SAKU ÕLLETEHAS

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO FINANCIAL RESULTS, 9M 2000



Sales results



In 9m 2000 Saku Õlletehas sold 40.5 million liters of beverages, which is 

about 1% less than during the same period last year.



In nine months Saku sold a total of 35.5 million liters of beer, which is 5% 

less than during the same period last year.



Sales of soft drinks grew in first nine months of year 2000. In 9 months Saku 

sold 1.5 million liters of Pepsi drinks, which is 2.3 times more than in 9m 

1999. Increased sales of Pepsi drinks are mainly due to transfer of sales 

responsibility for Pepsi beverages to Saku Õlletehas in the beginning of this 

year, along with more targeted sales and marketing support activities.



In 9m 2000 the estimated volume of the Estonian beer market was 69.1 million 

liters (1% annual drop). The share of imported beer was 8% (11% in 1999).



Saku market share stood at 48% (2% y-o-y drop), making the company the 

largest beer producer in Estonia.



Relatively modest sales and consumption of beer, mineral water and soft 

drinks in Estonia were mainly due to cooler than average weathers in 

this spring and summer.





Financial results



Currently only the group's parent company, Saku Õlletehase AS, operates 

actively.



In 9m 2000 Saku Õlletehas group net sales amounted to EEK 572.8 mln, 

providing 1% annual increase. The group's expenses (EEK 520.7 mln) increased 

3%.



The group's operating profit amounted to EEK 62.7 mln, or 8% less than in 9m 

1999. The group's 9m net profit was EEK 63.4 mln (19% increase from 9m 1999). 

Due to changes in the income tax law, effective since 01.01.2000, the profit 

figures are not comparable with those of the last year.



In 9m the group's earnings per share were EEK 7.92.





Ruth Roht

PR manager

+372 65 08 303