Market announcement
Luterma
Category
Annual financial report
Attachments
Date
05.12.2008 16:58:39
Title
Konsolideerimisgrupi 2007/2008 majandusaasta aruanne
Message
Selgitus erinevuste kohta AS-i Kalev 12 kuu vahearuande ja 2007/2008 a.
majandusaasta auditeeritud aruande vahel.
1. IFRIC 12 (Teenuste kontsessioonikokkulepped) selgitab, kuidas peaksid
teenuste kontsessioonikokkulepete sõlmijad rakendama kehtivaid rahvusvahelisi
finantsaruandlusstandardeid (IFRS) teenuste kontsessioonikokkulepete alusel
võetud kohustuste ja omandatud õiguste kajastamisel. Tõlgendust kohaldatakse
kohustuslikult 1. jaanuaril 2008 või hiljem algavatele aruandlusperioodidele.
Kalev grupp rakendas IFRIC 12 aruandlusstandardis kirjeldatud põhimõtet juba
eelmise, 2007/2008 majandusaasta aruandes.
AS Kalev 2007/2008 auditeeritud majandusaasta aruandes on rakendatud IFRIC 12
kõiki nõudeid ja sellest arvestuspõhimõtete muutusest tulenevalt suurenesid
Tallinna koolide erapartnerlusprojektig seotud tekkepõhised tulud summas 13
miljonit krooni ja finantskulud summas 5 miljonit krooni võrreldes eelnevalt
avaldatud vahearuandega.
Teenuse kontsesioonileppest tulenevaid nõudeid oli esialgselt kajastatud
lühiajalistena, ent auditeerimisprotsessi käigus reklassifitseeriti 307
miljonit krooni nõudeid pikaajalisteks.
2. AS Kalev kajastas 12 kuu vahearuandes müügiootel varasid eraldi veerus, ega
arvestanud amortisatsiooni müüdavatelt varadelt. Kuna eeldatav müügitehing
lõppes ning majandusaasta aruande esitamisel ei ole piisavalt kinnitust
võimalike uute tehingute kohta, siis auditeeritud aruandes lähtudes IFRS 5
nõuetest, ei kajastata nimetatud varasid enam müügiootel varasidena. Sellest
tulenevalt korrigeeriti AS-i Kalev 2007/2008 majandusaasta amortisatsioonikulu
kokku 12 miljoni krooni võrra.
3. 2007/2008.a auditeeritud majandusaasta aruandes arvestati piimanduse
valdkonnas täiendavalt võrreldes vahearuandega ammortisatsiooni paigaldamata
seadmetelt kokku summas 11 miljonit krooni.
4. AS-i Kalev 12 kuu vahearuandes kajastati GKG Investeeringute AS-i poolt
AS-ile Kalev antud 59 miljonit krooni tagatisraha ulatuses ALTA nõudeid
tuludena. Nimetatud summa on GKG Investeeringute AS kandnud AS-ile Kalev
tagamaks viimase nõuet Alta vastu. Vastavate nõuete realiseerumise korral
kuulub realiseerunud summa, millele lisandub mõistlik intress, GKG
Investeeringute AS-ile tagastamisele. Seni kuni vastav nõue ei ole
realiseerunud, tagatisraha tagastamisele ei kuulu. Audiitorite soovitusel on
aastaaruandes muudetud samas summas ainult nõudeid ja kohustusi võrreldes
vahearuandega.
5. AS-i Kalev võlakohustustest, mis oma olemuselt olid aruande koostamise ajal
pikaajalised laenud summas 255 miljonit krooni reklassifitseeritud
lühiajaliseks laenudeks, kuna vastavate laenude pikaajalisteks muutmise
kokkulepped sõlmiti peale bilansipäeva.
-----------------------------------
KONSOLIDEERIMISGRUPI 2007/2008 MAJANDUSAASTA ARUANNE
KONSOLIDEERIMISGRUPI TEGEVUSARUANNE
1. Majandus-ja õiguslik keskkond
1.1. Majanduskeskkonna mõju
Makromajanduse heitlik taust, tegurihindade kiire tõus, laenukapitali
kallinemine ning firma tegevussuundade areng mõjutasid AS-i Kalev
2007/2008.majandusaasta tulemusi. Tootmissisendites toimus, sarnaselt eelmisele
aastale, mitmeid oluliselt ebasoodsaid arenguid toorainehindade osas, samuti
jätkus kiire kasv tööjõukuludes. Samas aga toetasid olulisemad eksporditurud
nõudlust AS-i Kalev kaupadele, samuti nagu ka kiire majandusarengu lõppfaasi
jõudnud kodumaine turg
Eesti sisemajanduse kogutoodangu ja majanduse kogunõudluse kasvutempo
aeglustusid vaadeldaval perioodil järsult; kolme viimase aasta nõudluse keskmine
kasvutempo (ligi 9% aastas) kahanes aruandeperioodil ühe protsendini - taoline
reaalkasv on kordades väiksem pikema perioodi näitajast, kusjuures esimest korda
möödunud dekaadi arvestuses jäi nõudluse kasv alla kogutoodangu kasvutempole.
Aruandeperioodi jooksul küll suurenes Eesti majanduse reaalne nõudlus 1,2% ja
SKT sellest ligi kaks korda enam, ent ajavahemiku juuli 2007 - juuni 2008
kokkuvõttes kahanes toodangu kogumaht ligi 5%. Sektoraalselt olid müügimahud
erineva dünaamikaga: toiduainete ja jookide tootmine kahanes vaadeldaval
perioodil ligi kümnendiku (samas, kui nende kaubagruppide käive kasvas 10%).
Kalev kontserni tegevusvaldkondade (vt ptk 2) lõikes on Eestis toimunud kiireim
kasv pagaritoodete käibes - ligi 18% eelmise aasta sama ajaga võrreldes, samas
kasvas selle kaubagrupi tootmismaht marginaalselt (1%). Sisemajanduse nõudluse
kiirest kokkukuivamisest tulenevalt on langenud tööstustoodangu maht tervikuna
isegi vaatamata ekspordikäibe kasvule. Näiteks piimanduses registreeriti
vaadeldaval perioodil üks suurimaid langusi tootmises -13%, kuigi tulenevalt
hinnatõusust suurenesid nii ekspordi kui läbimüügi käibed ca 15%.
Kogurentaabluse näitajad peegeldasid samasugust trendi - töötleva tööstuse
keskmine kahanes kaks protsendipunkti eelmise aastaga võrreldes, ulatudes
vaadeldaval perioodil 7%-ni. Toiduainete ja jookide tootmises oli kogurentaablus
5% (ehk kahanes ühe protsendipunkti võrra) ning piimatoodetes 3% (langus üks
protsendipunkt).
Kalev kontserni ettevõtete toodang kuulub suuresti nende hüviste hulka, mille
vastu nõudluse reaalkasv on olnud kas tagasihoidlik või suisa negatiivne. Ehkki
palkade dünaamika toetas üldise tarbimise kasvu, jäi erasektori reaalne
tarbimise kasv vähemaks kui 2% aastases arvestuses (võrreldes ligi 10%-ga
varasema kolme aasta vältel). Samas on palkade reaalkasv Eestis olnud väga kiire
ning tööturul on võimendunud pinged nii tööjõu oskustaseme kui valiku osas -
täishõive olukord tähendab tööandjale kesist tööjõu valikut olukorras mil tarvis
tootmisvõimsusi suurendada. Sel põhjusel on Kalev kontsernis tehtud vajalikke
investeeringuid, vähendamaks tööjõukulude kiirest kasvust tekkivat
kulustruktuuri muutusi. Üldine areng näitab, et aeglane kasv tööviljakuses
tekitab olulist survet Eesti ettevõtete konkurentsivõimele. Tootmisharusid, kus
kulusurve on suurim, iseloomustab ka madalam kasumimarginaal. Taolisel
hinnasurvel on negatiivne mõju kogu majandusele, jaotudes kas mõne või kõigi
harude vahel majanduses ning tekitab kulukombinatsiooni madalama palgataseme,
väiksema kasumi ja/või riigieelarvetulude kahanemise kaudu. Kodumaiste hüviste
ekspordi reaalkasv on Eesti Statistikaameti andmetel viimase nelja kvartali
kokkuvõttes olnud negatiivne (-3,5%), võrreldes eelmise perioodi enam kui
5%-lise kasvuga.
Tarbijahindade kasv Eestis püsis juba neljandat aastat järjestikku kiire -
ostukorvi kallinemine ületas aruande koostamise ajal 11% aastases arvestuses.
Üldisest veelgi kiirem on olnud toidukaupade kallinemine, mis ulatus 18%-ni.
Inflatsioon Eestis seletub nii majandustsükli faasi ja selles tekkinud
„pudelikaelade” kaudu kui ka Euroopa Liiduga majandusliku integreerumise ja
üleilmastumise mõjudega. Kahekohaline inflatsioonimäär on vähendanud koduturu
elanike ostujõudu ning mõjutab tarbijakäitumist. Eriti tuleb see esile
olukorras, kus kulutused toidule ja energiale moodustavad suhteliselt olulise
osa kodumaise tarbija eelarvest. Kõrge ja/või kasvav inflatsioonimäär seondub
sageli ka suurema muutlikkuse ja teadmatusega tuleviku suhtes, mistõttu
kokkuvõttes ei soodusta ettevõtete poolt tehtavaid investeeringuid. Majandusele
tervikuna on oluline, et inflatsiooni kasvutrend lõpeks ning üldine hinnakasv
Eestis taanduks käesoleva kümnendi esimese poole (kuni 4%-lise) aastakeskmise
hinnataseme tõusuni.
Majanduses täheldame kasvavat ettevaatlikkust 2007. a keskpaigast saati -
lõpptarbimine ei kasva enam sama kiiresti kui sissetulekud. Kuna eratarbimine on
kogunõudluse tähtsaim osa, moodustades enam kui pool kogunõudlusest, siis
kirjeldatud muutus tarbimises aeglustab ka majanduskasvu. Lisaks tuleb arvestada
tarbijaeelistuse muutustega - uuringud magusanõudluse kohta viitavad Eesti
elanike suurele hinnatundlikkusele kaupade valikul. Samuti täheldame olulist
nihet tarbijateadlikkuses tervislikumate toitumisharjumuste suunas. Seetõttu
pöörab tootearendus šokolaadikondiitri valdkonnas suurt tähelepanu tumeda
šokolaadi potentsiaalile, materialiseerimaks teadusuuringute järeldused selle
toiduaine heast mõjust tarbija tervisele läbi antioksüdantide rohkuse suurema
kakao-sisaldusega toodetes.
Võrreldes eelmise majandusaastaga on tõusnud tegevuse finantseerimiseks
kaasatava võõrkapitali hind. Kuna ka laenu saamise tingimused on karmistunud ja
üldine kapitalikulu kasvanud, siis avaldub selle koosmõju esmalt ehituse ja
kapitalikaupade nõudluses ning kannustab tarbimist. Kesise välisnõudluse ja
madala majandusaktiivsuse tingimustes on kulude surve kasumimarginaali
kujunemisel teisejärgulise tähtsusega. Taolistes tingimustes on suurema
tähtsusega pigem turuosa säilitamine ning läbimüügi mahuline kasv.
Lõpptoodangu hinnakujundus lähtub nõudluse ja pakkumise erinevatest teguritest.
Eestis on vaadeldava perioodi jooksul tööstustoodangu tootjahinnad tõusnud veidi
üle 7%, samas aga on toiduainete ja jookide puhul hinnatõus ulatunud viiendikuni
aastases arvestuses. Tootmiskulude dünaamikas tõusevad esile nii energiakandjate
kui erinevate tootmistegurite hinnatõus. Näiteks kallines aasta kokkuvõttes
kakaouba, mis maailmaturul noteeritakse USA dollarites, poole võrra ning oli
2008.a. juuni lõpus kõigi aegade kõrgeimal tasemel. Kuna nõudlus kakao järele
ületab pakkumist ning tooraine puudujääk peaks kestma ka 2009.aastal, on
kakao-oa futuuride hinnad Londoni börsil sööstnud tippu. Vaid tänu Eesti krooni
(seotud euroga läbi valuutakomitee süsteemi) tugevnemisele on kroonidesse ümber
arvestatuna kakaohinna tegelik tõus olnud mõnevõrra tagasihoidlikum - ca 30%.
Kakaoubade futuuride hinnad (maailmaturul noteeritud samuti USA dollarites)
näitavad järgneva 12 kuu jooksul langust 4-5%, ent jätkuvalt negatiivsed teated
oodatava saagi osas maailmas olulistelt kakao-tootjatelt ei sisenda erilist usku
selle tooraine hinna langusesse.
Kalev kontserni jaoks teise olulise tooraine - piima kokkuostuhind Eestis on 12
kuu möödudes aruandeaasta algusest ligi neljandiku kõrgem. Hinnadünaamika aga
varieerus: kui 2008.a alguseks oli eelmise aasta juuniga võrreldes piima
kokkuostuhind kerkinud kolmandiku, siis alates aprillist 2008.a. on toimunud
toorme mõningane hinnalangus. Aastases arvestuses oli juuniks 2008.a. piima
kokkuostuhind Eestis tõusnud veidi alla viiendiku. Toorpiima hinnatõus mujal
Euroopas oli möödunud 12 kuu jooksul paljudes kohtades erakordne (kohati kuni 80
protsenti) ja tingis samuti ligi 20%-lise kasvu erinevate maade piimatoodete
hindades. OECD ja FAO poolt koostatud “Agricultural Outlook for 2008 to 2017”
prognoos järgneva 10 aasta perspektiivis suhkru, teraviljade ja piimapulbri osas
ennustab nimetatud toodetel 30-protsendilist keskmist hinnatõusu, samas kui või
hind peaks vastavalt prognoosile olema perioodi lõpus enam kui 60% kõrgem
praegusest tasemest.
Suuremad on ettevõtja kulutused pakendamisele, transpordile, logistikale ning
seda tulenevalt suuresti just tootmissisendite hindade kasvust. Seetõttu on ka
toiduainetetööstuste kasumiootused eelpool mainitud teguritest oluliselt
mõjutatud. Maailmas suurimate sama valdkonna toiduainetetööstuse kontsernide (nt
Cadbury, Nestlé, Danone) puhul hinnatakse toorme hinnaralli negatiivset mõju
firmade kasumimarginaalile keskmiselt 300 baaspunktini. Eesti ettevõtete jaoks
tervikuna on kasumlikkuse taandareng kestnud juba enam kui aasta: alates 2007.a.
teisest kvartalist on ettevõtluse tegevuse ülejääk ja segatulu kahanenud igas
järgnevas kvartalis võrreldes eelmise aasta sama perioodiga.
1.2. Muudatused õiguslikus keskkonnas
Eesti maksupoliitika püüdleb otsese maksustamise alandamisele ja kaudse
maksustamise suurendamisele. Siiski säilib siinsele ettevõtlusele märkimisväärne
kulu tööjõu rakendamisest, kuna muutused tootmistegurite hindades puudutavad
tööjõukulu mõju ettevõttele. Riiklike maksude kõrval mõjutavad tööjõu hinda ka
tööandjate ja ametiühingute vahel sõlmitavad ning riiklikult kehtestatavad
miinimumtöötasu lepped. Viimase kolme aasta jooksul sõlmitud alampalga
kokkulepped on tõstnud töötasu miinimumi Eestis agregeeritult 62% (sh
1.jaanuarist 2008.a. tõusis alampalk ligi 21% eelmise perioodiga võrreldes) ning
taolisel kiirel kasvul on olnud otsene mõju üldisele palgatõusule. Oskustööliste
nappuse, tööturu suhteliselt tagasihoidliku paindlikkuse, tootlikkuse piiratud
kasvu ja EL-suunalise mõjuga täiendavate regulatsioonide tingimustes tähendab
alampalga kiire tõus kasvavat survet firma kuludele ja tegevuse rentaablusele.
2008. aasta juunis valmis sotsiaalpartnerite koostöös „Töölepingu seaduse“ uus
eelnõu, mille eesmärk on tagada Eesti tööturgu reguleeriva seadusandluse
kaasajastamine. Mitmed rahvusvahelised uuringud ja võrdlused viitavad Eesti
tööturu seniste regulatsioonide takistavale mõjule hõive kasvul ja
mittevastavusele tänapäevaste töösuhete kujunemisel - ehk see, mida
ametkondlikus keelepruugis tähistab mõiste tööturu „jäikus“ (ning sooviks on
tagada tööturu „paindlikkus“). Kuna tööalased suhted vajavad ajakohastamist
Eestis, ootamegi eelnõu konstruktiivset arutelu ja vastuvõtmist parlamendis.
Euroopa Komisjon käivitas 2006. aasta juulis reformi ühenduse suhkruturu
korralduse muutmiseks Euroopa Liidu senise ühtse põllumajanduspoliitika raames.
Selle reformi tulemusena langeb valge suhkru miinimumhind, mis seni oli kolm
korda maailmaturu hinnast kõrgem, nelja aasta jooksul kokku 36% (suhkruhinna
etapiline langetamine ulatus reformi esimesel aastal kuni 20%, teisel 27,5%,
kolmandal 35% ja neljandal 36%-ni). Suhkru hinna lähenemine maailmaturu hinnale
(st suhkru hinna langus) on selle olulisuse tõttu tootmissisendina igati AS-i
Kalev huvides.
2007. a juunis otsustas Euroopa Komisjon tühistada kõik toetused piimatoodete
ekspordil - see on kooskõlas EL ühtse põllumajanduspoliitika (CAP) reformimisega
ning on tingitud toorme maailmaturuhindade arengust. Näiteks on nii piimapulbri
kui või hind jõudnud kaubandusajaloo kõrgeimale tasemele. Samas on Euroopa
Komisjon seisukohal, et turuarengu vastupidisel juhul taastub sekkumine
piimatoodete kaubandusse. 1. aprillist 2008. a tõusid EL piimatootmise kvoodid 2
protsenti, olles samuti osa CAP reformidest järk-järgult suurendamaks kvoote,
mille tulemusena eelpool kirjeldatud piimahinna langus aset leidiski. Kuna
reformikava näeb ette kvootide täieliku tühistamise Euroopa Liidus aastaks 2015,
siis tagamaks sujuv üleminek turutingimustele on Euroopa Komisjon soovitanud ühe
protsendi suurust kvootide suurendamist igal aastal vahemikus 2009 kuni 2014.
Reformide edasine kava näeb samuti ette tühistada põllumeestele seni kohustuslik
nõue 10% maa sööti jätmise kohta, mis kasvava toiduainete nõudluse tingimustes
toob kaasa ka põllumajandussaaduste tootmise suurenemise.
2. Ülevaade AS Kalev kontsernist
AS-i Kalev tegevus jaotub mitmesse valdkonda: toiduainete tootmine ja -müük,
meedia, kinnisvaraalane tegevus, kirjastamine, trükindus. Loetletud
tegevusaladest on ettevõtjal pikema perioodi kogemus šokolaadi-, suhkru-,
pagari-, jahukondiitri- ning piimatoodete segmendis; samuti on AS Kalev olnud
pikemat aega tegev kinnisvaraarenduse ja -halduse erinevate projektidega.
Eelmisel majandusaastal sai alguse AS-i Kalev tegevuse laienemine meedia,
kirjastamise ja nende sidusaladesse. Nimetatud valdkondades on aruandeperioodi
vältel toimunud jõuline areng, sh hakati tootma televisiooniprogrammi.
Toiduainete valdkonnas jaguneb tegevus viie tootmisüksuse vahel, mis paiknevad
Põrguväljal (Rae vallas Harjumaal), Paides, Viljandis, Jõhvis, Kiviõlis ning
toodangu realiseerimine toimub muuhulgas ka ettevõtja üle-eestilise
jaekaubandusketi kaudu, mis koosneb 15 kommipoest ja kohvikust.
Alljärgnevas tabelis on toodud AS-i Kalev tegevusalade jaotus vastavalt Eesti
majanduse tegevusalade klassifikaatorile (EMTAK 2008) ja Euroopa Ühenduse
majandustegevusalade statistilise klassifikaatori (NACE Rev.2) Eesti
rahvuslikule versioonile:
--------------------------------------------------------------------------------
| EMTAK kood | NACE kood | Tegevusala |
--------------------------------------------------------------------------------
| 1082 | C 10.82 | Šokolaadi- ja suhkrukondiitritoodete |
| | | tootmine |
--------------------------------------------------------------------------------
| 1071 | C 10.71 | Pagaritoodete tootmine |
--------------------------------------------------------------------------------
| 1051 | C 10.51 | Piima töötlemine, piimatoodete ja juustu |
| | | tootmine |
--------------------------------------------------------------------------------
| 68106820 | L 68.10,68.20 | Kinnisvaraalane tegevus |
--------------------------------------------------------------------------------
| 5814 | J 58.14 | Ajakirjade jm perioodika kirjastamine |
--------------------------------------------------------------------------------
| 6020 | J 60.20 | Teleprogrammid ja ringhääling |
--------------------------------------------------------------------------------
| 94995 | S 94.99 | Vaba aja veetmise ja meelelahutusega seotud |
| | | tegevus |
--------------------------------------------------------------------------------
| 18122 | C 18.12 | Perioodikaväljaannete, reklaammaterjalide |
| | | jmt trükkimine |
--------------------------------------------------------------------------------
Kalev kontserni emaettevõtja on AS Kalev; lisaks kuulub kontserni kaheksateist
tütarettevõtjat. AS Kalev osalus erinevates äriühingutes on toodud Lisas 21. AS
Kalev kontserni restruktureerimine algas 2006. aastal, mistõttu
ümberkorraldustega seonduv kajastus olulisel määral nii eelmise kui vaadeldava
majandusaasta tulemustes. AS Uniprint loeti tütarettevõtjaks eelmisel
majandusaastal; tulenevalt aktsionäride lepingust oli AS-il Kalev õigus osta
ettevõtte kõik aktsiad, kuid AS Kalev ei kasutanud seda võimalust (vt Lisa
21.6).
Organisatsioonilistest muudatustest toimus esimene 2007/2008 majandusaasta
alguses: 17.08.2007. a sõlmitud lepingu alusel omandas AS Kalev osaühingu
Soltari Invest 40 tuhande kroonise nimiväärtusega osa. Tehingu tulemusena sai
AS-ist Kalev osaühingu ainuosanik ja peale viimase nimemuutust kannab ettevõte
nimetust AgriStock OÜ. Tütarettevõtja tegevus keskendub teraviljatoodete
töötlemise arendamise, hoiustamise ja ümberlaadimisele. Nimetatud osaluse
omandamine ei olnud tehing seotud isikuga börsireglemendi mõistes.
2007. aasta lõpus alustas AS Kalev Chocolate Factory üleminekut
tootegrupipõhisele tootmisele, mille tulemusena hakati pagari- ja
jahukondiitritooteid valmistama erinevates tootmisüksustes.
Spetsialiseerumisprotsessi eesmärgiks oli vajadus suurendada logistilist ja
tootmisefektiivsust, pidurdamaks survet toodete omahinna kasvule ja koondamaks
oskusteave ühtsesse tootmisüksusesse. Selle protsessi esimene etapp hõlmas
muudatusi küpsisetootmises AS-i Kalev Jõhvi Tootmine Kiviõli tootmisüksuses.
Protsessi teises etapis viidi pagaritoodete tootmine üle Jõhvi üksusesse,
rakendades osaliselt esimese etapi tulemusena vabanenud tööjõuressurssi. AS
Vilma tootmisüksusesse Viljandis aga koondati kontserni jahukondiitri tootmine.
2008. a veebruaris kinnitati OÜ Maiasmokk juhatajaks Kati Kusmin, kes on ka AS-i
Kalev tütarettevõtjate AS Kalev Chocolate Factory, AS Kalev Jõhvi Tootmine ja AS
Vilma juhatuse liige. Sellele eelneval kuul võõrandas AS Kalev osaluse OÜ-s
Maiasmokk oma tütarettevõtjale AS-ile Kalev Chocolate Factory. OÜ-le Maiasmokk
uue juhataja valimine ning osaluse võõrandamine on seotud AS-i Kalev
toiduainetööstuse ettevõtete võõrandamisega.
AS-i Kalev juhatuse liikmed valitakse ja kutsutakse tagasi äriseadustikus
kehtestatud korras. Äriseadustiku kohaselt valib ja kutsub juhatuse liikmed
tagasi AS-i Kalev nõukogu. Juhatuse liige valitakse tähtajaliselt kuni kolmeks
aastaks, kui põhikirjas ei ole ette nähtud muud tähtaega. Juhatuse liikme
ametiaja pikendamist ei või otsustada varem kui üks aasta enne ametiaja
kavandatavat möödumist ja pikemaks ajaks kui on seaduses või põhikirjas
ettenähtud ametiaja ülemmäär.
AS-i Kalev nõukogu võib juhatuse liikme tagasi kutsuda sõltumata põhjusest,
kusjuures temaga sõlmitud lepingust tulenevad õigused ja kohustused lõpevad
vastavalt lepingule. Juhatuse liige võib juhatusest tagasi astuda mõjuval
põhjusel, teatades sellest nõukogule (selle võimatuse korral esitades asjakohase
avalduse äriregistri pidajale). Mõjuval põhjusel võib väljalangenud juhatuse
liikme asemele uue liikme määrata nõukogu, aktsionäri või muu huvitatud isiku
nõudel kohus. Kohtu poolt määratud juhatuse liikme volitused kestavad kuni uue
juhatuse liikme määramiseni nõukogu poolt. AS-i Kalev juhatuse liige valitakse
kolmeks aastaks lähtuvalt AS-i Kalev põhikirjast. Juhul kui juhatuses on rohkem
kui kaks liiget, määrab AS-i Kalev nõukogu firma juhatuse liikmete hulgast
juhatuse esimehe.
Äriseadustiku kohaselt on põhikirja muutmise otsus vastu võetud kui selle poolt
on antud vähemalt 2/3 üldkoosolekul esindatud häältest. Põhikirja muutmise otsus
jõustub vastava kande tegemisel äriregistrisse. AS-i Kalev põhikirjas ei ole
sätestatud suuremat häälteenamuse nõuet. AS-il Kalev on ainult ühte liiki
aktsiad.
AS-i Kalev võib kõigis õigustoimingutes esindada iga juhatuse liige. Kui AS-i
Kalev juhatuses on kolm või enam liiget, võib põhikirja kohaselt aktsiaseltsi
kõigis õigustoimingutes esindada juhatuse esimees üksinda või teised juhatuse
liikmed koos juhatuse esimehega. Äriseadustiku järgi kehtib ühine esindatus
kolmandate isikute suhtes ainult juhul kui see on kantud äriregistrisse. AS-i
Kalev juhatuse liikmetel ei ole õigust aktsiaid emiteerida ega tagasi osta. AS-i
Kalev ja selle juhatuse liikmete või firma töötajate vahel ei ole kokkuleppeid,
milles sätestataks hüvitised seoses VpTS §19 sätestatud ülevõtmisega.
AS-i Kalev ja Alta Capital Partners S.C.A vahel 20.09.2007. a sõlmitud, ent
mitte realiseerunud aktsiate ostu-müügileping käsitles AS Kalev Paide Tootmine
aktsiate, AS Kalev Chocolate Factory aktsiate, AS Kalev Jõhvi Tootmine aktsiate,
AS Vilma aktsiate ja OÜ Maiasmokk osaku võõrandamist. Kuna Alta Capital Partners
S.C.A ei tasunud varem kokkulepitud tähtajaks (30.05.2008) osaluste eest
tasumisele kuuluvat ostuhinda, ei andnud müüja ostjale üle ostu-müügilepingu
objektiks olevaid eelpool nimetatud äriühingute aktsiad ning AS Kalev luges
ostu-müügilepingu Alta Capital Partners S.C.A-ga lõppenuks.
3. Majandustegevus ja -tulemused
AS Kalev on jätkuvalt Eesti üks mainekamaid ettevõtteid meie riigi elanike
jaoks, nagu näitas 2008. a aprillis TNS Emori poolt korraldatud Eesti
suurettevõtete tuntuse ja maine uuring. Selle uuringu koostamisse kaasatakse
poolsada tuntumat kohalikku ettevõtet ning ülevaadet korraldatakse juba
üheksandat aastat järjest. Viimatise uuringu kohaselt peavad Eesti elanikud
Kalevit AS-i Hansapank järel (uuring toimus enne panga nimemuutust) kõige
meeldivamaks ettevõtteks nii suhtumishinnangute skaalal kui üldise hoiaku ja
tugevuskuvandi alusel. Kalev on eelmisel viiel aastal olnud Eesti elanike
hinnanguil kõige mainekam ettevõte, saades selle aasta TNS Emor uuringu
tulemustes keskmiseks hinnanguks 8,1 punkti.
AS-i Kalev majandustegevuse tulemuslikkust 2007/2008 majandusaasta jooksul
mõjutasid mitmed tegurid, millest olulisemateks kujunesid kontserni hoogne
laienemine uutes tegevusalades, makrotingimuste mõju nõudluse vähenemisel ja
tegurihindade kasvul, tooteportfelli korrastamine ning eelmisel perioodil
alustatud kontserni restruktureerimine.
Järgnevates tabelites on toodud realiseerimise netokäive ja puhaskasum 2007/2008
majandusaasta kaheteistkümne kuu kokkuvõttes (vastavalt tuhandetes kroonides ja
tuhandetes eurodes) eraldi AS Kalev kontserni iga ettevõtja kohta. Võrdlevad
andmed on toodud 14 ettevõtja kohta. Kuna tütarettevõtja Kalev Merchant Services
Ltd bilansimaht moodustab vähem kui 0,5% emaettevõtja käibest, ei konsolideerita
selle finantsnäitajaid. Samuti ei sisaldu tabelites sidusettevõtete andmed. AS
Kalev Paide Tootmine, AS Kalev Real Estate Company, AS Kalev Meedia ja AS
Uniprint andmed sisaldavad konsolideerituna ka nende tütarettevõtjate
majandustulemusi.
--------------------------------------------------------------------------------
| | Realiseerimise | Puhaskasum |
| | netokäive | |
--------------------------------------------------------------------------------
| | 2007/2008 | 2006/2007 | 2007/2008 | 2006/2007 |
--------------------------------------------------------------------------------
| EEK | 12 kuud | 12 kuud | 12 kuud | 12 kuud |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AS Kalev** | 433 | 144 479 | 75 894 | -62 792 |
--------------------------------------------------------------------------------
| AS Kalev Paide Tootmine* | 262 337 | 315 726 | 8 505 | 29 407 |
--------------------------------------------------------------------------------
| AS Kalev REC* | 417 249 | 87 518 | 79 560 | 79 373 |
--------------------------------------------------------------------------------
| AS Kalev Jõhvi Tootmine | 45 025 | 40 575 | -3 381 | -3 877 |
--------------------------------------------------------------------------------
| OÜ Maiasmokk | 7 866 | 7 121 | 258 | -916 |
--------------------------------------------------------------------------------
| AS Vilma | 32 937 | 29 503 | 188 | -1 316 |
--------------------------------------------------------------------------------
| AS Kalev Chocolate Factory | 527 083 | 452 182 | 6 890 | 23 614 |
--------------------------------------------------------------------------------
| OÜ Sugarstar | 5 934 | 3 613 | -2 343 | -1 065 |
--------------------------------------------------------------------------------
| AS Inreko Press*** | 0 | 3 853 | -335 | -288 |
--------------------------------------------------------------------------------
| OÜ Olliwood*** | 0 | 4 911 | -668 | -1 852 |
--------------------------------------------------------------------------------
| OÜ Eksklusiv | 3 666 | 1 350 | -1 702 | -1 305 |
--------------------------------------------------------------------------------
| AS Kalev Meedia* | 18 630 | 1 431 | -58 106 | -558 |
--------------------------------------------------------------------------------
| AS Uniprint* | 116 941 | 54 755 | 1 480 | 2 294 |
--------------------------------------------------------------------------------
| OÜ AgriStock | 25 062 | 0 | -12 698 | 0 |
--------------------------------------------------------------------------------
* konsolideeritud
** arvestuslik muutus käibes, mille tulemusena varem AS-i Kalev all kajastunud
tootmistegevus kajastub alates 01.07.2006 ja hüviste müük alates 01.09.2006. a
AS-i Kalev Chocolate Factory tegevuses
*** alates 01.06.2007 kajastub kontserni meedia segmendi tütarettevõtjate
tegevus AS-i Kalev Meedia all.
--------------------------------------------------------------------------------
| | Realiseerim | | Puhaskasum | |
| | ise | | | |
| | netokäive | | | |
--------------------------------------------------------------------------------
| | 2007/2008 | 2006/2007 | 2007/2008 | 2006/2007 |
--------------------------------------------------------------------------------
| EUR | 12 kuud | 12 kuud | kuud | 12 kuud |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AS Kalev** | 28 | 9 234 | 4 851 | -4 013 |
--------------------------------------------------------------------------------
| AS Kalev Paide | 16 766 | 20 179 | 544 | 1 879 |
| Tootmine* | | | | |
--------------------------------------------------------------------------------
| AS Kalev REC* | 26 667 | 5 593 | 5 085 | 5 073 |
--------------------------------------------------------------------------------
| AS Kalev Jõhvi | 2 878 | 2 593 | -216 | -248 |
| Tootmine | | | | |
--------------------------------------------------------------------------------
| OÜ Maiasmokk | 503 | 455 | 16 | -59 |
--------------------------------------------------------------------------------
| AS Vilma | 2 105 | 1 886 | 12 | -84 |
--------------------------------------------------------------------------------
| AS Kalev Chocolate | 33 687 | 28 900 | 440 | 1 509 |
| Factory | | | | |
--------------------------------------------------------------------------------
| OÜ Sugarstar | 379 | 231 | -150 | -68 |
--------------------------------------------------------------------------------
| AS Inreko Press*** | 0 | 246 | -21 | -18 |
--------------------------------------------------------------------------------
| OÜ Olliwood*** | 0 | 314 | -43 | -118 |
--------------------------------------------------------------------------------
| OÜ Eksklusiv | 234 | 86 | -109 | -83 |
--------------------------------------------------------------------------------
| AS Kalev Meedia* | 1 191 | 91 | -3 714 | -36 |
--------------------------------------------------------------------------------
| AS Uniprint* | 7 474 | 3 499 | 95 | 147 |
--------------------------------------------------------------------------------
| OÜ AgriStock | 1 602 | 0 | -812 | 0 |
--------------------------------------------------------------------------------
* konsolideeritud
** arvestuslik muutus käibes, mille tulemusena varem AS-i Kalev all kajastunud
tootmistegevus kajastub alates 01.07.2006 ja hüviste müük alates 01.09.2006. a
AS-i Kalev Chocolate Factory tegevuses
*** alates 01.06.2007 kajastub kontserni meedia segmendi tütarettevõtjate
tegevus AS-i Kalev Meedia all.
Kalev kontserni põhitegevuste arvestuses on vaadeldava aasta tegevustulemi
kujunemisel olulised järgmised arengud:
--------------------------------------------------------------------------------
| | % | EEK | EUR |
--------------------------------------------------------------------------------
| Müügitulu kasv | 45.7% | 422 693 | 27 015 |
--------------------------------------------------------------------------------
| Ärikasumi kasv | 118.0% | 81 659 | 5 219 |
--------------------------------------------------------------------------------
| Müügitulu kasv koduturul | 77,1% | 455 983 | 29 143 |
--------------------------------------------------------------------------------
| Ekspordimüügi kasv | -10,0% | -33 289 | -2 128 |
--------------------------------------------------------------------------------
| Piimatoodete müügitulu muutus | -7,3% | -21 859 | -1 397 |
--------------------------------------------------------------------------------
| Kondiitritoodete müügitulu | 11,5% | 44 323 | 2 833 |
| muutus | | | |
--------------------------------------------------------------------------------
AS-i Kalev realiseerimise konsolideeritud netokäive 2007/2008 majandusaasta
kokkuvõttes ulatus 1 348 miljoni kroonini (86,2 miljonit eurot), mis tähendab
46% kasvu eelmise majandusaasta netokäibega võrreldes. Suures kasvunumbris
peegeldub Kalev kontserni kiire areng, mis põhines eelmisel perioodil seatud
tegevussuuniste elluviimisele. AS-i Kalev konsolideeritud puhaskasumiks
2007/2008. majandusaasta kokkuvõttes kujunes ligi 97,9 miljonit krooni (6,26
miljonit eurot); võrreldava perioodi tulemiks oli puhaskasum 30,4 miljonit
krooni (1,95 miljonit eurot).
AS Kalev kontserni 2007/2008 majandusaasta konsolideeritud majandustulemuste
kujunemisel olid olulisemad järgmised arengud:
1) kaupade ja teenuste netokäibe kasv ligi 46% võrreldava perioodi suhtes;
2) konsolideeritud brutokasumi suurenemine 16% võrreldava perioodi suhtes;
3) koduturu roll on kasvanud kontserni hüviste koguläbimüügis - ligi 78%
moodustas tarbimine Eestis, mis tähendab, et ekspordi osakaal kogukäibes kahanes
võrreldava perioodi 36%-lt aruandeperioodi 22%-ni;
4) kiiresti on kasvanud meedia ja ürituse-turunduse müügitulu - nende segmentide
käive on enam kui kahekordistunud, samas on nimetatud tegevusalade tulemuslikkus
endiselt negatiivne;
5) kinnisvara segmendi realiseerimismaht on kontserni lõikes ligi
kolmekordistunud võrreldava perioodi suhtes - turule on jõudnud eelmistel
perioodidel alustatud erinevad projektid ning tähelepanu on keskendumas elamu-
ja kommertspindade arenduselt avalikule kinnisvaraturule. Aruandeperioodi
kokkuvõttes on kinnisvara segment endiselt kontserni üks tulemuslikumatest
tegevusaladest;
6) kuigi kontserni toiduainetetööstustes registreeriti läbimüügi 2%-line
nominaalkasv, kasvas müügimaht vaid suhkru-ja šokolaadikondiitritoodetes (11,4%
võrreldava perioodi suhtes) samas kui jahukondiitri- ja piimatoodete müügitulu
kahanes.
AS Kalev on vaadeldaval perioodil mõnevõrra suurendanud finantsvõimendust
kontserni edasise arengu rahastamisel, sh on toimunud võlakirjade emissioonid
refinantseerimaks põhitegevuse rahanõudlust. Käibevarade suurenemine tähendas
finantssurve alanemist firmale ning tõi kaasa kontserni likviidsussuhtarvu kasvu
(vt alljärgnev tabel). Finantsvõimenduse kasvu tingisid kontserni suurenenud
võlakohustused, tuues omakorda kaasa finantskulude suurenemise, ent see kasv jäi
aruandeperioodil oluliselt alla hüviste läbimüügi kasvule. Tulenevalt on ka
kontserni finantsvõimendus tervikuna vaid marginaalselt suurenenud.
Erinevate tegevuskulude arvestuses on toimunud suurim kasv - kolmandiku võrra
aastases arvestuses - kontserni üldhalduskulude osas. Siiski on see näitaja 11
protsendipunkti väiksem võrreldava perioodi vastavate kulude kasvust.
Üldhalduskulude suurenemise tingisid nii makromajanduses aruandeperioodil
valitsenud trendid kui kontserni jõuline areng erinevates segmentides. Taoliste
kulude kasv oli oodatav areng seoses tegevuse laienemisega uude valdkonda. Kalev
kontserni personalikulu 2007/2008 majandusaastal suurenes 44% võrreldava
perioodi suhtes, milles peegeldub töötajate arvu kasv enam kui kolmandiku ning
inflatsiooniline keskkond palgatingimustes. AS Kalev kontserni töötajate arv
2007/2008 majandusaasta keskmisena oli 1184; eelmise majandusaasta võrreldaval
perioodil töötas kontserni ettevõtetes keskmiselt 879 inimest.
Ülevaade AS Kalev majandustegevust mõjutavatest riskidest (sh nii finantsriskid
kui mittefinantsriskid) ning ettevõtte riskijuhtimisest on toodud Lisas 25.
Kontserni tegevuse rentaablus on oluliselt paranenud eelmise perioodiga
võrreldes (vt puhasrentaabluse näitajaid alljärgnevas tabelis). Üldrentaablus
(ehk varade puhasrentaablus) on kasvanud enam kui kaks korda eelmise perioodiga
võrreldes, jõudes 6,4%-ni kontserni konsolideeritud majandustulemustes.
AS-i Kalev kontserni olulisemad finantssuhtarvud*:
--------------------------------------------------------------------------------
| | AS Kalev Kontsern |
--------------------------------------------------------------------------------
| | 01.07.2007- | 01.07.2006 - |
--------------------------------------------------------------------------------
| | 30.06.2008 | 30.06.2007 |
--------------------------------------------------------------------------------
| Likviidsussuhtarv | 0,46 | 0,61 |
--------------------------------------------------------------------------------
| Finantsvõimendus | 0,74 | 0,80 |
--------------------------------------------------------------------------------
| Varade käibesagedus | 0,86 | 0,79 |
--------------------------------------------------------------------------------
| Käibe puhasrentaablus (%) | 7,26% | 3,3% |
--------------------------------------------------------------------------------
| Varade puhasrentaablus, ROA (%) | 6,27% | 2,6% |
--------------------------------------------------------------------------------
* Suhtarvud on leitud järgmise metoodika alusel:
Likviidsussuhtarv = Käibevara / Lühiajalised kohustused
Finantsvõimendus = Kohustused kokku / Keskmine koguvara
Varade käibesagedus = Müügitulu / Keskmine koguvara
Käibe puhasrentaablus = Puhaskasum / Müügitulu * 100%
Varade puhasrentaablus (ROA) = Puhaskasum / Keskmine koguvara * 100%
4. Toodete turg ja müük
4.1. Toodangu mahuline realiseerimine
AS Kalev kondiitri- ja piimatoodete mahuline kogumüük 2007/2008 majandusaasta
kokkuvõttes ulatus 21 988 tonnini (eelmisel majandusaastal 21 633 tonni), mis
tähendab 1,6% reaalkasvu aastases arvestuses. Siiski on toodete realiseerimise
dünaamika kaubagrupiti erinev: kondiitritoodete segmendis kahanes AS-i Kalev
kaupade läbimüük 6,8% (aruandeaastal ulatus kogutoodang 9 312 tonnini, mida
võrdleme eelmise majandusaasta 9 990 tonniga), samas kui piimatoodete segmendi
läbimüük suurenes 8,8% (aruandeaastal ulatus kokku 12 676 tonnini, mida võrdleme
eelmise majandusaasta 11 643 tonniga).
4.2. Kondiitritooted
Uuringufirma AC Nielsen jaekaubandusuuringu andmetel (juuni-juuli 2008. a) on AS
Kalev Chocolate Factory šokolaadi- ja suhkrukondiitritoodete segmendis
turuliider Eestis. Uuringu tulemused näitasid Kalevi turuosaks käibe arvestuses
ligi 37% ning mahulises arvestuses 41% (eelmise aasta võrreldaval perioodil
vastavalt 33% ja 39%). Ettevõtja turuosa kasvas võrreldes eelmise aasta sama
perioodiga kõige rohkem šokolaadikommide kategoorias, kus käibe turuosa tõusis
53%-ni ja mahuline turuosa 65%-ni. Turuosa suurenes ka kommikarpide kategoorias,
kus osakaal kogukäibes oli 32% ja mahuliselt 35%. Oma senist positsiooni hoiab
Kalev šokolaaditahvlite kategoorias, kus käibe turuosa on 54% ja mahuliselt 55%.
Vaadeldaval perioodil oli Kalev kontserni toodete turuosa kodumaisel
küpsiseturul käibe alusel ca 9% (ehk sarnane eelmisele aastale) ning küpsiste
mahuline turuosa ületas 11% mis tähendab selles segmendis tootjate arvestuses
suuruselt kolmandat müügitulemust. Balti riikide magusaturul ulatub AS-i Kalev
toodete läbimüük AC Nielseni andmetel suuruselt teise positsioonini, sh turuosa
käibe alusel moodustab ligi 12% ja mahu alusel 14%.
Aktiivse tootearenduse tulemusena lansseeriti 2007/2008 majandusaasta jooksul
kokku 86 uut toodet (sh 36 suhkru- ja šokolaadikondiitri ning 50
jahukondiitritoodet). Uute toodete käive ulatus vaadeldaval perioodil
kümnendikuni kogukäibest.
Tarbijani jõudis „Kalev“-brändi šokolaadide sarjas kolm uut maitset: tume
šokolaad vaarikatükkidega (100g), piimašokolaad täispähklitega (200g) ning valge
šokolaad kookose ja jõhvikaga (100g). „Kalev“-brändi 200-grammiste šokolaadide
sarja lisandusid varasemalt 100g toodetena tuntust kogunud tume šokolaad
kirsitükkidega ja piimašokolaad küpsisetükkide ja ploomiga. Uue sarjana jõudis
turule šokolaadide valik „Kalev Special“, millesse kuuluvad valge šokolaad india
pähkliga (50g), piimašokolaad metspähklitega (50g) ja piimašokolaad kolmes
erinevas pakendis (50g, 100g, 300g).
Samuti täienes lastele suunatud närimiskompvekkide sari „Draakon“ koola- ja
puuviljamaitseliste kommidega; „Kalev Toffee“ sarja lisandus kaks toodet: „Kalev
Toffee Cocoa“ iiris küpsise-tükkidega (150g) ja „Kalev Toffe Mix“ (475g).
Vaadeldaval perioodil lansseeriti turule uus karamellikompvek - „Kalev Caramel“
rohelise õuna maitseline karamell C-vitamiiniga (150g pakk ja 2 kg pakend).
Uutest kommidest jõudsid turule ka „Kalev Pralinė“ sarja tiramisumaitseline
kompvek, kompvek mandliga, kompvek maasikaga, kompvek ploomiga ning kompvek
kohvi ja karamelliseeritud pähkliga. „Kalev Marmelade“ sari täienes mustsõstra-
ja ploomimaitseliste marmelaadikompvekkidega 175g pakendites. Kinkekarpide sari
täienes nelja uue pralineekompvekkide karbiga - „Tallinna Vanalinn“ (175g),
„Kannel“ (350g), „Kalev Finest Pralinės“ valik pralineekompvekke (350g) ning
„Kalev Finest Pralinės“ tiramisumaitseline pralineekompvekk (85g). Kommikarpide
segmendis alustati dražeede turustamist: „Kalev Dragėe“ 130-grammistes
pakendites lansseeriti tiramisumaitseline mandel kakaos, kirss piimašokolaadis
ja metsapähkel piimašokolaadis. „Kalev Pralinė“ sarja kolm kõige populaarsemat
toodet - tiramisumaitseline kompvek, kompvek mandliga ja kompvek india pähkliga
- toodi turule ka 150-grammistes kommikarpides ning 350-grammise segukarbina.
Kalev kontserni suhkru- ja šokolaadikondiitritoodete mahuline läbimüük 2007/2008
majandusaastal ulatus 9312 tonnini, mis on 6% vähem võrreldava perioodi
kondiitritoodete realiseerimise üldmahust.
Samas oli kondiitritoodete käibedünaamika erinevate tootegruppide osas erinev:
olulisematest kaupadest kasvas keskmisest kiiremini šokolaaditahvlite (25%),
dražeede (21%) ja kommikarpide (15%) läbimüük; kompvekkide müük kasvas 6%
eelmise majandusaastaga võrreldes. Võrreldes möödunud majandusaasta sama
perioodi kogusega suurenes mahu poolest enim šokolaaditahvlite realiseerimine
(kasvu 22%), kommikarpide mahu kasv oli 15%, samas kui kompvekkide läbimüügi
maht vähenes 5%. Kondiitritoodete läbimüügist annab suure osa jõuluperioodiga
seotud: 2007. aasta lõpukuudel müüs AS Kalev Chocolate Factory 250 tonni ehk
ligi 440 tuhat erineva suuruse ja koostisega jõulupakki. Eelmise aasta sama
perioodiga võrreldes tähendab see kasvu 23% (ehk üle 46 tonni enam).
Jõulumaiustuste kogumüük sel perioodil aga ulatus 550 tonnini, millest
kommipakkide osakaal 45%, šokolaaditahvlitel 29%, piparkookidel 18% ning
kommikarpidel 8%. Jõulutoodete valikusse kuulus 37 temaatilise erikujundusega
toodet.
Pagari- ja jahukondiitritoodete segmendis jõudis 2007/2008 majandusaastal turule
„Linda“, „Kalevipoeg“ ja „Sakala“ kaubamärgi all kokku 19 erinevat saia- ja
leivatoodet, lisaks lansseeriti „Linda“ sarjas neli uut stritslit, pärga ja
väikesaia (kirsitasku (pakend 3x55g), juusturull (2x55g), kohupiimatasku
(3x60g), vanillirull (3x60g)). Samuti lisandus keekside valikusse „Linda“
klassikaline kohupiimakeeks (250g); tarbijani jõudis ka uus muffin. „Linda“
kaubamärgi all alustati kookide uue valiku (kokku 14 toodet) turustamist ning
kontserni tordiportfell laienes kolme uue maitse võrra (virsiku-kohupiimatort
850g, toorjuustutort 700g, šokolaadi-toorjuustutort 730g). „Vilma“ populaarsete
jahusegude sari täienes kahe uudistootega - õhukese pitsapõhja pulber 400g ning
vanillimaitseline keeksipulber 350g. Küpsiste tootegrupis uuenes kõigi
kondiitriküpsiste visuaal ja pakend. Vaadeldaval perioodil lisandusid
tooteportfelli tiramisumaitseline küpsis (180g) ja madalama kalorsuse ning
tervislike lisanditega toodete sarja „Nisukliiküpsis vaarika ja
kõrvitsaseemnetega“ (160g).
Kalev kontserni jahukondiitritoodete (st pagaritooted, küpsised ja jahusegud)
mahuline kogumüük moodustas 2007/2008 majandusaastal 2956 tonni; ehk võrreldes
eelmise majandusaasta sama perioodiga realiseeriti jahukondiitritooteid
mahuliselt 23% vähem. Ent sarnaselt suhkru- ja šokolaadikondiitrile, on ka
jahukondiitri puhul erineva realiseerimisdünaamikaga tootegrupid: näiteks kasvas
jahusegude mahuline läbimüük võrreldava perioodi suhtes ligi 17% ning küpsiste
läbimüük suurenes 9%. Ekspordi osakaal jahukondiitritoodete realisatsioonis on
väheoluline.
Kondiitritoodete kogumüügist (sh suhkru- ja šokolaadi- ning jahukondiiter)
moodustas 2007/2008 majandusaasta esimesel poolel valdava enamuse (88%) müük
koduturul ning erinevatel välisturgudel realiseeriti ligi 12% (eelmisel
majandusaastal oli ekspordi osakaal 8% kogumüügist). Kondiitritoodete müük
välisturgudel kasvas eelmise majandusaastaga võrreldes 80%. Aruandeperioodi
jooksul moodustas Kalev kontserni kondiitritoodete ekspordist enam kui pool
väljavedu Balti riikidesse: Leedu turule läks 33% (võrdlusperioodil oli Leedu
osakaal vaid 3%) ning Lätimaale 26%; Travel Trade segmendis realiseeriti 22%,
Venemaal 9% ning Soomes 8% Kalevi kondiitri-ekspordist.
4.3. Piimatooted
AS-i Kalev Paide Tootmine varutud toorpiimast1 Tooraine varumine ja sellest
toodangu valmistamine toimus majandusaasta esimese kolme kvartali vältel;
neljandas kvartalis varumist ei toimunud ning osutati teenustöid. toodeti
majandusaasta jooksul erinevaid piimatooteid. Tulenevalt turutingimustest ning
tootmise majanduslikust põhjendatusest keskenduti peamiselt koore, lõssipulbri
ja lõssikondensi tootmisele (mis kokku moodustasid 77% kogutoodangust). AS-i
Kalev Paide Tootmine poolt valmistatavate toodete nimistusse lisandusid
aruandeperioodil rasvased pulbrid, lõssi ja piima erinevad kontsentraadid jmt.
Tooraine ja lõpptoodete hindade ebasoodne areng Eestis ja välissektoris tingis
AS-i Kalev Paide Tootmine tootmistegevuse peatamise ajutiselt 2008.a. märtsis;
samas aga jätkus ettevõtja müügitegevus. Alates aprillist 2008. a osutab AS
Kalev Paide Tootmine teenustöid (sh AS-ile Tere). Teenustööna -peamiselt pulber,
rõõskkoor ja joogipiim- valmib toodang, mille valmistamiseks ettevõtja ise piima
sisse ei osta. Aruandeperioodi kokkuvõttes moodustas lõssikondens ligi 37% AS-i
Kalev Paide Tootmine toodangu kogumahust, koore osakaal ulatus 29%-ni,
kondenspiima ja lõssipulbri puhul kümnendikuni. Mahuliselt kasvas tootmine 10,7%
võrreldava perioodi suhtes ning ulatus aruandeaasta kokkuvõttes 12 676 tonnini.
AS-i Kalev Paide Tootmine kogutoodangust ligi kaks kolmandikku (võrreldaval
perioodil ligi neli viiendikku) turustati erinevatel eksporditurgudel Euroopa
Liidus, peamiselt Saksamaal.
Nii piimaturule tervikuna kui majandustulemustele on varutava piima hinna tõus
avaldanud olulist mõju. Eesti Statistikaameti andmetel ülatas
põllumajandussaaduste tootjahinna keskmine kasv Eestis 2008. a keskel viiendiku
aastases võrdluses, kusjuures piima hind oli tõusnud 22%. Käeoleva aruande
koostamise ajaks on tooraine hinnatõus Eestis peatunud.
Tootearendus AS-is Kalev Paide Tootmine keskendus aruandeaastal lisavõimaluste
loomisele tooraine väärindamisel. Sellest lähtuvalt tehti investeeringuid enam
kui võrreldaval perioodil: muuhulgas täienes koore tootmisliin automaatsete
proovivõtjatega tooraine täpsema proovi saamiseks; juurutati analüüsimetoodika
rasvasisalduse täpsemaks kindlaksmääramiseks. Eesmärgiga väärindada piimarasva
pulbrilise tootena, täiendati ka koorepulbri tootmise tehnoloogiat -
tootmisliinile lisati homogenisaator ning uuendati pulbri transpordisüsteem
olemaks vastav rasvase kleepuvama pulbri transpordiks. Olulisim arendusprojekt
keskendus lisavõimaluste loomiseks lõssi ja piima väärindamisel kontsentraadi
tootmisel (alternatiivina kuivatustehnoloogiale) ning kontsentraadile
laadimisvõimaluse loomine.
4.4. Kinnisvarategevus
AS-i Kalev tegevus kinnisvara halduse ja arendamisega toimub tütarettevõtja AS
Kalev Real Estate Company (edaspidi Kalev REC) ja selle tütar- ning
sidusettevõtete kaudu. Kontserni tegevuses kinnisvara valdkonnas on jälgitud
konservatiivsuse põhimõtet portfelli kujundamisel ning selle turusegmendi kiired
makroökonoomilised muutused ei oma olulist mõju kontserni majandustulemustele.
Kinnisvara segmendi olulisim projekt Kalev kontserni lõikes oli aruandeperioodil
tütarettevõtja OÜ BCA Center kaudu toimuv arendustegevus Tallinna Koolide
Erapartnerluse Projekti raames pealinna viie kooli rekonstrueerimisel (kooli
puhul oli objektide valmimise tähtaeg juuli 2008 ning kahe kooli osas detsembris
2008. a).
Jätkunud on Kalev REC varasemate kinnisvaraprojektide edasiarendus, sh on müüdud
kõik korterid Tallinnas Marati tänavas 19 korteriga elamus, samuti 25 korteriga
elamu Pärnus Hommiku tänavas. Käesoleva aruande koostamise ajaks on valminud
detailplaneering Kalev REC sidusettevõttele OÜ Ringi Haldus kuuluval kinnistul
Pärnus Ringi tn 56a kinnistul (vastavalt kinnitatud detailplaneeringule on
võimalik kinnistule rajada 4600 m2 pindalaga korterelamu, mille projekteerimine
on alanud). Valminud on Kalev REC kuuluvate kinnistute Terviste tn 5 ning Pärnu
mnt 139 mõttelise osa detailplaneeringud eskiisprojektide mahus.
Kalev REC sõlmis jaanuaris 2008. a asjaõiguslepingu, mille alusel omandas 10
korteriomandit Tallinna vanalinnas (asukohaga Kinga tn. 1). Selle tehingu hind
küündis 77 miljoni kroonini, millest ostja tasus enne lepingu sõlmimist 15,4
miljonit krooni ning ülejäänud ostuhinna tasus Kalev REC pärast asjaõiguslepingu
esitamist kinnistamisosakonnale. Omandatud korteriomanditele on seatud
ühishüpoteegid AS-i Hansapank kasuks summas 42 miljonit krooni ja 18,6 miljonit
krooni.
Kalev REC Bulgaaria kinnisvaraturul tegutsev tütarettevõtja EOOD Stude REC on
lõpetamas 6500m2 pindalaga korterelamu ehitamist Sofias. Hoonele taotletakse
kasutusluba 2008. a lõpuks ning korterite realiseerimiseks (toimub alates
augustist 2008) on valitud maaklerettevõtted.
Kuigi senine rõhuasetus kontserni kinnisvara segmendis on olnud elamu- ja
kommertspindade arendusele, keskendub Kalev REC tegevus järjest rohkem avalikule
kinnisvaraturule. Kalev kontserni kinnisvarasegmendi tütarettevõtja on jätkuvalt
valmis osalema erinevate erapartnerlusprojektide pakkumistel.
4.5. Meedia
AS Kalev Meedia koos tütarettevõttega OÜ Eesti Spordikanal on tegev kolmes
segmendis: trükimeedia, internet, televisioon. AS Kalev Meedia kirjastab
seltskonnajakirja „Just“; majandusajakirja „Ärielu“; spordiajakirju
„Sporditäht“, „Basket“, „Jalka“; moe-ja elustiili ajakirju „Avenüü“, „Avenüü
Professional“; infotehnoloogia ajakirja „Praktiline Arvutikasutaja“;
lasteajakirju „Muumi“ ning „Muumi Mõistatuste- ja Värviraamat“. Väljaannete
keskmised tiraažid käesoleva majandusaasta jooksul olid vastavalt väljaandele
järgmised: „Just“ 13 300, „Ärielu“ 5000, „Sporditäht“ 6200, „Basket“ 4600,
„Jalka“ 6900, „Avenüü“ 7400, „Avenüü Professional“ 1400, „Muumi“ 9100, „Muumi
Mõistatuste- ja Värviraamat“ 5000, „Praktiline Arvutikasutaja“ 4000. Samas on
nimetatud väljaannete lugejate arv märkimisväärselt suurem - TNS Emor poolt
läbiviidava „Eesti Meediauuring“ 2008.aasta teise kvartali andmetel oli lugejaid
näiteks ajakirjal „Just“ 41 000, „Sporditäht“ - 12 000, „Avenüü“ - 15 000,
„Muumi“ - 14 000, „Ärielu“ - 5 000, „Basket“- 7000, „Praktiline Arvutikasutaja“
- 7000.
Aruandeperioodil uuendati spordiajakirja „Sporditäht“, mis uuenenud
kontseptsiooniga ilmub alates 2007.a septembrist uue peatoimetaja juhtmisel
nädalakirjana. Toote turuletoomiseks korraldati ulatuslik reklaamikampaania, mis
oli ühtlasi ka esimene suurem avalik kampaania AS-ile Kalev Meedia. 2007. aasta
lõpus tehti olulised muudatused seltskonnaajakirja „Just“ sisus ja formaadis.
Veebruaris 2008.a omandas AS Kalev Meedia infotehnoloogialase
ajakirjandusväljaande „Praktiline Arvutikasutaja“, mille tegevtoimetajana jätkab
senine juht Ando Urbas. Väljaannet „Praktiline Arvutikasutaja“ hindame olevat
kõrge potentsiaaliga, mida AS Kalev Meedia plaanib senisest veelgi laiemale
sihtrühmale tutvustada.
Lõpule on viidud mitu suuremat projekti, sh 2007. a oktoobris sai
majandusajakiri „Ärielu“ uue kontseptsiooni ning valmis interneti-põhine
uudisteportaal www.kalev.ee. 2008. a märtsis viidi uudisteportaalis läbi
muudatused disainis ja funktsionaalsuses, mille eesmärgiks oli muuta portaal
külastaja jaoks atraktiivsemaks ning sisu lihtsamalt tarbitavaks. Olemasoleva
statistika kohaselt oli uudisteportaali unikaalne külastatavus majandusaasta
jooksul keskmiselt 22 516 korda nädalas ehk 74 477 korda kuus.
12.11.2007. a alustas tegevust AS Kalev Meedia tütarettevõtte OÜ Eesti
Spordikanal poolt edastatav spordisuunitlusega uudiste- ja meelelahutuskanal
„Kalev Sport“. Vastavalt TNS EMOR „Teleauditooriumi Mõõdikuuringu“ andmetele
ajavahemikus 12.11.2007 - 30.06.2008. a (sihtrühmaks 4-aastased ja vanemad Eesti
elanikud), oli telekanali „Kalev Sport“ päeva keskmine vaadatavus (Daily Reach)
40 000, päeva keskmise vaadatavuse protsent (Daily Reach%) 3.1% ja päeva
keskmine vaatamisaja osakaal (Daily Share) 0.3%. Kokku on kanalit „Kalev Sport“
vaadanud antud perioodil 446 000 inimest.
Tagamaks erinevate tegevussuundade -trükimeedia, internet, telemeedia- sünergia
ja sellest tulenevalt ka sisulise kvaliteedi jätkuv tõus, kuluefektiivsus ning
konkurentsivõime, koliti erinevad toimetused AS Kalev Meedia uutesse ruumidesse
Tallinna kesklinnas aadressil Tornimäe 5. Aruandeperioodil sai valmis ka
fotostuudio. 30. juuni 2008.a seisuga töötas Kalev kontserni meedia valdkonnas
119 inimest (sh AS-is Kalev Meedia 82 ja OÜ-s Spordikanal 37).
5. Väärtpaberi info
AS-i Kalev aktsiad on noteeritud OMX Tallinna Börsil Investornimekirjas alates
12.08.1996. a. Aktsia nominaalväärtuseks on 10 krooni ning börsil on noteeritud
23 632 500 aktsiat (AS-i Kalev aktsia ISIN number on EE3100002460 ja lühinimi
KLV1T).
Perioodil 01.07.2006 kuni 30.06.2008 kaubeldi börsil enam kui 222 miljoni krooni
(14,2 miljoni euro) suuruse käibe juures kokku 7,9 miljoni AS-i Kalev aktsiaga,
millega tehti keskmiselt 7 tehingut kauplemispäeva kohta ning keskmiseks hinnaks
vaadeldaval perioodil kujunes 24,46 krooni (1,56EUR) aktsia kohta. Kõrgeim hind
nimetatud ajavahemikus oli 31,29 krooni (2EUR) madalaim hind 17,32 krooni
(1,1EUR) ja 30. juuni 2008. a sulgemishind oli 24,25 krooni (1,55EUR) AS-i Kalev
ühe aktsia eest. Aruandeperioodi algusega võrreldes suurenes AS-i Kalev
turukapitalisatsioon veidi enam kui 30%, ulatudes 573 miljoni kroonini (36,6
miljonit eurot) seisuga 30.juuni 2008.a.
AS Kalev suurimad aktsionärid 2007/2008.majandusaasta lõpu (30.06.2008) seisuga
olid Rubla AS (73,14% aktsiatest), Vipes Invest OÜ (10%) ja Moonrider OÜ
(7,52%).
6. Organisatsioon ja personal
6.1. Organisatsiooni juhtimine
Kalev kontserni strateegia juhtimine on toiminud plaanipäraselt ning kooskõlas
strateegiliste valikutega. Sellest tulenevalt kohandus AS-i Kalev organisatsioon
laienemisega uutesse valdkondadesse ning sellest tulenes ka tooteportfelli
optimeerimine ning tegevuse kasumlikkuse tagamine. Strateegia elluviimise
tõhustamiseks viidi AS-is Kalev läbi edasiarendus strateegilise ja
operatiivjuhtimise paremaks sidumiseks ning läbipaistvuse tõstmiseks.
AS Kalev organisatsiooni laienemine on jõudsalt toimunud uude, meediaga
seonduvasse segmenti. Tagamaks koordineeritud tegevuse kirjeldatud muudatuste
elluviimiseks, loodi kontserni koosseisus tütarettevõtja AS Kalev Meedia, mis
koondab meediasegmendi ettevõtete töötajad, varad ja toodete juhtimise.
6.2. Personalijuhtimine
2007/2008 majandusaasta jooksul ulatus AS-i Kalev tööjõukulu kokku 156,2 miljoni
kroonini (9,98 miljonit eurot) ning kontserni töötajate keskmine arv oli 1184.
Kalev kontserni lõpetatavate tegevusvaldkondade personalikulu moodustas 106
miljonit krooni (6,77 miljonit eurot) ning neis segmentides oli hõivatud 881
inimest. Eelmise majandusaasta võrreldaval perioodil oli tööjõukulu kokku 123
miljonit krooni (7,86 miljonit eurot) ning kontserni ettevõtetes töötas
keskmiselt 879 inimest. Töötajate arvu märkimisväärne kasv põhineb kontserni
meediasegmendi kiirel arengul, samas kui nt toiduainete segmendis koondati 2008
aasta alguses tootmise ümberkorraldamise tulemusena 42 töökohta. Ajavahemikul
01.07.07 - 30.06.08 koondati Kalev kontsernist 58 töötajat, kellele maksti
lahkumishüvitist 1,3 miljonit krooni (0,08 miljonit eurot). Eelmisel
majandusaasta võrreldaval perioodil koondati 15 töötajat (kõik lõpetatavatest
tegevustest), kellele maksti lahkumishüvitist kokku 0,7 miljonit krooni (0,04
miljonit eurot).
Tööjõuga seonduvad kulud AS-is Kalev ulatusid aruandeaastal 177,8 miljoni
kroonini (11,4 miljonit eurot). Tööjõukulude märkimisväärne kasv möödunud
perioodil on seotud vajadusega pakkuda konkurentsivõimelist töötasu erakordselt
kiire palgakasvu tingimustes Eesti tööturul ning tagada tööjõu nõudlus kiiresti
arenevas meediasegmendis.
Aruandeperioodil viidi läbi 77 värbamiskonkurssi ning tööjõu voolavus oli 12,2%.
Vaatamata Eesti tööjõuturu viimastel aastatel pingestunud olukorrale, pole
kontserni lõikes tööjõu voolavus kasvanud ning võrreldes eelmise majandusaastaga
on see näitaja kahanenud. Töökorralduse muudatusega on vähendatud võimalike
vigade arvu, seega alandades ka põhitegevusega seonduvaid riske.
Suurematest projektidest jõudis lõpule uue tarkvara juurutamine personali-,
tööaja- ja palgaarvestuse, aga samuti koolituse, tervise jt osiste ühendamisel.
Uuenduste järel on võimalik kiiremini ja täpsemalt koostada kokkuvõtteid ja
aruandeid, samuti pakub see varasemast tarkvarast enam personalitöö edendamiseks
vajalikke IT-alaseid võimalusi. Projekti „20 Võtit“ raames töötati välja süsteem
tootmistööliste väljaõppeks, atesteerimiseks, koolitamiseks ja tasustamiseks
ning juurutatakse AS-is Kalev Chocolate Factory järgmisel majandusaastal.
6.3. Kvaliteedijuhtimine
AS Kalev kontserni ettevõtted väärtustavad toote kvaliteedi tagamist, panustades
sel eesmärgil jätkuvalt kvaliteedijuhtimisse. AS Kalev Paide Tootmises tehti
eelneval majandusaastal ISO 9001:2000 korraline audit (mille kinnituseks
väljastati BVQI kvaliteedisertifikaat). Ettevõtte tegevusvaldkondi laiendav
Kalev kontsern on aga loobunud formaalsest resertifitseerimisest ning ISO
sertifikaadist, jätkates samas kvaliteedijuhtimise süsteemi kasutamist ning
edasist arendamistegevust kontserni siseselt.
7. Hea ühingujuhtimise tava
Börsiettevõttena lähtub AS Kalev oma äritegevuse õiguspärases korraldamises
Eesti õigusruumi normidest ja OMX Tallinna börsi nõuetest. AS Kalev lähtub
avatuse ja investorite võrdse kohtlemise põhimõttest. Laiema avalikkuse ja
investorite operatiivne informeerimine toimub Kalev kontserni kodulehekülge
kaudu: sellel tuuakse lugejani väljastatud börsiteated, majandusaruanded,
ajalooline taust, info tootearenduse, ürituste ja kampaaniate kohta jmt. Kuna
Kalev kontserni kuulub mitu suuremat tütar- ja sidusettevõtet, siis on Interneti
kodulehel viited ka nende kontaktandmete kohta. Kalevi koduleht pakub võimalust
vormistada online-tellimus firma tooteportfelli kohta ja saada täidetud tellimus
Eesti piires kohta, mille tellija ise märgib.
Kalev kontserni kuuluvate firmade äritegevuse operatiivne juhtimine toimub
firmade juhatuse liikmete abil, kes nimetatakse emaettevõtja poolt. Erinevate
tegevusvaldkondade strateegiline areng on AS Kalev nõukogu liikmete
vastutusalas. Väljaspool Eestit tagab äritavade järgimise ettevõtja kohalik
juhtkond. Arvestades kontserni ettevõtjate suhteliselt väikesearvulist
juhtkonda, ei ole tekkinud vajadust eriotstarbeliste komiteede või muude
täiendavate juhtimisorganite loomiseks. Ettevõtete sisesed, jätkupüsivaks
toimeks vajalikud protseduurid on reguleeritud vastavate protseduurireeglite ja
eeskirjadega. Juhatuse ja nõukogu koosolekud toimuvad kokkulepitud
regulaarsusega. Kontserni riskide hindamine ja juhtimine toimub regulaarselt
läbi siseauditi funktsioonide ning tulemused raporteeritakse juhtkonnale.
7.1. Hea ühingujuhtimise tava aruanne
”Hea ühingujuhtimise tava” on OMX Tallinna Börsi ja Finantsinspektsiooni poolt
kinnitatud soovituslik juhend (ühtlustatud versioonina kõigi kolme Balti börsi
ulatuses alates 01.01.2007) eesmärgiga muuta börsiettevõtete tegevus ja
juhtimine läbipaistvamaks, tagada nii aktsionäride õigused informatsiooni parema
leviku abil kui ka firma juhtkonna efektiivne tegevus. Hea Ühingujuhtimise Tava
(edaspidi HÜT) kohaselt edastab AS Kalev koos majandusaasta ülevaatega ka
vastava aruande, milles ettevõtte juhatus kinnitab HÜT nõuete järgimist või
selgitab mittejärgimise põhjuseid. AS Kalev on järginud aastaaruande koostamisel
HÜT juhiseid; samas ei ole AS-il Kalev võimalik järgida mõningaid HÜT punkte,
mille sisuks on ettevõtte ärivaldkonna iseärasused. Järgnevalt ongi välja toodud
nimetatud punktid ja nende mittejärgimise selgitused:
2.2.1 ”Juhatusel on enam kui üks liige ning juhatuse liikmete seast valitakse
juhatuse esimees. Juhatus või nõukogu eristab iga juhatuse liikme
vastutusvaldkonna, piiritledes iga juhatuse liikme tööülesanded ja volitused
võimalikult täpselt. Samuti määratakse kindlaks juhatuse liikmete vahelise
koostöö alused. Nõukogu esimees sõlmib juhatuse liikmega tema ülesannete
täitmiseks ametilepingu.”
AS-ile Kalev on ettevõtte nõukogu poolt kinnitatud juhataja, kellega on sõlmitud
juhatuse liikme leping. Nimetatud ametilepingus on määratletud juhataja
tööülesanded, kohustused ja vastutus.
AS-i Kalev kontserni kuuluvate ettevõtete käibest enamuse tütarettevõtete
juhatustes on enam kui üks liiget, kellega on tööülesannete täitmiseks sõlmitud
vastavasisulised lepingud.
2.2.7 „Iga juhatuse liikme põhipalk, tulemustasu, lahkumishüvitus, talle
makstavad muud hüved ning preemiasüsteemid, samuti nende olulised tunnused
avaldatakse selges ja üheselt arusaadavas vormis emitendi veebilehel ning HÜT
aruandes. Avaldatavad andmed on selged ja üheselt arusaadavad, kui need
väljendavad otseselt kulutuse suurust emitendile või tõenäolise kulutuse suurust
avalikustamise päeva seisuga.“
Juhatuse liikme tasu makstakse vaid AS Kalev juhatajale vastavalt nõukogu poolt
sõlmitud ametilepingule. AS-i Kalev juhatajaga seotud ametilepingus on
määratletud põhipalk (kindel summa igas kuus) samas ei ole nimetatud lepinguga
ette nähtud lahkumishüvitisi, preemiaid ega muid lisatasusid.
3.2.5 „Üldkoosoleku määratud nõukogu liikme tasu suurus ja maksmise kord
avaldatakse emitendi HÜT aruandes, tuues eraldi välja põhi- ja lisatasu (sh
lahkumishüvitus ja muud makstavad hüved).
AS Kalev nõukogu koosseis ja liikmed on järgmised:
Heino Priimägi valiti nõukogu liikmeks AS Kalev aktsionäride 02. detsembri 2004.
a üldkoosoleku otsusega;
Ülo Suurkask'i nõukogu liikme volituste tähtaega pikendati AS Kalev aktsionäride
08. detsembri 2006. a üldkoosolekul 2. detsembrini 2009. a;
Marko Kaha valiti nõukogu liikmeks AS Kalev aktsionäride 14.12.2005. a
üldkoosoleku otsusega.
AS Kalev nõukogu liikmetele on määratud kuutasu (fikseeritud summa igas kuus),
vt raamatupidamisaruande Lisa 26 Lisatasusid ega täiendavad hüvitisi AS Kalev
nõukogu liikmetele ei maksta.
5.3 ”Emitendi veebilehel on aktsionäridele kättesaadav muuhulgas ka nõukogu
poolt kinnitatud emitendi üldised strateegiasuunad”
AS Kalev juhatus on seisukohal, et strateegia kuulub ettevõtte ärisaladuste
hulka ning ei kuulu avalikustamisele. Samas on üldised suunad ja olulised teemad
ära toodud aastaaruande kohustusliku osana avaldatavas juhatuse tegevusaruandes
(vt ptk 8).
5.6 ”Emitent avalikustab analüütikutega kohtumiste, analüütikutele või
investoritele või institutsionaalsetele investoritele tehtavate esitluste ja
pressikonverentside toimumise ajad ja asukohad emitendi veebilehel. Emitent
võimaldab aktsionäridel osaleda nimetatud üritustel ning teeb ettekanded
kättesaadavaks oma veebilehel. Emitent ei korralda kohtumisi analüütikutega ega
investoritele tehtavaid esitlusi vahetult enne finantsaruandluse avalikustamise
kuupäevi”.
Ettevõte lähtub oma tegevuses aktsionäride võrdse kohtlemise printsiibist.
Kohustuslik, oluline ja hinnatundlik informatsioon avalikustatakse esmalt
Tallinna börsi süsteemis, seejärel firma koduleheküljel. Lisaks on igal
aktsionäril õigus küsida ettevõttelt vajadusel lisainformatsiooni ja kokku
leppida kohtumisi.
Samas ei pea ettevõtte juhatus oluliseks erinevate aktsionäride kohtumiste aja-
ja päevakorragraafiku pidamist, sest piirdutakse vaid avalikustatud teabega. See
reegel kehtib kõigi kohtumiste korral, ka vahetult enne finantsaruandluse
avalikustamist.
6.2. Audiitori valimine ja raamatupidamise aastaaruande auditeerimine.
AS Kalev aktsionäride üldkoosolekul 20. septembril 2007. a nimetati ettevõttele
audiitor 2007/2008 majandusaastaks. Vastavalt aktsionäride otsusele auditeerib
AS Kalev raamatupidamise aruannet nimetatud perioodil audiitorfirma Ernst &
Young Baltic AS, kelle kohta informatsioon on kättesaadav audiitori
koduleheküljel internetis. Audiitori tasustamine toimub vastavalt temaga
sõlmitud lepingule ning tasu suurust poolte kokkuleppel ei avalikustata.
Vastavalt Finantsinspektsiooni 24.09.2003 juhendile „Riikliku finantsjärelvalve
teatud subjektide audiitorite rotatsioonist“ korraldab ettevõte audiitori
rotatsiooni, tagades audiitori sõltumatuse ja vahetades täitevaudiitorit
vähemalt iga viie aasta järel.
8. Peamised tegevussuunad 2007/2008 majandusaastaks
AS-i Kalev erinevatest tegevusvaldkondadest toimub piimanduse valdkonna areng
AS-i Kalev Paide Tootmine kaudu. Piimatootmine on mõjutatud arengutest
maailmaturul ning ettevõtja tooteportfelli positsioneerimisest. AS Kalev jaoks
on selles tegevusvaldkonnas suund kontserni edasisele laiendamisele (nt omandati
peale vaadeldava majandusaasta lõppu tuntud piimatöötlemisettevõtted OÜ Põlva
Piim Tootmine ja AS Tere) ning areneda seniselt nn commodity-tüüpi piimatoodete
tootmiselt suurimaks piimatöötlejaks Eestis. AS-i Kalev Paide Tootmine
tooteportfelli kujundamisel ellu viidud tehnilised tööd loovad lisavõimalusi
rasva väärindamisel ning suurendada võimalusi ekspordi kasvuks. AS Tere on
piimatoodete laia skaalat pakkuvaist üks suurimaid tootjaid Eestis, omades
tootenimekirjas üle 160 erineva toote. OÜ-s Põlva Piim Tootmine on juba toimunud
spetsialiseerumine ekspordiks mõeldud (commodity) piimatoodete tootmisele.
Mainitud muudatused piimatöötlemise konsolideerimise nimel tulenevad eesmärgist
kujuneda konkurentsivõimeliseks piimatoodete pakkujaks kõigi Balti riikide
arvestuses.
Kalev kontserni toiduainetetööstuse teise segmendi - kondiitritoodete - areng
toimub AS Kalev Chocolate Factory kaudu. Eesmärgiks on säilitada kodumaise
turuliidri positsioon nii suhkru- kui šokolaadikondiitri segmendis, samas
kindlustades oma senist positsiooni Balti riikide turul. Tootearenduses valitseb
suund säilivusaegade pikendamisele, tervislike toodete ja uute maitsete
loomisele. Erinevate toodete osas keskendutakse šokolaaditahvlite,
šokolaadikompvekkide ja kommikarpide arendusele; suhkrukondiitris on suurim
tähelepanu närimiskompveki ja iirise segmendil. Pagari- ja jahukondiitri
segmendis on tähelepanu suunatud eelkõige kohalikul turul toimuvale, kus
realiseeritaks enam kui kaks kolmandikku toodangust. Samas täheldame kasvavat
potentsiaali küpsiste ning jahusegude ekspordis, mistõttu segmendi arengud
tulevikus nõuavad tähelepanu just nimetatud tootegruppides. Nii tootearenduslik
tegevus kui investeeringud seadmetesse on suunatud põhifookuses olevate
segmentide toetamisele. Läbi arenduse on eesmärk suurendada toodete
kasumlikkust, parandada ekspordisuutlikkust, suurendada tootmise efektiivsust ja
uute seadmete juurutamisega vähendada käsitöö mahtu. Tegevuse tulususe kasvule
aitab kaasa ka sortimendi optimeerimise.
Kontserni kinnisvarasegmendi areng toimub läbi AS-i Kalev REC ja viimasega
vahetult seotud tütarettevõtjate. Kinnisvarasektori senine areng Eestis on
võimaldanud Kalev kontsernil aktiivselt tegeleda kinnisvara haldamise ja
-arendusega. Senini keskendus põhiline tähelepanu elamu- ja kommertspindade
arendusele, edaspidi edendatakse tegevust avaliku sektori kinnisvaraturu
segmendis, sh partnerlusprojektide vormis. Tulenevalt sektori dünaamikast ja
viimastest signaalidest kinnisvara turul toimuvatest muutusest, hindab AS Kalev
vastavalt muutustele ümber ka oma tegevusstrateegiat.
Olulised muutused on toimumas AS-i Kalev jaoks uutes tegevusvaldkondades -
meedia ja üritusturunduse segmendis. Plaanis on kontserni kuuluvate ajakirjade
jätkuv sisuline ja mahuline arendamine; lugejanumbrite tõstmine ja
reklaamitulude suurendamine. Valminud fotostuudio hakkab tagama kontserni
väljaannetele operatiivse ja kvaliteetse fotomaterjali tootmise. Lisaks senisele
ulatusele, hindame ka võimalusi laienemiseks meediaturul, sh uute väljaannete
turuletoomist. Arendustegevus hõlmab ka interneti uudisteportaali www.kalev.ee
ning telekanalit „Kalev Sport“ eesmärgiga kinnistada oma positsiooni Eesti
meediaturul. Täienduseks kontserni telekanalite praegusele keskendumisele
uudiste ja spordi valdkonnas, on meediasegmendi areng avatud teisteski
suundades.
KONSOLIDEERITUD KASUMIARUANNE
30. juunil lõppenud majandusaasta kohta, tuhandetes
--------------------------------------------------------------------------------
| | EEK | EUR* |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha | 103 495 | 17 337 | 6 615 | 1 108 |
--------------------------------------------------------------------------------
| Nõuded | 170 678 | 148 050 | 10 908 | 9 462 |
--------------------------------------------------------------------------------
| Ettemaksed | 2 149 | 2 653 | 137 | 170 |
--------------------------------------------------------------------------------
| Varud | 191 952 | 218 617 | 12 268 | 13 972 |
--------------------------------------------------------------------------------
| Käibevara kokku | 468 274 | 386 657 | 29 928 | 24 712 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 30 629 | 129 | 1 957 | 8 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Pikaajalised investeeringud ja | 382 673 | 3 604 | 24 457 | 230 |
| nõuded | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 335 990 | 214 601 | 21 474 | 13 716 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 572 024 | 644 876 | 36 559 | 41 215 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 20 761 | 62 635 | 1 327 | 4 003 |
--------------------------------------------------------------------------------
| Põhivara kokku | 1 342 077 | 925 846 | 85 774 | 59 172 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 1 810 352 | 1 312 | 115 703 | 83 884 |
| | | 503 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Kohustused | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 696 070 | 348 317 | 44 487 | 22 262 |
--------------------------------------------------------------------------------
| Klientide ettemaksed | 18 584 | 1 461 | 1 188 | 93 |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud võlad | 304 817 | 284 439 | 19 481 | 18 179 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 1 019 471 | 634 217 | 65 156 | 40 534 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 319 489 | 304 837 | 20 419 | 19 483 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 319 489 | 304 837 | 20 419 | 19 483 |
--------------------------------------------------------------------------------
| Kohustused kokku | 1 338 960 | 939 054 | 85 575 | 60 017 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 236 325 | 236 325 | 15 104 | 15 104 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 5 543 | 4 020 | 354 | 257 |
--------------------------------------------------------------------------------
| Ümberhindluse reserv | 106 215 | 111 108 | 6 788 | 7 101 |
--------------------------------------------------------------------------------
| Akumuleeritud kasum | 123 251 | 21 941 | 7 877 | 1 402 |
--------------------------------------------------------------------------------
| Emaettevõtja omanikele kuuluv | 471 334 | 373 395 | 30 124 | 23 864 |
| omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 58 | 54 | 4 | 3 |
--------------------------------------------------------------------------------
| Omakapital kokku | 471 392 | 373 449 | 30 127 | 23 867 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 1 810 352 | 1 312 | 115 703 | 83 884 |
| | | 503 | | |
--------------------------------------------------------------------------------
*Vastavalt Tallinna Börsi reglemendi nõuetele on auditeerimata
lisainformatsioonina esitatud põhiaruannete teisendused eurodes (EUR), mis ei
ole kontserni raamatupidamise aastaaruande osad.
KONSOLIDEERITUD BILANSS
seisuga 30. juuni, tuhandetes
--------------------------------------------------------------------------------
| | EEK | | EUR* | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha | 103 495 | 17 337 | 6 615 | 1 108 |
--------------------------------------------------------------------------------
| Nõuded | 170 678 | 148 050 | 10 908 | 9 462 |
--------------------------------------------------------------------------------
| Ettemaksed | 2 149 | 2 653 | 137 | 170 |
--------------------------------------------------------------------------------
| Varud | 191 952 | 218 617 | 12 268 | 13 972 |
--------------------------------------------------------------------------------
| Käibevara kokku | 468 274 | 386 657 | 29 928 | 24 712 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 30 629 | 129 | 1 957 | 8 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Pikaajalised investeeringud ja | 382 673 | 3 604 | 24 457 | 230 |
| nõuded | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 335 990 | 214 601 | 21 474 | 13 716 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 572 024 | 644 876 | 36 559 | 41 215 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 20 761 | 62 635 | 1 327 | 4 003 |
--------------------------------------------------------------------------------
| Põhivara kokku | 1 342 | 925 846 | 85 774 | 59 172 |
| | 077 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 1 810 | 1 312 | 115 703 | 83 884 |
| | 352 | 503 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Kohustused | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 696 070 | 348 317 | 44 487 | 22 262 |
--------------------------------------------------------------------------------
| Klientide ettemaksed | 18 584 | 1 461 | 1 188 | 93 |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud võlad | 304 817 | 284 439 | 19 481 | 18 179 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 1 019 | 634 217 | 65 156 | 40 534 |
| | 471 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | 319 489 | 304 837 | 20 419 | 19 483 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 319 489 | 304 837 | 20 419 | 19 483 |
--------------------------------------------------------------------------------
| Kohustused kokku | 1 338 | 939 054 | 85 575 | 60 017 |
| | 960 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 236 325 | 236 325 | 15 104 | 15 104 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 5 543 | 4 020 | 354 | 257 |
--------------------------------------------------------------------------------
| Ümberhindluse reserv | 106 215 | 111 108 | 6 788 | 7 101 |
--------------------------------------------------------------------------------
| Akumuleeritud kasum | 123 251 | 21 941 | 7 877 | 1 402 |
--------------------------------------------------------------------------------
| Emaettevõtja omanikele kuuluv | 471 334 | 373 395 | 30 124 | 23 864 |
| omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 58 | 54 | 4 | 3 |
--------------------------------------------------------------------------------
| Omakapital kokku | 471 392 | 373 449 | 30 127 | 23 867 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 1 810 | 1 312 | 115 703 | 83 884 |
| | 352 | 503 | | |
--------------------------------------------------------------------------------
*Vastavalt Tallinna Börsi reglemendi nõuetele on auditeerimata
lisainformatsioonina esitatud põhiaruannete teisendused eurodes (EUR), mis ei
ole Kontserni raamatupidamise aastaaruande osad.
Lisainfo:
Tarmo Maasikamäe
Finantsdirektor
Tel 6886600
grupp@kalev.ee
Title
Consolidated annual report 2007/2008
Message
Explanation of differences between 12 months interim report and 2007/2008
audited annual report of AS Kalev.
1. IFRIC 12 (Service Concession Arrangements) addresses how service concession
operators should apply existing International Financial Reporting Standards
(IFRSs) to account for the obligations they undertake and rights they receive
in service concession arrangements. The interpretation is mandatorily
applicable to accounting periods commencing on January 1st 2008 or later.
Kalev group implemented the principle described in IFRIC 12 reporting standard
already in its annual report of previous, i.e. the 2007/2008 economic year.
The audited 2007/2008 annual report of AS Kalev has implemented all IFRIC 12
requirements and due to this change in calculation principles the accrued
income from private partnership project of Tallinn schools increased in the sum
of 13 million Estonian kroons and financial costs increased in the sum of 5
million Estonian kroons compared to the previously disclosed interim report.
Initially the claims deriving from service concession arrangement were
reflected as short-dated, but in the course of auditing 307 million Estonian
kroons of claims were reclassified as long-dated.
2. In the 12 months interim report AS Kalev reflected assets waiting for sale
in a separate column, and did not calculate depreciation from transferable
assets. Whereas the assumed sales transaction was closed and at the time of
submitting the annual report there is no sufficient certainty regarding
possible new transactions, then, being guided from IFRS 5 requirements, the
audited report does not reflect such assets any more as assets waiting for
sale. Due to this aspect the AS Kalev 2007/2008 economic year depreciation cost
was adjusted in total by 12 million Estonian kroons.
3. Compared to the interim report the 2007/2008 audited annual report
calculated in milk sphere additionally depreciation from not installed devices
in total sum of 11 million Estonian kroons.
4. In the 12 months interim report of AS Kalev ALTA claims in the amount of 59
million Estonian kroons guarantee cover provided by GKG Investeeringute AS to
AS Kalev were reflected as income. This sum has been transferred by GKG
Investeeringute AS to AS Kalev for securing claim of the latter against Alta.
In case of realization of corresponding claims the realized sum, plus
reasonable accrued interest, shall be refundable to GKG Investeeringute AS.
Until the corresponding claim has not been realized, the guarantee cover shall
not be refunded. By suggestion of auditors only claims and obligations in the
same sum have been amended in the annual report in comparison with the interim
report.
5. From debt obligations of AS Kalev, which in their essence were long-term
loans at the time of compilation of the report, loans in the sum of 255
million Estonian kroons were reclassified into short-term loans, because of
fact that agreements for changing these loans into long-term loans were entered
into after the balance sheet date.
----------------------------------------
Consolidated annual report 2007/2008
CONSOLIDATED MANAGEMENT REPORT
1. Economic and legal environment
1.1. Effect of the economic environment
In the financial year 2007/2008, AS Kalev was affected by the chaotic
macroeconomic climate, factor price increases, increase in the price of loan
capital and the development of the company's activity directions. With regard to
production inputs, several significantly unfavourable changes could be seen in
certain raw material prices; similarly to the previous period. Personnel
expenses continued to show a rapid increase as well. At the same time, the
demand for AS Kalev's goods was sustained by major export markets, as well as by
the domestic market, which reached the end of its period of quick economic
growth.
The rate of growth of Estonian GDP and total demand showed a sudden deceleration
during the period. The average rate of growth in demand for the past three years
(nearly an annual 9%) dropped to 1%. This real growth is many times smaller than
the indicator for a longer period, with the growth in demand being smaller than
the rate of growth in total output for the first time in a decade. Even though
real demand in the Estonian economy grew by 1.2%, with GDP growing twice that
amount, total output for the period from July 2007 to June 2008 decreased by
nearly 5%. Different sectors showed different dynamics. Food and beverage
production decreased by 10% (while the turnover from these goods increased by
10%). With regard to the activities pursued by Kalev Group (see Chapter 2), the
biggest growth can be seen in the turnover from pastry products, which showed an
increase of nearly 18% compared to the same period last year. At the same time,
the production volume of these goods only showed marginal growth of 1%. As a
result of the rapid decrease in domestic demand, the production volumes have
dropped, regardless of the increase in export turnover. The dairy sector, for
example, saw one of the biggest drops in production (13%), even though the price
increase boosted both export and total turnover by nearly 15%. Profitability
indicators showed a similar trend - the average for the processing industry
dropped by two percentage points compared to last year, amounting to 7% in the
period. Food and beverage production showed a profit margin of 5% (i.e. a drop
of one percentage point) and dairy production a decrease of 3% (i.e. a drop of
one percentage point).
Kalev Group products fall among commodities for which real demand has remained
modest or negative. Even though wage dynamics supported growth in general
consumption, the real annual growth in private consumption was lower than 2%
(compared to the 10% in the previous three years). At the same time, real growth
in wages has been rapid in Estonia, while tensions brewing on the labour market
with regard to both skills and availability―for the employer, such an employment
situation means limited options in a situation where production capacities need
to be increased. For this reason, Kalev Group made the necessary investments in
order to control the changes caused by the quick growth in the cost structure.
Overall development indicates that the slow growth in productivity exerts major
pressure on the competitive abilities of Estonian companies. The production
branches with the biggest cost pressure are showing the lowest profit margin.
The price pressure has a negative effect on the entire economy, being divided
between some or all branches of economy and causing a cost combination through
lower wage levels, smaller profit and/or a decrease in budget revenue. According
to Statistics Estonia, the real growth in the export of domestic goods has been
negative for the past four quarters (-3.5%), compared to the 5% growth in the
previous period.
The increase in consumer prices was rapid for the fourth year in a row. The
shopping cart price increase exceeds an annual 11% at the moment of the
preparation of the financial statements. Food prices have shown an even greater
increase of 18%. Inflation in Estonia reflects both the particular stage of the
economic cycle and the consequent "bottlenecks" as well as the effect of EU
economic integration and globalisation. The double-digit inflation has reduced
the purchasing power in the domestic market and is affecting consumer behaviour.
This is especially evident in a situation where expenses on food and energy make
up a relatively big part of the local consumer's budget. High and/or rising
inflation often reflects bigger changes and uncertainty regarding the future,
and does not therefore facilitate corporate investments. It is vital for the
economy in general that the inflation be stopped and the general price increase
in Estonia diminish to the level of the first half of the decade (4%).
At the same time, we have detected signs of growing caution since the middle of
2007―end consumption is no longer growing as fast as income. Since private
consumption forms the most important part of total demand (making up more than a
half of total demand), the above changes in consumption decelerate economic
growth. In addition, we must take into consideration the changes in consumer
preferences. Surveys on demand for sweets indicate great price sensitivity among
the Estonian population. At the same time, we can also see signs of a major
shift towards growth in consumer awareness of healthier eating habits. Product
development in the chocolate confectionery segment is therefore paying more
attention to exploiting the potential of dark chocolate in order to materialise
scientific conclusions of the health benefits of the particular foodstuff with
respect to higher antioxidant levels in products with a bigger cocoa content.
The cost of debt capital required for financing activity has also showed an
increase compared to the last financial year. As the loan conditions have become
stricter, and the overall cost of capital has increased, this will have its
effect on the demand for construction and capital goods, as well as consumption.
Under the conditions of poor external demand and low economic activity, the cost
pressure is of secondary importance in the profit margin. In such conditions,
maintaining of the market share and increasing of the total sales plays a much
bigger role.
Final product price formation is based on various factors of demand and supply.
In Estonia, cost prices of industrial goods have increased a little over 7% in
the period, while the increase in the price of food and beverages amounts to an
annual 20%. The price increase of energy carriers as well as different
production factors is evident in the production cost dynamics. For example, the
price of cocoa beans (quoted in US dollars on the global market) showed a 50%
increase, and reached an all-time record height at the end of June 2008. As the
demand for cocoa beans exceeds supply, and the raw material deficit will last
through 2009, the cocoa bean future prices on the London stock exchange have
rocketed. It is only due to the strengthening of the Estonian kroon (which is
pegged to the euro through the currency board system) that the real increase in
the price of cocoa beans has remained relatively modest: approximately 30%.
Cocoa bean futures prices (also quoted in US dollars on the global market) are
showing a 4-5% drop for 12 months. Still, the continually negative global
harvest estimates of major cocoa producers do not raise confidence with respect
to any drop in the price of the raw material.
The buying-in price of the second important raw material for Kalev
Group―milk―has increased by nearly 25% in the past 12 months in Estonia. The
price dynamics varied―while at the beginning of 2008, milk buying-in price had
increased by one-third, compared to June 2007, the price has showed some
decrease from April 2008. Year-on-year, the milk buying-in price in Estonia had
increased by less than one-fifth as of June 2008. Crude milk prices have shown a
remarkable increase in Europe in the past 12 months (up to 80%), and have
conditioned a near 20% increase in the dairy product prices of different
countries. The “Agricultural Outlook for 2008 to 2017” forecast prepared by OECD
and FAO for the next 10 years with respect to sugar, grain and milk powder
forecasts an average of 30% price increase in this product group, while the
price of butter is forecasted to increase by over 60% from the current level.
Corporate expenses on packaging, transport and logistics have gone up. This is
especially due to the increase in production input prices. For this reason, the
profit forecasts of the food industry are significantly affected by the above
factors. In the world's leading food concerns (e.g. Cadbury, Nestlé, Danone) in
the branch, the negative effect of the raw material price increases on the
corporate profit margin is estimated to amount to an average of 300 base points.
For the Estonian companies in general, the negative increase in profitability
has lasted for over a year: from the second quarter of 2007, the surplus and
mixed income from corporate operations has decreased with each quarter, compared
to the same period last year.
1.2. Changes in the legal environment
The Estonian tax policy pushes towards direct remission of taxes and increase of
indirect taxation. Nonetheless, the major expenses incurred by local companies
on labour will prevail, as changes in production factor prices influence the
effect of labour expenses on the company. In addition to state taxes, personnel
expenses are also affected by agreements concluded between employees and trade
unions, as well as minimum wage agreements established by the state. Minimum
wage agreements concluded in the past three years have raised the minimum wage
in Estonia by an aggregated 62% (from 1 January 2008, minimum wage increased by
nearly 21%, compared to the previous period). Such quick growth has had a direct
effect on overall wage increase. Under the conditions of a lack of skilled
workers, a relatively modest flexibility of the labour market, limited growth in
production and establishment of additional EU regulations, a rapid increase in
minimum wage may exert ever-increasing pressure on the expenses and profit
margin of companies.
In June 2008, the new draft Employment Contracts Act was prepared in
co-operation between social partners, aiming at modernising the legislation
regulating the Estonian labour market. Several international surveys and
comparisons indicate the hampering effect of the Estonian labour market
regulations on the growth of employment and their non-compliance with modern
employment relationships―i.e. which is officially recognised as inflexibility of
the labour market (with sights on ensuring flexibility). As employment relations
is in dire need of modernisation in Estonia, we are looking forward to a
constructive discussion and passing of the regulations by the parliament.
In July 2006, the European Commission initiated reform in order to change the
organisation of the community sugar market within the framework of the EU
community agricultural policy. As a result of the reform, the minimum price for
white sugar, which was three times higher than the global market price, will
drop by a total of 36% in four years (the lowering of the sugar price in stages:
20% by the first year, 27.5% by the second year, 35% by the third year and 36%
by the fourth year). Standardisation of the EU sugar price with the global sugar
price (i.e. price reduction) serves the best interests of AS Kalev.
In June 2007, the European Commission resolved to cancel all subsidies for dairy
product export. This is in line with the reform of the EU common agricultural
policy (CAP) and is conditioned by the development of the global raw material
prices. For instance, the price of both milk powder and butter has reached an
all-time high. At the same time, the European Commission has taken the position
that, should the market reverse, the intervention in dairy product trade will
resume. On 1 April 2008, EU milk production quotas were raised by 2% within the
framework of the CAP reforms. The gradual increase in quotas resulted in the
above decrease in milk price. As the reform provides for full cancellation of
the quotas in the European Union by the year 2015, the European Commission has
recommended, in order to ensure a smooth transition to the market conditions, a
1% increase in quotas between 2009 and 2014. Further reforms will provide for
the cancellation of the obligation to leave uncultivated 10% of the land. The
growing food demand will thus result in the increase in the production of
agricultural products.
2. Overview of AS Kalev Group
AS Kalev pursues several fields of activity, including manufacturing and sale of
foodstuffs, media, real-estate-related activities, publishing and printing
activities. The company has long-term experience in the chocolate, sugar and
flour confectionery product segment as well as the pastry and dairy product
segment. AS Kalev has also pursued various real estate development and
management projects for a longer period of time. Last financial year, AS Kalev
expanded its activities into media, publishing and related areas. These areas
have shown remarkable development in the period. Among other things, the company
launched a television channel. Foodstuff production is divided into five
production plants, located in Põrguvälja (in Rae Municipality, Harju County),
Paide, Viljandi, Jõhvi and Kiviõli. Kalev's products are sold, among other
channels, through the pan-Estonian retail chain which consists of 15 candy
stores and cafes.
The table below lists the fields of activity pursued by AS Kalev in accordance
with the Estonian Classification of Economic Activities (EMTAK 2008) as well as
the Estonian version of the classification of economic activities in the
European Community (NACE, Rev. 2):
--------------------------------------------------------------------------------
| EMTAK code | NACE code | Field of activity |
--------------------------------------------------------------------------------
| 1082 | C 10.82 | Production of chocolate and sugar |
| | | confectionery products |
--------------------------------------------------------------------------------
| 1071 | C 10.71 | Production of pastry products |
--------------------------------------------------------------------------------
| 1051 | C 10.51 | Milk processing, production of dairy products |
| | | and cheese |
--------------------------------------------------------------------------------
| 6810,6820 | L | Real estate activities |
| | 68.10,68.20 | |
--------------------------------------------------------------------------------
| 5814 | J 58.14 | Publishing of magazines and other periodicals |
--------------------------------------------------------------------------------
| 6020 | J 60.20 | Television programmes and broadcasting |
--------------------------------------------------------------------------------
| 94995 | S 94.99 | Leisure and entertainment activities |
--------------------------------------------------------------------------------
| 18122 | C 18.12 | Printing of periodicals, advertising |
| | | materials, etc. |
--------------------------------------------------------------------------------
Kalev Group's parent company is AS Kalev. In addition, the group incorporates
eighteen subsidiaries. The share of AS Kalev in these companies has been
disclosed in Note 21. AS Kalev group underwent a restructuring process in 2006.
This was reflected in the financial results for both the previous financial year
and the reporting period. AS Uniprint became was incorporated as a subsidiary in
the last financial year. Pursuant to the shareholders' agreement, AS Kalev had
the right to purchase all of the company's shares. However, AS Kalev did not
exercise this right (see Note 21.6).
The first organisational change was introduced at the beginning of the financial
year 2007/2008. Namely, AS Kalev acquired a share with a nominal value of 40
thousand EEK in the private limited company Soltari Invest under the contract
concluded on 17 August 2007. With the transaction, AS Kalev became the sole
shareholder of the private limited company which was renamed into AgriStock OÜ.
The subsidiary is involved in the development of the processing of, storage of
and reloading of grain products. The above acquisition does not constitute a
related party transaction in the meaning of the stock exchange rules.
At the end of 2007, AS Kalev Chocolate Factory launched the transition to
product group-based production, starting to manufacture pastry products and
flour confectionery products in different production plants. The specialisation
served the goal of enhancing logistical and production efficiency in order to
ease the pressure on cost price increase, and bring the know-how under a single
production unit. The first stage of this process involved changes in biscuit
production in the Kiviõli production plant of AS Kalev Jõhvi Tootmine. In the
second stage, pastry production was fully transferred to the Jõhvi plant, partly
by exploiting the labour resources made available with the first stage. At the
same time, the group's flour confectionery production was transferred to the AS
Vilma production plant in Viljandi.
In February 2008, Kati Kusmin, who also serves as member of the management
boards of AS Kalev's subsidiaries AS Kalev Chocolate Factory, AS Kalev Jõhvi
Tootmine and AS Vilma, was appointed the new managing director of OÜ Maiasmokk.
In January 2008, AS Kalev transferred its share in the subsidiary OÜ Maiasmokk
to its other subsidiary AS Kalev Chocolate Factory. The transfer of the share of
OÜ Maiasmokk and appointment of a new managing director had to do with the
transfer of the food production companies of AS Kalev.
The members of the Management Board of AS Kalev are elected and removed pursuant
to the procedure provided by the Commercial Code. Under the Commercial Code, the
members of the Management Board and appointed and removed by the Supervisory
Board of AS Kalev. A member of the Management Board shall be elected for a
specified term of three years unless the Articles of Association prescribe
another term. Extension of the term of office of a member of the Management
Board shall not be decided earlier than one year before the planned date of
expiry of the term of office, and not for a period longer than the maximum term
of office prescribed by the law or the Articles of Association
A member of the Management Board may be removed by resolution of the Supervisory
Board of AS Kalev regardless of the reason. Rights and obligations arising from
a contract concluded with the member of the Management Board shall terminate
pursuant to the contract. A member of the Management Board may resign from the
Management Board with good reason if he or she gives notice of his or her
resignation to the Supervisory Board and, if this is impossible, submits a
relevant application to the registrar of the commercial register. With good
reason, a court may appoint a new member to replace a removed member of the
Management Board on the petition of the Supervisory Board, a shareholder or
other interested person. The authority of the court-appointed member of the
Management Board shall continue until appointment of a new member of the
Management Board by the Supervisory Board. The members of the Management Board
of AS Kalev shall be appointed for a term of three years in accordance with the
Articles of Association of AS Kalev. If the Management Board has more than two
members, the Supervisory Board of AS Kalev shall elect the Chairman of the
Management Board amongst the members of the Management Board.
Pursuant to the Commercial Code, a resolution on amendment of the Articles of
Association shall be adopted if at least two-thirds of the votes that
participate in the meeting are in favour. A resolution on amendment of the
Articles of Association shall enter into force as of the making of a
corresponding entry in the commercial register. The Articles of Association of
AS Kalev have not prescribed a greater majority requirement. AS Kalev only has
one type of share.
AS Kalev may be represented in all legal acts by any member of the Management
Board. Under the Articles of Association, if the Management Board of AS Kalev
has three or more members, the public limited company may be represented in all
legal acts by the Chairman of the Management Board alone, or by other members of
the Management Board together with the Chairman of the Management Board.
Pursuant to the Commercial Code, joint representation shall apply with regard to
third persons only if it is entered in the commercial register. The members of
the Management Board of AS Kalev shall not have the right to issue or repurchase
shares. No agreements have been concluded between AS Kalev and its Management
Board members or employees, stipulating any monetary compensation in connection
with the takeover set forth in section 19 of the Securities Market Act.
A contract of purchase and sale of shares was concluded on 20 September 2007
between AS Kalev and Alta Capital Partners S.C.A on the transfer of the shares
of AS Kalev Paide Tootmine, AS Kalev Chocolate Factory, AS Kalev Jõhvi Tootmine,
AS Vilma and OÜ Maiasmokk. Since Alta Capital Partners S.C.A failed to pay the
purchase price for the shares by the established term (30 May 2008), the seller
did not transfer the shares which formed the object of the contract of purchase
and sales. AS Kalev thus considered the contract of purchase and sale, concluded
with Alta Capital Partners S.C.A as terminated.
3. Economic activities and financial results
AS Kalev remains one of the most reputable companies in the eyes of people
living in Estonia, as revealed by the prominence and reputation survey conducted
among major Estonian companies by TNS Emor in April 2008. The survey was
conducted among about fifty of the most reputable local companies for the ninth
year in a row. According to the latest poll, Estonians consider Kalev the most
agreeable company after AS Hansapank (the survey was conducted before the bank's
name change), with respect to both attitude scales and general mindset as well
as authority image. The results of the survey conducted by TNS Emor reveal that,
according to Estonian residents, Kalev has been the most reputable company for
the past five years, with an average rating of 8.1 points.1 TNS Emor applies a
10-point scale for the survey, with 1 being "very negative" and 10 "very
positive"
AS Kalev's financial results for the financial year 2007/2008 were affected by
several factors, including the group's rapid expansion into other fields of
activity, the effect of macroeconomic conditions on the decrease in demand and
increase in factor prices, reorganisation of the product portfolio and group
restructuring, which was launched in the previous period.
The net sales and net profit of AS Kalev Group companies for the financial year
2007/2008 are shown in the below tables (in thousands of EEK and euros)
separately for each company. Comparative data is given for 14 companies. The
financial indicators of the subsidiary Kalev Merchant Services Ltd have not been
consolidated, since the balance sheet volume of the subsidiary only makes up
less than 0.5% of the parent company's turnover. Data on associated companies is
not included in the tables. The data on AS Kalev Paide Tootmine, AS Kalev Real
Estate Company, AS Kalev Meedia and AS Uniprint also include the corresponding
financial results of their subsidiaries.
* consolidated
** calculated change in turnover, as a result of which production activities
previously attributed to AS Kalev have been attributed to AS Kalev Chocolate
Factory since 01.07.2006, and sale of goods since 01.09.2006.
*** the activities of subsidiaries involved in the media segment have been
attributed to AS Kalev Meedia since 01.06.2007.
* consolidated
** calculated change in turnover, as a result of which production activities
previously attributed to AS Kalev have been attributed to AS Kalev Chocolate
Factory since 01.07.2006, and sale of goods since 01.09.2006.
*** the activities of subsidiaries involved in the media segment have been
attributed to AS Kalev Meedia since 01.06.2007.
Important factors contributing to the results of core activities of AS Kalev
Group for the financial year 2007-2008 are the following:
The consolidated net sales of AS Kalev for the financial year 2007/2008 amounts
to 1,348 million EEK (86,2 million EUR), - i.e. 46% growth compared with the net
sales of the previous financial year. The substantial increase reflects Kalev
Group's expansion, — an outcome of implementing the activity plans set out in
the previous period. The consolidated net profit for the financial year
2007/2008 amounted to 97,9 million EEK (6,26 million EUR); compared to 30,4
million EEK (1,95 million EUR) in the comparative period.
Important factors contributing to the consolidated financial results of AS Kalev
Group for the financial year 2007-2008 are the following:
Almost 46% increase in net sales of goods and services compared to the
comparative period;
16% increase in consolidated gross profit compared to the comparative period;
The importance of domestic revenue has increased - almost 70% of sales are from
Estonia, whereby the importance of exported decreased from 36% in the
comparative period to 30% in the current period;
the revenue from media and event marketing has increased rapidly - sales of
those segments has doubled, however the result of afore mentioned business
segments are still negative;
the realization in the real estate segment has tripled compared to the
comparative period - various projects initiated in previous years were launched.
The focus from residential and commercial space development has moved to public
sector real estate. In conclusion, the real estate segment proved to be one of
the most significant business segments during the financial period;
2% nominal increase was achieved in sales of grocery segment, the most
significant increase was in sales of sugar- and chocolate confectionery product
segment (11.5% to the comparative period)
AS Kalev has slightly increased its gearing in order to finance its development.
Company issued bonds to refinance the obligations of its core activity. The
increase in current assets eased the financial pressure and increased the
current ratio of the Group (see the table below). The increase in finance
leverage was caused by increasing liabilities of the Group followed by the
increase in financial expenses. However, the increase in sales of goods exceeded
the Group's financial expenses. Therefore the overall growth of financial
leverage has been marginal.
In terms of expense items, the biggest growth - one third on annual basis - took
place in administrative expenses. However, it will remain 11 percent point below
the increase that took place in the previous year. This growth has been caused
by the current period trends in the macro-economy as well as by the expansion of
activities to various sectors.
The 44% growth in personnel expenses of Kalev Group has been largely caused by
the number of employees, that increased by more than one third and by the
inflationary environment of the Estonian labour market. AS Kalev Group employed
an average of 1,184 people in the financial year 2007-2008; in the comparative
year the Group employed 879 people as an average.
An overview of the risks (including both financial and non-financial risks)
affecting the economic activities of AS Kalev, and corporate risk management,
has been provided in Note 25.
The profitability of the Group has improved compared to the previous period (see
net profit margin indicators in the following table). Return on assets (ROA) has
more than doubled compared to the previous period, reaching 6.4% of consolidated
financial results of Group.
The most important financial ratios of AS Kalev Group*:
--------------------------------------------------------------------------------
| | AS Kalev Group |
--------------------------------------------------------------------------------
| | 01.07.2007- | 01.07.2006- |
--------------------------------------------------------------------------------
| | 30.06.2008 | 30.06.2007 |
--------------------------------------------------------------------------------
| Current ratio | 0.46 | 0.61 |
--------------------------------------------------------------------------------
| Financial gearing | 0.74 | 0.8 |
--------------------------------------------------------------------------------
| Asset turnover ratio | 0.86 | 0.79 |
--------------------------------------------------------------------------------
| Net profit margin (%) | 7.26% | 3.30% |
--------------------------------------------------------------------------------
| ROA (%) | 6.27% | 2.60% |
--------------------------------------------------------------------------------
* The financial ratios have been calculated as follows:
Current ratio = current assets/current liabilities
Financial gearing = total liabilities/average total assets
Asset turnover ratio = revenue/average total assets
Net profit margin = net profit/revenue * 100%
Return on assets (ROA) = net profit/average total assets * 100%
4. Product market and sales
4.1. Sales volume
As regards volume, the total sales of AS Kalev's confectionery and dairy
products amounted to 21,988 tons in the financial year 2007/2008 (21,633 tons in
the previous financial year). This constitutes 1.6% real growth, year-on-year.
Still, the product sales dynamics are different for different groups of goods:
in the confectionery segment, AS Kalev's sales decreased by 6.8% (the total
output for the financial year amounted to 9,312 tons, compared to the 9,990 tons
in the previous financial year). In the dairy product segment, total sales
increased by 8.8% (a total of 12,676 tons, compared to the 11,643 tons in the
last financial year).
4.2. Confectionery products
According to the retail trade survey conducted by AC Nielsen in June/July 2008,
AS Kalev Chocolate Factory is the Estonian market leader in the chocolate and
sugar confectionery segment: The survey revealed that Kalev's market share is
nearly 37%, as regards turnover, and 41% as regards volume (33% and 39% in the
comparative period, respectively). Compared to the previous period, the
company's market share increased the most in the chocolate candy category, with
the market share rising to 53% as regards turnover and 65% as regards volume.
The market share also increased in the boxed chocolate category, with the share
amounting to 32% as regards turnover and 35% as regards volume. Kalev maintained
its market share in the chocolate bar category at 54% as regards turnover and
55% as regards volume. In the domestic biscuit market, Kalev Group's market
share was approximately 9% in the period (on par with last year), with the
market share as regards volume exceeding 11%, ranking Kalev third among
manufacturers in the segment. According to AC Nielsen, the total sales of AS
Kalev rank the company second on the Baltic sweets market, with the market share
amounting to 12% as regards turnover and 14% as regards volume.
As a result of active product development, the company launched a total of 86
new products in the financial year 2007/2008 (including 36 products in the sugar
and chocolate confectionery segment and 50 products in the flour confectionery
segment). The turnover of new products amounted to 10% of the total turnover in
the period.
Three new flavours were launched in the Kalev brand chocolate series: dark
chocolate with raspberry (100g), milk chocolate with whole hazelnuts (200g) and
white chocolate with cranberry and coconut (100g). The Kalev brand 200-gram
chocolate series saw two new additions ― dark chocolate with raspberry
(previously marketed in 100g bars) and milk chocolate with cookie pieces and
plum. The company also launched a new Kalev Special chocolate series ― white
chocolate with cashews (50g), milk chocolate with hazelnuts (50g) and milk
chocolate in three different packages (50g, 100g, 300g).
Two new products ― cocoa flavoured chewing candy and fruit flavoured chewing
candy ― were introduced in the Draakon chewing candy series. The Kalev Toffee
series also saw two additions: the Kalev Toffee Cocoa toffee with cookie pieces
(150g) and Kalev Toffee Mix (475g). The company also launched a new caramel
candy - the Kalev Caramel green apple flavoured hard candy with vitamin C (in
150 g and 2 kg packaging). New candy in the Kalev Praline series included the
tiramisu-flavoured praline candy, praline candy with almond, praline candy with
strawberry, plum-flavoured praline candy as well as praline candy with coffee
and caramelised nuts. Black currant and plum-flavoured candy (175g) was added to
the Kalev Marmalade series. The boxed chocolate candy series saw new praline
candy products - Tallinna Vanalinn (175g), Kannel (350g), Kalev Finest Pralinės
- selection of praline candy (350g) and the Kalev Finest Pralinės
tiramisu-flavoured praline candy (85g). In the giftbox series, the company
launched new dragee products: the tiramisu-flavoured cocoa-coated almonds,
cherry in milk chocolate and hazelnut in milk chocolate in Kalev Dragee 130-gram
packages. Three of the most popular products in the Kalev Praline series ― the
tiramisu flavoured candy, candy with almonds and candy with cashews ― were also
launched in 150-gram giftboxes and in a mixed 350-gram package.
As regards volume, Kalev Group's total sale of sugar and chocolate confectionery
products amounted to 9,312 tons in the financial year 2007/2008. This
constitutes a 6% decrease, compared to the total volume of sales of
confectionery products in the comparative period.
At the same time, the dynamics of the sale of confectionery products was
different for different product groups: quicker-than-average growth could be
seen in the sale of chocolate bars (25%), dragee (21%) and boxed chocolate
candies (15%); the sale of candy increased by 6% compared to the last financial
year. The biggest growth (as regards volume), compared to the same period in the
last financial year, could be seen in the sale of chocolate bars (+22%). The
same of boxed chocolate candy increased by 15%, while the sale of candy
decreased by 5%. Christmas sales were a great contributor to the total sale of
confectionery products: in the last few months of 2007, AS Kalev Chocolate
Factory sold a total of over 250 tons of (i.e. nearly 440 thousand) Christmas
packages of different size and contents. This constitutes a 23% (i.e. over 46
tons) growth, compared to the same period last financial year. Total Christmas
sales amounted to 550 tons, with candy packages 45%, chocolate bars 29%,
gingerbread cookies 18% and boxed chocolate candy 8%. The Christmas selection
included 37 products with different thematic designs.
In the pastry and flour confectionery group, the company launched a total of 19
different pastry products under "Linda", "Kalevipoeg" and "Sakala" trademarks in
the financial year 2007/2008. Kalev launched four new pastries under the "Linda"
trademark: cherry pie (3x55 g), flaky cheese pastry (2x55 g), curd pie (3x60 g)
and vanilla rolls (3x60 g). The classic "Linda" curd cake (250 g) was added to
the coffee cake selection. The company also launched a new muffin. A new
selection (a total of 14 products) of cakes was launched under the "Linda"
trademark, with the group's cake portfolio seeing the addition of three new
flavours―-the peach cheesecake (850 g), cheesecake (700g) and chocolate
cheesecake (730g). The popular "Vilma" flour mix series saw two new
additions―-the thin crust pizza powder (400g) and the vanilla-flavoured cake
powder (350g). In the biscuit segment, all biscuits have a new visual and
packaging. The tiramisu-flavoured biscuits (180 g) were added to the product
portfolio, with "Nisukliiküpsis" biscuits with raspberry and pumpkin seeds added
to the low-calorie series with healthy ingredients.
The total volume of sale of flour confectionery products (including pastry
products, biscuits and flour mixes) for the financial year 2007/2008 amounted to
2,956 tons. This constitutes a 23% decrease from the total sales of flour
confectionery products in the comparative period. Similarly to sugar and
chocolate confectionery segments, different sales dynamics can be distinguished
among the product groups of the flour confectionery segment: for instance, the
total volume of sale of flour mixes increased by nearly 17%, compared to the
comparative period, and the sale of biscuits by 9%. The share of export is
immaterial in the flour confectionery segment.
In the first half of the financial year 2007/2008, a majority (88%) of the
confectionery product output (i.e. sugar, chocolate and flour confectionery
products) was sold at the domestic market, with export amounting to 12% of the
turnover (8% in the last financial year). Export sales of confectionery products
increased by 80%, compared to last year. In the financial year, export to Baltic
countries made up more than half of Kalev Group's confectionery product export:
33% was exported to the Lithuanian market (only 3% in the comparative period)
and 26% to Latvia; 22% was sold to Travel Trade; 9% to Russia and 8% to Finland.
4.3. Dairy products
Different dairy products were produced from the crude milk2 Stocking of raw
material and use of the raw material in the production process took place in the
first three quarters of the financial year; raw materials were not stocked in
the fourth quarter, with the company pursuing service projects. supplied by AS
Kalev Paide Tootmine in the financial year. Due to the market conditions and
production/economic reasons, the company focused mainly on the production of
cream, skimmed milk and condensed skimmed milk (these made up nearly 77% of the
output). AS Kalev Paide Tootmine added higher-fat powders, skimmed milk and milk
concentrate to its list of products in the reporting period.
Due to the unfavourable raw material and final price situation in Estonia and
abroad, the company temporarily suspended production activities in AS Kalev
Paide Tootmine in March 2008. At the same time, sales activities were continued.
From April 2008, AS Kalev Paide Tootmine provides contracting services,
including to AS Tere. These services mainly include manufacturing of products
(mainly powder, fresh cream and drinking milk) which require no milk purchase by
the company. Condensed skimmed milk sales made up nearly 37% of the total sales
volume of AS Kalev Paide Tootmine in the period. The share of cream was 29% and
skimmed milk powder 10% of the total sales volume. Production volume increased
by nearly 10.7%, compared to the comparative period, amounting to a total of
12,676 tons. Nearly two-thirds (nearly four-fifths in the comparative period) of
the total output of AS Kalev Paide Tootmine was exported to the European Union
(mainly Germany).
The increase in the price of stocked milk has had a significant influence on the
results for the financial year, as well as on the whole dairy market. According
to Statistics Estonia, the average increase in production prices for
agricultural products increased by one-fifth from last year, with the price of
milk rising by 22%. By the time of preparation of this report, the raw material
price increases in Estonia had ceased.
The main focus of product development in AS Kalev Paide Tootmine lies in the
creation of additional options for enhancing the value of the raw material. The
company thus made bigger investments than in the comparative period ― the cream
production line was improved with automatic sample-takers in order to get a
better sample of the raw material. The company also implemented methods of
analysis for more accurate measurement of the fat content. For enhancing the
value of milkfat by offering it in powdered form, the cream powder production
technology was improved: AS Kalev Paide Tootmine added a homogenisator to the
production line, and renewed the powder transportation system to bring it into
line with the requirements for transporting more glutinous powder. The most
important development project focused on creating additional option for
valuation of skimmed milk and milk in the production of concentrate (as an
alternative to the drying technology), as well as creating loading options for
the concentrate.
4.4. Real estate activities
AS Kalev pursues real estate management and development activities through its
subsidiary AS Kalev Real Estate Company (hereinafter Kalev REC), and through its
subsidiaries and associated companies. In real estate activities, the group
bases the portfolio formation on the principle of conservatism. Quick
macro-economic changes in the market segment have no significant effect on the
group's economic results. In the real estate segment, the most important project
had to do with the development activities of the subsidiary OÜ BCA Center in the
reconstruction of five schools within the framework of the Private Partnership
for Tallinn Schools Project (the scheduled term of completion of three schools
was July 2008 and two schools December 2008).
The earlier real estate projects of AS Kalev REC have been further developed -
the company has sold all apartments in the 19-apartment building in Marati tänav
in Tallinn, as well as the 25-apartment building in Hommiku tänav in Pärnu. By
the time of preparation of this report, a detailed plan for the Ringi 56a real
estate owned by AS Kalev REC's associate OÜ Ringi Haldus has been completed,
permitting construction of a 4,600 m2 apartment building. Design work on the
building has already commenced. Detailed plans on Kalev REC's registered
immovables at Tervise 5 and Pärnu mnt 139 (legal share) have been completed in
the volume of the preliminary building design documentation.
In January 2008, Kalev REC concluded a real right contract on the acquisition of
10 apartment properties in the Tallinn Old Town (at Kinga 1). The transaction
price amounted to 77 million EEK, of which the buyer paid 15.4 million EEK prior
to the conclusion of the contract, and the remainder after the presentation of
the real right contract to the land registry department. Kalev REC has
established a combined mortgage on the acquired apartment properties in the
amount of 42 million EEK and 18.6 million EEK for the benefit of AS Hansapank.
AS Kalev REC's Bulgarian-based subsidiary EOOD Stude REC is about to complete
construction of the 6,500 m2 apartment building in Sofia. A permit for use of
the building will be applied by the end of 2008. Brokers have already been
appointed for the sale of the apartments (apartments have been on sale since
August 2008).
Although the company's real estate segment has, so far, focused on development
of residential and commercial space, AS Kalev REC is paying increasing attention
to the public real estate market. The Kalev Group's subsidiary involved in the
real estate segment is still eager to participate in various private partnership
projects.
4.5. Media
AS Kalev Meedia and its subsidiary OÜ Eesti Spordikanal are involved in three
segments: print media, Internet and television. AS Kalev Meedia publishes the
gossip magazine Just, the financial magazine Ärielu, sports magazines
Sporditäht, Basket and Jalka; the fashion and lifestyle magazines Avenüü and
Avenüü Professional, the IT magazine Praktiline Arvutikasutaja as well as the
children's magazines Muumi and Muumi Mõistatuste ja Värviraamat. These
publications had the following average print runs in the financial year: Just
13,300, Ärielu 5,000, Sporditäht 6,200, Basket 4,600, Jalka 6,900, Avenüü 7,400,
Avenüü Professional 1,400, Muumi 9,100, Muumi Mõistatuste- ja Värviraamat 5,000,
Praktiline Arvutikasutaja 4,000. At the same time, actual reader numbers are
remarkably bigger for these publications—according to the Estonian Media Survey
conducted by TNS Emor in the second quarter of 2008, Just had 41,000, Sporditäht
12,000, Avenüü 15,000, Muumi 14,000, Ärielu 5,000, Basket 7,000 and Praktiline
Arvutikasutaja 7,000 readers.
In the reporting period, the company upgraded the sports magazine Sporditäht.
With a new concept and under the supervision of a new editor-in-chief, the
magazine is published as a weekly since September 2007. To launch the new
product, the company organised an extensive advertising campaign. This was also
the first bigger public campaign for AS Kalev Meedia. Major changes were
introduced to the contents and format of the gossip magazine Just at the end of
2007. In February 2008, AS Kalev Meedia acquired the IT publication Praktiline
Arvutikasutaja, with Ando Urbas remaining as the editor-in-chief. AS Kalev
Meedia believes Praktiline Arvutikasutaja has great potential—the magazine can
be marketed to an even wider target group.
The company has also completed several bigger projects. In October 2007, a new
concept was developed for the financial magazine Ärielu. A new web-based news
portal, www.kalev.ee, was completed. In March 2008, the company introduced
changes in the design and functionality of the news portal with the aim of
making the portal more attractive and the contents more user-friendly for the
readers. According to the current statistics, the news portal had an average of
22,516 unique visitors per week, 74,477 per month.
The new sports-orientated news and entertainment channel KalevSport was launched
by AS Kalev Meedia's subsidiary OÜ Eesti Spordikanal on 12 November 2007.
According to the TV Audience Meter Survey conducted by TNS EMOR between 12
November 2007 and 30 June 2008 (target group: Estonian population over the age
of 4), the Daily Reach of Kalev Sport was 40,000, the Daily Reach % was 3.1 and
the Daily Share was 0.3%. A total of 446,000 people watched the Kalev Sport
channel in the period.
To create synergy between the different pursuits - print media, Internet,
telemedia - and ensure the consequent increase in content quality, cost
efficiency and competitiveness, the different editorial offices were brought to
AS Kalev Meedia's new premises at Tornimäe 5 in the heart of Tallinn. The
company also completed the photo studio in the reporting period. As of 30 June
2008, 119 people were employed in Kalev Group's media segment (including 82 in
AS Kalev Meedia and 37 in OÜ Spordikanal).
5. Securities
The shares of AS Kalev have been listed in the secondary list of the OMX Tallinn
Stock Exchange since 12 August 1996. The share has a nominal value of 10 EEK.
23,632,500 shares have been listed on the stock exchange (AS Kalev's share ISIN
number: EE3100002460; abbreviation: KLV1T).
In the period from 1 July 2006 to 30 June 2008, a total of 7.9 million shares of
AS Kalev were traded, generating a turnover of 222 million EEK (14.2 million
euros). An average of 7 transactions were made per trading day. The average
price for the period amounted to 24.46 EEK (1.56 euros) per share. The highest
price for the period was 31.29 EEK (2 euros), and the lowest price 17.32 EEK
(1.1 euros). The closing price as of 30 June 2008 was 24.25 EEK (1.55 euros) per
share. AS Kalev's market capitalisation increased a little more than 30%,
compared to the beginning of the period, amounting to 573 million EEK (36.6
million euros) as of 30 June 2008.
AS Kalev's biggest shareholders as of the end of the financial year 2007/2008
(i.e. on 30 June 2008) included Rubla AS (73.14% of the shares), Vipes Invest OÜ
(10%) and Moonrider OÜ (7.52%).
6. Organisation and personnel
6.1. Organisational management
Kalev Group's strategic management has been in accordance with the plan and in
line with the strategic choices. Consequently, the organisation adjusted to the
expansion into new segments, as well as the optimizing of its product portfolio
and enhancement of profitability. In order to facilitate the implementation of
its strategy, AS Kalev has made improvements in terms of better combining
strategic and operative planning and enhancing transparency.
The organisation has also expanded into a new segment - the media. To assure the
implementation of coordinated activity toward changes, a new Group company - AS
Kalev Meedia - was to take over the staff, assets and product management of the
media companies.
6.2. Human resource management
AS Kalev Group's personnel expenses reached to nearly 156, 2 million EEK (9,98
million EEK) and the average number of employees in the group was 1184.
Personnel expenses in terminative business activities amounted to 106 million
EEK (6.77 million EUR) and 881 people were employed in those segments. In the
previous comparative period personnel expenses were 123 million EEK (7,86
million EUR) and the average number employed in the Group was 879 people. The
significant increase in number of employees in Group is based on the rapid
development of media segment, however due to the restructuring in food industry
segment in the beginning of 2008, 42 employees were made redundant. During the
period of July 1, 2007 until June 30, 2008 altogether 58 employees were made
redundant from Kalev Group The compensation fee in amount of 1,3 million EEK
(0,08 million EUR) was paid. In the comparative period of the previous financial
year 15 employees were made redundant, who got compensation fee in amount of 0,7
million EEK (0,04 million EUR)
The significant increase in personnel expenses has been largely caused by the
need to offer competitive salary in Estonian labour market, which experienced a
rapid growth of salaries.
The company conducted 77 recruitment competitions and the staff turnover
amounted to 12,2%. With the growing tension between supply and demand on the
Estonian labour market, the staff turnover has not increased and compared to the
previous financial year the indicator has decreased. Due to restructuring of
process flows, the number of possible errors has been reduced and therefore
risks related to core activities decreased.
Among the biggest projects, installment of personnel-, working hours- and salary
accounting software combined with training, health and other components, was
completed. The upgraded system enables to prepare better surveys and reports,
and also gives better IT possibilities to promote personnel administration. The
system for giving instructions to blue-collar workers, for aptitude test, for
training and remuneration was developed in relation to the project “20 Võtit”
and will be implemented in AS Kalev Chocolate Factory in the next financial
year.
6.3. Quality management
AS Kalev Group companies pursue quality, thus continually contributing to
quality management. AS Kalev Paide Tootmine passed the ISO 2001:2000 regular
audit in previous financial year (the company holds the corresponding
BVQI-issued quality certificates). AS Kalev, who is expanding business areas has
waived itself from formal re-certification and ISO certificates, while
continuing the use of the quality management system, and further development
activities in the company.
7. Corporate Governance Recommendations
Exercising its management practices in legitimate manner, AS Kalev as a listed
company acts in accordance with Estonian legislation and the requirements of the
Tallinn Stock Exchange. AS Kalev acts in accordance with the following
principles: openness and the equal treatment of shareholders. The operative
information to the public and investors is delivered through the webpage of
Kalev Group: providing the users with all stock exchange news, financial
reports, historical background, information regarding production development,
affairs, campaigns etc. Since the group consist of several bigger subsidiaries,
the webpage also refers to relevant contact information. Kalev's webpage also
enables to register online orders from company's broad product portfolio and
send filled order to preferred place throughout Estonia.
The Management Board members, nominated by the parent company, are responsible
for operative management of business activities of the companies belonging to
the group. The Supervisory Board members are responsible for strategic
management of various business areas of the group. Outside of Estonia the
commercial customs are supervised by local management. Considering the small
number of management team, there has been no need for the establishment of
special committees or other supplementary management bodies. The internal
procedures necessary for the sustainable management of the group are regulated
by appropriate rules and prescriptions. The Management and the Supervisory Board
meetings are held on agreed regularity. Risk evaluation and risk management is
regularly performed by internal audit function and its findings are reported to
the management.
7.1. Corporate Governance Recommendations Report 2007
The purpose of the Corporate Governance Recommendations established by the OMX
Tallinn Stock Exchange and the Financial Supervision Authority (harmonized
version covering all three Baltic stock exchange since January 1, 2007) is to
change the activity and management of listed company more transparent, to point
out the rights of shareholders to get better distribution of information and
effective management of companies. In accordance with Corporate Governance
Recommendations (hereinafter “CGR”). Together with the annual report AS Kalev
presents also a report where the Management Board confirms their compliance with
the CGR or explains the reasons for non-compliance. AS Kalev has complied with
the CGR while preparing the annual report; however AS Kalev can not comply with
some points of the CGR arising from peculiarities of business of the company.
Following are the points mentioned and explanations for non-compliance:
2.2.1 ”The Management Board has more than one member and a Chairman is elected
amongst the members. The Management Board or Supervisory Board establish' the
area of responsibility for each member of the Management Board, defining as
clearly as possible the duties and powers of each board member. The principles
for co-operation between the members of the board is established. The Chairman
of the Supervisory Board concludes a service contract with each member of the
board.”
AS Kalev has a single manager, nominated by the Supervisory Board. With the
manager a service contract is concluded where also the duties, obligations and
responsibilities of the manager is defined.
The Management Board of majority of AS Kalev subsidiaries consist of two or more
members with whom respective service contracts have been concluded.
2.2.7 „Base wages, bonuses, resignation compensation, other payable benefits and
bonus schemes of each Management Board member as well as their essential
features are disclosed in clear and unambiguous manner on the website of the
Issuer and in the Corporate Governance Recommendations Report. Information
published is clear and unambiguous if it directly expresses the amount of
expense to the Issuer or the amount of foreseeable expense as of the day of
disclosure.“
The service fee of the Management Board member is received just by the manager
of AS Kalev according to the contract concluded with the Supervisory Board. The
Contract concluded with the manager of AS Kalev defines base wages (fixed amount
every month), however resignation compensations, bonuses or other additional
payments are not provided in the contract.
3.2.5 „The amount of remuneration of a member of the Supervisory Board is
published in the Corporate Governance Recommendations Report, indicating
separately base and bonus payments (incl. compensation for termination of
contract and other payable benefits).”
The Supervisory Board members of AS Kalev are as follows:
Heino Priimägi, who was nominated as a Supervisory Board member with the
resolution of AS Kalev shareholders on the General Meeting held on December 02,
2004;
Ülo Suurkask, whose authority as Supervisory Board member was prolonged until
December 2, 2009 according to the resolution of AS Kalev General Meeting held on
December 08, 2006;
Marko Kaha, who was nominated as a Supervisory Board member with the resolution
of AS Kalev shareholders on the General Meeting held on December 14, 2005.
Monthly salary (fixed amount in every month) has been decided to the members of
AS Kalev Supervisory Board (see Note 22). No additional payments or
supplementary compensations are paid to the Supervisory Board of AS Kalev.
5.3 ”General strategy directions of the Issuer as also approved by Supervisory
Board are accessible to the shareholders on the Issuer's website.”
The Management of the Group is on the opinion that strategy is a part of a
business secret and not a subject of disclosure. However, general directions and
material subjects are covered in the management report which is a mandatory part
of the annual report.
5.6 ”The Issuer discloses the dates and places of meetings with analysts and
presentations and press conferences organized for analysts, investors or
institutional investors on its website. The Issuer enables the shareholders to
participate on these events and discloses the presentations on its website. The
Issuer does not arrange meetings with analysts and presentations for investors
directly before deadlines of publishing financial reports”.
The group acts in accordance with the principle of equal treatment of
shareholders. Mandatory, important and price sensitive information is first and
foremost disclosed in Tallinn Stock Exchange system and then on company's
webpage. In addition, every shareholder has the right to receive information
from the company at their own convenience, and arrange meetings.
However, the management of the company does not prioritize keeping the time
schedules and content of shareholders' meetings since the information is limited
to public only. The same rule applies to all meetings, including those held
immediately before publishing the financial reports.
6.2. Election of the Auditor and auditing of the Financial Statements
On the Annual General Meeting of the shareholders of AS Kalev on December 20,
2007, an auditor was chosen for the financial period of 2007-2008. Based on the
shareholders decision, the financial statements of AS Kalev for the designated
period is audited by Ernst & Young Baltic AS. Information about the auditor is
obtainable on the auditor's website. Remuneration of the auditor is stated in
the audit contract and as agreed between the parties it is not disclosed.
According to the guidelines of the Financial Supervision Authority “Public
financial supervision over the rotation of auditors of certain persons.“ from
September 24, 2003, the company organizes the rotation of the auditor, assuring
the independence of the auditor and replacing the executive auditor at least
after every five years.
8. Main activity directions for the financial year 2007-2008
From different fields of activities of AS Kalev, the dairy production
development is executed by AS Kalev Paide Tootmine. Dairy production is mainly
influenced by developments on the world market and by positioning of company's
product portfolio. The goal of AS Kalev in this field is to keep expanding.
(e.g. well recognized companies of OÜ Põlva Piim Tootmine and AS Tere were
acquired after the end of the current financial year) and to become the biggest
dairy processor instead of being so called commodity-type producer. Performed
technical work to design the product portfolio of AS Kalev Paide Tootmine
creates additional possibilities to process fat and gives more opportunities to
increase export. AS Tere offers one of the broadest ranges of production by
having over 160 different products in its portfolio. OÜ Põlva Piim Tootmine has
already specialized on producing (commodity) dairy products for export. Afore
mentioned changes in consolidating dairy production result from the goal to
become competitive supplier of dairy products in all Baltic countries.
The development of the second segment in food production of Kalev group -
confectionary products - executed by AS Kalev Chocolate Factory. The aim is to
remain on the leader's position in domestic market in both the sugar and
chocolate confectionery segment and hold its position in the Baltic countries'
market. In general product development, the company is pursuing the extension of
expiry dates as well as the creation of healthy products and new flavours. In
the chocolate confectionery segment, the company will focus on developing
chocolate bars, chocolate candy and boxed chocolate candy. In the sugar
confectionery segment, the focus is lie on chewing candy and toffee. In the
pastry and flour confectionery sector, the main focus is on the domestic market,
where over two third of the production is realized. At the same time we can
detect potential in biscuit and flour mix export and therefore the attention in
the future will be put in afore mentioned product groups. The general product
development activity and equipment investments will support mainly the most
important product groups. The goal of expansion is to increase profitability,
improve export capacity, increase production efficiency and decrease the volume
of handwork by implementing new equipment. Assortment optimization supports the
profitability increase.
AS Kalev's real estate activities are pursued by AS Kalev REC and its
subsidiaries. The past growth in the real estate sector in Estonia has allowed
AS Kalev Group to actively pursue real estate development and management. So
far, the main attention has focused on residential and commercial space
development. In the future, the company plans to develop its activities in the
public sector real estate, including projects in the form of public-privat
partnership. AS Kalev has reassessed its operation strategy due to the sector
dynamics and the recent signals about the changes in the real estate sector.
Significant changes are taking place in media and event marketing sector, a new
field of activity for AS Kalev. It is planned to continue the development of
magazines (content and volume), increase the number of readers and sale of
advertisement. Recently a photo-studio was completed to provide publications
with operational and high-quality photo material. In addition to the current
activities, we are considering opportunities for expansion in media sector,
including the launch of a new publication. The development activities comprise
also internet news portal www.kalev.ee and television channel “Kalev Sport”
aiming to enhance their market position in media sector. In addition to focusing
on current television channel of news and sport, the development of media
segment is open also to other directions.
CONSOLIDATED INCOME STATEMENT
for the financial years ended June 30
--------------------------------------------------------------------------------
| | in thousand EEK | in thousand EUR* |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales of goods (incl. sold | 1 326 241 | 917 616 | 84 762 | 58 646 |
| property recognized under | | | | |
| inventory) | | | | |
--------------------------------------------------------------------------------
| Sales revenue from services | 14 647 | 3 460 | 936 | 221 |
--------------------------------------------------------------------------------
| Rental income | 7 510 | 4 629 | 480 | 296 |
--------------------------------------------------------------------------------
| Total net sales | 1 348 398 | 925 705 | 86 178 | 59 163 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of sales | -1 125 | -734 235 | -71 960 | -46 926 |
| | 928 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 222 470 | 191 470 | 14 218 | 12 237 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 206 807 | 106 731 | 13 217 | 6 822 |
--------------------------------------------------------------------------------
| Marketing expenses | -144 878 | -117 675 | -9 259 | -7 521 |
--------------------------------------------------------------------------------
| Administrative expenses | -116 207 | -87 221 | -7 427 | -5 574 |
--------------------------------------------------------------------------------
| Other operating expenses | -17 537 | -24 309 | -1 121 | -1 554 |
--------------------------------------------------------------------------------
| Operating profit | 150 655 | 68 996 | 9 629 | 4 410 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 15 168 | 4 274 | 969 | 273 |
--------------------------------------------------------------------------------
| Financial expenses | -67 448 | -42 562 | -4 311 | -2 720 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pretax profit | 98 375 | 30 708 | 6 287 | 1 963 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -431 | -282 | -28 | -18 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit for the financial | 97 944 | 30 426 | 6 260 | 1 945 |
| year | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| net profit (loss) attributable | -5 | -34 | 0 | -2 |
| to minority interest | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| net profit (loss) attributable | 97 939 | 30 460 | 6 260 | 1 947 |
| to the shareholders of the | | | | |
| Parent | | | | |
--------------------------------------------------------------------------------
| Basic and diluted earnings per | 4.144 | 1.289 | 0.265 | 0.082 |
| share for net profit (loss) | | | | |
| attributable to the | | | | |
| shareholders of the Parent (in | | | | |
| EEK / in EUR) | | | | |
--------------------------------------------------------------------------------
* In accordance with the rules of Tallinn Stock Exchange, the main financial
statements are presented also in euro (EUR), which represents unaudited
supplementary information that does not form part of the Group's consolidated
financial statements.
CONSOLIDATED BALANCE SHEET
as of June 30
--------------------------------------------------------------------------------
| | in thousand EEK | in thousand EUR* |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 103 495 | 17 337 | 6 615 | 1 108 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Receivables | 170 678 | 148 050 | 10 908 | 9 462 |
--------------------------------------------------------------------------------
| Prepayments | 2 149 | 2 653 | 137 | 170 |
--------------------------------------------------------------------------------
| Inventories | 191 952 | 218 617 | 12 268 | 13 972 |
--------------------------------------------------------------------------------
| Total current assets | 468 274 | 386 657 | 29 928 | 24 712 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Investment in | 30 629 | 129 | 1 957 | 8 |
| associates | | | | |
--------------------------------------------------------------------------------
| Long term financial | 382 673 | 3 604 | 24 457 | 230 |
| assets | | | | |
--------------------------------------------------------------------------------
| Investment | 335 990 | 214 601 | 21 474 | 13 716 |
| properties | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 572 024 | 644 876 | 36 559 | 41 215 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 20 761 | 62 635 | 1 327 | 4 003 |
--------------------------------------------------------------------------------
| Total non-current | 1 342 077 | 925 846 | 85 774 | 59 172 |
| assets | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 810 352 | 1 312 503 | 115 703 | 83 884 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND | | | | |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 696 070 | 348 317 | 44 487 | 22 262 |
--------------------------------------------------------------------------------
| Customer prepayments | 18 584 | 1 461 | 1 188 | 93 |
--------------------------------------------------------------------------------
| Trade accounts | 304 817 | 284 439 | 19 481 | 18 179 |
| payable and other | | | | |
| payables | | | | |
--------------------------------------------------------------------------------
| Total current | 1 019 471 | 634 217 | 65 156 | 40 534 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Borrowings | 319 489 | 304 837 | 20 419 | 19 483 |
--------------------------------------------------------------------------------
| Total non-current | 319 489 | 304 837 | 20 419 | 19 483 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | 1 338 960 | 939 054 | 85 575 | 60 017 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 236 325 | 236 325 | 15 104 | 15 104 |
--------------------------------------------------------------------------------
| Mandatory legal | 5 543 | 4 020 | 354 | 257 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Revaluation reserve | 106 215 | 111 108 | 6 788 | 7 101 |
--------------------------------------------------------------------------------
| Retained earnings | 123 251 | 21 941 | 7 877 | 1 402 |
--------------------------------------------------------------------------------
| Equity attributable | 471 334 | 373 395 | 30 124 | 23 864 |
| to the shareholders | | | | |
| of the Parent | | | | |
--------------------------------------------------------------------------------
| Minority interests | 58 | 54 | 4 | 3 |
--------------------------------------------------------------------------------
| Total equity | 471 392 | 373 449 | 30 127 | 23 867 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1 810 352 | 1 312 503 | 115 703 | 83 884 |
| AND EQUITY | | | | |
--------------------------------------------------------------------------------
* In accordance with the rules of Tallinn Stock Exchange, the main financial
statements are presented also in euro (EUR), which represents unaudited
supplementary information that does not form part of the Group's consolidated
financial statements.
Tarmo Maasikamäe
Financial Director
grupp@kalev.ee
tel 6886600