MANAGEMENT REPORT AREA OF ACTIVITY AND STRATEGY OF MANUTENT OÜ Manutent OÜ is a company specialised in property development. The main target markers are Baltic capitals Riga and Tallinn and the City of St. Petersburg in Russia. Possibilities of expansion to the largest cities in Lithuania are also being considered. The Group's long-term goal is to increase the value of promising registered immovables in the Baltic States and South-western Russia through ensuring the best function and intensive implementation of the development concept on the acquired plots of land. Manutent's strategy in the property development sector is characterised first and foremost by flexibility and the attempt to precisely foresee economic processes and to react to inefficiencies in the comparison of property sectors of different functions. According to the strategy, the company operates primarily in the largest cities of the area. Property development is a time-consuming process and therefore the choice between the various sectors of residential housing development or commercial properties is made on the basis of visions of the future. ECONOMIC ENVIRONMENT ESTONIA AND LATVIA The extremely fast economic growth in the Baltic States finally started showing the first signs of cooling off in the first half of 2007. Economic growth in Estonia during the first quarter of 2007 was 9.8% (11.7% in the first quarter of 2006). The economic growth in Latvia during the same period was 11.2% (13.1% in the first quarter of 2006). At the same time, inflation in these two countries is growing fast. In addition to this, economy in Latvia is threatened by an extremely high current account deficit, which already comprises almost a quarter of the country's GDP. This is the main reason why rating agency S&P reduced the sovereign rating of Latvia from A- to BBB+ in the beginning of 2007. The Government of Latvia has adopted several measures to curb consumption and they have had a cooling effect on the property market. The measure that has made the biggest impact is the prohibition imposed on banks, which stipulates that if the income tax paid on certain income has not been reflected in the tax refund, then such income cannot be considered in the assessment of a person's creditworthiness. The interbank loan market interest rate Euribor has more than doubled when compared to the interest rate a couple of years ago and this has also had an impact on slowing down the increase in borrowing. Fear of the consequences of an overheated economy has forced most of the banks operating in the market to make their lending policy more conservative: financing the acquisition of land with development potential has practically ended and increased rates of self-financing are demanded when building activities are funded. This forces property developers to reduce the volume of buildings still in construction and to divide the developed building units into smaller parts if possible. Many property developers are trying to sell their development land and projects in their present conditions, thereby attempting to create the liquidity required for further development of other projects that are in more advanced stages of development. The prices of residential properties that had been constantly increasing until now finally stabilised in the first half of the year whilst supply of new residential properties has increased noticeably. The average sales period of residential properties has undergone a considerable increase. Increased supply in the residential market has significantly improved the opportunities of buyers to find a home with a suitable quality and infrastructure. Quality and location will have a larger impact on the prices of residential properties than before. The market of office premises has not expended too much yet. Supply of office premises in the centre of Riga is still relatively limited, even though new development projects in this area are about to be completed soon. As a result of the changes in the market situation, the issuer is constantly weighing the options of making the best choice about the purpose of the developed property. Even though the sales prices of residential properties have stabilised, construction prices increased progressively during the first half of 2007. When compared to the second quarter of 2006, construction prices in the second quarter of 2007 increased 29% in Latvia and 15% in Estonia. However, construction prices are expected to stabilise during the second half of the year, because the number of persons who are able to finance construction is decreasing significantly. At the same time, labour costs have reached a level that can be compared to the average of the European Union. The three factors described above: the limiting of the loan offers of banks, increase in construction prices and stabilisation of sales prices together with the lengthening of the sales period have created a dangerous situation in the property development market and only the companies who manage to maintain their liquidity and service the loan and maintenance costs associated with their investments will be successful. A decrease in capital yield indicators within the next few years is unavoidable in the Baltic property development market. RUSSIA The economy of Russia in the first half of 2007 was characterised by strengthening economic indicators: GDP increased 7.9% in the first quarter on the basis of the year. This strong increase was caused by a large capital inflow and strong budgetary policy. Supply of money in Russia has increased 57% in a year, causing pressure to reduce interest rates. The number of banks prepared to offer loans for property development is continuing to increase. Large investments and growing consumption will increase economic growth also in the nearest future. This creates a favourable condition for an increase of property prices, but will also increase construction prices. A positive trend of the growth of investors' trust in the market is shown by the average yield in the property market, which has fallen strongly in comparison with previous figures. In 2006, the yield indicators of commercial property had fallen to around 9-11%. It is expected that the hotel developed by Manutent will find a new owner in the future on a 7-8% yield level. OVERVIEW OF ACTIVITIES IN THE FIRST HALF OF THE YEAR ESTONIA Construction of the gallery houses in Ülemiste residential area was completed. The last flats were handed over at the start of the second half of the year. Successful completion of the development of Ülemiste residential area is a clear sign that the concept of the living environment met the expectations of people and corresponded to their possibilities. This is evidenced by the fact that 70 flats were sold within the last 4 months (from May to August) despite the general stagnation in the market. The development project of the Urda registered immovable was sold in the detailed plan phase to a trade group who was interested in the land. The sales price was attractive and Manutent believed that accepting the offer was the sensible thing to do considering the large amounts of capital that are required for continuation of the development of Latvian projects and the cooling property market in Estonia. Initiation of the detailed plan for Theatre House has proved to be more complicated than expected. It can also be expected that processing of the detailed plan for the entire so-called Estonia/Rävala block will not be a particularly quick procedure. This is why Manutent decided to cover the existing premises with lease contracts more intensively than before. The registered immovable located at Järvevana tee 7b, which belongs to TCG Kinnisvara, has been let out for warehousing purposes. The rent income allows interest to be paid on the bank loan and the development expenses of the object. Preparation of the initiation of the detailed plan was one of the main activities during the first half of the year. Manutent believes that the registered immovable has an ideal location to accommodate a low-rise residential complex located in natural surroundings. LATVIA Work on the architectural design of the 27-storey apartment building planned for the banks of the Daugava River continued. The draft of the design has been approved by the Riga City Government. Manutent has developed the marketing concept of the name of the building. It is planned to complete the building design in the second half of 2007. Construction work will commence immediately thereafter. The building design of the first stage of the Jauna Jurmala (New Jurmala) project has been completed. At the moment, we are trying to obtain the required approvals from the local city government that will allow us to start building in autumn 2007. The big interest of buyers in the concept of the new residential area is evidenced by the fact that almost 10 percent of the first stage flats have been sold with preliminary contracts even before construction work has started. ST. PETERSBURG Building of the hotel intended for the Finnish Sokos hotel chain in St. Petersburg started to progress at a much higher speed in the beginning of 2007. Approximately 7.5 million euros was invested into the development of the hotel during the first half of the year. At the moment, the hotel is the most capital intensive development in the Manutent portfolio. In the opinion of the management, the significant improvement of the general economic climate in Russia has made the hotel development project an investment of very high potential. MANAGEMENT AND STAFF The rather small staff of Manutent OÜ, who had previously undergone a major increase, decreased further in the first half of 2007. This was mostly caused by the ability of the new managers and employees to adapt to the dynamic working style of the company. After Jaak Vende left, the management board of Manutent continued with two members under the management of Märt Vooglaid in 2007. Having a management board with two members was a temporary solution and at the time of preparation of this report in August 2007, the shareholder of Manutent has adopted the resolution to appoint a new member of the management board. Chief accountant of Manutent Ivi Schwarz will start in the position of the new management board member. Teet Kallasvee was appointed new chairman of the management board of Manutent Latvia, the company that manages the investments of Manutent in Latvia. As a result of the appointment of a new manager, tasks in the structure of the Latvian development team have been re-divided and this has resulted in a decrease in the number of staff in the second half of the year. The St. Petersburg investments of Manutent are still managed by Margus Puis. The building experience of Margus and his knowledge of the situation in Russia have given Manutent reason to believe that building of the hotel will be completed soon and Manutent can look forward to a secure future in the highly attractive property market of St. Petersburg. Change in the number of employees of Manutent OÜ in different regions: -------------------------------------------------------------------------------- | | 31.12.2006 | 30.06.2007 | Change | -------------------------------------------------------------------------------- | Manutent OÜ (parent company) | 7 | 6 | -1 | -------------------------------------------------------------------------------- | Manutent Estonia | 6 | 4 | -2 | -------------------------------------------------------------------------------- | Manutent Latvia | 6 | 6 | 0 | -------------------------------------------------------------------------------- | Manutent St. Petersburg | 5 | 4 | -1 | -------------------------------------------------------------------------------- | TOTAL | 24 | 20 | -4 | -------------------------------------------------------------------------------- Manutent is planning to continue with a small but capable team and use outsourced services from the best providers in areas where it is possible and justified. This will allow us to react quickly to any changes in the market. POTENTIAL DEVELOPMENTS FOR THE SECOND HALF OF 2007 In 2007 we will focus mainly on increasing the value of the existing investments through intensive management of the development processes. Some projects in Estonia which were to be sold in 2007 for the purpose of releasing capital for continuing the development of other projects have already been sold by the time this report is prepared. During the second half of the year, Manutent's parent company, Harustemos, managed to sell the land of the Vilmsi development project in Kadriorg on previously negotiated extremely favourable terms. Since Manutent as an associated person had significant claims against said project company, then the transaction had a very positive impact on the cash flow of Manutent in the second half of 2007. In 2007, we will direct most of our investments into development projects in Latvia and St. Petersburg and to a lesser extent also in Estonia. Since no new projects will be completed in 2007, excluding delivery of the gallery-type houses in Ülemiste residential area to flat owners, the possible source of income can be either the sale of some development project or the revaluation of property investments. At the same time, the administrative expenses and the interest expenses of the loans associated with the investments are generating considerable expenditure. In connection with the above, we expect the profit for 2007 to be moderate and about equal to or slightly smaller than the profit earned in the previous year. ESTONIA It is planned to complete the Ülemiste residential area development project in 2007 and to sell the remaining plots of land that are of an insignificant size. We are also planning to merge the project company OÜ Ülemiste Elurajoon with Manutent Estonia. The goal for the Theatre House registered immovable is to achieve initiation of a detailed plan for the registered immovable. The goal in 2007 for the registered immovable located at Järvevana tee 7b, which belongs to TCG Kinnisvara, is also to achieve the initiation of a detailed plan. LATVIA The goal for the registered immovable of SIA Admiral Property in the centre of Riga is to complete the design of the building, to organise a construction competition and to commence the construction of the building in autumn. On the registered immovables in Jurmala, we have planned to start building the first stage of the new residential area - the Oasis block - in 2007. We are planning to start the building work on the next development stage, Lagoon, after most of the first stage flats have been sold. ST. PETERSBURG The construction work of the hotel building in St. Petersburg will continue throughout 2007. According to plans, the hotel building will be completed by the end of 2007. In order to achieve this, 25 million euros worth of loan funds and the company's own money will be invested into the construction of the hotel building in 2007. The official acceptance and delivery of the building to the lessee will take place in 2008. FINANCIAL RESULTS The financial results of Manutent in the first half of the year met our expectations. Sales revenue decreased five times due to the circumstance that most of the development activities in Ülemiste residential area were completed in 2006. Construction of the flats in the three gallery houses was completed and the flats were handed over to buyers in 2007, but most of the sales revenue from these objects was recorded in the report for 2006 due to the building completion stage method. As a result of reducing the number of staff, the company also managed to reduce its labour costs, which decreased 21% when compared to the first half of the previous year. Manutent earned significant financial income in the amount of 36.7 million kroons from selling the shares of its subsidiary, which meant the sale of the Urda registered immovable in Jälgimäe Village by Pärnu Road. The transaction took place through the sale of the project company's shares. As a result of the financial income, the profit earned by Manutent during the first half of 2007 was comparable with the same period of 2006. Net profit amounted to 24.4 million kroons, which is a quarter less than the relevant result in 2006. The cash flow statement of Manutent gives a good reflection of the improved liquidity position of the company. Cash flow from operating activities was positive mainly due to the income earned from the sale of the gallery houses in Ülemiste residential area. Cash flow from investing activities mostly reflects the continuing investments in Russia, the hotel project in St. Petersburg. The high cost of this project was partially financed from the funds received from the sale of the Urda registered immovable and repayments of the loans issued by the company. Cash flow from financing activities mainly covered the company's investments in Russia. During the first half of 2007, the company paid proprietary income in the amount of 16.1 million kroons. It is not planned to pay out any dividends in the second half of 2007. Income Statement (consolidated, unaudited, EEK) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2007 | 2006 | -------------------------------------------------------------------------------- | I half | I half | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales revenue | | 39 686 813 | 203 502 640 | -------------------------------------------------------------------------------- | Other operating revenue | | 6 307 690 | 1 912 404 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goods, raw materials and | | 26 154 945 | 149 984 551 | | services | | | | -------------------------------------------------------------------------------- | Other operating expenses | | 12 679 029 | 8 628 505 | -------------------------------------------------------------------------------- | Staff costs | | | | -------------------------------------------------------------------------------- | | Wages and salaries | | 3 356 691 | 4 315 248 | -------------------------------------------------------------------------------- | | Social security costs | 1 115 315 | 1 366 971 | -------------------------------------------------------------------------------- | Total staff costs | | 4 472 006 | 5 682 219 | -------------------------------------------------------------------------------- | Depreciation and impairment of | | 352 986 | 514 058 | | fixed assets | | | | -------------------------------------------------------------------------------- | Other operating charges | | 4 797 409 | 2 116 350 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | | -2 461 872 | 38 489 361 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | | | | -------------------------------------------------------------------------------- | Financial income from sale of | | 36 730 884 | 7 205 331 | | shares in subsidiaries | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest costs | | -7 859 667 | -8 071 746 | -------------------------------------------------------------------------------- | Gains (losses) on conversion of foreign | -1 294 913 | -3 923 458 | | currencies | | | -------------------------------------------------------------------------------- | Other financial income and | | -52 441 | -540 340 | | expenses | | | | -------------------------------------------------------------------------------- | Total financial income and expenses | 27 523 863 | -5 330 213 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 25 061 991 | 33 159 148 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | | | 643 188 | 469 350 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit for financial year | | 24 418 803 | 32 689 798 | -------------------------------------------------------------------------------- | incl. share of owners of parent company in net | 24 432 927 | 32 752 157 | | profit | | | -------------------------------------------------------------------------------- | minority shareholders' share in net profit | -14 124 | -62 359 | -------------------------------------------------------------------------------- Income Statement (consolidated, unaudited, EUR) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2007 | 2006 | -------------------------------------------------------------------------------- | I half | I half | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales revenue | 2 536 450 | 13 006 189 | -------------------------------------------------------------------------------- | Other operating revenue | 403 135 | 122 225 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goods, raw materials and services | 1 671 606 | 9 585 760 | -------------------------------------------------------------------------------- | Other operating expenses | 810 338 | 551 462 | -------------------------------------------------------------------------------- | Staff costs | | | -------------------------------------------------------------------------------- | | Wages and salaries | 214 532 | 275 795 | -------------------------------------------------------------------------------- | | Social security | 71 282 | 87 365 | | | costs | | | -------------------------------------------------------------------------------- | Total staff costs | 285 813 | 363 160 | -------------------------------------------------------------------------------- | Depreciation and impairment of fixed | 22 560 | 32 854 | | assets | | | -------------------------------------------------------------------------------- | Other operating charges | 306 610 | 135 259 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | -157 342 | 2 459 919 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | | | -------------------------------------------------------------------------------- | Financial income from sale of shares | 2 347 531 | 460 505 | | in subsidiaries | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest costs | -502 324 | -515 879 | -------------------------------------------------------------------------------- | Gains (losses) on conversion of | -82 760 | -250 755 | | foreign currencies | | | -------------------------------------------------------------------------------- | Other financial income and expenses | -3 352 | -34 534 | -------------------------------------------------------------------------------- | Total financial income and expenses | 1 759 095 | -340 663 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 1 601 753 | 2 119 256 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | | 41 107 | 29 997 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit for financial year | 1 560 646 | 2 089 259 | -------------------------------------------------------------------------------- | incl. share of owners of parent | 1 561 549 | 2 093 244 | | company in net profit | | | -------------------------------------------------------------------------------- | minority shareholders' share in net | -903 | -3 985 | | profit | | | -------------------------------------------------------------------------------- Balance Sheet (consolidated, unaudited, EEK) -------------------------------------------------------------------------------- | | 30.06.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 77 537 143 | 43 490 137 | -------------------------------------------------------------------------------- | Investment gold | 2 991 427 | 2 991 427 | -------------------------------------------------------------------------------- | Short-term financial investments | 10 056 290 | 8 455 558 | -------------------------------------------------------------------------------- | Non-trade receivables and prepayments | 88 451 581 | 157 171 332 | -------------------------------------------------------------------------------- | Short-term receivables from parent company and | 40 000 199 | 32 272 397 | | other group companies | | | -------------------------------------------------------------------------------- | Inventories | 169 551 581 | 197 432 817 | -------------------------------------------------------------------------------- | Total current assets | 388 588 220 | 441 813 669 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term financial investments | 19 900 | 19 900 | -------------------------------------------------------------------------------- | Long-term receivables from parent company and | 68 461 594 | 62 782 179 | | other group companies | | | -------------------------------------------------------------------------------- | Investment properties | 131 400 000 | 131 400 000 | -------------------------------------------------------------------------------- | Tangible assets | 236 006 961 | 100 781 373 | -------------------------------------------------------------------------------- | Intangible assets | 142 440 686 | 142 221 059 | -------------------------------------------------------------------------------- | Total non-current assets | 578 329 140 | 437 204 511 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 966 917 360 | 879 018 180 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Debts | 253 105 612 | 199 828 995 | -------------------------------------------------------------------------------- | Short-term payables and prepayments | 13 879 563 | 63 608 224 | -------------------------------------------------------------------------------- | Total current liabilities | 266 985 175 | 263 437 219 | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | Long-term debt | 251 424 409 | 186 699 865 | -------------------------------------------------------------------------------- | Other long-term liabilities | 98 971 933 | 90 539 997 | -------------------------------------------------------------------------------- | Total long-term liabilities | 350 396 342 | 277 239 862 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 617 381 517 | 540 677 081 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Minority shareholding | 2 918 485 | 2 932 609 | -------------------------------------------------------------------------------- | Equity attributable to equity holders of the | | | | parent | | | -------------------------------------------------------------------------------- | Share capital | 19 726 201 | 19 726 200 | -------------------------------------------------------------------------------- | Legal reserve | 1 972 620 | 1 972 620 | -------------------------------------------------------------------------------- | Unrealised exchange-rate differences | 268 723 | 158 827 | -------------------------------------------------------------------------------- | Retained earnings | 300 216 887 | 235 646 266 | -------------------------------------------------------------------------------- | Profit (loss) for financial year | 24 432 927 | 77 904 577 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders of | 346 617 358 | 335 408 490 | | the parent | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 349 535 843 | 338 341 099 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 966 917 360 | 879 018 180 | -------------------------------------------------------------------------------- Balance Sheet (consolidated, unaudited, EUR) -------------------------------------------------------------------------------- | | 30.06.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4 955 527 | 2 779 526 | -------------------------------------------------------------------------------- | Investment gold | 191 187 | 191 187 | -------------------------------------------------------------------------------- | Short-term financial investments | 642 714 | 540 409 | -------------------------------------------------------------------------------- | Non-trade receivables and prepayments | 5 653 086 | 10 045 079 | -------------------------------------------------------------------------------- | Short-term receivables from parent company | 2 556 479 | 2 062 582 | | and other group companies | | | -------------------------------------------------------------------------------- | Inventories | 10 836 321 | 12 618 257 | -------------------------------------------------------------------------------- | Total current assets | 24 835 314 | 28 237 040 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Long-term financial investments | 1 272 | 1 272 | -------------------------------------------------------------------------------- | Long-term receivables from parent company | 4 375 493 | 4 012 513 | | and other group companies | | | -------------------------------------------------------------------------------- | Investment properties | 8 397 991 | 8 397 991 | -------------------------------------------------------------------------------- | Tangible assets | 15 083 594 | 6 441 104 | -------------------------------------------------------------------------------- | Intangible assets | 9 103 619 | 9 089 582 | -------------------------------------------------------------------------------- | Total non-current assets | 36 961 969 | 27 942 461 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 61 797 282 | 56 179 501 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Debts | 16 176 397 | 12 771 400 | -------------------------------------------------------------------------------- | Short-term payables and prepayments | 887 066 | 4 065 306 | -------------------------------------------------------------------------------- | Total current liabilities | 17 063 463 | 16 836 707 | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | Long-term debt | 16 068 948 | 11 932 296 | -------------------------------------------------------------------------------- | Other long-term liabilities | 6 325 459 | 5 786 560 | -------------------------------------------------------------------------------- | Total long-term liabilities | 22 394 408 | 17 718 857 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 39 457 871 | 34 555 564 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Minority shareholding | 186 525 | 187 428 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | 1 260 734 | 1 260 734 | -------------------------------------------------------------------------------- | Legal reserve | 126 073 | 126 073 | -------------------------------------------------------------------------------- | Unrealised exchange-rate differences | 17 175 | 10 151 | -------------------------------------------------------------------------------- | Retained earnings | 19 187 356 | 15 060 541 | -------------------------------------------------------------------------------- | Profit (loss) for financial year | 1 561 549 | 4 979 010 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 22 152 887 | 21 436 510 | | of the parent | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 22 339 412 | 21 623 937 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 61 797 282 | 56 179 501 | --------------------------------------------------------------------------------
Financial results H1 2007
| Source: Manutent OÜ
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