Merko Ehitus As · OMXTSE:MRK1T
Merko Ehitus As — AS Merko Ehitus — Shareholder Meeting (2008)
25 slides from Merko Ehitus As's shareholder meeting presentation, 2008
Slide 1: AS Merko Ehitus Annual General Meeting 2008
AS MERKO EHITUS ANNUAL GENERAL MEETING 2008
Slide 2: The agenda of the general meeting
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 su
Slide 3: Construction market and market shares in Estonia
2005 2006 2007 Merko Ehitus; 7,0% Merko Ehitus; 6,1% Merko Ehitus; 6,1% Skanska; 3,2% Skanska; 5,1% Skanska; 3,9% Eesti Ehitus; 5,9% Eesti Ehitus; 5,0% Eesti Ehitus; 4,5% YIT Ehitus; 2,0% YIT Ehitus; 2,0% YIT Ehitus; 3,4% Others; 80,0% Others; 83,0% Others; 82,8% In million EUR 2005 2006 2007 Constr
Slide 4: Construction market and market shares in the Baltics
Merko Ehitus; Merko Ehitus; 3,4% Merko Ehitus; 3,7% 3,6% Skanska; 1,1% Skanska; 1,6% 2005 Skanska; 2,0% 2006 Eesti Ehitus; 1,9% 2007 Eesti Ehitus; 2,1% Eesti Ehitus; 1,7% YIT Group; 2,1% YIT Group; 2,6% YIT Group; 3,4% PST; 1,2% PST; 1,4% PST; 0,9% Others; 88,4% Others; 89,0% Others; 89,9% In millio
Slide 5: Construction volumes by country
4500 4086 4000 3775 3426 3500 3255 3199 3226 3000 2500 2000 1751 1429 1500 1054 953 922 1000 826 692 676664 512 600 482 497 500 302 360 370412 222 229 262 278 0 2001 2002 2003 2004 2005 2006 2007 Estonia Latvia Lithuania Finland
Slide 6: Construction share by country
18% Estonia Latvia Lithuania Finland 15,9% 16% 15,2% 14% 12,8% 12% 10,8% 11,3% 10% 9,6% 9,6% 8% 6% 4% 2% 0% 2001 2002 2003 2004 2005 2006 2007
Slide 7: Construction market comparison across countries
8 Estonia Latvia Lithuania Finland Sweden Denmark Norway 7 6,7 6,6 6,4 6,1 6 5,4 5,1 5 4,1 4 3,8 3,3 3,3 3 2,6 2,7 2,1 2 1 0 2002 2003 2004 2005 2006 2007
Slide 8: Market indicators by country
50 48 Estonia Latvia Lithuania Finland Sweden 45 40 38 35 30 29 26 25 24 20 15 10 5 0 2002 2003 2004 2005 2006
Slide 9: Real estate market comparison
Source: Jones Lang LaSalle, Re&Solution Sweden Luxembourg Estonia EU Average Lithuania Latvia 0 50 100 150 200 250 300 350 400 450
Slide 10: Office space by city
Source: Re&Solution, DEGI, Jones Lang LaSalle, Helsinki; 14,0 Stockholm; 13,6 Tallinn; 0,8 Vilnius; 0,5 Riga; 0,4 0 2 4 6 8 10 12 14 16
Slide 11: Merko historical sales
6 000 5511 5 000 4414 4 000 3110 3232 3 000 2708 2 000 1670 1421 1359 1 000 843 734 527 150 181 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Slide 12: Sales by country
739 5 000 14% 564 1386 4 000 25% 231 1056 3 000 161 461 560 434 2 000 263 3386 231 61% 101 2794 2489 2441 1 000 1981 1307 0 2002 2003 2004 2005 2006 2007 Estonia Latvia Lithuania Others
Slide 13: Sales by business segment
100% 6% 4% 5% 7% 7% 9% 90% 9% 13% 20% 16% 10% 22% 21% 80% 2% 7% 21% 7% 14% 70% 7% 5% 13% 10% 13% 15% 60% 15% 10% 50% 43% 40% 31% 47% 49% 36% 39% 30% 46% 20% 10% 24% 22% 16% 14% 12% 9% 8% 0% 2001 2002 2003 2004 2005 2006 2007 Residential/Development Public service Office Industrial Civil engineering
Slide 14: General expenses and staff costs to sales
10% 9,3% 9% 8,0% 8% 7,1% 7,3% 7% 6,3% 6% 5,7% 5% 4,6% 4,5% 3,8% 3,9% 4% 3,3% 3,4% 3% 2% 1% 0% 2002 2003 2004 2005 2006 2007 General expenses to sales Staff costs to sales
Slide 15: Net profit
600 Net profit (extraordinary) Net profit (without extraordinary) 125 49 500 400 149 300 20 496 457 200 274 289 100 185 88 99 67 26 39 17 0 10 1995 1996 1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007 * Does not include the one-off financial expense of EUR 1 054 mln due to the spinoff of E.L
Slide 16: Total assets, equity ratio and debt obligations
4 000 3917 100% Total assets Equity to assets ratio Debt obligations 90% 3 500 3215 80% 3 000 70% 2 500 55% 2220 60% 50% 50% 52% 2 000 50% 43% 40% 40% 1 500 1299 1146 30% 1 000 706 18% 14% 14% 20% 500 10% 2% 0 0% 2002 2003 2004 2005 2006 2007
Slide 17: Return on equity and return on assets
60% 50% 50% 48% 48% 43% 40% 37% 30% 30% 24% 25% 21% 20% 20% 16% 15% 10% 0% 2002 2003 2004 2005 2006 2007 Return on equity Return on assets
Slide 18: 1000 58 300 279 313 312 268 100 0 1997 1998 1999 2000 2001
1 000 900 800 700 600 500 1000 930 400 721 300 200 328 320 358 300 279 313 312 268 100 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Slide 19: OMX Tallinn vs MERKO share price
2 500 OMX Tallinn MERKO 2 000 1 500 1 000 812 500 211 0 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
Slide 20: Merko Ehitus website welcome page
HOME ABOUTMERKO BUSINESS ACTIVITIES FORTHEINVESTOR COMETOWORK PUBLIC RELATIONS CONTACT FN erko supports ~<; : | health tracks into each county Z Welcome! Merko Ehitus provides continuous reliable integral solutions guaranteeing satisfaction and feeling of security in the sectors of real estate devel
Slide 21: Division of AS Merko Ehitus
DIVISION OF AS MERKO EHITUS Hannes Vallikivi, Tark & Co
Slide 22: Division briefly
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
Slide 23: Situation after division
Situation after division Shareholders 100% the same structure of shareholders AS Järvevana AS Merko Ehitus (prev. AS Merko Ehitus) (new company) Supervisory Board : Supervisory Board : •Tõnu Toomik •Tõnu Toomik •Teet Roopalu •Teet Roopalu •Jaan Mäe •Jaan Mäe Management Board : Management Board : •To
Slide 24: Situation after division (assets and equity)
Situation after division (assets and equity) AS MERKO EHITUS 31.03.2008 Liabilities 1 705 mEEK Equity 2 205 mEEK Total assets 3 910 mEEK AS JÄRVEVANA Liabilities 17,5 mEEK MERKO EHITUS Equity 232,5 mEEK Liabilities 1 687,5 mEEK Total assets 250 mEEK Equity 1 972,5 mEEK Total assets 3 660 mEEK
Slide 25: Assets of AS Järvevana
Assets of AS Järvevana Assets Liabilities (off-balance sheet) • Cash in bank account 25 mEEK • contingent liabilities, incl. • Loan to AS Merko Ehitus in theoretical penalty 250 mEEK the amount of 125 mEEK (6% / EURIBOR+1% a interest) • 5 registered immovable with the right to sell them to AS Merko