ARCO VARA AS - NASDAQ OMX Baltic

Non-current assets acquired in 2005 by type of assets Estonia Latvia Lithuania Ukraine Total
Investment property 54 838 9 570 0 0 64 408
Property, plant and equipment 173 745 374 268 272 174 659
Intangible assets 7 631 81 0 0 7 712
Total acquired non-current assets 236 214 10 025 268 272 246 779
7 Changes in the Arco Vara Group structure
7.1 Scope of consolidation
Estonia Latvia Lithuania Ukraine Bulgaria Romania Total
Parent and subsidiaries
As of 01.01.2006 21 7 1 2 - - 31
Additions 1 1 1 - 1 - 4
Disposals -2 -1 - - - - -3
As of 31.12.2006
Joint ventures
20 7 2 2 1 - 32
As of 01.01.2006 10 1 - - - - 11
Additions 14 1 - - - 1 16
Disposals -2 - - - - - -2
As of 31.12.2006 22 2 - - - 1 25
Associated companies (not consolidated)
As of 01.01.2006 - - - - - - -
Additions 1 - - - - - 1
As of 31.12.2006 1 - - - - - 1
As of 31.12.2006, 42 Estonian, 9 Latvian, 2 Lithuanian, 2 Ukrainian, 1 Bulgarian and 1 Romanian
company had been consolidated under the Arco Vara Group. In 2006, the Group acquired 4
subsidiaries, consolidation of three companies was stopped. 16 proportionally consolidated joint
ventures were added to the Group.
The effect of joint ventures on the consolidated balance sheet and income statement (in thousands of
kroons):
2006 2005
Operating income 279 718 93 336
Operating expenses -52 390 -19 551
Financial income and expenses -1 425 -10 377
Current assets 98 992 28 806
Non-current assets 599 910 296 653
Current liabilities 85 780 22 485
Non-current liabilities 172 217 61 475
The most significant joint ventures from the Group’s perspective are Tallinna
Olümpiapurjespordikeskus AS (owns the Regati pst 1 property) and Floriston Grupp OÜ (owns
several development properties in Tallinn).
F-40