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ARC: Arco Vara AS Interim report IV quarter and 12 months 2011

Spekuliantai.lt | 2012-02-29 | NASDAQ OMX biržų naujienos | perskaitė: 1012
Raktiniai žodžiai: Arco Vara AS, ARC
ARC: Arco Vara AS Interim report IV quarter and 12 months 2011

Arco Vara Quarterly report 29.02.2012

Arco Vara AS Interim report IV quarter and 12 months 2011

Group Chief Executive’s review

In 2011 the Group reached a turning point in its operating results when after
three consecutive years of decreasing sales revenue began to increase. Compared
with 2008 when revenue was 40 million euros, 2009 when it was 25 million euros
and 2010 when it was 21 million euros, revenue of roughly 43 million euros is a
significant improvement. Sales growth is mainly attributable to two factors:
increasing activity in the Estonian construction market where the public sector
is driving market growth and improvements in the outlook of the development
sector of the entire region, which allowed completing an important block
transaction in Bulgaria.

The Group’s loss for 2011 resulted mostly from the Construction division, which
operates in an industry that continues to be adversely affected by unfavourable
contracts secured in earlier years and the bankruptcies of construction
companies. On the other hand, after a period of several years the Service
division earned a profit, and the operating profit of the Development division
improved slightly compared with 2010.

In 2011, 111 apartments and plots were sold in Arco Vara’s projects: 60 in
Estonia, 20 in Latvia and 31 in Bulgaria. In the fourth quarter of 2011 we
completed the sale of plots at Merivälja. Major ongoing development projects
include the Tivoli apartment building in Tallinn, which is in the design stage,
and the Manastirski apartment building in Sofia, which has reached the stage of
interior works. Phase I of the Manastirski apartment building, which covers an
area in excess of 700 square metres and is scheduled for completion in the
first quarter of 2012, is currently our largest active development project. The
progress of the construction work can be viewed live at
http://www.arcoinvest.bg/livd/video/camera-one-bg. We continue to develop the
Bišumuiža 1 apartment project and to sell plots in Riga. Construction and sale
of apartments also continues in the Kodukolde community in Tallinn where the
progress of site operations can be viewed in real time at
http://www.kodukolde.ee/#webcam.

A significant transaction of the fourth quarter was the signature of a
certificate of delivery and acceptance with Cleves EOOD for the delivery of 21
apartments and 13 parking spaces in the Madrid project in Bulgaria. The total
price of the transaction that triggered strong growth in the Group’s Bulgarian
sales was 4.3 million euros, of which 2.5 million euros was prepaid in March
2008 and 1.8 million euros was paid in November 2011. In addition, the Group
sold the property at Laeva 2 in Tallinn and, after the reporting date, the
right of superficies on the property at Kadaka tee 131 in Tallinn.

For the Service division, 2011 was better than several previous years. Revenue
grew and the division ended the year with an operating profit of 0.1 million
euros compared with an operating loss of 0.4 million euros for 2010. The number
of brokerage transactions increased by 29% and the number of valuation reports
issued grew by 39% compared with 2010. At the same time, the number of brokers
increased by only 1% and the number of appraisers grew by 17%.

In 2011, the Group secured new construction contracts of 10.9 million euros.
Our order backlog as at 31 December 2011 was 11.7 million euros compared with
16.8 million euros at the end of 2010. The Construction division’s operating
loss is attributable to the unfavourable terms of some construction contracts
signed in 2010 and the bankruptcies of its business partners. Due to the joint
and several liability of consortium partners, Arco Ehitus had to continue the
performance of two contracts on its own.

The largest construction projects that generated a negative contribution in
2011 include:

-- Construction of the Aviation Academy building in Tartu, performed in a
consortium with OÜ Kristiine Ehitus (bankrupt), which resulted in a loss of
500 thousand euros.
-- Reconstruction of the academic building of the University of Life Sciences
in Tartu, performed in a consortium with OÜ Wolmreks Ehitus (bankrupt),
which resulted in a loss of 600 thousand euros.
-- Construction of the water and wastewater networks of Tamsalu community,
performed as a subcontractor for AS K&H (bankrupt), which resulted in a
loss of 240 thousand euros due to unsettled invoices.
-- Construction of the Emajõe drinking water facilities for AS Emajõe Veevärk,
performed as a subcontractor for AS K&H (bankrupt), which resulted in
unearned revenue of 340 thousand euros.
-- Construction and renovation of the water and wastewater networks of Iru
village, which resulted in a loss of approximately 660 thousand euros due
to incorrect data provided by the customer.
-- Construction of the water and wastewater pipelines of the wastewater
collection area of Kadrina community, which resulted in a loss of
approximately 480 thousand euros, caused by a steep rise in labour,
materials and service costs (15-35%) in the first half of 2011.

In the 12 months of 2011, the Group’s loans and borrowings decreased by 6.6
million euros while equity to assets ratio remained virtually the same at
around 40%. The weighted average interest rate of loans and borrowings rose
year over year due to higher margins charged by banks and a higher Euribor and
the weighted average duration of loans and borrowings increased.

KEY PERFORMANCE INDICATORS

-- The Group’s 12-month revenue and other income totalled 46.2 million euros,
a roughly two-fold improvement on the previous financial year.
-- Operating loss for 2011 was 1.5 million euros, a substantial increase on
2010 when operating loss was 0.1 million euros.
-- Net loss for 2011 was 3.6 million euros, a substantial increase on 2010
when net loss was 0.3 million euros.
-- Equity to assets ratio at the year-end was 39.7% (31 December 2010: 39.4%).
In 2011, return on equity was negative (2010: negative) and also return on
invested capital was negative (2010: 1.8%).
-- At the end of 2011, the Group’s order backlog stood at 11.7 million euros
compared with 16.8 million euros at the end of 2010.
-- In 2011, the Group sold 111 apartments and plots (2010: 129 apartments and
plots).



12M 12M Q4 Q4
2011 2010 2011 2010
--------------------------------------------------------------------------------
In millions of euros
-------------------------------------------------
Revenue and other income 46.2 22.8 14.9 8.3
--------------------------------------------------------------------------------
Operating profit/loss -1.5 -0.1 1.2 0.5
--------------------------------------------------------------------------------
Of which net loss on changes in the value of 1.8 -0.3 1.8 -0.2
investment properties and inventories
--------------------------------------------------------------------------------
Profit/loss before tax -3.6 -0.3 0.0 1.0
--------------------------------------------------------------------------------
Of which net gain/loss on disposal of financial 0.3 0.1 0.0 0.2
assets
--------------------------------------------------------------------------------
Net profit/loss -3.6 -0.3 0.0 1.0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
EPS (in euros) -0.76 -0.06 0.00 0.21
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total assets at period-end 59.8 70.6
--------------------------------------------------------------------------------
Invested capital at period-end 48.8 59.5
--------------------------------------------------------------------------------
Net loans at period-end 22.9 27.5
--------------------------------------------------------------------------------
Equity at period-end 23.7 27.8
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Average loan term (in years) 2.2 0.8
--------------------------------------------------------------------------------
Average interest rate of loans (per year) 7.4% 6.4%
--------------------------------------------------------------------------------
ROIC (rolling, 4 quarters) neg 1.8%
--------------------------------------------------------------------------------
ROE (rolling, 4 quarters) neg neg
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Number of staff at period-end 146 153
--------------------------------------------------------------------------------




REVENUE AND PROFIT



12M 2011 12M 2010 Q4 2011 Q4 2010
-----------------------------------------------------------------------
In millions of euros
------------------------------------------------------
Revenue
-----------------------------------------------------------------------
Service 2.4 1.9 0.6 0.5
-----------------------------------------------------------------------
Development 23.0 11.0 6.0 3.8
-----------------------------------------------------------------------
Construction 18.1 8.7 5.3 2.6
-----------------------------------------------------------------------
Eliminations -0.4 -0.5 -0.1 -0.1
-----------------------------------------------------------------------
Total revenue 43.1 21.1 11.8 6.8
-----------------------------------------------------------------------

-----------------------------------------------------------------------
Operating profit/loss
-----------------------------------------------------------------------
Service 0.1 -0.4 0.0 -0.3
-----------------------------------------------------------------------
Development 2.3 1.5 2.1 1.2
-----------------------------------------------------------------------
Construction -2.9 -0.5 -0.7 -0.6
-----------------------------------------------------------------------
Eliminations 0.3 0.5 0.1 0.4
-----------------------------------------------------------------------
Unallocated expenses -1.3 -1.2 -0.3 -0.2
-----------------------------------------------------------------------
Total operating profit/loss -1.5 -0.1 1.2 0.5
-----------------------------------------------------------------------

-----------------------------------------------------------------------
Interest income and expense -1.4 -1.2 -0.2 -0.7
-----------------------------------------------------------------------
Other finance income and expenses -0.7 1.0 -0.9 1.2
-----------------------------------------------------------------------
Net profit/loss -3.6 -0.3 0.0 1.0
-----------------------------------------------------------------------



The Development division’s revenue for 2011 was significantly boosted by the
sale of inventory of 8.3 million euros to joint venture Tivoli Arendus OÜ and a
block apartment sale transaction of 4.3 million euros conducted in the fourth
quarter in Bulgaria. The revenue of the Construction division grew year over
year mainly on account of increasing construction activity while its operating
loss is attributable to a rapid upsurge in construction prices that emerged in
2010 and business partner bankruptcies. Finance income and expenses were
strongly influenced by interest expense, which grew because the Madrid project
was completed and capitalisation of associated borrowing costs was
discontinued.

CASH FLOWS



12M 2011 12M 2010
--------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------
Cash flows from operating activities -0.7 1.8
--------------------------------------------------------------------
Cash flows from investing activities 0.3 6.1
--------------------------------------------------------------------
Cash flows from financing activities -1.6 -7.8
--------------------------------------------------------------------
Net cash flow -2.0 0.1
--------------------------------------------------------------------

--------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4.2 4.1
--------------------------------------------------------------------
Cash and cash equivalents at end of period 2.2 4.2
--------------------------------------------------------------------



In March 2011, Arco Investeeringute AS repaid ahead of schedule the remaining
5.27 million euros of the loan taken from SEB Pank for acquiring the land under
the Tivoli project and 0.12 million euros of the loan taken for acquiring the
land under the Laeva project. Repayment of the Tivoli loan is not reflected in
the Group’s cash flows because the buyer of the 50% stake in Tivoli Arendus OÜ
paid the cash directly to SEB. Nor do the cash flows reflect that in December,
following the sale of the Laeva 2 property, the Group repaid to SEB Pank a loan
of 1.12 million euros.

Interest payments accounted for 2.0 million euros of the net cash outflow from
financing activities. Scheduled settlements of loan principal and those related
to inventory sales totalled 6.3 million euros. During the reporting period, the
credit limit was used for financing the construction of the two last phases in
the Kodukolde project and the Alasniidu and Lille tee nursery schools to the
extent of 4.4 million euros in aggregate. Use of the credit limit by AS Kolde
is not reflected in cash flows because invoices received from Merko Ehitus are
booked as a loan and there are no actual cash movements.

The largest current liabilities to be settled in the next 12 months comprise:

-- estimated principal repayments to be made on the sale of reserved premises
and payments under the settlement schedule of the loan taken for the
Boulevard Residence Madrid project in Sofia of 2.4 million euros;
-- repayments of the loan taken for the Manastirski project of 1.3 million
euros;
-- repayments of an investment loan taken for a cash flow project at Kadaka
tee 131 of 2.2 million euros;
-- repayments of the construction loan taken by AS Kolde of 1.3 million euros;
-- repayments of the loan taken for the Bišumuiža 1 project of 0.8 million
euros.

In 2011, the Group made regular repayments under the loans taken for the
Kodukolde and the Merivälja 2 projects in Tallinn, the Bišumuiža 1 project in
Riga and the Madrid project in Sofia and scheduled settlements under the loans
taken for its cash flow generating projects. The Group also followed the
principal repayment schedules of the bank loans taken for Koduküla OÜ and the
Laeva 2 project.



SERVICE DIVISION

In 2011, the performance of the Service division was in every respect better
than in 2010. The division ended 2011 with an operating profit of 0.1 million
euros compared with an operating loss of 0.4 million euros for 2010. The number
of brokerage transactions increased by 29% and the number of valuation reports
issued grew by 39% compared with 2010. At the same time, the number of brokers
increased by only 1% and the number of appraisers grew by 17%.




2011 2010 Change, %
---------------------------------------------------------------------------
Number of brokerage transactions conducted 1,411 1,090 29%
---------------------------------------------------------------------------
Number of projects on sale at end of period 139 130 7%
---------------------------------------------------------------------------
Number of valuation reports issued 5,822 4,196 39%
---------------------------------------------------------------------------
Number of appraisers at end of period* 42 36 17%
---------------------------------------------------------------------------
Number of brokers at end of period* 73 72 1%
---------------------------------------------------------------------------
Number of staff at end of period 45 55 -18%
---------------------------------------------------------------------------
* Includes people working under service contracts.




DEVELOPMENT DIVISION

In 2011, 111 apartments and plots were sold in Arco Vara’s projects of: 17
apartments in the Bišumuiža project and 3 plots in the Baltezers project in
Latvia, 56 apartments in the Kodukolde project and 4 plots in the Merivälja
project in Estonia, and 31 apartments in the Madrid project in Sofia in
Bulgaria.

In the Tivoli project, the Development division partnered up with International
Invest Project OÜ and raised financing for phase I. In the reporting period
contaminated land was remediated and design work was launched. In the fourth
quarter, Tivoli Arendus OÜ was issued a permit for the construction of six
residential buildings. According to plan, construction will start in spring
2012.

Phase V of the Kodukolde development project (50 apartments) was completed in
June. By the end of the fourth quarter, only one apartment was still unsold. It
is used as a show apartment to support sales and promote conclusion of
preliminary contracts on the sale of apartments in phase VI. The construction
of phase VI at Helme 16 in Tallinn (48 apartments) began in the second quarter
of 2011. The work is performed and financed by AS Merko Ehitus Eesti. The
buildings are scheduled for completion in the first half of 2012.

The Alasniidu nursery school building was granted a use permit at the end of
May and was delivered to Harku local government with whom a rental agreement
had been signed. The entity that owns the nursery school was sold in the second
quarter of 2011 and with this the project was successfully completed.

At the end of the first quarter, Lilletee LA OÜ, a wholly-held subsidiary of
Arco Investeeringute AS, acquired the right of superficies on the property at
Lille tee 23 in Viimsi with a view to building a nursery school for six groups
of children. In March 2011, a long-term lease agreement was signed with Viimsi
local government. The nursery school should be completed in the first quarter
of 2012. Construction work is performed by YIT. In September 2011, Arco
Investeeringute AS sold its 100% interest in Lilletee LA OÜ but will remain the
project manager until the nursery school is completed.

In Bulgaria, the construction of phase I of the Manastirski project is under
way. At the reporting date, 65% of the apartments were reserved. In the
commercial and residential building Boulevard Residence Madrid in Sofia the
division continues to lease out commercial premises, to deliver reserved
apartments under real right contracts, and to sell the remaining free
apartments.

At the end of 2011, the Development division employed 24 people (31 December
2010: 26).

For further information on our projects, please refer to:
www.arcorealestate.com/development.

CONSTRUCTION DIVISION

The Construction division is generally actively involved in environmental,
infrastructure and civil engineering (mostly educational
establishments-related) projects.

At the end of 2011, the largest active construction contracts comprised the
design and build of water and wastewater pipelines for the city of Loksa
(remaining balance 3.1 million euros) and the design and build of the
reconstruction and extension of the public water and wastewater systems of the
Suure-Jaani rural municipality (part 1 with the remaining balance of 2.1
million euros and part 2 with the remaining balance of 2.4 million euros).

In 2011, the division secured new construction contracts of 10.9 million euros.
At the reporting date, the order backlog stood at 11.7 million euros compared
with 16.8 million euros at the end of 2010.

At the end of 2011, the Construction division employed 58 people (31 December
2010: 49).

Consolidated statement of comprehensive income



Note 12M 12M Q4 2011 Q4
2011 2010 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Revenue from rendering of services 23,214 11,583 6,934 3,051
--------------------------------------------------------------------------------
Revenue from sale of goods 19,918 9,550 4,885 3,744
--------------------------------------------------------------------------------
Total revenue 2 43,132 21,133 11,819 6,795
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Cost of sales 3 -42,790 -16,237 -12,150 -4,025
--------------------------------------------------------------------------------
Gross profit/loss 342 4,896 -331 2,770
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Other income 6 3,049 1,712 3,031 1,462
--------------------------------------------------------------------------------
Distribution expenses 4 -346 -302 -65 -86
--------------------------------------------------------------------------------
Administrative expenses 5 -3,903 -4,041 -933 -1,330
--------------------------------------------------------------------------------
Other expenses 6 -634 -2,394 -526 -2,274
--------------------------------------------------------------------------------
Operating profit/loss -1,492 -129 1,176 542
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Finance income 7 586 1,682 84 1,357
--------------------------------------------------------------------------------
Finance expenses 7 -2,725 -1,821 -1,256 -930
--------------------------------------------------------------------------------
Profit/loss before tax -3,631 -268 4 969
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Income tax expense/income 0 -26 0 4
--------------------------------------------------------------------------------
Profit/loss for the period -3,631 -294 4 973
--------------------------------------------------------------------------------
----------------------------------------------
Profit/loss attributable to owners of -3,621 -281 13 975
the parent
----------------------------------
Loss attributable to non-controlling -10 -13 -9 -2
interests
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Exchange differences on translating foreign 0 0 0 -11
operations
--------------------------------------------------------------------------------
Total comprehensive income for the -3,631 -294 4 962
period
--------------------------------------------------------------------------------
----------------------------------------------
Total comprehensive income -3,621 -281 13 975
attributable to owners of the parent
----------------------------------
Total comprehensive income attributable -10 -13 -9 -13
to non-controlling interests
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Earnings per share (in euros) 8
--------------------------------------------------------------------------------
- Basic -0.76 -0.06 0.00 0.21
--------------------------------------------------------------------------------
- Diluted -0.76 -0.06 0.00 0.21
--------------------------------------------------------------------------------


Consolidated statement of financial position





Note As at 31 December As at 31 December
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 2,209 4,209
--------------------------------------------------------------------------------
Trade and other receivables 9 7,012 5,760
--------------------------------------------------------------------------------
Prepayments 309 192
--------------------------------------------------------------------------------
Inventories 10 21,688 35,740
--------------------------------------------------------------------------------
Non-current assets held for sale 469 0
--------------------------------------------------------------------------------
Total current assets 31,687 45,901
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Investments 12 996
--------------------------------------------------------------------------------
Trade and other receivables 9 3,058 76
--------------------------------------------------------------------------------
Investment property 11 24,046 22,887
--------------------------------------------------------------------------------
Property, plant and equipment 934 703
--------------------------------------------------------------------------------
Intangible assets 26 20
--------------------------------------------------------------------------------
Total non-current assets 28,076 24,682
--------------------------------------------------------------------------------
TOTAL ASSETS 59,763 70,583
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Loans and borrowings 12 9,662 27,126
--------------------------------------------------------------------------------
Trade and other payables 13 7,735 4,813
--------------------------------------------------------------------------------
Deferred income 2,012 4,859
--------------------------------------------------------------------------------
Provisions 1,205 1,378
--------------------------------------------------------------------------------
Total current liabilities 20,614 38,176
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Loans and borrowings 12 14,675 3,855
--------------------------------------------------------------------------------
Payables 13 741 724
--------------------------------------------------------------------------------
Total non-current liabilities 15,416 4,579
--------------------------------------------------------------------------------
TOTAL LIABILITIES 36,030 42,755
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Share capital 14 3,319 3,030
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings 18,403 22,787
--------------------------------------------------------------------------------
Total equity 23,733 27,828
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Equity attributable to 155 -70
non-controlling interests
--------------------------------------------------------------------------------
Equity attributable to equity 23,578 27,898
holders of the parent
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 59,763 70,583
--------------------------------------------------------------------------------


Consolidated statement of cash flows





Note 12M 12M
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Loss for the period -3,631 -293
--------------------------------------------------------------------------------
Interest income and interest expense, net 7 1,381 1,161
--------------------------------------------------------------------------------
Gain/loss on sale of subsidiaries and interests in joint 7 -285 -85
ventures
--------------------------------------------------------------------------------
Share of profits and losses of joint ventures under the 7 914 182
equity method
--------------------------------------------------------------------------------
Gain/loss on other long-term investments 88 -1,166
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment losses on 3, 5 99 135
property, plant and equipment and intangible assets
--------------------------------------------------------------------------------
Gain/loss on sale of property, plant and equipment and 6 28 3
intangible assets
--------------------------------------------------------------------------------
Change in the fair value of investment property 11 -2,998 1,711
--------------------------------------------------------------------------------
Gain/loss on sale of investment property 6 92 21
--------------------------------------------------------------------------------
Gain/loss on changes in the value of inventories and 3, 5 1,345 -1,079
receivables
--------------------------------------------------------------------------------
Foreign exchange gains and losses 7 7 -67
--------------------------------------------------------------------------------
Income tax paid 0 26
--------------------------------------------------------------------------------
Operating cash flow before working capital changes -2,960 549
--------------------------------------------------------------------------------
Change in receivables and prepayments -2,471 826
--------------------------------------------------------------------------------
Change in inventories 4,749 2,396
--------------------------------------------------------------------------------
Change in payables and deferred income 12 -2,021
--------------------------------------------------------------------------------
NET CASH USED IN/FROM OPERATING ACTIVITIES -670 1,750
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -94 -40
intangible assets
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment and 5 2
intangible assets
--------------------------------------------------------------------------------
Paid on development of investment properties -967 -238
--------------------------------------------------------------------------------
Proceeds from sale of investment properties 774 1,568
--------------------------------------------------------------------------------
Acquisition of subsidiaries and interests in joint -4 -32
ventures
--------------------------------------------------------------------------------
Proceeds from disposal of subsidiaries and interests in 893 1,477
joint ventures
--------------------------------------------------------------------------------
Proceeds from sale of other investments 0 3,323
--------------------------------------------------------------------------------
Loans granted -631 -231
--------------------------------------------------------------------------------
Repayment of loans granted 114 5
--------------------------------------------------------------------------------
Interest received 197 243
--------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES 287 6,077
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Proceeds from loans received 12 6,646 4,164
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities 12 -6,308 -9,675
--------------------------------------------------------------------------------
Interest paid -1,955 -2,241
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -1,617 -7,752
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
NET CASH FLOW -2,000 75
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4,209 4,137
--------------------------------------------------------------------------------
Decrease/increase in cash and cash equivalents -2,000 75
--------------------------------------------------------------------------------
Effect of exchange rate fluctuations on cash held 0 -3
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 2,209 4,209
--------------------------------------------------------------------------------


Lembit Tampere

Arco Vara AS
Jõe 2b, 10151 Tallinn, Estonia
tel: +372 614 4630
gsm: +372 510 9959
fax: +372 614 4646


1. ARCO 2011 Q4 interim report.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=380717)

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