Directors' report
AS Eesti Ehitus is a group of construction companies whose core business is
general contracting and construction management. The Group is engaged in the
construction of buildings and structures and its entities operate in Estonia,
Latvia, Lithuania and Ukraine. In addition, in Estonia group companies act as
independent contractors in road construction and maintenance, environmental
engineering, the assembly of reinforced concrete elements and structures, and
the performance of cast-on-site concrete works. The parent of the Group is AS
Eesti Ehitus, a company registered and located in Tallinn, Estonia. Since 18 May
2006 the company's shares have been quoted in the main list of Tallinn Stock
Exchange.
Mission. We are committed to providing premier value-added design and
construction services by creating a successful partnership with our customers.
We seek to add value to the company by recognising our employees and providing
them with clear motivation, development opportunities and a contemporary work
environment.
Vision. We strive to be a construction group which can always
surpass the customer's expectations.
Shared values:
Quality. We are professionals - we apply appropriate and efficient construction
techniques and technologies and observe generally accepted quality standards.
We provide our customers with integrated cost efficient solutions. We are
environmentally aware and operate sustainably. We value our employees by
providing them with a contemporary work environment which encourages creativity
and a motivation system which fosters initiative.
Reliability. We always keep our promises and
honour our agreements. We act openly and transparently. We consistently support
and promote the best construction practices. We do not take risks at the expense
of our customers.
Innovation. We are innovative and creative engineers. We take maximum advantage
of the benefits offered by information technology. We inspire our employees to
grow through consistent training and balanced career opportunities
THE GROUP'S STRUCTURE
The unaudited consolidated financial statements of AS Eesti Ehitus for the six
months ended 30 June 2007 comprise the results of the parent and its
subsidiaries and the Group's interests in associates.
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| Direct and indirect ownership interests of AS Eesti Ehitus: |
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| Company | | 30 June | 30 June | 31 December |
| | | 2007 | 2006 | 2006 |
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| AS Linnaehitus |Estonia | 100.0% | 100.0% | 100.0% |
| | | | | |
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| AS Aspi | Estonia| 100.0% | 100.0% | 100.0% |
| | | | | |
--------------------------------------------------------------------------------
| AS Järva Teed | Estonia| 100.0% | 100.0% | 100.0% |
| | | | | |
--------------------------------------------------------------------------------
| OÜ Hiiu Teed | Estonia| 100.0% | 100.0% | 100.0% |
| | | | | |
--------------------------------------------------------------------------------
| OÜ Mapri Projekt | Estonia 52.0% | 52.0% | 52.0% |
| | | | | |
--------------------------------------------------------------------------------
| Estcon OY | Finland| 100.0% | 100.0% | 100.0% |
| | | | | |
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| OÜ EE Ressursid | Estonia| 100.0% | 100.0% | 100.0% |
| | | | | |
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| UAB Eurocon LT |Lithuania| 100.0%| 0.0% | 0.0% |
| | | | | |
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| OÜ Eurocon | Estonia| 64.0% | 64.0% | 64.0% |
| | | | | |
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| TOV Eurocon Ukraine | Ukraine| 61.4% | 61.4% | 61.4% |
| | | | | |
--------------------------------------------------------------------------------
| TOV Eurocon West | Ukraine| 61.4% | 61.4% | 61.4% |
| | | | | |
--------------------------------------------------------------------------------
| TOV Bukovina | Ukraine| 60.8% | 60.8% | 60.8% |
| Developments | | | | |
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| TOV Passage Theatre | Ukraine| 55.3% | 61.4% | 55.3% |
| | | | | |
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| OÜ Kaurits | Estonia| 52.0% | 0.0% | 52.0% |
| | | | | |
--------------------------------------------------------------------------------
| SIA Abagars | Latvia | 34.3% | 0.0% | 34.3% |
--------------------------------------------------------------------------------
| TOV V.I. Center | Ukraine| 32.0% | 41.0% | 38.7% |
| | | | | |
--------------------------------------------------------------------------------
| TOV EA Reng Proekt | Ukraine| 31.3% | 0.0% | 31.3% |
| | | | | |
--------------------------------------------------------------------------------
| TOV Eurobeton | Ukraine| 30.7% | 0.0% | 30.7% |
| | | | | |
--------------------------------------------------------------------------------
| TOV Technopolis-2 | Ukraine| 30.7% | 30.7% | 30.7% |
| | | | | |
--------------------------------------------------------------------------------
| TOV Baltik Development | Ukraine| 30.7% | 0.0% | 0.0% |
| | | | | |
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| OÜ Kastani Kinnisvara | Estonia| 26.0% | 26.0% | 26.0% |
| | | | | |
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The parent and AS Linnaehitus are engaged in general contracting and project
management. AS Aspi and its subsidiaries build environmental structures and
roads and provide road maintenance services. Over two thirds of the revenue of
OÜ Mapri Projekt results from concrete works; in addition, the company performs
project management and general construction contracts. OÜ Eurocon coordinates
the Group's construction and development activities in Ukraine. Its direct
subsidiary TOV Eurocon Ukraine is engaged in general contracting and project
management. Other Ukrainian entities are project companies which develop real
estate in and around Kiev, and in Lvov.
In the first half of 2007, the Group's structure changed as follows.
In February, an 11% stake in TOV V.I. Center was sold to Continental Investment
Holding GmbH, a non-group company. Considering minority interests in OÜ Eurocon
and TOV Eurocon Ukraine, the transaction reduced AS Eesti Ehitus' interest in
TOV V.I. Center to 32%.
In April, a new development company, TOV Baltik Development, was established
together with the Dutch company Vicus Realty Delta B.V. Taking into account
minority interests in OÜ Eurocon and TOV Eurocon Ukraine, AS Eesti Ehitus'
interest in the new entity is 30.7%.
In June, we founded a subsidiary, UAB Eurocon LT, in Lithuania.
From the beginning of 2007, the consolidated financial statements include the
financial statements of OÜ Kaurits.
EMPLOYEES AND PERSONNEL EXPENSES
In the first six months of 2007, the Group employed, on average, 1113 people.
The proportion of engineers and technical personnel (ETP) was 37%. Personnel
expenses totalled 176.3 million kroons (€11.3 million), a 73% increase on a year
ago. The average number of staff grew 26% year-over year.
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| Average number of the Group's | | | | |
| employees | | | | |
--------------------------------------------------------------------------------
| Period | | ETP | | Workers | | Total average |
--------------------------------------------------------------------------------
| 6 months | | 412 | | 701 | | 1113 |
| 2007 | | | | | | |
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| 6 months | | 316 | | 566 | | 882 |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| 2006 | | 329 | | 542 | | 871 |
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REVENUE AND SEGMENTS
Consolidated revenues for the six months ended 30 June 2007 totalled 1,519.6
million kroons (€97.1 million), a solid 64% improvement on a year ago. Similarly
to a year ago, the Residential and non-residential segment contributed 62% (48%
up on a year ago) and the Civil engineering segment 38% (118% growth) of the
total.
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| Revenue by segments | | | | | | |
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| Business segments | | I half | | I half | | 2006 |
| | | 2007 | | 2006 | | |
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| Civil engineering | | 38% | | 38% | | 46% |
--------------------------------------------------------------------------------
| Residential and | | 62% | | 62% | | 54% |
| non-residential | | | | | | |
--------------------------------------------------------------------------------
Commercial buildings remains the Residential and non-residential segment's
largest sub-segment, largely on account of strong demand in all our home
markets. Compared to the first half of 2006, the highest growth rate was posted
by the Public buildings sub-segment.
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| Revenue allocation in the | | | | | | |
| Residential and | | | | | | |
--------------------------------------------------------------------------------
| non-residential segment | | I half | | I half | | 2006 |
| | | 2007 | | 2006 | | |
--------------------------------------------------------------------------------
| Residential buildings | | 17% | | 11% | | 17% |
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| Public buildings | | 20% | | 17% | | 18% |
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| Commercial buildings | | 53% | | 47% | | 41% |
--------------------------------------------------------------------------------
| Industrial and warehouse | | 10% | | 25% | | 24% |
| facilities | | | | | | |
--------------------------------------------------------------------------------
In Civil engineering the largest sub-segment was Port construction, which
contributed 302.8 million kroons (€19.4 million), i.e. 20.7% of total
construction contract revenues. A year ago the contribution of Port construction
was only 27.2 million kroons (€1.7 million) or 2.9%. Road construction and
maintenance generated revenues of 199.7 million (€12.8 million), i.e. 13.7% of
total construction contract revenues, against 219.1 million kroons (€14 million)
and 23.8% a year ago.
At 30 June 2007, the Group's order backlog was 2,730.8 million kroons (€174.5
million) against 1,987.5 million kroons (€127.0 million) a year ago.
PROFITABILITY AND CASH FLOWS
In the first half of 2007, the Group's year-on-year profitability improved in
all areas.
Gross margin rose to 14.2% against 9.9% a year ago. Although the growth in
personnel expenses surpassed that of revenue, other costs increased more
moderately.
The ratio of administrative expenses to revenue declined to 4.8% (I half 2006:
5.0%). The improvement is attributable to an increase in sales and reflects the
Group's enhanced ability to cover its fixed costs.
The period's operating margin was 9.6% (I half 2006: 7.7%).
Unaudited consolidated net profit for the first six months of 2007 amounted to
an exceptional 129.9 million kroons (€8.3 million) against the 53.5 million
kroons (€3.4 million) earned a year ago. The profit attributable to equity
holders of the parent amounted to 123.9 million kroons (€7.9 million) against
54.7 million kroons (€3.5 million) for the first half of 2006.
Net operating cash flows for the first half-year were negative to the extent of
75.0 million kroons (€4.8 million) while a year ago they were positive at 10.0
million kroons (€0.6 million). The difference can be explained by major
materials purchases for port construction projects and the return of excess
amounts on the completion of the renovation of the Luther residential quarter.
Cash flows from investing activities were more or less balanced, resulting in a
net outflow of 1.6 million kroons (€0.1 million). A year ago, investing
activities resulted in a cash outflow of 53.7 million kroons (€3.4 million).
Financing activities resulted in an outflow of 8.4 million kroons (€0.5
million), mainly due to the distribution of dividends. A year ago, the initial
public offering of the company's shares and loans received generated cash
inflows of 45.4 million (€2.9 million).
Gearing or the ratio of net debt to invested capital (loans plus equity) surged
from 12.5% a year ago to 33.1% for two reasons. Firstly, the balance of cash and
cash equivalents decreased on account of developments in operating cash flows.
Secondly, the proportion of invested capital increased at the expense of growth
in equity, creating an opportunity for involving additional funds through the
issuance of debt instruments.
SIGNIFICANT RATIOS AND FIGURES
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| Ratio /figure | | I half | | I half | | 2006 |
| | | 2007 | | 2006 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average number of | | 30,756,7 | | 30,756,7 | | 30,756,7 |
| shares | | 28 | | 28 | | 28 |
--------------------------------------------------------------------------------
| Earnings per share (in | | 4.03 | | 1.78 | | 5.69 |
| kroons) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue growth | | 64.0% | | 192.3% | | 49.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of employees | | 1113 | | 882 | | 871 |
--------------------------------------------------------------------------------
| Revenue per employee (in | | 1,365 | | 1,050 | | 2,875 |
| thousands of kroons) | | | | | | |
--------------------------------------------------------------------------------
| Personnel expenses to | | 11.6% | | 11.0% | | 11.0% |
| revenue, % | | | | | | |
--------------------------------------------------------------------------------
| Administrative expenses to | | 4.8% | | 5.0% | | 5.0% |
| revenue, % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (in thousands of | | 176,310 | | 85,208 | | 234,368 |
| kroons) | | | | | | |
--------------------------------------------------------------------------------
| EBITDA margin, % | | 11.6% | | 9.2% | | 9.4% |
--------------------------------------------------------------------------------
| Gross margin, % | | 14.2% | | 9.9% | | 12.2% |
--------------------------------------------------------------------------------
| Operating margin, % | | 9.6% | | 7.7% | | 8.1% |
--------------------------------------------------------------------------------
| Operating margin excluding | | 9.2% | | 4.9% | | 7.0% |
| gains on property sales, % | | | | | | |
--------------------------------------------------------------------------------
| Net margin, % | | 8.6% | | 5.8% | | 7.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested capital, | | 18.2% | | 12.9% | | 33.7% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Return on assets, % | | 9.4% | | 6.5% | | 17.4% |
--------------------------------------------------------------------------------
| Return on equity, % | | 24.8% | | 20.4% | | 56.1% |
--------------------------------------------------------------------------------
| Equity ratio, % | | 32.9% | | 26.6% | | 34.9% |
--------------------------------------------------------------------------------
| Gearing or net debt to debt | | 33.1% | | 12.5% | | 14.6% |
| plus equity, % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current ratio | | 1.41 | | 1.18 | | 1.33 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog (in thousands | | 2,730,813| | 1,987,547| | 2,453,419|
| of kroons) | | | | | | |
--------------------------------------------------------------------------------
* For comparability the weighted average number of shares is the number of
shares after the bonus issues.
Revenue per employee = revenue / average number of employees
Personnel expenses to revenue = personnel expenses / revenue
Administrative expenses to revenue = administrative expenses / revenue
EBITDA = earnings before interest, taxes, depreciation and amortisation
EBITDA margin = EBITDA / revenue
Gross margin = gross profit / revenue
Operating margin = operating profit / revenue
Operating margin excluding gains on property sales = (operating profit - gains
on sale of property, plant and equipment - gains on sale of real estate) /
revenue
Net margin = net profit for the period / revenue
Return on invested capital = (profit before tax + interest expense) / the
period's average (interest-bearing liabilities + equity)
Return on assets = operating profit / average total assets for the period
Return on equity = net profit for the period / average total equity for the
period
Equity ratio = total equity / total equity and liabilities
Gearing or net debt to debt plus equity ratio = (interest-bearing liabilities -
cash and cash equivalents) / (interest bearing liabilities + equity)
Current ratio = total current assets / total current liabilities
Consolidated interim financial statements
Consolidated interim balance sheet
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| Unaudited, in | | | | |
| thousands of | | | | |
| Estonian | | | | |
| kroons (EEK) | | | | |
--------------------------------------------------------------------------------
| | Note | 30 June 2007 | 30 June 2006 | 31 December |
| | | | | 2006 |
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| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 70 871 | 193 731 | 155 980 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Short-term | 2 | 0 | 0 | 2 140 |
| investments | | | | |
--------------------------------------------------------------------------------
| Trade | | 511 810 | 341 985 | 380 841 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Other | 3 | 261 793 | 125 897 | 129 663 |
| receivables | | | | |
| and | | | | |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | 1 015 | 0 | 1 015 |
| assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 4 | 377 859 | 219 437 | 272 184 |
--------------------------------------------------------------------------------
| Total current | | 1 223 348 | 881 050 | 941 823 |
| assets | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Investments in | | 21 319 | 20 590 | 21 193 |
| associates | | | | |
--------------------------------------------------------------------------------
| Other | 5 | 29 763 | 24 693 | 32 951 |
| long-term | | | | |
| investments | | | | |
--------------------------------------------------------------------------------
| Investment | | 5 962 | 2 611 | 5 963 |
| property | | | | |
--------------------------------------------------------------------------------
| Property, | 6 | 264 647 | 186 853 | 223 674 |
| plant and | | | | |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible | 6 | 165 413 | 141 580 | 165 036 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total | | 487 104 | 376 327 | 448 817 |
| non-current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 710 452 | 1 257 377 | 1 390 640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-beari | 7; 8 | 97 666 | 98 709 | 70 029 |
| ng loans and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 347 739 | 252 735 | 183 983 |
--------------------------------------------------------------------------------
| Tax | | 42 293 | 22 317 | 42 922 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other payables | 9 | 363 615 | 372 088 | 404 819 |
| and advances | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 6 097 | 3 019 | 4 511 |
--------------------------------------------------------------------------------
| Total current | | 857 410 | 748 868 | 706 264 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-beari | 7; 8 | 287 186 | 170 261 | 196 017 |
| ng loans and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Other | 9 | 490 | 1 794 | 490 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 1 885 | 2 047 | 1 885 |
--------------------------------------------------------------------------------
| Total | | 289 561 | 174 102 | 198 392 |
| non-current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1 146 971 | 922 970 | 904 656 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Minority | 11 | 39 492 | 9 818 | 39 291 |
| interest | | | | |
--------------------------------------------------------------------------------
| Share capital | 11 | 307 567 | 153 784 | 153 784 |
--------------------------------------------------------------------------------
| Share premium | 11 | 0 | 108 465 | 108 465 |
--------------------------------------------------------------------------------
| Statutory | 11 | 8 216 | 4 158 | 4 158 |
| capital | | | | |
| reserve | | | | |
--------------------------------------------------------------------------------
| Translation | 11 | 2 416 | 1 258 | 2 196 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Retained | 11 | 205 790 | 56 924 | 178 090 |
| earnings | | | | |
--------------------------------------------------------------------------------
| Total equity | | 523 989 | 324 589 | 446 693 |
| attributable | | | | |
| to equity | | | | |
| holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 563 481 | 334 407 | 485 984 |
--------------------------------------------------------------------------------
| TOTAL | | 1 710 452 | 1 257 377 | 1 390 640 |
| LIABILITIES | | | | |
| AND EQUITY | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Unaudited, | | | | |
| in thousands | | | | |
| of euro (€) | | | | |
--------------------------------------------------------------------------------
| | Note | 30 June 2007 | 30 June 2006 | 31 December |
| | | | | 2006 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Cash and | | 4 529 | 12 382 | 9 969 |
| cash | | | | |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Short-term | 2 | 0 | 0 | 137 |
| investments | | | | |
--------------------------------------------------------------------------------
| Trade | | 32 711 | 21 857 | 24 340 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Other | 3 | 16 732 | 8 046 | 8 287 |
| receivables | | | | |
| and | | | | |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | 65 | 0 | 65 |
| assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 4 | 24 149 | 14 025 | 17 395 |
--------------------------------------------------------------------------------
| Total | | 78 186 | 56 310 | 60 193 |
| current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| Investments | | 1 363 | 1 316 | 1 354 |
| in | | | | |
| associates | | | | |
--------------------------------------------------------------------------------
| Other | 5 | 1 902 | 1 578 | 2 106 |
| long-term | | | | |
| investments | | | | |
--------------------------------------------------------------------------------
| Investment | | 381 | 167 | 381 |
| property | | | | |
--------------------------------------------------------------------------------
| Property, | 6 | 16 914 | 11 942 | 14 296 |
| plant and | | | | |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible | 6 | 10 572 | 9 049 | 10 548 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total | | 31 132 | 24 052 | 28 685 |
| non-current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 109 318 | 80 362 | 88 878 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bea | 7; 8 | 6 242 | 6 309 | 4 476 |
| ring loans | | | | |
| and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Trade | | 22 225 | 16 153 | 11 759 |
| payables | | | | |
--------------------------------------------------------------------------------
| Tax | | 2 703 | 1 426 | 2 743 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other | 9 | 23 239 | 23 781 | 25 873 |
| payables and | | | | |
| advances | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 391 | 193 | 288 |
--------------------------------------------------------------------------------
| Total | | 54 800 | 47 862 | 45 139 |
| current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bea | 7; 8 | 18 355 | 10 882 | 12 528 |
| ring loans | | | | |
| and | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Other | 9 | 31 | 115 | 31 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 120 | 131 | 120 |
--------------------------------------------------------------------------------
| Total | | 18 506 | 11 128 | 12 679 |
| non-current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 73 306 | 58 990 | 57 818 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Minority | 11 | 2 524 | 627 | 2 511 |
| interest | | | | |
--------------------------------------------------------------------------------
| Share | 11 | 19 657 | 9 829 | 9 829 |
| capital | | | | |
--------------------------------------------------------------------------------
| Share | 11 | 0 | 6 932 | 6 932 |
| premium | | | | |
--------------------------------------------------------------------------------
| Statutory | 11 | 525 | 266 | 266 |
| capital | | | | |
| reserve | | | | |
--------------------------------------------------------------------------------
| Translation | 11 | 154 | 80 | 140 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Retained | 11 | 13 152 | 3 638 | 11 382 |
| earnings | | | | |
--------------------------------------------------------------------------------
| Total equity | | 33 488 | 20 745 | 28 549 |
| attributable | | | | |
| to equity | | | | |
| holders of | | | | |
| the parent | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | | 36 012 | 21 372 | 31 060 |
--------------------------------------------------------------------------------
| TOTAL | | 109 318 | 80 362 | 88 878 |
| LIABILITIES | | | | |
| AND EQUITY | | | | |
--------------------------------------------------------------------------------
Consolidated interim income statement
--------------------------------------------------------------------------------
| Unaudited | | | | | | |
| , in | | | | | | |
| thousands | | | | | | |
| of | | | | | | |
| Estonian | | | | | | |
| kroons | | | | | | |
| (EEK) | | | | | | |
--------------------------------------------------------------------------------
| | Note | Q2, 2007 | Q2, | I half | I half | 2006 |
| | | | 2006 | 2007 | 2006 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 13 | 959 847 | 584 720 | 1 519 | 926 514 | 2 503 844 |
| | | | | 582 | | |
--------------------------------------------------------------------------------
| Cost of | 14 | 809 545 | 522 830 | 1 303 | 834 387 | 2 197 319 |
| sales | | | | 330 | | |
--------------------------------------------------------------------------------
| Gross | | 150 302 | 61 890 | 216 252 | 92 127 | 306 525 |
| profit | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Administr | 15 | 42 622 | 25 066 | 72 478 | 45 931 | 125 739 |
| ative | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Other | 16 | 3 569 | 7 090 | 6 539 | 26 140 | 26 859 |
| operating | | | | | | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Other | 16 | 2 412 | 320 | 4 178 | 1 214 | 5 108 |
| operating | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Operating | | 108 837 | 43 594 | 146 135 | 71 122 | 202 537 |
| profit | | | | | | |
| before | | | | | | |
| financial | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Financial | 17 | 3 384 | 1 359 | 13 209 | 2 654 | 18 393 |
| income | | | | | | |
--------------------------------------------------------------------------------
| Financial | 17 | 5 964 | 4 252 | 12 001 | 9 097 | 19 046 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Net | | -2 580 | -2 893 | 1 208 | -6 443 | -653 |
| financial | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of | | 237 | 0 | 994 | 0 | 0 |
| profit of | | | | | | |
| equity | | | | | | |
| accounted | | | | | | |
| investees | | | | | | |
--------------------------------------------------------------------------------
| Share of | | -688 | -198 | -926 | -378 | -980 |
| loss of | | | | | | |
| equity | | | | | | |
| accounted | | | | | | |
| investees | | | | | | |
--------------------------------------------------------------------------------
| Net share | | -451 | -198 | 68 | -378 | -980 |
| of profit | | | | | | |
| and loss | | | | | | |
| of equity | | | | | | |
| accounted | | | | | | |
| investees | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | 105 806 | 40 503 | 147 411 | 64 301 | 200 904 |
| before | | | | | | |
| income | | | | | | |
| tax | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income | 18 | 7 275 | 4 379 | 17 467 | 10 801 | 12 831 |
| tax | | | | | | |
| expense | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | 98 531 | 36 124 | 129 944 | 53 500 | 188 073 |
| for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Attributa | | | | | | |
| ble to | | | | | | |
--------------------------------------------------------------------------------
| Equity | | 94 386 | 36 519 | 123 878 | 54 742 | 175 003 |
| holders | | | | | | |
| of the | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| Minority | | 4 145 | -395 | 6 066 | -1 242 | 13 070 |
| interest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic | 11 | 4,86 | 1,22 | 4,03 | 1,78 | 5,69 |
| earnings | | | | | | |
| per share | | | | | | |
| (in | | | | | | |
| kroons)* | | | | | | |
--------------------------------------------------------------------------------
| Diluted | 11 | 4,86 | 1,22 | 4,03 | 1,78 | 5,69 |
| earnings | | | | | | |
| per share | | | | | | |
| (in | | | | | | |
| kroons)* | | | | | | |
--------------------------------------------------------------------------------
* For comparability, the underlying weighted average number of shares is the
number of shares after the bonus issues, i.e. 30,756,728 shares.
--------------------------------------------------------------------------------
| Unaudite | | | | | | |
| d, in | | | | | | |
| thousand | | | | | | |
| s of | | | | | | |
| euro (€) | | | | | | |
--------------------------------------------------------------------------------
| | Note | Q2, 2007 | Q2, 2006 | I half | I half | 2006 |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 13 | 61 345 | 37 370 | 97 119 | 59 215 | 160 025 |
--------------------------------------------------------------------------------
| Cost of | 14 | 51 739 | 33 415 | 83 298 | 53 327 | 140 434 |
| sales | | | | | | |
--------------------------------------------------------------------------------
| Gross | | 9 606 | 3 955 | 13 821 | 5 888 | 19 591 |
| profit | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Administ | 15 | 2 724 | 1 602 | 4 632 | 2 936 | 8 036 |
| rative | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Other | 16 | 228 | 453 | 418 | 1 671 | 1 716 |
| operatin | | | | | | |
| g income | | | | | | |
--------------------------------------------------------------------------------
| Other | 16 | 154 | 20 | 267 | 78 | 326 |
| operatin | | | | | | |
| g | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Operatin | | 6 956 | 2 786 | 9 340 | 4 545 | 12 945 |
| g profit | | | | | | |
| before | | | | | | |
| financia | | | | | | |
| l items | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Financia | 17 | 216 | 87 | 844 | 170 | 1 175 |
| l income | | | | | | |
--------------------------------------------------------------------------------
| Financia | 17 | 381 | 272 | 767 | 581 | 1 217 |
| l | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Net | | -165 | -185 | 77 | -411 | -42 |
| financia | | | | | | |
| l items | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of | | 15 | 0 | 64 | 0 | 0 |
| profit | | | | | | |
| of | | | | | | |
| equity | | | | | | |
| accounte | | | | | | |
| d | | | | | | |
| investee | | | | | | |
| s | | | | | | |
--------------------------------------------------------------------------------
| Share of | | -44 | -13 | -59 | -24 | -63 |
| loss of | | | | | | |
| equity | | | | | | |
| accounte | | | | | | |
| d | | | | | | |
| investee | | | | | | |
| s | | | | | | |
--------------------------------------------------------------------------------
| Net | | -29 | -13 | 5 | -24 | -63 |
| share of | | | | | | |
| profit | | | | | | |
| and loss | | | | | | |
| of | | | | | | |
| equity | | | | | | |
| accounte | | | | | | |
| d | | | | | | |
| investee | | | | | | |
| s | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | 6 762 | 2 588 | 9 422 | 4 110 | 12 840 |
| before | | | | | | |
| income | | | | | | |
| tax | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income | 18 | 465 | 280 | 1 116 | 690 | 820 |
| tax | | | | | | |
| expense | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | 6 297 | 2 308 | 8 306 | 3 420 | 12 020 |
| for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Attribut | | | | | | |
| able to | | | | | | |
--------------------------------------------------------------------------------
| Equity | | 6 032 | 2 333 | 7 918 | 3 499 | 11 185 |
| holders | | | | | | |
| of the | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| Minority | | 265 | -25 | 388 | -79 | 835 |
| interest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic | 11 | 0,31 | 0,08 | 0,26 | 0,11 | 0,36 |
| earnings | | | | | | |
| per | | | | | | |
| share | | | | | | |
| (in | | | | | | |
| euro)* | | | | | | |
--------------------------------------------------------------------------------
| Diluted | 11 | 0,31 | 0,08 | 0,26 | 0,11 | 0,36 |
| earnings | | | | | | |
| per | | | | | | |
| share | | | | | | |
| (in | | | | | | |
| euro)* | | | | | | |
--------------------------------------------------------------------------------
* For comparability, the underlying weighted average number of shares is the
number of shares after the bonus issues, i.e. 30,756,728 shares.
Sulev Luiga
AS Eesti Ehitus
+372 6400448
E-mail: eestiehitus@eestiehitus.ee
