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ARC: Arco Vara AS Interim report for IV quarter and 12 months 2012

Spekuliantai.lt | 2013-02-28 | NASDAQ OMX biržų naujienos | perskaitė: 1833
Raktiniai žodžiai: Arco Vara AS, ARC
ARC: Arco Vara AS Interim report for IV quarter and 12 months 2012

Arco Vara Quarterly report 28.02.2013

Arco Vara AS Interim report for IV quarter and 12 months 2012

GROUP CHIEF EXECUTIVE’S REVIEW

The fourth quarter of 2012 was eventful and we expect the first quarter of 2013
to be similarly intense.

Development operations in Estonia

• Ahtri 3
The bank loan of the Group’s joint venture Arco HCE OÜ fell due on 30 November
2012. Despite active negotiations with Danske bank, aimed at extending the loan
agreement and continuing development of the property, no positive solution was
found by the year-end. However, the process has not ended. Arco Vara AS’s
subsidiary Arco Investeeringute AS has provided a surety guarantee to the joint
venture’s loan commitments, which extends to 1.9 million euros. The Group has
covered the obligation by recognising a provision of the same amount. Before
the date of release of this report, the bank initiated enforcement proceedings
against Arco HCE OÜ. To date, the proceedings have been suspended by an
injunction issued in response to a petition filed by Arco HCE OÜ. However, in
light of the objective change in circumstances, our goal is to exit the project
with minimal loss.

Exiting the Ahtri 3 project successfully is a key to ensuring the Group’s
sustainable operation.

• Tivoli
In the fourth quarter, the project was in the design phase. Our joint venture
Tivoli Arendus OÜ had to seek solutions because the counterparty, general
contractor Nordecon AS did not meet its obligations, which rendered the
probability of completing the construction work on time remote. In the fourth
quarter, we entered into negotiations with our venture partner International
Invest Project OÜ (IIP) with a view to improving the financing conditions of
Tivoli Arendus OÜ. The purpose was to increase the probability that the joint
venture could meet its obligations to Arco Vara group and to lower the
probability that that the joint venture might be unable to settle its debt to
IIP and IIP would seek realisation of the surety guarantee provided by Arco
Vara AS. Sale of the Tivoli property to the joint venture Tivoli Arendus OÜ in
2011 has not generated actual positive cash flow for the Group because IIP paid
part of the purchase price directly to SEB bank that granted a loan for
acquisition of the Tivoli property by the joint venture and the other part was
transformed into the joint venture’s liability to Arco Vara AS. We are holding
negotiations with IIP but the outcome is hard to predict.

Restructuring the Tivoli project or exiting from the project successfully is a
key to ensuring the Group’s sustainable operation.

• Tehnika 53
Construction and sale continued. We have sold 12 out of the 14 apartments under
contracts under the law of obligations (presale contracts). Construction work
is on schedule.

• Kodukolde
We continued selling completed apartments. At the year-end, there were six
unsold apartments and at the date of release of this report there are three.

Development operations in Latvia

• Bišumuiža 1
In the third quarter, development of the Bišumuiža apartment buildings project
in Latvia was suspended. Through the fourth quarter, we continued to sell
completed apartments and by the year-end all completed apartments were sold.
There are 28 apartments still to be completed. Construction of the apartments
resumed in February 2013.

• Mazais Baltezers
We continued to sell the existing, fully developed residential plots in the
Mazais Baltezers project and sustained efforts for acquiring 68 undeveloped
plots from our former Latvian partner. At the end of the quarter, 22 fully
developed plots were still on sale.

Development operations in Bulgaria

• Madrid Boulevard
On 31 December 2012, loan principal of 2.4 million euros fell due but our
subsidiary Arco Invest EOOD was not capable of making the payment. Partly, this
was because a block transaction that had been agreed with Cleves was cancelled,
resulting in unearned revenue of over 2 million euros. In line with the
agreement, Cleves paid a penalty of 235 thousand euros.
Transfer of presold apartments and sale of new apartments remained suspended
because the amount receivable from the customers by the date of transfer of the
apartments (date of conclusion of the real right contracts and their release
from the mortgage) would have been smaller than the repayment to be made by
Arco Invest EOOD to the bank under the loan agreement for release of the
apartments from the mortgage.

Arco Vara group started intensive negotiations with Piraeus bank for amending
the loan agreement at the beginning of November, when the Group’s management
had changed. The negotiations are still ongoing. Until an agreement has been
reached on the restructuring of the loan, we cannot rule out the possibility of
enforcement or other legal proceedings against Arco Invest EOOD.

• Manastirski
Transfer of presold apartments and sale of new apartments remained suspended
because the amount receivable from the customers by the date of transfer of the
apartments (date of conclusion of the real right contracts and their release
from the mortgage) would have been smaller than the repayment to be made by
Arco Invest EOOD to the bank under the loan agreement for release of the
apartments from the mortgage.

Arco Vara group started intensive negotiations with Piraeus bank for amending
the loan agreement at the beginning of November, when the Group’s management
had changed. The negotiations are still ongoing. Until an agreement has been
reached on the restructuring of the loan, we cannot rule out the possibility of
enforcement or other legal proceedings against Arco Invest EOOD.

The Group’s Construction division

The Group’s goal is to ensure that contracts that have been signed are
performed and work is delivered to customers on time. In the fourth quarter,
this goal was achieved and all construction contracts in progress are on
schedule. At the end of the fourth quarter, the Construction division’s order
backlog amounted to 3.4 million euros.

In the reporting period, several bankruptcy petitions were filed against Arco
Ehitus OÜ but the creditors withdrew the petitions because mutually
satisfactory agreements were reached with the Group.

At the end of the fourth quarter, the Construction division was involved in
more than ten pending lawsuits resulting from transactions that had been
performed or circumstances that had emerged before the fourth quarter of 2012.

At the end of 2012, OÜ Merkton Ehitus (bankrupt) filed a statement of claim
against Arco Ehitus OÜ, in which it claimed payment of 986 thousand euros based
on the recovery provisions of the Bankruptcy Act and circumstances that had
emerged before 2010. Arco Ehitus OÜ does not agree with the action but a
detailed legal analysis of the claim and the estimation of possible outcomes is
still in progress. Accordingly, we do not rule out the possibility that an
additional provision will have to be made and recognised in the audited
financial statements of Arco Vara group. In this interim report, the statement
of claim is disclosed within contingent liabilities.

The Group’s Service division
In 2012, Service division generated revenue of 2.6 million euros, 8% up on
2011. The division ended 2012 with an operating profit of 182 thousand euros
(excluding the effect of mergers and value adjustments) compared with an
operating profit of 140 thousand euros for 2011.

Other activities
In the fourth quarter, we (i) continued preparations for a restructuring of the
Group, which should be carried out in the first half of 2013 with a view to
simplifying the Group’s structure; (ii) cut operating expenses including
management and salary costs (iii) continued the work aimed at improving the
Group’s capitalisation and lowering its liquidity risk and (iv) began the
process of reassessing the values of the Group’s assets, which was completed by
10 January 2013.



KEY PERFORMANCE INDICATORS

-- In 2012 the Group generated revenue of 20.7 million euros. Revenue for 2011
was 43.1 million euros (including 8.3 million euros earned on the sale of
the Tivoli properties). Excluding the effect of the Tivoli transaction,
revenue for 2012 was 41% smaller than a year ago.
-- The Group ended the year 2012 with an operating loss of 16.1 million euros.
In 2011, the Group incurred an operating loss of 2.4 million euros.
-- Net loss for 2012 was 18 million euros compared with 3.4 million euros in
2011.
-- Equity to assets ratio at the year-end was 10.8% (31 December 2011: 37.0%).
Return on equity (12 months rolling) was negative.
-- At the end of the fourth quarter of 2012, the Group’s order backlog stood
at 3.4 million euros compared with 11.7 million euros at the end of the
fourth quarter of 2011.
-- In 2012, the Group sold 81 apartments and plots (2011: 111 apartments and
plots) in its self-developed projects.



12M 2012 12M 2011 Q4 2012 Q4 2011
-------------------------------------------------------------------------------
In millions of euros
-------------------------------------------------------------------------------
Revenue 20.7 43.1 4.7 11.8
-------------------------------------------------------------------------------
Operating profit/loss -16.1 -2.4 -16.1 0.3
-------------------------------------------------------------------------------
Net profit/loss -18.0 -3.4 -17.0 0.3
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
EPS (in euros) -3.79 -0.71 -3.58 0.06
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Total assets at period-end 31.2 57.2
-------------------------------------------------------------------------------
Invested capital at period-end 21.4 48.8
-------------------------------------------------------------------------------
Net loans at period-end 16.4 22.9
-------------------------------------------------------------------------------
Equity at period-end 3.4 21.2
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Average loan term (in years) 2.0 2.2
-------------------------------------------------------------------------------
Average interest rate of loans (per year) 6.5% 7.4%
-------------------------------------------------------------------------------
ROIC (rolling, four quarters) neg neg
-------------------------------------------------------------------------------
ROE (rolling, four quarters) neg neg
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Number of staff at period-end 86 146
-------------------------------------------------------------------------------



REVENUE AND PROFIT


12M 2012 12M 2011 Q4 2012 Q4 2011
---------------------------------------------------------------------
In millions of euros
---------------------------------------------------------------------
Revenue
---------------------------------------------------------------------
Development 8.6 23.0 2.9 6.0
---------------------------------------------------------------------
Service 2.6 2.4 0.7 0.6
---------------------------------------------------------------------
Construction 9.8 18.1 1.2 5.3
---------------------------------------------------------------------
Eliminations -0.3 -0.4 -0.1 -0.1
---------------------------------------------------------------------
Total revenue 20.7 43.1 4.7 11.8
---------------------------------------------------------------------

---------------------------------------------------------------------
Operating profit/loss
---------------------------------------------------------------------
Development -13.9 1.3 -14.0 1.1
---------------------------------------------------------------------
Service 0.3 0.1 -0.3 0.0
---------------------------------------------------------------------
Construction -0.3 -2.8 -0.5 -0.7
---------------------------------------------------------------------
Eliminations 0.0 0.3 0.2 0.1
---------------------------------------------------------------------
Unallocated income and expenses -2.2 -1.3 -1.5 -0.3
---------------------------------------------------------------------
Total operating profit/loss -16.1 -2.4 -16.1 0.3
---------------------------------------------------------------------

---------------------------------------------------------------------
Interest income and expense -1.4 -1.4 -0.4 -0.2
---------------------------------------------------------------------
Other finance income and costs -0.3 0.2 -0.2 0.0
---------------------------------------------------------------------
Income tax expense/income -0.2 0.2 -0.3 0.2
---------------------------------------------------------------------
Net profit/loss -18.0 -3.4 -17.0 0.3
---------------------------------------------------------------------

In 2011, the Development division’s revenue was significantly influenced by the
sale of inventory of 8.3 million euros to the joint venture Tivoli Arendus OÜ.



CASH FLOWS

12M 2012 12M 2011
--------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------
Cash flows from operating activities 2.3 -0.7
--------------------------------------------------------------------
Cash flows from investing activities 0.7 0.3
--------------------------------------------------------------------
Cash flows from financing activities -3.5 -1.6
--------------------------------------------------------------------
Net cash flow -0.4 -2.0
--------------------------------------------------------------------

--------------------------------------------------------------------
Cash and cash equivalents at beginning of period 2.2 4.2
--------------------------------------------------------------------
Cash and cash equivalents at end of period 1.8 2.2
--------------------------------------------------------------------

At 31 December 2012, the largest current liabilities to be settled in the next
12 months comprised:

-- estimated principal repayments to be made on the sale of reserved premises
and payments under the settlement schedule of the loan of the Boulevard
Residence Madrid project in Sofia of 2.6 million euros;
-- repayments of the loan taken for the Manastirski project of 2.3 million
euros;
-- repayments of the loan taken for the Hills project in Lithuania of 0.3
million euros.

In 2012, the Group made repayments of the loans taken for the Bišumuiža 1
project in Riga, the Baltezers 5 project near Riga, the Kodukolde project in
Tallinn, the Manastirski project in Sofia and repaid the Kerberon loan in full.
In addition, the Group made scheduled repayments of the loans taken for its
cash flow generating projects, Madrid and Pärnu market, and followed the
principal repayments schedule agreed for the bank loan taken by Arco Real
Estate AS (previously the loan of Koduküla OÜ).



SERVICE DIVISION

In 2012, the Service division performed better than in the year before,
generating an operating profit of 337 thousand euros (includes non-recurring
income of 553 thousand euros from reassessment of the carrying values of
liabilities performed on the merger of companies and expenses of 398 thousand
euros from re-measurement of assets) compared with an operating profit of 140
thousand euros for 2011. Revenue for 2012 was 2,597 thousand euros, 8% up on
2011. The number of brokerage transactions increased by 5% and the number of
valuation reports issued grew by 8% year over year. At the same time, the
number of brokers decreased by 5% and the number of appraisers increased by
10%.

12M 2012 12M 2011 Change, %
-------------------------------------------------------------------------
Number of completed brokerage transactions 1,478 1,411 5%
-------------------------------------------------------------------------
Number of projects on sale 196 139 41%
-------------------------------------------------------------------------
Number of valuation reports issued 6,293 5,822 8%
-------------------------------------------------------------------------
Number of appraisers* 46 42 10%
-------------------------------------------------------------------------
Number of brokers* 69 73 -5%
-------------------------------------------------------------------------
Number of staff at end of period 37 45 -18%
-------------------------------------------------------------------------
* Includes people working under service contracts



DEVELOPMENT DIVISION

In 2012, Arco Vara sold 75 apartments and six plots in its own projects: seven
apartments in the Bišumuiža project and six plots in the Baltezers project in
Latvia and 45 apartments in the Kodukolde project in Estonia. In addition, we
sold 23 apartments in the Manastirski and Madrid projects in Bulgaria.

Phase VI of the Kodukolde development project at Helme 16 in Tallinn, which
consists of two apartment buildings with a total of 48 apartments, was
completed in June. Out of those apartments, 42 were sold (final sales under
real right contracts) during the period June to December. At the end of 2012,
the project’s inventory comprised six unsold apartments and at the date of
release of this report the figure was three.

In the fourth quarter of 2011, Tivoli Arendus OÜ obtained a permit for the
construction of six residential buildings. The design and build contract with
Nordecon AS was signed in May 2012. On 1 February 2013, Tivoli Arendus OÜ
terminated the contract with Nordecon AS because the counterparty had seriously
breached its contractual obligations. At the moment, Tivoli Arendus OÜ is being
restructured and its business plan revised.

In January 2012, we obtained a permit for the construction of a residential and
commercial building of energy class B called Kastanimaja (Chestnut House),
designed to be located at Tehnika 53 in Tallinn. The work was put out to tender
in the first quarter and the construction contract with AS Parmeron was signed
in June. According to plan, construction work will be completed in 12 months.
Pre-sale of apartments, which began in May 2012, has been successful: by the
end of the fourth quarter 12 of the 14 apartments were covered with pre-sale
contracts.

In Bulgaria, the construction of phase I of the Manastirski project was
completed. By 31 December 2012, 85% of the 74 apartments were either reserved
or sold. In the commercial and residential building Boulevard Residence Madrid
in Sofia we continue to lease out commercial premises, to deliver reserved
apartments under real right contracts, and to sell the remaining free
apartments.

In the third quarter of 2012, development and construction of apartment
buildings in the Bišumuiža 1 project in Latvia was suspended. However, in
February 2013 the construction permit was extended and development of the
project continued. A building with 14 apartments and a sellable area of 1,149
square metres, which is currently in the stage of interior finishing works,
will be completed in May 2013. After that, the last building, also with 14
apartments, will be developed. The outer shell (external structure) has already
been erected. All apartments in the project’s previously completed seven
buildings have been sold.

In April 2012 we divested our stake in the joint venture Bišumuižas Nami SIA to
the venture partner SIA Linstow Baltic. Arco Vara sought possibilities for
exiting the project for over a year. Through the transaction, the Group
disposed of the obligation to support the joint venture in the development of
apartment buildings and in servicing loan liabilities. Bišumuižas Nami SIA’s
loan liabilities totalled 14 million euros.

In July, we completed the merging of some small project companies. Arco Vara
Ärikinnistute OÜ, OÜ Waldrop Investments and AIP Projekti OÜ were merged with
Fineprojekti OÜ.

Through a transaction finalised on 5 September 2012, the Latvian development
entity Arco Development SIA was divided into two companies - Arco Development
SIA and Newcom SIA. By the transaction, Newcom SIA acquired some of the assets
and liabilities that used to belong to Arco Development SIA. By the
transaction, Arco Investeeringute AS became the sole owner of Arco Development
SIA and the former non-controlling shareholder Viktors Savins became the sole
owner of the new entity, Newcom SIA. The transaction was undertaken to allow
the non-controlling shareholder to exit from the investment in Arco Development
SIA.

At the end of 2012, the Development division employed 10 people (31 December
2011: 24).

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



CONSTRUCTION DIVISION

The Construction division specialises in environmental and civil engineering.

At the end of 2012, the largest contracts in progress were the construction of
the Paide wastewater treatment plant (remaining balance 1.8 million euros) and
the construction of the Kuusalu public water and wastewater network (remaining
balance 1.5 million euros).

In the fourth quarter of 2012, no new construction contracts were signed. At
the reporting date, the order backlog stood at 3.4 million euros compared with
11.7 million euros at the end of 2011.

At the end of 2012, the Construction division employed 26 people (31 December
2011: 58).



Consolidated statement of comprehensive income

Note 12M 12M Q4 2012 Q4 2011
2012 2011
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Revenue from rendering of services 13,700 23,214 2,136 6,934
--------------------------------------------------------------------------------
Revenue from sale of goods 7,032 19,918 2,577 4,885
--------------------------------------------------------------------------------
Total revenue 2, 3 20,732 43,132 4,713 11,819
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Cost of sales 4 -23,560 -42,790 -9,773 -12,150
--------------------------------------------------------------------------------
Gross profit/loss -2,828 342 -5,060 -331
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Other income 7 1,245 3,049 361 3,031
--------------------------------------------------------------------------------
Marketing and distribution expenses 5 -267 -346 -64 -65
--------------------------------------------------------------------------------
Administrative expenses 6 -3,409 -3,903 -1,399 -933
--------------------------------------------------------------------------------
Other expenses 7 -5,598 -634 -4,844 -526
--------------------------------------------------------------------------------
Losses from equity-accounted joint 8 -5,272 -914 -5,096 -914
ventures
--------------------------------------------------------------------------------
Operating profit/loss -16,129 -2,406 -16,102 262
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Finance income 9 84 586 13 84
--------------------------------------------------------------------------------
Finance costs 9 -1,738 -1,811 -618 -342
--------------------------------------------------------------------------------
Profit/loss before income tax -17,783 -3,631 -16,707 4
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Income tax expense/income -251 250 -251 250
--------------------------------------------------------------------------------
Profit/loss for the year -18,034 -3,381 -16,958 254
--------------------------------------------------------------------------------
Profit/loss attributable to owners of 10 -17,964 -3,371 -16,956 263
the parent
--------------------------------------------------------------------------------
Profit/loss attributable to -70 -10 -2 -9
non-controlling interests
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Total comprehensive income/expense for -18,034 -3,381 -16,958 254
the year
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Earnings per share (in euros) 10
--------------------------------------------------------------------------------
- Basic -3.79 -0.71 -3.58 0.06
--------------------------------------------------------------------------------
- Diluted -3.79 -0.71 -3.58 0.06
--------------------------------------------------------------------------------




Consolidated statement of financial position

Note 31 December 31 December
2012 2011
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 1,775 2,209
--------------------------------------------------------------------------------
Trade and other receivables 11 2,906 7,012
--------------------------------------------------------------------------------
Prepayments 188 433
--------------------------------------------------------------------------------
Inventories 12 11,701 21,564
--------------------------------------------------------------------------------
Non-current assets held for sale 0 469
--------------------------------------------------------------------------------
Total current assets 16,570 31,687
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Investments in equity-accounted investees 1 4
--------------------------------------------------------------------------------
Other investments 0 8
--------------------------------------------------------------------------------
Trade and other receivables 12 0 3,058
--------------------------------------------------------------------------------
Deferred income tax assets 0 250
--------------------------------------------------------------------------------
Investment property 13 14,097 21,252
--------------------------------------------------------------------------------
Property, plant and equipment 540 934
--------------------------------------------------------------------------------
Intangible assets 21 26
--------------------------------------------------------------------------------
Total non-current assets 14,659 25,532
--------------------------------------------------------------------------------
TOTAL ASSETS 31,229 57,219
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Loans and borrowings 14 16,838 9,662
--------------------------------------------------------------------------------
Trade and other payables 15 4,564 7,735
--------------------------------------------------------------------------------
Deferred income 2,081 2,012
--------------------------------------------------------------------------------
Provisions 3,084 1,205
--------------------------------------------------------------------------------
Total current liabilities 26,567 20,614
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Loans and borrowings 14 1,231 14,675
--------------------------------------------------------------------------------
Other payables 15 64 741
--------------------------------------------------------------------------------
Total non-current liabilities 1,295 15,416
--------------------------------------------------------------------------------
TOTAL LIABILITIES 27,862 36,030
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Share capital 3,319 3,319
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings -1,963 15,859
--------------------------------------------------------------------------------
Total equity 3,367 21,189
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Equity attributable to non-controlling -5 -447
interests
--------------------------------------------------------------------------------
Equity attributable to equity holders of 3,372 21,636
the parent
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 31,229 57,219
--------------------------------------------------------------------------------



Consolidated statement of cash flows

Note 12M 12M
2012 2011
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Loss for the year -18,034 -3,381
--------------------------------------------------------------------------------
Adjustments for non-cash transactions:
--------------------------------------------------------------------------------
Interest income and expense 9 1,356 1,381
--------------------------------------------------------------------------------
Gain/loss on sale of subsidiaries and interests in joint 9 0 -285
ventures
--------------------------------------------------------------------------------
Losses from equity-accounted joint ventures 8 5,272 914
--------------------------------------------------------------------------------
Losses on other long-term investments 285 88
--------------------------------------------------------------------------------
Change in fair value of investment property 7 4,080 -2,998
--------------------------------------------------------------------------------
Gain/loss on sale of investment property 7 699 92
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment losses on 4, 6 398 99
property,
plant and equipment and intangible assets
--------------------------------------------------------------------------------
Gain/loss on sale of property, plant and equipment and 7 -14 28
intangible
assets
--------------------------------------------------------------------------------
Loss on write-down of inventories 4 5,869 1,214
--------------------------------------------------------------------------------
Gain/loss on value adjustments to other assets and -17 131
liabilities
--------------------------------------------------------------------------------
Gain on sale of other assets 7 -192 0
--------------------------------------------------------------------------------
Foreign exchange gains and losses 9 8 7
--------------------------------------------------------------------------------
Income tax expense/income 251 -250
--------------------------------------------------------------------------------
Operating cash flow before working capital changes -39 -2,960
--------------------------------------------------------------------------------
Changes in working capital 2,378 2,290
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING ACTIVITIES 2,339 -670
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -28 -94
intangible assets
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment and 14 5
intangible assets
--------------------------------------------------------------------------------
Paid on development of investment property 0 -967
--------------------------------------------------------------------------------
Proceeds from sale of investment property 1,160 774
--------------------------------------------------------------------------------
Acquisition of investments in subsidiaries and joint -12 -4
ventures
--------------------------------------------------------------------------------
Proceeds from sale of investments in subsidiaries and 0 893
joint ventures
--------------------------------------------------------------------------------
Loans granted -400 -631
--------------------------------------------------------------------------------
Repayment of loans granted 77 114
--------------------------------------------------------------------------------
Other payments related to investing activities -90 0
--------------------------------------------------------------------------------
Interest received 17 197
--------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES 738 287
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Proceeds from loans received 14 2,399 6,646
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities 14 -4,181 -6,308
--------------------------------------------------------------------------------
Interest paid -1,698 -1,955
--------------------------------------------------------------------------------
Other payments related to financing activities -31 0
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -3,511 -1,617
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
NET CASH FLOW -434 -2,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of year 2,209 4,209
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents -434 -2,000
--------------------------------------------------------------------------------
Cash and cash equivalents at end of year 1,775 2,209
--------------------------------------------------------------------------------



Egert Paulberg
Financial Controller
Arco Vara AS
Phone: +372 614 4503
[email protected]
http://www.arcorealestate.com


1. Arco 2012 Q4 interim report.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=421102)

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