DOCSLIB.ORG

Real Estate Market Overview Annual Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Real Estate Market Overview Annual Review Research & Forecast Report Latvia | Lithuania | Estonia 2017 Real Estate Market Overview Annual Review Accelerating success. Real Estate is a location business. That’s why we do business where you do business. When you partner with Colliers professionals, you tap into an integrated team of experts. Together, we offer insight from 554 world markets, eight service lines and countless specializations, all with a common goal - accelerating your success. Contents LATVIA MARKET OVERVIEW 4 Economic Overview 5 Investment Market 6 Office Market 8 Retail Market 12 Industrial Market 16 Hotel Market 20 Legal Overview 23 Tax Summary 27 LITHUANIA MARKET OVERVIEW 29 Economic Overview 30 Investment Market 31 Office Market 33 Retail Market 37 Industrial Market 41 Hotel Market 44 Legal Overview 47 Tax Summary 51 ESTONIA MARKET OVERVIEW 53 Economic Overview 54 Investment Market 55 Office Market 58 Retail Market 62 Industrial Market 66 Hotel Market 70 Legal Overview 74 Tax Summary 78 Real Estate Market Overview | 2017 | Colliers International | Sorainen | Ernst & Young 3 Latvia Market Overview Dear Reader, We are delighted to present the Colliers International Real Estate Market Review for Latvia, Lithuania and Estonia, wherein you will find much useful information about market trends and forecasts, the latest statistics and market insights. We are grateful to our partners - Sorainen and EY - for contributing to preparation of our Deniss Kairans real estate legal and tax reviews. Partner | Managing Director It was an interesting year in the region, with activity staying high in most segments. Investment volumes for [email protected] the 2nd year in a row reached more than EUR 1 billion of investments in commercial real estate in the Baltic capital cities. Pan Baltic investors made the biggest volume of all the transactions, although the trend of new investors entering the region continued last year. The markets continued to show a yield compression for core properties, although even with yields below 7% Baltic capital cities can provide greater returns compared to what is happening in Northern Europe or the CEE region overall. 2017 remains promising. Development activity continues in Estonia and Lithuania and is restarting in Latvia. Riga is lagging behind, with new development happening at a slower pace, although the pipeline of potential new projects is beginning to look promising and realistic. The market is expecting to see the start of construction of the first IKEA store in Riga and new developments in the shape of SC ALFA and SC AKROPOLE RIGA. The commissioning of Place Eleven, developed by Hanner, will clearly indicate possibilities for developers in the office market. Last but not least VGP, one of the biggest Eastern European developers, will finalize new industrial park construction close to Riga in 2017. Forecasts for all three Baltic States stay positive and we look forward to cooperating and serving your needs in the region. Sincerely, Deniss Kairans Economic Overview Tendencies and Forecasts > According to available forecasts, GDP growth is expected to reach 2.9%, which will be triggered by EU funding injection and Summary household consumption. > Inflation is expected to reach approx 2.5%, driven by energy In 2016, economic growth experienced a slowdown compared to and food prices. the previous year’s figures. Similarly to previous years, growth was mainly driven by household consumption, while disruption of > Unemployment is expected to experience a further decline EU funding availability served as a limiting factor, holding down with increasing pressure in terms of shortage of skilled labour gross fixed capital formation. availability. According to the latest available estimates, Latvian real GDP > In the context of positive economic development and decrease growth in 2016 amounted to 1.6%. Among the most successful in unemployment, wages are likely to continue increasing, real economy sectors in terms of average y-o-y quarterly growth although at a slower pace compared to previous years. At the in Q1 - Q3 2016 were the accommodation and food service end of the day, wage increases are expected to exceed inflation, sectors (average 8.1% growth), taxes on products (average 6.2% leading to a further improvement in purchasing power. growth) and the information and communication sector (average 5% growth). Despite impressive growth in the majority of real economy sectors, the construction sector experienced a 20% average decline. The year concluded with inflation close to zero per cent for the second year in a row. However, housing and utility costs, as well as transport price inflation decrease, outweighed growth in food and alcoholic beverage prices. By the end of the year, unemployment remained practically unchanged compared to the previous year. Nevertheless, more and more enterprises are experiencing lack of skilled personnel, which continues to materialize in the shape of wage increases, although at a slower pace compared to 2014 and 2015. Still, almost zero per cent inflation has led to positive development of real wages, indicating a further increase in population purchasing power. During 2016, the market faced an increase of credit issuing activity by the banking sector. More accessible leverage opportunities in conjunction with a low interest rate environment had a positive impact on economic development. Key Economic Indicators of Latvia 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016 2017F GDP Current Prices, EUR billion 22.6 24.3 18.8 17.9 20.2 21.8 22.8 23.6 24.3 24.8 26.3 GDP Growth (Real), % yoy 9.9 -3.6 -14.3 -3.8 6.2 4.0 2.9 2.1 2.7 1.6 2.9 Industrial Production, % yoy 0.3 -3.4 -20.3 16.6 11.7 9.3 0.1 -0.3 4.3 3.5 4.5 Unemployment Rate, % avg 6.1 7.7 17.5 19.5 16.2 15.0 11.9 10.8 9.9 9.7 8.5 Growth of Average Monthly Gross Wages, % yoy 31.5 20.5 -3.9 -3.5 4.4 3.7 4.6 6.8 6.8 5.1 4.8 Total Central Government Debt, % of GDP 11.8 22.7 39.9 48.3 42.4 40.4 38 40.2 36.3 40.0 38.3 HICP avg., % yoy 10.0 15.3 3.3 -1.2 4.2 2.3 0.0 0.7 0.2 0.1 1.6 CPI, % yoy 10.1 15.4 3.5 -1.1 4.4 2.3 0 0.6 0.2 0.1 2.5 Fiscal Deficit, % of GDP -0.7 -4.1 -9.1 -8.5 -3.4 -0.8 -0.9 -1.6 -1.3 -1.4 -1.3 Export, EUR billion 8.7 9.6 8.0 9.6 11.7 13.4 13.7 14.1 14.4 14.7 15.3 Import, EUR billion 13.0 12.8 8.3 9.9 12.7 14.4 14.5 14.5 14.6 15.2 16.1 Current Account, % of GDP -20.8 -12.4 7.8 2.0 -3.2 -3.6 -2.7 -2.0 -0.8 0.9 -1.5 FDI, EUR billion 1.70 0.86 0.07 0.29 1.05 0.86 0.68 0.59 0.60 -0.10 0.35 f - forecast Source: Central Statistical Bureau, SEB, Swedbank Real Estate Market Overview | 2017 | Latvia | Colliers International 5 In 2016, the Latvian real estate investment market saw only one new name of a global private equity firm - Lone Star Investment Market Funds, responsible for the acquisition of SC Riga Plaza. Among existing market players, EfTEN Capital, New Hanza Capital and New Horizon Capital were the most active, with 24% of total General Overview annual investment volume generated by their acquisitions. The market also saw increasing activity by local private investors, > During 2016, Latvian real estate investment market activity mainly aiming at EUR 1 - 4 million transactions, with separate resulted in EUR 341.3 million investment volume. transactions above EUR 10 million. > Investment in the retail segment was the main driver of Although interest in the country increases, the number of investment activity. available high-grade properties is declining along with yields, so > Demand for potential investment targets was high, but a that investors are becoming more careful when considering new shortage of attractive cash flow investment opportunities acquisitions. served as a limit. Additionally, activity from end-users continued in 2016. > Improvement in the investment climate contributed to further Transactions with properties acquired for own business or yield compression in all commercial property segments. occupation needs provided an additional EUR 30 million to the transaction volumes mentioned above. While still significant, this Investment Volumes number is much lower compared to EUR 120 million in 2015. In 2016, the Latvian real estate investment market continued to Dynamics of Investment Volume in Latvia be active. The year closed with a total investment volume of EUR 341.3* million, compared to EUR 394.4 million in 2015. The retail 450 Million EUR sector continued to dominate the investment horizon with 53% 360 of investment volume driven by acquisitions of three shopping centres, namely Riga Plaza, Domina Shopping and Galerija Azur. 270 180 During 2016, 64% of total investment volume was generated by transactions exceeding EUR 20 million in size. Despite large 90 total volumes, investment transactions below EUR 3 million 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 still constitute 72% of transaction numbers. At the same time, these transactions generate only 12% of total annual investment Source: Colliers International volume. Recent market activity has shown that local Baltic investors are becoming more active and better capitalised. Among Baltic Investment Properties investors in Latvia, Estonians are the most active, followed by During 2016, division of investment volume between the main domestic investors.
Load more

Recommended publications
  • Ober-Haus Real Estate Market Report 2019
    REAL ESTATE MARKET REPORT 2019 / 3 PART OF Realia Group helps its customers to find the best services and solutions in all questions related to housing and building management. Our vision is to offer better living and real estate wealth to our customers. Realia Group is the largest provider of expert services specialising in the brokerage and management services of apartments, properties and commercial facilities in the Nordic countries. Our services include: • Brokerage services for consumers • Housing management • Property management services for commercial properties • Property management services for residential buildings • Project management and construction services • Financial management services • Valuation services • Energy management services • Residential leasing Realia Group consists of Realia Isännöinti Oy, Realia Management Oy, Arenna Oy, Huoneistokeskus Oy, SKV Kiinteistönvälitys Oy and Huom! Huoneistomarkkinointi Oy in Finland. A/S Ober-Haus operates in the Baltic region and Hestia in Sweden. Our customers include apartment house companies and real estate companies, private and public owners and end users of apartments and properties, fund companies, banks and many other parties operating in the real estate sector as well as consumers. All of our companies share the significance of customer experiences in the development of products and services. We are building a better customer experience by investing in customer-oriented service production, an active service culture and strong and competent operations. We want to be a customer experience driven pioneer in our field. The Realia Group's competitiveness is made up of strong brands, motivated and skillful personnel, and the ability and will to invest in working methods and processes of the future.
    [Show full text]
  • Mass-Tourism Caused by Cruise Ships in Tallinn: Reaching for a Sustainable Way of Cruise Ship Tourism in Tallinn on a Social and Economic Level
    Mass-tourism caused by cruise ships in Tallinn: Reaching for a sustainable way of cruise ship tourism in Tallinn on a social and economic level Tijn Verschuren S4382862 Master thesis Cultural Geography and Tourism Radboud University This page is intentionally left blank Mass-tourism caused by cruise ships in Tallinn: Reaching for a sustainable way of cruise ship tourism in Tallinn on a social and economic level Student: Tijn Verschuren Student number: s4382862 Course: Master thesis Cultural Geography and Tourism Faculty: School of Management University: Radboud University Supervisor: Prof. Dr. Huib Ernste Internship: Estonian Holidays Internship tutor: Maila Saar Place and date: 13-07-2020 Word count: 27,001 Preface In front of you lays my master thesis which was the final objective of my study of Cultural Geography and Tourism at the Radboud University. After years of studying, I can proudly say that I finished eve- rything and that I am graduated. My studying career was a quite a long one and not always that easy, but it has been a wonderful time where I have learned many things and developed myself. The pro- cess of the master thesis, from the beginning till the end, reflects these previous years perfectly. Alt- hough I am the one who will receive the degree, I could not have done this without the support and help of many during the years of studying in general and during the writing of this thesis in particular. Therefore I would like to thank the ones who helped and supported me. I want to start by thanking my colleagues at Estonian Holidays and especially Maila Saar, Lars Saar and Mari-Liis Makke.
    [Show full text]
  • Baltic Property Fund Quarterly Report January — March 2019
    Baltic Property Fund Quarterly Report January — March 2019 Bauhof DIY store in Pärnu Papiniidu centre. 1 Baltic Property Fund Quarterly Report January — March 2019 Macro overview across Estonia during the year. The opening of new-format smaller grocery stores is gaining momentum in Tallinn, with the Melon Rimi Year-on-year GDP growth in 4Q 2018 was 4.2% in Estonia, 5.7% Express store opening its doors in the CBD in March 2019, while in Latvia and 2.4% in Lithuania, driven mostly by growth in the Maxima announced the opening of its Maxima Express store in Old construction sector across the Baltic countries. Town for summer 2019. IKEA finally announced it was entering the The unemployment rate among the potential workforce aged Estonian market - an IKEA showroom and pick-up point with a total 15-74 continues to mostly decrease, and shrank to 4.4% in Estonia and area of ca 6,000 sqm will open in Tallinn at Peterburi tee 66 during 6.9% in Latvia. The unemployment rate slightly increased - up 0.1% - autumn 2019. to 6.6% in Lithuania. The Riga retail market remained active during 1Q 2019, preparing The harmonised index of consumer prices in Estonia increased to for the opening of the long-awaited Akropole shopping centre, which 3.7% in 4Q 2018, compared to 3.5% in the previous quarter. In Latvia, opened in April with more than 170 tenants, including many new it remained stable at 2.9% and in Lithuania it concluded at 2.3%. brands. Until the completion of the extension to the Alfa shopping centre, Akropole will be the largest shopping centre in Latvia.
    [Show full text]
  • Tallinna Eelarvestrateegia Sisu Tallinna Eelarvestrateegia
    Tallinna Linnavolikogu 17. oktoobri 2019 määruse nr 19 „Tallinna eelarvestrateegia aastateks 2020–2023“ LISA Tallinna eelarvestrateegia aastateks 2020–2023 Tallinna eelarvestrateegia sisu Tallinna eelarvestrateegia on linna arengudokument, milles kavandatakse linna teistes arengudokumentides sätestatud eesmärkide saavutamiseks vajalike tegevuste finantseerimist. Eelarvestrateegia koostamise eesmärk on tagada linna eelarvestamise jätkusuutlikkus keskpikas raamistikus ning toetada linna tegevusvaldkondade juhtimise tulemuslikkust. Tallinna eelarvestrateegia sihtrühmad on eeskätt linna juhtkond, linna ametiasutused, valitsusasutused, reitinguagentuurid ja audiitorid, krediidiasutused ja avalikkus. Eelarvestrateegia on eelseisvate aastate rahalisi võimalusi käsitlev finantsplaan, mis lähtub selle koostamise ajal teada olevatest mõjuritest. Kuna linna eelarvele avaldavad suurt mõju välistegurid, millest tähtsamad on üldise majanduskeskkonna muutused ning riigi eelarvepoliitilised valikud, uuendatakse eelarvestrateegiat igal aastal, täpsustades nelja eelseisva aasta kavasid ning täiendades eelarvestrateegiat aastase prognoosi võrra. Nii kohandatakse linna keskpika ajavahemiku plaane pidevalt majandus- ja õiguskeskkonna ning linna arengueesmärkide muutustega. Eelarvestrateegia võetakse aluseks linna eelarve eelnõu koostamisel, sihtotstarbelise toetuse taotlemisel ja ka linna valitseva mõju all olevate äriühingute, sihtasutuste ja mittetulundusühingute finantstegevuse suunamisel. Eelarvestrateegia alusel määratakse linna ametiasutuste haldusalade
    [Show full text]
  • 144 Buss Sõiduplaan & Liini Marsruudi Kaart
    144 buss sõiduplaan & liini kaart 144 Balti Jaam Vaata Veebilehe Režiimis 144 buss liinil (Balti Jaam) on 2 marsruuti. Tööpäeval on selle töötundideks: (1) Balti Jaam: 6:10 (2) Kose 2: 5:20 Kasuta Mooviti äppi, et leida lähim 144 buss peatus ning et saada teada, millal järgmine 144 buss saabub. Suund: Balti Jaam 144 buss sõiduplaan 24 peatust Balti Jaam marsruudi sõiduplaan: VAATA LIINI SÕIDUPLAANI esmaspäev 6:10 teisipäev 6:10 Kose 2 Kose tee, Kose kolmapäev 6:10 Tindimäe neljapäev 6:10 Kuivajõe 3 reede 6:10 Kose — Jägala, Estonia laupäev Ei sõida Kuivajõe 7 pühapäev Ei sõida Kurena 1 Sillaotsa 144 buss info Patika Suund: Balti Jaam Peatust: 24 Kautjala Reisi kestus: 46 min Liini kokkuvõte: Kose 2, Tindimäe, Kuivajõe 3, Vana-Aaviku Kuivajõe 7, Kurena 1, Sillaotsa, Patika, Kautjala, Vana-Aaviku, Kungla, Lehmja, Assaku, Allika, Annuse, Peetri, Mõigu, Lennujaam, Lindakivi, Kungla Sossimägi, Bussijaam, Keskturg, Hobujaama, Linnahall, Balti Jaam Lehmja Assaku Assaku, Estonia Allika Annuse Peetri Mõigu 141 Tartu Maantee, Tallinn Lennujaam Lindakivi Lennujaama tee, Tallinn Sossimägi 87b Tartu Maantee, Tallinn Bussijaam 70 Tartu Maantee, Tallinn Keskturg 36 Tartu Maantee, Tallinn Hobujaama 3 Narva Maantee, Tallinn Linnahall 31 Põhja Puiestee, Tallinn Balti Jaam 3 Rannamäe Tee, Tallinn Suund: Kose 2 144 buss sõiduplaan 23 peatust Kose 2 marsruudi sõiduplaan: VAATA LIINI SÕIDUPLAANI esmaspäev 5:20 teisipäev 5:20 Balti Jaam 4 1 Rannamäe Tee, Tallinn kolmapäev 5:20 Vabaduse Väljak neljapäev 5:20 7 Kaarli Puiestee, Tallinn reede 5:20 Kivisilla laupäev
    [Show full text]
  • Retail Trade in Growth
    DTZ Research PROPERTY TIMES Retail Trade in Growth Baltic Retail Q3 2015 The retail trade has continued its growth in all three countries growing at constant prices in range 5-8% on annual basis. 29 October 2015 Prime shopping centres have low or nearly no vacancies, situation of less preferable locations including the street retail is various. Contents Rental levels have been stabilised during some last years and no remarkable changes are foreseen in 2016. Although there are some new developments in the pipeline their influence is still limited in short run. Tenant mix is a key question to all newcomers as position of existing shopping centres is strong and it is complicated to attract new brands. Macroeconomic Trends in the The retail market in general is the most attractive for investors. However, Baltic States ........................... 2 the number of investment deals is rather limited as usually there is a gap Estonian retail market ............ 4 between the yield expectations. Latvia retail market ................. 7 Lithuania retail market .......... 10 Figure 1 Total retail trade turnover € bln, current prices 10 000 8 000 6 000 Author 4 000 Aivar Tomson Baltic Head of Research 2 000 + 372 6 264 250 0 [email protected] Contacts Estonia Latvia Lithuania Magali Marton Head of EMEA Research Source: National Statistics + 33 (0)1 49 64 49 54 [email protected] www.dtz.com Property Times 1 Baltic Retail Q3 2015 Macroeconomic Trends in the Baltic States by the global prices and postponement electricity market liberalisation until 2015. It is expected that inflation will remain Estonia weak until the end of 2015 when impact of oil price decrease The annual GDP growth in 2014 was 1.8%.
    [Show full text]
  • As Pro Kapital Grupp Prospectus Regarding The
    AS PRO KAPITAL GRUPP PROSPECTUS REGARDING THE LISTING AND ADMISSION TO TRADING OF EUR 9,685,426.80 UNSECURED NON-CONVERTIBLE FIXED RATE BONDS “EUR PRO KAPITAL GRUPP VÕLAKIRI 20-2024” ISIN: EE3300001676 18 January 2021 IMPORTANT INFORMATION This prospectus (the “Prospectus”) has been prepared by AS Pro Kapital Grupp (a company established and existing under the laws of the Republic of Estonia, which has been registered in the Estonian Commercial Register with registration number 10278802 and registered address at Sõjakooli 11, 11316 Tallinn, Estonia) (“Pro Kapital”, the “Company” or the “Issuer” or together with its direct and indirect Subsidiaries, unless otherwise indicated by the context, the “Group”), in relation to the application for listing and admission for trading of the Company’s unsecured non-convertible fixed rate bonds, with the nominal amount of EUR 2.80 per bond (the “Nominal Amount)” and the aggregate Nominal Amount of EUR 9,685,426.80, which have been registered in the Estonian Register of Securities (the “Register”) with ISIN code EE3300001676 (the “Bonds”). The Bonds have been issued in three tranches on 3 August 2020, 27 November 2020 and 15 January 2021 (each an “Issue Date”), in accordance with the terms and conditions for AS Pro Kapital Grupp fixed rate non- convertible bonds issue dated 28 May 2020, which have been attached to this Prospectus as Annex 1 (the “Terms and Conditions”) on the Baltic Bond List of Nasdaq Tallinn Stock Exchange (the “Tallinn Stock Exchange”). This Prospectus has been approved by the Estonian Financial Supervision and Resolution Authority (the “EFSA”), as competent authority under the Regulation No 2017/1129/EU of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC (the “Prospectus Regulation”), on 18 January 2021 under registration number 4.3-4.9/4789.
    [Show full text]
  • Avaliku Bussiliiniveo Korraldamine Harju Maakonna Rae Valla Bussiliinidel Nr 2-8/20019 Kehtib Alates 01.09.2020 Kuni 31.08.2023
    Riigihange nr 221426 Avaliku bussiliiniveo korraldamine Harju maakonna Rae valla bussiliinidel nr 2-8/20019 Kehtib alates 01.09.2020 kuni 31.08.2023 MTÜ Põhja-Eesti Ühistranspordikeskus AS HANSABUSS reg 80213342 reg 10230847 Roosikrantsi 12/1 Paavli tn 6 10119 Tallinn 10402 Tallinn Rae valla bussiliin Nr.R1 Jüri Gümnaasium - Lehmja - Rae küla - Kuldala - Assaku Sõiduplaan kehtib alates 01.09.2020 Liini teenindab AS HANSABUSS Reis Reis Nr. Peatus 01 03 R1-01 R1-03 1 Jüri Gümnaasiumi 14:10 16:00 2 Jüri 14:13 16:03 3 Kungla 14:17 16:07 4 Lehmja kool 14:19 16:09 5 *Sinikivi 14:22 6 Rae mõis 14:25 16:12 7 Jaani 14:27 16:14 8 Loopera 14:28 16:15 9 Talipihlaka 14:29 16:15 10 Annuse 14:30 16:17 11 Peetri 14:31 16:18 12 Mõigu 14:33 16:20 13 Kanali tee 14:33 16:20 14 Järvesuu 14:35 16:22 15 Järveveere 14:36 16:23 16 Veski 14:38 16:25 17 Järveküla 14:39 16:26 18 Järveküla kool 14:39 16:26 19 Hundisepa 14:40 16:27 20 Koolipõllu 14:43 16:30 21 Turuveski 14:46 16:33 22 Assaku 14:48 16:35 23 Allika 14:49 16:36 24 Talipihlaka 14:50 16:36 25 Loopera 14:50 16:37 26 Jaani 14:51 16:38 27 Rae mõis 14:53 16:40 Nr.R1 Annuse - Mõigu - Assaku - Kurna - Jüri Gümnaasium Reis Reis Nr. Peatus 02 04 R1-02 R1-01 1 *Tartu mnt-Vana-Tartu mnt 07:05 2 Järvesuu 07:06 3 Järveveere 07:07 4 Veski 07:09 5 Peetri kool 07:12 6 Järveküla 07:17 7 Järveküla kool 07:17 8 Hundisepa 07:19 9 Assaku 07:20 10 Lehmja kool 07:21 11 Rae mõis 07:24 12 Rae mõis 07:25 13 Jaani 07:28 14 Loopera 07:29 15 Talipihlaka 07:30 16 Annuse 07:07 17 Peetri 07:08 18 Mõigu 07:10 19 Kanali tee 07:10 20 Pühamägi
    [Show full text]
  • Yearbook 2015
    2015 AS MERKO EHITUS GROUP Consolidated Annual Report 01.01.2015 - 31.12.2015 Business name: AS Merko Ehitus Main activities: Holding companies General contracting of construction Real estate development Commercial Register No.: 11520257 Address: Järvevana tee 9G, 11314 Tallinn Postal address: Pärnu mnt 141, 11314 Tallinn Phone: +372 650 1250 Fax: +372 650 1251 E-mail: [email protected] Web site: group.merko.ee Auditor: AS PricewaterhouseCoopers Supervisory Board: Toomas Annus, Teet Roopalu, Indrek Neivelt, Olari Taal Management Board: Andres Trink, Tõnu Toomik BRIEF OVERVIEW OF THE GROUP 5 STATEMENT OF THE CHAIRMAN OF THE MANAGEMENT BOARD 13 MANAGEMENT REPORT 14 MANAGEMENT DECLARATION 80 FINANCIAL STATEMENTS 81 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 81 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 82 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 83 CONSOLIDATED CASH FLOW STATEMENT 84 NOTES 85 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING NOTE 24 INTANGIBLE ASSETS 112 POLICIES 85 NOTE 25 LEASED ASSETS 113 NOTE 2 MANAGEMENT ESTIMATES 94 NOTE 26 BORROWINGS 114 NOTE 3 OPERATING SEGMENTS 96 NOTE 27 PAYABLES AND PREPAYMENTS 115 NOTE 4 COST OF GOODS SOLD 99 NOTE 28 PROVISIONS 116 NOTE 5 MARKETING EXPENSES 99 NOTE 29 OTHER LONG-TERM PAYABLES 116 NOTE 6 GENERAL AND ADMINISTRATIVE EXPENSES 99 NOTE 30 LOAN COLLATERALS AND PLEDGED ASSETS 116 NOTE 7 OTHER OPERATING INCOME 99 NOTE 31 SHARE CAPITAL 117 NOTE 8 OTHER OPERATING EXPENSES 99 NOTE 32 CONSTRUCTION CONTRACTS IN PROGRESS 118 NOTE 9 FINANCE INCOME 99 NOTE 33 RELATED PARTY TRANSACTIONS 118 NOTE 10
    [Show full text]
  • City Break 100 Free Offers & Discounts for Exploring Tallinn!
    City Break 100 free offers & discounts for exploring Tallinn! Tallinn Card is your all-in-one ticket to the very best the city has to offer. Accepted in 100 locations, the card presents a simple, cost-effective way to explore Tallinn on your own, choosing the sights that interest you most. Tips to save money with Tallinn Card Sample visits with Normal 48 h 48 h Tallinn Card Adult Tallinn Price Card 48-hour Tallinn Card - €32 FREE 1st Day • Admission to 40 top city attractions, including: Sightseeing tour € 20 € 0 – Museums Seaplane Harbour (Lennusadam) € 10 € 0 – Churches, towers and town wall – Tallinn Zoo and Tallinn Botanic Garden Kiek in de Kök and Bastion Tunnels € 8,30 € 0 – Tallinn TV Tower and Seaplane Harbour National Opera Estonia -15% € 18 € 15,30 (Lennusadam) • Unlimited use of public transport 2nd Day • One city sightseeing tour of your choice Tallinn TV Tower € 7 € 0 • Ice skating in Old Town • Bicycle and boat rental Estonian Open Air Museum with free audioguide € 15,59 € 0 • Bowling or billiards Tallinn Zoo € 5,80 € 0 • Entrance to one of Tallinn’s most popular Public transport (Day card) € 3 € 0 nightclubs • All-inclusive guidebook with city maps Bowling € 18 € 0 Total cost € 105,69 € 47,30 DISCOUNTS ON *Additional discounts in restaurants, cafés and shops plus 130-page Tallinn Card guidebook • Sightseeing tours in Tallinn and on Tallinn Bay • Day trips to Lahemaa National Park, The Tallinn Card is sold at: the Tallinn Tourist Information Centre Naissaare and Prangli islands (Niguliste 2), hotels, the airport, the railway station, on Tallinn-Moscow • Food and drink in restaurants, bars and cafés and Tallinn-St.
    [Show full text]
  • Best Clothing Shops in Tallinn"
    "Best Clothing Shops in Tallinn" Erstellt von : Cityseeker 5 Vorgemerkte Orte Kaubamaja "Giant Department Store & Mall" Tallinna Kaubamaja is located in the center of Tallinn. The mall has been around since 1960 but still manages to keep up with more modern shopping centers in the area. There are a large variety of clothing stores and gift boutiques to browse through. The center is also connected to the Viru Keskus. by love Maegan +372 667 3100 www.kaubamaja.ee/ [email protected] Gonsiori 2, Tallinn Sikupilli Kaubanduskeskus "Shop All Day" Housing a plethora of national and international brands, the Sikupilli Kaubanduskeskus is a one stop destination for buying anything and everything. The shopping center features such popular outlets as Prisma, Rosalind, Denim Dream among others. The Sikupilli shopping center also has a restaurant complex on-site that houses four eateries which take care by love Maegan of your gastronomic needs. So, next time you are out on a shopping spree in Tallinn, do pay a visit to the Sikupilli shopping center. +372 680 9500 www.sikupilli.ee/ [email protected] Tartu Maantee 87, Tallinn Kristiine Centre "Modern Mall Outside City Centre" Kristiine Centre or Kristiine Keskus is a large modern shopping center, housing many fashion boutiques, department stores, retail shops, sports and leisure stores and more. You can munch on some pizza if carrying the bags around gets exhausting. For more information, visit their website. by+372 Elvert 6 65Barnes 9100 www.kristiinekeskus.ee [email protected] Endla 45, Tallinn Ülemiste Keskus "Gigantic Mall" Ülemiste Center is located just next to Tallinn's Airport.
    [Show full text]
  • Top Estonian Enterprises 2008
    Top Estonian2008 Enterprises Entrepreneurship Award 2008 Competitiveness Ranking 2008 Estonian Chamber of Commerce and Industry www.nordecon.com Sky is the limit (OK, sometimes it’s the roof) Experts in construction and real estate development. Top Estonian Enterprises 2008 Entrepreneurship Award 2008 Competitiveness Ranking 2008 Estonian Chamber of Commerce and Industry TOP ESTONIAN ENTERPRISES 2008 Contents Entrepreneurship Award 2008 – summary 8 Estonian Companies’ Competitiveness Ranking 2008 - summary 9 Entrepreneurship Award 2008 – winners 10 Estonian Companies’ Competitiveness Ranking 2008 – winners 11 Entrepreneurship Award 2008 - methodology 13 Entrepreneurship Award 2008 - nominees and winners 14 The History of the Entrepreneurship Award 32 The History of the Estonian Companies’ Competitiveness Ranking 33 Estonian Companies’ Competitiveness Ranking 2008 - main chart 37 Estonian Companies’ Competitiveness Ranking 2008 - categories and winners 44 Swedbank’s Special Prize to the Most Successful Expander in the Baltics 94 Student Company 2008 95 European Enterprise Awards - "Recognise promoters of enterprise 2008" 96 “Financial Year 2007 - year of the cooling down of economy” 98 – Leev Kuum, Estonian Institute of Economic Research Enterprise Estonia 102 Estonian Chamber of Commerce and Industry 104 Estonian Employers’ Confederation 106 Review of the entrepreneurship contests’ ceremonial award-gala 2008 108 4 November 2008 TOP ESTONIAN ENTERPRISES 2008 Competitiveness to be made international! For the 13th year, the state is expressing recognition by nances, the number of exporting companies must in- awarding the Enterprise Award, and for the sixth time, we crease. Greater attention to be paid on innovations, wider are identifying the most competitive Estonian companies. use of Structural Funds for research and development ac- This way, we can have a chance to assess the performance tivities, constant increasing of the qualifications of em- of hundreds of companies.
    [Show full text]