Börsiteade

Pealkiri

2011 3 months consolidated unaudited interim report

Teade

Tallinn, Estonia, 2011-05-27 15:00 CEST (GLOBE NEWSWIRE) --


MANAGEMENT REPORT

General information

AS Merko Ehitus operates in Estonia, Latvia and Lithuania as a construction
group offering complete solutions in the construction field. The largest
companies belonging to the group are SIA Merks (100%), UAB Merko Statyba
(100%), Tallinna Teede AS (100%), AS Gustaf (85%), OÜ Gustaf Tallinn (80%), AS
Merko Tartu (66%), AS Merko Infra (100%) and AS Tartu Maja Betoontooted (25%). 

Due to the changes in the economic environment and the construction market, the
Supervisory and Management Boards of AS Merko Ehitus reviewed the group's
strategy and approved its strategic goals for the years 2010 - 2015. 

The strategy covers the time period from 2010 until the end of 2015. All
principles and some financial goals, such as the minimum equity to assets ratio
to be ensured, are mandatory during the whole period. 

The following assumptions regarding the economies of the Baltic States have
been used as the basis for the strategy: 

  1. according to different experts, economic growth in the years 2011 - 2012
     will not be higher than 3%;
  2. the key customer in the upcoming years will be the public sector with the
     main emphasis on infrastructure projects co-financed by EU funds;
  3. PPP (public private partnership) models will be used more frequently than
     previously, because the public sector does not have sufficient funds to
     make investments;
  4. the number of projects related to improvement of energy efficiency will
     increase;
  5. the apartment market will pick up as compared to the recession of the last
     couple of years;
  6. a need for industrial and service buildings will arise;
  7. credit availability will improve;
  8. a reduction in unemployment and recovery of the retail trade will continue
     in 2011.

Strategic goals of AS Merko Ehitus:

  1. The vision of AS Merko Ehitus is to offer a high-quality construction
     service to its customers in various fields.
  2. The goal of AS Merko Ehitus is to be leading construction company in its
     home market - the Baltic States.
  3. In addition to the home market, AS Merko Ehitus considers Ukraine,
     primarily Kiev, and St. Petersburg in Russia to have a good outlook.
  4. Outside aforementioned markets, the Company builds/develops only for those
     clients with whom it has prior collaboration experience with, or objects
     similar to those which it has previously successfully built/developed.
  5. In 2015, Estonia would contribute ca. 35%, Latvia ca. 30%, Lithuania ca.
     25% and other markets ca. 10% to the total revenue of the group. The
     distribution of profit earned at the group should also be of similar
     proportions.
  6. In addition to the current construction and design service, the Company
     would offer an even more integrated service, encompassing the complete
     process, from help with finding appropriate land plots until arrangement of
     financing.

Long-term financial goals of AS Merko Ehitus:

  1. attain a minimum ROE ratio of 15% for the years 2011 - 2015;
  2. ensure at least 40% equity to assets ratio during the whole period.

To attain these goals, we will:

  1. rearrange the group's management structure which entails the following:
     -- use several new activities to improve the horizontal cooperation between
        various group entities and integration of engineering-technical know-how
        and management experience obtained in various foreign countries into
        different structures at the group;
     -- the ultimate goal of changing the group's structure is the creation of a
        holding company listed on the stock exchange and production activities
        in all countries with permanent operations carried out through the
        structures registered in those countries.
  2. preserve the key foundation of the motivational system which has
     successfully operated until now and improve it in accordance with the set
     goals.


Operating results

In 2011 3 months, the revenue of the construction group was EUR 26.2 million.
Estonia contributed 76.0%, Latvia 19.7% and Lithuania 4.3% to the group's
revenue. As compared to 2010 3 months, the group's revenue decreased by 18.2%,
including +19.8% in Estonia, +241.5% in Lithuania and -65.8% in Latvia. 

As of 31 March, the group's portfolio on unfinished construction contracts
totalled EUR 195 million. The contract portfolio does not include residential
development projects developed by the Company and the works related to
construction of investment properties. 

In 2011 3 months, the group sold 11 apartments for EUR 0.9 million, (exclusive
of VAT). As of 31.03.2011, the inventories included 50 unsold apartments with a
total cost of EUR 3.8 million and 424 apartments in the stage of construction
with a total cost of EUR 18.7 million as of the balance sheet date. The group's
stock of apartments varies by regions, of the finished buildings 39 apartments
are located in Tartu and 11 in Riga. In connection with the realisation of
apartments being more successful than planned and as the stock in Tallinn
reached a critical level, the company launched construction of a new apartment
building with 93 apartments at Tartu road 50 in Tallinn in the 3rd quarter and
an apartment building with 15 apartments at Kristiina 12, Tallinn in the 4th
quarter of 2010. The apartments will be completed in the 4th quarter of 2011.
SIA Merks relaunched a development project with 116 apartments in the district
of Skanstes, Riga. The construction works of the property are planned to be
completed in the 2nd quarter of 2011. In order to minimise risks, the new
projects are generally small-scaled and regionally dispersed. 

Decrease in volumes and remarkable rise of input prices resulted in loss for
the 1st quarter of the year of 2011. Marketing and general administrative
expenditures of the group decreased 4.7% with the first three months of 2011.
Decrease of marketing and general administrative expenditures was promoted by
implemented cost-saving measures of which EUR 115 thousand came from cutting
the labour costs, EUR 37 thousand from cutting the costs on hardware and
software and EUR 26 thousand from cutting other expenditures. Regardless of the
overall decrease in marketing and general administrative expenditures, the
costs for consultation and legal assistance increased by EUR 37 thousand in
comparison towards the last year. Work on cutting the marketing and general
administrative expenditures continues and the management has set the goal to
take the proportion of the respective costs under 5.5% of revenue by the end of
2011. 

The 2011 3 months loss before taxes and net loss of the group amounted to EUR
4.1 million, compared towards the 3 months EUR 1.5 million profit before tax in
2010. The quarterly loss resulted from decrease in revenue and continuous rise
in input prices in constructing; the company was forced to remarkably correct
the expenditure forecasts related to carrying out contracts. In accordance with
the applicable accounting standards, the company records the estimated loss
from a construction object in its full extent as an expense in the reporting
period during which the company becomes aware of the relevant fact, and forms a
provision for projects operating at a loss, in order to cover the loss of
future periods. As of 31.03.2011, the group had drawn appropriations to cover
the costs necessary for terminating non-profitable projects in the total amount
of EUR 2.8 million. An increase in the proportion of the construction of
infrastructure objects has in 2011 significantly increased the impact of
seasonality on the group's revenue. Due to the extraordinarily snowy and cold
winter, the commencement of several new projects was delayed in the 1st quarter
and therefore the revenue remained below expectations. The impact of cyclic
development activities over the results was insignificant. According to the
opinion of the management, the volume and profitability of entered contracts
enables the company to reach profitability by year in case the construction
market stabilises and the rise in constructing prices in 2011 remains within
5-10%. 

In 2011 3 months, the change in short-term investments, and cash and cash
equivalents of Merko Ehitus group was EUR -3.8 million and as of 31 March 2011,
the cash and cash equivalents in the bank accounts and term deposits of the
group were in the amount of EUR 8.7 million. The cash flows from operating
activities totalled EUR -1.2 million, cash flows from investing activities
totalled EUR -1.7 million and cash flows from financing activities totalled EUR
-0.9 million. The cash flows from operating activities in the reporting period
were mostly affected by the restatement of the revenue from construction
projects recognised under the stage of completion method of EUR +4.9 million,
operating profit EUR -3.8 million, the change in inventories of EUR -1.9
million and the change in trade and other receivables related to operating
activities of EUR -1.9 million. Of the cash flows from investing activities,
purchase of investment property totalled EUR -1.9 million, the balance of
issued and repaid loans totalled EUR -0.3 million and investments in property,
plant and equipment totalled EUR -0.5 million. Of the cash flows from financing
activities, EUR -1.2 million was spent on loans assumed and EUR -0.3 million on
finance lease principal payments. 

The ratios and methodology for calculating the financial ratios describing the
group's main operations 

                                            3 months      3 months      3 months
                                                2011          2010          2009
Net profit margin                            -15,7 %         3,3 %         5,4 %
Profit before taxes margin                   -15,7 %         4,8 %         6,1 %
Operating profit margin                      -14,6 %         5,2 %         6,8 %
Gross profit margin                           -5,5 %        11,7 %        14,2 %
EBITDA margin                                -12,4 %         7,0 %         7,8 %
Return on equity per annum                   -13,4 %         3,1 %         6,3 %
Return on assets per annum                    -8,4 %         1,9 %         3,5 %
Equity ratio                                  62,1 %        63,2 %        57,7 %
Current ratio                                    2,6           2,5           3,1
Quick ratio                                      0,9           1,2           1,4
General expense ratio                          9,7 %         8,3 %         7,2 %
Gross remuneration ratio                      14,5 %        12,3 %        12,0 %
Debt to assets                                12,8 %        13,9 %        18,4 %
Accounts receivable turnover (days)               75            45            65
Accounts payable turnover (days)                  48            39            41
Revenue per employee (thousand euros)             29            43            45
Average number of full-time employees            901           748           873
 (group)                                                                        

Net profit margin: Net profit* / Revenue
Profit before taxes margin: Profit before taxes / Revenue
Operating profit margin: Operating profit / Revenue
Gross profit margin: Gross profit / Revenue
EBITDA margin: (Operating profit + Depreciation and impairment charge) / Revenue
Return on equity: Net profit x 4* / Average equity during the period*
Return on assets: Net profit x 4* / Average assets during the period
Equity ratio: Owners equity* / Total assets
Current ratio: Current assets / Current liabilities
Quick ratio: (Current assets - Inventories) / Current liabilities
General expense ratio: General expenses / Revenue
Gross remuneration ratio: Gross remuneration / Revenue
Debt to assets: Interest-bearing liabilities / Total assets
Accounts receivable turnover: Trade receivables x 365 / Revenue x 4
Accounts payable turnover: Payables to supplies x 365 / Cost of goods sold x 4
Revenue per employee: Revenue / Average number of full-time employees

* attributable to equity owners of the parent



Employees and remuneration

One of the main values of Merko Ehitus is its professional employees. Due to
the growth of the contract portfolio and the increase in the share of
facilities in the structure of contracts, the number of group's employees
increased by 161 (+20,5%) employees and as of 31.03.2011, the group had 948
employees. The gross remuneration paid to employees in 2011 3 months amounted
to EUR 3.78 million a decrease of 4.0% compared to previous year. The smaller
amount of performance pay resulted in the fall of group's labour costs. 



Members of the Supervisory and Management Board of AS Merko Ehitus

Supervisory Board

The general meeting of shareholders elects the Company's Supervisory Board. The
Supervisory Board plans the Company's activities and arranges its management as
well as performs supervision over the Management Board. The Supervisory Board
of AS Merko Ehitus has four members. 

Tõnu Toomik - Born at 8 March 1961. Finished Raatuse Gymnasium in Tartu (former
Tartu Secondary School no. 3) and graduated from Tallinn University of
Technology, majoring in industrial and civil engineering. From 1993, started to
work as a project manager at AS Merko Ehitus. Between 1997-2008, was a member
of the Management Board of AS Merko Ehitus, being responsible for the
management and development of the Company. From August 2008, is the Chairman of
the Supervisory Board of AS Merko Ehitus. 

Teet Roopalu - Born at 30 August 1949. Finished Tallinn Secondary School no. 10
(current Nõmme Gymnasium) and graduated from the Faculty of Economics of
Tallinn University of Technology, majoring in construction economics and
organisation. Has worked at construction companies, including as a director of
finance, managed the economic activities in EKE (Estonian Collective Farm
Construction) system as a chief economist, as a bank director and has also been
involved in design work. Since November 2002, works at AS Merko Ehitus and is
responsible for the Company's financial and legal areas. Is a member of the
Supervisory Board of AS Riverito and those of several subsidiaries and
associates of AS Merko Ehitus. 

Indrek Neivelt - Born at 17 March 1967. Finished a mathematics and physics -
biased class at Tallinna Secondary School no. 1 (current Gustav Adolf
Gymnasium), graduated from Tallinn University of technology, majoring in civil
engineering economics and management, and received his MBA in banking and
finance from Stockholm University. Between 1991-2005, worked in various
positions at Hansapank, over the last six years as the general director of the
group and chairman of the Management Board. From 2005, is a Chairman of the
Supervisory Board of Bank Saint Petersburg and is a member of supervisory
boards of several entities. From October 2008, is member of the Supervisory
Board of AS Merko Ehitus. 

Olari Taal - Born at 7 August 1953. In 1971, finished Varstu Secondary School
and in 1976, graduated as a civil engineer from Tallinn University of
Technology. Has managed Tartu Elamuehituskombinaat (Tartu Housing Plant; Tartu
Maja) and Eesti Hoiupank (Estonian Savings Bank). Has served the Republic of
Estonia as the Minister of Construction, Minister of Economic Affairs, Minister
of Internal Affairs and as a member of the 10th Riigikogu (Parliament of
Estonia). From October 2008, Olari Taal is a member of the Supervisory Board of
AS Merko Ehitus. 



Management Board

The Management Board is the Company's governing body, which represents and
manages the Company. The Management Board shall adhere to the lawful
regulations of the Supervisory Board. The Management Board is under the
obligation to act in most economically purposeful manner. As of 21.12.2010, the
Management Board of AS Merko Ehitus has 6 members. 

Tiit Roben - Born at 5 January 1966. Finished Mustamäe Gymnasium (former name:
Tallinn Secondary School no. 44) in Tallinn and graduated from Tallinn
University of Technology, majoring in industrial and civil engineering. Worked
as a project manager at AS Merko Ehitus between 1998-2002. Between 2002-2008,
worked at AS Riverito's entity E.L.L.Kinnisvara AS, from 2005, is a member of
the Company's Management Board. From August 2008, is the Chairman of the
Management Board of AS Merko Ehitus, being responsible for the management and
development of the Company. 

Jaan Mäe - Born at 26 September 1964. Finished Viljandi Secondary School no. 5.
and graduated from Tallinn University of Technology, majoring in industrial and
civil engineering. From December 1997, works at AS Merko Ehitus, has been
project manager, division manager and member of the Management Board. Between
2006-2010, was a member of the Supervisory Board of AS Merko Ehitus and several
group entities. From June 2010, is a member of the Management Board of AS Merko
Ehitus, being responsible for attainment of goals in the area of development
and is the Chairman of the Supervisory Board of Latvian and Lithuanian
subsidiaries. 

Alar Lagus - Born at 15 February 1969. Finished Rapla Secondary School and
graduated from the Faculty of Chemistry of Tallinn University of Technology,
majoring in organisation and technology of public catering. After graduation,
worked in various positions at Hansapank. From 2004, works as a manager in the
finance area and is responsible for the Company's financial and managerial
accounting and investor relations. 

Veljo Viitmann - Born at 13 March 1962. Finished Türi Secondary School and
graduated from Tallinn University of Technology, majoring in road engineering
and bridges. From 1994, works at AS Merko Ehitus and is responsible for
preparation of tenders for new projects. 

Andres Agukas - Born at 15 July 1965. Finished Pärnu-Jaagupi Secondary School
and graduated from Tallinn University of Technology, majoring in road
engineering. At 2 February 1998, started to work at AS Merko Ehitus as the
first employee in the area of civil engineering. From October 2005, as a member
of the Management Board is responsible for the whole area of the construction
service. 

Viktor Mõisja - Born at 6 January 1951. Graduated as a civil engineer from
Tallinn University of Technology. Viktor Mõisja has worked at AS Merko Ehitus
since the foundation of the Company and most of the time as a manager of the
department of concrete works. From 21 December 2010, is a member of the
Company's Management Board and his area of responsibility is quality management
and supervision. 


Construction marekt

Three keywords continue to characterize the construction market - low demand,
tight competition and rise in input prices. 

During the 1st quarter, the Baltic construction market conveyed conflicting
signals despite of the upturn in economy: In Lithuania, the 6.9% growth of GDP
(at constant prices) was accompanied by 17.7% of growth in constructing volumes
(at current prices) when compared to the 1st quarter of the last year, while in
Latvia, the 3.4% growth of GDP (at constant prices) came with 23.0% decrease in
constructing volumes (at current prices) for the same period. In the 4th
quarter of 2010, the Estonian construction market decreased by 5% compared to
the volumes in the same period in 2009. The results of the 1st quarter 2011 are
expected to indicate the continuation of the negative trend (the results of the
1st quarter will be published on 30 May 2011). At the same time, we hold that
the decline of the construction market reached its bottom in 2010 and the
volumes are expected to rise over 2011. Most of the new contracts originate
from the public sector and are funded with the help of EU Structural Funds. 

High global demand has brought about the rise in the construction sector input
prices. The price increase of metals and petroleum-based products has been
especially recognisable. High demand in the construction sectors of Central
Europe and Scandinavia has created a considerable alternative for the local
labour to sell their labour force to foreign countries; this has increased the
labour force prices. More expensive inputs and orientation of several
sub-contracting companies towards external markets has resulted in remarkable
increase in construction service prices. Regardless of a general low demand,
exhaustion of free capacities in some areas of construction sectors is
foreseeable in the nearest future as also additional pressure for price
increase. A serious challenge for the construction market shall be the
management with the water and sewerage tender volumes and investing of the EUR
150 million received from the sales of CO2 emission quotas into improvement of
the energy performance of buildings. Compared towards the bottom of the
construction market in 2009, the construction prices as of today have increased
by 20-30%. High volatility of prices makes budgeting of new projects and
execution of projects according to planned expenditures complicated and brings
about an additional risk upon executing contracts with fixed prices as well as
a price pressure over profitability of the projects. 

Several contractors have encountered difficulties in contract execution due to
rapid increase of input prices and under-offers. The results are unfinished
sites on which the contracting entity is organising new tenders. Continuation
of unfinished work shall become more costly for the contracting entity and so
there might not be enough financial means to finish the construction of such
sites. Similar trend accompanies also the new tenders during the present year.
Contracting entities cancel tender invitations more and more often since the
offers made do not comply with the budgets drawn in 2009/2010 and financial
means for executing the project are insufficient. Utmost indifference of
contracting entities towards this issue also favours under-offers and leaving
the sites. It is not rare for a contractor who terminated the contract to
participate without any limitation in tenders of the same contracting entity or
discontinued tenders. Failure to perform a contract is becoming an unpleasant
practice of the industry, what Merko Ehitus has ignored. 

Confidence of private contractors towards the future is still low regardless of
the loan politics of banks being somewhat more liberal, so there is no interest
in constructing new buildings/facilities. Improvements can be noticed on the
leasing market of business premises - rental prices have stabilised and fewer
premises are vacant, interest of investors in projects with rental flow and
unimproved registered immovable has increased. Estonia's transition to Euro has
not remarkably enlivened the activity of external investments in the area nor
influenced the construction market positively as hoped. 

In 2011, the market of residential space in Estonia and Lithuania has become a
bit more active, both the amount of transactions and average prices has
increased. The now rising price level in residential sector and signs on the
recovering of the economic environment has increased the confidence of people
as well as interest in residential space. The market improvement has been
facilitated by the improved financing environment, mostly due to decreasing
self-financing rates and interest margins for the borrowers. The temporary
sales success in the residential section has encouraged the developers to go
over their frozen projects and draw new business plans and loan applications.
Despite of the emerging optimism amongst developers, launching of new projects
today is related to high risks - the speed of construction prices rising
clearly exceeds the rise in sales prices and sets profitable development of
projects under high risk due to which the volume of new development projects
shall, in our opinion, remain modest in the nearest future and offering of
residential spaces shall decrease. By virtue of decrease in offers and rise in
construction prices we forecast a pressure over the price increase of
residential spaces in the perspective of the next 12 months. 

For the construction companies, the year of 2011 shall be the most challenging
since. Guarantees and payment terms dictated by the contracting entities turn
constantly more and more unfavourable for the construction companies, load over
the circulating capital of companies increases and cash-flow management as well
as liquidity becomes more and more determining. The deterioration of the
payment discipline of several main contractors is a clear indicator the said
trend. The situation is even more strained by extremely low (negative)
profitability of the sector. The year of 2011 has already brought along
announcements of construction companies going bankrupt and the trend is
definitely growing during the nearest future. 



Share and shareholders

The shares of Merko Ehitus are listed in the main list of NASDAQ OMX Tallinn
Stock Exchange. In 2011 3 months 1252 transactions with the shares of Merko
Ehitus were performed in the course of which 0.3 million shares were traded and
the total monetary value of transactions was EUR 2.64 million. The lowest share
price was EUR 8.60 and the highest price was EUR 10.65 per share. The closing
share price as of 31.03.2011 was EUR 9.30. AS Merko Ehitus market value as of
31.03.2011 was EUR 165 million. 

                                       31.03.2011  31.03.2010  31.03.2009
No. of shares, thousand pcs                17 700      17 700      17 700
Earnings per share (EPS), in euros          -0,23        0,06        0,12
Equity per share, in euros                   6,82        7,74        7,61
P/B (share price to equity per share)        1,36        0,99        0,27

The main shareholders of AS Merko Ehitus as of 31.03.2011

                                                Number of shares  Proportion
AS Riverito                                           12 742 686      71,99%
ING Luxembourg S.A., clients                             963 376       5,44%
Skandinaviska Enskilda Banken Ab, clients                903 581       5,11%
State Street Bank and Trust                              168 871       0,95%
Omnibus Account a Fund No OM01                                              
Gamma Holding OÜ                                         132 468       0,75%
SEB Elu- ja Pensionikindlustus AS                        125 520       0,71%
Clearstream Banking Luxembourg S.A. clients              106 239       0,60%
AS Midas Invest                                          104 240       0,59%
Skandinaviska Enskilda Banken Finnish, clients           101 891       0,58%



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
unaudited, in thousand euros

                                                              2011      2010
                                                          3 months  3 months
                                                                            
Revenue                                                     26 173    31 996
Cost of goods sold                                        (27 608)  (28 256)
Gross profit                                               (1 435)     3 740
                                                                            
Marketing expenses                                           (562)     (459)
Administrative and general expenses                        (1 972)   (2 200)
Other operating income                                         184       764
Other operating expenses                                      (37)     (190)
Operating profit (loss)                                    (3 822)     1 655
                                                                            
Financial income and expenses                                (276)     (130)
incl.  financial income (expenses) from investments into      (76)     (155)
associates and joint ventures                                               
interest expense                                             (210)     (208)
foreign exchange gain                                          (9)        93
other financial income (expenses)                               19       140
Profit before tax                                          (4 098)     1 525
Corporate income tax expense                                     -     (519)
Net profit for current period                              (4 098)     1 006
                                                         -------------------
incl. equity holders of the parent                         (4 107)     1 059
non-controlling interest                                         9      (53)
                                                                            
Other comprehensive income                                                  
Currency translation differences of foreign entities            18        54
Comprehensive income for the period                        (4 080)     1 060
                                                         -------------------
incl. equity holders of the parent                         (4 089)     1 113
                                                         -------------------
non-controlling interest                                         9      (53)
                                                                            
Earnings per share for profit attributable to equity        (0,23)      0,06
holders of the parent (basic and diluted, in euros)                         


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
unaudited, in thousand euros

                                                                             
                                                       31.03.2011  31.12.2010
ASSETS                                                                       
Current assets                                                               
Cash and cash equivalents                                   8 469       9 856
Short-term deposits                                           198       2 651
Trade and other receivables                                44 329      44 938
Prepaid corporate income tax                                1 615       1 366
Inventories                                                94 973      93 048
Non-current assets held for sale                              180           -
Total current assets                                      149 764     151 859
                                                                             
Non-current assets                                                           
Long-term financial assets                                 18 503      19 311
Deferred income tax assets                                  1 572       1 571
Investment property                                         5 418       3 585
Property, plant and equipment                              17 534      17 747
Intangible assets                                           1 491       1 508
Total non-current assets                                   44 518      43 722
                                                                             
TOTAL ASSETS                                              194 282     195 581
                                                      -----------------------
                                                                             
LIABILITIES AND EQUITY                                                       
                                                                             
Current liabilities                                                          
Borrowings                                                 11 887      12 554
Trade and other payables                                   42 209      39 154
Provisions                                                  4 323       3 674
Total current liabilities                                  58 419      55 382
                                                                             
Non-current liabilities                                                      
Long-term borrowings                                       12 982      13 185
Long-term trade payables                                      792         845
Long-term customer prepayments                                  1           1
Total non-current liabilities                              13 775      14 031
                                                                             
Total liabilities                                          72 194      69 413
                                                      -----------------------
                                                                             
Equity                                                                       
                                                                             
Non-controlling interest                                    1 437       1 428
Equity attributable to equity holders of the parent                          
Share capital                                              11 312      11 312
Statutory reserve capital                                   1 131       1 131
Currency translation adjustment                             (906)       (924)
Retained earnings                                         109 114     113 221
Total equity attributable to equity holders of parent     120 651     124 740
                                                                             
Total equity                                              122 088     126 168
                                                      -----------------------
                                                                             
TOTAL LIABILITIES AND EQUITY                              194 282     195 581
                                                      -----------------------



Alar Lagus
Member of Management Board
+372 6 805 109
[email protected]