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 in Estonia, Latvia, Lithuania and
Ukraine. In addition, in Estonia our companies act as independent contractors in
road construction and maintenance, environmental engineering, the assembly of
reinforced concrete elements, 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 effective 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 modern 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 nine
months ended 30 September 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 September | 30 September | 31 December |
| | | 2007 | 2006 | 2006 |
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| AS Linnaehitus | EST | 100.0% | 100.0% | 100.0% |
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| AS Aspi | EST | 100.0% | 100.0% | 100.0% |
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| AS Järva Teed | EST | 100.0% | 100.0% | 100.0% |
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| OÜ Hiiu Teed | EST | 100.0% | 100.0% | 100.0% |
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| OÜ Mapri Projekt | EST | 52.0% | 52.0% | 52.0% |
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| Estcon OY | FIN | 100.0% | 100.0% | 100.0% |
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| OÜ EE Ressursid | EST | 100.0% | 100.0% | 100.0% |
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| UAB Eurocon LT | LIT | 70.0% | 0.0% | 0.0% |
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| OÜ Eurocon | EST | 64.0% | 64.0% | 64.0% |
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| TOV Eurocon Ukraine | UKR | 61.4% | 61.4% | 61.4% |
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| TOV Eurocon West | UKR | 61.4% | 61.4% | 61.4% |
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| TOV Bukovina | UKR | 60.8% | 60.8% | 60.8% |
| Developments | | | | |
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| TOV Passage Theatre | UKR | 55.3% | 61.4% | 55.3% |
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| OÜ Kaurits | EST | 52.0% | 0.0% | 52.0% |
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| OÜ DSN Ehitusmasinad | EST | 34.3% | 0.0% | 0.0% |
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| SIA Abagars | LAT | 34.3% | 0.0% | 34.3% |
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| TOV V.I. Center | UKR | 32.0% | 41.0% | 38.7% |
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| TOV EA Reng Proekt | UKR | 31.3% | 0.0% | 31.3% |
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| TOV Technopolis-2 | UKR | 30.7% | 30.7% | 30.7% |
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| TOV Baltik | UKR | 30.7% | 0.0% | 0.0% |
| Development | | | | |
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| OÜ Kastani Kinnisvara | EST | 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 nine months 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 in
Ukraine in association 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, a subsidiary, UAB Eurocon LT, was founded in Lithuania. In September, a
30% interest in the entity was sold to the Lithuanian company UAB Eurox LT.
In July, the Group divested of its shareholding in the Ukrainian joint venture
TOV Eurobeton.
In August, OÜ Kaurits acquired a 66% majority interest in OÜ DSN Ehitusmasinad.
OÜ Kaurits is a 52% subsidiary of AS Aspi which is a wholly-owned subsidiary of
AS Eesti Ehitus.
The accounts of OÜ Kaurits have been consolidated since the beginning of the
financial year and the accounts of OÜ DSN Ehitusmasinad since August 2007. The
consolidation of TOV Eurobeton ceased as of the month of its divestment. After
the balance sheet date, AS Eesti Ehitus conditionally acquired a 52% stake in AS
Eston Ehitus. When the acquisition takes effect, the fourth quarter results of
AS Eston Ehitus will be consolidated.
EMPLOYEES AND PERSONNEL EXPENSES
In the first nine months of 2007, the Group employed, on average, 1088 people.
The proportion of engineers and technical personnel (ETP) was 38% (nine months
2006: 37%). Personnel expenses totalled 297.1 million kroons (€19 million), a
74% increase year-over-year while the average number of staff grew 27% year-over
year. The rise in personnel expenses may be explained by stiff competition in
the labour market and the acquisition of subsidiaries.
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| Average number of the Group's | | | | |
| employees | | | | |
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| Period | | ETP | | Workers | | Total average |
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| 9 months | | 413 | | 675 | | 1088 |
| 2007 | | | | | | |
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| 9 months | | 317 | | 540 | | 857 |
| 2006 | | | | | | |
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| 2006 | | 329 | | 542 | | 871 |
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REVENUE AND SEGMENTS
Consolidated revenues for the nine months ended 30 September 2007 totalled
2,659.4 million kroons (€170 million), a strong 51% improvement on a year ago.
Similarly to a year ago, the Residential and non-residential segment contributed
52% (72% up on a year ago) and the Civil engineering segment 48% (63% growth) of
the total.
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| Revenue by segments | | | | | | |
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| Business segments | | 9 months | | 9 months | | 2006 |
| | | 2007 | | 2006 | | |
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| Civil engineering | | 48% | | 44% | | 46% |
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| Residential and | | 52% | | 56% | | 54% |
| non-residential | | | | | | |
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Commercial buildings remains the Residential and non-residential segment's
largest sub-segment, largely on account of strong demand in the home market.
Compared with the first nine months of 2006, the highest growth rate was posted
by the Public buildings sub-segment.
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| Revenue allocation in the | | | | | | |
| Residential and | | | | | | |
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| non-residential segment | | 9 months | | 9 months | | 2006 |
| | | 2007 | | 2006 | | |
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| Residential buildings | | 17% | | 11% | | 17% |
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| Public buildings | | 20% | | 17% | | 18% |
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| Commercial buildings | | 53% | | 47% | | 41% |
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| Industrial and warehouse | | 10% | | 25% | | 24% |
| facilities | | | | | | |
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In Civil engineering, the largest sub-segment was Port construction, which
contributed 497.9 million kroons (€31.8 million), i.e. 19% of total construction
contract revenues. A year ago the contribution of Port construction was only
48.6 million kroons (€3.1 million) or 3%. Road construction and maintenance
generated revenues of 467.5 million (€29.9 million), i.e. 18% of total
construction contract revenues, against 498.9 million kroons (€31.9 million) and
28% a year ago.
At 30 September 2007, the Group's order backlog was 3,161 million kroons (€202
million) against 2,201 million kroons (€140.7 million) a year ago.
PROFITABILITY AND CASH FLOWS
In the first nine months of 2007, the Group's year-on-year profitability
improved consistently.
The period's gross margin was 13% (nine months 2006: 11%). Although personnel
expenses grew more rapidly than revenue, other expenses increased at a slower
pace. Compared with a year ago, the ratio of administrative expenses to revenue
remained more or less stable at above 4%. The period's operating margin was 9%
(nine months 2006: 8%).
Unaudited consolidated net profit for the first nine months of 2007 amounted to
an exceptional 209 million kroons (€13 million) against the 116 million kroons
(€7 million) earned a year ago. The profit attributable to equity holders of the
parent amounted to 196 million kroons (over €12 million) against 114 million
kroons (€7 million) for the first nine months of 2006.
The period's cash inflows and outflows were more or less equal. A year ago, the
net cash flow was negative to the extent of 51 million kroons (approx. €3
million). The Group's cash position has improved, above all, on account of
positive operating cash flows (29 million kroons or approx. €2 million). In the
first nine months of 2006 operating cash flows were negative to the extent of 22
million kroons (€1 million).
SIGNIFICANT RATIOS AND FIGURES
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| Ratio /figure | | 9 months | | 9 months | | 2006 |
| | | 2007 | | 2006 | | |
--------------------------------------------------------------------------------
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| Weighted average number of | | 30,756,72 | | 30,756,7 | | 30,756,7 |
| shares | | 8 | | 28 | | 28 |
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| Earnings per share (in | | 6.38 | | 3.72 | | 5.69 |
| kroons) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue growth | | 50.7% | | 39.7% | | 49.5% |
--------------------------------------------------------------------------------
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| Average number of employees | | 1088 | | 857 | | 871 |
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| Revenue per employee (in | | 2,444 | | 2,059 | | 2,875 |
| thousands of kroons) | | | | | | |
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| Personnel expenses to | | 11.2% | | 9.7% | | 11.0% |
| revenue, % | | | | | | |
--------------------------------------------------------------------------------
| Administrative expenses to | | 4.5% | | 4.2% | | 5.0% |
| revenue, % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA (in thousands of | | 277,622 | | 165,432 | | 234,368 |
| kroons) | | | | | | |
--------------------------------------------------------------------------------
| EBITDA margin, % | | 10.4% | | 9.4% | | 9.4% |
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| Gross margin, % | | 13.0% | | 10.9% | | 12.2% |
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| Operating margin, % | | 8.7% | | 8.1% | | 8.1% |
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| Operating margin excluding | | 8.4% | | 6.6% | | 7.0% |
| gains on property sales, % | | | | | | |
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| Net margin, % | | 7.9% | | 6.6% | | 7.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on invested capital, | | 26.5% | | 24.8% | | 33.7% |
| % | | | | | | |
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| Return on assets, % | | 13.6% | | 12.2% | | 17.4% |
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| Return on equity, % | | 36.9% | | 39.6% | | 56.1% |
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| Equity ratio, % | | 32.0% | | 28.3% | | 34.9% |
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| Gearing, % | | 23.6% | | 16.6% | | 14.6% |
--------------------------------------------------------------------------------
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| Current ratio | | 1.38 | | 1.27 | | 1.33 |
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| Order backlog (in thousands | | 3,161,956 | | 2,200,66 | | 2,453,41 |
| of kroons) | | | | 3 | | 9 |
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* 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 = (interest-bearing liabilities - cash and cash equivalents) / (interest
bearing liabilities + equity)
Current ratio = total current assets / total current liabilities
Consolidated interim balance sheet
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| Unaudited, in thousands of kroons | 30 Sept | 30 Sept | 31 Dec 2006 |
| (EEK) | 2007 | 2006 | |
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| ASSETS | | | |
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| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 155,646 | 140,708 | 155,980 |
--------------------------------------------------------------------------------
| Short-term investments | 0 | 0 | 2,140 |
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| Trade receivables | 646,376 | 483,845 | 380,841 |
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| Other receivables and prepayments | 229,007 | 169,990 | 129,663 |
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| Deferred tax assets | 1,015 | 0 | 1,015 |
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| Inventories | 477,525 | 261,340 | 272,184 |
--------------------------------------------------------------------------------
| Total current assets | 1,509,569 | 1,055,883 | 941,823 |
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| Non-current assets | | | |
--------------------------------------------------------------------------------
| Investments in associates | 32,603 | 6,001 | 21,193 |
--------------------------------------------------------------------------------
| Other long-term investments | 27,829 | 24,107 | 32,951 |
--------------------------------------------------------------------------------
| Investment property | 7,524 | 5,975 | 5,963 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 266,998 | 151,006 | 223,674 |
--------------------------------------------------------------------------------
| Intangible assets | 167,479 | 157,295 | 165,036 |
--------------------------------------------------------------------------------
| Total non-current assets | 502,433 | 344,384 | 448,817 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2,012,002 | 1,400,267 | 1,390,640 |
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 130,699 | 79,607 | 70,029 |
| borrowings | | | |
--------------------------------------------------------------------------------
| Trade payables | 431,171 | 296,009 | 183,983 |
--------------------------------------------------------------------------------
| Tax liabilities | 35,699 | 45,129 | 42,922 |
--------------------------------------------------------------------------------
| Other payables and advances | 485,287 | 410,001 | 404,819 |
--------------------------------------------------------------------------------
| Provisions | 10,633 | 2,340 | 4,511 |
--------------------------------------------------------------------------------
| Total current liabilities | 1,093,489 | 833,086 | 706,264 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 271,861 | 167,738 | 196,017 |
| borrowings | | | |
--------------------------------------------------------------------------------
| Other liabilities | 490 | 490 | 490 |
--------------------------------------------------------------------------------
| Provisions | 1,697 | 2,047 | 1,885 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 274,048 | 171,579 | 198,392 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,367,537 | 1,004,665 | 904,656 |
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interest | 51,666 | 11,236 | 39,291 |
--------------------------------------------------------------------------------
| Share capital | 307,567 | 153,784 | 153,784 |
--------------------------------------------------------------------------------
| Share premium | 0 | 108,465 | 108,465 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 11,666 | 4,158 | 4,158 |
--------------------------------------------------------------------------------
| Translation reserve | 3,480 | 1,333 | 2,196 |
--------------------------------------------------------------------------------
| Retained earnings | 270,086 | 116,626 | 178,090 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | 592,799 | 384,366 | 446,693 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 644,465 | 395,602 | 485,984 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 2,012,002 | 1,400,267 | 1,390,640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Consolidated interim balance sheet
--------------------------------------------------------------------------------
| Unaudited, in thousands of euro (€) | 30 Sept | 30 Sept | 31 Dec 2006 |
| | 2007 | 2006 | |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 9,948 | 8,993 | 9,969 |
--------------------------------------------------------------------------------
| Short-term investments | 0 | 0 | 137 |
--------------------------------------------------------------------------------
| Trade receivables | 41,311 | 30,923 | 23,340 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 14,636 | 10,864 | 8,287 |
--------------------------------------------------------------------------------
| Deferred tax assets | 65 | 0 | 65 |
--------------------------------------------------------------------------------
| Inventories | 30,519 | 16,703 | 17,395 |
--------------------------------------------------------------------------------
| Total current assets | 96,479 | 67,483 | 60,193 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Investments in associates | 2,084 | 384 | 1,354 |
--------------------------------------------------------------------------------
| Other long-term investments | 1,779 | 1,541 | 2,106 |
--------------------------------------------------------------------------------
| Investment property | 481 | 382 | 382 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 17,064 | 9,651 | 14,295 |
--------------------------------------------------------------------------------
| Intangible assets | 10,704 | 10,053 | 10,548 |
--------------------------------------------------------------------------------
| Total non-current assets | 32,111 | 22,010 | 28,685 |
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| TOTAL ASSETS | 128,590 | 89,493 | 88,878 |
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| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 8,353 | 5,088 | 4,476 |
| borrowings | | | |
--------------------------------------------------------------------------------
| Trade payables | 27,557 | 18,918 | 11,759 |
--------------------------------------------------------------------------------
| Tax liabilities | 2,282 | 2,884 | 2,743 |
--------------------------------------------------------------------------------
| Other payables and advances | 31,015 | 26,204 | 25,873 |
--------------------------------------------------------------------------------
| Provisions | 680 | 150 | 288 |
--------------------------------------------------------------------------------
| Total current liabilities | 69,887 | 53,244 | 45,138 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 17,375 | 10,720 | 12,528 |
| borrowings | | | |
--------------------------------------------------------------------------------
| Other liabilities | 31 | 115 | 31 |
--------------------------------------------------------------------------------
| Provisions | 108 | 131 | 120 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 17,515 | 10,966 | 12,680 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 87,402 | 64,210 | 57,818 |
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| EQUITY | | | |
--------------------------------------------------------------------------------
| Minority interest | 3,302 | 718 | 2,511 |
--------------------------------------------------------------------------------
| Share capital | 19,657 | 9,829 | 9,829 |
--------------------------------------------------------------------------------
| Share premium | 0 | 6,932 | 6,932 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 746 | 266 | 266 |
--------------------------------------------------------------------------------
| Translation reserve | 222 | 85 | 140 |
--------------------------------------------------------------------------------
| Retained earnings | 17,262 | 7,454 | 11,382 |
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| Total equity attributable to equity | 37,887 | 24,565 | 28,549 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 41,189 | 25,284 | 31,060 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 128,590 | 89,493 | 88,878 |
--------------------------------------------------------------------------------
Consolidated interim income statement
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| | Q3, | Q3, | 9 | 9 months | 2006 |
| Unaudited in thousands of | 2007 | 2006 | months | 2006 | |
| kroons (EEK) | | | 2007 | | |
--------------------------------------------------------------------------------
| Revenue | 1,139, | 838,40 | 2,659,4 | 1,764,92 | 2,503,84 |
| | 833 | 9 | 15 | 3 | 4 |
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| Cost of sales | 1,009, | 738,44 | 2,312,4 | 1,572,83 | 2,197,31 |
| | 163 | 5 | 93 | 2 | 9 |
--------------------------------------------------------------------------------
| Gross profit | 130,67 | 99,964 | 346,922 | 192,091 | 306,525 |
| | 0 | | | | |
--------------------------------------------------------------------------------
| Administrative expenses | 46,138 | 28,247 | 118,616 | 74,178 | 125,739 |
--------------------------------------------------------------------------------
| Other operating income | 2,085 | 889 | 8,624 | 27,029 | 26,859 |
--------------------------------------------------------------------------------
| Other operating expenses | 1,749 | 1,563 | 5,927 | 2,777 | 5,108 |
--------------------------------------------------------------------------------
| Operating profit before | 84,868 | 71,043 | 231,003 | 142,165 | 202,537 |
| financial items | | | | | |
--------------------------------------------------------------------------------
| Financial income | 3,155 | 2,175 | 16,364 | 4,829 | 18,393 |
--------------------------------------------------------------------------------
| Financial expenses | 10,457 | 5,040 | 22,458 | 14,137 | 19,046 |
--------------------------------------------------------------------------------
| Net financial items | -7,302 | -2,865 | -6,094 | -9,308 | -653 |
--------------------------------------------------------------------------------
| Share of profit of equity | 599 | 0 | 1,593 | 0 | 0 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Share of loss of equity | 685 | -1,202 | -241 | -1,580 | -980 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Net share of profit and | 1,284 | -1,202 | 1,352 | -1,580 | -980 |
| loss of equity accounted | | | | | |
| investees | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | 78,850 | 66,976 | 226,261 | 131,277 | 200,904 |
--------------------------------------------------------------------------------
| Income tax expense | -41 | 4,625 | 17,426 | 15,426 | 12,831 |
--------------------------------------------------------------------------------
| Profit for the period | 78,891 | 62,351 | 208,835 | 115,851 | 188,073 |
--------------------------------------------------------------------------------
| Attributable to | 72,432 | 59,626 | 196,310 | 114,368 | 175,003 |
| Equity holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 6,459 | 2,725 | 12,525 | 1,483 | 13,070 |
--------------------------------------------------------------------------------
| Basic earnings per share | 2.35 | 1.94 | 6.38 | 3.72 | 5.69 |
| (in kroons)* | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 2.35 | 1.94 | 6.38 | 3.72 | 5.69 |
| (in kroons)* | | | | | |
--------------------------------------------------------------------------------
* For comparability, the weighted average number of shares used is the number of
shares after the bonus issues, i.e. 30,756,728 shares.
Consolidated interim income statement
--------------------------------------------------------------------------------
| Unaudited in thousands of | Q3, | Q3, | 9 | 9 months | 2006 |
| euro (€) | 2007 | 2006 | months | 2006 | |
| | | | 2007 | | |
--------------------------------------------------------------------------------
| Revenue | 72,849 | 53,584 | 169,968 | 112,799 | 160,025 |
--------------------------------------------------------------------------------
| Cost of sales | 64,497 | 47,195 | 147,795 | 100,522 | 140,434 |
--------------------------------------------------------------------------------
| Gross profit | 8,351 | 6,389 | 22,172 | 12,277 | 19,591 |
--------------------------------------------------------------------------------
| Administrative expenses | 2,949 | 1,805 | 7,581 | 4,741 | 8,036 |
--------------------------------------------------------------------------------
| Other operating income | 133 | 57 | 551 | 1,727 | 1,716 |
--------------------------------------------------------------------------------
| Other operating expenses | 112 | 100 | 379 | 177 | 326 |
--------------------------------------------------------------------------------
| Operating profit before | 5,424 | 4,540 | 14,767 | 9,086 | 12,944 |
| financial items | | | | | |
--------------------------------------------------------------------------------
| Financial income | 202 | 139 | 1,046 | 309 | 1,176 |
--------------------------------------------------------------------------------
| Financial expenses | 668 | 322 | 1,435 | 904 | 1,217 |
--------------------------------------------------------------------------------
| Net financial items | -467 | -183 | -389 | -595 | -42 |
--------------------------------------------------------------------------------
| Share of profit of equity | 38 | 0 | 102 | 0 | 0 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Share of loss of equity | 44 | -77 | -15 | -101 | -63 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
| Net share of profit and | 82 | -77 | 87 | -101 | -63 |
| loss of equity accounted | | | | | |
| investees | | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | 5,039 | 4,281 | 14,461 | 8,390 | 12,840 |
--------------------------------------------------------------------------------
| Income tax expense | -3 | 296 | 1,114 | 986 | 820 |
--------------------------------------------------------------------------------
| Profit for the period | 5,042 | 3,985 | 13,347 | 7,404 | 12,020 |
--------------------------------------------------------------------------------
| Attributable to | 4,629 | 3,811 | 12,546 | 7,309 | 11,185 |
| Equity holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 413 | 174 | 800 | 95 | 835 |
--------------------------------------------------------------------------------
| Basic earnings per share | 0.15 | 0.12 | 0.41 | 0.24 | 0.36 |
| (in kroons)* | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.15 | 0.12 | 0.41 | 0.24 | 0.36 |
| share (in kroons)* | | | | | |
--------------------------------------------------------------------------------
* For comparability, the weighted average number of shares used 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
CONSOLIDATED INTERIM FINANCIAL STATEMENTS THIRD QUARTER AND FIRST NINE MONTHS OF 2007 (UNAUDITED)
| Source: Nordecon
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