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AS Eesti Teed AS Eesti Teed Information memorandum 06.03.2020 Tallinn, Estonia Table of contents Table of contents 2 Definitions 4 Disclaimer 5 1 Executive summary 7 1.1 Transaction overview 7 1.2 Transaction process, indicative timeline 7 1.3 Key investment highlights 8 1.4 Financial performance 10 2 Market overview 12 2.1 Macroeconomic environment in Estonia 12 2.2 Road construction in Estonia 14 2.3 Road maintenance financing 15 2.4 Procurement process 16 2.5 Market volume and trends 17 2.6 Overview of long-term maintenance contracts in Estonia 19 2.7 Competition 22 3 Overview of the Company 28 3.1 Eesti Teed in brief 28 3.2 History of AS Eesti Teed 28 3.3 Strategy of Eesti Teed AS 29 3.4 Location overview 29 3.5 Road maintenance and repair 30 3.6 Road construction 31 3.7 Quarries 31 4 Organisation 35 4.1 Organisational structure 35 4.2 Trade union & collective bargaining agreement 36 4.3 Key personnel 37 4.4 IT management capabilities 39 5 Overview of machinery and vehicles 43 6 National road maintenance contracts 45 6.1 Condition levels 45 6.2 Regional maintenance contracts 45 2 7 Financial information 49 7.1 Historical financial statements 49 7.2 Income statement analysis 52 7.3 Balance sheet analysis 58 7.4 Cash flow statement 62 8 Further steps 64 3 Definitions Definition Explanation bn € billion euros Eesti Teed AS Eesti Teed ERA Estonian Road Administration, a government agency operating within the administrative area of the Ministry of Economic Affairs and Communications, which performs the implementation of state policy and development programmes, management functions, state supervision, and applies the enforcement powers of the state in the field of road management, traffic safety, public transport and the environmental safety of vehicles. m € million euros Management Management Board of Eesti Teed AS (Mr. Andres Agukas, Mr. Tarmo Lood) Road maintenance services Road maintenance services are offered by providers based on long-term contracts and include all maintenance and administration services of all roads in the contract area. Summer road maintenance The summer road maintenance includes planning, profiling, constructing and repairing gravel roads, patch surface dressing, repairing potholes in the coating, dust control, profiling shoulders, mowing and brushing grass from road areas, cleaning road ditches and digging new ones, maintaining bridges and overpasses, constructing and cleaning road culverts, maintaining bus shelters, platforms and parking lots, maintaining and installing traffic control devices. th € thousand euros The Company AS Eesti Teed Winter road maintenance Winter maintenance includes snow control and de-icing according to the road condition levels implemented for state highways; cleaning parking lots, bus shelters and bridges from snow and ice, and cleaning traffic control devices. 4 Disclaimer The contents of this document are only for information purposes and should not be construed as legal, tax or investment advice. The recipient should consult his own counsel, accountant and other professional advisors as to legal, tax, accounting and related matters concerning this document. The statements of fact, information, opinions and estimates contained in this document have been obtained, compiled or arrived at from the management of the Company, publicly available information and other sources believed to be reliable and in good faith, but no representation or warranty expressed or implied is made as to their accuracy, completeness or correctness. This document is not a due diligence review or an audit and should not in any circumstances be interpreted as such. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance represent Redgate Capital’s own assessment and interpretation of information available to them currently. No representation or warranty, expressed or implied, is made as to the achievement of, nor should any reliance be placed on, any projections, forecasts, targets, estimates or statements of the future. The information contained in this document is published for the assistance of recipients but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient and the Company, Redgate Capital nor any of its directors, officers, or employees or advisors nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. Expressions of opinion herein are subject to change without notice. 5 1. Executive summary 6 1 Executive summary 1.1 Transaction overview The Ministry of Economic Affairs and Communications is organising a public written auction for the transfer of 100,000 shares of Aktsiaselts Eesti Teed (registry code 12249762) (the “Company”) with a nominal value of EUR 100, held by the state, on the basis of the State Assets Act, order No. 127 of the Government of the Republic dated 23 May 2019 and the decree No. 44 of the Minster of Economic Affairs and Infrastructure dated 9 March 2020. Established in 2012 through a merger of five separate state-owned companies, AS Eesti Teed is one of the leading road maintenance and surfacing companies in Estonia, controlling roughly one third of the road maintenance market. The Company was founded by the Government of Estonia to stimulate competition in the road maintenance and construction sector. Since then, the market has developed considerably, and it is now well functioning, efficient and competitive. In a functioning market, the state does not need to be a market participant any longer. Consequently, the state decided to privatise AS Eesti Teed. Since 2016, Eesti Teed has been prepared for the privatization by transitioning the Company to a free market and terminating all internal transactions and agreements between Eesti Teed and the state. Eesti Teed is a strong and well-balanced company that operates profitably and efficiently. It is run by a team of experienced professionals using world-class equipment and machinery to provide high quality road maintenance and construction services. The Company has good future growth prospects, including further increase of its road maintenance market share, potential market consolidation and utilisation of its organisation and assets to focus more to the road construction market. 1.2 Transaction process, indicative timeline 9 March 2020 announcement of the auction 13 March 2020 virtual data room opened for the participants of the auction 13 March – 1 October 2020 due diligence, Q&A, meetings with the management, transaction documents 1 October 2020 submission of final binding offers and announcement of results End of 2020 closing of transaction (estimated) 7 1.3 Key investment highlights Well-balanced business model Eesti Teed combines long-term road maintenance, peaking during winter with snow control and de-icing, with seasonal road construction, carried out mostly from May to October. The business model allows the Company to utilise its vehicles and machinery throughout the year. Long-term road maintenance contracts Eesti Teed is contracted to maintain 5 regions of national roads (5,513 km), amounting to 23% of the national roads in Estonia. The contracts are valid until 2022 and 2023. Annual revenue from these agreements amounted to €9.3m in 2019. Requirements to the organisation, vehicles, machinery, bases and quarries form significant entry barriers supporting the Company at the future tenders for the same regions. Well-known brand Eesti Teed is a well-known brand name among road construction and maintenance companies as well as to the general public, supporting the sales as well as recruiting efforts of the Company. Strong organization Eesti Teed is led by an experienced and competent management team, with a solid track record from Eesti Teed and other organisations. The organisation of the Company is located at five locations covering the whole country, positioning the Company strongly in all procurement tenders it participates, especially in the local road maintenance projects. Profitable and efficient processes Eesti Teed is an efficient organization, operating at open market with healthy profit margins. The Company is the third largest road construction company in Estonia in terms of revenue and the second largest in terms of kilometres maintained. The management is also confident that efficiency could potentially be further improved further. Own quarries Eesti Teed operates 19 gravel, construction sand and fill sand quarries. This makes the Company self-sufficient in terms of materials and less vulnerable to input price fluctuations. Part of the quarry resources are also sold also to external customers. 8 Well-invested machinery Eesti Teed operates its own well-invested and efficient machinery and equipment. The total residual value of its fixed assets stood at €13.9 m and the median age at 9 years on 31.12.2019. Collective bargaining agreement Eesti Teed has signed a collective agreement with its workers through which all employment related matters, such as working hours, wages, paid vacation periods, trainings etc., are regulated. The agreement simplifies management of the relationships with employees and has contributed to low staff turnover. Excellent base for future growth State-ownership has constrained the growth of the Company as the current shareholder has pursued other goals. The Management has mapped
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