ARCO VARA AS - NASDAQ OMX Baltic

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40 Group structure of Arco Vara AS ARCO VARA GROUP as 31.12.2006 ARCO VARA AS OTHER CONSTRUCTION SERVICE DEVELOPMENT 80% 100% 100% 100% 80% 100% 100% Arco HCE OÜ 100% 100% 100% 80% 75% Arco Vara Riia Valduste OÜ 100% Castleberry OÜ 100% Vidus Nams 11 SIA (likvideerimisel) 83% 89% 100% 100% 100% 75% 100% 80% 75% 100% 80% 100% 100% 80% 100% Arco Real Estate UAB 100% Arco Development SIA Arco Investeeringute AS Arco Vara Kinnistute AS Wilson Kinnisvara OÜ Kerberon OÜ Kolde AS Pärnu Turg OÜ Metro Kinnisvara OÜ Arcofond OÜ Arco Vara Puukool OÜ Arco Maadehalduse OÜ Sportings Riga SIA Arco Ukraina Valduste OÜ Arco Vara Kinnisvarabüroo AS Arco Real Estate SIA Arco Imoti EOOD SUBSIDIARIES 50% 50% 50% 20% 50% 50% 50% 100% 100% Arco Ehitus OÜ 100% 80% Fimaier OÜ Ulmana Gatves Nami SIA 50% Waldrop Investeeringute OÜ 50% Bisumuiza Nami SIA 50% Zeus Haldus OÜ 50% 30% Rassmussen Invest Latvija SIA Arco Kapital TOV Arco Neruhomist TOV 50% 50% Arco Invest UAB Veemaailm Inc OÜ Tallinna Linnaehituse AS < 10% F-76 Dreilini-Ubroko-1 SIA Arco Vara Arenduse OÜ Arco & Koger Investeeringute AS 20% Pärnu Elumaja OÜ Tallinna Olümpiaspordikeskus AS Arco Vara Saare Kinnistud OÜ Floriston Grupp OÜ Arco Ärikeskuse OÜ Kramer Kinnisvara OÜ Koduküla OÜ Home Service SIA 5% JOINT VENTURES 100% 100% Varamaad Kinnisvara OÜ Snowden OÜ Chalwell OÜ Cromer Trade OÜ Hopson Capital OÜ Kastner Grupp OÜ 100% Arco Rumeenia Valdused OÜ Arco Real Estate Consulting SRL Arco Varavalitsemise AS 100% 100% 100% 100% 100% 100% 100% OTHER INVESTMENTS Jüri Arendus OÜ Gilmor GroupOÜ Saaremaa Golf AS SUBSIDIARIES JOINT VENTURES OTHER INVESTMENTS 20% Barrow Investments OÜ Redman Invest OÜ Steadman OÜ Noland Grupp OÜ
41 Main statements of the Parent as required by Estonian Accounting Act in thousands of kroons The main statements of the Parent as required by the Estonian Accounting Act are not prepared as separate financials statements of the Parent as described in IAS 27. Income Statement 2006 2005 Sales revenue 15 511 4 Cost of Sales -12 130 0 Gross profit 3 381 4 Other operating income 2 326 0 Marketing expenses -1 692 General and administrative expenses -19 608 -2 920 Other operating expenses -165 0 Operating profit -15 758 -2 916 Gain or loss from shares in subsidiaries and joint ventures 7 127 9 900 Other financial income 41 893 24 498 Other financial expenses -20 526 -20 214 Profit before income tax 12 736 11 268 Income tax expense -3 307 0 Net profit 9 429 11 268 Balance Sheet ASSETS F-77 31.12.2006 31.12.2005 Current assets Cash 14 142 422 Receivables 245 096 327 891 Prepaid expenses 1 323 0 Inventories 1 0 Total current assets 260 562 328 313 Non-current assets Long-term financial investments 292 613 94 110 Investment property 17 040 0 Property, plant and equipment 3 655 0 Intangible assets 251 0 Total non-current assets 313 559 94 110 TOTAL ASSETS 574 121 422 423 LIABILITIES AND EQUITY Current liabilities Borrowings 105 439 90 488 Payables 90 299 20 300
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OFFERING CIRCULAR Offering of 34,45
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The Combined Offering will be gover
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neither subject to Section 13 or 15
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TABLE OF CONTENTS SUMMARY .........
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SUMMARY This summary should be read
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GROUP STRUCTURE Arco Vara AS, a com
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to increase the number of new Offer
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SUMMARY OF THE CONSOLIDATED FINANCI
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RISK FACTORS An investment in the O
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In addition, the government and mun
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find changes in customer preference
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from interest rate fluctuations. Se
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Contractual risks A dispute may ari
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staff will increase. Future success
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existing competitive advantages, no
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subject to the discretion of the Co
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their transition process is far fro
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Group fails to achieve new competit
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CANCELLATION OF COMBINED OFFERING T
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By submitting a Purchase Order an i
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Any remaining Offer Shares that can
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Priit Hainoja 15,500 Total 1,550,00
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INSTRUCTIONS TO INVESTORS IN ESTONI
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SUBMISSION OF PURCHASE ORDERS INSTR
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BACKGROUND TO THE COMBINED OFFERING
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USE OF PROCEEDS The aggregate net p
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CAPITALIZATION AND INDEBTEDNESS The
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The International Monetary Fund (IM
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• Class D: Lowest quality office
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The table below compares prime offi
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on apartments. Developers increasin
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The table below summarises the rece
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prestigious districts, such as the
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The following table summarises the
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570,000 m 2 between 2003 and 2006,
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Office property market King Sturge
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The following table outlines genera
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Project Consolidated project book v
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originate from the new target marke
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HISTORY The Group was founded in 19
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EEK million 2004 audited % EEK mill
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Country 2004 2005 2006 31 March 200
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Any small scale development project
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Name of the company 2004 (EEK m) 20
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tends to be smoother in Latvia than
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In addition to 21 projects specifie
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project is also expected in 2007. T
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RESIDENTIAL DEVELOPMENT PROJECTS Ti
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Laeva office building project in Ta
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The property in TOP Pirita includes
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Enerpoint office property in Kuress
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The construction division has a sup
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prescribed by IFRS, such investment
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Human resource management principle
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Name / Location Description Intende
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the Group nor does it consider it l
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ENVIRONMENTAL ISSUES As a result of
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The shareholders’ meeting can pas
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If a party breaches its obligations
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Shareholders’ agreement in relati
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transactions of the Group, see Note
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expiring on 31 December 2007. Inter
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• Loan agreement between Arco Inv
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SELECTED FINANCIAL DATA The followi
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Year ended 31 December Three months
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ownership structures and disposals
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a company owned by City of Riga. A
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The Group’s future development de
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Year ended 31 December Three months
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evenue of the division for the firs
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Total revenue from rental and prope
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The Group recognised an EEK 7.5 mil
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Operating expenses Marketing expens
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were an increase in operating profi
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As at 31 December 2006, Arco Vara A
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Revenue from sales of other goods R
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MANAGEMENT Pursuant to the provisio
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more than two members, the Supervis
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Kaido Kangur 1968 Head of Services
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CORPORATE GOVERNANCE The Estonian F
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165 Privador AS, Supervisory Counci
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Each member of the Management Board
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currently under compulsory liquidat
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DEVELOPMENT Name % Registered offic
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CHANGES IN THE SHARE CAPITAL Since
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For the description of transactions
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The rights attaching to any class o
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obligation to make the mandatory ta
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The supervisory council engages in
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The public has access to certain in
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established by law (such permission
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TAXATION The following summary is b
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In addition, as the current income
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FEDERAL TAX CONSIDERATIONS IN UNITE
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Treaty. For Estonian taxation on ga
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GENERAL UNDERWRITING The Company an
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ely upon the truth and accuracy of
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document in respect of the Offer, u
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non-U.S. plan, and such acquisition
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DEFINITIONS AND GLOSSARY “CAB”
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INDEX TO FINANCIAL STATEMENTS F-1 P
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CONSOLIDATED INCOME STATEMENT in th
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CONSOLIDATED CASH FLOW STATEMENT in
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NOTES TO THE CONSOLIDATED INTERIM C
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Property, plant and equipment (note
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The decrease in the volume of the a
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Disposals related to sale of subsid
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13 Events after the balance sheet d
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CONSOLIDATED INCOME STATEMENT in th
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CONSOLIDATED CASH FLOW STATEMENT in
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NOTES TO THE CONSOLIDATED FINANCIAL
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3 Changes in the presentation and a
Page 229 and 230: Estimation uncertainty The estimate
Page 231 and 232: warranty provisions and other produ
Page 233 and 234: Financial Reporting Standards may n
Page 235 and 236: Investment property Investment prop
Page 237 and 238: Expenses incurred on PPE after thei
Page 239 and 240: subsequently measured at amortised
Page 241 and 242: Accounting for investments in subsi
Page 243 and 244: Segment investments into non-curren
Page 245 and 246: Companies belonging to the Arco Var
Page 247 and 248: 7.2 Changes in the Group's ownershi
Page 249 and 250: F-45 1.01.2005 Cash and cash equiva
Page 251 and 252: In the autumn of 2006, Pennington K
Page 253 and 254: 1 Depreciation, amoritzation and im
Page 255 and 256: Operating lease: Group as the lesse
Page 257 and 258: The net realizable value of invento
Page 259 and 260: 1 Investments measured at fair valu
Page 261 and 262: properties into investment property
Page 263 and 264: o Forecasted aggressive growth in r
Page 265 and 266: 2 Other short-term and long-term lo
Page 267 and 268: Total adjustment of revenue 3 903 -
Page 269 and 270: 32 Contingent liabilities in thousa
Page 271 and 272: Risk management in Arco Vara Group
Page 273 and 274: Interest-bearing receivables and li
Page 275 and 276: 35 Cash flows from operating activi
Page 277 and 278: 2006 2005 Sales revenue 249 1 829 P
Page 279: As a part of the restructuring, the
Page 283 and 284: Cash Flow Statement 2006 2005 Cash
Page 285 and 286: CONSOLIDATED AUDITED FINANCIAL STAT
Page 287 and 288: CONSOLIDATED BALANCE SHEET for the
Page 289 and 290: 1 In 2005, purchase of investment p
Page 291 and 292: 2005 2004 Total dividends announced
Page 293 and 294: More detailed information of subsid
Page 295 and 296: these new / revised standards and i
Page 297 and 298: Receivable from local municipalitie
Page 299 and 300: agreed, is concluded. Payments rece
Page 301 and 302: Interest income from receivables an
Page 303 and 304: characteristic (age, sort and level
Page 305 and 306: eviewed for impairment when events
Page 307 and 308: tax. A Group’s potential tax liab
Page 309 and 310: As of 31.12.2004 or for the year 20
Page 311 and 312: 8 Cost of sales in thousands of kro
Page 313 and 314: Weighted average number of ordinary
Page 315 and 316: Arco Maadehalduse OÜ Arco Manageme
Page 317 and 318: 4 In 2005, the Group purchased 20%
Page 319 and 320: Cash and cash equivalents -253 Othe
Page 321 and 322: 19 Long-term receivables in thousan
Page 323 and 324: Reclassifications from and to prope
Page 325 and 326: Amortisation charge 0 0 -263 -263 I
Page 327 and 328: Additional information on borrowing
Page 329 and 330: 29 Other long-term payables in thou
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counterparty to be able to use the
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The amount of cash and cash equival
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many real estate transactions are f
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The acquisition of ownership in the
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38 Main statements of the Parent as
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Repayments of borrowings -142 693 -
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Opinion In our opinion, the consoli
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ANNEX A: COLLIERS INTERNATIONAL APP
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TABLE OF CONTENTS Instructions Page
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COMPLIANCE WITH STANDARDS AND STATU
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VALUATION METHODOLOGIES Discounted
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SUMMARY All information gathered ha
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Project Address Cadastral Gross Inc
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six-storey high 100% office buildin
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Project Address Cadastral Size, Net
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[THIS PAGE HAS INTENTIONALLY BEEN L
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[THIS PAGE HAS INTENTIONALLY BEEN L
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