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    MRK1T   EE3100098328

AS MERKO EHITUS

(MRK1T)
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AS Merko Ehitus : The decision of the Latvian Competition Council regarding group's subsidiary SIA Merks

08/09/2021 | 05:45am EDT

On 9th of August 2021, SIA Merks, a subsidiary company of AS Merko Ehitus, received the decision of the Latvian Competition Council regarding the company in the administrative proceeding, started in 2019. Group has disclosed the information about the proceedings with 04.09.2019Stock Exchange announcement, in the annual and interim reports.

According to the 30 July 2021 decision, the Competition Council considers SIA Merks as one of nine companies to be a participant in prohibited cooperation between Latvian construction companies in the period of 2015–2019, which constitutes a violation of Section 11 Subsection 1 of the Latvian Competition Law. To group's knowledge, SIA Merks is not considered to be a participant in price agreements.

With the decision the Competition Council imposes a fine on SIA Merks of 5.4% from SIA Merks’s revenue of the financial year of 2020, i.e. 2.688.950,79 euros. According to the decision, AS Merko Ehitus as the parent company of SIA Merks is jointly liable in case SIA Merks does not or cannot itself fulfil its obligations.

SIA Merks and AS Merko Ehitus do not agree with the decision of the Competition Council and plan to appeal the decision to the Latvian administrative court within 30 days. AS Merko Ehitus will give notice of the decision to appeal through the stock exchange. The fine imposed by the Competition Council shall not become due and other possible consequences under Latvian law shall not take effect until the court decision enters into force.

AS Merko Ehitus finds it disappointing that the Latvian Competition Council has reached such a decision. Any possible infringement of fair competition is in violation of the operating principles and values of the group. In all of its home markets, the group follows the law and ethical business rules adopted in the group and continues to implement, in cooperation with the management of its subsidiaries, the necessary measures to reduce regulatory risks in the future.

Urmas Somelar
Head of Group Finance Unit
AS Merko Ehitus
+372 650 1250
urmas.somelar@merko.ee

AS Merko Ehitus (group.merko.ee) group consists of AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in Lithuania and Peritus Entreprenør AS in Norway. Besides providing construction services as a main contractor, the group’s other major area of activity is apartment development. As at the end of 2020, the group employed 666 people, and the group’s revenue for 2020 was EUR 316 million.


© OMX, source GlobeNewswire - EU Press Releases

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Financials
Sales 2020 316 M 366 M 366 M
Net income 2020 23,0 M 26,7 M 26,7 M
Net cash 2020 18,4 M 21,4 M 21,4 M
P/E ratio 2020 114x
Yield 2020 0,68%
Capitalization 269 M 312 M 312 M
EV / Sales 2019 0,63x
EV / Sales 2020 0,47x
Nbr of Employees 718
Free-Float 23,3%
Chart AS MERKO EHITUS
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AS Merko Ehitus Technical Analysis Chart | MRK1T | EE3100098328 | MarketScreener
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 0
Last Close Price 237,52 EEK
Average target price 120,84 EEK
Spread / Average Target -49,1%
Managers and Directors
Andres Trink Chairman-Management Board
Urmas Somelar Head-Group Finance Unit
Toomas Annus Chairman-Supervisory Board
Indrek Neivelt Independent Member-Supervisory Board
Teet Roopalu Member-Supervisory Board
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