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 | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | 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