Latest news with #MerkoEhitus
Yahoo
23-05-2025
- Business
- Yahoo
Merko Ehitus signs contract for construction of Rail Baltica's Ulemiste terminal
Merko Ehitus Eesti, a subsidiary of the Merko Ehitus group, has entered into a construction agreement with OU Rail Baltic Estonia for the development of the Rail Baltica Ulemiste international passenger terminal in Tallinn. The total value of the contract is estimated at €85m ($96m) with construction set to commence in November 2025 and completion expected by October 2028. Funding for the construction contract is provided by the European Union Cohesion Fund (CF) and the Connecting Europe Facility (CEF). Rail Baltic Estonia management board chairman Anvar Salomets said: 'The Ulemiste Linda Terminal is unprecedented in Estonian railway history – it is not just a building but a new gateway from Estonia to the world.' The contract encompasses both the design and construction of the terminal, which will be named "Linda" and is being designed by the architectural firm Zaha Hadid Architects. The terminal will be situated across Suur-Sojamae street, adjacent to the planned Rail Baltica railway and the existing Estonian Railways infrastructure. The terminal building will feature a section that spans approximately 180m over the railway, reaching a height of about 20m, equivalent to a six-storey structure. To facilitate train access, three platforms measuring a total of around 1,250m will be constructed alongside the railway tracks, with approximately half of this area covered by a canopy. The terminal will showcase a distinctive facade and roof design, adhering to all European railway traffic regulations, and will be built without disrupting current rail services. Merko Ehitus Eesti management board chairman Jaan Mäe said: 'Rail Baltica is a landmark project that brings Europe closer to Estonia and provides work for many companies. 'Constructing such a large-scale building of world-class architecture here in Estonia is a unique opportunity.' Recently, Estonia signed two construction contracts totalling €726m ($810.5m) for the Rail Baltica project. The contracts, awarded to international consortia, will develop two key sections of the Estonian mainline. "Merko Ehitus signs contract for construction of Rail Baltica's Ulemiste terminal" was originally created and published by Railway Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
16-05-2025
- Business
- Yahoo
2025 3 months consolidated unaudited interim report
COMMENTARY FROM MANAGEMENT Merko Ehitus posted revenue of EUR 85.2 million and net profit of EUR 10.5 million in Q1 2025. Real estate development accounted for 30% of the group's Q1 revenue, having more than doubled in this category compared to the same period a year ago. According to the management of Merko Ehitus, the results of the first quarter are characterised primarily by increased activity on the real estate market in Lithuania and increase in sales from real estate development, as well as by the continuing realisation of the strong construction services portfolio and the completion of some projects ahead of schedule. The real estate market has clearly improved in Lithuania compared to last year. Although the sale of new apartments is not up significantly in Estonia, Merko has increased its market share there as well. Whereas real estate development accounted for 16% of the group's revenue in Q1 of 2024, this year it provided close to 30%. The low comparison base in terms of sales volumes in 2024 should however be borne in mind. Apartment buyers are currently preferring finished apartments or ones that will be ready in the short term, with significantly less appetite for signing contracts for units in projects yet to be launched. As a result, the balance of the group' apartment is kept at slightly higher levels than previous years. In Q1, the group's companies signed a significantly higher volume of new construction contracts compared to last year. Although the balance of secured order-book is lower than in Q1 of 2024, Merko portfolio is strong and comparable with 2022 volumes. The largest projects in progress are wind farms' infrastructure and national defence projects in Lithuania, the Vārme solar park in Latvia and City Plaza 2 office building in Tallinn, as well as the interior work on the 28-storey building in the Arter Quarter, where Swedbank will move its headquarters. In recent months, Merko has submitted the best or winning bids at several large public procurements, but due to the complexity of the projects, the customers have not yet made the final decisions. Merko group concluded new construction contracts worth EUR 50.6 million in Q1 of 2025, compared to EUR 10.5 million in the same period in 2024. The secured order-book stood at EUR 332 million at the end of the first quarter. In Q1 of 2025, Merko delivered 121 apartments and one commercial unit to buyers in Estonia, Latvia and Lithuania, compared to 59 apartments and seven commercial units in the first quarter of last year. Revenue from real estate development was EUR 26 million in Q1 of 2025 compared to EUR 13 million in Q1 of 2024. In Q1 2025, Merko launched Allveelaeva 2 residential development in Tallinn and Šnipiškių Urban in Vilnius. The largest developments under construction were Uus-Veerenni, Noblessner and Lahekalda in Tallinn, Erminurme in Tartu; Lucavsala, Arena Garden Towers, Viesturdārzs, Mežpilsēta and Magnolijas in Riga; and Vilnelės Skverai in Vilnius. The largest projects under way in Q1 of 2025 in Estonia were the Hyatt hotel building, Arter Quarter, the City Plaza 2 office building in Tallinn, the national defence building in Tartu, the first stage of the Ülemiste multimodal transport junction for Rail Baltica and the fourth stage of the mainline of the Rail Baltica. In Lithuania, the largest ones were wind farm infrastructure projects in the Pagėgiai, Telšiai and Pasvalys regions and various national defence buildings and infrastructures. In Latvia, a solar park in Vārme Municipality and a student hotel in Riga were under construction. OVERVIEW OF THE 3 MONTHS RESULTS PROFITABILITY2025 3 months' pre-tax profit was EUR 11.6 million (3M 2024: EUR 5.2 million), which brought the pre-tax profit margin to 13.6% (3M 2024: 6.4%).Net profit attributable to shareholders for 3 months 2025 was EUR 10.5 million (3M 2024: EUR 4.4 million) and 3 months net profit margin was 12.3% (3M 2024: 5.5%). REVENUE 2025 3 months' revenue was EUR 85.2 million (3M 2024: EUR 81.2 million). 3 months' revenue increased by 5.0% compared to same period last year. The share of revenue earned outside Estonia in 3 months 2025 was 45.6% (3M 2024: 62.3%). SECURED ORDER BOOKAs of 31 March 2025, the group's secured order book was EUR 331.9 million (31 March 2024: EUR 419.0 million). In 3 months 2025, group companies signed contracts in the amount of EUR 50.6 million (3M 2024: EUR 10.5 million). REAL ESTATE DEVELOPMENTIn 3 months 2025, the group sold a total of 121 apartments; in 3 months 2024, the group sold 59 apartments. The group earned a revenue of EUR 24.7 million from sale of own developed apartments in 3 months 2025 and EUR 10.8 million in 3 months 2024. CASH POSITIONAt the end of the reporting period, the group had EUR 78.5 million in cash and cash equivalents, and equity of EUR 264.7 million (61.0% of total assets). Comparable figures as of 31 March 2024 were EUR 88.4 million and EUR 216.6 million (50.8% of total assets), respectively. As of 31 March 2025, the group's net debt was negative EUR 53.4 million (31 March 2024: negative EUR 39.6 million). CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEunauditedin thousand euros 20253 months 20243 months 202412 months Revenue 85,236 81,185 539,049 Cost of goods sold (70,323) (72,301) (443,162) Gross profit 14,913 8,884 95,887 Marketing expenses (1,275) (1,068) (5,030) General and administrative expenses (4,275) (4,142) (21,908) Other operating income 561 1,324 5,724 Other operating expenses (41) (953) (2,190) Operating profit 9,883 4,045 72,483 Finance income/costs 1,717 1,157 3,931 incl. finance income/costs from investments in subsidiaries - - (5,087) finance income/costs from joint ventures 1,501 1,568 9,951 interest expense (210) (655) (1,823) foreign exchange gain (loss) 115 (190) (948) other financial income (expenses) 311 434 1,838 Profit before tax 11,600 5,202 76,414 Corporate income tax expense (1,140) (818) (11,820) Net profit for financial year 10,460 4,384 64,594 incl. net profit attributable to equity holders of the parent 10,460 4,427 64,668 net profit attributable to non-controlling interest - (43) (74) Other comprehensive income, which can subsequently be classified in the income statement Currency translation differences of foreign entities (59) 106 105 Comprehensive income for the period 10,401 4,490 64,699 incl. net profit attributable to equity holders of the parent 10,401 4,526 64,764 net profit attributable to non-controlling interest - (36) (65) Earnings per share for profit attributable to equity holders of the parent (basic and diluted, in EUR) 0.59 0.25 3.65 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONunauditedin thousand euros 31.03.2025 31.03.2024 31.12.2024 ASSETS Current assets Cash and cash equivalents 78,525 88,353 91,879 Short-term deposits 17,000 - 10,000 Trade and other receivables 62,815 58,929 51,419 Prepaid corporate income tax 105 6 270 Inventories 197,861 196,518 196,521 356,306 343,806 350,089 Non-current assets Investments in joint ventures 23,072 23,483 21,571 Other shares and securities 80 80 80 Other long-term loans and receivables 19,044 20,427 40,196 Deferred income tax assets 4,830 4,998 5,056 Investment property 12,525 16,740 12,606 Property, plant and equipment 17,419 16,093 17,147 Intangible assets 388 487 350 77,358 82,308 97,006 TOTAL ASSETS 433,664 426,114 447,095 LIABILITIES Current liabilities Borrowings 10,110 12,909 21,303 Payables and prepayments 114,153 134,216 129,786 Income tax liability 6,487 6,335 7,101 Short-term provisions 8,564 10,551 7,678 139,314 164,011 165,868 Non-current liabilities Long-term borrowings 15,002 35,882 12,102 Deferred income tax liability 6,539 4,489 6,148 Other long-term payables 8,150 5,342 8,719 29,691 45,713 26,969 TOTAL LIABILITIES 169,005 209,724 192,837 EQUITY Non-controlling interests - (191) - Equity attributable to equity holders of the parent Share capital 7,929 7,929 7,929 Statutory reserve capital 793 793 793 Currency translation differences (100) (739) (41) Retained earnings 256,037 208,598 245,577 264,659 216,581 254,258 TOTAL EQUITY 264,659 216,390 254,258 TOTAL LIABILITIES AND EQUITY 433,664 426,114 447,095 Interim report is attached to the announcement and is also published on NASDAQ Tallinn and Merko's web page ( Urmas SomelarHead of FinanceAS Merko Ehitus+372 650 AS Merko Ehitus ( group companies construct buildings and infrastructure and develop real estate. We create a better living environment and build the future. We operate in Estonia, Latvia and Lithuania. As at the end of 2024, the group employed 605 people, and the group's revenue for 2024 was EUR 539 million. Attachment Merko_Ehitus_2025_3M_interim_reportError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
