Market announcement
AS TALLINNA SADAM
Category
Other price sensitive information
Attachments
Date
22.08.2008 13:20:46
Title
Konsolideeritud vahearuanne 6 kuud 2008
Message
MAJANDUSTULEMUSTE KOMMENTAAR Kommentaar on koostatud konsolideeritud näitajate põhjal. ASi Tallinna Sadam 2008. aasta esimese poolaasta konsolideeritud puhaskasumiks kujunes 252,6 milj krooni (16,1 milj eurot), mis tähendas puhaskasumi kasvu 23 milj krooni (1,5 milj euro) ehk 10% võrra võrreldes aasta varasema perioodiga. Konsolideeritud müügitulu moodustas 615,4 milj krooni (39,3 milj eurot), vähenedes 5,7% võrra (2007. aasta vastavad näitajad olid 652,4 milj krooni (41,7 milj eurot) ja kasv 3,8%). 2008. aasta esimesel poolaastal vähenes ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud kaubamaht 7 miljoni tonni võrra (ehk 32%) 14,8 miljoni tonnini. Peale 2007. aasta mai kuus toimunud Venemaalt raudteed mööda Eestisse jõudva kauba (peamiselt puistlast ja vedellast) järsku vähenemist on kaubamaht siiani püsinud sarnasel tasemel. Mõningat kasvu näitasid lastiliikidest konteinerite ühikuline maht ja veeremi maht, mille positiivne mõju kogu kaubamahu muutusele jäi aga väikeseks. ASi Tallinna Sadam kaubaveo turuosa Läänemere idakalda suuremate sadamate hulgas esimesel poolaastal võrreldes aasta varasema seisuga vähenes, langedes 11,8%lt 8%le. Kaubamahust põhiosa moodustas endiselt vedellast 70%, järgnesid veerem 13% ja puistlast 11%, mis kõige rohkem mahtu kaotanuna langes lastiliikide osatähtsuses kolmandaks (2007. aasta esimese poolaasta vastavad näitajad olid 60%, 8% ja 26%). Veosuundade lõikes moodustas kaubamahust 78% transiit, 10% eksport ja 12% import (2007. aasta esimese poolaasta vastavad näitajad olid 86%, 8% ja 6%). Kuna muutused kaubamahus toimusid eelkõige Venemaalt lähtuva transiitkauba vähenemise tõttu, tõi see kaasa ka vastava muutuse veosuundade struktuuris. Peale mõningat vähenemist kahel eelneval aastal pöördus reisijate arv 2008. aasta esimesel poolaastal tõusule ning jõudis rekordilisele tasemele. Esimesel poolaastal läbis ASi Tallinna Sadam koosseisu kuuluvaid sadamaid kokku 3,3 milj reisijat, mis oli 15% rohkem kui aasta varasemal perioodil (vastavalt 2,9 milj reisijat ja vähenemine 4,1%). Reisijate arv kasvas nii liinireisijate kui kruiisireisijate osas. Suurima osakaaluga Tallinn-Helsingi liinil kasvas reisinute arv 351 tuh reisija ehk 14% võrra, moodustades 2,8 milj reisijat. Tallinn-Stockholm liini reisijate arv kasvas 64 tuh reisija ehk 21% võrra, olles kokku 371 tuh reisijat. Vähenes Paldiski-Kapellskär liini reisijate arv 8 tuh reisija ehk 32% võrra, 17 tuh reisijani. Kuna liinil toimub peamiselt veeremkauba vedu, jääb reisijate vedu ka edaspidi tõenäoliselt vähemoluliseks. Traditsiooniliste kruiisireisijate arv tegi läbi aga suhteliselt kõige kiirema kasvu, kasvades 31 tuh reisija ehk 30% võrra, ulatudes kokku 139 tuh reisijani. Kruiisireisijate arv kasvas Vanasadamas toimunud kruiisiliikluse arvel. ASi Tallinna Sadam 2008. aasta esimese poolaasta konsolideeritud müügitulu moodustas 615,4 milj krooni (39,3 milj eurot), vähenedes 5,7% võrra (2007. aasta vastavad näitajad olid 652,4 milj krooni (41,7 milj eurot) ja kasv 3,8%). Müügitulu vähenemise põhjustas kaubamahu vähenemine, mille mõju ületas reisijate arvu ja neid teenindanud reisilaevade kogumahutavuse kasvu positiivse mõju. Kaubatasu tulu vähenes 32 milj krooni (2,0 milj euro ehk 30%) ja sadamatasude tulu 21 milj krooni (1,3 milj euro ehk 5%) võrra. Kasvasid tulud reisijatasust, rendist ja teenuste müügist vastavalt 11 milj krooni (0,7 milj euro), 3 milj krooni (0,2 milj euro) ja 1 milj krooni (0,1 milj euro) võrra. Põhitegevusega seotud kulud jäid pea muutumatuks ja moodustasid kokku 311 milj krooni (19,9 milj eurot), vähenedes 0,3% võrra. Kuludest kasvas veidi põhivara kulum ja väärtuse langus (kasv 3,1 milj krooni (0,2 milj eurot) ehk 3,2%) seoses põhivarade mahu kasvuga. Vähenesid tegevuskulud 3,7 milj krooni (0,2 milj euro ehk 2,6%) võrra. Tegevuskulud vähenesid peamiselt põhivarade remondikulu ja konsultatsioonikulude vähenemise mõjul, mis ületasid maamaksukulu kasvu mõju. Tööjõukulud jäid eelmise aastaga võrreldes samale tasemele. Töötasude tõusu mõju vähendas töötajate keskmise arvu vähenemine. Ärikasumiks kujunes 318 milj krooni (20,3 milj eurot), mis jääb 24,3 milj krooni (1,6 milj euro) võrra alla eelmise aasta vastavale näitajale. 2008. aasta esimese poolaasta konsolideeritud puhaskasumiks kujunes 252,6 milj krooni (16,1 milj eurot), mis tähendas puhaskasumi kasvu 23 milj krooni (1,5 milj euro) ehk 10% võrra võrreldes aasta varasema perioodiga. Puhaskasumi kasv tulenes dividendide tulumaksukulu vähenemisest seoses 2007. majandusaasta eest makstud dividendisumma kujunemisega väiksemaks (100 milj krooni (6,4 milj eurot)) võrreldes aasta varasema perioodiga (300 milj krooni (19,2 milj eurot)). Kasum enne tulumaksukulu oli 279 milj krooni (17,8 milj eurot), vähenedes 35 milj krooni (2,2 milj euro) võrra. ASi Tallinna Sadam varade tootlus (annualiseeritud puhaskasum jagatud perioodi keskmise varade mahuga) oli 7,4%, kasvades puhaskasumi suurenemise toel võrreldes eelmise aasta 7,1%ga. Arvutades varade tootluse korrigeeritud puhaskasumi (puhaskasumit on korrigeeritud dividendi tulumaksukulu võrra) põhjal saame varade tootluseks 2008. aasta esimesel poolaastal 8,2%, mis tähendas taas vähenemist võrreldes aasta varasema perioodi 9,7%ga. Tootluse vähenemine tulenes peamiselt tulumaksueelse kasumi vähenemisest müügitulu languse tõttu, kuid ka varade keskmise mahu kasvust. ASi Tallinna Sadam omakapitali tootlus (annualiseeritud puhaskasum jagatuna perioodi keskmise omakapitali mahuga) oli 2008. aasta esimesel poolaastal 11,1%, mis ületas eelmise aasta sama perioodi tootlust (10,4%). Korrigeeritud puhaskasumi põhjal saadud vastav näitaja oli 12,2% (aasta varem 14%), mille vähenemine oli seotud tulumaksueelse kasumi vähenemise ja ka omakapitali keskmise mahu kasvuga. 2008. aasta esimesel poolaastal investeeris kontsern uutesse infrastruktuuri objektidesse ja olemasolevate infrastruktuuri objektide parendamisse kokku 196 milj krooni (12,5 milj eurot), mis oli 209 milj krooni (13,4 milj eurot) vähem kui eelneval aastal. Põhiosa investeeringutest oli traditsiooniliselt seotud veetranspordirajatistega (kaid ja akvatoorium), millest suurema osa moodustas Paldiski lõunasadamasse uue puistekauba kai rajamine ja akvatooriumi parendustööd Muuga sadamas. Jätkusid investeeringud reisilaevade vastuvõtu tingimuste parendamisse, raudteeharudesse, soetati maid sadama tagala suurendamiseks, täiustati sadama-ala juurdepääsuteid ja üldkommunikatsioonide võrgustikku. KONSOLIDEERITUD BILANSS -------------------------------------------------------------------------------- | tuhandetes | EEK | EEK | EUR | EUR | | (auditeerimata) | | | | | -------------------------------------------------------------------------------- | |30.06.2008 | 31.12.2007 | 30.06.2008 | 31.12.2007 | | | | | | | -------------------------------------------------------------------------------- | VARAD | | | | | -------------------------------------------------------------------------------- | Käibevara | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 249 796 | 269 641 | 15 965 | 17 233 | -------------------------------------------------------------------------------- | Müügiootel finantsvara | 2 855 | 2 855 | 182 | 182 | -------------------------------------------------------------------------------- | Tuletisinstrumendid | 8 827 | 11 427 | 564 | 730 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | 129 923 | 110 880 | 8 304 | 7 087 | | muud nõuded | | | | | -------------------------------------------------------------------------------- | Kokku käibevara | 391 401 | 394 803 | 25 015 | 25 232 | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Investeeringud | 3 574 | 2 673 | 228 | 171 | | ühisettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Muud pikaajalised nõuded | 6 959 | 6 959 | 445 | 445 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 6 490 315 | 6 385 769 | 414 807 | 408 125 | -------------------------------------------------------------------------------- | Kokku põhivara | 6 500 848 | 6 395 401 | 415 480 | 408 741 | -------------------------------------------------------------------------------- | Kokku varad | 6 892 249 | 6 790 204 | 440 495 | 433 973 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlakirjade ja | 530 398 | 608 435 | 33 899 | 38 886 | | pikaajaliste laenude | | | | | | tagasimaksed järgmisel | | | | | | perioodil | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | 143 475 | 195 190 | 9 170 | 12 475 | | võlad | | | | | -------------------------------------------------------------------------------- | Võlad aktsionäridele | 100 000 | 0 | 6 391 | 0 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 0 | 18 910 | 0 | 1 208 | -------------------------------------------------------------------------------- | Kokku lühiajalised | 773 873 | 822 535 | 49 460 | 52 569 | | kohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised | 1 453 504 | 1 453 504 | 92 896 | 92 896 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Sihtfinantseerimine | 11 449 | 11 455 | 732 | 732 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 10 036 | 9 400 | 641 | 601 | -------------------------------------------------------------------------------- | Kokku pikaajalised | 1 474 989 | 1 474 359 | 94 269 | 94 229 | | kohustused | | | | | -------------------------------------------------------------------------------- | Kokku kohustused | 2 248 862 | 2 296 894 | 143 729 | 146 798 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 2 786 204 | 2 786 204 | 178 071 | 178 071 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 278 620 | 275 562 | 17 807 | 17 612 | -------------------------------------------------------------------------------- | Riskimaandamise reserv | 6 133 | 8 642 | 392 | 552 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 1 319 845 | 1 087 071 | 84 353 | 69 476 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | 252 585 | 335 831 | 16 143 | 21 464 | -------------------------------------------------------------------------------- | Kokku omakapital | 4 643 387 | 4 493 310 | 296 766 | 287 175 | -------------------------------------------------------------------------------- | Kokku kohustused ja | 6 892 249 | 6 790 204 | 440 495 | 433 973 | | omakapital | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE -------------------------------------------------------------------------------- | tuhandetes | EEK | EEK | EUR | EUR | | (auditeerimata) | | | | | -------------------------------------------------------------------------------- | | 6 kuud | 6 kuud | 6 kuud | 6 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Müügitulu | 615 397 | 652 380 | 39 331 | 41 695 | -------------------------------------------------------------------------------- | Muud äritulud | 17 609 | 5 544 | 1 125 | 354 | -------------------------------------------------------------------------------- | Tegevuskulud | -138 293 | -141 999 | -8 839 | -9 076 | -------------------------------------------------------------------------------- | Tööjõukulud | -70 506 | -70 728 | -4 506 | -4 521 | -------------------------------------------------------------------------------- | Põhivara kulum ja | -102 334 | -99 196 | -6 540 | -6 339 | | väärtuse langus | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | -4 131 | -3 948 | -264 | -252 | -------------------------------------------------------------------------------- | Ärikasum | 317 742 | 342 053 | 20 307 | 21 861 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | | | -------------------------------------------------------------------------------- | Finantstulud | 6 113 | 8 308 | 391 | 531 | -------------------------------------------------------------------------------- | Finantskulud | -45 589 | -36 178 | -2 914 | -2 312 | -------------------------------------------------------------------------------- | Kokku finantstulud ja | -39 476 | -27 870 | -2 523 | -1 781 | | -kulud | | | | | -------------------------------------------------------------------------------- | Kasum/kahjum | 901 | 0 | 58 | 0 | | kapitaliosaluse meetodil | | | | | | investeeringutelt | | | | | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Kasum enne | 279 167 | 314 183 | 17 842 | 20 080 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Tulumaks | -26 582 | -84 615 | -1 699 | -5 408 | -------------------------------------------------------------------------------- | Aruandeperioodi | 252 585 | 229 568 | 16 143 | 14 672 | | puhaskasum | | | | | -------------------------------------------------------------------------------- | sh | | | | | -------------------------------------------------------------------------------- | emaettevõtja omanike osa | 252 585 | 228 565 | 16 143 | 14 608 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | vähemusomanike osa | 0 | 1 003 | 0 | 64 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | Puhaskasum ja lahjendatud | 0,91 | 0,83 | 0,06 | 0,05 | | puhaskasum aktsia kohta | | | | | | (kroonides, eurodes) | | | | | -------------------------------------------------------------------------------- Marko Raid Finantsjuht 6318047 Sven Ratassepp Avalike suhete juht 6318064
Title
Consolidated interim report 6 months 2008
Message
COMMENTS TO FINANCIAL RESULTS The comments have been prepared on the basis of consolidated indicators. The consolidated net profit of AS Tallinna Sadam for the first six months in 2008 amounted to EEK 252.6 million (EUR 16.1 million), which meant an increase of net profit by EEK 23 million (EUR 1.5 million) or 10 % compared with the same period a year earlier. The consolidated sales amounted to EEK 615.4 million (EUR 39.3 million), decreasing by 5.7% (in 2007, the respective figures were EEK 652.4 million (EUR 41.7 million) and 3.8% growth). In the first half of 2008, the cargo volume passing through the ports of AS Tallinna Sadam decreased by 7 million tonnes (or 32%), reaching 14.8 million tonnes. After steep drop in May 2007, the volume of transit goods (mainly dry and liquid bulk) arriving to Estonia from Russia by the railway has stabilised on similar level. Some growth was recorded for container units and rolling stock volumes, but their positive impact on change of total cargo volume remained insignificant. In the first half of 2008 the market share of AS Tallinna Sadam among the major ports of the eastern coast of the Baltic Sea decreased, from 11.8% to 8%. The majority of the cargo volume was still made up of liquid cargo with 70%, followed by rolling stock with 13% and dry bulk by 11%, which dropped third in rank after losing volume the most (in the first half of 2007, the respective figures were 60%, 8% and 26%). By transport directions, the cargo volume included 78% transit, 10% export and 12% import goods (in the first half of 2007, the respective figures were 86%, 8% and 6%). As the change in cargo volume was driven by decrease of transit cargo originating from Russia, it brought about the respective change in transport directions' structure. After some decrease during two former years the number of passengers increased in the first half of 2008 and reached new high. In the first half-year the number of passengers travelling through the ports of AS Tallinna Sadam was 3.3 million, which was 15% more than in the same period a year ago (the respective figures stood at 2.9 million passengers and a decrease of 4.1%). The number of passengers grew both for liner and cruise passenger segments. The largest among lines, Tallinn-Helsinki line saw the growth of passengers by 351 thousand or by 14%, totalling 2.8 million passengers. The number of passengers on Tallinn-Stockholm line grew by 64 thousand or by 21%, totalling 371 thousand. Paldiski-Kapellskär line saw a decrease of passengers by 8 thousand or by 32%, totalling 17 thousand passengers. Considering that the line serves mainly rolling stock, the number of passengers served in the future is likely also to remain insignificant. The number of traditional cruise passengers increased most in relative terms, growing by 31 thousand passengers or by 30%, reaching to 139 thousand. The growth in cruise passengers was achieved in Old City Port. The consolidated sales of AS Tallinna Sadam in the first half of 2008 amounted to EEK 615.4 million (EUR 39.3 million), decreasing by 5.7% (in 2007, the respective figures were EEK 652.4 million (EUR 41.7 million) and 3.8% growth). The decrease in sales was mainly due to the decrease of cargo volume, the effect of which exceeded the positive effect from the growth in the number of passengers and liner vessels' capacity. Income from cargo dues decreased by EEK 32 million (EUR 2.0 million or 30%) and income from port dues by EEK 21 million (EUR 1.3 million or 5%). Income from passengers dues, rent and sale of services increased respectively by EEK 11 million (EUR 0.7 million), EEK 3 million (EUR 0.2 million) and EEK 1 million (EUR 0.1 million). The expenses related to the principal business totalled EEK 311 million (EUR 19.9 million), decreasing by 0.3%. Depreciation and impairment of fixed assets grew slightly (increase by EEK 3.1 million (EUR 0.2 million) or 3.2%) as a result of growth in the total volume of fixed assets. Operating expenses decreased by EEK 3.7 million (EUR 0.2 million or 2.6%). The decrease resulted from decrease in repairs and consultation expenses, exceeding the increase of land tax cost. Personnel expenses did not change from the previous year. The rise of wages was compensated by the reduction in average number of employees. The operating profit amounted to EEK 318 million (EUR 20.3 million), which is EEK 24.3 million (EUR 1.6 million) less than the respective indicator from the last year. The consolidated net profit for the first six months in 2008 amounted to EEK 252.6 million (EUR 16.1 million), which meant an increase of net profit by EEK 23 million (EUR 1.5 million) or 10 % compared with the same period a year earlier. The increase in the net profit was caused by decreased dividend income tax expense in relation to smaller amount of dividends declared for 2007 (EEK 100 million (EUR 6.4 million)) than for the previous year (EEK 300 million (EUR 19.2 million)). Profit before income tax amounted to EEK 279 million (EUR 17.8 million), decreasing by EEK 35 million (EUR 2.2 million). The return on assets of AS Tallinna Sadam (annualised net profit divided by the average volume of assets for the period) was 7.4%, an increase based on stronger net profit when compared with last year's figure of 7.1%. When calculating the return on assets on the basis of adjusted net profit (net profit has been adjusted by income tax expense on dividends), the return on assets in the first half of the year will be 8.2% compared with 9.7% a year earlier. Lower return on assets was caused mainly by decrease of pre-tax profit and to some extent by the increased average volume of assets. In the first half of 2008, the return on equity of AS Tallinna Sadam (annualised net profit divided by the average volume of equity for the period) was 11.1%, which was higher of the previous year's figure (10.4%). The corresponding figure based on adjusted net profit was 12.2% (and 14% a year earlier), where the decrease was associated with decrease of pre-tax profit and also with the increase in the average volume of equity. In the first half of 2008, the Group invested a total of EEK 196 million (EUR 12.5 million) in new infrastructure objects and improvement of existing infrastructure, which was EEK 209 million (EUR 13.4 million) less than the year earlier. Most of the investments were traditionally related to water transport facilities (quays and aquatory), of which the largest share formed investment into a new dry bulk quay in Paldiski South Harbour and dredging works in Muuga Harbour. Investments were continued for improvement of passenger vessel reception conditions, into railway runways, purchase of land for port territory, and for improving the access routes to the port and the general utilities networks. CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | in thousands of | EEK | EEK | EUR | EUR | | (unaudited) | | | | | -------------------------------------------------------------------------------- | | 30.06.2008 | 31.12.2007 | 30.06.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash and cash | 249 796 | 269 641 | 15 965 | 17 233 | | equivalents | | | | | -------------------------------------------------------------------------------- | Available for sale | 2 855 | 2 855 | 182 | 182 | | financial assets | | | | | -------------------------------------------------------------------------------- | Derivatives | 8 827 | 11 427 | 564 | 730 | -------------------------------------------------------------------------------- | Trade and other | 129 923 | 110 880 | 8 304 | 7 087 | | receivables | | | | | -------------------------------------------------------------------------------- | Total current assets | 391 401 | 394 803 | 25 015 | 25 232 | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Investments in joint | 3 574 | 2 673 | 228 | 171 | | ventures | | | | | -------------------------------------------------------------------------------- | Other long-term | 6 959 | 6 959 | 445 | 445 | | receivables | | | | | -------------------------------------------------------------------------------- | Property, plant and | 6 490 315 | 6 385 769 | 414 807 | 408 125 | | equipment | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 6 500 848 | 6 395 401 | 415 480 | 408 741 | -------------------------------------------------------------------------------- | Total assets | 6 892 249 | 6 790 204 | 440 495 | 433 973 | -------------------------------------------------------------------------------- | LIABITLITIES | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Current portion of bonds | 530 398 | 608 435 | 33 899 | 38 886 | | and long-term loans | | | | | -------------------------------------------------------------------------------- | Supplier and other | 143 475 | 195 190 | 9 170 | 12 475 | | payables | | | | | -------------------------------------------------------------------------------- | Payable to shareholders | 100 000 | 0 | 6 391 | 0 | -------------------------------------------------------------------------------- | Short-term provisions | 0 | 18 910 | 0 | 1 208 | -------------------------------------------------------------------------------- | Total current | 773 873 | 822 535 | 49 460 | 52 569 | | liabilities | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Long-term borrowings | 1 453 504 | 1 453 504 | 92 896 | 92 896 | -------------------------------------------------------------------------------- | Government grants | 11 449 | 11 455 | 732 | 732 | -------------------------------------------------------------------------------- | Other long-term payables | 10 036 | 9 400 | 641 | 601 | -------------------------------------------------------------------------------- | Total non-current | 1 474 989 | 1 474 359 | 94 269 | 94 229 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total liabilities | 2 248 862 | 2 296 894 | 143 729 | 146 798 | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital at nominal | 2 786 204 | 2 786 204 | 178 071 | 178 071 | | value | | | | | -------------------------------------------------------------------------------- | Statutory reserve | 278 620 | 275 562 | 17 807 | 17 612 | | capital | | | | | -------------------------------------------------------------------------------- | Hedge reserve | 6 133 | 8 642 | 392 | 552 | -------------------------------------------------------------------------------- | Retained earnings | 1 319 845 | 1 087 071 | 84 353 | 69 476 | -------------------------------------------------------------------------------- | Profit for the period | 252 585 | 335 831 | 16 143 | 21 464 | -------------------------------------------------------------------------------- | Total equity | 4 643 387 | 4 493 310 | 296 766 | 287 175 | -------------------------------------------------------------------------------- | Total liabilities and | 6 892 249 | 6 790 204 | 440 495 | 433 973 | | equity | | | | | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | in thousands of | EEK | EEK | EUR | EUR | | (unaudited) | | | | | -------------------------------------------------------------------------------- | | 6 months | 6 months | 6 months | 6 months | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Sales | 615 397 | 652 380 | 39 331 | 41 695 | -------------------------------------------------------------------------------- | Other income | 17 609 | 5 544 | 1 125 | 354 | -------------------------------------------------------------------------------- | Operating expenses | -138 293 | -141 999 | -8 839 | -9 076 | -------------------------------------------------------------------------------- | Personnel expenses | -70 506 | -70 728 | -4 506 | -4 521 | -------------------------------------------------------------------------------- | Depreciation and | -102 334 | -99 196 | -6 540 | -6 339 | | impairment | | | | | -------------------------------------------------------------------------------- | Other expenses | -4 131 | -3 948 | -264 | -252 | -------------------------------------------------------------------------------- | Operating profit | 317 742 | 342 053 | 20 307 | 21 861 | -------------------------------------------------------------------------------- | Finance income and costs | | | | | -------------------------------------------------------------------------------- | Finance income | 6 113 | 8 308 | 391 | 531 | -------------------------------------------------------------------------------- | Finance costs | -45 589 | -36 178 | -2 914 | -2 312 | -------------------------------------------------------------------------------- | Total finance income and | -39 476 | -27 870 | -2 523 | -1 781 | | costs | | | | | -------------------------------------------------------------------------------- | Profit/loss from | 901 | 0 | 58 | 0 | | investments in joint | | | | | | venture under equity | | | | | | method of accounting | | | | | -------------------------------------------------------------------------------- | Profit before tax | 279 167 | 314 183 | 17 842 | 20 080 | -------------------------------------------------------------------------------- | Income tax expense | -26 582 | -84 615 | -1 699 | -5 408 | -------------------------------------------------------------------------------- | Profit for the period | 252 585 | 229 568 | 16 143 | 14 672 | -------------------------------------------------------------------------------- | attributable to: | | | | | -------------------------------------------------------------------------------- | equity holders of the | 252 585 | 228 565 | 16 143 | 14 608 | | Parent Company | | | | | -------------------------------------------------------------------------------- | minority interest | 0 | 1 003 | 0 | 64 | -------------------------------------------------------------------------------- | Basic earnings and | 0,91 | 0,83 | 0,06 | 0,05 | | diluted earnings per | | | | | | share (in kroons, euros) | | | | | -------------------------------------------------------------------------------- Marko Raid Chief Financial Officer +372 6318047 Sven Ratassepp Public Relations Manager +372 6318064