Development Division

Tarim, China

Development Division

Tarim, China
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News Article | May 24, 2017
Site: www.prnewswire.com

Peter Cazamias, Associate Administrator, Office of International Trade Peter Cazamias is responsible for administrating the newly reorganized department with oversight and execution of four program divisions: (1) The Federal & State Trade Development Division, (2) The International Trade Finance Division, (3) The International Affairs & Trade Policy Division, and (4) Administration & Operations with focus on Budget, Human Resources, and Management. Prior to joining the SBA, Cazamias consulted with an entrepreneurial partnership on a real estate private equity fund. Before this, he spent seven years in the energy industry, where he served as a business segment manager for an oilfield service supplier FMC-Technip and worked at a pipeline technology company Insituform (now Aegion Corp.). Cazamias served our country as a Marine Officer on active duty until October 2002, serving as a Judge Advocate in Quantico, VA, and achieving the rank of Captain. He also received a BA from Yale University, a Doctorate of Jurisprudence from The University of Texas, and an MBA in finance from University of Pennsylvania. Cazamias is fluent in Spanish, Italian and French and speaks some Mandarin. Robb Wong, Associate Administrator, Office of Government Contracting and Business Development Robb Wong advocates for small businesses in federal government contracting across government. Historically, the AA/GCBD oversees more than $500 billion in total federal spending within the federal marketplace and helps ensure that small businesses can compete for federal contracting opportunities. Wong has a depth of experience focused on small business. He started his career as an SBA attorney in the Office of General Counsel; then was a Special Assistant U.S. Attorney in the Houston District Office; and later was the SBA Acting District Director/Counsel in the Lubbock District Office. From 1996 to 2017, Wong held several leadership positions in several small businesses that successfully used the SBA's products and programs to enhance their growth. He is a graduate of Georgetown University Law Center. Allen Gutierrez, Associate Administrator, Office Entrepreneurial Development Allen Gutierrez oversees a nationwide network of offices, business executives, and mentors that support current and aspiring business owners as they start, grow, and compete in today's global market. This nationwide network includes the following Resource Partners: Women's Business Centers (WBCs), Small Business Development Centers (SBDCs), and SCORE. Most recently, Gutierrez served as the national Executive Director of The Latino Coalition (TLC). Under his leadership, the coalition grew to include 1.2 million Hispanic business owners and over 90 coalition partners, transforming TLC into one of the nation's largest and most effective Latino advocacy groups. Gutierrez previously served in the U.S. Small Business Administration from 2001 to 2006; during his tenure, he served as Senior Advisor to the Chief Operating Officer, as well as Senior Advisor to the Office of International Trade. Born in San Jose, Costa Rica, Gutierrez immigrated to California in 1974, where he achieved his dream of becoming the first member of his family to graduate from an accredited four-year college. He earned his Bachelor of Arts in political science with a minor in business administration from the University of Southern California. Michael Hershey, Associate Administrator, Office of Congressional and Legislative Affairs Michael Hershey focuses on Congressional relations and the development and enactment of SBA legislative proposals. This office works with congressional members and committees to ensure that Administration policy is properly represented in legislation and that all congressional stakeholders are fully informed about SBA programs and initiatives. Hershey was Principal of Columbia Strategies, a government relations and consulting firm in the broadcast industry. The firm's portfolio addressed communications, policy and legal issues related to copyright law, communications law and tax law. Previously, he was the Senior Vice President of Government Relations for the National Association of Broadcasters, where he advocated for the 8,300 television and radio members of NAB. Hershey also has extensive experience on Capitol Hill. He served as Chief of Staff and Legislative Director for U.S. Senator Rick Santorum (R-PA); was a Ways and Means Associate; and served as a Legislative Aide to his hometown congressman Representative Bob Walker (R-PA). Hershey earned his Bachelor of Arts in government from Franklin and Marshall College. About the Small Business Administration The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. To learn more about SBA, visit http://www.sba.gov To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sba-administrator-linda-mcmahon-appoints-four-top-senior-executives-300463531.html


News Article | May 12, 2017
Site: globenewswire.com

Boulogne-Billancourt (France), 12 May 2017 - Vallourec, world leader in premium tubular solutions, has announced that the combined annual Shareholders' Meeting held today, chaired by Ms. Vivienne Cox with a quorum of 62.90% adopted all the resolutions put to the vote. The Shareholders' Meeting approved the appointment of Mr. Yuki Iriyama as member of the Supervisory Board for a period of four years ending after the Ordinary General Meeting of Shareholders called to approve the accounts of the financial year ending 31 December 2020. The Supervisory Board consists of 12 members, of whom 5 are women. The proportion of independent members amounts to 83%. The Shareholders' Meeting adopted the proposed bylaws amendment in relation to the composition of the Supervisory Board and enabling the Group Works Council to appoint an employee representative on the Supervisory Board. The latter will be appointed within six months of the Shareholders' Meeting held on 12 May 2017. The Shareholders' Meeting also approved the two resolutions relating to the compensation of the Management Board in 2016 (« Say on Pay ») as well as the resolutions relating to the principles and criteria for determining, distributing and allocating the fixed, variable and exceptional items comprising the total compensation, and benefits of any kind attributable to the Chairman of the Management Board, the members of the Management Board, the Chairman of the Supervisory Board and the members of the Supervisory Board due to their offices, and constituting the compensation policy for them in fiscal year 2017. Finally, the Shareholders' Meeting approved the financial statements of 2016 and decided not to pay a dividend in respect of the 2016 results. The webcast of the Shareholders' Meeting held on 12 May 2017 and the results of voting on all resolutions submitted to shareholders will be available on Vallourec's website in the coming days: www.vallourec.com A Japan national born on 19 November 1947, Mr Yuki Iriyama graduated from the University of Tokyo (Faculty of Law, 1970) and College of Europe at Bruges in Belgium (Advanced European Study in Law, 1977). He began his career in 1970 in the legal department of Nippon Steel Corporation (currently Nippon Steel & Sumitomo Metal Corporation - NSSMC) and assumed different operational and managerial positions in Japan and internationally for NSSMC until 2009. He managed the Electronics & Information Business Division from 1990 to 1993 and then became General Manager of Overseas Business Development Division. He was appointed Director, Member of the Board in 2002 and Managing Executive Officer in 2006. Then, he assisted NSSMC as Executive Advisor until 2014. Mr Yuki Iriyama is admitted in Japan as an attorney-at-law and is currently Of Counsel of Kajitani Law Offices in Tokyo. Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible. Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1. For further information, please contact:


News Article | May 11, 2017
Site: globenewswire.com

Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the group’) are engaged in real estate development and services related to real estate. The group considers Estonia, Latvia and Bulgaria as its home markets. The group has two business lines: the Service Division and the Development Division. The Service Division is engaged in real estate brokerage, valuation, management and consulting as well as in short-term investment in residential real estate. The Service Division offers to the group additional value by generating analytical data on market demand and supply, and behaviour of potential clients. Analytical data allows making better decisions on real estate development: purchase of land plots, planning and designing, pricing end products, and timing the start of construction. The Development Division develops complete living environments and commercial real estate. Fully developed housing solutions are sold to the end-consumer. In some cases the group also develops commercial properties until they start to generate cash flow for two possible purposes: for the support of the group’s cash flows or for resale. The group is currently holding completed commercial properties that generate rental income. As of 31 March 2017, the group consisted of 22 companies, the same as on 31 December 2016. During first three months of the year, there were no changes in the group’s structure. ·                     In Q1 2017, the group’s revenue was 1.6 million euros, which is 68% less compared to the revenue of 5.1 million euros in Q1 2016. In Q1 2017, revenue of the Development Division amounted to 1.1 million euros (Q1 2016: 4.4 million euros) and revenue of the Service Division amounted to 0.7 million euros (Q1 2016: 0.8 million euros). ·                     In Q1 2017, the group’s operating loss (=EBIT) was 0.2 million euros and net loss 0.3 million euros. In Q1 2016, the group earned operating profit of 1.2 million euros and net profit of 1.1 million euros. In Q1 2017, the Development Division made operating loss of 14 thousand euros and the Service Division made operating loss of 12 thousand euros. In Q1 2016, the Development Division earned operating profit of 1.4 million euros and the Service Division made operating loss of 0.1 million euros. ·                     In Q1 2017, 1 apartment and 3 land plots were sold in projects developed in the group (in Q1 2016: 68 apartments and 2 commercial spaces were sold). Number of sold properties explains big differences in revenue and operating profit figures of the Development Division. In Q1 2016, active sale was ongoing in Manastirski project in Bulgaria, but no development projects were completed in Q1 2017. ·                     In the first 3 months 2017, the group’s debt burden (net loans) increased by 1.2 million euros up to the level of 14.6 million euros as of 31 March 2017. As of 31 March 2017, the weighted average annual interest rate of interest bearing liabilities was 5.1%. This is a decrease of 0.2 percentage points compared to 31 December 2016. Earnings per share (EPS) = net profit attributable to owners of the parent / weighted average number of ordinary shares outstanding during the period Diluted earnings per share (Diluted EPS) = net profit attributable to owners of the parent / (weighted average number of ordinary shares outstanding during the period + number of all potentially issued shares) Invested capital = current interest-bearing liabilities + non-current liabilities + equity (at the end of period) Net loans = current interest-bearing liabilities + non-current liabilities – cash and cash equivalents – short-term investments in securities (at the end of period) Number of staff at period-end = number of people working for the group under employment or authorization (service) contracts As promised, Q1 2017 was a boring quarter and should remain the last but one boring quarter with modest financial volumes. We continued selling the last units from already empty stock. During the first 3 months, our balance sheet grew by 10% to 30M EUR. Investors and bypassers alike could watch construction works of Kodulahe phase I and follow its presale levels, which by now exceed 70% and which will convert into effective sales numbers starting from Q3. If we outperform ourselves, Kodulahe sales may commence already at the end of Q2. Expected revenue from phase I exceeds 16M EUR. We have run into bureacuratic delays with Iztok Parkside, another potential source of significant revenue (more than 8M EUR) and profit. The problem lies in getting the construction permit for future access street that will be constructed on the landplots belonging to the state. We depend on cooperation of Sofia municipality and the government, which hopefully will be efficient and smooth so that we can commence the construction very soon. Achieved presale levels exceed 20%, but currently we have stopped presales as we cannot guarantee to our clients the delivery time. We made progress in Madrid Blvd building where the offices vacancy has dropped to only two premises (unoccupied GLA has decreased to 2000 sqm) and new tenants have moved in. We also sold the Liimi 1b landplot in Tallinn for a price that exceeded our expectations. We progressed well with Oa development in Tartu where we are in design phase, and Kodulahe phase II building design. Arco Vara’s aim is to commence construction of both projects by year-end. Taking into account our recent experience, it should be added - subject to getting the construction permit according to our schedule. We have been the least successful with acquiring new landplots in Sofia. There is nothing to report about it at this time. The backbone of Q1 results are the ongoing brokerage and evaluation services in Estonia and in Bulgaria that on a stand-alone basis have crossed the breakeven point and have started to support the Group’s overhead costs.  In the first quarter, the number of served customers exceeded 2000 people and the combined revenue from those customers exceeded 660,000 EUR, which is better than in Q1 2016 (when our revenue without Latvia was 520,000 EUR). To sum up, the Group stays well on the course of meeting its 2017 targets. Revenue of the Service Division amounted to 680 thousand euros in Q1 2017 (Q1 2016: 748 thousand euros), which included intra-group revenue of 120 thousand euros (Q1 2016: 77 thousand euros). In Q1 2017, revenue of the Service Division from main services (real estate brokerage and valuation services) decreased by 11% compared to Q1 2016. The main reason is the fact that the revenue in the amount of 235 thousand euros from Latvian agency (which was sold in Q4 2016) was included in the group revenue Q1 2016. It is pleasant to see from the table below that the revenue from main services increased significantly both in Estonian and Bulgarian agencies (increases compared to the Q1 2016 by 35% and 38%, respectively). In Q1 2017, Estonian agency had net loss of 62 thousand euros (Q1 2016: net loss of 73 thousand euros), but Bulgarian agency earned net profit of 35 thousand euros (Q1 2016: net profit of 9 thousand euros). In addition to brokerage and valuation services, the Service Division also provides real estate management services and accommodation service in Bulgaria. The revenue from real estate management was 29 thousand euros in Q1 2017, 24 thousand euros of which was intra-group revenue (Q1 2016: 27 thousand and 23 thousand euros, respectively). Revenue from accommodation services amounted to 39 thousand euros in Q1 2017 (Q1 2016: 30 thousand euros). The numbers of brokerage deals and valuation reports of the Service Division, together with the number of staff are shown in the following graphs. For better comparability, only Bulgarian and Estonian figures are shown. On 31 March 2017, the number of staff in the Service division was 107 (on 31.12.2016: 97). In Q1 2017, revenue of the Development Division totalled 1,063 thousand euros (in Q1 2016: 4,412 thousand euros) including revenue of 938 thousand euros (Q1 2016: 4,305 thousand euros) from the sale of properties in the group’s own development projects. Most of the other revenue of the Development Division consists of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 92 thousand euros in Q1 2017 (Q1 2016: 76 thousand euros). Two new rental agreements were concluded in Q1 2017. By the publishing date of the interim report, last two office spaces remained vacant. The group expects to rent out all vacant spaces during Q2 2017. In Q1 2017, operating loss of the Development Division was 14 thousand euros. In Q1 2016, operating profit in the amount of 1,386 thousand euros was earned. Revenue and profitability figures were significantly higher in Q1 2016 due to the conclusion of most of sale agreements in the last stage of Manastirski project in Sofia in that period (the construction of apartment building was finished in December 2015). During Q1 2017, the construction and presale of apartments of the first stage apartment building (with 125 apartments and 5 commercial spaces) in the group’s largest development project Kodulahe continued in Tallinn. By the publishing date of the interim report, presale agreements for 92 apartments and two commercial spaces have been concluded. The construction of the apartment building should be finished by summer 2017. In Q1 2017, preparatory works in the second stage of Kodulahe project started, where a building with ca 70 apartments and commercial spaces is planned. Preparatory works also started for Oa street properties in Tartu, where 4 smaller apartment buildings are planned. Both of these projects are expected to be finalised by mid-2019. In Q1 2017, one apartment was sold in Madrid Blvd complex in Sofia. As of 31 March 2017, 4 apartments remained unsold. Additional 15 apartments are furnished and are being rented out as accommodation service. Unsold parking places are also being rented out. In Q1 2017, delays emerged in the development of Iztok Parkside project in Sofia, Bulgaria. The problem lies in obtaining construction permit for the construction of access road, which is located on state-owned land. By the publication date of interim report, presale agreements for 18 apartments have been concluded, but presale has been stopped by now until the construction permit issue will be cleared out. Iztok project consists of three apartment buildings with 68 apartments (7,070 square meters of apartments’ sellable area). As of 31 March 2017, 9 Marsili residential plots remained unsold in Latvia, out of which a presale agreement for one had been concluded in December 2016. In Q1 2017, one plot was sold in the project. Additionally, the sale of Baltezers-3 project (68 undeveloped land plots as a whole) was finished in Latvia in January. As of 31 March 2017, 5 people were employed in the Development Division, the same number as at the end of 2016. Summary table of Arco Vara’s active projects as of 31 March 2017 Note: Values presented between < > sign represent future target values for projects where the building rights or the design have not been finished yet. The table does not reflect sellable or lettable volumes below grade including parking spaces and storages. The table does not give complete overview of the group’s land bank. Description of stages S1: Land plot acquired S2: Building Rights Procedure S3: Design and Preparation Works S4: Construction S5: Marketing and Sale S6: Facility Management and/or Lease Arco Vara AS has issued a total of 6,507,012 ordinary shares with nominal value of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock exchange. The share price closed at 1.24 euros on 31 March 2017 2016, the same price as on 31 December 2016. During the period, the highest traded price per share was 1.39 euros and the lowest price 1.15 euros. As of 31 March 2017, market capitalization of shares amounted to 8,069 thousand euros and P/B ratio was 0.93 (31 December 2016: 8,069 thousand euros and 0.90, respectively). P/E ratio of the share was negative on 31 March 2017 and also on 31 December 2016. As of 31 March 2017, Arco Vara had 1,453 shareholders (on 31 December 2016: 1,502) including 1,256 individuals as shareholders (on 31 December 2016: 1,297 individuals) who jointly owned 12.4% (on 31 December 2016: 12.5%) out of all Arco Vara shares. Holdings of management and supervisory board members on 31 March 2017 ¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 10.6% interest). CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


News Article | May 11, 2017
Site: globenewswire.com

Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the group’) are engaged in real estate development and services related to real estate. The group considers Estonia, Latvia and Bulgaria as its home markets. The group has two business lines: the Service Division and the Development Division. The Service Division is engaged in real estate brokerage, valuation, management and consulting as well as in short-term investment in residential real estate. The Service Division offers to the group additional value by generating analytical data on market demand and supply, and behaviour of potential clients. Analytical data allows making better decisions on real estate development: purchase of land plots, planning and designing, pricing end products, and timing the start of construction. The Development Division develops complete living environments and commercial real estate. Fully developed housing solutions are sold to the end-consumer. In some cases the group also develops commercial properties until they start to generate cash flow for two possible purposes: for the support of the group’s cash flows or for resale. The group is currently holding completed commercial properties that generate rental income. As of 31 March 2017, the group consisted of 22 companies, the same as on 31 December 2016. During first three months of the year, there were no changes in the group’s structure. ·                     In Q1 2017, the group’s revenue was 1.6 million euros, which is 68% less compared to the revenue of 5.1 million euros in Q1 2016. In Q1 2017, revenue of the Development Division amounted to 1.1 million euros (Q1 2016: 4.4 million euros) and revenue of the Service Division amounted to 0.7 million euros (Q1 2016: 0.8 million euros). ·                     In Q1 2017, the group’s operating loss (=EBIT) was 0.2 million euros and net loss 0.3 million euros. In Q1 2016, the group earned operating profit of 1.2 million euros and net profit of 1.1 million euros. In Q1 2017, the Development Division made operating loss of 14 thousand euros and the Service Division made operating loss of 12 thousand euros. In Q1 2016, the Development Division earned operating profit of 1.4 million euros and the Service Division made operating loss of 0.1 million euros. ·                     In Q1 2017, 1 apartment and 3 land plots were sold in projects developed in the group (in Q1 2016: 68 apartments and 2 commercial spaces were sold). Number of sold properties explains big differences in revenue and operating profit figures of the Development Division. In Q1 2016, active sale was ongoing in Manastirski project in Bulgaria, but no development projects were completed in Q1 2017. ·                     In the first 3 months 2017, the group’s debt burden (net loans) increased by 1.2 million euros up to the level of 14.6 million euros as of 31 March 2017. As of 31 March 2017, the weighted average annual interest rate of interest bearing liabilities was 5.1%. This is a decrease of 0.2 percentage points compared to 31 December 2016. Earnings per share (EPS) = net profit attributable to owners of the parent / weighted average number of ordinary shares outstanding during the period Diluted earnings per share (Diluted EPS) = net profit attributable to owners of the parent / (weighted average number of ordinary shares outstanding during the period + number of all potentially issued shares) Invested capital = current interest-bearing liabilities + non-current liabilities + equity (at the end of period) Net loans = current interest-bearing liabilities + non-current liabilities – cash and cash equivalents – short-term investments in securities (at the end of period) Number of staff at period-end = number of people working for the group under employment or authorization (service) contracts As promised, Q1 2017 was a boring quarter and should remain the last but one boring quarter with modest financial volumes. We continued selling the last units from already empty stock. During the first 3 months, our balance sheet grew by 10% to 30M EUR. Investors and bypassers alike could watch construction works of Kodulahe phase I and follow its presale levels, which by now exceed 70% and which will convert into effective sales numbers starting from Q3. If we outperform ourselves, Kodulahe sales may commence already at the end of Q2. Expected revenue from phase I exceeds 16M EUR. We have run into bureacuratic delays with Iztok Parkside, another potential source of significant revenue (more than 8M EUR) and profit. The problem lies in getting the construction permit for future access street that will be constructed on the landplots belonging to the state. We depend on cooperation of Sofia municipality and the government, which hopefully will be efficient and smooth so that we can commence the construction very soon. Achieved presale levels exceed 20%, but currently we have stopped presales as we cannot guarantee to our clients the delivery time. We made progress in Madrid Blvd building where the offices vacancy has dropped to only two premises (unoccupied GLA has decreased to 2000 sqm) and new tenants have moved in. We also sold the Liimi 1b landplot in Tallinn for a price that exceeded our expectations. We progressed well with Oa development in Tartu where we are in design phase, and Kodulahe phase II building design. Arco Vara’s aim is to commence construction of both projects by year-end. Taking into account our recent experience, it should be added - subject to getting the construction permit according to our schedule. We have been the least successful with acquiring new landplots in Sofia. There is nothing to report about it at this time. The backbone of Q1 results are the ongoing brokerage and evaluation services in Estonia and in Bulgaria that on a stand-alone basis have crossed the breakeven point and have started to support the Group’s overhead costs.  In the first quarter, the number of served customers exceeded 2000 people and the combined revenue from those customers exceeded 660,000 EUR, which is better than in Q1 2016 (when our revenue without Latvia was 520,000 EUR). To sum up, the Group stays well on the course of meeting its 2017 targets. Revenue of the Service Division amounted to 680 thousand euros in Q1 2017 (Q1 2016: 748 thousand euros), which included intra-group revenue of 120 thousand euros (Q1 2016: 77 thousand euros). In Q1 2017, revenue of the Service Division from main services (real estate brokerage and valuation services) decreased by 11% compared to Q1 2016. The main reason is the fact that the revenue in the amount of 235 thousand euros from Latvian agency (which was sold in Q4 2016) was included in the group revenue Q1 2016. It is pleasant to see from the table below that the revenue from main services increased significantly both in Estonian and Bulgarian agencies (increases compared to the Q1 2016 by 35% and 38%, respectively). In Q1 2017, Estonian agency had net loss of 62 thousand euros (Q1 2016: net loss of 73 thousand euros), but Bulgarian agency earned net profit of 35 thousand euros (Q1 2016: net profit of 9 thousand euros). In addition to brokerage and valuation services, the Service Division also provides real estate management services and accommodation service in Bulgaria. The revenue from real estate management was 29 thousand euros in Q1 2017, 24 thousand euros of which was intra-group revenue (Q1 2016: 27 thousand and 23 thousand euros, respectively). Revenue from accommodation services amounted to 39 thousand euros in Q1 2017 (Q1 2016: 30 thousand euros). The numbers of brokerage deals and valuation reports of the Service Division, together with the number of staff are shown in the following graphs. For better comparability, only Bulgarian and Estonian figures are shown. On 31 March 2017, the number of staff in the Service division was 107 (on 31.12.2016: 97). In Q1 2017, revenue of the Development Division totalled 1,063 thousand euros (in Q1 2016: 4,412 thousand euros) including revenue of 938 thousand euros (Q1 2016: 4,305 thousand euros) from the sale of properties in the group’s own development projects. Most of the other revenue of the Development Division consists of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 92 thousand euros in Q1 2017 (Q1 2016: 76 thousand euros). Two new rental agreements were concluded in Q1 2017. By the publishing date of the interim report, last two office spaces remained vacant. The group expects to rent out all vacant spaces during Q2 2017. In Q1 2017, operating loss of the Development Division was 14 thousand euros. In Q1 2016, operating profit in the amount of 1,386 thousand euros was earned. Revenue and profitability figures were significantly higher in Q1 2016 due to the conclusion of most of sale agreements in the last stage of Manastirski project in Sofia in that period (the construction of apartment building was finished in December 2015). During Q1 2017, the construction and presale of apartments of the first stage apartment building (with 125 apartments and 5 commercial spaces) in the group’s largest development project Kodulahe continued in Tallinn. By the publishing date of the interim report, presale agreements for 92 apartments and two commercial spaces have been concluded. The construction of the apartment building should be finished by summer 2017. In Q1 2017, preparatory works in the second stage of Kodulahe project started, where a building with ca 70 apartments and commercial spaces is planned. Preparatory works also started for Oa street properties in Tartu, where 4 smaller apartment buildings are planned. Both of these projects are expected to be finalised by mid-2019. In Q1 2017, one apartment was sold in Madrid Blvd complex in Sofia. As of 31 March 2017, 4 apartments remained unsold. Additional 15 apartments are furnished and are being rented out as accommodation service. Unsold parking places are also being rented out. In Q1 2017, delays emerged in the development of Iztok Parkside project in Sofia, Bulgaria. The problem lies in obtaining construction permit for the construction of access road, which is located on state-owned land. By the publication date of interim report, presale agreements for 18 apartments have been concluded, but presale has been stopped by now until the construction permit issue will be cleared out. Iztok project consists of three apartment buildings with 68 apartments (7,070 square meters of apartments’ sellable area). As of 31 March 2017, 9 Marsili residential plots remained unsold in Latvia, out of which a presale agreement for one had been concluded in December 2016. In Q1 2017, one plot was sold in the project. Additionally, the sale of Baltezers-3 project (68 undeveloped land plots as a whole) was finished in Latvia in January. As of 31 March 2017, 5 people were employed in the Development Division, the same number as at the end of 2016. Summary table of Arco Vara’s active projects as of 31 March 2017 Note: Values presented between < > sign represent future target values for projects where the building rights or the design have not been finished yet. The table does not reflect sellable or lettable volumes below grade including parking spaces and storages. The table does not give complete overview of the group’s land bank. Description of stages S1: Land plot acquired S2: Building Rights Procedure S3: Design and Preparation Works S4: Construction S5: Marketing and Sale S6: Facility Management and/or Lease Arco Vara AS has issued a total of 6,507,012 ordinary shares with nominal value of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock exchange. The share price closed at 1.24 euros on 31 March 2017 2016, the same price as on 31 December 2016. During the period, the highest traded price per share was 1.39 euros and the lowest price 1.15 euros. As of 31 March 2017, market capitalization of shares amounted to 8,069 thousand euros and P/B ratio was 0.93 (31 December 2016: 8,069 thousand euros and 0.90, respectively). P/E ratio of the share was negative on 31 March 2017 and also on 31 December 2016. As of 31 March 2017, Arco Vara had 1,453 shareholders (on 31 December 2016: 1,502) including 1,256 individuals as shareholders (on 31 December 2016: 1,297 individuals) who jointly owned 12.4% (on 31 December 2016: 12.5%) out of all Arco Vara shares. Holdings of management and supervisory board members on 31 March 2017 ¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 10.6% interest). CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


News Article | May 11, 2017
Site: globenewswire.com

Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the group’) are engaged in real estate development and services related to real estate. The group considers Estonia, Latvia and Bulgaria as its home markets. The group has two business lines: the Service Division and the Development Division. The Service Division is engaged in real estate brokerage, valuation, management and consulting as well as in short-term investment in residential real estate. The Service Division offers to the group additional value by generating analytical data on market demand and supply, and behaviour of potential clients. Analytical data allows making better decisions on real estate development: purchase of land plots, planning and designing, pricing end products, and timing the start of construction. The Development Division develops complete living environments and commercial real estate. Fully developed housing solutions are sold to the end-consumer. In some cases the group also develops commercial properties until they start to generate cash flow for two possible purposes: for the support of the group’s cash flows or for resale. The group is currently holding completed commercial properties that generate rental income. As of 31 March 2017, the group consisted of 22 companies, the same as on 31 December 2016. During first three months of the year, there were no changes in the group’s structure. ·                     In Q1 2017, the group’s revenue was 1.6 million euros, which is 68% less compared to the revenue of 5.1 million euros in Q1 2016. In Q1 2017, revenue of the Development Division amounted to 1.1 million euros (Q1 2016: 4.4 million euros) and revenue of the Service Division amounted to 0.7 million euros (Q1 2016: 0.8 million euros). ·                     In Q1 2017, the group’s operating loss (=EBIT) was 0.2 million euros and net loss 0.3 million euros. In Q1 2016, the group earned operating profit of 1.2 million euros and net profit of 1.1 million euros. In Q1 2017, the Development Division made operating loss of 14 thousand euros and the Service Division made operating loss of 12 thousand euros. In Q1 2016, the Development Division earned operating profit of 1.4 million euros and the Service Division made operating loss of 0.1 million euros. ·                     In Q1 2017, 1 apartment and 3 land plots were sold in projects developed in the group (in Q1 2016: 68 apartments and 2 commercial spaces were sold). Number of sold properties explains big differences in revenue and operating profit figures of the Development Division. In Q1 2016, active sale was ongoing in Manastirski project in Bulgaria, but no development projects were completed in Q1 2017. ·                     In the first 3 months 2017, the group’s debt burden (net loans) increased by 1.2 million euros up to the level of 14.6 million euros as of 31 March 2017. As of 31 March 2017, the weighted average annual interest rate of interest bearing liabilities was 5.1%. This is a decrease of 0.2 percentage points compared to 31 December 2016. Earnings per share (EPS) = net profit attributable to owners of the parent / weighted average number of ordinary shares outstanding during the period Diluted earnings per share (Diluted EPS) = net profit attributable to owners of the parent / (weighted average number of ordinary shares outstanding during the period + number of all potentially issued shares) Invested capital = current interest-bearing liabilities + non-current liabilities + equity (at the end of period) Net loans = current interest-bearing liabilities + non-current liabilities – cash and cash equivalents – short-term investments in securities (at the end of period) Number of staff at period-end = number of people working for the group under employment or authorization (service) contracts As promised, Q1 2017 was a boring quarter and should remain the last but one boring quarter with modest financial volumes. We continued selling the last units from already empty stock. During the first 3 months, our balance sheet grew by 10% to 30M EUR. Investors and bypassers alike could watch construction works of Kodulahe phase I and follow its presale levels, which by now exceed 70% and which will convert into effective sales numbers starting from Q3. If we outperform ourselves, Kodulahe sales may commence already at the end of Q2. Expected revenue from phase I exceeds 16M EUR. We have run into bureacuratic delays with Iztok Parkside, another potential source of significant revenue (more than 8M EUR) and profit. The problem lies in getting the construction permit for future access street that will be constructed on the landplots belonging to the state. We depend on cooperation of Sofia municipality and the government, which hopefully will be efficient and smooth so that we can commence the construction very soon. Achieved presale levels exceed 20%, but currently we have stopped presales as we cannot guarantee to our clients the delivery time. We made progress in Madrid Blvd building where the offices vacancy has dropped to only two premises (unoccupied GLA has decreased to 2000 sqm) and new tenants have moved in. We also sold the Liimi 1b landplot in Tallinn for a price that exceeded our expectations. We progressed well with Oa development in Tartu where we are in design phase, and Kodulahe phase II building design. Arco Vara’s aim is to commence construction of both projects by year-end. Taking into account our recent experience, it should be added - subject to getting the construction permit according to our schedule. We have been the least successful with acquiring new landplots in Sofia. There is nothing to report about it at this time. The backbone of Q1 results are the ongoing brokerage and evaluation services in Estonia and in Bulgaria that on a stand-alone basis have crossed the breakeven point and have started to support the Group’s overhead costs.  In the first quarter, the number of served customers exceeded 2000 people and the combined revenue from those customers exceeded 660,000 EUR, which is better than in Q1 2016 (when our revenue without Latvia was 520,000 EUR). To sum up, the Group stays well on the course of meeting its 2017 targets. Revenue of the Service Division amounted to 680 thousand euros in Q1 2017 (Q1 2016: 748 thousand euros), which included intra-group revenue of 120 thousand euros (Q1 2016: 77 thousand euros). In Q1 2017, revenue of the Service Division from main services (real estate brokerage and valuation services) decreased by 11% compared to Q1 2016. The main reason is the fact that the revenue in the amount of 235 thousand euros from Latvian agency (which was sold in Q4 2016) was included in the group revenue Q1 2016. It is pleasant to see from the table below that the revenue from main services increased significantly both in Estonian and Bulgarian agencies (increases compared to the Q1 2016 by 35% and 38%, respectively). In Q1 2017, Estonian agency had net loss of 62 thousand euros (Q1 2016: net loss of 73 thousand euros), but Bulgarian agency earned net profit of 35 thousand euros (Q1 2016: net profit of 9 thousand euros). In addition to brokerage and valuation services, the Service Division also provides real estate management services and accommodation service in Bulgaria. The revenue from real estate management was 29 thousand euros in Q1 2017, 24 thousand euros of which was intra-group revenue (Q1 2016: 27 thousand and 23 thousand euros, respectively). Revenue from accommodation services amounted to 39 thousand euros in Q1 2017 (Q1 2016: 30 thousand euros). The numbers of brokerage deals and valuation reports of the Service Division, together with the number of staff are shown in the following graphs. For better comparability, only Bulgarian and Estonian figures are shown. On 31 March 2017, the number of staff in the Service division was 107 (on 31.12.2016: 97). In Q1 2017, revenue of the Development Division totalled 1,063 thousand euros (in Q1 2016: 4,412 thousand euros) including revenue of 938 thousand euros (Q1 2016: 4,305 thousand euros) from the sale of properties in the group’s own development projects. Most of the other revenue of the Development Division consists of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 92 thousand euros in Q1 2017 (Q1 2016: 76 thousand euros). Two new rental agreements were concluded in Q1 2017. By the publishing date of the interim report, last two office spaces remained vacant. The group expects to rent out all vacant spaces during Q2 2017. In Q1 2017, operating loss of the Development Division was 14 thousand euros. In Q1 2016, operating profit in the amount of 1,386 thousand euros was earned. Revenue and profitability figures were significantly higher in Q1 2016 due to the conclusion of most of sale agreements in the last stage of Manastirski project in Sofia in that period (the construction of apartment building was finished in December 2015). During Q1 2017, the construction and presale of apartments of the first stage apartment building (with 125 apartments and 5 commercial spaces) in the group’s largest development project Kodulahe continued in Tallinn. By the publishing date of the interim report, presale agreements for 92 apartments and two commercial spaces have been concluded. The construction of the apartment building should be finished by summer 2017. In Q1 2017, preparatory works in the second stage of Kodulahe project started, where a building with ca 70 apartments and commercial spaces is planned. Preparatory works also started for Oa street properties in Tartu, where 4 smaller apartment buildings are planned. Both of these projects are expected to be finalised by mid-2019. In Q1 2017, one apartment was sold in Madrid Blvd complex in Sofia. As of 31 March 2017, 4 apartments remained unsold. Additional 15 apartments are furnished and are being rented out as accommodation service. Unsold parking places are also being rented out. In Q1 2017, delays emerged in the development of Iztok Parkside project in Sofia, Bulgaria. The problem lies in obtaining construction permit for the construction of access road, which is located on state-owned land. By the publication date of interim report, presale agreements for 18 apartments have been concluded, but presale has been stopped by now until the construction permit issue will be cleared out. Iztok project consists of three apartment buildings with 68 apartments (7,070 square meters of apartments’ sellable area). As of 31 March 2017, 9 Marsili residential plots remained unsold in Latvia, out of which a presale agreement for one had been concluded in December 2016. In Q1 2017, one plot was sold in the project. Additionally, the sale of Baltezers-3 project (68 undeveloped land plots as a whole) was finished in Latvia in January. As of 31 March 2017, 5 people were employed in the Development Division, the same number as at the end of 2016. Summary table of Arco Vara’s active projects as of 31 March 2017 Note: Values presented between < > sign represent future target values for projects where the building rights or the design have not been finished yet. The table does not reflect sellable or lettable volumes below grade including parking spaces and storages. The table does not give complete overview of the group’s land bank. Description of stages S1: Land plot acquired S2: Building Rights Procedure S3: Design and Preparation Works S4: Construction S5: Marketing and Sale S6: Facility Management and/or Lease Arco Vara AS has issued a total of 6,507,012 ordinary shares with nominal value of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock exchange. The share price closed at 1.24 euros on 31 March 2017 2016, the same price as on 31 December 2016. During the period, the highest traded price per share was 1.39 euros and the lowest price 1.15 euros. As of 31 March 2017, market capitalization of shares amounted to 8,069 thousand euros and P/B ratio was 0.93 (31 December 2016: 8,069 thousand euros and 0.90, respectively). P/E ratio of the share was negative on 31 March 2017 and also on 31 December 2016. As of 31 March 2017, Arco Vara had 1,453 shareholders (on 31 December 2016: 1,502) including 1,256 individuals as shareholders (on 31 December 2016: 1,297 individuals) who jointly owned 12.4% (on 31 December 2016: 12.5%) out of all Arco Vara shares. Holdings of management and supervisory board members on 31 March 2017 ¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 10.6% interest). CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


News Article | May 8, 2017
Site: www.marketwired.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Anaconda Mining Inc. ("Anaconda") (TSX:ANX) and Orex Exploration Inc. ("Orex") (TSX VENTURE:OX) are pleased to announce that all applicable resolutions in connection with the proposed plan of arrangement involving Anaconda and Orex were overwhelmingly approved today at the special meeting of shareholders of Anaconda (the "Anaconda Meeting") and the special meeting of securityholders of Orex (the "Orex Meeting"). Further information about the Arrangement and the Consolidation is set out in the Anaconda and Orex joint management information circular dated April 3, 2017 (the "Circular") which is available on SEDAR under both Anaconda and Orex's SEDAR profile at www.sedar.com. The Arrangement is expected to be completed on or about May 19, 2017 and remains subject to receipt of all requisite regulatory approvals. Registered Orex shareholders should complete, sign and return their letter of transmittal with accompanying share certificates to TSX Trust Company, the depositary for the Arrangement, as soon as possible in order to receive their common shares of Anaconda upon completion of the Arrangement. Further information with respect to this procedure is set out in the Circular. Following the Arrangement, the board of directors will assess market conditions and will proceed to effect the Consolidation within the next twelve months if the board of directors determines that the Consolidation is in the best interest of Anaconda. Dustin Angelo, President and CEO of Anaconda, stated, "We are very pleased with the overwhelming support for the Arrangement. The assets of both companies complement one another and provide the platform from which to grow in Atlantic Canada. We look forward to developing the Goldboro Project and realizing the tremendous value for our shareholders in combining Orex and Anaconda." "On behalf of the board of directors I would like to thank our shareholders for their ongoing support as Orex undertakes this important transaction. We continue to believe the Goldboro Project presents an extraordinary opportunity and we look forward to working with our new colleagues at Anaconda to realize that potential." said Jonathan Fitzgerald, Chairman and CEO of Orex. Anaconda and Orex have already started working together on advancing the Goldboro Project. The permitting process is underway, beginning with an initial meeting with regulatory officials organized by the Nova Scotia Mineral Development Division, the completion of certain environmental studies related to moose and owl surveys and the preparation for next steps in the process. Anaconda management has also begun community and First Nations engagement. In addition, Anaconda is continuing work on the Goldboro mineral resource model to optimize it based on its conceptual development plan. Multiple operating plans are currently being evaluated and the optimal scenario will be determined in the coming months. Anaconda will provide additional updates on its progress as it meets its development milestones following completion of the Arrangement. None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United State Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities Anaconda is a growth-oriented, Atlantic Canada regional gold producer, developer and explorer with a producing project called the Point Rousse Project on the Baie Verte Peninsula, Newfoundland. Anaconda also has three other exploration projects called the Viking and Great Northern Projects and the Tilt Cove Property in Newfoundland. Anaconda has plans to grow its resource portfolio and production profile through exploration and mergers and acquisitions. To maximize potential profit and minimize capital investment, it will leverage its existing operating infrastructure at the Point Rousse Project including Anaconda's mill facility, tailings capacity and port facility. As the only pure play gold producer in Atlantic Canada, Anaconda Mining is turning the rock we live on into a growing and profitable resource. With a young and motivated workforce, innovative technology and the support of local suppliers, Anaconda is investing in its people and giving back to the communities in which we operate - building a better future for all our stakeholders, from the ground up. Orex is a mineral exploration company based in the Province of Quebec, Canada. Orex's principal asset is the Goldboro Project in Nova Scotia in which it holds a 100% interest. The Goldboro Project is located approximately 180 kilometres northwest of Halifax, on the eastern shore of Nova Scotia. The property comprises 37 contiguous claims, covering 600 hectares. Mineral resources occur in three spatially contiguous zones along the Upper Seal Harbour anticline. These comprise the total "Goldboro Deposit" and consist of the Boston Richardson Zone, the East Goldbrook Zone and the West Goldbrook Zone. For further details on Orex and the Goldboro Project, please visit Orex's website at www.orexexploration.ca or Canadian public filings at Orex's profile at www.sedar.com. This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, the timing for the completion of the Arrangement, the implementation of the Consolidation and statements regarding the combined company and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to: the approval of the Arrangement by the Toronto Stock Exchange and the TSX Venture Exchange; the approval of the Arrangement by the Ontario Superior Court of Justice; the approval of the Consolidation by the Toronto Stock Exchange; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any projects caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; the realization of the expected benefits resulting from the combination of the two entities (or the strategies or future actions of the companies); and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "intends," "believes," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda and Orex's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking information. Any forward-looking statements contained herein are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law. Neither the TSX Venture Exchange nor its regulation service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


News Article | May 11, 2017
Site: globenewswire.com

Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the group’) are engaged in real estate development and services related to real estate. The group considers Estonia, Latvia and Bulgaria as its home markets. The group has two business lines: the Service Division and the Development Division. The Service Division is engaged in real estate brokerage, valuation, management and consulting as well as in short-term investment in residential real estate. The Service Division offers to the group additional value by generating analytical data on market demand and supply, and behaviour of potential clients. Analytical data allows making better decisions on real estate development: purchase of land plots, planning and designing, pricing end products, and timing the start of construction. The Development Division develops complete living environments and commercial real estate. Fully developed housing solutions are sold to the end-consumer. In some cases the group also develops commercial properties until they start to generate cash flow for two possible purposes: for the support of the group’s cash flows or for resale. The group is currently holding completed commercial properties that generate rental income. As of 31 March 2017, the group consisted of 22 companies, the same as on 31 December 2016. During first three months of the year, there were no changes in the group’s structure. ·                     In Q1 2017, the group’s revenue was 1.6 million euros, which is 68% less compared to the revenue of 5.1 million euros in Q1 2016. In Q1 2017, revenue of the Development Division amounted to 1.1 million euros (Q1 2016: 4.4 million euros) and revenue of the Service Division amounted to 0.7 million euros (Q1 2016: 0.8 million euros). ·                     In Q1 2017, the group’s operating loss (=EBIT) was 0.2 million euros and net loss 0.3 million euros. In Q1 2016, the group earned operating profit of 1.2 million euros and net profit of 1.1 million euros. In Q1 2017, the Development Division made operating loss of 14 thousand euros and the Service Division made operating loss of 12 thousand euros. In Q1 2016, the Development Division earned operating profit of 1.4 million euros and the Service Division made operating loss of 0.1 million euros. ·                     In Q1 2017, 1 apartment and 3 land plots were sold in projects developed in the group (in Q1 2016: 68 apartments and 2 commercial spaces were sold). Number of sold properties explains big differences in revenue and operating profit figures of the Development Division. In Q1 2016, active sale was ongoing in Manastirski project in Bulgaria, but no development projects were completed in Q1 2017. ·                     In the first 3 months 2017, the group’s debt burden (net loans) increased by 1.2 million euros up to the level of 14.6 million euros as of 31 March 2017. As of 31 March 2017, the weighted average annual interest rate of interest bearing liabilities was 5.1%. This is a decrease of 0.2 percentage points compared to 31 December 2016. Earnings per share (EPS) = net profit attributable to owners of the parent / weighted average number of ordinary shares outstanding during the period Diluted earnings per share (Diluted EPS) = net profit attributable to owners of the parent / (weighted average number of ordinary shares outstanding during the period + number of all potentially issued shares) Invested capital = current interest-bearing liabilities + non-current liabilities + equity (at the end of period) Net loans = current interest-bearing liabilities + non-current liabilities – cash and cash equivalents – short-term investments in securities (at the end of period) Number of staff at period-end = number of people working for the group under employment or authorization (service) contracts As promised, Q1 2017 was a boring quarter and should remain the last but one boring quarter with modest financial volumes. We continued selling the last units from already empty stock. During the first 3 months, our balance sheet grew by 10% to 30M EUR. Investors and bypassers alike could watch construction works of Kodulahe phase I and follow its presale levels, which by now exceed 70% and which will convert into effective sales numbers starting from Q3. If we outperform ourselves, Kodulahe sales may commence already at the end of Q2. Expected revenue from phase I exceeds 16M EUR. We have run into bureacuratic delays with Iztok Parkside, another potential source of significant revenue (more than 8M EUR) and profit. The problem lies in getting the construction permit for future access street that will be constructed on the landplots belonging to the state. We depend on cooperation of Sofia municipality and the government, which hopefully will be efficient and smooth so that we can commence the construction very soon. Achieved presale levels exceed 20%, but currently we have stopped presales as we cannot guarantee to our clients the delivery time. We made progress in Madrid Blvd building where the offices vacancy has dropped to only two premises (unoccupied GLA has decreased to 2000 sqm) and new tenants have moved in. We also sold the Liimi 1b landplot in Tallinn for a price that exceeded our expectations. We progressed well with Oa development in Tartu where we are in design phase, and Kodulahe phase II building design. Arco Vara’s aim is to commence construction of both projects by year-end. Taking into account our recent experience, it should be added - subject to getting the construction permit according to our schedule. We have been the least successful with acquiring new landplots in Sofia. There is nothing to report about it at this time. The backbone of Q1 results are the ongoing brokerage and evaluation services in Estonia and in Bulgaria that on a stand-alone basis have crossed the breakeven point and have started to support the Group’s overhead costs.  In the first quarter, the number of served customers exceeded 2000 people and the combined revenue from those customers exceeded 660,000 EUR, which is better than in Q1 2016 (when our revenue without Latvia was 520,000 EUR). To sum up, the Group stays well on the course of meeting its 2017 targets. Revenue of the Service Division amounted to 680 thousand euros in Q1 2017 (Q1 2016: 748 thousand euros), which included intra-group revenue of 120 thousand euros (Q1 2016: 77 thousand euros). In Q1 2017, revenue of the Service Division from main services (real estate brokerage and valuation services) decreased by 11% compared to Q1 2016. The main reason is the fact that the revenue in the amount of 235 thousand euros from Latvian agency (which was sold in Q4 2016) was included in the group revenue Q1 2016. It is pleasant to see from the table below that the revenue from main services increased significantly both in Estonian and Bulgarian agencies (increases compared to the Q1 2016 by 35% and 38%, respectively). In Q1 2017, Estonian agency had net loss of 62 thousand euros (Q1 2016: net loss of 73 thousand euros), but Bulgarian agency earned net profit of 35 thousand euros (Q1 2016: net profit of 9 thousand euros). In addition to brokerage and valuation services, the Service Division also provides real estate management services and accommodation service in Bulgaria. The revenue from real estate management was 29 thousand euros in Q1 2017, 24 thousand euros of which was intra-group revenue (Q1 2016: 27 thousand and 23 thousand euros, respectively). Revenue from accommodation services amounted to 39 thousand euros in Q1 2017 (Q1 2016: 30 thousand euros). The numbers of brokerage deals and valuation reports of the Service Division, together with the number of staff are shown in the following graphs. For better comparability, only Bulgarian and Estonian figures are shown. On 31 March 2017, the number of staff in the Service division was 107 (on 31.12.2016: 97). In Q1 2017, revenue of the Development Division totalled 1,063 thousand euros (in Q1 2016: 4,412 thousand euros) including revenue of 938 thousand euros (Q1 2016: 4,305 thousand euros) from the sale of properties in the group’s own development projects. Most of the other revenue of the Development Division consists of rental income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 92 thousand euros in Q1 2017 (Q1 2016: 76 thousand euros). Two new rental agreements were concluded in Q1 2017. By the publishing date of the interim report, last two office spaces remained vacant. The group expects to rent out all vacant spaces during Q2 2017. In Q1 2017, operating loss of the Development Division was 14 thousand euros. In Q1 2016, operating profit in the amount of 1,386 thousand euros was earned. Revenue and profitability figures were significantly higher in Q1 2016 due to the conclusion of most of sale agreements in the last stage of Manastirski project in Sofia in that period (the construction of apartment building was finished in December 2015). During Q1 2017, the construction and presale of apartments of the first stage apartment building (with 125 apartments and 5 commercial spaces) in the group’s largest development project Kodulahe continued in Tallinn. By the publishing date of the interim report, presale agreements for 92 apartments and two commercial spaces have been concluded. The construction of the apartment building should be finished by summer 2017. In Q1 2017, preparatory works in the second stage of Kodulahe project started, where a building with ca 70 apartments and commercial spaces is planned. Preparatory works also started for Oa street properties in Tartu, where 4 smaller apartment buildings are planned. Both of these projects are expected to be finalised by mid-2019. In Q1 2017, one apartment was sold in Madrid Blvd complex in Sofia. As of 31 March 2017, 4 apartments remained unsold. Additional 15 apartments are furnished and are being rented out as accommodation service. Unsold parking places are also being rented out. In Q1 2017, delays emerged in the development of Iztok Parkside project in Sofia, Bulgaria. The problem lies in obtaining construction permit for the construction of access road, which is located on state-owned land. By the publication date of interim report, presale agreements for 18 apartments have been concluded, but presale has been stopped by now until the construction permit issue will be cleared out. Iztok project consists of three apartment buildings with 68 apartments (7,070 square meters of apartments’ sellable area). As of 31 March 2017, 9 Marsili residential plots remained unsold in Latvia, out of which a presale agreement for one had been concluded in December 2016. In Q1 2017, one plot was sold in the project. Additionally, the sale of Baltezers-3 project (68 undeveloped land plots as a whole) was finished in Latvia in January. As of 31 March 2017, 5 people were employed in the Development Division, the same number as at the end of 2016. Summary table of Arco Vara’s active projects as of 31 March 2017 Note: Values presented between < > sign represent future target values for projects where the building rights or the design have not been finished yet. The table does not reflect sellable or lettable volumes below grade including parking spaces and storages. The table does not give complete overview of the group’s land bank. Description of stages S1: Land plot acquired S2: Building Rights Procedure S3: Design and Preparation Works S4: Construction S5: Marketing and Sale S6: Facility Management and/or Lease Arco Vara AS has issued a total of 6,507,012 ordinary shares with nominal value of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock exchange. The share price closed at 1.24 euros on 31 March 2017 2016, the same price as on 31 December 2016. During the period, the highest traded price per share was 1.39 euros and the lowest price 1.15 euros. As of 31 March 2017, market capitalization of shares amounted to 8,069 thousand euros and P/B ratio was 0.93 (31 December 2016: 8,069 thousand euros and 0.90, respectively). P/E ratio of the share was negative on 31 March 2017 and also on 31 December 2016. As of 31 March 2017, Arco Vara had 1,453 shareholders (on 31 December 2016: 1,502) including 1,256 individuals as shareholders (on 31 December 2016: 1,297 individuals) who jointly owned 12.4% (on 31 December 2016: 12.5%) out of all Arco Vara shares. Holdings of management and supervisory board members on 31 March 2017 ¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 10.6% interest). CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


News Article | May 12, 2017
Site: globenewswire.com

Boulogne-Billancourt (France), 12 May 2017 - Vallourec, world leader in premium tubular solutions, has announced that the combined annual Shareholders' Meeting held today, chaired by Ms. Vivienne Cox with a quorum of 62.90% adopted all the resolutions put to the vote. The Shareholders' Meeting approved the appointment of Mr. Yuki Iriyama as member of the Supervisory Board for a period of four years ending after the Ordinary General Meeting of Shareholders called to approve the accounts of the financial year ending 31 December 2020. The Supervisory Board consists of 12 members, of whom 5 are women. The proportion of independent members amounts to 83%. The Shareholders' Meeting adopted the proposed bylaws amendment in relation to the composition of the Supervisory Board and enabling the Group Works Council to appoint an employee representative on the Supervisory Board. The latter will be appointed within six months of the Shareholders' Meeting held on 12 May 2017. The Shareholders' Meeting also approved the two resolutions relating to the compensation of the Management Board in 2016 (« Say on Pay ») as well as the resolutions relating to the principles and criteria for determining, distributing and allocating the fixed, variable and exceptional items comprising the total compensation, and benefits of any kind attributable to the Chairman of the Management Board, the members of the Management Board, the Chairman of the Supervisory Board and the members of the Supervisory Board due to their offices, and constituting the compensation policy for them in fiscal year 2017. Finally, the Shareholders' Meeting approved the financial statements of 2016 and decided not to pay a dividend in respect of the 2016 results. The webcast of the Shareholders' Meeting held on 12 May 2017 and the results of voting on all resolutions submitted to shareholders will be available on Vallourec's website in the coming days: www.vallourec.com A Japan national born on 19 November 1947, Mr Yuki Iriyama graduated from the University of Tokyo (Faculty of Law, 1970) and College of Europe at Bruges in Belgium (Advanced European Study in Law, 1977). He began his career in 1970 in the legal department of Nippon Steel Corporation (currently Nippon Steel & Sumitomo Metal Corporation - NSSMC) and assumed different operational and managerial positions in Japan and internationally for NSSMC until 2009. He managed the Electronics & Information Business Division from 1990 to 1993 and then became General Manager of Overseas Business Development Division. He was appointed Director, Member of the Board in 2002 and Managing Executive Officer in 2006. Then, he assisted NSSMC as Executive Advisor until 2014. Mr Yuki Iriyama is admitted in Japan as an attorney-at-law and is currently Of Counsel of Kajitani Law Offices in Tokyo. Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible. Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1. For further information, please contact:


News Article | May 12, 2017
Site: globenewswire.com

Boulogne-Billancourt (France), 12 May 2017 - Vallourec, world leader in premium tubular solutions, has announced that the combined annual Shareholders' Meeting held today, chaired by Ms. Vivienne Cox with a quorum of 62.90% adopted all the resolutions put to the vote. The Shareholders' Meeting approved the appointment of Mr. Yuki Iriyama as member of the Supervisory Board for a period of four years ending after the Ordinary General Meeting of Shareholders called to approve the accounts of the financial year ending 31 December 2020. The Supervisory Board consists of 12 members, of whom 5 are women. The proportion of independent members amounts to 83%. The Shareholders' Meeting adopted the proposed bylaws amendment in relation to the composition of the Supervisory Board and enabling the Group Works Council to appoint an employee representative on the Supervisory Board. The latter will be appointed within six months of the Shareholders' Meeting held on 12 May 2017. The Shareholders' Meeting also approved the two resolutions relating to the compensation of the Management Board in 2016 (« Say on Pay ») as well as the resolutions relating to the principles and criteria for determining, distributing and allocating the fixed, variable and exceptional items comprising the total compensation, and benefits of any kind attributable to the Chairman of the Management Board, the members of the Management Board, the Chairman of the Supervisory Board and the members of the Supervisory Board due to their offices, and constituting the compensation policy for them in fiscal year 2017. Finally, the Shareholders' Meeting approved the financial statements of 2016 and decided not to pay a dividend in respect of the 2016 results. The webcast of the Shareholders' Meeting held on 12 May 2017 and the results of voting on all resolutions submitted to shareholders will be available on Vallourec's website in the coming days: www.vallourec.com A Japan national born on 19 November 1947, Mr Yuki Iriyama graduated from the University of Tokyo (Faculty of Law, 1970) and College of Europe at Bruges in Belgium (Advanced European Study in Law, 1977). He began his career in 1970 in the legal department of Nippon Steel Corporation (currently Nippon Steel & Sumitomo Metal Corporation - NSSMC) and assumed different operational and managerial positions in Japan and internationally for NSSMC until 2009. He managed the Electronics & Information Business Division from 1990 to 1993 and then became General Manager of Overseas Business Development Division. He was appointed Director, Member of the Board in 2002 and Managing Executive Officer in 2006. Then, he assisted NSSMC as Executive Advisor until 2014. Mr Yuki Iriyama is admitted in Japan as an attorney-at-law and is currently Of Counsel of Kajitani Law Offices in Tokyo. Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible. Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1. For further information, please contact:


News Article | February 15, 2017
Site: spaceref.biz

NASA took another big step to ensure reliable crew transportation to the International Space Station into the next decade. The agency's Commercial Crew Program has awarded an additional four crew rotation missions each to commercial partners, Boeing and SpaceX, to carry astronauts to and from the International Space Station. The four additional missions will fly following NASA certification. They fall under the current Commercial Crew Transportation Capability contracts, and bring the total number of missions awarded to each provider to six. The additional flights will allow the commercial partners to plan for all aspects of these missions while fulfilling space station transportation needs. The awards do not include payments at this time. "Awarding these missions now will provide greater stability for the future space station crew rotation schedule, as well as reduce schedule and financial uncertainty for our providers," said Phil McAlister, director, NASA's Commercial Spaceflight Development Division. "The ability to turn on missions as needed to meet the needs of the space station program is an important aspect of the Commercial Crew Program." The two commercial spacecraft also will provide a lifeboat capability to allow the astronauts aboard the station to return safely to Earth in an emergency, if necessary. Returning human launch capabilities to U.S. soil underscores NASA's commitment to the station and the research that the orbiting laboratory makes possible including the advancement of scientific knowledge off the Earth, for the benefit of those on the Earth and to prepare for future deep space exploration. The Commercial Crew Program will help NASA get full operational use from the national laboratory for scientific research by increasing the number of astronauts on the space station, and allowing the crew members to dedicate more time to research. The commercial crew vehicles will transport up to four astronauts for NASA missions, along with about 220 pounds of critical cargo to the space station. More time dedicated for research allows NASA to better understand the challenges of long-duration human spaceflight without leaving low-Earth orbit. As NASA develops the Orion spacecraft and the Space Launch System rocket for deep space missions, including the journey to Mars, NASA is turning over low-Earth orbit crew and cargo transportation to commercial companies. This two-pronged approach is critical to achieve the agency's exploration goals. Boeing's uncrewed flight test, known as an Orbital Flight Test, is currently scheduled for June 2018 and its crewed flight test currently is planned for August 2018. SpaceX's uncrewed flight test, or Demonstration Mission 1, is currently scheduled for November 2017, followed by its first crew flight test in May 2018. Once the flight tests are complete and NASA certifies the providers for flight, the post-certification missions to the space station can begin. Boeing and SpaceX are developing two unique human space transportation systems. They also are upgrading necessary infrastructure, including launch pads, processing facilities, control centers and firing rooms. Boeing is developing the CST-100 Starliner that will launch on a United Launch Alliance Atlas V rocket from Space Launch Complex 41 at Cape Canaveral Air Force Station. SpaceX is developing the Crew Dragon to launch on the company's Falcon 9 rocket from Launch Pad 39A at the agency's Kennedy Space Center. Both are located on Florida's Space Coast. Please follow SpaceRef on Twitter and Like us on Facebook.

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