The rows “including net gains on revaluation of real estate investments” and
“including net gains on divestment of financial assets” in table „Selected
Financials” have been changed. The corrections don't effect revenues, profits
or balance sheet. The corrected report follows:
Interim unaudited report, 9 months 2007
Financial highlights
Revenue and other income totalled 686.7 million kroons (43.9 million euros), a
solid 76.8% increase year-on-year
Operating profit reached 112.3 million kroons (7.1 million euros), 55.0% up
year-on-year
Net profit reached 264.1 million kroons (16.9 million euros), 4.8-fold increase
Equity to assets ratio rose to 55.3% (9 months 2006: 31.1%) and return on equity
improved to 31.2% (9 months 2006: 15.8%)
Return on invested capital was 19.4 % (9 months 2006: 7.7%)
Order backlog at period-end stood at 361 million kroons (23.1 million euros)
In 9 months were sold or booked apartments or land plots 98 pieces.
--------------------------------------------------------------------------------
| | EEK | | | | EUR | | | |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2007 | 2006 | month | months | 2007 | 2006 |
| | s | s | | | s | 2006 | | |
| | 2007 | 2006 | | | 2007 | | | |
--------------------------------------------------------------------------------
| Millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | 686.7 | 388.3 | 199.1 | 155.7 | 43.9 | 24.8 | 12.7 | 9.9 |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | 112.3 | 72.5 | 24.2 | 21.1 | 7.2 | 4.6 | 1.5 | 1.3 |
--------------------------------------------------------------------------------
| Including | 66.1 | 21.0 | 10.7 | 0 | 4.1 | 1.3 | 0.7 | 0 |
| net gains | | | | | | | | |
| on | | | | | | | | |
| revaluati | | | | | | | | |
| on of | | | | | | | | |
| real | | | | | | | | |
| estate | | | | | | | | |
| investmen | | | | | | | | |
| ts | | | | | | | | |
--------------------------------------------------------------------------------
| EBT | 279.2 | 58.6 | 42.1 | 15.4 | 17.8 | 3.7 | 2.7 | 1.0 |
--------------------------------------------------------------------------------
| Including | 131.3 | 0.2 | 8.2 | 0.2 | 8.4 | 0 | 0.5 | 0 |
| net gains | | | | | | | | |
| on | | | | | | | | |
| divestmen | | | | | | | | |
| t of | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
--------------------------------------------------------------------------------
| Net | 264.1 | 54.9 | 36.9 | 15.1 | 16.9 | 3.5 | 2.4 | 1.0 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS 1 (in | 3.27 | 0.80 | 0.36 | 0.22 | 0.21 | 0.05 | 0.02 | 0.01 |
| kroons/au | | | | | | | | |
| ros) | | | | | | | | |
--------------------------------------------------------------------------------
| EPS 2 (in | 3.68 | 0.80 | 0.48 | 0.22 | 0.24 | 0.05 | 0.03 | 0.01 |
| kroons/eu | | | | | | | | |
| ros) | | | | | | | | |
--------------------------------------------------------------------------------
| EPS 3 (in | 2.69 | 0.80 | 0.36 | 0.22 | 0.17 | 0.05 | 0.02 | 0.01 |
| kroons/eu | | | | | | | | |
| ros) | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 3,535 | 1,812 | | | 225.9 | 115.9 | | |
| Assets | .6 | .7 | | | | | | |
--------------------------------------------------------------------------------
| Invested | 3,230 | 1,557 | | | 206.5 | 99.6 | | |
| Capital | .7 | .8 | | | | | | |
--------------------------------------------------------------------------------
| Net Debt | 372.4 | 1,052 | | | 27.6 | 67.2 | | |
| | | .2 | | | | | | |
--------------------------------------------------------------------------------
| Equity | 1,957 | 564.9 | | | 125.1 | 36.1 | | |
| | .9 | | | | | | | |
--------------------------------------------------------------------------------
| ROIC | 19.4% | 7.7% | | | 19.4% | 7.7% | | |
--------------------------------------------------------------------------------
| ROE | 31.2% | 15.8% | | | 31.2% | 15.8% | | |
--------------------------------------------------------------------------------
| Number of | 649 | | | | 649 | | | |
| Staff | | | | | | | | |
--------------------------------------------------------------------------------
Comments from Arco's CEO Viljar Arakas:
In Estonia and Latvia the sales of residential properties became more
complicated in the third quarter. In Lithuania the situation is more favourable
compared to the rest of the Baltic region. Deal volumes have dropped, small
players can't get refinancing on favourable terms and customers have postponed
their purchasing decisions for a while. This has also affected Arco's
residential projects that are right now under construction in the Baltic's and
continue to effect in short-term. In case of Arco, most of the residential
pipeline in the Baltic's is planned to come to market after two to three years.
The value of these assets depends more on the purchasing power and market
situation in the capital cities after two years.
Demand for commercial spaces in the city centre hasn't decreased. Downtown
A-category office- and retail vacancies are close to zero. The situation
increases the value of Arco's existing cash flow generating projects and creates
favourable conditions for the start of construction of Ahtri 3 and Laeva 2
commercial projects in Tallinn in the next 12 months.
Although the value of Arco's assets haven't increased in Q3 and the situation
favours big and well capitalised developers, the focus of the group is in the
Balkan region, where we already started the construction of 112 apartment
project called “Madrid”.
We are pleased on the results of our construction division that represents the
success of restructuring that already started in 2006. 9 month EBIT has improved
almost 23.0 million kroons (1.5 million euros) and reached a level of 9.9
million kroons (0.6 million euros). Loss-generating contracts have expired and
in the new ones the construction price risk is more diversified among the client
and constructor
In Q3 the funds of Explorer Property Fund - Baltic States AB, managed by Arco's
joint-venture with East Capital, were fully invested. It took two years of hard
work to close the portfolio. The asset volume in total is 3,129 million kroons
(200 million euros) and the average entrance yield is 8.35%.
REVENUES AND PROFIT
--------------------------------------------------------------------------------
| | EEK | | | | EUR | | | |
--------------------------------------------------------------------------------
| | 9 | 9 | Q3 | Q3 | 9 | 9 | Q3 | Q3 |
| | month | month | 2007 | 2006 | months | months | 2007 | 2006 |
| | s | s | | | 2007 | 2006 | | |
| | 2007 | 2006 | | | | | | |
--------------------------------------------------------------------------------
| Millions | | | | | | | | |
--------------------------------------------------------------------------------
| Revenues | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Services | 96.4 | 84.9 | 25.5 | 30.5 | 6.1 | 5.4 | 1.6 | 1.9 |
--------------------------------------------------------------------------------
| Developme | 493.5 | 189.4 | 111.0 | 91.2 | 31.5 | 12.1 | 7.1 | 5.8 |
| nt | | | | | | | | |
--------------------------------------------------------------------------------
| Construct | 293.7 | 241.4 | 136.2 | 101.9 | 18.8 | 15.4 | 8.7 | 6.5 |
| ion | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminati | -196. | -127. | -73.6 | -67.9 | -12.6 | -8.1 | -4.7 | -4.3 |
| ons | 9 | 5 | | | | | | |
--------------------------------------------------------------------------------
| Total | 686.7 | 388.3 | 199.1 | 155.8 | 43.9 | 24.8 | 12.7 | 9.9 |
| revenues | | | | | | | | |
| and other | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | | | | | | | | |
--------------------------------------------------------------------------------
| Services | -11.5 | 9.6 | -4.8 | 3.9 | -0.7 | 0.6 | -0.3 | 0.2 |
--------------------------------------------------------------------------------
| Developme | 145.3 | 96.3 | 30.9 | 25.5 | 9.3 | 6.1 | 1.9 | 1.6 |
| nts | | | | | | | | |
--------------------------------------------------------------------------------
| Construct | 9.9 | -12.9 | 13.2 | 2.0 | 0.6 | -0.8 | 0.8 | 0.1 |
| ion | | | | | | | | |
--------------------------------------------------------------------------------
| Eliminati | -11.3 | -6.4 | -12.2 | -6.1 | -0.7 | -0.4 | -0.8 | -0.4 |
| ons | | | | | | | | |
--------------------------------------------------------------------------------
| Unallocat | -20.2 | -14.0 | -2.9 | -4.2 | -1.3 | -0.6 | -0.2 | -0.3 |
| ed | | | | | | | | |
| expenses | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | 112.3 | 72.5 | 24.1 | 21.1 | 7.2 | 4.9 | 1.5 | 1.3 |
| Total | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| Net | -10.3 | -13.9 | 4.8 | -5.8 | -0.7 | -0.9 | 0.3 | -0.4 |
| interests | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 177.1 | 0 | 13.1 | 0 | 11.3 | 0 | 0.8 | 0 |
| financial | | | | | | | | |
| income | | | | | | | | |
| and | | | | | | | | |
| expenses | | | | | | | | |
--------------------------------------------------------------------------------
| Income | -15.1 | -3.7 | -5.2 | -0.3 | -0.9 | -0.2 | -0.3 | 0 |
| tax | | | | | | | | |
| expense | | | | | | | | |
--------------------------------------------------------------------------------
| Net | 264.1 | 54.9 | 36.9 | 15.1 | 16.9 | 3.8 | 2.4 | 1.0 |
| Profit | | | | | | | | |
--------------------------------------------------------------------------------
The Group's revenue and profit growth may be attributed to the good results of
the development division. Revenue from the sale of apartments and property
totalled 336 million kroons (21.5 million euros). Significant part of Group's
profit was contributed by gains from asset revaluations in amount of 89 million
kroons (5.7 million euros), financial income of 118.4 million kroons (7.6
million euros) from the sale of the Group's interest in Sportings Riga SIA,
finance income of 42.6 million kroons (2.7 million euros) generated by AVEC
Asset Management AS and income of 8.4 million kroons (0.5 million euros) from
the divestment of a stake in Varamaad Kinnisvara OÜ.
The Group's result of operations was adversely affected by the consolidated loss
of the Service division of 7.1 million kroons (0.45 million euros) and the
write-down of investment properties by 22.9 million kroons (1.5 million euros).
The adverse result was also effected by the fast expansion strategy on the new
markets, that is considered an important goal for our service division.
The loss in service division was triggered by the drop in the number of real
estate deals on Latvian and Estonian markets in third quarter. If in the first
half of the year the decline in the number of transactions was countered by a
rise in the average value of a transaction, then in the third quarter
transaction values began dropping and the impact of the deteriorating market
situation on brokerage activities doubled. In order to coupe with the situation
the management has started to cut fixed costs in Latvia and Estonia.
The Construction division's third quarter results surpassed expectations,
compensating the difficulties of the first half-year. The improvement in
profitability may be ascribed to structural changes in the division's order
backlog where many unfavourable contracts were replaced with more profitable
ones.
SERVICE DIVISION
Developments on Lithuanian, Bulgarian and Romanian markets have been according
to our expectations. Adverse developments have taken place in Latvia and Estonia
in terms of lower amount of transactions. In order to cope with the new market
situation management is cutting back on back-office expenses and decreases the
number of employees. The positive result of downsizing program will effect first
quarter next year. In Romania, Bulgaria and Ukraine we continue with our
aggressive growth strategy. According to our estimates during next quarter the
improvement of the situation on Estonian and Latvian agency and property
valuation markets will not occur.
In the third quarter, the Service division's revenue growth decelerated from 30%
for the first half-year to 13.5% for nine months. Nine months' revenues totalled
96.4 million kroons (6.2 million euros) against 85.0 million kroons (5.4 million
euros) a year ago. If at the end of the first six months we were able to report
strong revenue growth, the third quarter brought a 15.6% decline compared with
the second quarter. This was not due to a decrease in the number of valuation
reports issued but because in the third quarter the average value of a brokerage
transaction fell substantially both in Estonia and Latvia.
Compared with the first nine months of 2006 the number of valuation reports
declined by 187, i.e. 2.6%. Although the figures posted by the Lithuanian office
have been improving steadily, the overall result was weakened by the nosedive in
the Latvian market. During the nine-month period, our appraisers issued 6,957
valuation reports in six countries (9 months 2006: 7,144), 53.5% of them in
Estonia. The division continued introducing valuation services in the new
markets and launched real estate advisory services in the Baltics.
Project sales contracts totalled 188, 4.4% up on the second quarter. At period
end, the number of properties being brokered was 12,187, a 16.6% increase on the
second quarter. In the third quarter, the number of properties being brokered in
Bulgaria dropped by 10% year-on year whereas in the Baltic market grew by 47.5%.
DEVELOPMENT DIVISION
The success in Bulgaria is not able to eliminate the challenging times right now
in the Baltic. Speculations on the devaluation of Latvian currency have created
fair of economical stagnation in all the Baltic states and this in turn makes
people to wait for a while before purchasing a new apartment.
The priority in the Baltic is to finish current phases in on-going projects and
through zoning process decrease the risk level of major assets. In the Balkan
we have already started the construction of “Madrid” project (112 apartments) in
Sofia and soon will also start to construct “Manastirski” project. Expansion
strategy from now on in the region foresees bearing more zoning risks.
The nine-month sales and operating profit of the Development division grew
2.6-fold and 1.5-fold on the same period in 2006 respectively. Strong sales
results were supported by the sale of Kerese Keskus for 106 million kroons (6.8
million euros) and the Ulmana Gatves property for 74 million kroons (4.7 million
euros). The sale of apartments and conclusion of real right contracts in Kolde
residential project contributed 110 million kroons (7.0 million euros) and the
sale of terraced houses in Kase street generated a further 46 million kroons
(2.9 million euros).
Operating profit for the third quarter was enhanced by sales gains of 13.3
million kroons (0.8 million euros) yielded by Kolde project, the divestment of a
stake in Varamaad Kinnisvara OÜ for 8.4 million kroons (0.5 million euros) and
net revaluation gains of 10.7 million kroons (0.7 million kroons), and weakened
by a loss of 8.1 million kroons (0.5 million euros) incurred by the division's
parent company.
During the first nine months of 2007, 98 apartments were sold or reserved. In
the current stages of the projects, 136 units remain to be sold. For a while
company holds back the investments in three residential land plot projects
(Tooma, Vahi, Pärtli) near Tallinn consisting of the development of 212 land
plots.
At the end of the third quarter, the Development division employed 59 people
including 42 in Estonia.
CONSTRUCTION DIVISION
The market situation in third quarter is comparable to second quarter. Although,
the increase of labour and raw material costs are not so absolute any more. The
prices of residential property should stabilise in the near future owing to
shrinking demand and stiff competition. Demand for business and production
premises has not yet subsided. In connection with allocations made from the EU
structural funds, the state is going to arrange several public procurement
tenders for environmental engineering projects. Development of environmental
engineering competencies and capacities is the main focus of the management. The
number of public procurement tenders for the construction and rehabilitation of
buildings belonging to local government remains large as well.
Compared to the same period last year 9 month revenues of the division increased
21.6% and EBIT 176.6%. Revenues were 293.6 million kroons (18.8 million euros)
and EBIT 9.9 mln kroons (0,63 million euros), which is 22.9 million kroons (1.5
million euros) better result than last year in the same period. Significant
profit growth was achieved in the third quarter when a number of unfavourable
fixed-price environmental engineering contracts in Saaremaa and commercial
construction contracts in Tallinn had expired (the contracts were concluded two
years ago). The current market situation provides better opportunities for
sharing the price risk.
A major transaction of the nine-month period was the acquisition of a 55% stake
in the Latvian construction company Dinamo Buve SIA which completed the
implementation of the Group's full business model in Latvia.
In the third quarter, no significant construction contracts were acquired. The
contracts acquired in Estonia totalled 34.6 million kroons (2.2 million euros)
and the ones acquired in Latvia amounted to 20.2 million kroons (1.3 million
euros).
At the end of September, the division's order backlog was 361 million kroons
(23.1 million euros). The largest contracts comprised the rehabilitation of
Matsalu water and wastewater systems of 93.8 million kroons (6.0 million euros)
and the construction of the Bishumuizhas apartment houses of 83.6 million kroons
(5.3 million euros). Intra-group sales for nine months and the third quarter
accounted for 51.4% and 50.8% of the division's sales respectively. At the end
of September, the Construction division employed 172 people, including 50.6% in
Latvia.
CONSOLIDATED UNAUDITED INCOME STATEMENT 9 months 2007, thousands of kroons
--------------------------------------------------------------------------------
| | Note | 9 months | 9 months | Q3 2007 | Q3 2006 |
| | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In | | | | | |
| thousands | | | | | |
| of kroons | | | | | |
--------------------------------------------------------------------------------
| Rendering | | 232,434 | 234,895 | 96,813 | 93,811 |
| of services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 361,309 | 116,421 | 84,172 | 57,079 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | 5 | 593,743 | 351,316 | 180,985 | 150,890 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | | -434,941 | -253,997 | -133,704 | -107,305 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross | | 158,802 | 97,319 | 47,281 | 43,585 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | | 92,925 | 36,986 | 18,106 | 4,873 |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling and | | -18,763 | -14,214 | -5,888 | -1,869 |
| distributio | | | | | |
| n costs | | | | | |
--------------------------------------------------------------------------------
| Administrat | | -93,886 | -45,762 | -29,754 | -23,921 |
| ive | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other | | -26,760 | -1,863 | -5,565 | -1,572 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating | | 112,318 | 72,466 | 24,180 | 21,096 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | 198,131 | 2,935 | 25,087 | 976 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | -31,229 | -16,829 | -7,114 | -6,690 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit | | 279,220 | 58,572 | 42,153 | 15,382 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -15,112 | -3,711 | -5,208 | -299 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit for | | 264,108 | 54,861 | 36,945 | 15,083 |
| the period | | | | | |
--------------------------------------------------------------------------------
| Attributabl | | 8,167 | 343 | 2,985 | 222 |
| e to | | | | | |
| minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributabl | | 255,941 | 54,518 | 33,960 | 14,861 |
| e to equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings | 7 | | | | |
| per share | | | | | |
| (in kroons) | | | | | |
--------------------------------------------------------------------------------
| - Basic | | 3.27 | 0.80 | 0,36 | 0.22 |
--------------------------------------------------------------------------------
| - Diluted | | 3.27 | 0.80 | 0,36 | 0.22 |
--------------------------------------------------------------------------------
CONSOLIDATED UNAUDITED INCOME STATEMENT 9 months 2007, thousands of euros
--------------------------------------------------------------------------------
| | Note | 9 months | 9 months | Q3 2007 | Q3 2006 |
| | | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| In | | | | | |
| thousands | | | | | |
| of euros | | | | | |
--------------------------------------------------------------------------------
| Rendering | | 14,855 | 15,013 | 6,187 | 5,996 |
| of services | | | | | |
--------------------------------------------------------------------------------
| Sale of | | 23,092 | 7,440 | 5,380 | 3,648 |
| goods | | | | | |
--------------------------------------------------------------------------------
| Total | 5 | 37,947 | 22,453 | 11,567 | 9,644 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Cost of | | -27,798 | -16,234 | -8,545 | -6,858 |
| sales | | | | | |
--------------------------------------------------------------------------------
| Gross | | 10,149 | 6,219 | 3,022 | 2,786 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other | | 5,939 | 2,364 | 1,157 | 311 |
| income | | | | | |
--------------------------------------------------------------------------------
| Selling and | | -1,199 | -908 | -376 | -119 |
| distributio | | | | | |
| n costs | | | | | |
--------------------------------------------------------------------------------
| Administrat | | -6,000 | -2,925 | -1,902 | -1,529 |
| ive | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other | | -1,709 | -119 | -356 | -101 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating | | 7,178 | 4,631 | 1,545 | 1,348 |
| profit | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | 12,663 | 188 | 1,603 | 62 |
| income | | | | | |
--------------------------------------------------------------------------------
| Finance | 6 | -1,996 | -1,076 | -455 | -427 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit | | 17,844 | 3,743 | 2,694 | 983 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Income tax | | -965 | -237 | -333 | -19 |
| expense | | | | | |
--------------------------------------------------------------------------------
| Profit for | | 16,880 | 3,506 | 2,361 | 964 |
| the period | | | | | |
--------------------------------------------------------------------------------
| Attributabl | | 522 | 22 | 190 | 14 |
| e to | | | | | |
| minority | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| Attributabl | | 16,358 | 3,484 | 2,170 | 950 |
| e to equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings | | | | | |
| per share | | | | | |
| (in kroons) | | | | | |
--------------------------------------------------------------------------------
| - Basic | | 0.24 | 0.05 | 0.02 | 0.01 |
--------------------------------------------------------------------------------
| - Diluted | | 0.24 | 0.05 | 0.02 | 0.01 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET, 9 months 2007 (EEK, EUR)
--------------------------------------------------------------------------------
| | | EEK | | EUR | |
--------------------------------------------------------------------------------
| | Note | 30.09.2007 | 31.12.2006 | 30.09.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| In | | | | | |
| thousands | | | | | |
--------------------------------------------------------------------------------
| Cash and | | 847,754 | 58,345 | 54,181 | 3,729 |
| cash | | | | | |
| equivalent | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Financial | | 58,557 | 0 | 3,742 | 0 |
| assets | | | | | |
| held for | | | | | |
| trading | | | | | |
--------------------------------------------------------------------------------
| Trade and | 8 | 255,803 | 102,498 | 16,349 | 6,551 |
| other | | | | | |
| receivable | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Prepayment | | 15,748 | 4,429 | 1,006 | 283 |
| s | | | | | |
--------------------------------------------------------------------------------
| Inventorie | 9 | 1,062,231 | 431,817 | 67,890 | 27,598 |
| s | | | | | |
--------------------------------------------------------------------------------
| Biological | | 6,285 | 6,141 | 402 | 392 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 2,246,378 | 603,230 | 143,570 | 38,553 |
| current | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Long-term | | 42,386 | 10,673 | 2,709 | 682 |
| receivable | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Long-term | 10 | 108,805 | 65,769 | 6,954 | 4,203 |
| investment | | | | | |
| s in | | | | | |
| financial | | | | | |
| assets | | | | | |
--------------------------------------------------------------------------------
| Investment | 11 | 1,010,332 | 1,479,281 | 64,572 | 94,543 |
| property | | | | | |
--------------------------------------------------------------------------------
| Property, | 12 | 104,497 | 81,713 | 6,679 | 5,222 |
| plant and | | | | | |
| equipment | | | | | |
--------------------------------------------------------------------------------
| Intangible | 13 | 23,210 | 16,705 | 1,483 | 1,069 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Total | | 1,289,230 | 1,654,141 | 82,397 | 105,719 |
| non-curren | | | | | |
| t assets | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 |
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Interest-b | | 481,964 | 699,568 | 30,803 | 44,710 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Payables | | 243,880 | 249,275 | 15,587 | 15,932 |
--------------------------------------------------------------------------------
| Advances | | 53,625 | 63,427 | 3,427 | 4,054 |
| received | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 1,384 | 1,953 | 88 | 125 |
--------------------------------------------------------------------------------
| Total | | 780,853 | 1,014,223 | 49,906 | 64,821 |
| current | | | | | |
| liabilitie | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Interest-b | | 790,790 | 457,258 | 50,541 | 29,224 |
| earing | | | | | |
| loans and | | | | | |
| borrowings | | | | | |
--------------------------------------------------------------------------------
| Long-term | | 4,380 | 41,561 | 280 | 2,657 |
| payables | | | | | |
--------------------------------------------------------------------------------
| Deferred | | 1,368 | 1,353 | 87 | 86 |
| income tax | | | | | |
| liabilitie | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 261 | 1,095 | 17 | 70 |
--------------------------------------------------------------------------------
| Total | | 796,799 | 501,267 | 50,925 | 32,037 |
| non-curren | | | | | |
| t | | | | | |
| liabilitie | | | | | |
| s | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1,577,652 | 1,515,490 | 100,831 | 96,857 |
| LIABILITIE | | | | | |
| S | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Share | | 952,842 | 304,530 | 60,898 | 19,463 |
| capital | | | | | |
--------------------------------------------------------------------------------
| Share | | 712,514 | 123,083 | 45,538 | 7,866 |
| premium | | | | | |
--------------------------------------------------------------------------------
| Statutory | | 20,084 | 5,486 | 1,284 | 351 |
| capital | | | | | |
| reserve | | | | | |
--------------------------------------------------------------------------------
| Other | | -176 | -184 | -12 | -12 |
| reserves | | | | | |
--------------------------------------------------------------------------------
| Retained | | 247,184 | 292,002 | 15,798 | 18,663 |
| earnings | | | | | |
--------------------------------------------------------------------------------
| Total | | 1,932,448 | 724,917 | 123,506 | 46,331 |
| equity | | | | | |
| attributab | | | | | |
| le to | | | | | |
| equity | | | | | |
| holders of | | | | | |
| the parent | | | | | |
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| | | | | | |
--------------------------------------------------------------------------------
| Minority | | 25,508 | 16,964 | 1,630 | 1,084 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total | 14 | 1,957,956 | 741,881 | 125,136 | 47,415 |
| equity | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 3,535,608 | 2,257,371 | 225,967 | 144,272 |
| LIABILITIE | | | | | |
| S AND | | | | | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
Additional information:
Heigo Metsoja
Investor Relations Manager
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com
