On 30 April 2009 the Supervisory Board of AS Merko Ehitus approved the
annual report 2008 and profit allocation proposal prepared by the
Management Board of AS Merko Ehitus for presentation at the annual
general meeting.
The Management Board has made a proposal for the general meeting of the
shareholders to pay dividends to shareholders from the net profit of
2008 in the total amount of EEK 61 950 000 (EUR 3 959 327), which makes
3.50 kroons (0.2237 euros) per share.
AS Merko Ehitus audited annual report for 2008 is made available on NASDAQ
OMX Tallinn and AS Merko Ehitus web page (http://www.merko.ee/eng/investor/).
AUDITED INCOME STATEMENT 2008
consolidated, in thousand EEK and EUR
EEK EUR
2008 2007 2008 2007
Revenue 4 653 933 5 510 760 297 441 352 202
Cost of goods sold (3 893 201) (4 731 752) (248 821) (302 415)
GROSS PROFIT 760 732 779 008 48 620 49 787
Marketing expenses (43 921) (32 472) (2 807) (2 075)
Administrative and gen. expenses (223 698) (213 806) (14 297) (13 665)
Other operating income 9 529 6 424 609 411
Other operating expenses (174 560) (18 109) (11 156) (1 157)
OPERATING PROFIT 328 082 521 045 20 969 33 301
Financial income and expenses
from stocks of subsidiaries 1 418 - 91 -
Financial income and expenses
from stocks of associate
companies and joint ventures (4 565) 76 440 (292) 4 885
Interest expense (18 392) (16 948) (1 175) (1 083)
Foreign exchange gain (6 942) (809) (444) (52)
Other financial income 34 405 11 016 2 199 704
Other financial expenses (1 297) (5) (83) (0)
Total financial income and expenses 4 627 69 694 296 4 454
PROFIT BEFORE TAX 332 709 590 739 21 265 37 755
Corporate income tax expense (26 339) (30 830) (1 684) (1 970)
NET PROFIT FOR FINANCIAL YEAR 306 370 559 909 19 581 35 785
incl. net profit attributable
to equity holders of
the parent company 299 140 545 049 19 119 34 835
minority interest 7 230 14 860 462 950
Earnings per share for profit attributable
to the equity holders of the parent company
(basic and diluted, in EEK and EUR) 16,90 30,79 1,08 1,97
AUDITED BALANCE SHEET AS OF 31.12.2008
consolidated, in thousand EEK and EUR
EEK EUR
31.12.2008 31.12.2007 31.12.2008 31.12.2007
ASSETS
Current assets
Cash and cash equivalents 515 191 205 564 32 927 13 138
Short-term financial investments262 759 - 16 793 -
Trade and other receivables 784 540 1 201 942 50 141 76 818
Inventories 1 817 486 2 025 426 116 158 129 448
Assets held for sale 173 - 11 -
Total current assets 3 380 149 3 432 932 216 030 219 404
Non-current assets
Long-term financial investments 260 036 290 852 16 619 18 589
Investment property 12 002 7 361 767 470
Property, plant and equipment 197 094 172 912 12 597 11 051
Intangible assets 11 807 12 574 755 804
Total non-current assets 480 939 483 699 30 738 30 914
TOTAL ASSETS 3 861 088 3 916 631 246 768 250 318
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Borrowings 206 657 304 879 13 208 19 485
Trade and other payables 972 330 1 032 210 62 144 65 970
Government grants - 1 498 - 96
Short-term provisions 32 317 73 212 2 065 4 680
Total current liabilities 1 211 304 1 411 799 77 417 90 231
Non-current liabilities
Long-term borrowings 531 396 397 713 33 962 25 418
Long-term payables to suppliers 8 824 11 091 564 709
Long-term suppliers advance payments - 46 332 - 2 961
Total non-current liabilities 540 220 455 136 34 526 29 088
Total liabilities 1 751 524 1 866 935 111 943 119 319
Equity
Minority interest 34 633 33 939 2 213 2 169
Equity attributable to equity holders of the parent company
Share capital 177 000 177 000 11 312 11 312
Statutory reserve capital 17 700 17 700 1 131 1 131
Currency translation differences(12 550) (5 085) (802) (325)
Retained earnings 1 892 781 1 826 142 120 971 116 712
Total equity attributable to equity
holders of the parent company 2 074 931 2 015 757 132 612 128 830
Total equity 2 109 564 2 049 696 134 825 130 999
TOTAL LIABILITIES AND EQUITY 3 861 088 3 916 631 246 768 250 318
Alar Lagus
Member of Board
+372 6 805 109
alar.lagus@merko.ee
