AS Eesti Ehitus is a group of construction companies whose core business is
general contracting and construction management. The Group is engaged in the
construction of buildings and structures in Estonia, Latvia, Lithuania and
Ukraine. In addition, in Estonia our companies act as independent
contractors in
road construction and maintenance, environmental engineering,
the assembly of
reinforced concrete elements, and the performance of
cast-on-site concrete
works. The parent of the Group is AS Eesti Ehitus,
a company registered and
located in Tallinn, Estonia. Since 18 May 2006,
the company's shares have been
quoted in the main list of Tallinn Stock
Exchange.
Mission We are committed to
providing premier value-added design and
construction services by
creating a successful partnership with our customers.
We seek to add value to
the company by recognising our employees and providing
them with clear
motivation, development opportunities and a contemporary work
environment.
Vision
We strive to be a construction group which can always surpass the
customer's expectations.
Shared values
Quality We are professionals - we apply appropriate and effective
construction
techniques and technologies and observe generally accepted
quality standards. We
provide our customers with integrated cost efficient
solutions. We are
environmentally aware and operate sustainably.
We value our employees by providing them with a
modern work environment which
encourages creativity and a motivation system
which fosters
initiative.
Reliability We always keep our promises
and honour our agreements.
We act openly and transparently. We
consistently support and promote the best
construction practices. We do not
take risks at the expense of our customers.
Innovation We are innovative
and creative engineers. We take maximum advantage
of the benefits offered by
information technology. We inspire our employees to
grow through consistent
training and balanced career opportunities.
THE GROUP'S
STRUCTURE
The
unaudited consolidated financial statements of AS Eesti Ehitus as at and
for
the twelve months ended 31 December 2007 comprise the results of the
parent and
its subsidiaries and the Group's interests in associates:
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|
Direct and indirect ownership interests of AS Eesti Ehitus:
|
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|
Company | | 31 December | 31 December |
|
| | | 2007 | 2006 |
|
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|
AS Linnaehitus | Estoni | 100.0% | 100.0% |
|
| | a | | |
|
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|
AS Aspi | Estoni | 100.0% | 100.0% |
|
| | a | | |
|
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|
AS Järva Teed | Estoni | 100.0% | 100.0% |
|
| | a | | |
|
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|
OÜ Hiiu Teed | Estoni | 100.0% | 100.0% |
|
| | a | | |
|
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|
OÜ Mapri Projekt | Estoni | 52.0% | 52.0% |
|
| | a | | |
|
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|
Estcon OY | Finlan | 100.0% | 100.0% |
|
| | d | | |
|
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|
OÜ EE Ressursid | Estoni | 100.0% | 100.0% |
|
| | a | | |
|
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|
UAB Eurocon LT | Lithua | 70.0% | 0.0% |
|
| | nia | | |
|
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|
OÜ Eurocon | Estoni | 64.0% | 64.0% |
|
| | a | | |
|
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|
TOV Eurocon Ukraine | Ukrain | 61.4% | 61.4% |
|
| | e | | |
|
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|
TOV Eurocon West | Ukrain | 61.4% | 61.4% |
|
| | e | | |
|
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|
TOV Bukovina | Ukrain | 60.8% | 60.8% |
|
| Developments | e | | |
|
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|
TOV Passage Theatre | Ukrain | 55.3% | 61.4% |
|
| | e | | |
|
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|
OÜ Kaurits | Estoni | 52.0% | 0.0% |
|
| | a | | |
|
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|
OÜ DSN | Estoni | 34.3% | 0.0% |
|
| Ehitusmasinad | a | | |
|
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|
SIA Abagars | Latvia | 34.3% | 0.0% |
|
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|
TOV V.I. Center | Ukrain | 32.0% | 41.0% |
|
| | e | | |
|
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|
TOV EA Reng Proekt | Ukrain | 31.3% | 0.0% |
|
| | e | | |
|
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|
TOV Technopolis-2 | Ukrain | 30.7% | 30.7% |
|
| | e | | |
|
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|
TOV Baltik | Ukrain | 30.7% | 0.0% |
|
| Development | e | | |
|
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|
OÜ Kastani | Estoni | 26.0% | 26.0% |
|
| Kinnisvara | a | | |
|
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The
parent and AS Linnaehitus are engaged in general contracting and project
management. AS Aspi and its subsidiaries build environmental structures and
roads and provide road maintenance services. Over two thirds of the revenue
of
OÜ Mapri Projekt results from concrete works; in addition, the company
performs
project management and general construction contracts. OÜ Eurocon
coordinates
the Group's construction and development activities in Ukraine.
Its direct
subsidiary TOV Eurocon Ukraine is engaged in general
contracting and project
management. Other Ukrainian entities are project
companies which develop real
estate in and around Kiev, and in Lvov.
In 2007, the Group's structure changed as
follows:
In February, an 11% stake in TOV V.I.
Center was sold to Continental Investment
Holding GmbH, a non-group company.
Considering minority interests in OÜ Eurocon
and TOV Eurocon Ukraine, the
transaction reduced AS Eesti Ehitus' interest in
TOV V.I. Center to 32%.
In April, a new
development company, TOV Baltik Development, was established in
Ukraine in
association with the Dutch company Vicus Realty Delta B.V. Taking
into
account minority interests in OÜ Eurocon and TOV Eurocon Ukraine, AS Eesti
Ehitus' interest in the entity is 30.7%.
In June, a subsidiary, UAB Eurocon LT, was founded in Lithuania. In
September, a
30% interest in the entity was sold to the Lithuanian company UAB
Eurox LT.
In July, the Group divested of its shareholding in the
Ukrainian joint venture
TOV Eurobeton.
In August, OÜ Kaurits acquired a 66% majority
interest in OÜ DSN Ehitusmasinad.
OÜ Kaurits is a 52% subsidiary of AS Aspi
which is a wholly-owned subsidiary of
AS Eesti Ehitus.
In October AS Eesti Ehitus acquired a
52% stake in AS Eston Ehitus.
In December, a decision was adopted
for the divestment of 61% of the stake in
TOV Passage Theatre. The
transaction has not been completed.
The accounts of OÜ
Kaurits have been consolidated since the beginning of the
financial year
and the accounts of OÜ DSN Ehitusmasinad since August 2007. The
consolidation of TOV Eurobeton ceased as of the month of its divestment. The
results of AS Eston Ehitus have been consolidated since November 2007.
EMPLOYEES AND PERSONNEL EXPENSES
In 2007 the Group employed, on average, 1103 people. The proportion
of engineers
and technical personnel (ETP) was 39% (2006: 37%). Personnel
expenses totalled
462 million kroons (29 million euros), a 68% increase
year-over-year while the
average number of staff grew 26% year-over year.
The rise in personnel expenses
may be explained by the acquisition of
subsidiaries and tough competition in the
labour market.
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|
Average number of the Group's | | | |
|
| employees | | | |
|
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|
Period | | ETP | | Workers | | Total average
|
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|
2007 | | 425 | | 678 | | 1103
|
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|
2006 | | 329 | | 542 | | 871
|
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|
2005 | | 261 | | 393 | | 610
|
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In
2007, the remuneration of the members of the council of AS Eesti Ehitus
Group
totalled 1,080,000 kroons (69 thousand euros) and the remuneration and
benefits
of the members of the board of AS Eesti Ehitus amounted to
15,558,000 kroons
(994,000 euros).
REVENUE AND SEGMENTS
Consolidated revenue for 2007 amounted to 3,770
million kroons (241 million
euros), a strong 51% improvement on a year
ago. Similarly to a year ago, the
Residential and non-residential segment
contributed 53% (49% up on a year ago)
and the Civil engineering segment 47%
(58% growth) of total revenue.
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|
Revenue by segments | | | | |
|
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|
Business segments | | 2007 | | | 2006
|
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|
Civil engineering | | 47% | | | 46%
|
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|
Residential and non-residential | | 53% | | | 54%
|
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---
Commercial
buildings remains the Residential and non-residential segment's
largest
sub-segment, mainly on account of strong demand in the home market.
Compared with 2006, the highest growth rate was posted by the Public
buildings
sub-segment.
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|
Revenue allocation in the | | | | |
|
| Residential and | | | | |
|
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|
non-residential segment | | 2007 | | | 2006
|
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|
Residential buildings | | 11% | | | 17%
|
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|
Public buildings | | 17% | | | 18%
|
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|
Commercial buildings | | 61% | | | 41%
|
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|
Industrial and warehouse | | 11% | | | 24%
|
| facilities | | | | |
|
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---
In
Civil engineering, the largest sub-segment was Port construction, which
contributed 580 million kroons (37 million euros), i.e. 15% of total
construction contract revenues. A year ago, the contribution of Port
construction was only 157 million kroons (10 million euros) or 14%. Road
construction and maintenance generated revenues of 730 million (47
million
euros), i.e. 19% of total construction contract revenues,
against 584 million
kroons (37 million euros) and 23% a year ago.
At 31 December 2007, the Group's order backlog was
2,588 million kroons (165
million euros) against 2,453 million kroons (158
million euros) a year ago.
PROFITABILITY AND CASH FLOWS
In 2007, the Group's profitability
showed consistent improvement.
The period's gross margin was
13% (2006: 12%). Although personnel expenses grew
more rapidly than revenue,
other expenses increased at a slower pace. Compared
with a year ago, the
ratio of administrative expenses to revenue remained more
or less stable at
slightly below 5% (2006: 5%). The period's operating margin
was 9% (2006:
8%). The rise in the value of investment property increased
operating
profit by 23 million kroons, i.e. by over 1 million euros (2006: 0).
Unaudited consolidated net profit for 2007 amounted to an exceptional 302
million kroons (19 million euros) against the 188 million kroons (12
million
euros) earned a year ago. The profit attributable to equity
holders of the
parent amounted to 281 million kroons (over 18 million
euros) against 175
million kroons (11 million euros) for 2006.
Cash and cash equivalents grew by 80 million
kroons (5 million euros). A year
ago, net cash flow was negative to the
extent of 36 million kroons (approx. 2
million euros). The Group's cash
position has improved, above all, on account of
strong net operating cash
flows of 163 million kroons (approx. 10 million
euros). In 2006,
operating cash flows totalled 55 million kroons (over 3 million
euros).
SIGNIFICANT RATIOS AND FIGURES
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|
Ratio /figure | | 2007 | | 2006
|
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---
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|
Weighted average number of shares | | 30,756,728 | | 30,756,728
|
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---
|
Earnings per share (in kroons) | | 9.14 | | 5.69
|
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---
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|
Revenue growth | | 50.6% | | 49.5%
|
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---
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|
Average number of employees | | 1,103 | | 871
|
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|
Revenue per employee (in thousands of | | 3,418 | | 2,875
|
| kroons) | | | |
|
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---
|
Personnel expenses to revenue, % | | 12.3% | | 11.0%
|
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---
|
Administrative expenses to revenue, % | | 4.8% | | 5.0%
|
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---
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-----
|
EBITDA (in thousands of kroons) | | 396,246 | | 234,368
|
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---
|
EBITDA margin, % | | 10.5% | | 9.4%
|
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|
Gross margin, % | | 13.3% | | 12.2%
|
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---
|
Operating margin, % | | 8.8% | | 8.1%
|
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|
Operating margin excluding gains on | | 8.6% | | 7.0%
|
| property sales, % | | | |
|
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|
Net margin, % | | 8.0% | | 7.5%
|
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---
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|
Return on invested capital, % | | 35.2% | | 33.7%
|
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|
Return on assets, % | | 18.6% | | 17.4%
|
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|
Return on equity, % | | 46.8% | | 56.1%
|
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|
Equity ratio, % | | 36.9% | | 34.9%
|
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|
Gearing, % | | 13.5% | | 14.6%
|
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|
Current ratio | | 1.30 | | 1.33
|
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---
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|
Order backlog (in thousands of | | 2,587,775 | | 2,453,419
|
| kroons) | | | |
|
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---
*
For comparability, the weighted average number of shares is the number of
shares after the bonus issues.
Revenue per employee = revenue / average number of employees
Personnel expenses to revenue = personnel expenses / revenue
Administrative expenses to revenue = administrative expenses /
revenue
EBITDA = earnings before interest, taxes, depreciation and
amortisation
EBITDA margin = EBITDA / revenue
Gross margin = gross profit / revenue
Operating margin = operating profit / revenue
Operating margin excluding gains on property sales
= (operating profit - gains
on sale of property, plant and equipment - gains
on sale of real estate) /
revenue
Net margin = net profit for the period /
revenue
Return on invested capital = (profit
before tax + interest expense) / the
period's average (interest-bearing
liabilities + equity)
Return on assets = operating
profit / average total assets for the period
Return on equity = net
profit for the period / average total equity for the
period
Equity ratio =
total equity / total equity and liabilities
Gearing =
(interest-bearing liabilities - cash and cash equivalents) / (interest
bearing
liabilities + equity)
Current ratio = total current assets / total current liabilities
Consolidated interim balance sheet
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|
Unaudited, EEK '000 | Note | 31 December | 31 December
|
| | | 2007 |
2006
|
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---
|
ASSETS | | |
|
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---
|
Current assets | | |
|
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---
|
Cash and cash equivalents | | 236,112 | 155,980
|
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---
|
Short-term investments | 2 | 37,458 | 2,140
|
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---
|
Trade receivables | 3 | 512,285 | 380,841
|
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---
|
Other receivables and prepayments | 4 | 255,292 | 129,663
|
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---
|
Deferred tax assets | | 1,015 | 1,015
|
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---
|
Inventories | 5 | 392,876 | 272,184
|
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---
|
Non-current assets held for sale | 6 | 12,925 | 0
|
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---
|
Total current assets | | 1,447,963 | 941,823
|
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---
|
Non-current assets | | |
|
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---
|
Investments in associates | 8 | 44,498 | 21,193
|
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---
|
Other long-term investments | 8 | 66,516 | 32,951
|
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---
|
Investment property | 9 | 133,984 | 5,963
|
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---
|
Property, plant and equipment | 10 | 222,974 | 223,674
|
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---
|
Intangible assets | 10 | 273,223 | 165,036
|
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---
|
Total non-current assets | | 741,195 | 448,817
|
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---
|
TOTAL ASSETS | | 2,189,158 | 1,390,640
|
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---
|
LIABILITIES | | |
|
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---
|
Current liabilities | | |
|
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---
|
Interest-bearing loans and | 11; | 131,456 | 70,029
|
| borrowings | 12 | |
|
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---
|
Trade payables | | 334,350 | 183,983
|
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---
|
Tax liabilities | | 52,849 | 42,922
|
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---
|
Other payables and advances | 13 | 578,571 | 404,819
|
| received | | |
|
-----------------------------------------------------------------------------
---
|
Provisions | 14 | 12,384 | 4,511
|
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---
|
Total current liabilities | | 1,109,610 | 706,264
|
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---
|
Non-current liabilities | | |
|
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---
|
Interest-bearing loans and | 11; | 268,124 | 196,017
|
| borrowings | 12 | |
|
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---
|
Other liabilities | | 0 | 490
|
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---
|
Provisions | 14 | 4,327 | 1,885
|
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---
|
Total non-current liabilities | | 272,451 | 198,392
|
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---
|
TOTAL LIABILITIES | | 1,382,061 | 904,656
|
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---
|
EQUITY | | |
|
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---
|
Minority interest | | 89,409 | 39,291
|
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---
|
Share capital | 15 | 307,567 | 153,784
|
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---
|
Share premium | 15 | 0 | 108,465
|
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---
|
Statutory capital reserve | | 11,658 | 4,158
|
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---
|
Translation reserve | | 4,984 | 2,196
|
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---
|
Retained earnings | 15 | 393,479 | 178,090
|
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---
|
Total equity attributable to equity | | 717,688 | 446,693
|
| holders of the parent | | |
|
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---
|
TOTAL EQUITY | | 807,097 | 485,984
|
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---
|
TOTAL LIABILITIES AND EQUITY | | 2,189,158 | 1,390,640
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
Consolidated
interim balance sheet
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----
|
Unaudited, EUR '000 | Note | 31 December | 31 December
|
| | | 2007 |
2006
|
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---
|
ASSETS | | |
|
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---
|
Current assets | | |
|
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---
|
Cash and cash equivalents | | 15,090 | 9,969
|
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---
|
Short-term investments | 2 | 2,394 | 137
|
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---
|
Trade receivables | 3 | 32,741 | 24,340
|
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---
|
Other receivables and prepayments | 4 | 16,316 | 8,287
|
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---
|
Deferred tax assets | | 65 | 65
|
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---
|
Inventories | 5 | 25,109 | 17,395
|
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---
|
Non-current assets held for sale | 6 | 826 | 0
|
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---
|
Total current assets | | 92,542 | 60,193
|
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---
|
Non-current assets | | |
|
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---
|
Investments in associates | 8 | 2,844 | 1,354
|
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---
|
Other long-term investments | 8 | 4,251 | 2,106
|
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---
|
Investment property | 9 | 8,563 | 382
|
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---
|
Property, plant and equipment | 10 | 14,251 | 14,295
|
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---
|
Intangible assets | 10 | 17,462 | 10,548
|
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---
|
Total non-current assets | | 47,371 | 28,685
|
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---
|
TOTAL ASSETS | | 139,913 | 88,878
|
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---
|
LIABILITIES | | |
|
-----------------------------------------------------------------------------
---
|
Current liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Interest-bearing loans and | 11; | 8,402 | 4,476
|
| borrowings | 12 | |
|
-----------------------------------------------------------------------------
---
|
Trade payables | | 21,369 | 11,759
|
-----------------------------------------------------------------------------
---
|
Tax liabilities | | 3,378 | 2,743
|
-----------------------------------------------------------------------------
---
|
Other payables and advances | 13 | 36,977 | 25,873
|
| received | | |
|
-----------------------------------------------------------------------------
---
|
Provisions | 14 | 791 | 288
|
-----------------------------------------------------------------------------
---
|
Total current liabilities | | 70,917 | 45,138
|
-----------------------------------------------------------------------------
---
|
Non-current liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Interest-bearing loans and | 11; | 17,136 | 12,528
|
| borrowings | 12 | |
|
-----------------------------------------------------------------------------
---
|
Other liabilities | | 0 | 31
|
-----------------------------------------------------------------------------
---
|
Provisions | 14 | 277 | 120
|
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---
|
Total non-current liabilities | | 17,413 | 12,680
|
-----------------------------------------------------------------------------
---
|
TOTAL LIABILITIES | | 88,330 | 57,818
|
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---
|
EQUITY | | |
|
-----------------------------------------------------------------------------
---
|
Minority interest | | 5,714 | 2,511
|
-----------------------------------------------------------------------------
---
|
Share capital | 15 | 19,657 | 9,829
|
-----------------------------------------------------------------------------
---
|
Share premium | 15 | 0 | 6,932
|
-----------------------------------------------------------------------------
---
|
Statutory capital reserve | | 745 | 266
|
-----------------------------------------------------------------------------
---
|
Translation reserve | | 319 | 140
|
-----------------------------------------------------------------------------
---
|
Retained earnings | 15 | 25,148 | 11,382
|
-----------------------------------------------------------------------------
---
|
Total equity attributable to | | 45,869 | 28,549
|
| equity holders of the parent | | |
|
-----------------------------------------------------------------------------
---
|
TOTAL EQUITY | | 51,583 | 31,060
|
-----------------------------------------------------------------------------
---
|
TOTAL LIABILITIES AND EQUITY | | 139,913 | 88,878
|
-----------------------------------------------------------------------------
---
Consolidated
interim income statement
------------------------------------------------------------------------------
--
|
| Note | Q4, | Q4, 2006 | 2007 | 2006
|
| Unaudited, EEK '000 | | 2007 | | |
|
-----------------------------------------------------------------------------
---
|
Revenue | 17; | 1,111,0 | 738,921 | 3,770,4 | 2,503,84
|
| | 18 | 72 | | 87 |
4
|
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---
|
Cost of sales | 19 | 958,123 | 624,487 | 3,270,6 | 2,197,31
|
| | | | | 16 |
9
|
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---
|
Gross profit | | 152,949 | 114,434 | 499,871 | 306,525
|
-----------------------------------------------------------------------------
---
|
Administrative expenses | 20 | 60,583 | 51,561 | 179,199 | 125,739
|
-----------------------------------------------------------------------------
---
|
Other operating income | 21 | 34,139, | -170 | 42,763 | 26,859
|
-----------------------------------------------------------------------------
---
|
Other operating expenses | 21 | 24,373 | 2,331 | 30,300 | 5,108
|
-----------------------------------------------------------------------------
---
|
Operating profit before | | 102,132 | 60,372 | 333,135 | 202,537
|
| financial items | | | | |
|
-----------------------------------------------------------------------------
---
|
Financial income | 22 | 1,998 | 13,564 | 18,362 | 18,393
|
-----------------------------------------------------------------------------
---
|
Financial expenses | 22 | 7,570 | 4,909 | 30,028 | 19,046
|
-----------------------------------------------------------------------------
---
|
Net financial items | | -5,572 | 8,655 | -11,666 | -653
|
-----------------------------------------------------------------------------
---
|
Share of profit of equity | | -239 | 0 | 1,354 | 0
|
| accounted investees | | | | |
|
-----------------------------------------------------------------------------
---
|
Share of loss of equity | | -3,430 | 600 | -3,671 | -980
|
| accounted investees | | | | |
|
-----------------------------------------------------------------------------
---
|
Net share of profit and | | 3,669 | 600 | -2,317 | -980
|
| loss of equity accounted | | | | |
|
| investees | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit before income tax | | 92,891 | 69,627 | 319,152 | 200,904
|
-----------------------------------------------------------------------------
---
|
Income tax expense | 23 | -561 | -2,595 | 16,865 | 12,831
|
-----------------------------------------------------------------------------
---
|
Profit for the period | | 93,452 | 72,222 | 302,287 | 188,073
|
-----------------------------------------------------------------------------
---
|
Attributable to | | 84,836 | 60,635 | 281,146 | 175,003
|
| Equity holders of the | | | | |
|
| parent | | | | |
|
-----------------------------------------------------------------------------
---
|
Minority interest | | 8,616 | 11,587 | 21,141 | 13,070
|
-----------------------------------------------------------------------------
---
|
Basic earnings per share | 15 | 2.76 | 1.97 | 9.14 | 5.69
|
| (in kroons)* | | | | |
|
-----------------------------------------------------------------------------
---
|
Diluted earnings per share | 15 | 2.76 | 1.97 | 9.14 | 5.69
|
| (in kroons)* | | | | |
|
-----------------------------------------------------------------------------
---
*For
comparability, the weighted average number of shares used is the number of
shares after the bonus issues, i.e. 30,756,728 shares.
Consolidated interim income statement
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----
|
Unaudited, EUR '000 | Note | Q4, | Q4, 2006 | 2007 | 2006
|
| | | 2007 | | |
|
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---
|
Revenue | 17; | 71,010 | 47,226 | 240,978 | 160,025
|
| | 18 | | | |
|
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---
|
Cost of sales | 19 | 61,235 | 39,912 | 209,030 | 140,434
|
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---
|
Gross profit | | 9,775 | 7,314 | 31,948 | 19,591
|
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---
|
Administrative expenses | 20 | 3,872 | 3,295 | 11,453 | 8,036
|
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---
|
Other operating income | 21 | 2,182 | -11 | 2,733 | 1,717
|
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---
|
Other operating expenses | 21 | 1,558 | 149 | 1,937 | 326
|
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---
|
Operating profit before | | 6,527 | 3,858 | 21,291 | 12,944
|
| financial items | | | | |
|
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---
|
Financial income | 22 | 128 | 867 | 1,174 | 1,176
|
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---
|
Financial expenses | 22 | 484 | 314 | 1,919 | 1,217
|
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---
|
Net financial items | | -356 | 553 | -746 | -42
|
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---
|
Share of profit of equity | | -15 | 0 | 87 | 0
|
| accounted investees | | | | |
|
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---
|
Share of loss of equity | | -219 | 38 | -235 | -63
|
| accounted investees | | | | |
|
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---
|
Net share of profit and | | -234 | 38 | -148 | -63
|
| loss of equity accounted | | | | |
|
| investees | | | | |
|
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---
|
Profit before income tax | | 5,937 | 4,450 | 20,398 | 12,840
|
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---
|
Income tax expense | 23 | -36 | -166 | 1,078 | 820
|
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---
|
Profit for the period | | 5,973 | 4,616 | 19,320 | 12,020
|
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---
|
Attributable to | | 5,422 | 3,875 | 17,969 | 11,185
|
| Equity holders of the | | | | |
|
| parent | | | | |
|
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---
|
Minority interest | | 551 | 741 | 1,351 | 835
|
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---
|
Basic earnings per share | 15 | 0.18 | 0.12 | 0.58 | 0.36
|
| (in euros)* | | | | |
|
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---
|
Diluted earnings per share | 15 | 0.18 | 0.12 | 0.58 | 0.36
|
| (in euros)* | | | | |
|
-----------------------------------------------------------------------------
---
*For
comparability, the weighted average number of shares used is the number of
shares after the bonus issues, i.e. 30,756,728 shares.
Sulev Luiga
CFO,
Member of the Management Board
AS Eesti
Ehitus
Sulev.Luiga@eestiehitus.ee
+372 5043175