Market announcement
Saku Õlletehas
Category
Management interim statement or quarterly financial report
Date
29.02.2008 09:40:04
Title
IV kvartal 2007 vahearuanne
Message
2007. a IV kvartali majandustulemused
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| BILANSS | | | | |
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| (tuhandetes) | EEK | | EUR | |
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| | | korrigeerit | | korrigeerit |
| | | ud | | ud |
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| | 31.12.200 | 31.12.2006 | 31.12.2007 | 31.12.2006 |
| | 7 | | | |
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| VARAD | | | | |
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| Raha ja raha | 15 746 | 118 876 | 1 006 | 7 597 |
| ekvivalendid (lisa 2) | | | | |
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| Nõuded ostjate vastu | 88 951 | 71 944 | 5 685 | 4 598 |
| (lisa 3) | | | | |
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| Mitmesugused nõuded ja | 33 120 | 7 883 | 2 117 | 504 |
| ettemaksed (lisa 4) | | | | |
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| Varud (lisa 5) | 57 257 | 58 771 | 3 659 | 3 756 |
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| KÄIBEVARA KOKKU | 195 074 | 257 474 | 12 467 | 16 455 |
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| Põhivara | | | | |
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| Pikaajalised | 6 100 | 7 740 | 390 | 495 |
| finantsvara | | | | |
| (lisa 6) | | | | |
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| Materiaalne põhivara | 280 552 | 277 788 | 17 931 | 17 754 |
| (lisa 7) | | | | |
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| Immateriaalne põhivara | 491 | 990 | 31 | 63 |
| (lisa 8) | | | | |
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| PÕHIVARA KOKKU | 287 143 | 286 518 | 18 352 | 18 312 |
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| VARAD KOKKU | 482 217 | 543 992 | 30 819 | 34 767 |
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| KOHUSTUSED JA | | | | |
| OMAKAPITAL | | | | |
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| Lühiajalised kohustused | | | | |
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| Võlakohustused (lisa 9) | 110 | 131 | 7 | 8 |
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| Võlad tarnijatele | 23 666 | 27 472 | 1 513 | 1 756 |
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| Mitmesugused võlad | 83 954 | 58 197 | 5 365 | 3 720 |
| (lisa 10) | | | | |
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| Pakendi tagasiostu | 43 359 | 27 850 | 2 771 | 1 780 |
| eraldis(lisa 11) | | | | |
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| LÜHIAJALISED KOHUSTUSED | 151 089 | 113 650 | 9 656 | 7 264 |
| KOKKU | | | | |
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| Pikaajalised | 239 | 376 | 16 | 24 |
| kapitalirendi | | | | |
| kohustused | | | | |
| (lisa 9) | | | | |
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| KOHUSTUSED KOKKU | 151 328 | 114 026 | 9 672 | 7 288 |
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| Omakapital (lisa 12) | | | | |
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| Aktsiakapital | 80 000 | 80 000 | 5 113 | 5 113 |
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| Kohustuslik | 8 000 | 8 000 | 511 | 511 |
| reservkapital | | | | |
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| Eelmiste perioodide | 141 966 | 227 099 | 9 073 | 14 514 |
| jaotamata kasum | | | | |
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| Aruandeaasta puhaskasum | 100 923 | 114 867 | 6 450 | 7 341 |
| | | | | |
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| OMAKAPITAL KOKKU | 330 889 | 429 966 | 21 147 | 27 479 |
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| KOHUSTUSED JA | 482 217 | 543 992 | 30 819 | 34 767 |
| OMAKAPITAL KOKKU | | | | |
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| IV KVARTALI KASUMIARUANNE | | | | |
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| (tuhandetes) | EEK | EUR |
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| | 2007 | 2006 | 2007 | 2006 |
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| Äritulud | | | | |
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| Müügitulu (lisa 14) | 190 884 | 175 065 | 12 199 | 11 188 |
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| Muud äritulud | 6 475 | 976 | 414 | 63 |
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| Äritulud kokku | 197 359 | 176 041 | 12 613 | 11 251 |
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| Ärikulud | | | | |
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| Valmis- ja lõpetamata | | | | |
| toodangu | | | | |
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| muutus | -888 | 1 751 | -57 | 112 |
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| Kaubad, toore, materjal, | 72 305 | 71 133 | 4 620 | 4 547 |
| teenused (lisa 15) | | | | |
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| Mitmesugused tegevuskulud | 77 018 | 48 177 | 4 923 | 3 079 |
| (lisa 15) | | | | |
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| Tööjõukulud (lisa 15) | 23 595 | 22 841 | 1 508 | 1 459 |
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| Põhivara kulum (lisa 7,8) | 14 944 | 14 716 | 956 | 941 |
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| Muud ärikulud (lisa 15) | 728 | 1 033 | 46 | 65 |
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| Ärikulud kokku | 187 702 | 159 651 | 11 996 | 10 203 |
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| IV KVARTALI ÄRIKASUM | 9 657 | 16 390 | 617 | 1 048 |
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| Finantstulud ja -kulud | -92 | 835 | -6 | 53 |
| (lisa 16) | | | | |
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| IV KVARTALI PUHASKASUM | 9 565 | 17 225 | 611 | 1 101 |
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| Puhaskasum aktsia kohta | 0,0012 | 0,002 | 0,00008 | 0,00014 |
| (lisa 17) | | | | |
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| Lahustatud puhaskasum | 0,0012 | 0,002 | 0,00008 | 0,00014 |
| aktsia kohta (lisa 17) | | | | |
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Majandustegevuse ja- tulemi kommentaar
Ettevõtte neljanda kvartali äritulud kasvasid 12% võrreldes eelmise aasta sama
perioodiga, moodustades 197,3 miljonit krooni (EUR 12,6 m). Ettevõtte
ärikasumiks kujunes 9,7 miljonit krooni (EUR 617 tuhat), eelmise aasta sama
perioodi tulem oli 16,4 miljonit krooni (EUR 1,1 miljonit). Kvartali
puhaskasumiks kujunes 9,6 miljonit krooni (EUR 611 tuhat). Tulu kasvu vedajaks
olid eelkõige Saku teiste jookide müük ning väärtuselise turuosa hoidmine
õlleturul hoolimata turu langusest. Ärikasumi vähenemine IV kvartalis ei ole
tingitud perioodi äritegevusest, vaid seotud aruandluse korrastamise eesmärgil
tehtud taara ümberarvestusega, mille aluseks oli 2005. aasta sügisel
üleminekuajaga jõustunud Pakendiseadus, mis andis 2007. aastaga piisava kogemuse
aruandluse metoodika juurutamiseks.
Uuringufirma ACNielsen andmetel jagunes 2007 aastal õlleturg liitris järgmiselt:
turuliidrina Saku Õlletehas 46,3% (2006. aastal 47,3%), AleCoq 34,2% (2006.
aastal 33,0%), Viru Õlu 4,4% (2006. aastal 6,2%) ning private label 10,1% (2006.
aastal 6,2%)
Ettevõtte põhiturg on kodumaine õlleturg. Eesti Õlletootjate Liidu andmetel
kujunes kodumaise õlleturu kogumahuks 2007. aastal 128 miljonit liitrit,
langedes 1,4% võrra säilitades suures mahus eelneva aasta taseme. Võrreldes
eelmiste aastatega näitab õlleturg stabiliseerumise märke ning seda teiste
alkohoolsete jookide jätkuva müügikasvu kontekstis.
2007. aasta esimesel poolaastal õlleturu kasv jätkus, kuid aasta teisel poolel
olid iseloomulikud tugevad langused kuude lõikes, mis tervikuna jättis turu
mahu samale tasemele, mis eeleval aastal. Turu languse tingis üldine
majanduskeskkonna jahtumine, seal hulgas turistide osakaalu vähenemine, mis on
olnud Eesti alkoholimüügi vedajaks alates 2004. aastast, kui Eesti liitus
Euroopa Liiduga. Samuti mõjutasid turgu kaootilised piirkondlikud
müügipiirangud, mis andsid tagasilöögi just kvaliteetmarkide müügile.
Saku Õlletehase kogumüügiks viimases kvartalis kujunes 18,5 miljonit liitrit,
eelmise aasta samal perioodil oli vastav näitaja 20,9 miljonit liitrit. Seoses
keskkonnamuutustega said kvaliteetmargid õlle- ja siidrisektoris tagasilöögi
oktoobris ja novembris, mille suures osas kompenseeris edukas jõulumüük, mida
toetasid tegevused nii pakendikujunduste (eripakendid kvaliteetmarkidele) kui ka
eripakkumised . Samuti jätkas koguturu vedajana kasvu Saku lauavee sarjad Vichy
Classique ja maitsestatud VivaVresh.
IV kvartalis jätkas ettevõte investeeringuid tootmise- ja tehnoloogia arengusse.
Perioodil investeeris ettevõte uue generatsiooni multipaki seadmesse, mis
võimaldab esmakordselt Eestis kiletada nii purke kui ka pudeleid.
Ettevõte jätkas ka IV kvartalis edukalt müüki teistesse riikidesse: Balti
riigis, Soome ning väiksemas mahus USA, Kanada ning Iirimaa, mis moodustas 9%
ettevõte kogumüügist perioodi jooksul.
Lisainformatsioon:
Kristina Seimann
Kommunikatsioonijuhi kt.
Kristina.Seimann@pruul.ee
+372 6508 400
Title
IV quarter interim report
Message
Financial results for IV Quarter, 2007
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| BALANCE SHEET | As at 31 December | As at 31 December |
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| (In thousands) | EEK | | EUR | |
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| | | Restated | | Restated |
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| | 2007 | 2006 | 2007 | 2006 |
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| ASSETS | | | | |
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| Cash and cash equivalents | 15,746 | 118,876 | 1,006 | 7,597 |
| (note 2) | | | | |
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| Trade receivables (note 3) | 88,951 | 71,944 | 5,685 | 4,598 |
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| Other receivables and | 33,120 | 7,883 | 2,117 | 504 |
| prepayments (note 4) | | | | |
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| Inventories (note 5) | 57,257 | 58,771 | 3,659 | 3,756 |
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| TOTAL CURRENT ASSETS | 195,074 | 257,474 | 12,467 | 16,455 |
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| Non-current assets | | | | |
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| Long-term financial | 6,100 | 7,740 | 390 | 495 |
| investments (note 6) | | | | |
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| Property, plant and | 280,552 | 277,788 | 17,931 | 17,754 |
| equipment (note 7) | | | | |
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| Intangible assets (note 8) | 491 | 990 | 31 | 63 |
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| TOTAL NON-CURRENT ASSETS | 287,143 | 286,518 | 18,352 | 18,312 |
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| TOTAL ASSETS | 482,217 | 543,992 | 30,819 | 34,767 |
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| LIABILITIES AND EQUITY | | | | |
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| Current liabilities | | | | |
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| Lease liabilities (note 9) | 110 | 131 | 7 | 8 |
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| Trade payables | 23,666 | 27,472 | 1,513 | 1,756 |
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| Other payables (note 10) | 83,954 | 58,197 | 5,365 | 3,720 |
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| Packaging repurchase | 43,359 | 27,850 | 2,771 | 1,780 |
| provision (note 11) | | | | |
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| TOTAL CURRENT LIABILITIES | 151,089 | 113,650 | 9,656 | 7,264 |
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| Non-current liabilities | | | | |
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| Finance lease liabilities | 239 | 376 | 16 | 24 |
| (note 9) | | | | |
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| TOTAL LIABILITIES | 151,328 | 114,026 | 9,672 | 7,288 |
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| Equity (note 12) | | | | |
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| Share capital | 80,000 | 80,000 | 5,113 | 5,113 |
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| Statutory capital reserve | 8,000 | 8,000 | 511 | 511 |
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| Retained earnings | 141,966 | 227,099 | 9,073 | 14,514 |
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| Profit for the period | 100,923 | 114,867 | 6,450 | 7,341 |
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| TOTAL EQUITY | 330,889 | 429,966 | 21,147 | 27,479 |
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| TOTAL LIABILITIES AND | 482,217 | 543,992 | 30,819 | 34,767 |
| EQUITY | | | | |
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| INCOME STATEMENT, Q4 | | | | |
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| (In thousands) | EEK | EUR |
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| | 2007 | 2006 | 2007 | 2006 |
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| Sales revenue and other | | | | |
| income | | | | |
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| Sales revenue (note 14) | 190,884 | 175,065 | 12,199 | 11,188 |
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| Other income | 6,475 | 976 | 414 | 63 |
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| Total sales revenue and | 197,359 | 176,041 | 12,613 | 11,251 |
| other income | | | | |
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| Expenses | | | | |
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| Changes in work in progress | | | | |
| and | | | | |
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| finished goods inventories | -888 | 1,751 | -57 | 112 |
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| Cost of materials, | 72,305 | 71,133 | 4,620 | 4,547 |
| consumables and services | | | | |
| used (note 15) | | | | |
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| Other operating expenses | 77,018 | 48,177 | 4,923 | 3,079 |
| (note 15) | | | | |
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| Labour costs (note 15) | 23,595 | 22,841 | 1,508 | 1,459 |
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| Depreciation and | 14,944 | 14,716 | 956 | 941 |
| amortisation charges (notes | | | | |
| 7, 8) | | | | |
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| Other expenses (note 15) | 728 | 1,033 | 46 | 65 |
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| Total expenses | 187,702 | 159,651 | 11,996 | 10,203 |
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| Q4 OPERATING PROFIT | 9,657 | 16,390 | 617 | 1,048 |
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| Net financial items (note | -92 | 835 | -6 | 53 |
| 16) | | | | |
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| Q4 NET PROFIT | 9,565 | 17,225 | 611 | 1,101 |
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| Basic earnings per share | 0.0012 | 0.002 | 0.00008 | 0.00014 |
| (note 17) | | | | |
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| Diluted earnings per share | 0.0012 | 0.002 | 0.00008 | 0.00014 |
| (note 17) | | | | |
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Review of performance and operating results
The company's fourth quarter revenue rose to 197.3 million kroons (12.6 million
euros), a 12% improvement year-over-year. Operating profit amounted to 9.7
million kroons (617 000 Euros) against 16.4 million kroons (1.1 million euros)
in the fourth quarter of 2006. Fourth quarter net profit equalled 9.6 million
kroons (611 000 euros). The main growth drivers were sales of Saku's other
beverages and maintenance of the value-based market share in the beer market,
notwithstanding the decline of the market. The decrease in operating profit is
not related to the company's operating results but stems from the revaluation of
packaging performed for financial accounting purposes according to reasonable
knowledge based on a new Packaging Act which entered into force in autumn 2005.
The company is the clear leader in beer market in litres and value. According to
the market research company ACNielsen, in 2007 the Estonian beer market broke
down as follows (in terms of litres): Saku Õlletehase AS, the leader, 46.3%
(2006: 47.3%), AleCoq 34.2% (2006: 33.0%), Viru Õlu 4.4% (2006: 6.2%) and
private label 10.1% (2006: 6.2%)
The company's core market is the domestic beer market. According to the Estonian
Breweries' Association, in 2007 the total volume of the Estonian beer market was
128 million litres. With a 1.4% decline, the market volume remained similar to
2006. Compared with prior years, the beer market seems to be stabilising in the
context of continuing growth in the sales of other alcoholic beverages.
Although the beer market sustained growth in the first half of 2007, the second
half-year brought significant monthly declines which left the annual market
volume at the level of the prior year. The decline of the market may be
attributed to the general cooling of the economic environment, including a
decrease in the proportion of tourists which has been the driver of Estonian
alcohol sales since 2004 when Estonia joined the EU. In addition, the market was
adversely affected by chaotic regional sales restrictions which caused the
strongest setback in the sales of premium brands.
In the period, total sales of the company was amounted as 18,5 m litres, last
year same period reached total sales to 20,9 m litres. Due to changes in
business environment in the second half of the year, quality bränds sales
underperformed in beer and cider sector, but it was compensated by good
christmas sales on December supported by marketing activities and sales
activities focused on premium brands. Seoses keskkonnamuutustega said
kvaliteetmargid õlle- ja siidrisektoris tagasilöögi oktoobris ja novembris,
mille suures osas kompenseeris edukas jõulumüük, mida toetasid tegevused nii
pakendikujunduste (eripakendid kvaliteetmarkidele) kui ka eripakkumised. In the
period continued good sales of Saku table water brands.
In the fourth quarter, the company invested in new-generation multi-pack
equipment which allows wrapping both cans and bottles.
Fourth quarter export sales remained strong. The main export markets were the
other Baltic countries, Finland and, to a lesser extent, the USA, Canada and
Ireland.
Additional information:
Kristina Seimann
Communication Manager
+372 6508 400
Kristina.Seimann@pruul.ee