ARCO VARA AS - NASDAQ OMX Baltic

Cash and cash equivalents -253
Other current assets -4 100
Long-term financial investments -3 400
Property, plant and equipment -907
Investment property -19 469
Borrowings -12 262
Other payables -2 602
Total net assets -13 396
The financial indicators of joint ventures recognised in the Group’s financial statements using
proportionate consolidation
2005 2004
Operating income 93 336 52 424
Operating expenses -19 551 -16 736
Financial items and investment activity income (expenses) -10 377 -11 394
31.12.2005 31.12.2004
Current assets 28 806 4 766
Non-current assets 296 653 372 260
Short-term liabilities -22 485 17 261
Long-term liabilities -61 475 185 980
18 Business combinations and establishing subsidiaries
in thousands of kroons
In 2005, the Group established the following subsidiaries and joint ventures:
Subsidiaries and joint ventures Ownership acquired Segment Contribution into
share capital
Arco Capital TOV 100% Development 91
Arco Neruhomist TOV 100% Service 87
Arco Ukraina Valduste OÜ 75% Service 30
Home Service SIA 50% Development 22
Pärnu Elumaja OÜ 50% Development 20
Pärnu Ärihoone OÜ 50% Development 20
Ulmana Gatves Nami SIA 100% Development 45
In 2004, the Group established the following subsidiaries:
Subsidiaries Ownership acquired Segment Contribution into
share capital
Zeus Haldus OÜ 100% Development 40
Arco Varavalitsemise AS 100% Service 3 300
Wilson Kinnisvara OÜ 100% Development 40
At the beginning of 2005, Deena Ehituse OÜ acquired 100% of ownership in OÜ Thornhill paying for
that 50 thousand kroons. In March 2005, OÜ Thornhill acquired 100% of ownership in Veemaailm
Inc. OÜ – a main contractor of environmental construction. The acquisition cost amounted to 11 465
thousand kroons and consisted of purchase price of 8 000 thousand kroons paid at once and
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