Audited annual report 2014 and profit allocation proposal
On 7 April 2015 the Supervisory Board of AS Merko Ehitus approved the annual report 2014 and profit allocation proposal prepared by the Management Board of AS Merko Ehitus. The Supervisory Board decided to present the annual report and profit allocation proposal as prepared by the Management Board for the approval of the general meeting of shareholders.
The financial results for 2014 remain unchanged compared to the preliminary disclosure on 12thFebruary 2015. AS Merko Ehitus consolidated audited revenue was EUR 252.3 million and net profit EUR 12.4 million for the year 2014.
The Management Board of AS Merko Ehitus is satisfied with the 2014 results, especially with improved profit figures, growth in Latvia and Lithuania and apartment sales in Estonia. In spite of the complicated market situation, the company was able to increase the group’s net profit by nearly 19% at a revenue level comparable to the year before during last year. The increased efficiency of the group and reorganisation of working processes are largely behind the improved profitability.
The Management Board has made a proposal for the general meeting of the shareholders to pay dividends to shareholders in the total amount of EUR 7.3 million, which makes EUR 0.41 per share. Retained earnings amount to EUR 107.2 million after the profit allocation. The Management Board also proposes to the general meeting of the shareholders to reduce the share capital by a total of EUR 4.1 million (EUR 0.23 per share) by way of reducing the book value of shares.
AS Merko Ehitus audited annual report for 2014 is made available on NASDAQ Tallinn and AS Merko Ehitus web page (group.merko.ee).