Market announcement
Saku Õlletehas
Category
Other price sensitive information
Attachments
Date
28.11.2007 14:05:00
Title
Saku Õlletehase 9 kuu majandustulemused
Message
Raamatupidamisaruanne -------------------------------------------------------------------------------- | BILANSS | | | | | | | -------------------------------------------------------------------------------- | | | EEK | | | EUR | | -------------------------------------------------------------------------------- | (tuhandetes) | 30.09. | 30.09.2 | 31.12.2 | 30.09.2 | 30.09.2 | 31.12.2 | | | 2007 | 006 | 006 | 007 | 006 | 006 | -------------------------------------------------------------------------------- | AKTIVA | | | | | | | -------------------------------------------------------------------------------- | Raha ja | 1 347 | 86 312 | 118 876 | 86 | 5 516 | 7 597 | | pangakontod (lisa | | | | | | | | 2) | | | | | | | -------------------------------------------------------------------------------- | Nõuded ostjate | 77 086 | 67 939 | 71 944 | 4 927 | 4 342 | 4 598 | | vastu (lisa 3) | | | | | | | -------------------------------------------------------------------------------- | Mitmesugused | 17 559 | 10 538 | 7 883 | 1 122 | 674 | 504 | | nõuded ja | | | | | | | | ettemaksed (lisa | | | | | | | | 4) | | | | | | | -------------------------------------------------------------------------------- | Varud (lisa 5) | 69 996 | 59 140 | 58 771 | 4 474 | 3 780 | 3 756 | -------------------------------------------------------------------------------- | KÄIBEVARA KOKKU | 165 | 223 929 | 257 474 | 10 609 | 14 312 | 16 455 | | | 988 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | | | | | -------------------------------------------------------------------------------- | Pikaajalised | 6 740 | 8 380 | 7 740 | 431 | 537 | 495 | | finantsinvesteeri | | | | | | | | ngud (lisa 6) | | | | | | | -------------------------------------------------------------------------------- | Materiaalne | 289 | 286 280 | 277 788 | 18 505 | 18 296 | 17 754 | | põhivara (lisa 7) | 546 | | | | | | -------------------------------------------------------------------------------- | Immateriaalne | 587 | 824 | 990 | 37 | 52 | 63 | | põhivara (lisa 8) | | | | | | | -------------------------------------------------------------------------------- | PÕHIVARA KOKKU | 296 | 295 484 | 286 518 | 18 973 | 18 885 | 18 312 | | | 873 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 462 | 519 413 | 543 992 | 29 582 | 33 197 | 34 767 | | | 861 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA | | | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | | | | | | | kohustused | | | | | | | -------------------------------------------------------------------------------- | Võlakohustused | 27 320 | 131 | 131 | 1 746 | 8 | 8 | | (lisa 9) | | | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele | 28 563 | 21 667 | 27 472 | 1 826 | 1 385 | 1 756 | -------------------------------------------------------------------------------- | Mitmesugused | 49 231 | 60 923 | 59 463 | 3 146 | 3 894 | 3 801 | | võlad (lisa 10) | | | | | | | -------------------------------------------------------------------------------- | Pakendi | 32 729 | 23 536 | 23 147 | 2 092 | 1 505 | 1 479 | | tagasiostukohustu | | | | | | | | s (lisa 11) | | | | | | | -------------------------------------------------------------------------------- | LÜHIAJALISED | 137 | 106 257 | 110 213 | 8 810 | 6 792 | 7 044 | | KOHUSTUSED KOKKU | 843 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | | | | | | | | võlakohustused | | | | | | | -------------------------------------------------------------------------------- | Kapitalirendi | 257 | 415 | 376 | 16 | 27 | 24 | | kohustused | | | | | | | | (lisa | | | | | | | | 9) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Omakapital (lisa | | | | | | | | 12) | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 80 000 | 80 000 | 80 000 | 5 113 | 5 113 | 5 113 | -------------------------------------------------------------------------------- | Kohustuslik | 8 000 | 8 000 | 8 000 | 511 | 511 | 511 | | reservkapital | | | | | | | -------------------------------------------------------------------------------- | Muud reservid | | | | | | | -------------------------------------------------------------------------------- | Eelmiste | 145 | 227 099 | 227 099 | 9 293 | 14 514 | 14 514 | | perioodide | 403 | | | | | | | jaotamata kasum | | | | | | | -------------------------------------------------------------------------------- | Jooksva aasta | 91 358 | 97 642 | 118 304 | 5 839 | 6 240 | 7 561 | | puhaskasum | | | | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 324 | 412 741 | 433 403 | 20 756 | 26 378 | 27 699 | | | 761 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 462 | 519 413 | 543 992 | 29 582 | 33 197 | 34 767 | | | 861 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KASUMIARUANNE | | | | | | | -------------------------------------------------------------------------------- | (tuhandetes) | | EEK | | | EUR | | -------------------------------------------------------------------------------- | | jaanua | jaanua | | jaanuar | jaanuar | | | | r- | r- | | - | - | | -------------------------------------------------------------------------------- | | septem | septem | | septemb | septemb | | | | ber | ber | | er | er | | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2006 | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | Äritulud | | | | | | | -------------------------------------------------------------------------------- | Müügitulu (lisa 13) | 720 | 595 | 770 133 | 46 068 | 38 032 | 49 220 | | | 801 | 068 | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 1 915 | 535 | 1 511 | 122 | 34 | 97 | -------------------------------------------------------------------------------- | Äritulud kokku | 722 | 595 | 771 644 | 46 190 | 38 066 | 49 317 | | | 716 | 603 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikulud | | | | | | | -------------------------------------------------------------------------------- | Valmis- ja | | | | | | | | lõpetamata toodangu | | | | | | | -------------------------------------------------------------------------------- | jääkide muutus | -4 097 | -3 724 | -1 973 | -262 | -238 | -126 | -------------------------------------------------------------------------------- | Kaubad, toore, | 288 | 236 | 303 884 | 18 418 | 15 095 | 19 422 | | materjal, teenused | 166 | 188 | | | | | | (lisa 15) | | | | | | | -------------------------------------------------------------------------------- | Mitmesugused | 175 | 133 | 182 063 | 11 209 | 8 557 | 11 636 | | tegevuskulud | 386 | 886 | | | | | | (lisa 15) | | | | | | | -------------------------------------------------------------------------------- | Tööjõukulud (lisa | 72 554 | 62 513 | 85 354 | 4 637 | 3 996 | 5 455 | | 15) | | | | | | | -------------------------------------------------------------------------------- | Põhivara kulum | 41 471 | 43 874 | 58 590 | 2 650 | 2 804 | 3 745 | | (lisa 7,8) | | | | | | | -------------------------------------------------------------------------------- | Muud ärikulud (lisa | 1 535 | 2 871 | 3 904 | 98 | 184 | 249 | | 15) | | | | | | | -------------------------------------------------------------------------------- | Ärikulud kokku | 575 | 475 | 631 822 | 36 750 | 30 398 | 40 381 | | | 015 | 608 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ÄRIKASUM | 147 | 119 | 139 822 | 9 440 | 7 668 | 8 936 | | | 701 | 995 | | | | | -------------------------------------------------------------------------------- | Finantstulud ja | 67 | 1 543 | 2 378 | 4 | 99 | 152 | | -kulud (lisa 16) | | | | | | | -------------------------------------------------------------------------------- | JOOKSVA AASTA KASUM | 147 | 121 | 142 200 | 9 444 | 7 767 | 9 088 | | ENNE MAKSUSTAMIST | 768 | 538 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks (lisa 18) | 56 410 | 23 896 | 23 896 | 3 605 | 1 527 | 1 527 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | JOOKSVA AASTA | 91 358 | 97 642 | 118 304 | 5 839 | 6 240 | 7 561 | | PUHASKASUM | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia | 11,42 | 12,21 | 14,79 | 0,73 | 0,78 | 0,95 | | kohta (lisa 17) | | | | | | | -------------------------------------------------------------------------------- | Lahustatud | 11,42 | 12,21 | 14,79 | 0,73 | 0,78 | 0,95 | | puhaskasum aktsia | | | | | | | | kohta (lisa 17) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | III KVARTALI KASUMIARUANNE | | | | | -------------------------------------------------------------------------------- | (tuhandetes) | | EEK | | EUR | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Äritulud | | | | | -------------------------------------------------------------------------------- | Müügitulu (lisa 13) | 256 646 | 245 172 | 16 403 | 15 670 | -------------------------------------------------------------------------------- | Muud äritulud | 1 823 | 409 | 116 | 26 | -------------------------------------------------------------------------------- | Äritulud kokku | 258 469 | 245 581 | 16 519 | 15 696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikulud | | | | | -------------------------------------------------------------------------------- | Valmis- ja lõpetamata | | | | | | toodangu | | | | | -------------------------------------------------------------------------------- | jääkide muutus | 5 299 | -777 | 338 | -50 | -------------------------------------------------------------------------------- | Kaubad, toore, materjal, | 93 742 | 97 526 | 5 992 | 6 233 | | teenused (lisa 15) | | | | | -------------------------------------------------------------------------------- | Mitmesugused tegevuskulud | 58 095 | 47 455 | 3 712 | 3 033 | | (lisa 15) | | | | | -------------------------------------------------------------------------------- | Tööjõukulud (lisa 15) | 25 644 | 22 580 | 1 639 | 1 444 | -------------------------------------------------------------------------------- | Põhivara kulum (lisa 7,8) | 11 632 | 15 796 | 743 | 1 010 | -------------------------------------------------------------------------------- | Muud ärikulud (lisa 15) | 348 | 643 | 22 | 42 | -------------------------------------------------------------------------------- | Ärikulud kokku | 194 760 | 183 223 | 12 446 | 11 712 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | III KVARTALI ÄRIKASUM | 63 709 | 62 358 | 4 073 | 3 984 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud (lisa | -489 | 430 | -32 | 28 | | 16) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | III KVARTALI PUHASKASUM | 63 220 | 62 788 | 4 041 | 4 012 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | 7,90 | 7,85 | 0,51 | 0,50 | | (lisa 17) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 7,90 | 7,85 | 0,51 | 0,50 | | kohta (lisa 17) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Majandustegevuse ja -tulemi kommentaar Saku Õlletehase üheksa kuu äritulud suurenesid 21,3% võrreldes eelmise aasta sama perioodiga, moodustades 722,7 miljonit krooni (46,2 miljonit EUR). Saku Õlletehase ärikasum kasvas 23,1% võrreldes eelmise aasta sama perioodiga, moodustades 147,7 miljonit krooni (9,4 miljonit EUR), mis on jätkuvalt parim äritulemus Eesti joogitööstuste seas. Eesti joogitööstuse arengut mõjutas III kvartalis riigi- ja maakondade ebaühtlane alkoholipoliitika: ootamatud müügikeelud ja ebaühtlased piirangud regioonide lõikes, mis viis Eesti õlleturu mahu III kvartalis 5% langusesse läbi kvaliteetmarkide tarbimise vähenemise, andes üle kahe aasta taas tugevuse odavama kategooria ning kangematele jookidele. Turu dünaamikat iseloomustab ka hüppeline kange alkoholi kasv, mille vedajaks on odava hinnaklassi viinatooted. Perioodi jooksul kasvas kange alkoholi turg tootjate andmetel ligemale viiendiku võrra. Perioodile langesid aprillis toimuv erakorraline müügikeeld Tallinnas, müügikeelu katse Harjumaal ning mitmed piirkondlikud müügipiirangud eelkõige Põhja-Eestis, sealhulgas alates augustist Tallinnas, mis avaldasid mõju õlle müügile II ja III kvartalis. Kõigi õlletootjate kulubaasi on tõstnud perioodi jooksul toimunud hüppeline tooraine hindade kasv maailmaturul, mis on seotud linnase ja humala tootmise mahtude piiratusega areneva Aasia õlleturu tingimustes. Eestimaine õlletööstus peab valmistuma 2008. aasta hüppeliseks aktsiisitõusuks ehk 10 + 20% suuruseks tõusuks järgneva aasta jooksul, mis teeb Eesti õlle aktsiisi üheks Euroopa Liidu kõrgeimaks. Samuti avaldab mõju üldine majanduskeskkonna jahenemine, mis paneb täiendava väljakutse kulude juhtimisele. Saku Õlletehas müüs käesoleva aasta üheksa kuuga 74,2 miljonit liitrit jooke, mis on võrreldes 2006. aastaga kasvanud 4,6%. Õllede müük moodustas 55,9 miljonit liitrit kogumüügist, sellest koduturul 46,4 miljonit liitrit. Esimesel poolaastal olid õllemüügi vedajaks eelkõige kvaliteetmargid, mis on Saku prioriteet, omades keskmiselt 60% kvaliteetõllede turust. Kasvumootoriks oli Saku Kuld, Saku on Ice, Saku DLight ning Saku Originaal. Müüki edendasid uued toote- ja pakendiarendused, eelkõige uue generatsiooni sõrmuskork ning pudelitele mõeldud kiletuspakend. III kvartalis on turudünaamika muutunud, kvaliteetmarkide tõus on tasakaalustunud, kasvu on näidanud kange õlle segment. Uuringufirma AC Nielsen andmetel on Saku Õlletehas jätkuvalt turuliider nii liitrites kui ka rahalises väärtuses. Ettevõtte fookust kvaliteetmarkidele näitab ka õlleturu jagunemine väärtuses, mille kohaselt on Saku Õlletehasel jätkuvalt üle poole turust (ACNielsen Saku Õlletehas väärtuseline turuosa 51%, lähim konkurent, Tartu Õlletehas 35%). Saku tulubaasi mitmekesistasid uuenduslike joogitoodete müük ja tootearendus, eelkõige lauavee sarja, Vischy Classique jõuline kasv 46%, tõustes seeläbi ACNielsen andmetel pudeldatud veeturul teisele positsioonile nii mahus kui ka väärtuses. (ACNielsen: Saku Vichy Classique mahuline turuosa 16%, eelmise aasta sama periood 11%; väärtuseline turuosa 22%, eelmine aasta sama periood 14%). Tänavu aasta jooksul on laienetud premium kokteilide turul sarjaga Sin; Vichy Classique jäätee; long drinkide sarjas uuendusliku Zip Freezer ning täiendatud Kiss siidrisarja maasika- ja virsikumaitselise joogiga. Lansseeritud on kodumaine energiajook Traffic ning tänaseks on alustatud naturaalse rahvusvahelise siidri, Strongbow Gold tootmist. Müük teistesse riikidesse moodustas 16% jookide kogumüügist liitris. Eksport on seotud peamiselt teiste Balti riikidega ning eliitmargi Saku Kuld müügiga Soomes, sealse turuliidri, Sinebrychoff, tooteportfellis. III kvartalis on Saku Kuld ja Saku Originaal müük tõusnud Kanadas, USAs, Saksamaal ning müüki on alustatud Iirimaal. Tänavu hooajal on Saku Õlletehase oluliseks investeeringuks tootearenduskeskuse väljaarendamine koos laboriseadmete ning koolitatud ekspertidega, mille eesmärgiks on luua uusi retsepte ning tootesarju nii Eesti, Läti kui ka Leedu joogituru tarvis. Saku tootearenduskeskuses on välja töötatud Sin kokteilijoogid, uuenduslikud õllejoogid DLight ning Vichy jäätee kui ka Viva Freshi maitseveed, mida müüakse kasvava trendiga kolmes Balti riigis. Turuliidrina teeb ettevõte aastaringselt investeeringuid tootmise- ja tehnoloogia arengusse. Peale eelkirjeldatud laboriseadmete võib oluliste investeeringutena välja tuua siidriveini tootmiseks vajaliku vastuvõtukeskuse ning tehnoloogia arenduse ning tootearenduse vallas uue generatsiooni sõrmuskorgi arenduse villimisjaoskonnas. III kvartalis investeeris ettevõte uue põlvkonna multipakiseadmesse, mis võimaldab esmakordselt Eestis kiletada nii pudeleid kui ka purke. Ettevõtte ärikulude kasv võrreldes eelneva aastaga on seotud müügimahtude kasvuga. Enim kasvasid kulud kaupadele, toormele ja materjalile, seda peamiselt ühekordses pakendis müüdavate toodete müügimahu kasvu tõttu. Perioodi jooksul on tõusnud pakendite turuhinnad, eelkõige purgid, mille hinnad on kasvanud 10%. Samuti on seoses mahtude suurenemisega kasvanud kulud transpordile. Kulud toormele on kasvanud eelkõige seoses tooraine hindade hüppelise kasvuga maailmaturul, mis mõjutab kõiki tootjaid Euroopas. Toorme hinna tõus on seotud eelkõige õlletootmismahu kasvuga, mille vedajaks on Aasia turud, eelkõige Hiina õlleturu kasv. Tänane linnaseodra ning humala tootmise mahud ei täida tootjate mahu vajadusi, mis on kahekordistanud linnase hinna maailmaturul ning ligemale tõstnud humala hinda kuni kaks korda. Peale tootmismahtude piiratuse on koguseid vähendanud eelmise aasta kehv odrasaak. Nisuhinna tõusust johtuvalt on tõusnud keskmiselt 10% suhkrusiirupi hind. Saku teenis kolmandas kvartalis 63,7 miljonit krooni (4,1 EUR) ärikasumit, kasvades 2% võrreldes eelmise aasta sama perioodiga. 2007. aasta üheksa kuu puhaskasumiks kujunes 91,4 miljonit krooni (5,8 m EUR), mis on 6% väiksem eelmise aasta puhaskasumist seoses kõrgema dividendidelt makstava tulumaksuga esimeses kvartalis. 2006. aasta eest maksis Saku läbi aegade suuremaid dividende, mis tõstis dividendidelt makstava tulumaksumäära üle 50% kõrgemaks võrreldes eelmise aasta sama perioodiga. 25% ettevõtte aktsiakapitalist jaguneb väikeaktsionäride vahel, mis arvuliselt jaguneb peamiselt Eesti eraisikute vahel. Lisainformatsioon: Kristina Seimann +3726 508400
Title
Saku Õlletehase 9 months financial results
Message
Interim financial statements -------------------------------------------------------------------------------- | BALANCE SHEET | | | | | | | -------------------------------------------------------------------------------- | | | EEK | | | € | | -------------------------------------------------------------------------------- | (In thousands) | 30 | 30 | 31 | 30 | 30 | 31 | | | Septem | Septem | Decembe | Septemb | Septemb | December | | | ber | ber | r 2006 | er 2007 | er | 2006 | | | 2007 | 2006 | | | 2006 | | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 1,347 | 86,312 | 118,876 | 86 | 5,516 | 7,597 | | equivalents (note | | | | | | | | 2) | | | | | | | -------------------------------------------------------------------------------- | Trade receivables | 77,086 | 67,939 | 71,944 | 4,927 | 4,342 | 4,598 | | (note 3) | | | | | | | -------------------------------------------------------------------------------- | Other receivables | 17,559 | 10,538 | 7,883 | 1,122 | 674 | 504 | | and prepayments | | | | | | | | (note 4) | | | | | | | -------------------------------------------------------------------------------- | Inventories (note | 69,996 | 59,140 | 58,771 | 4,474 | 3,780 | 3,756 | | 5) | | | | | | | -------------------------------------------------------------------------------- | TOTAL CURRENT | 165,98 | 223,92 | 257,474 | 10,609 | 14,312 | 16,455 | | ASSETS | 8 | 9 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Long-term | 6,740 | 8,380 | 7,740 | 431 | 537 | 495 | | financial | | | | | | | | investments (note | | | | | | | | 6) | | | | | | | -------------------------------------------------------------------------------- | Property, plant | 289,54 | 286,28 | 277,788 | 18,505 | 18,296 | 17,754 | | and equipment | 6 | 0 | | | | | | (note 7) | | | | | | | -------------------------------------------------------------------------------- | Intangible assets | 587 | 824 | 990 | 37 | 52 | 63 | | (note 8) | | | | | | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT | 296,87 | 295,48 | 286,518 | 18,973 | 18,885 | 18,312 | | ASSETS | 3 | 4 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 462,86 | 519,41 | 543,992 | 29,582 | 33,197 | 34,767 | | | 1 | 3 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | | | EQUITY | | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Lease liabilities | 27,320 | 131 | 131 | 1,746 | 8 | 8 | | (note 9) | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 28,563 | 21,667 | 27,472 | 1,826 | 1,385 | 1,756 | -------------------------------------------------------------------------------- | Other payables | 49,231 | 60,923 | 59,463 | 3,146 | 3,894 | 3,801 | | (note 10) | | | | | | | -------------------------------------------------------------------------------- | Packaging | 32,729 | 23,536 | 23,147 | 2,092 | 1,505 | 1,479 | | repurchase | | | | | | | | obligation (note | | | | | | | | 11) | | | | | | | -------------------------------------------------------------------------------- | TOTAL CURRENT | 137,84 | 106,25 | 110,213 | 8,810 | 6,792 | 7,044 | | LIABILITIES | 3 | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Finance lease | 257 | 415 | 376 | 16 | 27 | 24 | | liabilities (note | | | | | | | | 9) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity (note 12) | | | | | | | -------------------------------------------------------------------------------- | Share capital | 80,000 | 80,000 | 80,000 | 5,113 | 5,113 | 5,113 | -------------------------------------------------------------------------------- | Statutory capital | 8,000 | 8,000 | 8,000 | 511 | 511 | 511 | | reserve | | | | | | | -------------------------------------------------------------------------------- | Other reserves | | | | | | | -------------------------------------------------------------------------------- | Retained earnings | 145,40 | 227,09 | 227,099 | 9,293 | 14,514 | 14,514 | | | 3 | 9 | | | | | -------------------------------------------------------------------------------- | Profit for the | 91,358 | 97,642 | 118,304 | 5,839 | 6,240 | 7,561 | | period | | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 324,76 | 412,74 | 433,403 | 20,756 | 26,378 | 27,699 | | | 1 | 1 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 462,86 | 519,41 | 543,992 | 29,582 | 33,197 | 34,767 | | AND EQUITY | 1 | 3 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | | | | | | | -------------------------------------------------------------------------------- | (In thousands) | | EEK | | | € | | -------------------------------------------------------------------------------- | | Januar | Januar | | January | January | | | | y- | y- | | - | - | | -------------------------------------------------------------------------------- | | Septem | Septem | | Septemb | Septemb | | | | ber | ber | | er | er | | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2006 | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | Sales revenue and | | | | | | | | other income | | | | | | | -------------------------------------------------------------------------------- | Sales revenue (note | 720,80 | 595,06 | 770,13 | 46,068 | 38,032 | 49,220 | | 13) | 1 | 8 | 3 | | | | -------------------------------------------------------------------------------- | Other income | 1,915 | 535 | 1,511 | 122 | 34 | 97 | -------------------------------------------------------------------------------- | Total sales revenue | 722,71 | 595,60 | 771,64 | 46,190 | 38,066 | 49,317 | | and other income | 6 | 3 | 4 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expenses | | | | | | | -------------------------------------------------------------------------------- | Changes in work in | | | | | | | | progress and | | | | | | | -------------------------------------------------------------------------------- | finished goods | -4,097 | -3,724 | -1,973 | -262 | -238 | -126 | | inventories | | | | | | | -------------------------------------------------------------------------------- | Cost of materials, | 288,16 | 236,18 | 303,88 | 18,418 | 15,095 | 19,422 | | consumables and | 6 | 8 | 4 | | | | | services used (note | | | | | | | | 15) | | | | | | | -------------------------------------------------------------------------------- | Other operating | 175,38 | 133,88 | 182,06 | 11,209 | 8,557 | 11,636 | | expenses (note 15) | 6 | 6 | 3 | | | | -------------------------------------------------------------------------------- | Labour costs (note | 72,554 | 62,513 | 85,354 | 4,637 | 3,996 | 5,455 | | 15) | | | | | | | -------------------------------------------------------------------------------- | Depreciation and | 41,471 | 43,874 | 58,590 | 2,650 | 2,804 | 3,745 | | amortisation charges | | | | | | | | (notes 7, 8) | | | | | | | -------------------------------------------------------------------------------- | Other expenses (note | 1,535 | 2,871 | 3,904 | 98 | 184 | 249 | | 15) | | | | | | | -------------------------------------------------------------------------------- | Total expenses | 575,01 | 475,60 | 631,82 | 36,750 | 30,398 | 40,381 | | | 5 | 8 | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 147,70 | 119,99 | 139,82 | 9,440 | 7,668 | 8,936 | | | 1 | 5 | 2 | | | | -------------------------------------------------------------------------------- | Net financial items | 67 | 1,543 | 2,378 | 4 | 99 | 152 | | (note 16) | | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 147,76 | 121,53 | 142,20 | 9,444 | 7,767 | 9,088 | | | 8 | 8 | 0 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | 56,410 | 23,896 | 23,896 | 3,605 | 1,527 | 1,527 | | (note 18) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT FOR THE | 91,358 | 97,642 | 118,30 | 5,839 | 6,240 | 7,561 | | PERIOD | | | 4 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | 11.42 | 12.21 | 14.79 | 0.73 | 0.78 | 0.95 | | share (note 17) | | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 11.42 | 12.21 | 14.79 | 0.73 | 0.78 | 0.95 | | share (note 17) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT, Q3 | | | | | -------------------------------------------------------------------------------- | (In thousands) | | EEK | | € | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Sales revenue and other income | | | | | -------------------------------------------------------------------------------- | Sales revenue (note 13) | 256,646 | 245,172 | 16,403 | 15,670 | -------------------------------------------------------------------------------- | Other income | 1,823 | 409 | 116 | 26 | -------------------------------------------------------------------------------- | Total sales revenue and other | 258,469 | 245,581 | 16,519 | 15,696 | | income | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expenses | | | | | -------------------------------------------------------------------------------- | Changes in work in progress and | | | | | -------------------------------------------------------------------------------- | finished goods inventories | 5,299 | -777 | 338 | -50 | -------------------------------------------------------------------------------- | Cost of materials, consumables | 93,742 | 97,526 | 5,992 | 6,233 | | and services used (note 15) | | | | | -------------------------------------------------------------------------------- | Other operating expenses (note | 58,095 | 47,455 | 3,712 | 3,033 | | 15) | | | | | -------------------------------------------------------------------------------- | Labour costs (note 15) | 25,644 | 22,580 | 1,639 | 1,444 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 11,632 | 15,796 | 743 | 1,010 | | charges (notes 7, 8) | | | | | -------------------------------------------------------------------------------- | Other expenses (note 15) | 348 | 643 | 22 | 42 | -------------------------------------------------------------------------------- | Total expenses | 194,760 | 183,223 | 12,446 | 11,712 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Q3 OPERATING PROFIT | 63,709 | 62,358 | 4,073 | 3,984 | -------------------------------------------------------------------------------- | Net financial items (note 16) | -489 | 430 | -32 | 28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Q3 NET PROFIT | 63,220 | 62,788 | 4,041 | 4,012 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share (note | 7.90 | 7.85 | 0.51 | 0.50 | | 17) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 7.90 | 7.85 | 0.51 | 0.50 | | (note 17) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Review of performance and operating results Saku Õlletehase AS ended the first nine months of 2007 with revenue of EEK 722.7 million (€46.2 million), 21.3% improvement on a year ago, and an operating profit of EEK 147.7 million (€9.4 million), a strong 23.1% rise year-over-year. We are pleased to report that Saku Õlletehase AS continues to post the best result of operations among Estonian beverage producers. In the third quarter, the development of the beverage industry was affected by inconsistencies in the alcohol policies applied by the state and local authorities. Unexpected sales prohibitions and different regional restrictions in combination with a general cooling of the economic environment triggered a decline in the Estonian beer market - the consumption of mainstream and premium brands declined and for the first time in two years economy and stronger brands gained strength. Total domestic beer market was amountesd as 100,4 m litres, flat compared to last year same period, because of 5% decrease in III quarter. Beer sales for the second and third quarters were notably affected by the emergency sales prohibition proclaimed in Tallinn in April, the attempt to prohibit sales in Harju County, and various regional sales restrictions, especially those imposed in Northern Estonia and Tallinn (the latter since August). Third quarter developments in the beer market reflect the decline of mainstream and premium brands and the rise of economy segment and stronger products. In the background, the rapid rise of cheap liquor products has triggered a visible upswing in the sales of strong alcohol. By producers data strong alcohol has risen about 25% during January to August, 2007. Indirectly, the Estonian beer and cider markets have also been affected by the deterioration in macroeconomic indicators and high inflation rate. The industry is preparing for an exceptional 30% rise in excise duty in 2008 which will render the excise duty on Estonian beer one of the highest in Europe. These trends would give a challenge for cost management of breweries. In the first nine months of 2007, Saku Õlletehase AS sold 74.2 million litres of beverages, 4,6% up on the same period in 2006. Beer sales accounted for 55.9 million litres 55,9 m litres of the total. Domestic beer sales of Saku was amounted as 46,4 m litres during the period. Revenue growth in the first half of the year may be attributed to strong sales of mainstream and premium beers as well as the successful launch and sales of innovative beverage products, attained through well designed product development. According to business priorities, Saku is a clear leader in the mainstream and premium categories of the beer market (with approximately 60% quality beer market share respectively), adding value to the entire market. Sales was driven by quality brands as Saku Kuld, Saku on Ice, Saku Dlight, Saku Originaal regarding product and packaging innovation. The third quarter was characterised by quality brand stabilisation and increase of economy and strong beer brands. According to the market research company AC Nielsen, Saku Õlletehase AS is continuous leader in Estonian beer market on both, in quantitative and value terms. (According to value share: Saku Brewery has 51%; closest competitor, Tartu Brewery 35% from total domestic beer market) To diversify its revenue base, Saku has developed a number of other beverages. In the nine-month period, sales of Saku's table water line made a tremendous growth by 46%, surpassing market growth several times. Vichy Classique line reached to second position in the bottled water market during a period. (By ACNielsen respectively from 11% to 16% in litres; from 14% to 22% in value share) During the first nine months of 2007, Saku expanded our share in the premium cocktail market with our Sin line, improved our position in the ice tea market with Vichy Ice Tea, and supplemented our long drink line with the innovative Zip Freezer and our Kiss line with straw-berry and peach flavoured cider. In addition, Saku launched domestic energy drink Traffic and have started producing international natural cider brand Strongbow Gold. In the first nine months, exports accounted for 16% of beverages sales in litres. The main export markets are the other Baltic countries and Finland where our elite beer brand Saku Kuld is in the product portfolio of the Finnish market leader Sinebrychoff. In addition, Saku developed export sales among retailers and HoReCa operators in Canada, the USA, Germany and in a new target country, Ireland. The period's most important capital expenditures were allocated to the product development centre. We made major investments in laboratory equipment and expert training which should allow us to create new recipes and product lines for the Estonian, Latvian and Lithuanian markets. The achievements of our product development centre include Sin cocktails, innovative beer drink Dlight, Vichy Ice Tea as well as the Viva Fresh line of flavoured water whose sales are growing in all the Baltic countries. As market leaders, we have to invest in the development of production facilities and technologies all the year round. In addition to laboratory equipment, investments of the period included the construction of a reception centre for the production of cider wine, and the development of a new generation pull off cap. In the III quarter was accomplished investment into shrink equipment, a new generation multipackaging. The rise in expenses is related to revenue growth. The largest growth occurred in the cost of materials, consumables and services used, mainly on account of an increase in the sales of products distributed in one-way packaging (mainly cans prices has increased about 10% in global market), and in transport expenses. Beverages business environment is driven by raw materials price rise on global market. During a year main raw material prices has risen in global stock market for all breweries in Europe, regarding beer production amount increase in the world, mainly because of developing of Asian, mainly China beer market and bad harvest season, there fore malt and hops production capacity don`t meet production demand, which has increased price level. Malt prices has almost doubled and hops prices are higher compared to last year. Sugar syrup prices has increased about 10%, driven by weat capacity and prices. Approximately 10% has increased one-way packaging materials, mainly cans. Net profit for the third quarter amounted to EEK 63.2 million (€ 4,1 million), growth of 2%. Net profit for the first nine months of 2007 amounted to EEK 91.4 (€5.8 million), 6% down from the same period in 2006 due to larger dividend tax expenses incurred in the first quarter. Saku distributed its largest ever dividends for 2006 which increased its income tax expense on dividends by 50% year-over-year. Twenty-five percent of the company's share capital is held by small shareholders (mostly individuals from Estonia). Additional information: Kristina Seimann +372 6 508 400