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MRK: 2010 12 months and IV quarter consolidated unaudited interim report

Spekuliantai.lt | 2011-02-22 | NASDAQ OMX biržų naujienos | perskaitė: 1705
Raktiniai žodžiai: Merko Ehitus AS, MRK
MRK: 2010 12 months and IV quarter consolidated unaudited interim report

Merko Ehitus Quarterly report 22.02.2011

2010 12 months and IV quarter consolidated unaudited interim report



Tallinn, Estonia, 2011-02-22 08:00 CET (GLOBE NEWSWIRE) -- 2010 12 months and
IV quarter consolidated unaudited interim report



MANAGEMENT REPORT

General information

AS Merko Ehitus operates in Estonia, Latvia and Lithuania as a construction
group providing integrated construction solutions. Largest companies of the
Group are SIA Merks (100%), UAB Merko Statyba (100%), Tallinna Teede AS (100%),
AS Gustaf (75%), OÜ Gustaf Tallinn (80%), AS Merko Tartu (66%) and AS Tartu
Maja Betoontooted (25%).

At the regular meeting of shareholders held on 3 June 2010 Jaan Mäe was removed
from the position of a Member of the Supervisory Board in connection with the
restructuring of the company's managerial structure in the course of which he
was elected a Member of the Management Board of AS Merko Ehitus.

On 21 December 2010 the Supervisory Board of AS Merko Ehitus decided to appoint
Viktor Mõisja who had previously held the position of the Head of the
Concreting Department to the Management Board of the company. Viktor Mõisja
took office on 21 December 2010 and was made accountable for the spheres of
quality management and inspection. In addition, Viktor Mõisja will represent AS
Merko Ehitus at the court hearing that began at the Harju County Court on 10
January 2011 where AS Merko Ehitus and its subsidiaries will be prosecuted for
offering bribes (i.e. gift certificates of a tourism agency in the value of
2556 Euros and an architectural book titled “Talurahva arhitektuur”). An
accused legal entity must be represented in court by a Member of its Management
Board.

On 22 December 2010 AS Merko Ehitus established a fully owned subsidiary in
Ukraine called LLC Merko Ukraine (registration code 37458687). The establishing
process was a mere formality the aim of which was to create a legal platform in
order to start doing business on the local market. With this move, Merko Ehitus
wishes to confirm its strategic interest in entering the Ukrainian market. The
company established will mainly specialize in the managing of construction
projects in Ukraine.

Due to the extensive changes in the economic environment and on the
construction market, the management and supervisory boards of AS Merko Ehitus
have reviewed the corporate strategy and established the group's strategic
targets for 2010 to 2015.

The strategy covers the period from this year until the end of 2015. All the
main principles and some of the financial targets, such as the minimum equity
ratio, must be applied or met throughout the defined period.

The detailed strategy is based on the following estimates and assumptions about
Baltic economy:

-- There will be no economic growth in 2010; the construction sector will
experience a fall by max. 10%;
-- In the coming years (2011 and 2012), economic growth will not exceed 3%, as
estimated by different experts;
-- The main clients in the coming years will come from the public sector where
focus will be on infrastructure projects co-financed by the EU funds;
-- Since the public sector lacks the financial means for investment, there
will be more extensive application of PPP (public private partnership)
models;
-- There will be more projects related to the improvement of energy
performance;
-- There will be more activity on the apartment market, compared to the slump
in recent years;
-- There will be an increased demand for industrial facilities;
-- The availability of credit/loans will improve;
-- Starting 2011, unemployment rates will decrease and the retail business
will enter the phase of recovery.

AS Merko Ehitus strategic targets:

-- The vision of AS Merko Ehitus is to provide its clients with high-quality
construction services in various fields.
-- AS Merko Ehitus aims to be the leading construction company on its home
market - in the Baltic countries.
-- In addition to the home market, AS Merko Ehitus has identified Ukraine
(especially Kiev) and St. Petersburg in Russia as its prospective markets.
-- Outside of the above-mentioned markets, the company will only provide
construction/development services for clients that Merko has cooperated
with in the past or that require a facility similar to previous
construction/development projects successfully executed by Merko.
-- In 2015, turnover from Estonian operations would constitute approx. 35% of
the consolidated turnover; turnover from Latvian operations, Lithuanian
operations, and other markets would account for approx. 30%, 25% and 10%,
respectively, of the consolidated turnover. The division of profit between
the different markets is expected to be more or less similar to the
division of turnover.
-- In addition to current construction and design-engineering services, the
company will offer an even more comprehensive service covering the entire
process, from helping to find the suitable plot of land to helping the
client obtain financing.

AS Merko Ehitus long-term financial targets:

-- To ensure that the average annual return on equity (ROE) of the group
between 2011 and 2015 is at least 15%;
-- To ensure that the group's equity ratio is at least 40% throughout the
entire period.

In order to fulfil our targets:

1. We will look for opportunities to acquire holdings in successful companies,
especially in Lithuania and Latvia.
2. We will restructure the group's management system with the help of the
following methods, above all:

-- We will add a fifth member to the management board; their responsibilities
will initially include foreign markets and development activities;
-- We will launch several new activities in order to improve horizontal
cooperation between the different companies in the group, and in order to
utilise the engineering know-how and management expertise (acquired in
different countries) in the different functions of the group;
-- As the final outcome of the restructuring, we envision a publicly traded
holding company which has divisions in all countries where the group has
permanent operations, controlled through locally registered entities.

3. We will preserve the core of the motivational system, which has proved to be
effective so
far, and will enhance the system in line with our set targets.

Operating results

Group's revenue for the year 2010 was EUR 171.9 million (EEK 2689.9 million).
72.3% of the sales originated from Estonia, 25.1% from Latvia and 2.6% from
Lithuania. As compared to with the year 2009, Group's sales decreased by 15.4%
incl. by 10.9% in Estonia, by 27.1% in Latvia and by 5.1% in Lithuania.

Group's revenue for the IV quarter 2010 was EUR 45.6 million (EEK 714.3
million), which constitutes an annual decrease of EUR 8.5 million (EEK 133.6
million).

In 2010, the Group concluded new contracts for a total value of EUR 290 million
(EEK 4.54 billion), whereas the total value of contracts concluded in Q4 was
EUR 79 million (EEK 1.24 billion). The largest construction contracts concluded
in 2010 have been the reconstruction of Ülemiste traffic junction (EUR 41.4
million), construction of the E20 Loo-Maardu road section (EUR 18.5 million),
the water management project of the city of Maardu for the construction of the
water and sewerage pipelines and facilities of the residential area of Muuga
(EUR 13.3 million), construction of the Iru Waste energy block (EUR 12.6
million) and renovation of the common water supply of the Kohtla-Järve area
(EUR 7.8 million). As of 31 December 2010, the Group's backlog of construction
contracts in progress amounted to EUR 200 million (EEK 3.13 billion).

The group's own residential development projects and construction works related
to property investments are not reported in the Group's contract portfolio. On
13 July 2010 UAB Merko Statyba, a subsidiary of AS Merko Ehitus, concluded a
contract with a Vilnius city real estate company regarding the construction and
25-year rental of a Balsiu school building. The estimated investment of the
project is EUR 10 million and the building needs to be ready to welcome its new
students on 1 September 2011. In August 2010, the Group signed a contract with
Lasnamäe City District Government to lease 2405 sq. metres of office premises
to the City District Government for 15 years, starting August 2011.

In 2010, 233 apartments were sold for a total cost of EUR 17.9 million (EEK
280.7 million) excluding value-added tax; this is a perfectly good result
considering market conditions. As of 31.12.2010 Group held in inventories
unsold 63 completed apartments in total cost EUR 4.9 million (EEK 77.1 million)
and 424 apartments in the construction stage in total cost EUR 16.3 million
(EEK 255.7 million). In the III quarter of 2010, Merko Ehitus started
constructing a new apartment building with 93 apartments in Tallinn at Tartu
mnt 50 and in IV quarter a new apartment building with 15 apartments in Tallinn
at Kristiina 12. New apartments will be completed in the IV quarter of the year
2011. SIA Merks restarted its development project with 116 apartments in Riga,
in the Skanstes area. The investment necessary for completing the project is
EUR 3 million (EEK 46.9 million) and the construction works of the objects are
planned to be completed in 2011 Q1. In 2010, the Group depreciated inventories
by EUR 1.6 million (EEK 24.9 million) and cancelled previous depreciations by a
total of EUR 0.6 million (EEK 9.0 million).

The consolidated revenue of the Group's most important companies

in thousand EUR and EEK
2010 2009
EUR EEK EUR EEK
Estonian companies
AS Merko Ehitus (parent company) 89 780 1 404 744 107 968 1 689 327
AS Gustaf (75% partnership) 2 598 40 647 2 820 44 131
OÜ Gustaf Tallinn (80% partnership) 3 451 53 997 3 907 61 126
AS Merko Tartu (66% partnership) 2 485 38 885 4 606 72 073
Tallinna Teede AS (100% partnership) 20 792 325 330 17 603 275 423
Woody OÜ (100% partnership) 3 941 61 663 1 598 25 000
Latvian company
SIA Merks (100% partnership) 43 169 675 440 59 181 925 985
Lithuanian company
UAB Merko Statyba (100% partnership) 4 432 69 352 4 532 70 915

Due to the decrease in volumes and the significant rise in input prices
(several projects ended up in loss), the share of cost of goods sold in total
costs increased, meaning that the gross profit margin fell from 10.9% to 7.3%
compared to the previous year and. In 2010, the group's marketing and general
administrative costs decreased by 15.1%. The economizing measures taken to
reduce costs helped to decrease marketing and administrative expenses, with the
EUR 1.1 million (EEK 16.4 million) decrease in labour costs, EUR 0.6 million
(EEK 9.1 million) decrease in office expenses and communication services, EUR
0.6 million (EEK 8.6 million) decrease in construction tenders and EUR 0.3
million (EEK 4.7 million) decrease in advertising and sponsoring were the most
significant factors. Regardless of the general decrease in the marketing and
general administrative expenses, the expenses on consultations and legal
assistance increased, as compared to the previous year, by EUR 0.3 million (EEK
5.0 million), which is largely due to legal disputes related to procurement
proceedings.

Group's earnings before taxes in 2010 were EUR 1.8 million (EEK 27.7 million),
which means a decrease by EUR 5.9 million (EEK 92.2 million) compared to 2009.
The net profit in the period was EUR 1.2 million (EEK 18.9 million);
representing a EUR 6.2 million (EEK 97.2 million) or 83.7% decrease. The fall
in profits was affected by revenue, the reduced profitability of the
construction and property development sectors. Since construction prices rose
faster than expected, the company was forced to significantly adjust the
estimated cost of contracted works. That is also the main reason for the EUR
4.0 million (EEK 62.4 million) loss in Q4. The cyclical nature of development
projects did not have a significant impact on performance in the second half of
2010.

In 2010 Group's change in short-term investments and pecuniary means amounted
to EUR -36.3 million (EEK -567.6 million) and as of 31 December 2010, the Group
had EUR 12.5 million (EEK 195.7 million) of funds on the Group's bank accounts
and deposits. Group's cash flows from operating activities were EUR -7.3
million (EEK -113.4 million), from investment activities EUR -6.5 million (EEK
-101.7 million) and from financing activities EUR -22.5 million
(EEK -352.5 million). The cash flows from operating activities of the reporting
period were mostly affected by change in trade and other payables related to
operating activities EUR +6.3 million (EEK +98.4 million), change in
inventories EUR +5.6 million (EEK +87.5 million) and change in receivables and
liabilities related to construction contracts recognised under the stage of
completion method EUR -23.4 million (EEK -365.5 million). From investment
activities cash flows balance of granted/received loans totalled EUR -4.0
million (EEK -62.1 million), purchase of real-estate investments totalled EUR
-2.6 million (EEK -41.0 million) and purchase of property, plant and equipment
totalled EUR -0.8 million (EEK -12.6 million). Of the cash flow from financing
activities, EUR -12.4 million (EEK -194.7 million) was used to dividend
payment, EUR -10.8 million (EEK -168.2 million) for loan repayments and EUR 1.4
million (EEK -22.6 million) for finance lease principal payments.

The ratios and methodology for calculating the financial ratios describing the
Group's main operations

2010 2009 2008
Net profit margin 0,7 % 3,7 % 6,4 %
Profit before taxes margin 1,0 % 3,8 % 7,1 %
Operating profit margin 1,4 % 4,2 % 7,0 %
Gross profit margin 7,3 % 10,9 % 16,3 %
EBITDA margin 2,8 % 5,3 % 7,8 %
Return on equity per annum 0,9 % 5,5 % 14,6 %
Return on assets per annum 0,6 % 3,1 % 7,7 %
Equity ratio 63,8 % 60,5 % 53,7 %
Current ratio 2,7 2,3 2,8
Quick ratio 1,1 1,1 1,3
General expense ratio 6,4 % 6,3 % 5,8 %
Gross remuneration ratio 9,3 % 8,8 % 8,8 %

Net profit margin: Net profit* / Revenue
Profit before taxes margin: Profit before taxes / Revenue
Operating profit margin: Operating profit / Revenue
Gross profit margin: Gross profit / Revenue
EBITDA margin: (Operating profit + Depreciation and impairment charge) / Revenue
Return on equity: Net profit* / Average equity during the period*
Return on assets: Net profit* / Average assets during the period
Equity ratio: Owners equity* / Total assets
Current ratio: Current assets / Current liabilities
Quick ratio: (Current assets - Inventories) / Current liabilities
General expense ratio: General expenses / Revenue
Gross remuneration ratio: Gross remuneration / Revenue

* attributable to equity owners of the parent

Construction market

In 2010, the construction market was characterised by three key-words - low
demand, intense competition and rapid increase in input prices.

Boosted by a general economic upturn, the Baltic construction market showed
signs of recovery in Q4: compared to Q4 2009, volumes increased by 17.7% in
Lithuania and remained on the same level in Latvia. A similar trend (+0.3%)
could be observed in the Q3 performance of the Estonian construction market
(Information about market performance in Q4 2010 will be published on 1 March
2011). Although there was some improvement in individual quarters, the overall
result for 2010 was a fall in market volume, by 9.2% in Lithuania and by 20.1%
in Latvia. The Estonian market had a 17.9% decrease in the first nine months.
Most of the new contracts have come from the public sector and are financed by
EU structural funds. Private-sector clients still lack confidence about the
future, resulting in virtually no interest in new buildings/facilities. The
rental market is improving - rental prices have stabilised and the amount of
available premises has decreased, whereas investors are showing greater
interest in projects with rental income and in undeveloped lots.

In 2010, there was an improvement on the residential property market in Estonia
and Lithuania, with an increase in both the number of transactions and the
average price. The upturn in residential property prices and the signs of
economic stabilisation have motivated people to take action, after a long
period of postponing the purchase of a home. The positive trend is the result
of improved financing options, especially the lower level of required
self-financing and lower interest rates for end-consumers. A temporary sales
boost in the residential property sector has encouraged developers to
reconsider their postponed projects and to prepare new business plans and file
loan applications. Despite the surge of optimism among developers, the launch
of new projects still comes with big risks - the rise in construction prices
clearly exceeds the rise in selling prices, which hampers the profitability of
development projects. Therefore, we estimate that the number of new
developments will remain small in the near future and the supply of residential
properties will decrease. Based on decreased supply and rising construction
prices, we predict that the prices of residential properties will continue to
rise over the next 12 months.

Strong global demand has increased the cost of inputs in the construction
sector; prices have risen for materials as well as equipment rental. The strong
demand in the Central-European and Scandinavian construction sector offers a
good alternative for local workers - but when they take up employment abroad,
it makes labour here more costly. With the higher cost of inputs and many
sub-contractors focusing on foreign markets, construction services have become
significantly more expensive in the last six months. Compared to 2009 when the
construction market was at its low point, construction prices have increased by
20-25%. The high volatility of prices complicates cost-estimation for new
projects and makes it difficult to complete projects within the planned budget.
It means an additional risk for fixed-price contracting and puts price pressure
on profitability. These factors contributed greatly to the group's
lower-than-expected performance in Q4.

On the main contracting market, companies continue submitting of tenders
featuring sums below their actual service costs in order to secure new orders
while participating at invitations to tender, which results in the withdrawal
of tenders or termination of contracts. In general, the victim in situations
like these is the contracting entity from whom the launching of new procurement
proceedings requires additional time and funds. It often happens that companies
that submit such tenders complete the costly preparatory work, make a
considerable profit from it and then leave the construction site. When new
procurement proceedings are launched it then comes clear that the actual cost
of the incomplete work exceeds the cost of the work the previous contractor
failed to complete manyfold. Unhealthy competition is promoted by the
indifference of contracting entities and their fear of catching the eye of the
public with unsuccessful procurements. Merko Ehitus does not approve of such
practices and intends to stand by its commitments in the future as well. As of
31.12.2010 the funds allocated to cover unprofitable projects throughout the
group amounted to EUR 2.2 million (EEK 34.8 million).

Employees and remuneration

In 31.12.2010, the number of employees in the Group's service was 923,
including 878 full-time employees. The Group increased the number of its
personnel by 31.5% or 221 employees in a year. The gross remuneration paid to
employees in 2010 amounted to EUR 16.0 million (EEK 250.4 million) a decrease
of 10.2% compared to previous year. The smaller amount of performance pay, due
to the fall in the group's profitability contributed to the fall in the group's
labour costs.

Members of the Supervisory and Management Board of AS Merko Ehitus

Supervisory Board

Members of the supervisory board have been elected by the general meeting of
shareholders. The supervisory board shall plan the activities of the company,
organize the management of the company and supervise the activities of the
board. The supervisory board consists of 4 members.

Tõnu Toomik - Born on 8 March 1961. Finished current Raatuse Gymnasium in Tartu
(formerly Tartu Secondary School No. 3) and graduated from Tallinn University
of Technology in the specialty of industrial and civil engineering.
Started in AS Merko Ehitus in 1993 as the project manager. In the years
1997-2008 was the chairman of the management board of AS Merko Ehitus,
responsible for the management and development of the activities of the
company. Since August 2008 the chairman of the supervisory board of AS Merko
Ehitus.

Teet Roopalu - Born on 30 August 1949. Finished Tallinn Secondary School No. 10
(currently Nõmme Gymnasium) and graduated from the economic faculty of Tallinn
University of Technology in the specialty of construction economics and
organisation. Has worked in the construction companies, incl. as a financial
director; managed the economic activities in EKE system as the chief economist;
as the bank director and also been involved in designing. Since November 2002
in Merko Ehitus, responsible for the financial and legal sector in Merko
Ehitus. Belongs to the supervisory boards of several subsidiaries and
associated companies of Riverito and Merko Ehitus.

Indrek Neivelt - Born on 17 March in 1967. Graduated from the class specialized
in mathematics-physics of Tallinn Secondary School No. 1 (Gustav Adolf
Gymnasium), the specialty of civil engineering and management of Tallinn
University of Technology and the specialty of banking and finances of Stockholm
University with the Master's degree.
Having worked in Hansapank in different positions during 1995-2005, the last
six years of it as the general director of the group and the chairman of the
management board. Since 2005 the chairman of the supervisory board of Bank
Saint Petersburg and also the member of the supervisory board of other
different companies. Since October 2008 the member of the supervisory board of
AS Merko Ehitus.

Olari Taal - Born on 7 August 1953. Olari Taal finished Varstu Secondary School
in 1971 and graduated from Tallinn University of Technology as the civil
engineer in 1976. He has managed Tartu Elamuehituskombinaat /Tartu Housing
Plant/ (Tartu Maja) and Eesti Hoiupank. He has served the Republic of Estonia
as the Minister of Construction, Minister of Economic Affairs, Minister of the
Interior and as the member of the 10th composition of the Parliament. Since
October 2008 Olari Taal is the member of the supervisory board of AS Merko
Ehitus.

Management Board

The management board is a directing body of the company which represents and
directs the company. The management board shall, in directing, adhere to the
lawful orders of the supervisory board. The management board is required to act
in the most economically purposeful manner. Since 21 December 2010 the
management board consists of 6 members.

Tiit Roben - Born on 5 January 1966. Finished the current Mustamäe Gymnasium
(formerly Tallinn Secondary School No. 44) and graduated from Tallinn
University of Technology in the specialty of industrial and civil engineering.
Worked as the project manager in AS Merko Ehitus in the years 1998-2002. In the
years 2002-2008 worked in E.L.L. Kinnisvara AS, the company of AS Riverito,
since 2005 the member of the management board of the company, development
director. Since August 2008 the chairman of the management board of AS Merko
Ehitus, responsible for the management and development of the activities of the
company.

Jaan Mäe - Born on 26 September 1964. Finished Viljandi Secondary School no. 5
and graduated from Tallinn University of Technology in the specialty of
industrial and civil engineering. Since December 1997 in AS Merko Ehitus, have
been the object manager, project manager, division manager and member of the
management board. In the years 2006-2010 - member of the supervisory board of
AS Merko Ehitus and several other companies belonging to the group. Since June
2010 - member of the management board of AS Merko Ehitus, being responsible for
the achievement of the objectives set in the development sector, and the
chairman of the supervisory board of the Latvian and Lithuanian subsidiaries.

Alar Lagus - Born on 15 February 1969. Finished Rapla Secondary School and
graduated from the chemical faculty of Tallinn University of Technology in the
specialty of public catering organisation and technology. Pursuant to the
graduation from the university worked for ten years at the different positions
in Hansapank. Since 2004 works as the manager of the financial sector of Merko
Ehitus and is responsible for the company's financial and managerial accounting
and investor relations.

Veljo Viitmann - Born on 13 March 1962. Finished Türi Secondary School and
graduated from the civil engineering faculty of Tallinn University of
Technology in the specialty of transport engineering and bridges. Since 1994 in
AS Merko Ehitus and is responsible for the preparation of the tenders for the
new projects.

Andres Agukas - Born on 15 July 1965. Finished Pärnu-Jaagupi Secondary School
and graduated from Tallinn University of Technology in the specialty of
transport engineering. Started in Merko Ehitus on 2 February 1998 as the first
employee of the civil engineering sector. Since October 2005 is responsible as
the member of the management board for the whole sector of construction
service.

Viktor Mõisja - Born on 1 January 1951. Graduated from the Tallinn University
of Technology in 1976, having acquired the education of a civil engineer.
Viktor Mõisja has been working in AS Merko Ehitus since the establishing of the
company, mainly as the Head of the Concreting Department. Since 21 December
2010 is responsible as the member of the management board for the spheres of
quality management and inspection.

Share

The shares of Merko Ehitus are listed in the main list of NASDAQ OMX Tallinn
Stock Exchange. In 2010 4490 transactions with the shares of Merko Ehitus were
performed in the course of which 1.7 million shares were traded and the total
monetary value of transactions was EUR 13.1 million (EEK 204.8 million). The
lowest share price was EUR 5.05 (EEK 79.0) and the highest price was EUR 9.89
(EEK 154.7) per share. The closing share price as of 30.12.2010 was EUR 9.05
(EEK 141.6). AS Merko Ehitus market value as of 30.12.2010 was EUR 160 million
(EEK 2.5 billion).



STATEMENT OF COMPREHENSIVE INCOME 12M 2010
consolidated, unaudited, in thousand EEK and EUR

EEK EUR
2010 2009 2010 2009
12 months 12 months 12 months 12 months

Revenue 2 689 947 3 181 209 171 919 203 316
Cost of goods sold (2 492 (2 835 169) (159 299) (181 200)
491)
Gross profit 197 456 346 040 12 620 22 116

Marketing expenses (34 312) (47 094) (2 193) (3 009)
Administrative and general (136 505) (154 000) (8 724) (9 842)
expenses
Other operating income 18 077 14 408 1 155 921
Other operating expenses (7 479) (27 326) (478) (1 746)
Operating profit 37 237 132 028 2 380 8 440

Financial income and expenses (9 534) (12 170) (609) (779)
incl. financial income (expenses) (6 220) (27 090) (397) (1 731)
from invest-ments into associates
and joint ventures
interest expense (14 212) (23 478) (908) (1 501)
foreign exchange gain 1 600 1 210 102 77
other financial income and 9 298 37 188 594 2 376
expenses
Profit before tax 27 703 119 858 1 771 7 661
Corporate income tax expense (11 417) (8 496) (730) (543)
Net profit for current period 16 286 111 362 1 041 7 118
incl. equity holders of the parent 18 924 116 166 1 210 7 424
minority interest (2 638) (4 804) (169) (306)

Other comprehensive income
Exchange differences on translating 364 (2 266) 23 (145)
foreign subsidiaries
Comprehensive income 16 650 109 096 1 064 6 973
incl. equity holders of the parent 19 288 113 900 1 233 7 279
minority interest (2 638) (4 804) (169) (306)

Earnings per share for profit 1,07 6,56 0,07 0,42
attributable to the equity holders
of the parent
(basic and diluted, in EEK and
EUR)

STATEMENT OF COMPREHENSIVE INCOME Q4 2010
consolidated, unaudited, in thousand EEK and EUR

EEK EUR
2010 2009 2010 2009
IV IV IV IV
quarter quarter quarter quarter

Revenue 714 263 847 830 45 650 54 186
Cost of goods sold (721 132) (779 438) (46 089) (49 815)
Gross profit (6 869) 68 392 (439) 4 371

Marketing expenses (11 237) (14 129) (718) (902)
Administrative and general expenses (36 443) (45 371) (2 329) (2 899)
Other operating income (928) 4 307 (61) 275
Other operating expenses (3 425) (14 740) (217) (941)
Operating profit (58 902) (1 541) (3 764) (96)

Financial income and expenses (5 306) (9 858) (339) (631)
incl. financial income (expenses) from (3 095) (19 046) (197) (1 216)
invest-ments into associates and joint
ventures
interest expense (3 911) (4 355) (250) (279)
foreign exchange gain 101 (55) 6 (4)
other financial income and expenses 1 599 13 598 102 868
Profit before tax (64 208) (11 399) (4 103) (727)
Corporate income tax expense (73) (4 166) (4) (266)
Net profit for current period (64 135) (7 233) (4 099) (461)
incl. equity holders of the parent (62 446) (2 736) (3 991) (175)
minority interest (1 689) (4 497) (108) (286)

Other comprehensive income
Exchange differences on translating (204) (1 234) (13) (79)
foreign subsidiaries

Comprehensive income (64 339) (8 467) (4 112) (540)
incl. equity holders of the parent (62 650) (3 970) (4 004) (254)
minority interest (1 689) (4 497) (108) (286)

Earnings per share for profit (3,53) (0,15) (0,23) (0,01)
attributable to the equity holders of
the parent
(basic and diluted, in EEK and EUR)

STATEMENT OF FINANCIAL POSITION AS OF 31.12.2010
consolidated, unaudited, in thousand EEK and EUR

EEK EUR
31.12.2010 31.12.2009 31.12.2010 31.12.2009
ASSETS
Current assets
Cash and cash equivalents 154 211 359 732 9 856 22 991
Short-term deposits 41 475 400 916 2 651 25 623
Trade and other receivables 704 641 661 954 45 034 42 306
Prepaid corporate income tax 21 377 3 885 1 366 248
Inventories 1 455 872 1 536 463 93 048 98 199
Total current assets 2 377 576 2 962 950 151 955 189 367

Non-current assets
Long-term financial 300 646 211 889 19 215 13 542
investments
Deferred income tax assets 24 279 32 069 1 552 2 050
Investment property 56 086 16 552 3 585 1 058
Property, plant and equipment 277 681 266 276 17 747 17 018
Intangible assets 23 596 24 238 1 508 1 549
Total non-current assets 682 288 551 024 43 607 35 217

TOTAL ASSETS 3 059 864 3 513 974 195 562 224 584

LIABILITIES AND EQUITY

Current liabilities
Borrowings 196 430 447 569 12 554 28 605
Trade and other payables 613 022 782 470 39 180 50 009
Corporate income tax liability -- 5 249 -- 335
Short-term provisions 57 071 37 702 3 648 2 410
Total current liabilities 866 523 1 272 990 55 382 81 359

Non-current liabilities
Long-term borrowings 206 294 76 316 13 185 4 878
Long-term trade payables 13 223 10 653 845 681
Long-term customer prepayments 12 5 1 0
Total non-current liabilities 219 529 86 974 14 031 5 559

Total liabilities 1 086 052 1 359 964 69 413 86 918

Equity

Minority interests 22 343 27 129 1 428 1 734
Equity attributable to equity
holders of the parent
Share capital 177 000 177 000 11 312 11 312
Statutory reserve capital 17 700 17 700 1 131 1 131
Currency translation (14 452) (14 816) (924) (947)
adjustment
Retained earnings 1 771 221 1 946 997 113 202 124 436
Total equity attributable to 1 951 469 2 126 881 124 721 135 932
equity holders of parent

Total equity 1 973 812 2 154 010 126 149 137 666

TOTAL LIABILITIES AND EQUITY 3 059 864 3 513 974 195 562 224 584


Alar Lagus
Member of Management Board
+372 6 805 109
[email protected]


1. IV kv 10 ARUANNE ENG - MERKO EHITUS.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=336674)

Taip pat skaitykite

DPK: Decisions of the regular meeting of shareholders dated 27.05.2013

VLN: NEW MUTUAL FUND TO THE BALTIC FUND CENTER

VLN: The results of the primary placement auction of Lithuanian Government securities

VLN: VVP pirminio platinimo aukciono rezultatai

2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

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