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28.11.2007 14:25:43
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Unaudited 3-month interim financial statements
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COMMENTS ON ECONOMIC ACTIVITIES 1.General information and changes in organisational structure AS Kalev pursues several fields of activity, including manufacturing and sale of foodstuffs, real-estate-related activities, as well as media, publishing and printing activities. The company has long-term experience in the chocolate, sugar and flour confectionery product segment as well as the dairy product segment. Foodstuff production is carried out in five production plants located in Põrguvälja (in Rae Municipality), Paide, Viljandi, Jõhvi and Kiviõli. The products are, among other channels, sold through the company's pan-Estonian retail chain, consisting of 15 candy stores and cafeterias. AS Kalev has also been involved in real estate development and administration for a longer period of time. Last financial year, AS Kalev expanded its activities into media, publishing and printing, and developed these segments aggressively in the reporting period. Kalev Group's parent company is AS Kalev. In addition, the group incorporates twenty subsidiaries. AS Uniprint is considered a subsidiary since, under the shareholders' agreement, the Group has the obligation to purchase the company's shares at the latest in 2008. A significant change was introduced in the group structure in the first quarter of the financial year 2007/2008. AS Kalev acquired the private limited company Soltari Invest under the contract concluded on 17 August 2007. Having acquired the share with a nominal value of 40,000 kroons, AS Kalev effectively became the sole shareholder in the company which was renamed AgriStock OÜ. The main field of activity of the new subsidiary is production, storage and reloading of grain products. The above acquisition does not constitute a related party transaction in the meaning of the stock exchange rules. AS Kalev has a significant interest in the following companies: -------------------------------------------------------------------------------- | Name of | Location | As of 30.09.2007 | As of 30.06.2007 | | subsidiary | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AS Kalev Paide | Estonia | 100% | 100% | | Tootmine | | | | -------------------------------------------------------------------------------- | AS Valmetek | Estonia | 65.6% | 65.6% | | Invest | | | | -------------------------------------------------------------------------------- | AS Kalev Jõhvi | Estonia | 99.10% | 99.10% | | Tootmine | | | | -------------------------------------------------------------------------------- | AS Vilma | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Kalev Real | Estonia | 100% | 100% | | Estate Company | | | | | (AS Kalev REC) | | | | -------------------------------------------------------------------------------- | EOOD Stude REC | Bulgaria | 100% | 100% | -------------------------------------------------------------------------------- | OÜ BCA Center | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | OÜ BCA | Estonia | 100% | 100% | | Kinnisvara | | | | -------------------------------------------------------------------------------- | OÜ Maiasmokk | Estonia | 81.26% | 81.26% | -------------------------------------------------------------------------------- | AS Kalev | Estonia | 100% | 100% | | Chocolate | | | | | Factory | | | | -------------------------------------------------------------------------------- | AS Kalev | USA | 100% | 100% | | Merchant | | | | | Services Ltd | | | | -------------------------------------------------------------------------------- | OÜ Sugarstar | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Inreko Press | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | OÜ Olliwood | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Eksklusiiv | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Kalev Meedia | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | OÜ Eesti | Estonia | 100% | 100% | | Spordikanal | | | | -------------------------------------------------------------------------------- | AS Uniprint | Estonia | 40% | 40% | -------------------------------------------------------------------------------- | AS Unipress | Estonia | 40% | 40% | -------------------------------------------------------------------------------- | OÜ AgriStock | Estonia | 100% | 0% | -------------------------------------------------------------------------------- 2. Financial results The following factors had a significant effect on the consolidated financial results of AS Kalev Group in the first quarter of the financial year 2007/2008: 1) nearly a 63% increase in net turnover of goods and services, compared to the comparative period; 2) a 240% increase in consolidated gross profit, compared to the comparative period; 3) increase in the share of export in total turnover o the extent where more than a half (53%) of the total sales of commodities created by the group in the first three month were exported and less than a half (47%) were realised in Estonia; 4) revenue from dairy products increased by 57%, compared to the same period last year, with the earlier negative result from the segment reversed and the factor itself becoming the most important contributor to the group result for the first quarter; 5) sales of confectionery products increased by nearly an annual 19%, while the segment's profitability has decreased due to rapid increase in the price of raw materials used in the flour confectionery segment. In the first three months of the financial year 2007/2008, AS Kalev Group had an average of 884 employees (738 employees in the comparative period last financial year). Consolidated net turnover for the reporting period amounted to 311.8 million kroons (19.9 million euros), increasing by 63.3% from the same period last financial year. The biggest contributors to the total group turnover, compared to last period, included the significant increase in the sale of dairy products, and the new areas pursued ― printing and media. AS Kalev's consolidated net profit for the first quarter of the financial year 2007/2008 exceeded 10.8 million kroons (0.7 million euros); while in the comparative period the company posted a net loss of 13.7 million kroons (0.9 million euros). The net sales and net profit of AS Kalev Group companies for the first three months of the financial year 2007/2008 have been brought out in the below tables (in thousands of kroons and euros), separately for each company. Comparative data has been brought out on 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 has not been 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. -------------------------------------------------------------------------------- | | Net sales | Net profit | -------------------------------------------------------------------------------- | EEK | 2007/2008 | 2006/2007 | 2007/2008 | 2006/2007 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 3 months | 3 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AS Kalev | 299 | 142 217 | -19 258 | -7 629 | -------------------------------------------------------------------------------- | AS Kalev | 143 447 | 92 173 | 39 621 | -2 485 | | Paide | | | | | | Tootmine* | | | | | -------------------------------------------------------------------------------- | AS Kalev | 11 761 | 6 411 | -6 226 | -824 | | REC* | | | | | -------------------------------------------------------------------------------- | AS Kalev | 10 195 | 7 480 | -603 | -1 014 | | Jõhvi | | | | | | Tootmine | | | | | -------------------------------------------------------------------------------- | OÜ Maiasmokk | 2 103 | 2 344 | 186 | 235 | -------------------------------------------------------------------------------- | AS Vilma | 7 756 | 5 711 | -50 | 490 | -------------------------------------------------------------------------------- | AS Kalev | 120 530 | 59 808 | 4 095 | 1 050 | | Chocolate | | | | | | Factory | | | | | -------------------------------------------------------------------------------- | OÜ Sugarstar | 1 636 | 203 | -171 | -178 | -------------------------------------------------------------------------------- | AS Inreko | 0 | 0 | -228 | 0 | | Press | | | | | -------------------------------------------------------------------------------- | OÜ Olliwood | 0 | 0 | -174 | 0 | -------------------------------------------------------------------------------- | OÜ Eksklusiv | 742 | 0 | -295 | 0 | -------------------------------------------------------------------------------- | AS Kalev | 3 958 | 0 | -3 632 | 0 | | Meedia* | | | | | -------------------------------------------------------------------------------- | AS Uniprint* | 38 367 | 0 | -115 | 0 | -------------------------------------------------------------------------------- | OÜ Agristock | 48 | 0 | -2 504 | 0 | -------------------------------------------------------------------------------- * consolidated -------------------------------------------------------------------------------- | | Net sales | Net profit | -------------------------------------------------------------------------------- | EUR | 2007/2008 | 2006/2007 | 2007/2008 | 2006/2007 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 3 months | 3 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AS Kalev | 19 | 9 089 | -1 231 | -488 | -------------------------------------------------------------------------------- | AS Kalev | 9 168 | 5 891 | 2 532 | -159 | | Paide | | | | | | Tootmine* | | | | | -------------------------------------------------------------------------------- | AS Kalev | 752 | 410 | -398 | -53 | | REC* | | | | | -------------------------------------------------------------------------------- | AS Kalev | 652 | 478 | -39 | -65 | | Jõhvi | | | | | | Tootmine | | | | | -------------------------------------------------------------------------------- | OÜ Maiasmokk | 134 | 150 | 12 | 15 | -------------------------------------------------------------------------------- | AS Vilma | 496 | 365 | -3 | 31 | -------------------------------------------------------------------------------- | AS Kalev | 7 703 | 3 822 | 262 | 67 | | Chocolate | | | | | | Factory | | | | | -------------------------------------------------------------------------------- | OÜ Sugarstar | 105 | 13 | -11 | -11 | -------------------------------------------------------------------------------- | AS Inreko | 0 | 0 | -15 | 0 | | Press | | | | | -------------------------------------------------------------------------------- | OÜ Olliwood | 0 | 0 | -11 | 0 | -------------------------------------------------------------------------------- | OÜ Eksklusiv | 47 | 0 | -19 | 0 | -------------------------------------------------------------------------------- | AS Kalev | 253 | 0 | -232 | 0 | | Meedia* | | | | | -------------------------------------------------------------------------------- | AS Uniprint* | 2 452 | 0 | -7 | 0 | -------------------------------------------------------------------------------- | OÜ Agristock | 3 | 0 | -160 | 0 | -------------------------------------------------------------------------------- *consolidated In the first three months of the financial year, AS Kalev increased financial gearing for the group's further development, incl. conducting a bonus issue. The Group's short-term liabilities increased the most, compared to the increase in turnover. The Group's current ratio thus decreased. Increase in financial gearing has also incurred bigger financial expenses. As regards other expense items, the biggest growth (48% compared to last period) can be seen in administrative and general expenses. This growth was conditioned both by the quick increase in personnel expenses (due to the inflationary labour market situation) and the information and consulting expenses incurred in connection with the expansion of activities (into media). The 35% increase in the Group's marketing expenses, compared to the same period last year, can be explained by the expansion of the company's activities. The most important financial ratios of AS Kalev Group have been brought out in the below table: -------------------------------------------------------------------------------- | AS Kalev Group | -------------------------------------------------------------------------------- | | 01.07.2007- | 01.07.2006- | -------------------------------------------------------------------------------- | | 30.09.2007 | 30.09.2006 | -------------------------------------------------------------------------------- | Current ratio | 0.68 | 0.78 | -------------------------------------------------------------------------------- | Financial gearing | 0.76 | 0.72 | -------------------------------------------------------------------------------- | Asset turnover ratio | 0.23 | 0.18 | -------------------------------------------------------------------------------- | Net profit margin (%) | 3.5% | -7.2% | -------------------------------------------------------------------------------- | ROA (%) | 0.8% | -1.3% | -------------------------------------------------------------------------------- * The financial ratios have been calculated based on the following methods: 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% 3. Product market and sales AS Kalev's total sales of confectionery and dairy products in the first quarter of the financial year 2007/2008 amounted to 7,883 tons. The sales thus increased in the different production areas of the product sales group by a third (32%) compared to the same period last financial year. While 88% of the total sales of confectionery products were realised on the domestic market and 12% were exported, the situation with the dairy product segment was quite the opposite, with 10% sold on the domestic market and 90% exported to different foreign markets. 3.1. Dairy products Different dairy products were produced from the crude milk stocked by AS Kalev Paide Tootmine in the first quarter of the financial year. For financial reasons, the company mainly focused on the production of concentrated skimmed milk and cream. The company also produced smaller volumes of skimmed milk powder, high temperature pasteurized milk, and whole milk powder. Nearly 90% of the milk output (80% in the comparative period) was marketed in EU countries, and about one-tenth in Estonia. Compared to the same period last year, the total sales of dairy products have increased by nearly 56%, amounting to 5,600 tons. The increase in the price of stocked milk has a significant effect on the results for the first quarter of the financial year. The price of crude milk stocked by AS Kalev Paide Tootmine was 19% higher than in the comparative period. Although the raw material price has increased by one-fifth, the prices of dairy products on the global market have increased even more. The market balances itself against the demand. This results in the increase in dairy product prices which, in turn, reflected positively in the results of AS Kalev Paide Tootmine for the first quarter. At the same time, we cannot forecast continued profitability for the next quarters, as the global prices are showing downward trends while raw material stocking prices have increased by more than 25%. 3.2. Confectionery products According to the retail trade survey conducted by AC Nielsen (as of August/September 2007), AS Kalev Group is the firm leader of the Estonian chocolate and sugar confectionery product market. The company had a 37.7% market share as regards turnover, and a 42.6% market share as regards volume. On the Estonian biscuit market, Kalev's market share was 8.7% in the period, as regards turnover. The total sales of AS Kalev Group's sugar and chocolate confectionery products in the first 3 months of the financial year 2007/2008 increased by 19% compared to the same period last year, amounting to 97 million kroons (6.2 million euros). The total sales volume for the first quarter of the financial year amounted to 1,460 tons, exceeding the total volume of sugar and chocolate confectionery products sold by the company in the same period last year by 4%. At the same time, the dynamics of the sale of confectionery products was different for different product groups: the sale of chocolate tablets increased by 41%, dragees by 28%, boxed chocolate by 18% and candies by 3%, compared to the same period last year. As regards volume, the sale of chocolate tablets increased the most (by 34% compared to the same period last year), followed boxed chocolate which showed an increase of 17%. At the same time, the candy sales volume decreased by 9%. The turnover from the sugar and chocolate confectionery segment increased by 15% in the reporting period. Price corrections of the goods sold compensated the increase in production expenses. Enhanced production efficiency increased the total revenue from the segment. The total sale of flour confectionery products, incl. pastry products, biscuits and flour mixes, increased by 23% in the first three months of the financial year 2007/2008. The total volume of the sale of flour confectionery products amounted to 824 tons. This constitutes a 13% increase compared to the same period last financial year. Similarly with the sugar and chocolate confectionery product segments, product groups with different sales dynamics could be seen in the flour confectionery product segment - total sales of flour mixes increased by 41% (with the volume increasing by 23%) and biscuits by 24% (volume: +14%), compared to the same period last financial year. A majority (88%) of the total sales of AS Kalev's confectionery products (i.e. sugar, chocolate and flour confectionery products) were realised on the domestic market in the first three months of the financial year 2007/2008, with 12% exported to different foreign markets. The sale of confectionery products on foreign markets increased by 45% compared to the same period last financial year, with the so-called Travel Trade segment making up nearly 28% of the total export of confectionery products. Export to Latvia made up 27%, Lithuania 23% and other countries 22% of the total export of AS Kalev's confectionery products. Compared to the first three months of last financial year, export to Lithuania showed significant increase while export to Russia decreased materially (nearly 62%). Through its 15 retail stores, AS Kalev sold a total of 4.1 million kroons worth of goods (incl. sugar, chocolate and flour confectionery products and pastry products). In the first quarter of the financial year 2007/2008, the company launched 47 new products, with the total sales volume making up 4.5% of the total turnover from the segment. In the sugar and chocolate confectionery product segment, the company expanded the Kalev Pralinė candy series by adding four new flavours (in 175-gram packages): the tiramisu-flavoured candy, candy with almond, candy with strawberry and candy with plum. The company also launched two new flavours in the Kalev brand chocolate series - Kalev dark chocolate with raspberry (100-gram tablet) and Kalev milk chocolate with whole hazelnuts (200-gram tablet). Kalev's 200-gram chocolate series saw a new addition - dark chocolate with cherry, which had previously become popular in 100-gram tablets. Kalev also launched a new series on the market - the Kalev Special chocolate series, which includes white chocolate with Indian nuts (50-gram tablet), milk chocolate with hazelnuts (50-gram tablet) and three different formats of Kalev Special milk chocolate. The Draakoni chewing candy family saw a new addition, especially popular with the children - the cola-flavoured candy. New pastry products marketed by the company in the first quarter of the financial year included eleven new white and dark bread products launched under the Linda and Kalevipoeg trademarks, and seven products launched under the Sakala trademark. A new cake portfolio consisting of 12 products was launched under the Linda trademark. Kalev's tart portfolio was also expanded with two new flavours - Virsiku-kohupiimatort (850 g) and Toorjuustutort (700 g). Two new additions were also introduced to the Vilma flour mix series, which has received a warm welcome from customers: Vilma õhukene pitsapõhjapulber (400 g) and Vilma vanillimaitseline keeksipulber (350g). 3.3. 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. The most important current project in the real estate segment is that pursued by OÜ BCA Center. The development project has to do with the reconstruction of five schools in Tallinn within the framework of the Private Partnership for Tallinn Schools Project. 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 Marat Street in Tallinn, as well as the 25-apartment building in Hommiku Street in Pärnu. AS Kalev REC's Bulgarian-based subsidiary EOOD Stude REC launched construction of a 6,500 m2 apartment building in the country's capital Sofia. The building is scheduled to be completed in the spring or early summer of 2008. 3.4. Media and publishing AS Kalev Meedia publishes the gossip magazine Just, financial magazine Ärielu, sports magazines Sporditäht, Basket and Jalka; women's magazine Avenüü and Avenüü Professional as well as the children's magazine Muumi. According to the Estonian Media Survey conducted by TNS Emor in the third quarter of 2007, Just had 40,000 readers, Sporditäht 22,000 readers, Avenüü 20,000 readers, Muumi 16,000 readers, Ärielu 8,000 readers and Basket 60,000 readers. The sports magazine Sporditäht was renewed in the reporting period. With a new concept and a new editor, the magazine is published, from September, as a weekly. To launch the new product, the company organised an extensive advertising campaign. This was also the first bigger public campaign for AS Kalev Meedia. Several new projects were completed in the reporting period: the financial magazine Ärielu received a new concept, and a new web-based news portal www.kalev.ee was launched. A current project pursued by the company is the change scheduled to be introduced in the gossip magazine Just in November. The preparations for the launch of the new sports-orientated news and entertainment channel KalevSport by AS Kalev Meedia's subsidiary OÜ Eesti Spordikanal have also been completed. In the printing segment, the most important change in the reporting period was that in the distribution of market risks. With the aim of reducing customer credit risk in Russia and enhance profitability of the customer portfolio, AS Uniprint's subsidiary AS Unipress reduced the number of customers in Russia, as well as the volume of goods delivered on hire-purchase terms. This change had been planned in advance and will not condition a decrease in the business volumes of AS Unipress. As a result of the reorganisation, deliveries to Russia have been replaced with sales to other customers. 4. Future activities AS Kalev Chocolate Factory aims to remain the leader of the domestic market (as regards monetary turnover) in both the sugar and chocolate confectionery segment. The rapid increase in the price of major raw materials is, however, making it difficult to achieve a higher margin in the segment. Profitability of major products can, in the future, be enhanced through optimizing product assortment and enhancing production efficiency. In general product development, the company is pursuing extension of expiry dates as well as creation of healthy products and new flavours. The chocolate confectionery segment focuses on the development of chocolate tablets, chocolate candies and boxed chocolates, while the sugar confectionery segment focuses on chewing candies and toffee. In the pastry and flour confectionery sector, the company is continually pursuing its goal of achieving a material increase in the white and dark bread market share, thus taking third position among Estonian bakeries. The share of pastry products will increase in the flour confectionery segment, with continual focus to be paid to the biscuit and flour mix segment. The dairy product segment is affected by global developments as well as positioning of AS Kalev's product portfolio in the segment. The milk processing segment is characterised simultaneously by the increase in global demand for agricultural products, abandonment of the EU support schemes and formulation of the supply conditions for domestic raw material. In order to achieve the established goals, the company plans to review its product portfolio in light of the market situation. AS Kalev's real estate activities are pursued through AS Kalev REC and its direct subsidiaries. The quick 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 around residential and commercial space development. In the future, the company plans to develop its activities also in the public real estate sector. AS Kalev is set to change its strategy in accordance with the dynamics of the sector, and the latest signals of changes in the real estate market. Major changes are revolving around AS Kalev's new fields of activity―media and printing services. The company is planning to further develop the group's magazines, enhance reader numbers and increase advertising revenue. The company will also develop the web-based news portal www.kalev.ee and the television channel KalevSport. Relocation of the editorial staff to Tornimäe 5, Tallinn is scheduled in November, when the office space of AS Kalev Meedia will be completed. The purpose of the relocation is to create synergy between the three segments - print media, internet and television - thus ensuring continued improvement in quality as well as increase in cost-efficiency and competitive ability. In the printing segment, the company aims to take better advantages of the options provided by printhouses specialised in quality publications in its advertising pursuits and production of various publications. INCOME STATEMENT in thousands of kroons and euros -------------------------------------------------------------------------------- | | Consolidated (in EEK | Consolidated (in EUR) | -------------------------------------------------------------------------------- | | 3 months | 3 months | 3 months | 3 months | -------------------------------------------------------------------------------- | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 311 832 | 190 975 | 19 930 | 12 206 | -------------------------------------------------------------------------------- | Cost of sales | -230 108 | -157 044 | -14 707 | -10 037 | | of goods and | | | | | | services | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROSS PROFIT | 81 724 | 33 931 | 5 223 | 2 169 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing | -32 626 | -24 167 | -2 085 | -1 545 | | expenses | | | | | -------------------------------------------------------------------------------- | Administrativ | -25 695 | -17 361 | -1 642 | -1 110 | | e and general | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other income | -89 | -75 | -6 | -5 | | and expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING | 23 314 | -7 672 | 1 490 | -490 | | PROFIT | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial | -12 333 | -5 994 | -788 | -383 | | items | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE | 10 981 | -13 666 | 702 | -873 | | INCOME TAX | | | | | -------------------------------------------------------------------------------- | Income tax | -149 | 0 | -10 | 0 | -------------------------------------------------------------------------------- | NET PROFIT | 10 832 | -13 666 | 692 | -873 | | BEFORE | | | | | | MINORITY | | | | | | INTEREST | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | 5 | 9 | 0 | 1 | | attributable | | | | | | to minority | | | | | | interest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | 10 837 | -13 657 | 693 | -873 | | ATTRIBUTABLE | | | | | | TO THE PARENT | | | | | | COMPANY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EPS | | | | | | attributable | | | | | | to owners of | | | | | | the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | (basic EPS | 0,05 | -0,58 | 0,003 | -0,004 | | and diluted | | | | | | EPS, in | | | | | | kroons) | | | | | -------------------------------------------------------------------------------- BALANCE SHEET in thousands of kroons and euros -------------------------------------------------------------------------------- | | Consolidated (in EEK) | Consolidated (in EUR) | -------------------------------------------------------------------------------- | | 30.09.2007 | 30.06.2007 | 30.09.2007 | 30.06.2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Cash | 60 398 | 17 337 | 3 860 | 1 108 | -------------------------------------------------------------------------------- | Receivables | 129 220 | 148 050 | 8 259 | 9 462 | -------------------------------------------------------------------------------- | Prepayments | 25 548 | 2 653 | 1 633 | 170 | -------------------------------------------------------------------------------- | Inventories | 248 442 | 218 617 | 15 878 | 13 972 | -------------------------------------------------------------------------------- | Total | 463 608 | 386 657 | 29 630 | 24 712 | | current | | | | | | assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Long-term | 3 667 | 3 733 | 234 | 239 | | investments | | | | | | and | | | | | | receivables | | | | | -------------------------------------------------------------------------------- | Investment | 225 830 | 214 601 | 14 433 | 13 716 | | property | | | | | -------------------------------------------------------------------------------- | Property, | 670 686 | 644 876 | 42 865 | 41 215 | | plant and | | | | | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible | 66 719 | 62 635 | 4 264 | 4 003 | | assets | | | | | -------------------------------------------------------------------------------- | Total | 966 902 | 925 846 | 61 796 | 59 172 | | non-current | | | | | | assets | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 430 510 | 1 312 503 | 91 426 | 83 884 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | | AND OWNER'S | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- | Liabilities | | | | | -------------------------------------------------------------------------------- | Current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Borrowings | 394 254 | 348 317 | 25 197 | 22 262 | -------------------------------------------------------------------------------- | Prepayments | 1 585 | 1 461 | 101 | 93 | | from | | | | | | customers | | | | | -------------------------------------------------------------------------------- | Accounts | 310 091 | 284 439 | 19 818 | 18 179 | | payable and | | | | | | other | | | | | | payables | | | | | -------------------------------------------------------------------------------- | Total | 705 930 | 634 218 | 45 117 | 40 534 | | current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Borrowings | 340 300 | 304 837 | 21 749 | 19 483 | -------------------------------------------------------------------------------- | Total | 340 300 | 304 837 | 21 749 | 19 483 | | non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Total | 1 046 230 | 939 054 | 66 866 | 60 017 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Owner's | | | | | | equity | | | | | -------------------------------------------------------------------------------- | Share | 236 325 | 236 325 | 15 104 | 15 104 | | capital | | | | | -------------------------------------------------------------------------------- | Mandatory | 5 543 | 4 020 | 354 | 257 | | reserve | | | | | -------------------------------------------------------------------------------- | Revaluation | 111 108 | 111 108 | 7 101 | 7 101 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained | 31 256 | 21 941 | 1 998 | 1 402 | | earnings | | | | | -------------------------------------------------------------------------------- | Total | 384 232 | 373 395 | 24 557 | 23 864 | | owner's | | | | | | equity | | | | | -------------------------------------------------------------------------------- | Minority | 48 | 54 | 3 | 3 | | interest | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL | 1 430 510 | 1 312 503 | 91 426 | 83 884 | | LIABILITIES | | | | | | AND OWNER'S | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- Aire Mill Aire.Mill@kalev.ee tel 6161903