AS MERKO EHITUS

ANNOUNCEMENT

06.05.99

 

COMMENTARY TO Q1 1999 CONSOLIDATED FINANCIAL RESULTS OF 

AS MERKO EHITUS 

 

The Q1 1999 unaudited and consolidated net sales of AS Merko Ehitus 

group amounted to 155.9 million EEK, and net profit was 6.2 million 

EEK. The respective figures in Q1 1998 were net sales of 176.7 

million EEK and net profit of 13.0 million EEK.

 

The financial results of AS Merko Ehitus group consolidate the 

results of AS Merko Ehitus, and its 100% subsidiaries AS Gustaf 

(construction), AS E.L.L. Kinnisvara (real estate development), AS  

Merko Insenerehitus (enginerial construction), SIA Merks  (project 

management and construction), UAB Merko Statyba  (project management 

and construction), Merko Project Finance & Consulting Ltd. (project 

financing and consultation) and 66% holding in subsidiary AS Merko 

Tartu (construction), and 73% holding in subsidiary OÜ Matek 

(production of small houses and timber construction).

 

In addition to the subsidiaries, the profit figure of AS Merko Ehitus 

group also includes the results of the affiliated enterprises 

Normanni Linnagrupi AS (project management, 50% holding) and Vesimer 

Investeeringute AS (investments, project management and real estate 

development, 50% holding), AS Insenervõrgud (engineer construction, 

20% holding), AS Stik Elekter (electrical works, 34% holding), 

affiliated enterprise ESS Kinnisvarahoolduse AS (real estate 

administration, 30% holding) and Eesti Ehitusekspordi AS (owns 100% 

of AS Tartu Maja Betoontooted, 25% holding). 

 

The 1998 Q1 consolidated and audited income statement and balance 

sheet are compiled in accordance with the principles of the 

International Accounting Standards (IAS), and correspond with the 

Estonian legal acts regulating the accounting principles used.

 

 

Ülo Metsaots

Financial director, member of the Management Board

+372 61 05 110