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06.10.2008 13:35:31
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Comments on the article published in Äripäev's online edition on 2 October 2008
Teade
Äripäev drew attention to a technical conflict between the fourth-quarter income statement and the 12-month income statement. A calculation error was introduced in a part of the figures in AS Kalev's fourth-quarter income statement. As this is a 12-month report, the numbers for the fourth quarter do not have determining importance and do not change the basic content of the report, which has been discussed with auditors. The interests of investors have not been harmed. The adjusted report is available on the Tallinn Stock Exchange website: http://www.baltic.omxnordicexchange.com/market/?pg=details&instrument=EE31000024 60&list=2&tab=news&news_id=227229 As a comment to the coverage of the topic in the Äripäev article, the 55-million-kroon calculation discrepancy derives from the aforementioned calculation error. The report includes explanations for the drop in sales in the dairy and flour confectionery sector. The volume of flour confectionery products dropped 23% in terms of quantity (page 10 of the 12-month interim report) and the dairy figures are not comparable at all with previous periods, as the activity was reorganised to provision of services in the previous quarter in connection with the drop in prices on the world market for commodity-type dairy products and the production process was even suspended temporarily (page 11 of the 12-month interim report). Based on page 17 of the accounting service guidelines, investments made into renovation of schools were recognized on accrual basis as a construction service and as a result, the turnover was recognized in the real estate sector. Allan Viirma Head of Legal Service tel 6886616