by 74%.
CASH FLOWS
| | | EEK | EUR |
--------------------------------------------------------------------------------
| | | HY1 | HY1 | Q2 | Q2 | HY1 | HY1 | Q2 | Q2 |
| | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
--------------------------------------------------------------------------------
| In millions | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | 1.7 | -35. | 2.5 | 1.9 | 0.1 | -2.3 | 0.2 | 0.1 |
| operating | | | 8 | | | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | 13.1 | 31.4 | 13.3 | -3.3 | 0.8 | 2.0 | 0.8 | -0.2 |
| investing | | | | | | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flows from | | -40. | -54. | -27. | 33.7 | -2.6 | -3.5 | -1.7 | 2.2 |
| financing | | 7 | 6 | 2 | | | | | |
| activities | | | | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow | | -25. | -59. | -11. | 32.3 | -1.7 | -3.8 | -0.7 | 2.1 |
| | | 9 | 0 | 4 | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 64.7 | 156. | 50.5 | 64.7 | 4.1 | 10.0 | 3.2 | 4.1 |
| equivalents at | | | 1 | | | | | | |
| beginning of | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Effect of | | -2.8 | -1.2 | -3.1 | -1.1 | -0.1 | -0.1 | -0.2 | -0.1 |
| movements in | | | | | | | | | |
| exchange rates | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 36.0 | 95.9 | 36.0 | 95.9 | 2.3 | 6.1 | 2.3 | 6.1 |
| equivalents at | | | | | | | | | |
| end of period | | | | | | | | | |
--------------------------------------------------------------------------------
In May 2010 Arco Vara AS redeemed commercial paper of 18.9 million kroons (1.2
million euros) before maturity.
There were no other exceptional loan settlements. Interest payments accounted
for 16.7 million kroons (1.1 million euros) of the net outflow from financing
activities. Scheduled principal payments and those related to inventory sales
totalled 54.3 million kroons (3.5 million euros). The largest proportion of
credit limits utilised during the period was related to the completion of the
Madrid project which accounted for 37.1 million kroons (2.4 million euros) of
the total.
The largest current liabilities to be settled in the next 12 months comprise:
accrued loan principal of 158.7 million kroons (10.1 million euros) to be paid
on the sale of reserved premises and in line with the settlement schedule of the
Boulevard Residence Madrid project in Sofia;
loans of 102.5 million kroons (6.6 million euros) related to the Tivoli and
Laeva2 projects;
a loan of 42.0 million kroons (2.7 million euros) related to the Bishumuiza-1
(BM-1) development project in Riga;
a loan of 23.0 million kroons (1.5 million euros) related to the Kodukolde
project;
the scheduled current portion of a loan related to the Manastirski project of
15.8 million kroons (1.0 million euros).
We have been settling the loans related to the Kodukolde and Merivälja2 projects
in Tallinn, the Bishumuiza-1 project in Riga and some cash flow generating
projects (such as the entire loan of the Endpoint project) on a current basis.
Most of the Group's liabilities are denominated in euros.
SERVICE DIVISION
We are constantly monitoring the expenses so as to avoid a situation where
expenses are growing faster than revenue. In line with this, we intend to
terminate some contracts that are no longer beneficial for the division.
At the same time, we have signed a number of new contracts that have already
shown their potential in both the second quarter and long-term perspective. In
the first half of the year, one investment was sold and the sale of another was
decided.
In connection with the revival of the housing market, we will step up our
marketing campaign across Estonia until the end of the year. We will continue
negotiations with a view to cooperating with other major housing and real estate
developers and will hire new office managers and sales staff who would redouble
our brokerage, valuation and marketing activities wherever we operate and would
make our services and offices more visible for the customer.
In Estonia, we will put a lot of effort in helping the customers make decisions
in the period preceding the adoption of the euro, i.e. in the current market
situation, and offering a wide range of services and properties. In the first
half-year, the number of properties brokered increased.
The division ended the reporting period with an operating loss of 2.5 million
kroons (0.2 million euros). Compared with the first half of 2009, the number of
brokerage transactions grew by 13% and the number of valuation reports issued
rose by 23%. The number of transactions has increased also compared with the
first quarter of 2010.
DEVELOPMENT DIVISION
In the first six months, a total of 53 apartments and plots were sold in Arco
Vara projects. In Latvia, 5 apartments were sold in the Bishumuiza project and 5
residential plots in a project near Lake Mazais Baltezers. In Estonia, 25
apartments were sold in the Kodukolde project and 18 residential plots in the
Merivälja project.
For building and financing the next phase in the Kodukolde project (100
apartments), we signed a contract with AS Merko Ehitus. Construction works have
commenced and are proceeding according to schedule. Two out of the four
buildings will be completed in spring 2011.
The Development division has acquired a property for building a nursery school
in Harku rural municipality. We have signed a lease agreement with the local
government and a construction and financing contract with YIT Ehitus AS.
The Boulevard Residence Madrid commercial and residential building in Sofia was
granted a use permit in June. The permit allows us to start signing real right
contracts and transferring the premises to clients.
We have also started negotiations with potential business partners and banks for
starting the construction and financing of the Tivoli project.
The greatest risk for the Development division continues to be refinancing of
the loans taken in connection with unimproved plots in Estonia.
Thanks to the stabilisation of the real estate market, the discounts that used
to be common for promoting sales have ceased and in the case of some projects
prices have also risen. At the end of June 2010, the Development division
employed 26 people (30 June 2009: 28).
For further information on our projects, please refer to: http:
//www.arcorealestate.com/development
CONSTRUCTION DIVISION
In addition to successful bids for environmental and infrastructure projects,
the Construction division has also won some civil engineering contracts (mostly
for the construction of educational establishments).
The largest new construction contracts secured by the division in the first half
of 2010 comprise the new building of the Estonian Aviation Academy of 43.9
million kroons (2.8 million euros), Block 4 of Tallinn University of Technology,
and the Paide academic building of the Järvamaa Education Centre.
Within six months, the division secured new contracts of 95.5 million kroons
(6.1 million euros). At the end of the reporting period, the order backlog of
the Construction division stood at 94.0 million kroons (6.0 million euros)
against 80.0 million kroons (5.1 million euros) at the end of June 2009.
At the reporting date, the division employed 47 people (30 June 2009: 143
people). The headcount has decreased primarily through the sale of the
investment in Arco Construction SIA in December 2009.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed consolidated statement of comprehensive income
For the period ended 30 June 2010
--------------------------------------------------------------------------------
| | Not | | HY1 | HY1 | | Q2 2010 | Q2 2009 |
| | e | | 2010 | 2009 | | | |
--------------------------------------------------------------------------------
| In EEK thousands | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from | | | 65,713 | 138,418 | | 37,006 | 67,882 |
| rendering of | | | | | | | |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from sale | | | 70,521 | 33,034 | | 33,058 | 14,628 |
| of goods | | | | | | | |
--------------------------------------------------------------------------------
| Total revenue | 2 | | 136,234 | 171,452 | | 70,064 | 82,510 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | 3 | | -119,49 | -272,67 | | -60,900 | -186,682 |
| | | | 7 | 6 | | | |
--------------------------------------------------------------------------------
| Gross profit / loss | | | 16,737 | -101,22 | | 9,164 | -104,172 |
| | | | | 4 | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Other income | 4 | | 2,869 | 92,095 | | 1,033 | 90,824 |
--------------------------------------------------------------------------------
| Distribution | 5 | | -2,493 | -1,852 | | -1,510 | -976 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Administrative | 6 | | -30,384 | -36,842 | | -13,171 | -16,779 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 4 | | -2,687 | -14,740 | | -1,629 | -14,311 |
--------------------------------------------------------------------------------
| Operating loss | | | -15,958 | -62,563 | | -6,113 | -45,414 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finance income | 7 | | 9,079 | 28,906 | | 4,153 | 17,140 |
--------------------------------------------------------------------------------
| Finance expenses | 7 | | -10,445 | -62,632 | | -3,613 | -50,428 |
--------------------------------------------------------------------------------
| Loss before tax | | | -17,324 | -96,289 | | -5,573 | -78,702 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | -431 | -809 | | -423 | -809 |
--------------------------------------------------------------------------------
| Loss for the period | | | -17,755 | -97,098 | | -5,996 | -79,511 |
--------------------------------------------------------------------------------
| Loss attributable | 8 | | -17,755 | -96,448 | | -5,996 | -79,721 |
| to owners of the | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Loss attributable | | | 0 | -650 | | 0 | 210 |
| to non-controlling | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | | 182 | 762 | | 21 | 749 |
| translating foreign | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Total other | | | 182 | 762 | | 21 | 749 |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -17,573 | -96,336 | | -5,975 | -78,762 |
| expense for the | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | | | | | |
| expense | | | | | | | |
| attributable to: | | | | | | | |
--------------------------------------------------------------------------------
| Owners of the | | | -17,573 | -95,686 | | -5,975 | -78,972 |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 0 | -650 | | 0 | 210 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| | | | -17,573 | -96,336 | | -5,975 | -78,762 |
--------------------------------------------------------------------------------
| Earnings per share | | | | | | | |
| (in EEK) | | | | | | | |
--------------------------------------------------------------------------------
| - Basic | | | -3.74 | -20.34 | | -1.26 | -16.65 |
--------------------------------------------------------------------------------
| - Diluted | | | -3.74 | -20.34 | | -1.26 | -16.65 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Not | | HY1 | HY1 | | Q2 2010 | Q2 2009 |
| | e | | 2010 | 2009 | | | |
--------------------------------------------------------------------------------
| In EUR thousands | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from | | | 4,200 | 8,847 | | 2,365 | 4,338 |
| rendering of | | | | | | | |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Revenue from sale | | | 4,507 | 2,111 | | 2,113 | 935 |
| of goods | | | | | | | |
--------------------------------------------------------------------------------
| Total revenue | 2 | | 8,707 | 10,958 | | 4,478 | 5,273 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cost of sales | 3 | | -7,637 | -17,427 | | -3,892 | -11,931 |
--------------------------------------------------------------------------------
| Gross profit / loss | | | 1,070 | -6,469 | | 586 | -6,658 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Other income | 4 | | 183 | 5,886 | | 66 | 5,805 |
--------------------------------------------------------------------------------
| Distribution | 5 | | -159 | -118 | | -97 | -62 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Administrative | 6 | | -1,942 | -2,355 | | -842 | -1,072 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Other expenses | 4 | | -172 | -942 | | -104 | -915 |
--------------------------------------------------------------------------------
| Operating loss | | | -1,020 | -3,998 | | -391 | -2,902 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Finance income | 7 | | 580 | 1,847 | | 265 | 1,095 |
--------------------------------------------------------------------------------
| Finance expenses | 7 | | -668 | -4,003 | | -231 | -3,223 |
--------------------------------------------------------------------------------
| Loss before tax | | | -1,108 | -6,154 | | -357 | -5,030 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | -28 | -52 | | -27 | -52 |
--------------------------------------------------------------------------------
| Loss for the period | | | -1,136 | -6,206 | | -384 | -5,082 |
--------------------------------------------------------------------------------
| Loss attributable | 8 | | -1,136 | -5,556 | | -384 | -5,292 |
| to owners of the | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Loss attributable | | | 0 | -650 | | 0 | 210 |
| to non-controlling | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | | 12 | 49 | | 1 | 48 |
| translating foreign | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Total other | | | 12 | 49 | | 1 | 48 |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -1,124 | -6,157 | | -383 | -5,034 |
| expense for the | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | | | | | |
| expense | | | | | | | |
| attributable to: | | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of | 8 | | -1,124 | -6,115 | | -383 | -5,047 |
| the parent | | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | | | 0 | -42 | | 0 | 13 |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| | | | -1,124 | -6,157 | | -383 | -5,034 |
--------------------------------------------------------------------------------
| Earnings per share | | | | | | | |
| (in EUR) | | | | | | | |
--------------------------------------------------------------------------------
| - Basic | | | -0.24 | -1.30 | | -0.08 | -1.06 |
--------------------------------------------------------------------------------
| - Diluted | | | -0.24 | -1.30 | | -0.08 | -1.06 |
--------------------------------------------------------------------------------
Condensed consolidated statement of financial position
As at 30 June 2010
--------------------------------------------------------------------------------
| | Note | | 30 June | 31 | | 31 |
| | | | 2010 | Decembe | | December |
| | | | | r 2009 | | 2008 |
--------------------------------------------------------------------------------
| In EEK thousands | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 36,021 | 64,724 | | 156,061 |
--------------------------------------------------------------------------------
| Investments | | | 0 | 0 | | 40,416 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 146,280 | 150,939 | | 276,541 |
--------------------------------------------------------------------------------
| Prepayments | | | 1,284 | 2,999 | | 6,077 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 573,770 | 754,805 | | 827,237 |
--------------------------------------------------------------------------------
| Biological assets | | | 0 | 0 | | 3,680 |
--------------------------------------------------------------------------------
| Total current assets | | | 757,355 | 973,467 | | 1,310,012 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Investments | | | 17,762 | 17,853 | | 216,025 |
--------------------------------------------------------------------------------
| Receivables | | | 2,639 | 2,635 | | 921 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 377,559 | 219,129 | | 157,367 |
--------------------------------------------------------------------------------
| Property, plant and | 12 | | 10,006 | 10,545 | | 41,664 |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 13 | | 819 | 812 | | 12,475 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 408,785 | 250,974 | | 428,452 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 1,166,14 | 1,224,4 | | 1,738,464 |
| | | | 0 | 41 | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 367,238 | 371,615 | | 223,598 |
--------------------------------------------------------------------------------
| Trade and other payables | 15 | | 60,023 | 83,621 | | 124,190 |
--------------------------------------------------------------------------------
| Deferred income | | | 89,980 | 81,902 | | 64,172 |
--------------------------------------------------------------------------------
| Provisions | | | 41,963 | 43,571 | | 37,999 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 559,204 | 580,709 | | 449,959 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 167,596 | 186,578 | | 454,048 |
--------------------------------------------------------------------------------
| Other liabilities | | | 6,037 | 6,278 | | 1,418 |
--------------------------------------------------------------------------------
| Provisions | | | 1,100 | 1,100 | | 3,191 |
--------------------------------------------------------------------------------
| Total non-current | | | 174,733 | 193,956 | | 458,657 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | | 733,937 | 774,665 | | 908,616 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 8 | | 47,417 | 952,841 | | 952,842 |
--------------------------------------------------------------------------------
| Share premium | | | 0 | 0 | | 712,514 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 31,463 | 31,463 | | 31,463 |
--------------------------------------------------------------------------------
| Retained earnings / | | | 353,323 | -530,53 | | -866,593 |
| accumulated losses | | | | 6 | | |
--------------------------------------------------------------------------------
| Own shares | | | 0 | -3,992 | | -3,992 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 432,203 | 449,776 | | 826,234 |
| to equity holders of the | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | | | 0 | 0 | | 3,614 |
--------------------------------------------------------------------------------
| Total equity | | | 432,203 | 449,776 | | 829,848 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 1,166,14 | 1,224,4 | | 1,738,464 |
| EQUITY | | | 0 | 41 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Note | | 30 June | 31 | | 31 |
| | | | 2010 | Decembe | | December |
| | | | | r 2009 | | 2008 |
--------------------------------------------------------------------------------
| In EUR thousands | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 2,302 | 4,137 | | 9,974 |
--------------------------------------------------------------------------------
| Investments | | | 0 | 0 | | 2,583 |
--------------------------------------------------------------------------------
| Receivables | 9 | | 9,349 | 9,647 | | 17,674 |
--------------------------------------------------------------------------------
| Prepayments | | | 82 | 192 | | 388 |
--------------------------------------------------------------------------------
| Inventories | 10 | | 36,670 | 48,241 | | 52,870 |
--------------------------------------------------------------------------------
| Biological assets | | | 0 | 0 | | 235 |
--------------------------------------------------------------------------------
| Total current assets | | | 48,403 | 62,217 | | 83,724 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Investments | | | 1,135 | 1,141 | | 13,806 |
--------------------------------------------------------------------------------
| Receivables | | | 169 | 168 | | 59 |
--------------------------------------------------------------------------------
| Investment property | 11 | | 24,130 | 14,005 | | 10,058 |
--------------------------------------------------------------------------------
| Property, plant and | 12 | | 639 | 674 | | 2,663 |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 13 | | 52 | 52 | | 798 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 26,125 | 16,040 | | 27,384 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 74,528 | 78,257 | | 111,108 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 23,471 | 23,750 | | 14,290 |
--------------------------------------------------------------------------------
| Trade and other payables | 15 | | 3,836 | 5,344 | | 7,937 |
--------------------------------------------------------------------------------
| Deferred income | | | 5,751 | 5,234 | | 4,101 |
--------------------------------------------------------------------------------
| Provisions | | | 2,682 | 2,785 | | 2,429 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 35,740 | 37,116 | | 28,757 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 14 | | 10,711 | 11,924 | | 29,019 |
--------------------------------------------------------------------------------
| Other liabilities | 15 | | 386 | 401 | | 91 |
--------------------------------------------------------------------------------
| Provisions | | | 70 | 70 | | 204 |
--------------------------------------------------------------------------------
| Total non-current | | | 11,167 | 12,395 | | 29,314 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | | 46,907 | 49,511 | | 58,071 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 8 | | 3,030 | 60,897 | | 60,897 |
--------------------------------------------------------------------------------
| Share premium | | | 0 | 0 | | 45,538 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 2,011 | 2,011 | | 2,011 |
--------------------------------------------------------------------------------
| Retained earnings / | | | 22,580 | -33,907 | | -55,385 |
| accumulated losses | | | | | | |
--------------------------------------------------------------------------------
| Own shares | | | 0 | -255 | | -255 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 27,621 | 28,746 | | 52,806 |
| to equity holders of the | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | | | 0 | 0 | | 231 |
--------------------------------------------------------------------------------
| Total equity | | | 27,621 | 28,746 | | 53,037 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 74,528 | 78,257 | | 111,108 |
| EQUITY | | | | | | |
--------------------------------------------------------------------------------
Condensed consolidated statement of cash flows
For the period ended 30 June 2010
--------------------------------------------------------------------------------
| | | | EEK | | EUR |
--------------------------------------------------------------------------------
| | Not | | HY1 | HY1 | | HY1 | HY1 |
| | e | | 2010 | 2009 | | 2010 | 2009 |
--------------------------------------------------------------------------------
| In thousands | | | | | | | |
--------------------------------------------------------------------------------
| Loss for the period | | | -17,75 | -97,098 | | -1,135 | -6,206 |
| | | | 5 | | | | |
--------------------------------------------------------------------------------
| Interest income and | 7 | | 4,193 | 2,078 | | 268 | 133 |
| interest expense | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on sale of | | 1,377 | 0 | | 88 | 0 |
| subsidiaries and interests in | | | | | | |
| jointly controlled entities | | | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | 7 | | 134 | 2,526 | | 9 | 161 |
| financial assets | | | | | | | |
--------------------------------------------------------------------------------
| Share of profits and losses | | 0 | 35,821 | | 0 | 2,289 |
| of equity accounted investees | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | 3, | | 906 | 2,497 | | 58 | 160 |
| amortisation and | 6 | | | | | | |
| impairment losses on | | | | | | | |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the sale | | | 0 | -38 | | 0 | -2 |
| of property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the sale | 4 | | 329 | 0 | | 21 | 0 |
| of investment property | | | | | | | |
--------------------------------------------------------------------------------
| Change in the fair | 4 | | 11 | -72,800 | | 1 | -4,653 |
| value of investment | | | | | | | |
| property and biological | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Gain/loss on the | 3 | | 5,559 | 109,707 | | 355 | 7,012 |
| revaluation of | | | | | | | |
| inventories | | | | | | | |
--------------------------------------------------------------------------------
| Exchange gains and | 7 | | -5,783 | -4,020 | | -370 | -257 |
| losses | | | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | -15 | 0 | | -1 | 0 |
--------------------------------------------------------------------------------
| Operating cash flow before | | -11,04 | -21,327 | | -706 | -1,363 |
| working capital changes | | 4 | | | | |
--------------------------------------------------------------------------------
| Change in receivables and | | 12,714 | -17,177 | | 813 | -1,098 |
| prepayments | | | | | | |
--------------------------------------------------------------------------------
| Change in inventories | | | 2,831 | -56,569 | | 181 | -3,615 |
--------------------------------------------------------------------------------
| Change in biological | | | 0 | 24,307 | | 0 | 1,554 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Change in payables and | | -2,785 | 34,967 | | -178 | 2,235 |
| deferred income | | | | | | |
--------------------------------------------------------------------------------
| NET CASH FROM / USED IN | | | 1,716 | -35,799 | | 110 | -2,287 |
| OPERATING ACTIVITIES | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | -346 | -1,578 | | -22 | -101 |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 0 | 2,056 | | 0 | 131 |
| property, plant and | | | | | | | |
| equipment and | | | | | | | |
| intangible assets | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | -167 | -5,678 | | -11 | -363 |
| investment property | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 23,778 | 4,981 | | 1,520 | 318 |
| investment property | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | 0 | -251 | | 0 | -16 |
| subsidiaries and | | | | | | | |
| interests in jointly | | | | | | | |
| controlled entities | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 105 | 0 | | 7 | 0 |
| investments in | | | | | | | |
| subsidiaries and | | | | | | | |
| jointly controlled | | | | | | | |
| entities | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 0 | 40,416 | | 0 | 2,583 |
| other investments | | | | | | | |
--------------------------------------------------------------------------------
| Loans granted | | | -10,44 | -26,940 | | -668 | -1,722 |
| | | | 7 | | | | |
--------------------------------------------------------------------------------
| Repayment of loans | | | 0 | 15,810 | | 0 | 1,010 |
| granted | | | | | | | |
--------------------------------------------------------------------------------
| Interest received | | | 165 | 2,587 | | 11 | 165 |
--------------------------------------------------------------------------------
| NET CASH FROM INVESTING | | 13,088 | 31,403 | | 837 | 2,005 |
| ACTIVITIES | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | | | 60,618 | 94,944 | | 3,874 | 6,068 |
| received | | | | | | | |
--------------------------------------------------------------------------------
| Settlement of loans and | | | -84,67 | -126,51 | | -5,412 | -8,086 |
| finance lease | | | 7 | 4 | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Interest paid | | | -16,68 | -23,035 | | -1,067 | -1,471 |
| | | | 4 | | | | |
--------------------------------------------------------------------------------
| NET CASH USED IN FINANCING | | -40,74 | -54,605 | | -2,605 | -3,489 |
| ACTIVITIES | | 3 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| NET CASH FLOW | | | -25,93 | -59,001 | | -1,658 | -3,771 |
| | | | 9 | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 64,724 | 156,061 | | 4,137 | 9,974 |
| equivalents at | | | | | | | |
| beginning of period | | | | | | | |
--------------------------------------------------------------------------------
| Net decrease in cash | | | -25,93 | -59,001 | | -1,658 | -3,771 |
| and cash equivalents | | | 9 | | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate | | | -2,764 | -1,178 | | -177 | -75 |
| fluctuations on cash | | | | | | | |
| held | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | 36,021 | 95,882 | | 2,303 | 6,127 |
| equivalents at end of | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------