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Saku Õlletehas
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Majandusaasta aruanne
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29.02.2008 09:38:31
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2007 auditeeritud majandusaasta aruanne
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2007. aasta auditeeritud majandustulemused Majanduskeskkond ja selle mõjud Seadusandlik keskkond Seadusandlik keskkond kujunes 2007. aastal Eesti joogitootjatele suhteliselt heitlikuks. Aasta jooksul muudeti riiklikku aktsiisitõusu kava, mis lisas ebaselgust tööstusharu pika perspektiiviga strateegilistele plaanidele ning riikliku alkoholipoliitika põhiprintsiipidele. 1. jaanuarist 2008 jõustunud alkoholi-, tubaka- ja kütuseaktsiisi seaduses on kehtestatud alkohoolsete jookide aktsiisimäärad, mis mõjutavad Saku Õlletehase AS tegevust 2008. aastal. Eeltoodud seadusemuudatus tühistas lühikese etteteatamisega kolm aastat tagasi kehtestatud riikliku aktsiisitõusu kava, tõstes hüppeliselt Eesti õlle aktsiisi üheks Euroopa Liidu kõrgeimaks alates 2008. aastast. Samuti kehtestati lühikese etteteatamise ajaga aasta jooksul mitmeid piirkondlikke müügipiiranguid (kellaajad erinevad piirkonniti), mis avaldasid mõju tööstusharu konkurentsivõimele, viies teisel poolaastal õlleturu langusesse teiste alkohoolsete jookide, eelkõige kange alkoholi turu jätkuva tõusu kontekstis. 2007. aastal koostas Majandus- ja Kommunikatsiooniministeerium reklaamiseaduse muudatuse eelnõu, mis pikendaks õllede reklaami lubatud eetris oleku aega tunni võrra, jättes kehtivas seaduses sätestatud kange alkohoolse joogi reklaamide esitlemisaja muutmata. Eelnõu on menetlemisel Riigikogus. Makromajanduslik keskkond 2007. aastal mõjutasid joogitööstuse arengut Eesti majanduse üldine jahtumine teisel poolaastal ning globaalsed hinnasurved toorainele. Toorme hindade hüppeline kasv maailmaturul, mis on seotud Aasia turgude kasvust tingitud tooraine tootjate tootmismahtude nappusega, tõstis nii humala, linnase, suhkrusiirupi kui ka pakendite hinda. Maailmaturu hinnasurved toorainele ning siseriiklikud hüppelised aktsiisitõusud panevad surve inflatsioonikasvule ja hindade tõusule, mis omakorda avaldavad mõju tarbijate margieelistusele, mõjutades seeläbi järgnevate aastate turudünaamikat. Eesti Panga ning mitme kommertspanga hinnangul võib inflatsiooni aeglustumist oodata tuleva aasta teises pooles. Üldise makromajandusliku jahtumise üheks teguriks on turismi vähenemine, mis on olnud õlleturu vedajaks alates 2004. aastast, kui Eesti liitus Euroopa Liiduga. Rahandusministeeriumi andmetel vähenes III kvartalis majutatud välisturistide arv 5,5%, hotellide ja restoranide müügitulude kasv aeglustus, tegevuskulude kasvutempo kiirenes, mis tingis tootlikkuse näitajate alanemise. Võimaluse turistide ostude kasvule annab Soome valitsuse eelnõu, mis sätestas alkoholiaktsiisi tõusu 2008. aasta jooksul. Sarnaselt teistele sektoritele oli 2007. aastal püsikulude oluliseks vedajaks surve tööjõukuludele, mis oli seotud Soome tööturu avanemisega uutele Euroopa Liidu liikmesriikide kodanikele ning sellest tingitud oskustööliste väljavooluga, kuid samuti ehitussektori kasvuga. Eesti Pank oma prognoosides töötuse määra suurenemist liigselt ette ei näe, kuna teiste riikide tööjõuvajadus säilib. Küll aga on näha muutust seoses kinnisvara- ja ehitussektori langusega, mis võib vabastada olulises arvus oskustöölisi, ning mitme tootmissektori konjunktuurist tingitud tööjõuvajaduse vähenemisega. Turg ja tarbimine Eesti Õlletootjate Liidu andmetel kujunes kodumaise õlleturu kogumahuks 2007. aastal 128 miljonit liitrit. Kodumaine õlleturg langes eelmise aastaga võrreldes 1,4%, säilitades seeläbi suures mahus eelneva aasta taseme. Võrreldes eelmiste aastatega näitab õlleturg stabiliseerumise märke ning seda teiste alkohoolsete jookide jätkuva müügikasvu kontekstis. Vastavalt riiklikule aktsiisilaekumise statistikale on täheldatav aasta jooksul üle 10%-line kasv nii viinade, veinide kui ka kangestatud veinide müügis. 2007. aasta esimesel poolaastal jätkus õlleturu kasv, kuid aasta teisele poolaastale olid iseloomulikud tugevad langused kuude lõikes, mis tervikuna jätsid turu mahu eelneva aastaga samale tasemele. Turu languse tingis üldine majanduskeskkonna jahtumine, sealhulgas turistide osakaalu vähenemine, mis on olnud Eesti alkoholimüügi vedajaks alates 2004. aastast, kui Eesti liitus Euroopa Liiduga. Samuti mõjutasid turgu kaootilised piirkondlikud müügipiirangud, mis andsid tagasilöögi just kvaliteetmarkide müügile. Saku Õlletehas jätkab endiselt õlleturu liidripositsioonil. Uuringufirma ACNielsen andmetel jagunes 2007. aastal õlleturg liitris järgmiselt: turuliider Saku Õlletehas 46,3% (2006. aastal 47,3%), AleCoq 34,2% (2006. aastal 33,0%), Viru Õlu 4,4% (2006. aastal 6,2%) ning private label 10,1% (2006. aastal 6,2%). Perioodi jooksul ei kasvanud järsult mitte erinevate tootjate markide müük, vaid brändimata tooted ja kaubanduskettide omad tooted ehk private label'id, mille osakaal küündib uuringufirma ACNielseni andmetel üle 10% koguturu mahust, kahandades seeläbi turu väärtust. Peamised private label`ite omanikud on kaubandusketid VP Market ja Säästumarket. Saku Õlletehas on jätkuvalt kodumaine kvaliteetõllede eestvedaja, omades keskmiselt 60% mainstream- ja premium õllede turust. ACNielsen andmetel jagunes kodumaine õlleturg väärtuses järgmiselt: kvaliteetmarkide eestvedaja Saku Õlletehas 50,1%, AleCoq 34,8%, Viru Õlu 3,3% ning private label 5,3%. Teiste jookide turgudel suutis Saku Õlletehas oma müüki kasvatada enam kui oli turgude üldine kasv. 2007. aasta kodumaine veeturu kasv toimus suures osas tänu Saku aktiivsele tootearendusele maitsestatud Vichy VivaFresh sarjaga. Koguturg kasvas 2%, Saku veesarja müük aga samal ajal 38% võrreldes eelnenud aastaga. Sarnaselt õlleturule langes perioodi jooksul sarnastel põhjustel ka siidriturg (langus 7%), hoolimata turu üldisest langusest suutis Saku tänu edukale tootearendusele oma siidrimüüki 4% võrra kasvatada. Long dringi turg kasvas aasta jooksul 8%, Saku toodete müük 35% võrreldes aastataguse perioodiga. Samuti on kasvufaasis jäätee- ja energiajoogiturud, mis täna on mahult veel väikesed, kuid arenevad. Kodumaine energiajoogiturg kasvas 44% ning jääteeturg 67% võrreldes eelneva aastaga. Saku sisenes nendele turgudele 2007. aasta keskel. Saku Õlletehase tähtsamad sündmused 2007: Organisatsioon: Saku korporatiivkaubamärgi uuendus, mis positsioneeris Eesti vanima õlletehase kodumaise joogitööstuse eestvedajana, kätkedes nii õllepruulimise traditsiooni kui ka uute joogikategooriate innovatsiooni; Organisatsiooni kiire kohanemine II poolaasta turu- ja makromajanduslike muutustega, hea äritulemi saavutamine järsult muutunud turudünaamika kontekstis; Turupositsioon: Jätkuv turuliidripositsioon õlleturul, liidripositsioon kvaliteetõllede segmendis; Turukasvust jõulisem müügi kasv teiste jookide müügis, sh liidripositsiooni saavutamine veeturul; Kiire toote- ja kaubamärgiarendus: Eelmise aasta jooksul laieneti premium kokteilide turul sarjaga SIN; siseneti jäätee turule sarjaga Vichy Ice Tea; laieneti long drink'ide turul läbi relanseeritud ZIP Grape tootearenduse ja uuendusliku ZIP Freezer ning täiendatud KISS siidrisarja maasika- ja virsikumaitselise joogiga. Lansseeriti kodumaine energiajook Traffic ning alustati naturaalse rahvusvahelise siidri, Strongbow Gold tootmist. Hüppeline kasv veeturul toimus läbi Vichy VivaFresh sarja. Eksport ja rahvusvahelised suhted: Eliitmargi Saku Kuld ekspordi alustamine Soome turul kohaliku suurima õlletehase, Sinebrychoff tooteportfellis; Ekspordi alustamine Iirimaal ja Saksamaal ning ekspordi hoogustumine Kanadas ja USAs; Esimesena Eestis rahvusvahelise joogimargi tootmise õiguste saamine. Rahvusvahelise siidrimargi, Strongbow tootmise õiguste saamine Scottish & Newcastle poolt ning naturaalse siidri Strongbow Gold tootearendus ja turule toomine. Olulised investeeringud: BBH Balti riikide tootearenduskeskuse rajamine Saku Õlletehasesse koos laboriseadmete ja koolitatud ekspertidega. Saku tootearenduskeskuses on välja töötatud SIN kokteilijoogid, uuenduslik õllejook DLight, Vichy jäätee ja VivaFreshi maitseveed, mida müüakse kasvava trendiga kolmes Balti riigis. Uue põlvkonna multipaki tehnoloogia kasutuselevõtt - Eesti esimene purkide ja pudelite kiletamise seade; Esimesena Eestis uue põlvkonna sõrmuskorgi tehnoloogia kasutuselevõtt õlle- ja siidripakenditel; Tööstusliku toorveini tootmiskeskuse rajamine siidrite ja teiste lahjade alkohoolsete jookide valmistamise eesmärgil, eelkõige siidri Strongbow Gold naturaalse koostise tagamiseks. Ettevõtte investeeringud põhivarasse moodustasid 2007. aasta jooksul 88,3 miljonit EEK (EUR 5,6 m), peamiselt eelkirjeldatud tehnoloogia- ning kvaliteediarengusse. Majandustegevuse ja -tulemi kommentaar 2007. aasta majandustulemust hindab Saku Õlletehase juhatus heaks. Perioodi jooksul teenis ettevõte oma läbi aegade kõrgeima ärikasumi. Ettevõte suurendas ning mitmekesistas oma tulubaasi, arendades seeläbi oma positsiooni nii õlle kui ka teiste jookide turgudel ning kasvatas seeläbi ärikasumit. Tulude kasvu vedajaks oli esimesel poolaastal kvaliteetõllede müügi kasv ning hilisemalt Saku teiste jookide jätkuv müügi kasv, mis ületas turu kasvutempo turgude lõikes. Esimesel poolaastal saavutati nii õllede kui ka teiste jookide müügi kasv tänu pikaajalistele strateegilistele valikutele ning toote- ja kaubamärgiarendusse tehtud investeeringutele. Peale tulubaasi kasvu mõjutas ärikasumi kujunemist efektiivne kulujuhtimine II poolaastal seoses väliskeskkonna muutustega. Ettevõtte kulubaasi mõjutasid eelkõige tooraine- ja pakendi, reklaami ning personaliga seotud kulud. Turuliidrina hoidis Saku läbi omapoolsete turundustegevuste tähelepanu kvaliteetmarkidel, mis aitab hoida turgu väärtuses jätkusuutlikuna pikas perspektiivis. Saku Õlletehase 2007. aasta äritulud suurenesid 19% võrreldes eelmise aasta sama perioodiga, moodustades 920,1 miljonit krooni (58,8 miljonit EUR). Saku Õlletehase ärikasum kasvas 15% võrreldes eelmise aasta sama perioodiga, moodustades 157,3 miljonit krooni (10,1 miljonit EUR). Tulude kasvu tagasid nii õlle kui ka teiste jookide kvaliteetmarkide müük. Ettevõtte tulubaasi aitab hoida mitmekesisena hea tulemus nii lauavee kui ka siidriturul. Saku Õlletehas müüs 2007. aastal 92,7 miljonit liitrit jooke, eelneval aastal kujunes müügiks 91,8 miljonit liitrit. Esimesel poolaastal olid õllemüügi vedajaks eelkõige kvaliteetmargid, mis on Saku prioriteet, omades keskmiselt 60% kvaliteetõllede turust. Kasvumootoriks oli Saku Kuld, Saku on Ice, Saku DLight ning Saku Originaal. Müüki edendasid uued toote- ja pakendiarendused, eelkõige uue generatsiooni sõrmuskork ning pudelitele mõeldud kiletuspakend. III ja IV kvartalis turudünaamika muutus, kvaliteetmarkide tõus tasakaalustus ja kasvu näitas kange õlle segment. Kvaliteetmarkide müük sai taas hoogu 2007. aasta detsembris. Uuringufirma ACNielsen andmetel on Saku Õlletehas jätkuvalt Eesti õlleturu liider nii liitrites kui ka rahalises väärtuses. Ettevõtte fookust kvaliteetmarkidele näitab ka õlleturu jagunemine väärtuses, mille kohaselt on Saku Õlletehasel jätkuvalt üle poole turust (ACNielsen Saku Õlletehas väärtuseline turuosa 50,1%, lähimal konkurendil Tartu Õlletehasel 34,8%). Ettevõte saavutas aasta jooksul edu välisturgudel. 2007. aasta jooksul kasvas müük teistesse riikidesse 21%. Teistesse riikidesse müüdud jookide kasv moodustas 18% jookide kogumüügist liitrites. Eksport on seotud peamiselt teiste Balti riikidega ning eliitmargi Saku Kuld müügiga Soomes, sealse turuliidri Sinebrychoff tooteportfellis. Tõusis Saku Kulla ja Saku Originaali müük Kanadas, USAs, Saksamaal ning Saku Originaali müüki alustati Iirimaal. Võrreldes eelneva aastaga toimunud ettevõtte ärikulude kasv on seotud müügimahtude kasvuga. Enim kasvasid kulud kaupadele, toormele ja materjalile, seda peamiselt ühekordses pakendis müüdavate toodete müügimahu kasvu tõttu. Perioodi jooksul on tõusnud pakendite turuhinnad. Neist enim, 10% kasvasid purkide hinnad. Samuti on seoses mahtude suurenemisega kasvanud kulud transpordile. Kulud toormele on kasvanud eelkõige seoses tooraine hindade hüppelise kasvuga maailmaturul. Kõiki Euroopa tootjaid mõjutava toorme hinna tõusuga on seotud Aasia, eelkõige Hiina õlletootmismahu kasv. Linnaseodra ning humala tootmise mahud ei täida tootjate mahu vajadusi, mis kahekordistas linnase hinda maailmaturul ning tõstis humala hinda ligi kaks korda. Peale tootmismahtude piiratuse vähendas koguseid eelmise aasta kehv odrasaak. Nisuhinna tõusust johtuvalt tõusis suhkrusiirupi hind keskmiselt 10%. Sarnaselt teiste Eesti ettevõtetega kasvasid kulutused tööjõule. Ettevõtte IV kvartali äritulud kasvasid 12% võrreldes eelmise aasta sama perioodiga, moodustades 197,3 miljonit krooni (12,6 miljonit EUR). Ettevõtte ärikasumiks kujunes 9,7 miljonit krooni, eelmise aasta sama perioodi tulem oli 16,4 miljonit krooni. Kvartali puhaskasumiks kujunes 9,6 miljonit krooni. Tulu kasvu vedajaks olid eelkõige Saku teiste jookide müük ning väärtuselise turuosa hoidmine õlleturul hoolimata turu langusest. Ärikasumi vähenemine IV kvartalis ei ole tingitud perioodi äritegevusest, vaid on seotud aruandluse korrastamise eesmärgil tehtud taara ümberarvestusega 20 miljoni EEK (EUR 1,3 m) ulatuses. Taara ümberarvestuse aluseks on 2005. aasta oktoobris üleminekuajaga jõustunud Pakendiseadus, mis on tänaseks andnud esimese kogemuse loomaks tava taaraarvestuse korraldamiseks. 2007. aasta puhaskasumiks kujunes 100,9 miljonit krooni (6,5 miljonit EUR), mis on eelmise aasta puhaskasumist 12% väiksem seoses I kvartalis makstud kõrgema dividendidelt makstava tulumaksuga. 2006. aasta eest maksis Saku läbi aegade suuremaid dividende, mis tõstis dividendidelt makstava tulumaksumäära võrreldes eelmise aasta sama perioodiga enam kui 50% kõrgemaks. 25% ettevõtte aktsiakapitalist jaguneb väikeaktsionäride vahel, mis arvuliselt jagunvad peamiselt Eesti eraisikute vahel. Tulevikusuunad Kodumaine joogitööstus ja turg on 2008. aastal jätkuvalt mõjutatud üldisest majanduse jahtumisest ning globaalsest hinnasurvest tingitud sisendhindade kasvust. Täiendavalt peab Eestimaine õlletööstus valmistuma 2008. aasta hüppeliseks aktsiisitõusuks, mis teeb Eesti õlleaktsiisi üheks Euroopa Liidu kõrgeimaks. Samuti avaldab mõju üldine majanduskeskkonna jahenemine, mis paneb täiendava väljakutse kulude juhtimisele. Majanduse jahtumisest tingitud turudünaamika muutus paneb väljakutse kvaliteetmarkide arengule. 2007. aasta teisel poolel alguse saanud turudünaamika trend soosib eelkõige kange õlle segmendi ning säästusegmendi toodete müüki, mida näitab ka private label`i hüppeline kasv. Turuliidrina on Saku Õlletehase roll hoida ettevõttepoolsete tegevuste abil, seda nii tootearenduses kui ka turunduses, fookust kvaliteetmarkide arengul, mis aitab kodumaisel õlleturul võimalikult edukalt madalseisu üle elada ning seeläbi tagada turu väärtuselist jätkusuutlikkust ja arengut pikas perspektiivis. Turuliidrina aitas Saku kodumaisel õlleturul taastada väärtuselist arengut läbi omapoolsete investeeringute kvaliteetmarkide konkurentsivõime tugevdamisesse kolm aastat tagasi, kui õlleturgu oli laastanud suurtes plastikpakendites õllede pealetung Ukrainast ja Venemaalt. Tulemuseks oli turu mitmeaastaselise väärtuselise languse peatamine ning areng järgnevatel perioodidel, mis kajastus ka ettevõtte majandustulemustes. Eesti vanima õlletehasena on Saku Õlletehas end positsioneerinud kodumaise õlleturu liidrina, sh kvaliteedi- ja tootearendusliidrina, arendades seeläbi turgu tervikuna. Eesmärgiks liidripositsioon erinevates õllekategooriates ja pakendiliikides pikas perspektiivis, põhirõhuga kvaliteetõllede segmendil. Ettevõte jätkab laienemist ja sisenemist teiste jookide turgudele, mis on ettevõtte jaoks kasumlikud. Tänaseks on ettevõte sisenenud ning jõuliselt suurendanud oma müüki siidri, long dring'i, mineraalvee, energiajoogi ja jäätee turgudel. Kuigi investeeringuteks on keskkond seoses hüppelise kulude kasvuga (aktsiis, globaalsed mõjud hindadele) ja tööstusharu arengu piirangutega (seadusandlikust keskkonnast tingitud kehtivad ning planeeritavad piirangud) pigem ebasoodne, jätkab Saku Õlletehas turuliidrina regulaarseid investeeringuid tootmise ja kvaliteedi arengusse. Samuti organisatsiooni arengusse läbi erinevate töötajate programmide (Talent Management). Ettevõte jätkab tasakaalustatud arengu printsiipi, mille peamiseks eesmärgiks on pikas perspektiivis kasumlik õlle- ja joogitootmine, mille aluseks on tugev positsioon strateegilistel turgudel ning tulubaasi mitmekesisus nii tooteliikide kui ka sihtturgude lõikes. -------------------------------------------------------------------------------- | BILANSS | | | | | -------------------------------------------------------------------------------- | (tuhandetes) | EEK | | EUR | | -------------------------------------------------------------------------------- | | | korrigeerit | | korrigeerit | | | | ud | | ud | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.2006 | 31.12.2007 | 31.12.2006 | | | 7 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD | | | | | -------------------------------------------------------------------------------- | Raha ja raha | 15 746 | 118 876 | 1 006 | 7 597 | | ekvivalendid (lisa 2) | | | | | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 88 951 | 71 944 | 5 685 | 4 598 | | (lisa 3) | | | | | -------------------------------------------------------------------------------- | Mitmesugused nõuded ja | 33 120 | 7 883 | 2 117 | 504 | | ettemaksed (lisa 4) | | | | | -------------------------------------------------------------------------------- | Varud (lisa 5) | 57 257 | 58 771 | 3 659 | 3 756 | -------------------------------------------------------------------------------- | KÄIBEVARA KOKKU | 195 074 | 257 474 | 12 467 | 16 455 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Pikaajalised | 6 100 | 7 740 | 390 | 495 | | finantsvarad | | | | | | (lisa 6) | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 280 552 | 277 788 | 17 931 | 17 754 | | (lisa 7) | | | | | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 491 | 990 | 31 | 63 | | (lisa 8) | | | | | -------------------------------------------------------------------------------- | PÕHIVARA KOKKU | 287 143 | 286 518 | 18 352 | 18 312 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD KOKKU | 482 217 | 543 992 | 30 819 | 34 767 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | | | | | | OMAKAPITAL | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlakohustused (lisa 9) | 110 | 131 | 7 | 8 | -------------------------------------------------------------------------------- | Võlad tarnijatele | 23 666 | 27 472 | 1 513 | 1 756 | -------------------------------------------------------------------------------- | Mitmesugused võlad | 83 954 | 58 197 | 5 365 | 3 720 | | (lisa 10) | | | | | -------------------------------------------------------------------------------- | Pakendi tagasiostu | 43 359 | 27 850 | 2 771 | 1 780 | | eraldis(lisa 11) | | | | | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED | 151 089 | 113 650 | 9 656 | 7 264 | | KOKKU | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 239 | 376 | 16 | 24 | | kapitalirendi | | | | | | kohustused | | | | | | (lisa 9) | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 151 328 | 114 026 | 9 672 | 7 288 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Omakapital (lisa 12) | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 80 000 | 80 000 | 5 113 | 5 113 | -------------------------------------------------------------------------------- | Kohustuslik | 8 000 | 8 000 | 511 | 511 | | reservkapital | | | | | -------------------------------------------------------------------------------- | Eelmiste perioodide | 141 966 | 227 099 | 9 073 | 14 514 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasum | 100 923 | 114 867 | 6 450 | 7 341 | | | | | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 330 889 | 429 966 | 21 147 | 27 479 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | 482 217 | 543 992 | 30 819 | 34 767 | | OMAKAPITAL KOKKU | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KASUMIARUANNE | | | | | -------------------------------------------------------------------------------- | (tuhandetes) | EEK | EUR | -------------------------------------------------------------------------------- | | | korrigeeri | | korrigeerit | | | | tud | | ud | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Äritulud | | | | | -------------------------------------------------------------------------------- | Müügitulu (lisa 14) | 911 685 | 770 133 | 58 267 | 49 220 | -------------------------------------------------------------------------------- | Muud äritulud | 8 390 | 1 511 | 536 | 97 | -------------------------------------------------------------------------------- | Äritulud kokku | 920 075 | 771 644 | 58 803 | 49 317 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikulud | | | | | -------------------------------------------------------------------------------- | Valmis- ja lõpetamata | | | | | | toodangu | | | | | -------------------------------------------------------------------------------- | jääkide muutus | -4 985 | -1 973 | -319 | -126 | -------------------------------------------------------------------------------- | Kaubad, toore, materjal, | 360 471 | 307 321 | 23 038 | 19 642 | | teenused (lisa 15) | | | | | -------------------------------------------------------------------------------- | Mitmesugused tegevuskulud | 252 404 | 182 063 | 16 132 | 11 636 | | (lisa 15) | | | | | -------------------------------------------------------------------------------- | Tööjõukulud (lisa 15) | 96 149 | 85 354 | 6 145 | 5 455 | -------------------------------------------------------------------------------- | Põhivara kulum (lisa 7, 8) | 56 415 | 58 590 | 3 606 | 3 745 | -------------------------------------------------------------------------------- | Muud ärikulud (lisa 15) | 2 263 | 3 904 | 144 | 249 | -------------------------------------------------------------------------------- | Ärikulud kokku | 762 717 | 635 259 | 48 746 | 40 601 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ÄRIKASUM | 157 358 | 136 385 | 10 057 | 8 716 | -------------------------------------------------------------------------------- | Finantstulud (lisa 16) | 1 619 | 2 631 | 103 | 168 | -------------------------------------------------------------------------------- | Finantskulud (lisa 16) | 1 644 | 253 | 105 | 16 | -------------------------------------------------------------------------------- | ARUANDEAASTA KASUM ENNE | 157 333 | 138 763 | 10 055 | 8 868 | | MAKSUSTAMIST | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks (lisa 18) | 56 410 | 23 896 | 3 605 | 1 527 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ARUANDEAASTA PUHASKASUM | 100 923 | 114 867 | 6 450 | 7 341 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | 0,013 | 0,014 | 0,0008 | 0,0009 | | (lisa 17) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,013 | 0,014 | 0,0008 | 0,0009 | | aktsia kohta (lisa 17) | | | | | -------------------------------------------------------------------------------- Lisainformatsioon: Kristina Seimann kommunikatsioonijuhi kt kristina.seimann@pruul.ee +372 6508 400
Pealkiri
2007 audited annual report
Teade
Audited financial results for 2007 Operating environment Legal environment The legal environment of 2007 brought upheaval for Estonian beverage producers. The industry's long-term strategic plans and the principles of the national alcohol policy were disrupted by an unexpected change in the schedule for increasing the national excise duty rates. In 2008, the performance of Saku Õlletehase AS will be affected by the new excise rates provided in the Alcohol, Tobacco, Fuel and Electricity Excise Duty Act which took effect on 1 January 2008. With extremely short notice, legislative amendments revoked the schedule for increasing the national excise rates which had been adopted three years before, raising the Estonian excise rate for beer among the highest in the EU. Chaotic regional sales restrictions imposed with uncommonly short warning hampered the industry's competitiveness, triggering beer market decline in the second half of the year, a trend aggravated by the continuing rise of other alcoholic beverages, especially strong alcohol. In 2007, the Ministry of Economic Affairs and Communications drafted an amendment to the Advertising Act which postpones the start time for beer commercials by one hour but leaves the restrictions for strong alcohol unchanged. The bill is currently in the Parliament. Macroeconomic environment In 2007, the development of the beverage industry was strongly affected by the overall cooling of the Estonian economy in the second half of the year and global price pressures, especially on raw materials. Global price hikes prompted by a lack of capacities caused by rapid growth in Asian markets have raised the prices of hop, malt, molasses and packaging. The pressure on the prices of raw materials and an upsurge in national excise rates generate inflation and price escalation. This, in turn, influences the domestic consumers' brand preferences and subsequent years' market dynamics. According to the projections of the central bank and several commercial banks, inflation will slow down in the second half of 2008. One of the factors that has led to the cooling of the macroeconomic environment is the decrease in tourism which has driven the beer market since 2004 when Estonia joined the EU. According to the Ministry of Finance, in the third quarter of 2007 the number of foreign tourists staying in Estonia decreased by 5.5% and hotels' and restaurants' revenue growth decelerated while growth in their operating expenses accelerated, bringing about a deterioration in profitability indicators. The bill prepared by the Finnish government which foresees an increase in Finnish alcohol excise rates gives hope that the downward trend in purchases by tourists may turn around. Similarly to other sectors, in 2007 the fixed costs of the beverage industry were materially affected by upward pressure on labour costs, resulting, among other factors, from the opening of the Finnish labour market to the new member states and the ensuing outflow of qualified labour as well as the rise of the Estonian construction sector. The central bank does not expect a notable rise in unemployment because labour needs in other countries will remain high. However, we believe that the situation may be alleviated by the contraction of the real estate and construction sector and the changes in several sectors of the manufacturing industry, which may release a substantial number of qualified workers. Market and consumption According to the Estonian Breweries' Association, in 2007 the Estonian beer market shrank by 1.4% to 128 million litres. Compared with prior years, the beer market seems to be stabilising against continuing rise of other alcoholic beverages. In the first half of the year, the beer market continued growing but the months of the second half-year brought strong setbacks which left the overall volume at the level of 2006. The shrinkage of the market may be explained by the overall cooling of the economic environment, including a decrease in tourism which has driven alcohol sales in Estonia since 2004 when Estonia joined the EU, as well as chaotic regional sales restrictions which have caused a notable fall in the sales of premium brands. Excise duty recovery statistics show that in 2007 sales of vodka, wine and strong wine shot up by more than 10%. Saku continues the leading role in Estonian beer market. According to market research company ACNielsen, in 2007 the Estonian beer market broke down between players as follows: Saku Õlletehase AS, the market leader, 46.3% (2006: 47.3%), AleCoq 34.2% (2006: 33.0%), Viru Õlu 4.4% (2006: 6.2%) and private label 10.1% (2006: 6.2%). The largest increase was not achieved by any producer but the segment of unbranded and supermarkets' own products or private labels whose share already surpasses 10%, diminishing the value of the whole market. The main owners of private labels are supermarket chains VP Market and Säästumarket. Saku continues the leading role on quality beer market development by owning approximately 60% share from premium and mainstream segment. According to ACNielsen, in terms of value, the Estonian beer market of 2007 broke down as follows: Saku Õlletehase AS, the driver of premium brands, 50.1%, AleCoq 34.8%, Viru Õlu 3.3% and private label 5.3%. Saku continues active expenditure on other beverages markets. During the period, in other beverage markets, Saku production growth surpassed market general growth. The Estonian water market expanded largely thanks to active development of our flavoured Vichy Viva Fresh. If the market grew by 2%, sales of our water line shot up by an exceptional 38%. Although the cider market shrank due to the same reasons as the beer market (7% contraction), Saku Õlletehase AS was able to increase cider sales thanks to successful product development. While the long drink market grew by 8% year-over-year, sales of Saku's products increased by a strong 35%. The ice tea and energy drinks markets which are currently small and developing continue growing. In 2007, the domestic energy drink market grew by 44% and ice tea market by 67%. Saku entered those markets in the middle of 2007. Highlights of 2007 Organisation: We implemented a new corporate logo which combines Saku's brewing tradition with the concept of product innovation and clearly positions Estonia's oldest brewery as the leader of the local beverage industry. We adjusted quickly to the macroeconomic and market changes of the second half-year, achieving strong operating results in the context of less favourable market dynamics. Market position We maintained our leading position in the beer market, the leading position in the quality beer segment. Saku's sales in other beverages market surpassed market growth and we gained the leading position in the water market. We remained committed to product and brand development. In 2007, we extended our premium cocktail line Sin, launched Vichy Classique Ice Tea and innovative long drink Zip Freezer, and supplemented our Kiss line with strawberry and peach flavoured ciders. In addition, we launched domestic energy drink Traffic, began producing international cider brand Strongbow Gold, attained dramatic growth in the water market through strong sales of Vichy Viva Fresh and re-launched Zip Grape which contains natural juice. Exports and international relations In the reporting period, we began exporting our premium beer Saku Kuld to the Finnish market where it is carried in the product portfolio of the largest local brewery Sinebrychoff. We launched exports to Ireland and Germany and increased exports to Canada and the USA. We were the first in Estonia to be granted the right to produce an international brand - Scottish & Newcastle awarded us the rights to produce international cider brand Strongbow. In 2007, we developed and launched natural cider Strongbow Gold. Investments Saku opened BBH's Baltic product development centre complete with lab equipment and highly qualified experts, which has already yielded several product innovations for Estonia, Latvia and Lithuania. The centre in Saku has developed Sin cocktails, beer drink DLight, Vichy Ice Tea and Viva Fresh flavoured waters whose sales are expanding in all Baltic countries. Saku was the first in Estonia to implement new generation multi-pack technology - the first plastic-based wrapping system for both cans and bottles. Saku was the first in Estonia to implement new generation ring pull cap technology for both beer and cider packaging. We established a centre for the manufacture of new wine with a view to producing ciders and other low alcohol beverages, and to ensure the availability of natural ingredients for Strongbow Gold. Total investments amounted to 88.3 million kroons (5.6 million euros), the main investments were made in technology and quality development as described above. Performance and results of operation The management board of Saku Õlletehase AS gave a good assessment to the business result of 2007. Compared to last year, Saku increased and diversified its revenue base and developed its position in the beer and other beverages market. Saku Õlletehase AS earned the highest ever operating profit in 2007, compared to previous years. Revenue growth was driven by a rise in the sales of premium brands and later by above-market growth in the sales of other beverages. The increase in beer and other beverage sales was achieved thanks to long-term strategic investment in product and brand development. Besides good revenue growth, the business result was affected by the improvement in operating efficiency which may be attributed to rapid adjustment to changes in market dynamics and effective cost management in the second half of the year. Expenses were affected by personnel, raw material, packaging costs, which affected all domestic breweries. As the market leader, the brewery has to uphold the value of the market in a long term perspective by marketing activities focused on quality brands in spite of strong and economy segment driven market in the second half of year. Saku Õlletehase AS ended 2007 with revenue of 920.1 million kroons (58.8 million euros), a 16% increase on 2006. Operating profit grew by 15% to 157.3 million kroons (10.0 million euros). Revenue growth was driven by quality brand sales in beer and other beverages market (mainly water and cider sales). Our beverage sales totalled 92.7 million litres against 91.8 million litres in 2006. In the first half-year, beer sales were driven, first and fore most, by premium brands which are Saku's priority and account for approximately 60% of the premium beer market. The growth drivers included Saku Kuld, Saku on Ice, Saku DLight and Saku Originaal. Sales were supported by innovative product and packaging developments, especially the new generation ring pull cap and plastic wrapping for bottles. In the third and fourth quarters, market dynamics changed. The rise of premium brands levelled off while the sales of strong beer began climbing. According to market research company AC Nielsen, Saku Õlletehase AS is the market leader in both quantitative and monetary terms. Our focus on premium brands finds reflection in the value-based distribution of the market where our share exceeds one half (ACNilesen: Saku Õlletehase AS 50.1%, the closest competitor Tartu Õlletehas 34.8%). The company was successful in exports. In 2007, exports soared by 21%, accounting for 18% of quantitative sales. The main export markets were the other Baltic countries. Premium beer Saku Kuld was exported to Finland where it was distributed by the local market leader Sinebrychoff. In the third quarter, we increased exports of Saku Kuld and Saku Originaal to Canada, the USA, and Germany and began their export to Ireland. Expenses increased because of sales growth. The largest rise occurred in the cost of materials, consumables and services used, primarily on account of an increase in the sales of goods distributed in one-way packaging. The period saw an upswing in the prices of packaging, especially cans whose prices rose by 10%. The growth in sales also boosted transport expenses. Raw materials costs increased in connection with a global upsurge in related prices, a trend affecting all European producers. Raw materials prices have rocketed because of an upturn in beer production, led by Asian, especially the Chinese beer market. The output of malt barley and hop does not meet the producers' needs. Increasing demand has doubled the world market price for malt and almost doubled the price for hop. In addition to limited capacities, barley supplies have been adversely affected by previous year's poor crop. The rise in wheat prices has triggered a 10% increase in the price of molasses. As the rest of Estonian companies, the company workforce expenses was higher compared to last year same period. Net profit for 2007 amounted to 100.0 million kroons (6.4 million euros), 12% down from 2006 due to larger first quarter divided tax expense. Dividends paid for 2006 were the largest ever. As a result, the tax expense incurred was approximately 50% larger than the one incurred in the same period of 2006. Twenty-five percent of the company's shares are held by small shareholders, mostly individuals residing in Estonia. Fourth quarter revenue amounted to 197.3 million kroons (12.6 million euros), a 12% increase year-over-year. Operating profit for the fourth quarter amounted to 9.6 million kroons (617 000 euros) against 6.7 million kroons (0.4 m euros) for the fourth quarter of 2006. The quarter ended in a net profit of 9.6 million kroons (611 000 euros). The main revenue drivers were other beverages and the main achievement maintaining the value-based share in the beer market regardless of the overall shrinkage. The decrease in fourth quarter operating profit does not stem from the period's operating results but the revaluation of assets (packaging) by 20 million kroons (1.3 million euros) undertaken for financial accounting purposes. The revaluation was based on the new Packaging Act, which entered into force in autumn of 2005. Future outlook In 2008, the Estonian beverage industry and market will be influenced by a general cooling of economy and a globally induced rise in input prices. In addition, our beer industry will have to prepare for an abrupt increase in excise rates, which will render the Estonian beer excise one of the highest in Europe, and a slowdown in economic growth, which will present an additional challenge for cost management. The changes in market dynamics, triggered by economic downturn, challenge the development of premium brands. The trends which became visible in the second half of 2007 foster the rise of strong and cheap beers, a development evidenced by an upsurge in the consumption of private label products. It is the responsibility of Saku Õlletehase AS, as the market leader, to focus on the development of premium products in order to help the market overcome the slump and maintain its value and long-term development. Three years ago, when the market was ravaged by the onslaught of Russian and Ukrainian beers distributed in large plastic packaging, Saku helped restore the value and growth of the market by consciously investing in the competitiveness of premium brands. As a result, we were able to turn around the recession - the decline in value stopped and market development resumed, delivering a positive impact on our performance. As the oldest Estonian brewery, we have positioned ourselves as the leader of the Estonian beer market both in terms of quality and product development. Our long-term objective is to develop the whole market. For this, we intend to gain and maintain the leading position in various categories of beer and different types of packaging although our main focus will remain on the premium segment. We will continue expansion in other beverage markets which are profitable for us. To date, we have successfully penetrated and are strengthening our positions in the cider, long drink, table water, energy drink and ice tea markets. Although an environment characterised by cost hikes (excises, global price pressures) and development restrictions (current and planned legislative restraints) does not favour investment, we will continue investing in product and quality development and will enhance our organisational capabilities through various talent management programmes. We are committed to balanced development. Our main goal is to achieve long-term profitability in beer and beverage production through strong positions in our strategic markets and a diverse revenue base both in terms of product types and target markets. -------------------------------------------------------------------------------- | BALANCE SHEET | | | | | -------------------------------------------------------------------------------- | (In thousands) | EEK | | EUR | | -------------------------------------------------------------------------------- | | | restated | | restated | -------------------------------------------------------------------------------- | | 31 December | 31 | 31 December | 31 December | | | 2007 | December | 2007 | 2006 | | | | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Cash and cash | 15,746 | 118,876 | 1,006 | 7,597 | | equivalents (note 2) | | | | | -------------------------------------------------------------------------------- | Trade receivables | 88,951 | 71,944 | 5,685 | 4,598 | | (note 3) | | | | | -------------------------------------------------------------------------------- | Other receivables | 33,120 | 7,883 | 2,117 | 504 | | and prepayments | | | | | | (note 4) | | | | | -------------------------------------------------------------------------------- | Inventories (note 5) | 57,257 | 58,771 | 3,659 | 3,756 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 195,074 | 257,474 | 12,467 | 16,455 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Long-term | 6,100 | 7,740 | 390 | 495 | | investments (note 6) | | | | | -------------------------------------------------------------------------------- | Property, plant and | 280,552 | 277,788 | 17,931 | 17,754 | | equipment (note 7) | | | | | -------------------------------------------------------------------------------- | Intangible assets | 491 | 990 | 31 | 63 | | (note 8) | | | | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT | 287,143 | 286,518 | 18,352 | 18,312 | | ASSETS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 482,217 | 543,992 | 30,819 | 34,767 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Lease liabilities | 110 | 131 | 7 | 8 | | (note 9) | | | | | -------------------------------------------------------------------------------- | Trade payables | 23,666 | 27,472 | 1,513 | 1,756 | -------------------------------------------------------------------------------- | Other payables (note | 83,954 | 58,197 | 5,365 | 3,720 | | 10) | | | | | -------------------------------------------------------------------------------- | Packaging repurchase | 43,359 | 27,850 | 2,771 | 1,780 | | provision (note 11) | | | | | -------------------------------------------------------------------------------- | TOTAL CURRENT | 151,089 | 113,650 | 9,656 | 7,264 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Finance lease | 239 | 376 | 16 | 24 | | liabilities (note 9) | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 151 328 | 114 026 | 9 672 | 7 288 | -------------------------------------------------------------------------------- | Equity (note 12) | | | | | -------------------------------------------------------------------------------- | Share capital | 80,000 | 80,000 | 5,113 | 5,113 | -------------------------------------------------------------------------------- | Statutory capital | 8,000 | 8,000 | 511 | 511 | | reserve | | | | | -------------------------------------------------------------------------------- | Other reserves | | | | | -------------------------------------------------------------------------------- | Retained earnings | 141,966 | 227,099 | 9,073 | 14,514 | -------------------------------------------------------------------------------- | Profit for the | 100,923 | 114,867 | 6,450 | 7,341 | | period | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY | 330,889 | 429,966 | 21,147 | 27,479 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 482,217 | 543,992 | 30,819 | 34,767 | | AND EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (In thousands) | EEK | EUR | -------------------------------------------------------------------------------- | | | restated | | restated | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales revenue and other | | | | | | income | | | | | -------------------------------------------------------------------------------- | Sales revenue (note 14) | 911,685 | 770,133 | 58,267 | 49,220 | -------------------------------------------------------------------------------- | Other income | 8,390 | 1,511 | 536 | 97 | -------------------------------------------------------------------------------- | Total sales revenue and | 920,075 | 771,644 | 58,803 | 49,317 | | other income | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expenses | | | | | -------------------------------------------------------------------------------- | Changes in work in progress | | | | | | and | | | | | -------------------------------------------------------------------------------- | finished goods inventories | -4,985 | -1,973 | -319 | -126 | -------------------------------------------------------------------------------- | Cost of materials, | 360,471 | 307,321 | 23,038 | 19,642 | | consumables and services | | | | | | used (note 15) | | | | | -------------------------------------------------------------------------------- | Other operating expenses | 252,404 | 182,063 | 16,132 | 11,636 | | (note 15) | | | | | -------------------------------------------------------------------------------- | Labour costs (note 15) | 96,149 | 85,354 | 6,145 | 5,455 | -------------------------------------------------------------------------------- | Depreciation and | 56,415 | 58,590 | 3,606 | 3,745 | | amortisation charges (notes | | | | | | 7, 8) | | | | | -------------------------------------------------------------------------------- | Other expenses (note 15) | 2,263 | 3,904 | 144 | 249 | -------------------------------------------------------------------------------- | Total expenses | 762,717 | 635,259 | 48,746 | 40,601 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 157,358 | 136,385 | 10,057 | 8,716 | -------------------------------------------------------------------------------- | Financial income (note 16) | 1,619 | 2,631 | 103 | 168 | -------------------------------------------------------------------------------- | Financial expenses (note | 1 644 | 253 | 105 | 16 | | 16) | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 157,333 | 138,763 | 10,055 | 8,868 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense (note | 56,410 | 23,896 | 3,605 | 1,527 | | 18) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 100,923 | 114,867 | 6,450 | 7,341 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 0.013 | 0.014 | 0.0008 | 0.0009 | | (note 17) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 0.013 | 0.014 | 0.0008 | 0.0009 | | (note 17) | | | | | -------------------------------------------------------------------------------- Additional information: Kristina Seimann Communication Manager +372 6 508 400 Kristina.Seimann@pruul.ee