AS MERKO EHITUS ANNUAL GENERAL MEETING 2008 The agenda of the - - PowerPoint PPT Presentation

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AS MERKO EHITUS ANNUAL GENERAL MEETING 2008 The agenda of the - - PowerPoint PPT Presentation

Nov 11, 2022 246 likes •504 views

AS MERKO EHITUS ANNUAL GENERAL MEETING 2008 The agenda of the general meeting: 1. Approval of the 2007 Annual Report 2. Deciding on the distribution of profits 3. Approval of the auditor for the financial year 2008 4. Approval of the division

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SLIDE 1

AS MERKO EHITUS ANNUAL GENERAL MEETING 2008

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SLIDE 2

The agenda of the general meeting:

  • 1. Approval of the 2007 Annual Report
  • 2. Deciding on the distribution of profits
  • 3. Approval of the auditor for the financial year

2008

  • 4. Approval of the division plan of AS MERKO

EHITUS

  • 5. Election and removal of members of

supervisory board

  • 6. Remuneration of supervisory board members
  • 7. Amendment of the Articles of Association
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SLIDE 3

2005

In million EUR 2005 2006 2007 Construction activities in Estonia 2 240 2 953 3 568 Merko Ehitus sales in Estonia 156 179 217 Skanska EMV sales in Estonia 115 116 112 Eesti Ehitus sales in Estonia 100 147 212 YIT Ehitus sales in Estonia 75 59 70

Merko Ehitus; 6,1% Eesti Ehitus; 5,9% Others; 82,8% YIT Ehitus; 2,0% Skanska; 3,2% Merko Ehitus; 7,0% Skanska; 5,1% Eesti Ehitus; 4,5% YIT Ehitus; 3,4% Others; 80,0%

2006 2007

Others; 83,0% Merko Ehitus; 6,1% Eesti Ehitus; 5,0% YIT Ehitus; 2,0% Skanska; 3,9%

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SLIDE 4

2005

In million EUR 2005 2006 2007 Total construction activities in Baltics 5 830 7 691 10 376 Merko Ehitus sales in Baltics 207 282 353 Skanska EMV sales in Baltics 118 122 118 Eesti Ehitus sales in Baltics 100 146 213 YIT Group sales in Baltics 199 197 222 Panevežio statybos trestas sales in Baltics 51 91 145

PST; 1,4% YIT Group; 2,1% Ees ti Ehitus ; 2,1% Skans ka; 1,1% Merko Ehitus ; 3,4% Others ; 89,9% Skans ka; 2,0% Ees ti Ehitus ; 1,7% YIT Group; 3,4% PST; 0,9% Others ; 88,4% Merko Ehitus ; 3,6% Skans ka; 1,6% Ees ti Ehitus ; 1,9% YIT Group; 2,6% PST; 1,2% Others ; 89,0% Merko Ehitus ; 3,7%

2006 2007

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SLIDE 5

512 600 692 826 1054 1429 1751 222 262 302 370 482 676 953 3255 3199 3226 3426 3775 4086 922 664 497 412 360 278 229

500 1000 1500 2000 2500 3000 3500 4000 4500 2001 2002 2003 2004 2005 2006 2007

Estonia Latvia Lithuania Finland

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SLIDE 6

15,2% 15,9% 9,6% 12,8% 10,8% 9,6% 11,3%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2001 2002 2003 2004 2005 2006 2007

Estonia Latvia Lithuania Finland

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SLIDE 7

3,8 5,4 2,6 4,1 2,1 2,7 6,4 6,7 3,3 3,3 5,1 6,1 6,6

1 2 3 4 5 6 7 8 2002 2003 2004 2005 2006 2007

Estonia Latvia Lithuania Finland Sweden Denmark Norway

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SLIDE 8

29 26 24 38 48

5 10 15 20 25 30 35 40 45 50 2002 2003 2004 2005 2006 Estonia Latvia Lithuania Finland Sweden

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SLIDE 9

EU Average Estonia Sweden Latvia Lithuania Luxembourg

50 100 150 200 250 300 350 400 450

Source: Jones Lang LaSalle, Re&Solution

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SLIDE 10

Tallinn; 0,8 Stockholm; 13,6 Helsinki; 14,0 Riga; 0,4 Vilnius; 0,5

2 4 6 8 10 12 14 16

Source: Re&Solution, DEGI, Jones Lang LaSalle,

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SLIDE 11

150 181 527 843 734 1421 1359 1670 2708 4414 5511 3110 3232

1 000 2 000 3 000 4 000 5 000 6 000 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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SLIDE 12

1307 1981 2489 2441 101 263 461 560 434 161 231 3386

61%

2794 1056 1386

25%

231 564 739

14%

1 000 2 000 3 000 4 000 5 000 2002 2003 2004 2005 2006 2007

Estonia Latvia Lithuania Others

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SLIDE 13

12% 9% 8% 16% 14% 24% 22% 47% 49% 46% 36% 39% 31% 43% 21% 13% 13% 15% 10% 15% 14% 9% 7% 7% 5% 10% 7% 2% 6% 13% 20% 22% 21% 16% 10% 4% 5% 7% 7% 9%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2001 2002 2003 2004 2005 2006 2007

Residential/Development Public service Office Industrial Civil engineering Road

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SLIDE 14

3,8% 3,3% 3,4% 4,6% 3,9% 4,5% 7,1% 5,7% 6,3% 7,3% 8,0% 9,3%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 2002 2003 2004 2005 2006 2007 General expenses to sales Staff costs to sales

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SLIDE 15

10 26 39 17 67 88 99 185 274 289 457 496 20 149 125 49

100 200 300 400 500 600 1995 1996 1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007

Net profit (extraordinary) Net profit (without extraordinary)

* Does not include the one-off financial expense of EUR 1 054 mln due to the spinoff of E.L.L.Kinnisvara

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SLIDE 16

706 1146 1299 2220 3215 3917 43% 40% 55% 50% 52% 2% 14% 14% 18% 50%

500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 2002 2003 2004 2005 2006 2007

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Total assets Equity to assets ratio Debt obligations

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SLIDE 17

37% 48% 50% 48% 43% 30% 16% 20% 24% 25% 21% 15%

0% 10% 20% 30% 40% 50% 60% 2002 2003 2004 2005 2006 2007

Return on equity Return on assets

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SLIDE 18

300 279 268 313 312 328 320 358 930 1000 721

100 200 300 400 500 600 700 800 900 1 000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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SLIDE 19

211 812

500 1 000 1 500 2 000 2 500 06.97 12.97 06.98 12.98 06.99 12.99 06.00 12.00 06.01 12.01 06.02 12.02 06.03 12.03 06.04 12.04 06.05 12.05 06.06 12.06 06.07 12.07

OMX Tallinn MERKO

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SLIDE 20
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SLIDE 21

DIVISION OF AS MERKO EHITUS

Hannes Vallikivi, Tark & Co

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SLIDE 22

Division briefly

  • AS Merko Ehitus will replace its business name with the name AS

Järvevana and will give the current business name to the company to be created in the course of the division.

  • The shareholders will retain the existing shares in AS Järvevana and

will additionally receive shares of AS Merko Ehitus at a ratio of 1 to 1.

  • After AS Merko Ehitus has been listed on the stock exchange, the new

shares can be traded freely, similar to the existing shares.

  • AS Järvevana will transfer all of its business activities and the company

(including the assets, rights, obligations and contracts) to AS Merko Ehitus, except for the assets and liabilities/obligations specified in the division plan.

  • AS Merko Ehitus will continue the business activities of AS Järvevana,

taking over all contracts and projects currently in progress.

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SLIDE 23

Situation after division

Shareholders

AS Järvevana (prev. AS Merko Ehitus) Supervisory Board :

  • Tõnu Toomik
  • Teet Roopalu
  • Jaan Mäe

Management Board :

  • Toomas Annus

100% the same structure of shareholders AS Merko Ehitus (new company) Supervisory Board :

  • Tõnu Toomik
  • Teet Roopalu
  • Jaan Mäe

Management Board :

  • Veljo Viitmann
  • Alar Lagus
  • Andres Agukas
  • Tõnu Korts
  • Tiit Roben*

SIA Merks UAB Merko Statyba Tallinna Teede AS Others

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SLIDE 24

AS JÄRVEVANA Liabilities 17,5 mEEK Equity 232,5 mEEK Total assets 250 mEEK

AS MERKO EHITUS

31.03.2008

Liabilities 1 705 mEEK Equity 2 205 mEEK Total assets 3 910 mEEK

MERKO EHITUS Liabilities 1 687,5 mEEK Equity 1 972,5 mEEK Total assets 3 660 mEEK

Situation after division

(assets and equity)

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SLIDE 25

Assets of AS Järvevana

Assets

  • Cash in bank account 25 mEEK
  • Loan to AS Merko Ehitus in

the amount of 125 mEEK (6% / EURIBOR+1% a interest)

  • 5 registered immovable with

the right to sell them to AS Merko Ehitus with the total price of 100 mEEK. Equity (in balance sheet)

  • Share capital 177 mEEK
  • Retained earnings 55,5 mEEK

Liabilities (off-balance sheet)

  • contingent liabilities, incl.

theoretical penalty 250 mEEK

94% 6% AS Merko Ehitus (group) AS Järvevana