Creating homes in a
smart way

...directly tapping the market’s pulse

2009


Arco Vara informs the shareholders that the Tallinn Administrative Court annulled the decision of Tallinn City Council with what detailed plan of Narva street 67 in Tallinn, Estonia (project Tivoli) was established.

A private person living in a flat nearby the Tivoli project has contested the resolution, arguing that 780 parking lots in the approved detailed plan is not in accordance with Tallinn Parking Development Plan for years 2006-2014, according to the number of parking lots in Tivoli project should be 907. In addition, the complainant has estimated, that administrative act, which determined the detailed plan, has lack of motivation over matters of facts why changes in master plan has been needed and why the need of environmental impact assessment has not been considered.
Arco Vara is involved in the process as a third person. Arco Vara considers to be reasonable to file an appeal.

Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca 250 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS


Arco Vara Group refinanced in SEB Bank its Estonian Kroon nominated loans in value of 157 mln kroons (10 mln euros) to Euro loans in order to decrease interest expenses. Base rate will be 6-month Euribor and margins between 2.75% to 3.85%. Maturities and securitization structure remained the same. The loans are related to Tivoli, Laeva, Kerberon and Pärnu Turg projects in Estonia. Based on current 6-month Euribor the Group's annual interest expense decreases over 5 mln kroons (0.3 mln euros).

Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca 240 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS


Arco Vara Group refinanced in SEB bank in Riga “Bišumuiža 1” project loan. In the new contract Arco Vara has to pay in the 1st phase of the project 53% less principal per sold apartment and in the 2nd phase of the project 65% less principal per sold apartment. Base rate of the loans is 3-month Euribor and the margin is 3.0%.

In addition, Arco Vara Group refinanced in Sampo bank in Tallinn “Kodukolde” project loan. In the new contract Arco Vara has to pay 13.5% less principal per sold apartment. Base rate of the loan is 6-month Euribor and the margin is 2.0%.

Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca 240 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS


INVITATION AND AGENDA OF THE NEW GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE
AT THE MEETING

Annual general meeting of Arco Vara AS convened for May 22nd 2009 will be postponed due to lack of quorum. As of the beginning of the meeting, 42,692,990 shares representing 44.81 percent of voting capital had been registered. According to the law and articles of association of Arco Vara AS, if required number of votes are not represented at the general meeting, the management board shall, within three weeks but not earlier than after seven days, call another meeting with the same agenda. The new general meeting is competent to adopt resolutions regardless of the votes represented at the meeting.

Therefore, management board of Arco Vara AS calls a new annual general meeting of shareholders with the same agenda for June 4th 2009 at 9:00AM in Tallinn,
Narva mnt 7c, at Reval Hotel Central. Invitation and agenda of the new general meeting of shareholders and proposals made at the meeting will follow:


Dear Shareholder of Arco Vara AS,

Arco Vara AS (registry code 10261718; located at Tallinn, Jõe 2B) shareholders ordinary general meeting will take place on June 4th 2009 at 9:00AM in Tallinn, Narva mnt 7c, at Reval Hotel Central, Stuudio II+III.
 
The agenda of the general meeting:

1. Approval of the year 2008 annual report
The Council of Arco Vara proposes the annual report for 2008 be approved.

2. Profit allocation
2.1 The Council of Arco Vara proposes covering the loss as of 31.12.2009 in the amount of EUR 62,931,755 (EEK 984,668,000) as follows:
a) From the account of issue premium in the amount of EUR 45,537,944 (EEK 712,514,000);
b) Rest of the loss in the amount of 17,393,811 (EEK 272,154,000) will be covered from the future profits.

3. Appointment of auditor
3.1 The Council of Arco Vara proposes the shareholders appoint the auditor for one year (until the next ordinary shareholders general meeting) and appoint Ernst & Young Baltics AS as such auditor.
3.2. The Council of Arco Vara proposes the auditor be paid for auditing the 2008 annual report according to an agreement to be signed between the company and Ernst & Young Baltics AS.

Materials of shareholders ordinary meeting of Arco Vara AS are available through internet website of Arco Vara
http://www.arcorealestate.com/en/investor-info or at the office of Arco Vara AS in Tallinn, at Jõe street 2B, on workdays from 9:00AM till 5:00PM.

Questions about the items on the agenda can be sent by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it.. All questions and answers will be made public on the Internet website of Arco Vara AS.

The list of shareholders entitled to participate at the annual general meeting shall be determined at 11:59PM on day immediately prior to the meeting. Registering to participate in the meeting will convene at 8:30AM on June 4th 2009.

To register, we kindly ask shareholders to present an ID document and the representative of the shareholder additionally to present also a signed Power of Attorney or documents validating representation.

Kind regards,

Management Board of Arco Vara AS

 


Arco Vara Group increased its shareholding in development project „Bišumuiža 2” in Latvia

Arco Investeeringute AS, a subsidiary of Arco Vara AS, increased its shareholding in Bišumuižas Nami SIA from 40% to 49.4%. It was a non-cash transaction where two of the biggest sponsors of the project converted their subordinated loans to equity.

After the transaction 50.0% of Bišumuižas Nami SIA shares belong to SIA Linstow Baltic, 49.4% to Arco Investeeringute AS and 0.6% to SIA Mazais Baltezers that is controlled by Mr. Viktors Savins.

SIA Mazais Baltezers will have an option to buy from Arco Investeeringute AS 9.4% of the shares at face value.

Bišumuižas Nami SIA controls 100% a company Sportings Riga SIA that has a residential district project in Riga called “Bišumuiža 2”.

Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 17 cities and employs ca 240 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS


ARCO VARA

FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Management report for the first quarter of 2009

Comments by the CEO

During the 1st quarter 2009, 14 apartments or plots were sold and 13 objects reserved in Arco Vara projects. In the Boulevard Residence Madrid project in Sofia, a 30-year rental agreement was concluded with the Austrian supermarket chain Billa, by which the supermarket will rent approx. 900 m2 of the ground floor sales space of the building.
The strategy of Arco Vara development division is to complete and sell the unfinished apartments in project Kodukolde and plots in project Merivälja2 in Tallinn, Bišumuiža-1 in Riga, Boulevard Residence in Madrid and Manastirski in Sofia by using the benefits of dropped construction prices and releasing this way invested equity as well as reducing the liabilities of the Group. Together with the drop in construction prices and considering our goal to maintain our competitiveness, we have decreased the prices of plots and apartments of Arco Vara projects in the 1st quarter.

In the construction division, new agreements in the amount of 103 million kroons (6.6 million euros) were concluded in the 1st quarter (2008 Q1: 11 million kroons, 7.1 million euros). Considering the general situation on the Estonian construction market, the decrease in contract prices of Arco Vara construction division has been low on year-over-year basis – 7.3%. Compared to the 4th quarter 2008 when the situation in the real estate and construction sector changed rapidly, the volume of new construction agreements has increased 35%, from 69 million kroons (4.4 million euros) to 103 million kroons (6.6 million euros). One of the most important goals of the construction division for the near future is to decrease the administration costs of the Latvian subsidiary, similarly to what has already been done in Estonia. The operating loss of the Estonian construction division (without nonrecurring redundancy costs) was approx. 0.5 million kroons (0.03 million euros).

By restructuring the service division, we have considerably decreased its administration costs. The number of employees has been reduced by 290 persons (80%), at the same time, the turnover has decreased less. During the 1st quarter, the work organisation of some smaller offices outside the capital was changed: the classical office-based work organisation was given up and replaced by the home office system, whereby all services were maintained. In other offices, more cost effective work organisation solutions are being implemented in cooperation with employees. In the service division, the property management department has managed to maintain the turnover and profitability, after the balance sheet date, 2 objects have been added to their portfolio.
The nonrecurring expenditure of the service division in the 1st quarter amounting to 1.5 million kroons (0.1 million euros) was caused by redundancy payments, sales of intangible assets and vehicles used by redundants, which was, due to market situation, made under the price level fixed in leasing contracts, and sales of properties acquired in earlier years as current investments under their cost price.
The aim of the service division is to continue implementing the partially applied and in the current market situation justified work organisation also in foreign markets, which allows increasing service provision with unlimited means in these countries, with a future focus on Estonia, Latvia and Bulgaria.


All in all, we have managed to save in the 1st quarter on y-o-y basis more than 17 million kroons (1.1 million euros) administration and marketing costs, which means that we are ahead our annual schedule of saving 60 million kroons (4 million euros) that we set ourselves in autumn. The number of persons employed by the Group has decreased from 654 persons in 1st quarter 2008 to 259 persons in 1st quarter 2009. However, the Group earned a loss of 14.7 million kroons (0.8 million euros) in the first quarter, wherefrom the portion of nonrecurring expenditures was approx. 5 million kroons (0.3 million euros).

KEY FINANCALS

· Revenue and other income for the 1st quarter totalled 95.6 million kroons (6.1 million euros), 15% down year-over-year.

· EBIT amounted to -13.9 million kroons (-0.9 million euros), 53.2% up year-over-year.

· Net profit amounted to -14.7 million kroons (-0.9 million euros), 12.0% up year-over-year.

· Equity ratio was 36.8% (2008 Q1: 54.3%). ROE was -92.4% (2008 Q1: 7.8%). ROIC was -46.7% (2008 Q1: 6.1%)

· Construction division was awarded new construction contracts worth 103 million kroons (6.6 million euros), (2008 Q1: 111 million kroons, 7.1 million euros)

· Group’s order backlog in the Construction division stood at 232.0 million kroons (14.8 million euros), (2008 Q1: 358 million kroons, 22.9 million euros)

· Over the quarter, a total of 14 apartments and plots were sold (2008 Q1: 11) and 13 reserved (2008 Q1: 48).

EEK

EUR

2009 Q1

2008 Q1

2009 Q1

2008 Q1

In millions

Revenue and other income

95.6

111.9

6.1

7.2

EBIT

-13.9

-29.7

-0.9

-1.9

incl. revaluation of investment property

0.0

-12.4

0.0

-0.8

Profit / loss before tax

-14.7

-16.4

-0.9

-1.0

incl. profit or loss from transfer of financial assets

0.0

0.0

0.0

0.0

Net profit / loss

-14.7

-16.7

-0.9

-1.1

EPS 1 (in kroons and euros)

-0.15

-0.16

-0.01

-0.01

Total assets at period end

1,894.2

3,521.8

121.1

225.1

Invested capital at period end

1,689.4

3,227.8

108.0

206.3

Net loans at period end

877.8

684.4

56.1

43.7

Equity at period end

697.1

1,911.3

44.6

122.2

Current Ratio

1.9

2.1

ROIC (rolling 12 months)

-46.7%

6.2%

ROE (rolling 12 months)

-92.4%

7.8%

Number of staff at period end

258

654

REVENUE AND PROFIT

EEK

EUR

2009 Q1

2008 Q1

2009 Q1

2008 Q1

In millions

Revenue and other income

Services

10.8

32.6

0.7

2.1

Development

30.1

29.7

1.9

1.9

Construction

58.9

89.5

3.8

5.7

Eliminations

-4.2

-39.9

-0.3

-2.5

Total revenue and other income

95.6

111.9

6.1

7.2

EBIT

Services

-5.2

-8.2

-0.3

-0.5

Development

-0.3

-16.1

0.0

-1.0

Construction

-3.4

4.2

-0.2

0.3

Eliminations

-0.1

-4.6

0.0

-0.3

Unallocated expenses

-4.9

-5.1

-0.3

-0.3

Total EBIT

-13.9

-29.7

-0.8

-1.8

Interest income and expense

-5.0

5.0

-0.3

0.3

Net other financial items

4.3

8.3

0.3

0.5

Income tax expense

0.0

-0.4

0.0

0.0

Net profit / loss

-14.7

-16.7

-0.8

-1.0

The Group sold a total of 14 apartments and plots (2008 Q1: 11). The development division was able to maintain the revenue, the revenue of the construction division decreased 34% and the one of the service division 67%.

Due to the low stock-in-trade an improvement in turnover can be expected in the 4th quarter 2009. In autumn, the project “Boulevard Residence Madrid” will be completed in Sofia. In Tallinn, more than 60 apartments add in the “Kodukolde” project and in the “Merivälja2” project more than 50 plots with full infrastructure. The recent reservations and new sales will be reflected after the end of construction and authorisation for use are obtained as turnover.

No substantial revaluations were made in the 1st quarter. More than before, interests paid are recognised as interest costs, as some of the projects have been frozen and the Group is not capitalizing these interests anymore. The financial income and expenses were mainly influenced by the exchange rate profit of 4.2 million kroons (0.3 million euros) from the claim against AS Ühendatud Kapital in US dollars. As at the end of the quarter the Group has liquid assets in value of 114.5 million kroons (7.3 million euros). Interest-bearing liabilities amount to 979.4 million kroons (62.6 million euros) of which 477.3 million kroons (30.5 euros) are short-term.

CASH FLOWS

EEK

EUR

2009 Q1

2008 Q1

2009 Q1

2008 Q1

In millions

Cash flows from operating activities

-1.1

-33.3

-0.1

-2.1

Cash flows from investing activities

27.6

-180.6

1.8

-11.6

Cash flows from financing activities

-84.4

-69.4

-5.4

-4.4

Net cash flow

-57.9

-283.3

-3.7

-18.1

Cash and cash equivalents at beginning of period

172.6

765.0

11.0

48.9

Effect of exchange rate fluctuations

-0.1

0.0

0.0

0.0

Cash and cash equivalents at end of period

114.5

481.7

7.3

30.8

In January 2009 the company made an extraordinary repayment of 40 million kroons related to Tivoli and Laeva projects loans to SEB Bank by releasing the Group from the obligation to maintain liquid assets worth 150 million kroons (9.6 million euros) in SEB bank accounts.

The biggest short-term liabilities are the bond stock in the amount of approx. 52 million kroons (3.3 million euros) to be redeemed, the loan related to the Ahtri project in the amount of 97.2 million kroons (6.2 million euros), and approx. 77 million kroons (4.9 million euros) calculated principal returns from the sales of assets („Kodukolde”, „Merivälja2” and „Boulevard Residence Madrid”). Short-term liabilities have been mostly affected by accounting the Tivoli and Laeva2 project loans as short-term loans, in the amount of 120 million kroons (7.7 million euros) with an expiry date of 31.03.2010. On a current basis, loans in the project „Kodukolde” in Tallinn and „Bišumuiža-1” in Riga, Latvia have been paid, where the recent loan payments per sold square meter are higher than the sales turnover. After the balance sheet date, the relevant loans have been refunded and the loan servicing costs remained under the sales prices, by leaving the Group more disposable funds. After the balance sheet date, most of the Group liabilities will be in euros.

SERVICE DIVISION

Cost and business model optimisation started in autumn has had good results but is still not sufficient for earning net profit. By cash flow, the revenues and expenses of the division in 1st quarter are in balance and didn’t need any subsidy from parent company.

In the 1st quarter, as the liquidity of the company is most important, the division sold objects that were acquired earlier as short-term investments, due to the market situation, the prices have been sometimes under the cost price. The number of employees in the division has decreased within 12 months by 80%, a total of 290 persons, while the turnover has decreased by 67%.The number of brokerage transactions of the Group in 12 months has decreased by 57%, and the number of valuation reports has decreased by 60%.

The property management department has managed to maintain the turnover and the profitability, after the balance sheet date, 2 more objects were added to the portfolio.

The nonrecurring operating costs of the division amounted to more than 1.5 million kroons (0.1 million euros) and were related to redundancy payments and sales of assets under their cost price.

The number of employees in the division has been reduced by 66 persons. At the end of the 1st quarter the division employed 73 persons (2008 Q1: 360 persons).

2009 Q1

2008 Q1

change, %

Number of brokered objects

208

483

-56,9%

Projects being sold, pcs.

186

247

-24,7%

Number of valuation reports

810

2 052

-60,5%

Number of appraisers*

33

44

-25,0%

Number of real estate brokers*

111

201

-44,8%

Number of division staff at the end of period

73

360

-79,7%

* Includes authorisation agreements

DEVELOPMENT DIVISION

In the 1st quarter 2009, 14 apartments or plots were sold and 13 were reserved. Within the “Boulevard Residence Madrid” project in Sofia, long-term lease agreement was concluded with the Austrian supermarket chain “Billa”; the supermarket will lease 900 m2 of retail premises. Tallinn Administrative Court annulled the decision of Tallinn City Council with what detailed plan of Tivoli project in Tallinn was established, (see Note 16). After the balance sheet date an appeal is drafting.
The main risk factor for the development division is the refinancing of loans of empty plots in Estonia.

Although the cash flow of the Group is tense, we will finish the construction of unfinished apartments and plots with more favourable construction prices in order to satisfy the demand with ready to be sold stock. No new investments are planned.
In order to reduce liquidity risk, the prices in current projects in the Baltic’s as well as in Sofia have been decreased substantially and during the year we aim at selling cash flow generating projects. For some employees, salaries and working times have been reduced. At the end of the 1st quarter the division employed 43 persons (2008 Q1: 55 persons).

Further information on the projects: www.arcorealestate.com/development

CONSTRUCTION DIVISION

The construction division has mostly won tenders of environmental and infrastructure engineering. The average volume of the tenders has decreased and the contractor is usually the state or local governments.

The biggest new contracts in the 1st quarter were the Emajõe-Võhandu drinking water project and the Kohtla-Järve-Kiviõli sewerage project.

In the 1st quarter the division was awarded construction contracts worth 103 million kroons (6.6 million euros), in the 1st quarter of 2008 the corresponding figure was 111 million kroons (7.1 million euros). At the end of the 1st quarter, the division’s order backlog was 232 million kroons (14.8 million euros) and the internal sales accounted for 0%, in the 1st quarter of 2008 the division’s order backlog was 358 million kroons (22.9 million euros).

At the end of the 1st quarter the division employed 127 persons (2008 Q1: 195 persons).

Consolidated statement of comprehensive income

EEK

EUR

Note

2009 Q1

2008 Q1

2009 Q1

2008 Q1

in thousands

Rendering of services

75 914

88 691

4 852

5 668

Sale of goods

18 408

18 830

1 176

1 203

Total revenue

2

94 322

107 521

6 028

6 871

Cost of sales

-87 592

-86 327

-5 598

-5 517

Gross profit

6 730

21 194

430

1 354

Other income

3

1 308

4 394

84

281

Selling and distribution costs

4

-879

-4 672

-56

-299

Administrative expenses

5

-20 602

-34 075

-1 317

-2 178

Other expenses

3

-475

-16 512

-30

-1 055

EBIT

-13 918

-29 671

-889

-1 897

Finance income

6

7 772

14 011

497

895

Finance expenses

6

-8 529

-703

-545

-45

Profit / loss before tax

-14 675

-16 363

-937

-1 047

Income tax expense

0

-366

0

-23

Net profit / loss

-14 675

-16 729

-937,00

-1 070

Other Comprehensive income

Exchange differences on translation foreign subsidiaries

0

-278

0

-18

Other Comprehensive income for the period

-14 675

-17 007

-938

-1 087

Total comprehensive income

-14 675

-17 007

-938,00

-1 087

Profit attributable to:

Equity holders of the parent

-860

-1 442

-55

-92

Minority interest

-13 815

-15 287

-883

-977

-14 675

-16 729

-938

-1 069

Comprehensive income attributable to:

Equity holders of the parent

-860

-1 442

-55

-92

Minority interest

-13 815

-15 565

-883

-995

-14 675

-17 007

-938

-1 087

Earnings per share

7

- Basic earnings per share

-0.15

-0.16

-0.01

-0.01

- Diluted earnings per share

-0.15

-0.16

-0.01

-0.01

Consolidated statement of financial position

EEK

EUR

Note

2009 Q1

2008 Q1

2009 Q1

2008 Q1

in thousands

Cash and cash equivalents

114 514

172 574

7 319

11 029

Other financial assets

0

40 416

0

2 583

Receivables

8

275 323

294 352

17 596

18 813

Prepayments

6 934

6 165

443

394

Inventories

9

871 588

849 440

55 705

54 289

Biological assets

2 940

3 679

188

235

Total current assets

1 271 299

1 366 626

81 251

87 343

Financial assets

255

255

16

16

Receivables

8

9 666

6 671

618

427

Investment property

10

547 114

542 753

34 967

34 688

Property, plant and equipment

11

53 464

41 812

3 417

2 672

Intangible assets

12

12 381

12 475

791

797

Total non-current assets

622 880

603 966

39 809

38 600

TOTAL ASSETS

1 894 179

1 970 592

121 060

125 943

Loans and borrowings

13

477 342

353 417

30 508

22 587

Liabilities

14

123 370

132 677

7 885

8 480

Deferred income

75 962

65 174

4 855

4 165

Provisions

5 419

5 917

346

378

Total current liabilities

682 093

557 185

43 594

35 610

Loans and borrowings

13

502 089

692 919

32 089

44 286

Liabilities

14

8 588

4 404

549

281

Deferred income tax liability

20

20

1

1

Provisions

4 291

4 291

274

274

Total non-current liabilities

514 988

701 634

32 913

44 842

TOTAL LIABILITIES

1 197 081

1 258 819

76 507

80 452

Share capital

952 842

952 842

60 898

60 898

Share premium

712 514

712 514

45 538

45 538

Statutory capital reserve

31 463

31 463

2 011

2 011

Other reserves

-998 483

-984 668

-63 815

-62 932

Retained earnings

-3 992

-3 992

-255

-255

Own shares (minus)

694 344

708 159

44 377

45 260

Minority interests

2 754

3 614

176

231

Total equity

697 098

711 773

44 553

45 491

TOTAL LIABILITIES AND EQUITY

1 894 179

1 970 592

121 060

125 943

Condensed consolidated interim cash flow statement

EEK

EUR

Note

2009 Q1

2008 Q1

2009 Q1

2008 Q1

in thousands

Net profit / loss

-14 675

-16 729

-938

-1 070

Interest income and expense

6

5 014

-5 019

320

-321

Gains and losses on other financial assets

6

-52

507

-3

32

Impairment losses on financial assets

6

14

-13 264

1

-848

Depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets

1 094

1 325

70

85

Gain / loss on the sale of property, plant and equipment and intangible assets

3

263

-1

17

-1

Gain / loss on the sale of investment property

3

43

4

3

1

Change in the fair value of investment property and biological assets

3

0

12 437

0

795

Exchange gains and losses

6

-4 219

4 468

-270

286

Corporate income tax expense

6

0

366

0

23

Operating cash flow before working capital changes

-12 518

-15 906

-800

-1 018

Change in receivables and prepayments

19 659

20 767

1 256

1 327

Change in inventories

-30 430

-44 466

-1 945

-2 842

Change in biological assets

447

-16

29

-1

Change in payables and deferred income

21 727

6 313

1 389

403

NET CASH USED IN OPERATING ACTIVITIES

-1 115

-33 308

-71

-2 131

Acquisition of property, plant and equipment and intangible assets

-13 701

-7 242

-876

-463

Proceeds from sale of property, plant and equipment and intangible assets

341

89

22

6

Acquisition of investment property

-5 100

-516

-326

-33

Proceeds from sale of investment property

205

103

13

7

Acquisition of subsidiaries and interests in jointly controlled entities, net of cash acquired

0

-82 616

0

-5 280

Acquisition of other financial assets

0

-80 000

0

-5 113

Proceeds from sale of other financial assets

41 123

8 332

2 628

533

Loans granted

-942

-30 667

-60

-1 960

Repayment of loans granted

3 417

832

218

53

Interest received

2 284

11 052

146

706

NET CASH USED IN / FROM INVESTING ACTIVITIES

27 627

-180 633

1 765

-11 544

Proceeds from loans received

28 720

12 115

1 836

774

Repayment of loans and payment of finance lease liabilities

-98 978

-58 656

-6 326

-3 749

Change in overdraft

869

43

56

3

Change in group account liability

0

-804

0

-51

Interest paid

-15 050

-17 156

-962

-1 096

Dividends paid

0

-2 557

0

-163

Income tax paid on dividends

0

-2 338

0

-149

NET CASH USED IN / FROM FINANCING ACTIVITIES

-84 439

-69 353

-5 396

-4 431

NET CASH FLOW

-57 927

-283 294

-3 702

-18 106

Cash and cash equivalents at beginning of period

172 574

765 008

11 029

48 893

Decrease / increase in cash and cash equivalents

-57 927

-283 294

-3 702

-18 106

Effect of exchange rate fluctuations

-133

8

-9

0

Cash and cash equivalents at end of period

114 514

481 722

7 318

30 787


Whole report