2018 3 months consolidated unaudited interim report

COMMENTARY FROM MANAGEMENT

Sales revenue of Merko Ehitus in Q1 of 2018 grew to EUR 80.3 million, bolstered by the pre-existing portfolio of construction contracts. The group’s net profit was EUR 1.1 million. In the first quarter, Merko companies signed new construction contracts worth EUR 22 million and the secured order book stood at EUR 292 million.

Considering the volume of Merko Ehitus secured order book and the major projects currently under way, the growth of the group’s sales revenue compared to the same period last year was as expected. The greatest growth came in sales revenue in Latvia, and the volume of construction works performed outside Estonia in the first quarter was greater than the volume for Estonia

In the first quarter, the trends of pressure on the growth of input prices and the limited availability of construction resources continued from last year. In the construction value chain, risks are being redistributed among parties, which also exerts an effect on general contracting companies and, ultimately, customers. Although compared to the first quarter of last year, construction volumes grew and profitability of construction service improved, group’s management was not satisfied with the overall result for our construction activity under contracts. Merko group is continuing to look for greater effectiveness both in project management and on the expenses side and for optimum risk to income ratio, but not at the expense of construction quality. One quarter will not yield big major changes in this area, but solely growth in construction volumes is not a goal unto itself.

In Q1, Merko Ehitus sold 51 apartments, compared to 141 last year in the same period. Although the share of the apartment development activity was less of a factor in the results for Q1, this was more due to technical reasons: sales depend on the moment that the authorisation for use for the building is received, at which point Merko Ehitus can start delivering the apartments to buyers. The number of apartments sold under preliminary contracts grew and these sales will be realised in quarters to come. Group’s management didn’t see major changes in the first three months of the year on the apartment market in the Estonian, Latvian and Lithuanian capitals. The economic environment is currently solid in the Baltic states, financing conditions are favourable and purchasing power remains stable. Driven by customer demand, more attention has to be devoted in apartment development to well-designed and sustainable solutions and an integral living environment. Greater efficiency and rationality in processing building permits and planning documents would help to raise apartment development volumes. In the first quarter, Merko Ehitus Group launched four new development projects with more than 140 apartments, and this year plans to bring several new development projects to market in Vilnius, Tallinn and Riga.

In Q1 of 2018, Merko Ehitus posted revenue of EUR 80.3 million (EUR 58.1 million for the same period last year; growth of +38%), EBITDA of EUR 1.8 million, profit before taxes of EUR 1.3 million and net profit of EUR 1.1 million. In the first 3 months of 2018, the group entered into new contracts with a total volume of EUR 22.3 million, including for establishing public space for the central square in Kuressaare, Estonia and for performing additional works on the Z-Towers complex in Latvia. As of 31 March 2018, Merko Ehitus Group’s secured order book amounted to EUR 291.9 million.

Among major projects in progress in Q1 in Estonia there were the construction of T1 Mall of Tallinn shopping centre, Maakri Kvartal, Öpiku Maja’s building B, Noblessner residential quarter, Pärnu mnt 22 office building, expansion of Wendre production facility, the residence of the Embassy of the People’s Republic of China, the Tallink office building, Viimsi state gymnasium and the Toom-Kuninga 21 apartment building. In Latvia, the major projects in progress were the Akropole and Alfa shopping centres, the Z-Towers complex and the Ventspils music school and concert hall; in Lithuania, the expansion of the Radisson Blu Hotel Lietuva, Neringa Hotel, a Philip Morris plant, and the Rinktines Urban and Basteja Life development projects. In Norway, the largest project under way in Q1 was the renovation and conversion of the office building at Akersgata 8 in Oslo.

OVERVIEW OF THE 3 MONTHS RESULTS

PROFITABILITY
Net profit in 3M 2018 was EUR 1.1 million (3M 2017: EUR 1.0 million), having increased by 7.3% compared to the same period last year. Net profit margin decreased to 1.4% (3M 2017: 1.8%). Profit before tax in 3M 2018 was EUR 1.3 million (3M 2017: EUR 1.1 million), which brought the profit before tax margin to 1.6% (3M 2017: 1.9%).

REVENUE
3M 2018 revenue was EUR 80.3 million (3M 2017: EUR 58.1 million). 3M revenue has increased by 38.1% compared to last year. The share of revenue earned outside Estonia in 3M 2018 was 57.5% (3M 2017: 29.2%).

SECURED ORDER BOOK
As at 31 March 2018, the group’s secured order book was EUR 291.9 million (31 March 2017: EUR 287.7 million). In 3M 2018, group companies signed new contracts in the amount of EUR 22.3 million (3M 2017: EUR 58.6 million).

REAL ESTATE DEVELOPMENT
The group sold a total of 51 apartments (incl. 25 apartment in a joint venture) in 3 months of 2018 at a total value of EUR 4.3 million (excl. VAT). During 3 months of 2017, 141 apartments (incl. 1 apartment in a joint ventures) were sold at total value of EUR 16.3 million.

CASH POSITION
At the end of the reporting period, the group had EUR 27.6 million in cash and cash equivalents, and equity EUR 131.3 million (47.6% of total assets). Comparable figures as at 31 March 2017 were EUR 33.8 million and EUR 123.8 million (53.6% of total assets), respectively. As at 31 March 2018 the group had net debt of EUR 23.1 million (31 March 2017: EUR 6.9 million).

DISTRIBUTION OF PROFITS
The general meeting of shareholders held on 9 May 2018 resolved to approve the profit allocation proposal for 2017 and to distribute EUR 17.7 million (1 euro per share) in dividends from retained earnings. This is equivalent to a 120% dividend rate for 2017.

			3M 2018	3M 2017	Variance		12M 2017
Revenue	million EUR		80.3	58.1	+38.1	%	317.6
EBITDA	million EUR		1.8	1.9	-7.5	%	22.2
EBITDA margin	%		2.2	3.3			7.0
EBIT	million EUR		1.3	1.3	+1.9	%	19.5
EBIT margin	%		1.6	2.2			6.2
Profit before tax	million EUR		1.3	1.1	+14.2	%	18.8
PBT margin	%		1.6	1.9			5.9
Net profit (parent)	million EUR		1.1	1.0	+7.3	%	14.7
Net profit margin	%		1.4	1.8			4.6
EPS	EUR		0.06	0.06	+7.3	%	0.83

			31.03.2018	31.03.2017	Variance		31.12.2017
ROE (on yearly basis)	%		11.8	5.8			11.9
Equity ratio	%		47.6	53.6			47.0
Secured order book	million EUR		291.9	287.7	+1.4	%	344.4
Total assets	million EUR		276	231	+19.3	%	277.1
Number of employees	people		764	759	-4.4	%	757

Business activities

The group business reporting is divided into three business segments: Estonian construction service, other home markets construction service and real estate development.

Estonian construction service

The Estonian construction service segment consists of services in the field of general construction, civil engineering, electricity, external networks and road construction, as well as concrete works and construction services on project basis in Finland.

In the 3 months of 2018, the revenue of the Estonian construction service segment was EUR 27.8 million (3 months of 2017: EUR 26.7 million), having increased by 4.0% from the same period last year. The Estonian construction service segment revenue for 3 months 2018 was 34.6% of the group’s revenue (3M 2017: 46.0%).

In this segment, the group earned an operating profit of EUR 0.3 million for 3 months (3 months of 2017: EUR operating loss 0.5 million). In 3 months of 2018, the operating profit margin of the Estonian construction service segment was 1.1% (3 months of 2017: -5.3%).

The competition in main contracting in the area of general construction is getting increasingly tighter in the Estonian construction services market. The number of construction objects in the market is limited and therefore contractors tend to leave an increasingly small buffer for profitability and adverse developments when competing in price. This is particularly evident in public procurements where Merko is finding it increasingly difficult to successfully participate. Thus, the share of the public sector in Merko’s Estonian construction services portfolio has considerably decreased. The depression in sales prices is accompanied by an increasing cost pressure from growing construction prices. The prices of labour, construction equipment and building materials have all increased. In order to ensure sustainable profitability, the group has to continue improving the efficiency of internal project management processes and optimizing the placement of resources and the cost base.

Larger projects in the first quarter in Estonian construction service segment included the construction works of Maakri Kvartal business complex, T1 shopping centre, Öpiku office building B, Pärnu mnt 22 office building, extension works to the complex of the air traffic control centre, Tallink office building, Embassy of the People’s Republic of China residence, extension works of Wendre production building, Viimsi State Gymnasium and Toom-Kuninga 21 residenial building construction works and clean up works of the residual pollution of the Maadevahe and Priimetsa asphalt concrete plant.

Other home markets construction service

The sales revenue of the other home markets construction service segment amounted to EUR 43.5 million in the 3 months of 2018 (3 months of 2017: EUR 11.2 million), which is 289.2% more than in the 3 months of 2017. If the other home markets construction service segment revenues of 3 months of 2017 formed 19.2% of the group’s revenue, then during 3 months of 2018, that ratio increased to 54.2%. The revenue growth has been supported mainly by major construction contracts in Latvia.

In Latvia, Merko has gained a stronger position among general contractors than previously, which provides opportunities to grow business volumes. In Lithuania, we are continuing our strategic plan to focus on foreign customers, who make up the predominant part of the group’s Lithuanian secured order book. In Lithuania, we have also entered more widely the public procurement sphere in the field of general construction. In Norway, the group is performing a number of smaller-scale agreements.

The group is facing tough competition and growing costs also in other home markets (primarily Latvia and Lithuania). We are therefore carefully deliberating in participating in procurements in those markets and submit tenders for contracts in which we consider the risk to reward ratio to be sufficiently good. In 2018, the primary focus in this segment is on the successful completion of large projects in progress.

The 3 months operating profit of the other home market construction service segment amounted to EUR 0.1 million (3 months of 2017: operating loss EUR 0.6 million) and the operating profit margin was 0.3% (3 months of 2017: -5.3%).

In the first quarter of 2018, the larger ongoing projects in the other home markets construction service segment included, in Riga, the construction works of Multifunctional Centre Akropole and of Alfa Shopping Centre, finishing works of Z Towers complex and, in Ventspils, the construction works of music school and concert hall. In Vilnius, the larger projects were the construction works of the design and construction works of Radisson Blu Hotel Lietuva extension, Hotel Neringa and construction works of the residential complex in Šaltiniu Namai quarter, in Klaipeda, the reconstruction and extension construction works of Philip Morris plant. In Norway, the larger project included renovation and building works of Akersgata 8 office building in Oslo.

Real estate development

The real estate development segment includes residential real estate development and construction of joint venture projects, long-term real estate investments and commercial real estate projects in Estonia, Latvia and Lithuania. In the interests of the finest quality and maximum convenience and assurance for buyers, Merko handles all phases of development: acquisition of the real estate, planning, design of the development project, construction, sales and marketing, and warranty-period customer service.

The group sold a total of 51 apartments (incl. 25 apartment in a joint ventures) in 3 months of 2018 at a total value of EUR 4.3 million (excl. VAT) comparing to 2017 3 months when 141 apartments (incl. 1 apartment in a joint ventures) were sold at a total value of EUR 16.3 million. In 3 months of 2018, real estate development segment revenues decreased by 55.4% compared to the same period last year. In the 3 months of 2018, the share of revenue from the real estate development segment formed 11.2% of the group’s total revenue (3 months of 2017: 34.8%).

The 3 months of 2018 operating profit of the segment amounted to EUR 1.3 million (3 months of 2017: EUR 2.7 million) and the operating profit margin was 14.3% (3 months of 2017: 13.3%), which increased by 1.0 pp compared to the same period previous year. The profitability of the apartment development projects varies by project and depends greatly on the cost structure of the specific project, incl. the land acquisition price. The 2018 3 months segment’s profitability was positively influenced by the sale of immovable property that is not strategically needed by the group. At the same time, the operating profit margin has been reduced, in comparison with 2017, by the growth in the volume of construction service projects developed by joint ventures. Profit from construction has been recognised in the course of construction and the profit from development is realised at a later stage, upon sale of apartments to the final customer, based on the equity method.

At the end of the period, group’s inventory comprised 322 apartments where a preliminary agreement had been signed: 39 completed apartments (5 in Estonia and 34 in Latvia) and 283 apartments under construction (207 in Estonia and 76 in Lithuania). The sale of these apartments had not yet been finalised and delivered to customers, because the development site is still under construction or the site was completed at the end of the reporting period and the sales transactions have not all been finalised yet.

As at 31 March 2018, the group had a total of 403 apartments for active sale (as at 31 March 2017: 598 apartments; as at 31 December 2017: 317 apartments), for which there are no pre-sale agreements and of which 138 have been completed (33 in Estonia, 100 in Latvia and 5 in Lithuania) and 265 are under construction (141 in Estonia and 124 in Lithuania).
In 3 months of 2018, the group launched the construction of a total of 145 new apartments in the Baltic states (3 months of 2017: 408 apartments). In the 3 months of 2018, the group has invested a total of EUR 7.1 million (3 months of 2017: EUR 7.5 million) in new development projects launched in 2018 as well as projects already in progress.

Merko group continues to invest in residential real estate projects also in 2018. Depending on the apartment market developments in the Baltic states in 2018, the group will launch the construction of approximately 650-700 new apartments. The planned investment level in 2018 in both development projects initiated in the previous years and new projects to be launched in 2018 is nearly EUR 60 million (2017: EUR 48.4 million invested). However, when making the investments, the group continues to be dependent on the pace of processing of building permits.

One of group’s objectives is to keep a sufficient portfolio of land plots to ensure stable inventory of property development projects, which considers the market conditions. As at 31 March 2018, the group's inventories included land plots with development potential, where the construction works have not started, in amount of EUR 62.1 million (31.03.2017: EUR 67.0 million).

No new land plots for real estate development purposes were acquired in the 3 months of 2018 (3 months of 2017: EUR 4.1 million; 12 months of 2017: acquired different new land plots in Tallinn, Estonia at an acquisition cost of EUR 5.1 million and in Riga, Latvia at an acquisition cost of EUR 4.1 million)

Secured order book

As at 31 March 2018, the group’s secured order book amounted to EUR 291.9 million, compared to EUR 287.7 million as at 31 March 2017, having increased by 1,4% in the annual comparison. The secured order book excludes the group's own residential development projects and construction works related to developing real estate investments.

In 3 months of 2018, EUR 22.3 million worth of new contracts were signed, compared to EUR 58.6 million in same period 2017.

Of the contracts signed in the 3 months of 2018, private sector orders accounted for the majority, which is also represented in the group’s secured order book, where private sector orders from projects in progress constitute approximately 84% (31.03.2017: approximately 70%; 31.12.2017: approximately 86%).

To diversify group’s operating portfolio, a strategic goal is to increase construction service revenues outside Estonia. Thus, the group continues to identify and strengthen its competitive advantages and are closely monitoring the development and opportunities in both the Baltic states and the Nordic countries, especially in Norway. At the same time, it has to be ensured that the growth is profitable. The group is therefore focused on ensuring that sales revenue is grown only on the basis of projects with an acceptable risk to reward ratio.

Cash flows

As at 31 March 2018, the group had cash and cash equivalents in the amount of EUR 27.6 million (31.03.2017: EUR 33.8 million; 31.12.2017: EUR 39.2 million). The group's cash position continues to be strong: the group has not utilised all its credit lines of existing overdrafts and loan agreements within reporting period. As at the end of the reporting period, the group entities had concluded overdraft contracts with banks in a total amount of EUR 17.5 million, of which EUR 9.7 was unused (31.03.2017: EUR 11.2 million of which EUR 9.7 was unused). In addition to the overdraft facilities, the company has a working capital loan facility with the limit of EUR 3.5 million (31.03.2017: EUR 3.5 million) from AS Riverito, which was not withdrawn at the end of current period (31.03.2017: not withdrawn).

The 3 month cash flow from operating activity was negative at EUR 3.0 million (3 months of 2017: positive EUR 5.6 million), cash flow from investing activity was positive at EUR 0.1 million (3 months of 2017: negative EUR 0.1 million) and the cash flow from financing activity was negative at EUR 8.7 million (3 months of 2017: negative EUR 5.2 million). Compared to the year 2017, the cash flow from operating activities had positive impacts from EBITDA EUR 1.8 million (3 months of 2017: EUR 1.9 million) and from the positive change in trade and other payables related to operating activities EUR 4.5 million (3 months of 2017: negative change of EUR 5.0 million), while the negative impacts came from change in trade and other receivables related to operating activities EUR 3.6 million (3 months of 2017: positive change of EUR 10.8 million), change in inventories EUR 3.3 million (3 months of 2017: positive change of EUR 2.6 million) and change in the provisions EUR 1.6 million (3 months of 2017: negative change of EUR 2.0 million.

To support cash flows from operating activities, the group has judiciously raised additional external capital. At the same time, the debt ratio has remained at a moderate level (18.4% as at 31.03.2018; 17.7% as at 31.03.2017; 21.4% as at 31.12.2017).

Cash flows from investing activities include negative cash flow from the acquisition of non-current assets in the amount of EUR 0.2 million (3 months of 2017: EUR 0.4 million) and positive cash flow from the sale of non-current assets in the amount of EUR 0.3 million (3 months of 2017: EUR 0.3 million).

Project specific loans obtained using investment property as collateral, included under cash flows from financing activities, were repaid in the amount of EUR 0.1 million (3 months of 2017: negative cash flow in the net amount of EUR 0.1 million). Net of loans received and loans repaid in connection with development projects amounted to negative cash flow of EUR 8.1 million (3 months of 2017: net positive cash flow of EUR 9.1 million) and finance lease principal repayments of EUR 0.2 million (3 months of 2017: EUR 0.2 million).

Dividends and dividend policy

The distribution of dividends to the shareholders of the company is recorded as a liability in the financial statements as of the moment when the payment of dividends is approved by the company’s shareholders.

According to the current dividends policy the objective is paying the shareholders 50-70% of the annual profit.

The annual general meeting of shareholders of AS Merko Ehitus held at 9 May 2018 approved the Supervisory Board’s proposal to pay the shareholders the total amount of EUR 17.7 million (EUR 1.00 per share) as dividends from net profit brought forward, which is equivalent to a 120% dividend rate and a 11.4% dividend yield for the year 2017 (using the share price as at 31 December 2017). Comparable figures in 2016 were accordingly: EUR 7.3 million (EUR 0.41 per share) as dividends, which is equivalent to a 119% dividend rate and a 4.5% dividend yield (using the share price as at 31 December 2016).

According to the Estonian Income Tax Law section 50 subsection 11, AS Merko Ehitus can pay dividends, without any additional income tax expense and liabilities occurring, up to the amount it has received dividends from subsidiaries, which are resident companies of a Contracting State of the EEA Agreement subject to that state’s income tax legislation. Taking into account the dividends already paid to the parent company by foreign subsidiaries, the group will not incur income tax expenses arising in 2018 in Estonia in connection with disbursement of dividends in Estonia (Q2 2017: EUR 0.9 million). The dividend payment to the shareholders will take place on 15 June 2018.

Ratios

(attributable to equity holders of the parent)

Income statement summary		3M 2018	3M 2017		3M 2016		12M 2017
Revenue	million EUR	80.3	58.1		46.8		317.6
Gross profit	million EUR	4.1	4.1		3.1		30.9
Gross profit margin	%	5.1	7.1		6.5		9.7
Operating profit	million EUR	1.3	1.3		0.5		19.5
Operating profit margin	%	1.6	2.2		1.0		6.2
Profit before tax (PBT)	million EUR	1.3	1.1		0.3		18.8
PBT margin	%	1.6	1.9		0.6		5.9
Net profit	million EUR	1.2	1.0		0.0		15.8
attributable to equity holders of the parent	million EUR	1.1	1.0		0.1		14.7
attributable to non-controlling interest	million EUR	0.1	(0.0	)	(0.1	)	1.1
Net profit margin	%	1.4	1.8		0.2		4.6
Other income statement indicators		3M 2018	3M 2017		3M 2016		12M 2017
EBITDA	million EUR	1.8	1.9		1.2		22.2
EBITDA margin	%	2.2	3.3		2.5		7.0
General expense ratio	%	4.5	5.8		6.8		4.6
Labour cost ratio	%	9.0	13.2		14.2		10.1
Revenue per employee	thousand EUR	109	77		62		434

Other significant indicators		31.03.2018	31.03.2017	31.03.2016	31.12.2017
Return on equity	%	11.8	5.8	7.5	11.9
Return on assets	%	5.6	3.1	4.3	5.8
Return on invested capital	%	11.2	5.5	7.8	11.4
Equity ratio	%	47.6	53.6	62.3	47.0
Debt ratio	%	18.4	17.7	12.9	21.4
Current ratio	times	2.3	2.7	3.4	2.2
Quick ratio	times	1.1	1.1	1.3	1.1
Accounts receivable turnover	days	43	39	35	40
Accounts payable turnover	days	42	38	35	40
Average number of employees	people	737	759	755	732
Secured order book	million EUR	291.9	287.7	243.5	344.4

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
unaudited

in thousand euros

	2018 3 months		2017 3 months		2017 12 months
Revenue	80,310		58,147		317,598
Cost of goods sold	(76,227	)	(54,026	)	(286,747	)
Gross profit	4,083		4,121		30,851
Marketing expenses	(806	)	(860	)	(3,215	)
General and administrative expenses	(2,819	)	(2,518	)	(11,289	)
Other operating income	852		567		3,793
Other operating expenses	(32	)	(57	)	(601	)
Operating profit	1,278		1,253		19,539
Finance income/costs	(26	)	(156	)	(767	)
incl. finance income from sale of subsidiary	-		-		14
finance income/costs from joint ventures	136		28		64
finance income/costs from other long-term investments	-		-		2
interest expense	(153	)	(173	)	(745	)
foreign exchange gain (loss)	(1	)	2		(1	)
other financial income (expenses)	(8	)	(13	)	(101	)
Profit before tax	1,252		1,097		18,772
Corporate income tax expense	(90	)	(118	)	(3,020	)
Net profit for financial year	1,162		979		15,752
incl. net profit attributable to equity holders of the parent	1,104		1,029		14,694
net profit attributable to non-controlling interest	58		(50	)	1,058
Other comprehensive income, which can subsequently be classified in the income statement
Currency translation differences of foreign entities	13		(3	)	(74	)
Comprehensive income for the period	1,175		976		15,678
incl. net profit attributable to equity holders of the parent	1,117		1,025		14,637
net profit attributable to non-controlling interest	58		(49	)	1,041
Earnings per share for profit attributable to equity holders of the parent (basic and diluted, in EUR)	0.06		0.06		0.83

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
unaudited

in thousand euros

	31.03.2018		31.03.2017		31.12.2017
ASSETS
Current assets
Cash and cash equivalents	27,600		33,839		39,210
Trade and other receivables	85,027		45,414		75,844
Prepaid corporate income tax	549		528		492
Inventories	121,754		120,838		118,421
	234,930		200,619		233,967
Non-current assets
Long-term financial assets	15,266		11,922		17,242
Deferred income tax assets	5		1,326		5
Investment property	15,655		4,043		15,719
Property, plant and equipment	9,358		12,456		9,665
Intangible assets	511		668		497
	40,795		30,415		43,128
TOTAL ASSETS	275,725		231,034		277,095
LIABILITIES
Current liabilities
Borrowings	13,673		14,586		24,218
Payables and prepayments	81,761		54,909		74,972
Income tax liability	484		103		413
Short-term provisions	4,119		4,633		4,569
	100,037		74,231		104,172
Non-current liabilities
Long-term borrowings	37,003		26,196		35,138
Deferred income tax liability	1,299		1,149		1,259
Other long-term payables	1,474		2,000		1,789
	39,776		29,345		38,186
TOTAL LIABILITIES	139,813		103,576		142,358
EQUITY
Non-controlling interests	4,625		3,643		4,567
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	(689	)	(649	)	(702	)
Retained earnings	123,254		115,742		122,150
	131,287		123,815		130,170
TOTAL EQUITY	135,912		127,458		134,737
TOTAL LIABILITIES AND EQUITY	275,725		231,034		277,095

Interim report and the investor presentation are attached to the announcement and are also published on Nasdaq Tallinn and Merko’s web page (group.merko.ee).

Priit Roosimägi
Head of Group Finance Unit
AS Merko Ehitus
+372 650 1250
priit.roosimagi@merko.ee

AS Merko Ehitus (group.merko.ee) group consists of Estonia’s leading construction company AS Merko Ehitus Eesti, the Latvian-market-oriented SIA Merks, UAB Merko Statyba that is operating on the Lithuanian market, Peritus Entreprenør AS construction company in Norway and the real estate development business unit along with real estate holding companies. As at the end of 2017, the group employed 757 people and the company’s 2017 revenue was EUR 317.6 million.

Attachments

• Merko_Ehitus_2018_3M_interim_report
• Merko_Ehitus_2018_3M_presentation