Andmed seisuga: 24.11.2024 19:27 (GMT+2)
SAKU ÕLLETEHAS
REPORT
NOTES TO THE FINANCIAL STATEMENTS OF 1999
Change in Owners’ Equity
(in kroons)
Group Group Parent Parent
company company
1999 1998 1999 1998
adjusted adjusted
Share capital 80 000 000 80 000 000 80 000 000 80 000 000
Mandatory reserves at the 8 000 000 8 002 161 8 000 000 8 000 000
beginning of the period
Increase in the retained -2 161
earnings
Mandatory reserves by the end 8 000 000
of the period
Other reserves 44 069 965 44 069 965 44 069 965 44 069 965
Retained earnings
at the beginning of the 157 791 294 114 108 551 157 905 518 114 224 936
period
Dividends paid -32 000 000 -16 000 000 -32 000 000 -16 000 000
Allocation from the mandatory 2 161
reserves
Deferred income tax 15 983 993 15 983 993
By the end of the period 125 791 294 114 094 705 125 905 518 114 208 929
Profit of the reporting 61 009 264 43 696 589 60 895 040 43 696 589
period
318 870 523 289 861 259 318 870 523 289 975 483
Total owners’ equity
The share capital of the Saku Brewery of 80 million kroons was made up of 8
million registered shares with the nominal value of 10 kroons. According to
the articles of association of the parent company the minimal amount of share
capital is 80 million kroons and the maximum amount of share capital is 320
million kroons.
According to the principles of the new Income Tax Act the deferred income tax
liability arisen in previous periods due to the differences between the assets
and liabilities’ book value and tax base will not realise. Having due regard
of this fact and the decision by the Accounting Board of the Republic of
Estonia No.2-1 “The Influence of the Income Tax Act on the Accounting and
Reporting Practice”, the unrestricted owners’ equity reflected in the opening
balance sheet for the financial year has been increased by the amount of the
previously reported deferred income tax liability of 15 983 993 kroons and the
income for 1998, presented as the comparative basis, has been increased by 1
427 539 kroons.
Notes to the Financial Statements
Note 1. Accounting Policies
The annual financial statements for 1999 have been compiled in accordance with
generally accepted accounting principles of the Republic of Estonia. The
principal requirements of generally accepted accounting principles have been
established by the Accounting Act of the Republic of Estonia, supplemented by
the guidelines issued by the Accounting Board of the Republic of Estonia and
International Accounting Standards (IAS).
Consolidation principles
Saku Keldri OÜ, Saku Õlu OÜ, and Saku Purgiõlle OÜ—all 100% owned by the
Brewery, are included in consolidated financial statements using the line-by-
line consolidation principle. Intra-group receivables and payables, income and
expenses have been eliminated. In the consolidated balance sheet the
investments into subsidiaries have been eliminated with their owners’ equity.
In the balance of the parent company investment in the shares of subsidiaries
has been accounted for under the modified equity method.
Cash
In the cash flow statement, ‘cash’ denotes cash at hand, bank accounts and
short-term deposits.
Foreign currency
All the foreign currency transactions by the Saku Brewery and the group have
been accounted for in Estonian kroons according to the official rate of the
Bank of Estonia on the day of the transaction. In the balance sheet the assets
and liabilities in foreign currencies have been translated into Estonian
kroons according to the official rate of the Bank of Estonia on the balance
sheet date. Exchange gains and losses have been reflected in the income
statement as income and expenses.
Short-term financial investments
In the balance sheet short-term financial investments have been reflected
according to what is lower: either the acquisition cost or net realisable
value and the change in their value has been shown in the income statement as
financial income or expense.
Long-term financial investments
Shares in subsidiaries and loans that have been issued for a period longer
than one year have been reflected as long-term financial investments.
Sales
Sales income has been reflected at net realisable value and does not include
taxes. Upon selling the production sales income is reflected as of the moment
when invoice has been issued to the buyer.
Receivables
The receivables reflected in the balance sheet have been accounted for based
on recoverability. Doubtful customer receivables have been expensed.
Collection in the financial year of items previously expensed as irrecoverable
has been reported as an adjustment to doubtful receivables.
Inventories
In the balance sheet inventories have been reflected according to whichever is
lower: the acquisition cost or net realisable value. The work in progress and
the finished production have been accounted for at conversion cost including
the direct and indirect production costs. The FIFO method has been used to
calculate expenses on the raw material, the work in progress, and the finished
products.
Tangible assets
Assets utilised for more than one year whose purchase price exceeds 10000
kroons are accounted for as fixed assets. Fixed assets are carried at
acquisition cost, accumulated depreciation is shown separately. Depreciation
is accounted for using the straight-line method.
Depreciation has been calculated according to the following depreciation
rates:
Computer hard and software 33.3%
Machinery and equipment 12.5 20%
Constructions 5 10%
Buildings 3%
Depreciation for tax purposes has been calculated using the following rates:
I group buildings and constructions and their structural elements 8 %
II group other depreciable fixed assets used in business 40%
Changes in Accounting Policies
The Income Tax Act that took effect on January 1, 2000 affects the accounting
for the deferred income tax liability. In this Annual Report the unrestricted
owners’ equity recorded in the opening balance sheet for 1999 and the income
statement for 1998, presented for comparative purposes, have been adjusted
consistent with decision No.2-1 “The Influence of the Income Tax Act on the
Accounting and Reporting Practice” by the Accounting Board of the Republic of
Estonia. The effect of the change on the owners’ equity reflected in the
opening balance sheet for 1999 and the profits for 1998 has been explained in
the statement of the change in owners’ equity.
Note 2. Cash and Bank Accounts
(in kroons)
Group Group Parent Parent
company company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Cash and bank accounts 4 004 060 6 398 563 3 962 586 4 629 910
Short-term bank deposits 24 171 544 18 929 963 24 171 544 18 929 963
Total 28 175 604 25 328 526 28 134 130 23 559 873
Note 3. Shares and Other Securities
(in kroons)
Group Group Parent Parent
company company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Hansa Money Market Fund 1 000 000 1 000 000
Shares of AS Saku Linnas 4 021 073 4 021 073
Total 5 021 073 0 5 021 073 0
In the balance sheet the investment into the shares of AS Saku Linnas, a 100%
controlled subsidiary by the Saku Brewery, has been accounted for as a short-
term investment. In 1999, the Saku Brewery, with the purpose of dissolving the
subsidiary and extending its own operations onto the premises of the
subsidiary, acquired the remaining 50% of the shares of AS Saku Linnas. In
1999, this short-term investment was written down by 2 741 789 kroons and has
been accounted for in the balance sheet at the estimated liquidation value of
4 021 173 kroons. The write-down of the short-term financial investment has
been accounted for in the income statement under financial expenses.
Note 4. Customer Receivables
(in kroons)
Group Group Parent Parent
Company Company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Settlements with customers 32 962 757 25 214 478 32 635 128 24 068 640
Uncollectible receivables 785 637 266 807 785 637 266 807
written off
Collection of previously 14 570 74 216 14 570 74 216
expensed uncollectible items
Total 32 191 690 25 021 887 31 864 061 23 876 049
In 1999, 785 637 kroons were expensed as irrecoverable. The customer
receivables that were written off accounted for 0.1% of net sales having
increased two times compared to the previous year due to the growth in the
bankruptcies and forced liquidations of client enterprises
Note 5. Miscellaneous Receivables and Prepaid Expenses
(in kroons)
Group Group Parent Parent
Company Company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Receivables from subsidiaries 109 131 848 131 378 743 3 477 381
and parent company
Other current receivables 28 369 077 31 903 232 28 369 077 31 896 531
Interest receivables 900 098 1 390 505 900 098 1 390 505
Tax receivables incl. 72 115 45 222 49 107 1 548
Income tax on fringe benefits 1 548 1 548
Value added tax 7 568
Prepaid corporate income tax 64 547 42 674 49 107
Other prepaid expenses 173 657 31 192 173 657 31 192
Total 29 624 078 34 218 282 29 870 682 36 797 157
Note 6. Inventories
(in kroons)
Group Group Parent Parent
Company Company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Raw materials 21 417 272 17 566 978 21 417 272 17 412 044
Work in progress 6 645 750 7 218 056 6 645 750 7 218 056
Finished goods 4 243 058 2 189 913 4 243 058 1 809 281
Goods purchased for resale 25 317 505 27 100 105 25 317 505 27 518 469
Kegs in deposit 2 857 808 2 041 164 2 857 808 1 888 236
Advances to suppliers 872 414 460 154 872 414 460 154
Total 61 353 807 56 576 370 61 353 807 56 306 240
In 1999 the depreciation of tare amounted to 1 294 thousand kroons and the
write-offs of materials unsuitable for use totalled 725 thousand kroons.
Compared to 1998, in 1999 the inventories of the group increased by 8%. The
growth in inventories has been in correlation with the development of the
sales and production activities. That includes also the quick growth in the
amount of malt, which resulted from favourable purchasing conditions, as well
as the increase in can packaging that was due to the increase of the share of
canned beer in the product portfolio.
Note 7. Long-term financial investments
(in kroons)
Group Group Parent Parent
Company Company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Shares of subsidiaries 0 1 930 162 100 000 2 344 386
Long-term loans 71 000 1 612 440 71 000 1 612 440
Total 71 000 3 542 602 171 000 3 956 826
The loan to A & G Toitlustuse AS in the amount of 1 000 000 kroons, reflected
in the 1998 balance sheet under ‘Long-term receivables’ is, due to the
repayment deadline in 2000, reflected under ‘Miscellaneous receivables and
other prepaid expenses’.
The Shares of Subsidiaries in the Balance Sheet of the Parent Company
(in kroons)
Amount Value Change in the Balance
value of
investment
Increase (+)
Decrease(-)
01.01.1999 01.01.99 1999 31.12.1999
Saku Keldri OÜ 1 part 214 224 -114 224 100 000
Saku Õlu OÜ 1 part 100 000 -100 000 0
Saku Purgiõlle OÜ 1 part 100 000 -100 000 0
AS Saku Linnas 1 930 162 -1 930 162 0
Total 2 344 386 -2 244 386 100 000
The subsidiaries Saku Õlu OÜ and Saku Purgiõlle OÜ were dissolved in October
1999 because of lack of prospects. The shares of AS Saku Linnas have been
accounted for in the balance sheet as a short-term investment (see Note 3).
The owners’ equity of the subsidiary Saku Keldri OÜ as of December 31, 1999,
equals the share capital of 100 000 kroons
Loans
In the group only the parent company has given long-term loans.
(in kroons)
Balance Interest Repayment Balance Loan
repayment
deadline
01.01.1999 % 1999 31.12.1999
Loans to employees
612 440 0 541 440 71 000 2001
Note 8. Tangible Assets
In the group only the parent company owns fixed assets.
31.12.99 31.12.98
Tangible assets 191 663 513 170 544 944
Prepayments for fixed assets 200 000 609 837
Capital works in progress 1 163 719 1 647 180
Total 193 027 232 172 801 961
Transactions with tangible fixed assets in 1999
(in kroons)
Structure of Acquisit Depreciat Booked Sold, Acquisit Deprecia Net book
tangible ion cost ion at cost written ion cost tion value
assets in 1999 down or
off at
cost in
1999
01.01.99 01.01.99 1999 1999 31.12.99 31.12.99 31.12.99
Buildings and 74 770 14 465 19 546 5 370 94 311 17 060 77 251
constructions 787 698 289 706 131 575
Machinery and 169 495 83 898 17 505 114 604 186 886 93 205 93 681
equipment 339 535 946 681 302 379
Motor 8 247 3 798 121 3 432 1 779 9 900 4 092 5 808 306
vehicles 398 118 163 353 047
Information 3 638 1 997 456 920 459 2 420 2 138 534 020 1 604 441
technology 454 452 461
Equipment 20 558 4 687 349 11 132 1 405 30 284 19 596 10 688
144 267 627 784 753 031
Land 2 681 52 200 2 629 2 629 781
981 781
TOTAL 279 392 108 847 52 537 5 777 326 151 134 488 191 663
103 159 079 416 766 253 513
Note 9. Tax Payables
As of December 31, 1999, only the parent company had unpaid taxes.
(in kroons)
Group Group Parent Parent
company company
31.12.1999 31.12.1998 31.12.1999 31.12.1998
Corporate income tax 4 425 271 4 422 219
Income tax on fringe
benefits 77 252 77 252
Personal income tax 848 468 839 541
Alcohol excise tax 4 533 660 3 881 065 4 533 660 3 667 555
Value added tax 3 107 566 2 793 980 3 107 566 2 791 676
Social tax 98 050 1 073 067 98 050 1 061 657
7 816 528 13 021 851 7 816 528 12 782 648
According to the results of the economic activities of 1999 the income tax to
be paid by the parent company amounts to 15 019 830 kroons. 9 180 480 kroons
of income tax have been paid in advance during 1999.
Note 10. Net Sales by Category
(in kroons)
By product or
service
Group Group Parent Parent
company company
1999 1998 1999 1998
Saku beers 339 270 371 268 568 404 341 380 523 293 785 262
Imported beers 10 480 293 12 847 788 10 480 293 12 847 788
Saku mineral water 2 956 002 3 984 648 2 956 002 3 984 648
Other Saku 4 048 986 4 048 986
beverages
Other imported 28 305 896 20 088 466 28 305 896 20 088 466
beverages
Tare 324 653 255 228 993 573 324 640 455 251 677 227
Heat, electricity, 169 624 4 340 280 282 729 5 036 557
water
Refuse 1 050 422 1 019 927 1 050 422 1 019 927
Rental payments 276 520 463 708 818 419 2 486 095
Other goods and 3 828 417 1 545 368 6 730 035 9 275 918
services
Total 715 039 786 541 852 162 720 693 760 600 201 888
By markets (in kroons)
Group Group Parent Parent
Company Company
1999 1998 1999 1998
Estonia 683 377 366 509 164 315 690 822 203 573 681 802
Export 31 662 420 32 687 847 29 871 557 26 520 086
Total 715 039 786 541 852 162 720 693 760 600 201 888
Note 11. Related Parties
(in kroons)
Sales Purchases
1999 1999
Saku Õlletehase AS 5 537 492 11 990 403
Saku Keldri OÜ 1 350 814 2 227 809
Saku Purgiõlle OÜ 2 836 352 3 278 971
AS Saku Linnas 4 250 078 30 712
BBH 3 553 159
Related parties in the meaning of this report are the business entities listed
above.
Intra-group transactions were effected at prices, which do not include
internal profit. The sales of the Saku Brewery to subsidiaries comprised raw
beer, tare, heat, electricity, water and administrative services and rental of
equipment. Subsidiaries sold the Saku Brewery finished goods and raw
materials. The Saku Brewery bought from the parent company BBH management and
consultancy services.
Note 12. Other Operating Income
(in kroons)
Group Group Parent Parent
1999 1998 company company
1999 1998
Sales of fixed assets 145 136 260 798 145 136 260 798
Recognition of liabilities 88 693 228 658 88 693 228 658
as revenue
Interest on arrears received 87 419 94 307 54 529 94 307
Insurance compensations 159 648 46 930 159 648 46 930
Foreign exchange gain 132 733 324 068 132 733 312 088
Total other operating income 613 629 954 761 580 739 942 781
Note 13. Operating Expenses
(in kroons)
Group Group Parent Parent
1999 1998 company company
1999 1998
Raw materials 40 138 056 36 512 170 40 138 056 36 512 170
Additional materials 31 930 969 29 271 952 30 642 152 26 629 673
Tare 325 115 394 237 429 321 325 093 594 259 911 301
Imported beverages 26 239 486 23 333 050 26 239 486 23 333 050
Beer from subsidiaries 6 252 966 38 593 262
Other 27 090 634 16 482 777 28 452 623 20 031 381
Total expenses on goods, raw
materials, services 450 514 539 343 029 270 456 818 877 405 010 837
Advertising 30 889 080 25 033 878 30 889 080 25 008 776
Transport 24 331 384 19 559 052 24 331 384 19 558 303
Expenses on the means of 6 723 212 6 261 086 6 723 212 6 261 086
transportation owned by the
enterprise
Sewerage 6 565 889 4 260 284 6 496 813 3 502 130
Repair of buildings 8 371 619 3 403 740 8 371 619 3 403 740
Repair of equipment 4 100 227 2 644 758 4 100 227 2 506 153
Low-price equipment and IT 4 446 275 3 850 827 4 471 209 3 821 510
expenses
Other services purchased 9 632 400 4 726 073 9 410 163 4 569 554
Other expenses 17 733 587 17 016 817 17 801 723 16 799 743
Total miscellaneous expenses 112 793 673 86 756 515 112 595 430 85 430 995
Wages and salaries 31 884 828 26 036 432 31 799 434 25 268 822
Social tax 10 772 045 8 755 777 10 742 736 8 496 958
Total labour expenses 42 656 873 34 792 209 42 542 170 33 765 780
Sales and write-offs of 59 024 151 186 59 024 151 186
fixed assets 1 473 936 1 056 464 1 473 936 1 056 464
Sponsoring 69 974 32 717 69 946 24 022
Interest on arrears paid 49 292 49 292
Expensing of prepaid 470 496 193 354 470 496 193 354
Expenses not related to main 2 162 608 580 821 2 162 608 580 821
production activities
Foreign exchange losses
Total other operating 4 236 038 2 063 834 4 236 010 2 055 139
expenses
Note 14. Financial Income
and Expenses
Interest income 2 689 925 4 379 884 2 680 080 4 321 225
Exchange gains 517 560
Total financial income 2 690 442 4 380 444 2 680 080 4 321 225
Exchange losses 157 148 157 29
Financial expenses from 2 741 789 2 856 013
subsidiaries
Total financial expenses 2 741 946 148 2 856 170 29
Note 15. Net Profit per Share
Group Group Parent Parent
1999 1998 company company
1999 1998
Net profit 61 009 264 43 696 589 60 895 040 43 696 589
Number of shares 8 000 000 8 000 000 8 000 000 8 000 000
Net profit per share 7.63 5.46 7.61 5.46
Note 16. Operating Leases
During the accounting period, the parent company reported operating lease
payments of 1 717 714 kroons made based on 36 operating lease agreements under
operating expenses as expenses on the motor vehicles owned by the enterprise.
Note 17. Contingent Liabilities
According to the Income Tax Act in effect since January 1, 2000, the dividends
paid to natural persons and non-residents are taxed with income tax of 26/74.
The income tax payable on dividends can be reduced by the amount of dividends
paid on the undistributed profits for 1994-1999. Dividends can be paid out
from undistributed profits. If Saku Brewery paid to the shareholders the whole
amount of its unrestricted owners’ equity, then at the structure of
shareholders as of December 31, 1999, the company would incur an income tax
liability of 14 915 080 kroons. The Management Board has proposed that 40 000
000 kroons be distributed to the shareholders as dividends. The proposal has
to be approved by the general meeting of shareholders. According to the
structure of shareholders as of December 3
Ruth Roht
Public Relations Manager
+372 6 508 303
Sisukaart