Arco Vara ended the first half of 2007 with consolidated revenue and other
income of 487.6 million kroons (€31.2 million), a notable 110% year-over-year
increase, and a consolidated net profit of 227.1 million kroons (€14.5 million),
an exceptional 5.7-fold year-over-year improvement.
Consolidated operating profit surged to 88.1 million kroons (€5.6 million), up
72% year-over-year. At 30 June, equity to assets ratio was 58% (2006: 31%). The
past four quarters' return on equity was 40.0% (2006: 21.3%) and return on
invested capital 21.9% (2006: 9.8%).
The Group's Q2 revenue and other income totalled 147.1 million kroons (€9.4
million), up 14% year-over-year, and Q2 net profit amounted to 158.1 million
kroons (€10.1 million), a 12.5-fold upswing on a year ago.
Above all, the Group's revenue growth may be attributed to successful
development activities and project sales. Arco Vara sold Kerese Keskus (105.8
million kroons/ €6.8 million), the Ulmana Gatves plot (53.0 million kroons; €3.4
million) and apartments in Kolde residential project (51.0 million kroons / €3.3
million).
Consolidated net profit for the first half-year was significantly increased by
financial income of 118.4 million kroons (€7.6 million) earned from the sale of
the Group's stake in Sportings Riga SIA and financial income 38 million kroons
(€2.4 million) generated by the restatement of the shares in Explorer Property
Fund AB to fair value. Net gains from fair value adjustments to investment
property totalled 55.3 million kroons (€3.5 million), including write-downs of
17.5 million kroons (€1.1 million).
Significant milestones in the company's development were the IPO of the
company's shares which increased the Group's equity by 987,857 thousand kroons
(€63.1 million), the purchase of the Latvian construction company Dinamo Buve
SIA (to date renamed Arco Construction SIA), which completed the implementation
of the Group's full business model in Latvia, and the acquisition of two
properties in Sofia where the initial cost of development projects launched
amounts to €19 million (297 million kroons), commented Chairman of the
Management Board of Arco Vara Viljar Arakas.
“Despite the cooling of the Baltic real estate market, we succeeded in attaining
the best ever half-yearly net profit,” said Arakas.
Key financials
--------------------------------------------------------------------------------
| | EEK |
--------------------------------------------------------------------------------
| In thousands | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Revenue and other income | 487,577 | 232,539 | 147,140 | 129,272 |
--------------------------------------------------------------------------------
| Operating profit | 88,138 | 51,370 | 15,752 | 21,786 |
--------------------------------------------------------------------------------
| Including gains on the | 55,355 | 21,000 | 6,685 | 21,000 |
| revaluation of investment | | | | |
| property | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 237,067 | 43,190 | 167,679 | 16,174 |
--------------------------------------------------------------------------------
| Including gains on the | 123,027 | 41 | 118,625 | 0 |
| divestment of financial assets | | | | |
--------------------------------------------------------------------------------
| Net profit | 227,163 | 39,778 | 158,063 | 12,682 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS 1 (in kroons)***) | 3.27 | 0.59 | 2.34 | 0.18 |
--------------------------------------------------------------------------------
| EPS 2 (in kroons)***) | 3.20 | 0.59 | 2.23 | 0.18 |
--------------------------------------------------------------------------------
| EPS 3 (in kroons)***) | 2.33 | 0.59 | 1.66 | 0.18 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets at period end | 3,334,01 | 1,812,759 | | |
| | 2 | | | |
--------------------------------------------------------------------------------
| Invested capital at period end | 2,986,20 | 1,557,819 | | |
| ***) | 2 | | | |
--------------------------------------------------------------------------------
| Equity at period end | 1,921,33 | 564,959 | | |
| | 7 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ROIC *) | 21.9% | 9.8% | | |
--------------------------------------------------------------------------------
| ROE *) **) | 40.0% | 21.3% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of staff at period end | 574 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | € |
--------------------------------------------------------------------------------
| In thousands | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Revenue and other income | 31,162 | 14,862 | 9,404 | 8,262 |
--------------------------------------------------------------------------------
| Operating profit | 5,633 | 3,283 | 1,007 | 1,392 |
--------------------------------------------------------------------------------
| Including gains on the | 3,538 | 1,342 | 427 | 1,342 |
| revaluation of investment | | | | |
| property | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 15,151 | 2,760 | 10,717 | 1,034 |
--------------------------------------------------------------------------------
| Including gains on the | 7,863 | 3 | 7,582 | 0 |
| divestment of financial assets | | | | |
--------------------------------------------------------------------------------
| Net profit | 14,518 | 2,542 | 10,102 | 811 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS 1 (in euros)***) | 0.21 | 0.04 | 0.15 | 0.01 |
--------------------------------------------------------------------------------
| EPS 2 (in euros)***) | 0.20 | 0.04 | 0.14 | 0.01 |
--------------------------------------------------------------------------------
| EPS 3 (in euros)***) | 0.15 | 0.04 | 0.11 | 0.01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets at period end | 213,082 | 115,856 | | |
--------------------------------------------------------------------------------
| Invested capital at period end | 190,853 | 99,563 | | |
| ***) | | | | |
--------------------------------------------------------------------------------
| Equity at period end | 122,797 | 36,107 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ROIC *) | 21.9% | 9.8% | | |
--------------------------------------------------------------------------------
| ROE *) **) | 40.0% | 21.3% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of staff at period end | 574 | | | |
--------------------------------------------------------------------------------
Results of divisions
--------------------------------------------------------------------------------
| | EEK |
--------------------------------------------------------------------------------
| | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Revenue and other income | | | | |
--------------------------------------------------------------------------------
| Service | 70,971 | 54,452 | 37,718 | 30,176 |
--------------------------------------------------------------------------------
| Development | 382,491 | 98,190 | 87,714 | 55,080 |
--------------------------------------------------------------------------------
| Construction | 157,418 | 139,430 | 100,199 | 86,954 |
--------------------------------------------------------------------------------
| Eliminations | -123,303 | -59,533 | -78,491 | -42,938 |
--------------------------------------------------------------------------------
| Total revenue and other | 487,577 | 232,539 | 147,140 | 129,272 |
| income | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Service | -6,673 | 5,740 | -5,023 | 1,599 |
--------------------------------------------------------------------------------
| Development | 114,330 | 70,779 | 28,192 | 31,873 |
--------------------------------------------------------------------------------
| Construction | -3,260 | -15,000 | 3,074 | -6,590 |
--------------------------------------------------------------------------------
| Eliminations | 975 | -302 | -4,673 | -1,164 |
--------------------------------------------------------------------------------
| Unallocated expenses | -17,234 | -9,847 | -5,818 | -3,930 |
--------------------------------------------------------------------------------
| Total operating profit | 88,138 | 51,370 | 15,752 | 21,788 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Interest income and | -15,120 | -8,172 | -7,246 | -5,198 |
| interest expense | | | | |
--------------------------------------------------------------------------------
| Other financial income and | 164,049 | -8 | 159,173 | -416 |
| expense | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -9,904 | -3,412 | -9,616 | -3,492 |
--------------------------------------------------------------------------------
| Net profit | 227,163 | 39,778 | 158,063 | 12,682 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | € |
--------------------------------------------------------------------------------
| | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Revenue and other income | | | | |
--------------------------------------------------------------------------------
| Service | 4,536 | 3,480 | 2,411 | 1,929 |
--------------------------------------------------------------------------------
| Development | 24,446 | 6,275 | 5,606 | 3,520 |
--------------------------------------------------------------------------------
| Construction | 10,061 | 8,912 | 6,403 | 5,557 |
--------------------------------------------------------------------------------
| Eliminations | -7,880 | -3,805 | -5,016 | -2,744 |
--------------------------------------------------------------------------------
| Total revenue and other | 31,162 | 14,862 | 9,404 | 8,262 |
| income | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Service | -426 | 367 | -321 | 102 |
--------------------------------------------------------------------------------
| Development | 7,307 | 4,524 | 1,802 | 2,037 |
--------------------------------------------------------------------------------
| Construction | -208 | -959 | 196 | -421 |
--------------------------------------------------------------------------------
| Eliminations | 62 | -19 | -299 | -74 |
--------------------------------------------------------------------------------
| Unallocated expenses | -1,101 | -630 | -371 | -252 |
--------------------------------------------------------------------------------
| Total operating profit | 5,633 | 3,283 | 1,007 | 1,393 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Interest income and | -966 | -522 | -463 | -332 |
| interest expense | | | | |
--------------------------------------------------------------------------------
| Other financial income and | 10,485 | -1 | 10,173 | -27 |
| expense | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -633 | -218 | -615 | -223 |
--------------------------------------------------------------------------------
| Net profit | 14,518 | 2,543 | 10,102 | 811 |
--------------------------------------------------------------------------------
Developments in divisions in the first half of 2007
Service division
The Service division ended the first half-year with revenue of 71 million kroons
(€4.5 million), a 30% improvement on the 54.4 million kroons (€3.5 million)
generated a year ago.
Although the number of properties brokered decreased from 1,147 in the first
half of 2006 to 981, i.e. by 14.5%, a rise in the average value of a property
and growth in the sale of short-term investments increased sales by 16.6 million
kroons (€1.1 million).
The number of valuation reports issued increased by 440, i.e. 9.8%
year-over-year. Altogether, our appraisers issued 4,930 (2006: 4,490) valuation
reports in six countries, 55% of them in Estonia. In the new markets, valuation
services were launched in 2007 and the first valuation reports have already been
issued.
Project sales contracts totalled 180, increasing by 25% over the quarter. The
main growth drivers were the Baltic and Bulgarian markets. At the end of the
reporting period, the number of properties being brokered was 10,444.
The Service division ended the period with an operating loss of 6.7 million
kroons (€0.4 million), which may be attributed to aggressive expansion outside
Estonia. In 2007, Arco Vara has already opened six new offices. In the second
half-year, the division intends to enhance efficiency in the Baltics by cutting
administrative expenses and fixed costs. Management expects to lower overheads
by reducing the proportion of administrative staff from 30% to 20%. Outside the
Baltics, the objective is to achieve a substantial increase in operating
volumes.
Development division
The sales of the Development division grew four-fold year-over-year. At present,
in all projects, 123 units remain to be sold. In the second half-year the Group
will complete four apartment houses in the Bishumuizhas-1 residential area in
Riga (preliminary agreements have been signed on 49 of the 56 apartments) and
phase II in its Kolde project (preliminary agreements have been signed on 44 of
the 62 apartments). In addition, plots will be sold in the Mazais Baltezers area
near Riga (out of 53 plots 44 remain to be sold). In the Baltics, the division's
priority is to continue developing existing projects whereas in the Balkan
region it will focus on acquiring land. The conclusion of a land purchase
agreement in Sofia serves as a foundation for expanding development operations
on the Balkan.
At the beginning of 2007, Arco Vara AS disposed of a 50% stake in the subsidiary
Arco HCE OÜ for 22.7 million kroons (€1.5 million). In addition, the buyer
settled 50% of Arco Vara AS' receivables from the subsidiary, i.e. 106.1 million
kroons (€6.8 million).
On 18 May 2007 the parent of the Development division, Arco Investeeringute AS
concluded an agreement with SIA Linstow Baltic for the disposal of a 40% stake
in Bishumuizhas Nami SIA. Under the terms of the transaction, Bishumuizhas Nami
SIA will pay for the acquisition of the Group's subsidiary Sportings Riga SIA
€19.2 million (300.7 million kroons); the payment will be made to Arco Vara AS
and the minority shareholder of Sportings Riga SIA within four months of the
conclusion of the transaction. After the transaction, the Group's subsidiary
Arco Investeeringute AS owns 40% of the shares in Bishumuizhas Nami SIA and the
investments in Bishumuizhas Nami SIA and Sportings Riga SIA have been classified
as the Group's interests in joint ventures. The Group's transaction gains of
118.5 million kroons (€7.6 million) have been recognised in finance income.
Construction division
The Construction division increased sales by 13% to 157.4 million kroons (€10.1
million), ending the period in an operating loss of 3.2 million kroons (€0.2
million), an 11.7 million kroon (€0.75 million) improvement on a year ago.
Although Q2 ended in an operating profit of 3.1 million kroons (€0.2 million),
it was not yet sufficient to overcome the Q1 loss.
On 11 January 2007, the Group acquired a 55% stake in the Latvian construction
company Dinamo Buve SIA, which to date has been renamed Arco Construction SIA,
for 4.3 million kroons (€0.3 million).
The main factors in the operating environment are still unyieldingly ascending
labour and materials costs which affect both general and subcontractors,
triggering an increase in construction prices. However, shrinking demand and
stiffening competition are expected to stabilise the construction prices in the
second half-year.
In the first half-year, the division acquired construction contracts of 426
million kroons (€27.2 million), 70% of them in Estonia and 30% in Latvia. The
largest contracts comprised the Kolde project apartment houses of 149 million
kroons (€9.5 million), the Bishumuizhas apartment houses and infrastructure of
131 million kroons (€8.4 million) and renovation of the Matsalu water and
wastewater systems of 110 million kroons (€7 million). At period-end, the
division's order backlog was 412 million kroons (€26.3 million).
Corporate profile
Since its establishment in 1992, Arco Vara AS has evolved from a small Estonian
real estate agency to the leading real estate group in the Baltics. The company
is engaged in real estate brokerage, development and construction and has its
offices in 29 cities in Estonia, Latvia, Lithuania, Ukraine, Bulgaria and
Romania. At 30 June 2007, the Group and its joint ventures employed 574 people,
28 more than at the end of Q1 2007. The Group comprises the following companies
and their subsidiaries and associates: Arco Investeeringute AS (100%), Arco Vara
Puukool OÜ (100%), Arco Real Estate AS (100%), Arco Ukraina Valduste OÜ (75%),
OÜ Floriston Grupp (50%), Arco Ehitus OÜ (100%) and Tallinna Linnaehituse AS
(80%).
Consolidated income statement of Arco Vara AS (EEK)
--------------------------------------------------------------------------------
| | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In thousands of kroons | | | | |
--------------------------------------------------------------------------------
| Rendering of services | 135,621 | 141,084 | 81,783 | 65,212 |
--------------------------------------------------------------------------------
| Sale of goods | 277,137 | 59,342 | 39,794 | 34,498 |
--------------------------------------------------------------------------------
| Total revenue | 412,758 | 200,426 | 121,577 | 99,710 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cost of sales | -301,237 | -146,692 | -74,840 | -79,671 |
--------------------------------------------------------------------------------
| Gross profit | 111,521 | 53,734 | 46,737 | 20,039 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other income | 74,819 | 32,113 | 25,563 | 29,562 |
--------------------------------------------------------------------------------
| Selling and distribution | -12,875 | -12,345 | -5,310 | -8,674 |
| costs | | | | |
--------------------------------------------------------------------------------
| Administrative expenses | -64,132 | -21,841 | -32,742 | -18,964 |
--------------------------------------------------------------------------------
| Other expenses | -21,195 | -291 | -18,496 | -177 |
--------------------------------------------------------------------------------
| Operating profit | 88,138 | 51,370 | 15,752 | 21,786 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finance income | 173,044 | 1,959 | 162,874 | 99 |
--------------------------------------------------------------------------------
| Finance expenses | -24,115 | -10,139 | -10,947 | -5,711 |
--------------------------------------------------------------------------------
| Profit before tax | 237,067 | 43,190 | 167,679 | 16,174 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -9,904 | -3,412 | -9,616 | -3,492 |
--------------------------------------------------------------------------------
| Profit for the period | 227,163 | 39,778 | 158,063 | 12,682 |
--------------------------------------------------------------------------------
| Attributable to minority | 5,182 | 121 | -419 | 187 |
| interests | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 221,981 | 39,657 | 158,482 | 12,495 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| kroons) | | | | |
--------------------------------------------------------------------------------
| - Basic | 3.27 | 0.59 | 2.34 | 0.18 |
--------------------------------------------------------------------------------
| - Diluted | 3.27 | 0.59 | 2.34 | 0.18 |
--------------------------------------------------------------------------------
Consolidated income statement of Arco Vara AS (€)
--------------------------------------------------------------------------------
| | 1st half | 1st half | Q2 2007 | Q2 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In thousands of euros | | | | |
--------------------------------------------------------------------------------
| Rendering of services | 8,668 | 9,017 | 5,227 | 4,168 |
--------------------------------------------------------------------------------
| Sale of goods | 17,712 | 3,793 | 2,543 | 2,205 |
--------------------------------------------------------------------------------
| Total revenue | 26,380 | 12,810 | 7,770 | 6,373 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Cost of sales | -19,253 | -9,376 | -4,783 | -5,092 |
--------------------------------------------------------------------------------
| Gross profit | 7,127 | 3,434 | 2,987 | 1,281 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other income | 4,782 | 2,052 | 1,634 | 1,889 |
--------------------------------------------------------------------------------
| Selling and distribution | -823 | -789 | -339 | -554 |
| costs | | | | |
--------------------------------------------------------------------------------
| Administrative expenses | -4,099 | -1,395 | -2,093 | -1,212 |
--------------------------------------------------------------------------------
| Other expenses | -1,354 | -19 | -1,182 | -12 |
--------------------------------------------------------------------------------
| Operating profit | 5,633 | 3,283 | 1,007 | 1,392 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finance income | 11,060 | 125 | 10,410 | 6 |
--------------------------------------------------------------------------------
| Finance expenses | -1,542 | -648 | -700 | -364 |
--------------------------------------------------------------------------------
| Profit before tax | 15,151 | 2,760 | 10,717 | 1,034 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -633 | -218 | -615 | -223 |
--------------------------------------------------------------------------------
| Profit for the period | 14,518 | 2,542 | 10,102 | 811 |
--------------------------------------------------------------------------------
| Attributable to minority | 331 | 8 | -27 | 12 |
| interests | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 14,187 | 2,534 | 10,129 | 799 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| euros) | | | | |
--------------------------------------------------------------------------------
| - Basic | 0.21 | 0.04 | 0.15 | 0.01 |
--------------------------------------------------------------------------------
| - Diluted | 0.21 | 0.04 | 0.15 | 0.01 |
--------------------------------------------------------------------------------
Consolidated balance sheet of Arco Vara AS (EEK, €)
--------------------------------------------------------------------------------
| | EEK | € |
--------------------------------------------------------------------------------
| | 30 June | 31 December | 30 June | 31 December |
| | 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| In thousands | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,098,74 | 58,345 | 70,223 | 3,729 |
| | 6 | | | |
--------------------------------------------------------------------------------
| Trade and other | 310,726 | 102,498 | 19,859 | 6,551 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Prepayments | 13,933 | 4,429 | 890 | 283 |
--------------------------------------------------------------------------------
| Inventories | 680,711 | 431,817 | 43,505 | 27,598 |
--------------------------------------------------------------------------------
| Biological assets | 5,798 | 6,141 | 371 | 392 |
--------------------------------------------------------------------------------
| Total current assets | 2,109,91 | 603,230 | 134,848 | 38,553 |
| | 4 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Long-term receivables | 11,668 | 10,673 | 746 | 682 |
--------------------------------------------------------------------------------
| Long-term investments in | 106,641 | 65,769 | 6,816 | 4,203 |
| financial assets | | | | |
--------------------------------------------------------------------------------
| Investment property | 996,196 | 1,479,281 | 63,668 | 94,543 |
--------------------------------------------------------------------------------
| Property, plant and | 86,604 | 81,713 | 5,535 | 5,222 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 22,989 | 16,705 | 1,469 | 1,069 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,224,09 | 1,654,141 | 78,234 | 105,719 |
| | 8 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3,334,01 | 2,257,371 | 213,082 | 144,272 |
| | 2 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans | 555,949 | 699,568 | 35,532 | 44,710 |
| and borrowings | | | | |
--------------------------------------------------------------------------------
| Payables | 276,533 | 249,275 | 17,674 | 15,932 |
--------------------------------------------------------------------------------
| Advances received | 65,328 | 63,427 | 4,175 | 4,054 |
--------------------------------------------------------------------------------
| Provisions | 1,190 | 1,953 | 76 | 125 |
--------------------------------------------------------------------------------
| Total current liabilities | 899,000 | 1,014,223 | 57,457 | 64,821 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans | 506,843 | 457,258 | 32,394 | 29,224 |
| and borrowings | | | | |
--------------------------------------------------------------------------------
| Long-term payables | 4,089 | 41,561 | 261 | 2,657 |
--------------------------------------------------------------------------------
| Deferred income tax | 1,643 | 1,353 | 105 | 86 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 1,100 | 1,095 | 70 | 70 |
--------------------------------------------------------------------------------
| Total non-current | 513,675 | 501,267 | 32,830 | 32,037 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,412,67 | 1,515,490 | 90,287 | 96,857 |
| | 5 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Share capital | 677,842 | 304,530 | 43,322 | 19,463 |
--------------------------------------------------------------------------------
| Unregistered share | 275,000 | 0 | 17,576 | 0 |
| capital | | | | |
--------------------------------------------------------------------------------
| Share premium | 712,857 | 123,083 | 45,559 | 7,866 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 20,084 | 5,486 | 1,284 | 351 |
--------------------------------------------------------------------------------
| Other reserves | -193 | -184 | -12 | -12 |
--------------------------------------------------------------------------------
| Retained earnings | 213,224 | 292,002 | 13,627 | 18,662 |
--------------------------------------------------------------------------------
| Total equity attributable | 1,898,81 | 724,917 | 121,357 | 46,330 |
| to equity holders of the | 4 | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Minority interests | 22,523 | 16,964 | 1,439 | 1,084 |
--------------------------------------------------------------------------------
| Total equity | 1,921,33 | 741,881 | 122,797 | 47,414 |
| | 7 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 3,334,01 | 2,257,371 | 213,082 | 144,272 |
| EQUITY | 2 | | | |
--------------------------------------------------------------------------------
Additional information:
Heigo Metsoja
Head of Investor Relations
+372 614 4654
heigo.metsoja@arcovara.ee
www.arcorealestate.com
