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AS MERKO EHITUS
LEI kood
529900AS1XLZP15O8887
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Majandusaasta aruanne
Teate ID
7209
Manused
Esitamise kuupäev ja aeg
10.04.2019 02:00:00
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Pealkiri
Auditeeritud majandusaasta aruanne 2018
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ASi Merko Ehitus 2018. aasta majandusaasta konsolideeritud auditeeritud finantstulemused ei ole võrreldes 14. veebruaril 2019 avaldatud esialgsete tulemustega muutunud. JUHATUSE ESIMEHE PÖÖRDUMINE Balti riikide ehitussektor jätkas 2018. aastal tõusuteel ning oli üks peamisi majanduskasvu mootoreid. Ehitusturu kasvust saime osa ka meie - kontserni müügitulu kasvas üle 30 protsendi ja ületas esmakordselt 400 miljoni euro piiri. Erakordselt suurtele ehitusmahtudele ja kiirele kasvule oli laotud vundament mitu aastat tagasi sõlmitud suuremahuliste ehituslepingute näol. Eelmise aastaga samas mahus suurobjekte - kaubanduskeskusi, büroosid, hotelle ja ühiskondlikke hooneid - üle terve Baltikumi ei ole meil varem korraga ehituses olnud. Hea meel on sellest, et müügitulu kiire kasvu kõrval säilitasime kasumlikkuse - kontserni puhaskasum kasvas samuti enam kui 30 protsenti ja omakapitali puhastootlus ületas 15 protsenti, mis on viimase kümnendi parim. Heade tulemuste taga on meie töötajate panus ja professionaalsus, samuti oleme tänulikud tellijatele ja koostööpartneritele, kes on meid usaldanud. Ehitus on projektipõhine äri, kus sõltume otseselt turu tellimuste mahust. Vaadates tulevikku, tuleb tõdeda, et ehitusturu kiire kasvu periood on läbi ja ees ootab stabiliseerumine, võib-olla isegi langus. Viimastel aastatel on Balti riikides ehitatud suurel hulgal uusi ärihooneid ja turule lisandunud äripindade mahu seedimine võtab oma aja. Samuti on ehitus muutunud märkimisväärselt kallimaks, muuhulgas kiirest palgakasvust tulenevalt. See on teinud kinnisvaraarendajad uute projektide käivitamisel ettevaatlikumaks. Ehitustellimuste mahu vähenemist tajusime selgelt juba 2018. aasta esimeses pooles ning kontserni ehituslepingute portfell vähenes aastaga ligi kolmandiku. Oleme ehitusturu kohanemiseks valmis ja meie peamine fookus on kasumlikul tegutsemisel. Ehitusturul jääb nii ühiskondlike hoonete kui taristu valdkonnas oluliseks tegijaks riik, ning saab näha, mis juhtub ehitusturuga 2-3 aasta pärast, kui peaks käivituma Rail Baltica ehitus. Ehituse peatöövõtu kõrval oleme fookust nihutanud veelgi enam korteriarenduse suunas. Merko kui kodude arendaja ja ehitaja kaubamärk on jätkuvalt tugev kõigis Balti riikides. Eelmine aasta oli märgiline ka selle poolest, et alustasime kolmes Balti riigis kokku enam kui 1000 uue korteri ehitusega. Seda on ligi kaks korda enam kui viimastel aastatel. Oleme kindlad oma võimekuses luua kvaliteetset, kaasaegset elukeskkonda nii väiksematele kui suurematele peredele , noortele ja eakamatele, nii jõukamatele kui säästlikumatele koduostjatele. Meie korteriarenduse äri on pika perspektiiviga - oleme valmis investeerima ja pakkuma ostjate poolt nõutud kortereid nii turu tõusu- kui stabiilsemas faasis. Merko hindab kvaliteeti ja usaldusväärsust. Tahame ehitada paremat tulevikku nii oma põhitegevuse kaudu kui laiemalt ühiskonda panustades. Jätkame koostööd partneritega, kes jagavad meiega samu eesmärke ja väärtusi. 2018. AASTA LÜHIÜLEVAADE KASUMLIKKUS 2018. aasta puhaskasum oli 19,3 mln eurot (2017: 14,7 mln eurot), kasvades 31,6%, võrreldes eelmise aastaga. Emaettevõttele kuuluv puhaskasumi marginaal püsis 4,6% tasemel (2017: 4,6%). 2018. aasta kasum enne makse oli 19,8 mln eurot (2017: 18,8 mln eurot), mis andis maksustamiseelse kasumi marginaaliks 4,7% (2017: 5,9%). MÜÜGITULU 2018. aasta müügitulu oli 418,0 mln eurot (2017: 317,6 mln eurot), mis on võrreldes eelmise aastaga suurenenud 31,6%. Väljaspool Eestit teenitud müügitulu osakaal moodustas 2018. aastal 51,5% (2017: 39,9%) ning Eestis teenitud müügitulu osakaal oli 48,5% (2017: 60,1%). KINNISVARAARENDUS 2018. aastal müüdud korterite arv (482 tk, sh 131 ühisprojektis) kasvas 23,0% (2017: 392 tk, sh 17 ühisprojektis). See oli tingitud ühisprojektis müüdud korterite arvu kasvust. Samas vähenes omaarenduste korterite müügitulu (41,3 mln eurot), võrreldes eelmise aastaga (2017: 47,1 mln eurot). Müügitulu vähenemist põhjustas lisaks 2017. aastaga võrreldes madalam keskmine korteri hind. TEOSTAMATA TÖÖDE JÄÄK 2018. aastal sõlmisid kontserni ettevõtted uusi lepinguid kogumahus 246,4 mln eurot (2017: 334,9 mln eurot) ning seisuga 31. detsember 2018 oli kontserni teostamata tööde jääk 229,0 mln eurot (31. detsember 2017: 344,4 mln eurot). RAHALINE POSITSIOON Aruandeperioodi lõpus oli kontsernil rahalisi vahendeid 40,0 mln eurot ning omakapital 131,8 mln eurot (48,9% bilansimahust). Võrreldavad andmed 2017. aasta lõpu seisuga olid vastavalt 39,2 mln eurot ning 130,2 mln eurot (47,0% bilansimahust). Seisuga 31. detsember 2018 oli kontserni netovõlg 4,2 mln eurot (31. detsember 2017: 20,1 mln eurot). ETTEPANEK DIVIDENDIDEKS Juhatus teeb ettepaneku maksta aktsionäridele 2019. aastal eelnevate perioodide kasumist dividendidena välja 17,7 mln eurot (1 euro ühe aktsia kohta), mis annab 2018. aasta dividendimääraks 92%. 2018 2017 MUUTUS ------------------------------------------------------------------------------ Müügitulu mln eurot 418,0 317,6 +31,6% ------------------------------------------------------------------------------ Ärikasum mln eurot 19,9 19,5 +1,7% ------------------------------------------------------------------------------ Ärikasumimarginaal % 4,8 6,2 ------------------------------------------------------------------------------ Emaettevõtte omanike osa puhaskasumist mln eurot 19,3 14,7 +31,6% ------------------------------------------------------------------------------ Puhaskasumimarginaal % 4,6 4,6 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ 31.12.2018 31.12.2017 MUUTUS ------------------------------------------------------------------------------ Omakapitali määr % 48,9 47,0 ------------------------------------------------------------------------------ Töötajate arv inimest 764 757 +0,9% ------------------------------------------------------------------------------ KONSOLIDEERITUD KOONDKASUMIARUANNE tuhandetes eurodes 2018 2017 ------------------------------------------------------------------------------- Müügitulu 418 011 317 598 ------------------------------------------------------------------------------- Müüdud toodangu kulu (384 962) (286 747) ------------------------------------------------------------------------------- Brutokasum 33 049 30 851 ------------------------------------------------------------------------------- Turustuskulud (3 285) (3 215) ------------------------------------------------------------------------------- Üldhalduskulud (12 304) (11 289) ------------------------------------------------------------------------------- Muud äritulud 3 527 3 793 ------------------------------------------------------------------------------- Muud ärikulud (1 115) (601) ------------------------------------------------------------------------------- Ärikasum 19 872 19 539 ------------------------------------------------------------------------------- Finantstulud 8 4 ------------------------------------------------------------------------------- Finantskulud (696) (849) ------------------------------------------------------------------------------- Kasum (kahjum) tütarettevõtte müügist, likvideerimisest (62) 14 ------------------------------------------------------------------------------- Kasum (kahjum) ühisettevõtetelt 653 64 ------------------------------------------------------------------------------- Kasum enne maksustamist 19 775 18 772 ------------------------------------------------------------------------------- Tulumaksukulu (375) (3 020) ------------------------------------------------------------------------------- Perioodi puhaskasum 19 400 15 752 ------------------------------------------------------------------------------- sh emaettevõtte omanike osa puhaskasumist 19 343 14 694 ------------------------------------------------------------------------------- mittekontrolliva osaluse osa puhaskasumist 57 1 058 ------------------------------------------------------------------------------- Muu koondkasum (-kahjum), mida võib hiljem klassifitseerida kasumiaruandesse ------------------------------------------------------------------------------- Valuutakursivahed välisettevõtete ümberarvestusel (6) (74) ------------------------------------------------------------------------------- Perioodi koondkasum 19 394 15 678 ------------------------------------------------------------------------------- sh emaettevõtte omanike osa koondkasumist 19 324 14 637 ------------------------------------------------------------------------------- mittekontrolliva osaluse osa koondkasumist 70 1 041 ------------------------------------------------------------------------------- Puhaskasum emaettevõtte omanike aktsia kohta (tava ja lahustatud, eurodes) 1,09 0,83 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE tuhandetes eurodes 31.12.2018 31.12.2017 --------------------------------------------------------------------- VARAD --------------------------------------------------------------------- Käibevara --------------------------------------------------------------------- Raha ja raha ekvivalendid 39 978 39 210 --------------------------------------------------------------------- Nõuded ja ettemaksed 76 183 75 844 --------------------------------------------------------------------- Ettemakstud tulumaks 224 492 --------------------------------------------------------------------- Varud 117 992 118 421 --------------------------------------------------------------------- 234 377 233 967 --------------------------------------------------------------------- Põhivara --------------------------------------------------------------------- Ühisettevõtete aktsiad või osad 732 79 --------------------------------------------------------------------- Muud pikaajalised laenud ja nõuded 10 391 17 163 --------------------------------------------------------------------- Edasilükkunud tulumaksuvara - 5 --------------------------------------------------------------------- Kinnisvarainvesteeringud 13 771 15 719 --------------------------------------------------------------------- Materiaalne põhivara 9 715 9 665 --------------------------------------------------------------------- Immateriaalne põhivara 671 497 --------------------------------------------------------------------- 35 280 43 128 --------------------------------------------------------------------- --------------------------------------------------------------------- VARAD KOKKU 269 657 277 095 --------------------------------------------------------------------- --------------------------------------------------------------------- KOHUSTUSED --------------------------------------------------------------------- Lühiajalised kohustused --------------------------------------------------------------------- Laenukohustused 19 900 24 218 --------------------------------------------------------------------- Võlad ja ettemaksed 77 016 74 972 --------------------------------------------------------------------- Tulumaksukohustus 381 413 --------------------------------------------------------------------- Lühiajalised eraldised 8 100 4 569 --------------------------------------------------------------------- 105 397 104 172 --------------------------------------------------------------------- Pikaajalised kohustused --------------------------------------------------------------------- Pikaajalised laenukohustused 24 266 35 138 --------------------------------------------------------------------- Edasilükkunud tulumaksukohustus 1 481 1 259 --------------------------------------------------------------------- Muud pikaajalised võlad 2 179 1 789 --------------------------------------------------------------------- 27 926 38 186 --------------------------------------------------------------------- --------------------------------------------------------------------- KOHUSTUSED KOKKU 133 323 142 358 --------------------------------------------------------------------- --------------------------------------------------------------------- OMAKAPITAL --------------------------------------------------------------------- Mittekontrolliv osalus 4 577 4 567 --------------------------------------------------------------------- Emaettevõtte omanikele kuuluv omakapital --------------------------------------------------------------------- Aktsiakapital 7 929 7 929 --------------------------------------------------------------------- Kohustuslik reservkapital 793 793 --------------------------------------------------------------------- Realiseerimata kursivahed (721) (702) --------------------------------------------------------------------- Jaotamata kasum 123 756 122 150 --------------------------------------------------------------------- 131 757 130 170 --------------------------------------------------------------------- OMAKAPITAL KOKKU 136 334 134 737 --------------------------------------------------------------------- --------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 269 657 277 095 --------------------------------------------------------------------- ASi Merko Ehitus auditeeritud 2018. aasta majandusaasta aruanne on lisatud manusena börsiteatele ning on avalikustatud NASDAQ Tallinn ja Merko koduleheküljel (group.merko.ee (http://group.merko.ee/)). Andres Trink Juhatuse esimees AS Merko Ehitus +372 650 1250 [email protected] (mailto:[email protected]) Priit Roosimägi Kontserni finantsüksuse juht AS Merko Ehitus +372 650 1250 [email protected] (mailto:[email protected]) AS Merko Ehitus (group.merko.ee (http://group.merko.ee/)) kontserni kuuluvad Eesti juhtiv ehitusettevõte AS Merko Ehitus Eesti, Läti turule keskendunud SIA Merks, Leedu turul tegutsev UAB Merko Statyba ning Norra ehitusettevõte Peritus Entreprenør AS. Peatöövõtjana ehitusteenuse osutamise kõrval on kontserni teiseks oluliseks tegevusvaldkonnaks korteriarendus. 2018. aasta lõpu seisuga andis kontsern tööd 764 inimesele ning ettevõtte 2018. aasta müügitulu oli 418 miljonit eurot. Manus * 2018 Merko Ehitus aastaaruanne (https://ml- eu.globenewswire.com/Resource/Download/2a8507d1-5aee-4802-b9be-8756b750fe3c)
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Audited annual report 2018
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AS Merko Ehitus consolidated audited financial results for 2018 remain unchanged compared to the preliminary disclosure on 14 February 2019. STATEMENT OF THE CHAIRMAN OF THE MANAGEMENT BOARD The Baltic states' construction sector continued on the rising path in 2018 and was one of the main engines driving economic growth. We were among the beneficiaries of the growth in the construction market - the group's revenue increased over 30 per cent and crossed the EUR 400 million mark for the first time. The foundation for the extraordinarily high construction volumes and rapid growth was laid in the form of large-scale construction contracts concluded several years ago. We have never had so many large projects - shopping centres, offices, hotels and public buildings - under construction at the same time in all three Baltic states than we did last year. We are glad that besides the rapid growth in revenue, we also preserved profitability - the group's net profit also grew more than 30 per cent and net return on equity was in excess of 15 per cent, which is the best result in the last decade. The solid results can be attributed to the contributions and professionalism of our employees. We are also grateful to customers and partners who have put their trust in us. Construction is a project-based business where we depend directly on the volume of orders on the market. Looking at the future, we must acknowledge that the rapid growth period is over on the construction market and a period of stabilization and maybe even decline is about to start. In recent years, commercial buildings have been built in the Baltics in great numbers and it will take time for the market to absorb the accrued volumes of commercial space. Construction has also become much more expensive, among other things because of rapidly growing wages and salaries. This has made real estate developers cautious when it comes to launching new projects. We perceived a clear decline in the volume of construction orders already in the first half of 2018 and the group's secured order book decreased by close to one-third during the year. We are prepared to adapt to the construction market and our primary focus is on operating profitably. The state remains an important player on the public building and infrastructure field and we shall see what will happen on the construction market in two or three years' time, if construction of Rail Baltica should go ahead. Alongside general contracting of construction, we have shifted our focus even more to apartment development. Merko's brand as a home developer and builder continues to be strong in all of the Baltic states. Last year was noteworthy also in the sense that we launched construction of more than 1,000 new apartments in the Baltics combined. That is almost twice as many as in past years. We are confident in our capability to create a quality, modern living environment for smaller and larger families, for younger people and those with longer life experience, for higher income segments and more economically minded home buyers alike. Our apartment development business has a long perspective arc - we are ready to invest and offer the apartments that buyers demand in both market boom periods and more stable phases. Merko puts a premium on quality and trustworthiness. We want to build a better future through our main activity and also by giving back to society in general. We intend to continue working with partners who share our goals and values. BRIEF OVERVIEW OF 2018 PROFITABILITY Net profit in 2018 was EUR 19.3 million (2017: EUR 14.7 million), having increased by 31.6% compared to last year. Net profit margin attributable to equity holders of the parent remained at 4.6% (2017: 4.6%). Profit before tax in 2018 was EUR 19.8 million (2017: EUR 18.8 million), which is equivalent to a profit before tax margin of 4.7% (2017: 5.9%). REVENUE Revenue in 2018 was EUR 418.0 million (2017: EUR 317.6 million), which has increased by 31.6% compared to last year. The share of revenue earned outside of Estonia was 51.5% (2017: 39.9%) and the share of revenue earned in Estonia was 48.5% (2017: 60.1%). REAL ESTATE DEVELOPMENT The number of apartments sold in 2018 (482 units, incl. 131 in joint venture) increased by 23.0% (2017: 392 units, incl. 17 in joint venture). This was due to an increase in the number of apartments sold in the joint project. At the same time, the revenue of own developed apartments has decreased (EUR 41.3 million) compared to last year (2017: EUR 47.1 million). The decrease in revenue was in addition caused by lower average apartment price compared to 2017. SECURED ORDER BOOK In 2018, group companies signed new contracts in the amount of EUR 246.4 million (2017: EUR 334.9 million). As at 31 December 2018, the group's secured order book stood at EUR 229.0 million (31 December 2017: EUR 344.4 million). CASH POSITION At the end of the reporting period, the group had EUR 40.0 million in cash and cash equivalents and equity EUR 131.8 million (48.9% of total assets). Comparable figures as at 31 December 2017 were EUR 39.2 million and EUR 130.2 million (47.0% of total assets) respectively. As at 31 December 2018, the group had net debt of EUR 4.2 million (31 December 2017: EUR 20.1 million). PROPOSAL FOR DISTRIBUTION OF PROFITS The Management Board proposes to distribute to shareholders EUR 17.7 million (EUR 1 per share) in dividends from retained earnings in 2019. This is equivalent to a 92% dividend rate for 2018. 2018 2017 CHANGE ------------------------------------------------------------------------------- Revenue million EUR 418.0 317.6 +31.6% ------------------------------------------------------------------------------- Operating profit million EUR 19.9 19.5 +1.7% ------------------------------------------------------------------------------- Operating profit margin % 4.8 6.2 ------------------------------------------------------------------------------- Net profit attributable to equity holders of the parent million EUR 19.3 14.7 +31.6% ------------------------------------------------------------------------------- Net margin % 4.6 4.6 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 31.12.2018 31.12.2017 CHANGE ------------------------------------------------------------------------------- Equity ratio % 48.9 47.0 ------------------------------------------------------------------------------- Number of employees people 764 757 +0.9% ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in thousand euros 2018 2017 ------------------------------------------------------------------------------- Revenue 418,011 317,598 ------------------------------------------------------------------------------- Cost of goods sold (384,962) (286,747) ------------------------------------------------------------------------------- Gross profit 33,049 30,851 ------------------------------------------------------------------------------- Marketing expenses (3,285) (3,215) ------------------------------------------------------------------------------- General and administrative expenses (12,304) (11,289) ------------------------------------------------------------------------------- Other operating income 3,527 3,793 ------------------------------------------------------------------------------- Other operating expenses (1,115) (601) ------------------------------------------------------------------------------- Operating profit 19,872 19,539 ------------------------------------------------------------------------------- Finance income 8 4 ------------------------------------------------------------------------------- Finance costs (696) (849) ------------------------------------------------------------------------------- Profit (loss) from sale and liquidation of subsidiary (62) 14 ------------------------------------------------------------------------------- Profit (loss) from joint ventures 653 64 ------------------------------------------------------------------------------- Profit before tax 19,775 18,772 ------------------------------------------------------------------------------- Corporate income tax expense (375) (3,020) ------------------------------------------------------------------------------- Net profit for financial year 19,400 15,752 ------------------------------------------------------------------------------- incl. net profit attributable to equity holders of the parent 19,343 14,694 ------------------------------------------------------------------------------- net profit attributable to non-controlling interest 57 1,058 ------------------------------------------------------------------------------- Other comprehensive income (loss), which can subsequently be classified in the income statement ------------------------------------------------------------------------------- Currency translation differences of foreign entities (6) (74) ------------------------------------------------------------------------------- Comprehensive income for the period 19,394 15,678 ------------------------------------------------------------------------------- incl. attributable to equity holders of the parent 19,324 14,637 ------------------------------------------------------------------------------- attributable to non-controlling interest 70 1,041 ------------------------------------------------------------------------------- Earnings per share for profit attributable to equity holders of the parent (basic and diluted, in EUR) 1.09 0.83 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION in thousand euros 31.12.2018 31.12.2017 -------------------------------------------------------------------------- ASSETS -------------------------------------------------------------------------- Current assets -------------------------------------------------------------------------- Cash and cash equivalents 39,978 39,210 -------------------------------------------------------------------------- Trade and other receivables 76,183 75,844 -------------------------------------------------------------------------- Prepaid corporate income tax 224 492 -------------------------------------------------------------------------- Inventories 117,992 118,421 -------------------------------------------------------------------------- 234,377 233,967 -------------------------------------------------------------------------- Non-current assets -------------------------------------------------------------------------- Investments in joint ventures 732 79 -------------------------------------------------------------------------- Other long-term loans and receivables 10,391 17,163 -------------------------------------------------------------------------- Deferred income tax assets - 5 -------------------------------------------------------------------------- Investment property 13,771 15,719 -------------------------------------------------------------------------- Property, plant and equipment 9,715 9,665 -------------------------------------------------------------------------- Intangible assets 671 497 -------------------------------------------------------------------------- 35,280 43,128 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TOTAL ASSETS 269,657 277,095 -------------------------------------------------------------------------- -------------------------------------------------------------------------- LIABILITIES -------------------------------------------------------------------------- Current liabilities -------------------------------------------------------------------------- Borrowings 19,900 24,218 -------------------------------------------------------------------------- Payables and prepayments 77,016 74,972 -------------------------------------------------------------------------- Income tax liability 381 413 -------------------------------------------------------------------------- Short-term provisions 8,100 4,569 -------------------------------------------------------------------------- 105,397 104,172 -------------------------------------------------------------------------- Non-current liabilities -------------------------------------------------------------------------- Long-term borrowings 24,266 35,138 -------------------------------------------------------------------------- Deferred income tax liability 1,481 1,259 -------------------------------------------------------------------------- Other long-term payables 2,179 1,789 -------------------------------------------------------------------------- 27,926 38,186 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TOTAL LIABILITIES 133,323 142,358 -------------------------------------------------------------------------- -------------------------------------------------------------------------- EQUITY -------------------------------------------------------------------------- Non-controlling interests 4,577 4,567 -------------------------------------------------------------------------- Equity attributable to equity holders of the parent -------------------------------------------------------------------------- Share capital 7,929 7,929 -------------------------------------------------------------------------- Statutory reserve capital 793 793 -------------------------------------------------------------------------- Currency translation differences (721) (702) -------------------------------------------------------------------------- Retained earnings 123,756 122,150 -------------------------------------------------------------------------- 131,757 130,170 -------------------------------------------------------------------------- TOTAL EQUITY 136,334 134,737 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 269,657 277,095 -------------------------------------------------------------------------- AS Merko Ehitus audited annual report for 2018 is attached to the announcement and is also published on NASDAQ Tallinn and Merko's web page (group.merko.ee (http://group.merko.ee/en/)). Andres Trink Chairman of the Management Board AS Merko Ehitus +372 650 1250 [email protected] (mailto:[email protected]) Priit Roosimägi Head of Group Finance Unit AS Merko Ehitus +372 650 1250 [email protected] (mailto:[email protected]) AS Merko Ehitus (group.merko.ee (http://group.merko.ee/en/)) group consists of Estonia's leading construction company AS Merko Ehitus Eesti, the Latvian- market-oriented SIA Merks, UAB Merko Statyba operating on the Lithuanian market, and the Norwegian construction company Peritus Entreprenør AS. Besides provision of construction service as a main contractor, the group's other major area of activity is apartment development. As at the end of 2018, the group employed 764 people, and the group's revenue for 2018 was EUR 418 million. Attachment * 2018 Merko Ehitus annual report (https://ml- eu.globenewswire.com/Resource/Download/ee6ab244-c121-45ac-8940-6e5e4817ca50)