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The supervisory board of Arco Vara AS approved Arco Vara AS’s annual report for 2011 together with the proposal for covering the loss at a meeting held on 20 April 2011.

The supervisory board resolved to submit the annual report and the proposal for covering the loss, both prepared by the management board, to the annual general meeting as presented by the management board.

The audited annual report for 2011 is available on the website of the NASDAQ OMX Tallinn Stock Exchange and on that of Arco Vara at http://www.arcorealestate.com . The annual report is also available for review at the company’s offices at Jõe 2B in Tallinn.

Arco Vara’s audited consolidated revenue for 2011 was 43.1 million euros. The Group’s revenue for 2010 was 21.1 million euros. Revenue grew by 104%. The audited consolidated net loss for 2011 was 3.4 million euros. The net loss for the comparative period was 0.3 million euros. 

Arco Vara also specifies the information disclosed in the annual report for 2010 in respect of key management personnel: 

  • In the annual report for 2010 the Group defined as key management personnel the member of the management board and the members of the supervisory board of the Group’s parent company and the members of the management boards of the Group’s subsidiaries. Based on that definition, Arco Vara AS should have disclosed in its annual report for 2010 the total amount of remuneration provided to its key management personnel, i.e. the amount should have included the remuneration of the members of the management boards of the Group’s subsidiaries.
  • Based on the definition of key management personnel presented in the annual report for 2010, the remuneration of key management personnel including relevant taxes should have been 445 thousand euros for 2010 and 500 thousand euros for 2009. 
  • Arco Vara AS did not disclose in the annual report for 2010 that the remuneration of key management personnel included termination benefits with relevant taxes: 5 thousand euros for 2010 and 51 thousand euros for 2009.
  • The remuneration of key management personnel disclosed in the annual report of Arco Vara AS for 2010 differs from the amount of the remuneration of key management personnel that ought to have been disclosed in line with the definition of key management personnel to the extent of the remuneration of the members of the management boards of the subsidiaries of Arco Vara AS.
  • Arco Vara AS has decided to change the definition of key management personnel. From now on the Group’s key management personnel are members of the management board and supervisory board of Arco Vara AS, because only those persons have real and significant authority to influence the operation of the Group.

Established in 1992, Arco Vara is one of the leading real estate development companies in the Baltic countries. The company’s main activity is real estate development, which is supported by valuation, brokerage, construction and property management. The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria .

Egert Paulberg
Financial Controller
Arco Vara AS
Tel: +372 614 4503

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Attachments:
AVG Annual report 2011_ENG.pdf