Atnaujinta: 2024.07.21 19:11 (GMT+3)
Kalev FINANCIAL RESULTS 03/03/2004
6 MONTHS INTERIM REPORT
COMMENTS ON FINANCIAL RESULTS
The consolidated net profit of Kalev Ltd in the 2nd
quarter of the financial year 2003/2004 amounted to
8.9 million kroons (569 thousand euros). The
consolidated net sales of the period totalled 115.8
million kroons (7.4 million euros). Compared to the
2nd quarter of the financial year 2002/2003, the
net sales and net profit remained approximately on
the same level.
The positive economic results in the 2nd quarter of
the financial year were conditioned, above all, by
the re-launch of the company’s daily production
activities after the relocation of the company to a
new plant building, and a successful Christmas
product sales campaign.
The consolidated net sales of Kalev Ltd in the
first 6 months of the financial year 2003/2004
totalled 186.2 million kroons (11.9 million euros),
and remained approximately on the same level,
compared to the comparative period.
The consolidated net loss of the company amounted
to 6.9 million kroons (441 thousand euros) in the
first half-year. In the same period last year, the
company’s net profit amounted to 13.5 million
kroons (865 thousand euros).
The following factors had a material effect on the
decrease in the net profit in the first 6 months of
the financial year 2003/2004.
In connection with the relocation of the company to
a new plant building, Kalev Ltd stopped, on 30
April 2003, production in the chocolate department
on Pärnu Rd in Tallinn. In May, the company
launched the disassembly of the production
equipment, and moved to the new plant building in
the period between May and middle of June. In
September 2003 (after receiving from the Veterinary
and Food Board a fixed-term certificate for
manufacturing food products in the following
categories: cocoa and cocoa products, chocolate
products and marzipan), Kalev Ltd re-launched most
of its daily production in the new plant building.
During the time production was suspended, the
company sold previously manufactured chocolate
confectionery products as well as sugar
confectionery products manufactured in the caramel
plant in Pärnu Rd in Tallinn. However, previously
manufactured goods failed to fully cover the needs
during the period the production was suspended.
Therefore, sales of confectionery products
decreased by 10.7 million kroons (0.68 million
euros), compared to the comparative period.
Expenses related to the relocation and assembly of
production equipment as well as launch of
production had their effect on the formation of net
loss. The general administrative expenses in the
1st quarter of the financial year 2003/2004
included single costs in the total amount of 15.2
million kroons (0.97 million euros), including:
- Launch of production (i.e. testing, technological
residues, utilisation of goods of inferior
quality): 5.9 million kroons (0.38 million euros);
- Installation of production equipment: 5.8 million
kroons (0.37 million euros).
Total sales of confectionery products of Kalev Ltd
amounted to over 3,400 tonnes in the first 6 months
of the financial year 2003/2004 - a decrease of
approximately 11% compared to the same period last
year. Decrease in total sales was the result of a
goods deficit in certain product groups, which was
conditioned by the 4-month suspension of production
activities.
The home market constituted 76% of the total sales;
24% of the sales were exported. In the given
period, Latvia and Ukraine remained the company’s
main export countries. In addition to the above
countries, Kalev Ltd also exported its products to
Russia, Scandinavian countries and the United
States. The 4% increase in the share of export in
total sales of confectionery products in the given
period was conditioned by the specifics of the
export product portfolio - a majority of export
products are manufactured in the caramel department
of Kalev Ltd in Tallinn, and production in this
department was not suspended upon relocation to the
new plant building.
The main marketing and sales focus of Kalev Ltd in
the first 6 months of the financial year 2003/2004
lay in making preparations for and successfully
organising the sales of the Christmas season.
In October, Kalev Ltd launched the biggest
Christmas collection in the company’s history - a
collection of 50 product items. The company also
expanded its selection by launching two new
products - gingerbread and alcohol-free mulled
wine. The Christmas sales were supported by the
advertising campaign in various media channels.
Kalev Ltd’s total Christmas sales amounted to 520
tonnes, compared to more than 450 tonnes of
Christmas candy in the previous year.
In the first half-year of the given financial year,
the company launched several new products at the
market -Mõnus Maius (mixture of toffee and corn
flakes), the chocolate bar Bitter (for export
markets) and chocolate The Sealords and Mermaid
(for the tax-free sales system).
On 24 December 2003, AS Kalev acquired 99.1% of the
shares of AS Järle. The purpose of acquiring the
shares of AS Järle was to aggressively enter the
Estonian baked goods market, and to launch
operations in the bread and dark bread sector in
accordance with the long-term development strategy
of AS Kalev. The Extraordinary Meeting of the
Shareholders of AS Järle held on 5 February 2004
decided to change the business name of the
subsidiary. The company is now called AS Kalev
Jõhvi Tootmine and is located at Põrguvälja Rd 6,
Lehmja, Rae Parish, Harju County.
In the first half-year of 2003/2004, Kalev Ltd
employed an average of 535 people - a decrease of
7%, compared to the same period last year.
BALANCE SHEET
(in kroons)
ASSETS 31.12.03 31.12.02 30.06.03
Consolidated Consolidated Consolidated
CURRENT ASSETS EEK EEK EEK
CASH AND BANK 2 302 417 999 131 8 591 080
CUSTOMER RECEIVABLES 48 691 971 38 756 094 90 024 044
PREPAID EXPENSES 5 985 730 27 332 035 5 308 235
INVENTORIES 51 693 973 38 794 080 40 726 937
TOTAL CURRENT ASSETS 108 674 091 105 881 340 144 650 296
NON-CURRENT ASSETS
MISCELLANEOUS LONG- 330 180 887 180 330 180
TERM RECEIVABLES
TANGIBLE ASSETS 351 011 366 292 375 281 255 038 885
REAL ESTATE 111 529 095 62 651 253 75 573 095
INVESTMENTS
INTANGIBLE ASSETS -11 566 965 260 768 217 715
TOTAL NON-CURRENT 451 303 676 356 174 482 331 159 875
ASSETS
TOTAL ASSETS 559 977 767 462 055 822 475 810 171
LIABILITIES AND
OWNER’ EQUITY
LIABILITIES
CURRENT LIABILITIES 30 540 625 16 672 116 27 346 235
PREPAYMENTS FROM 12 571 538 89 178 497 042
CUSTOMERS
SUPPLIER PAYABLES 75 737 808 71 465 760 76 162 122
TAXES PAYABLE 7 901 996 14 050 661 4 537 792
OTHER PAYABLES 10 712 720 7 283 945 10 275 440
TOTAL CURRENT 137 464 687 109 561 660 118 818 631
LIABILITIES
NON-CURRENT 188 793 399 135 438 643 116 381
LIABILITIES 525
TOTAL NON-CURRENT 188 793 399 135 438 643 116 381 525
LIABILITIES
MINORITY INTEREST 9 000
OWNER’S EQUITY
SHARE CAPITAL 78 775 000 78 775 000 78 775 000
REVALUATION RESERVE 17 159 388 112 812 302 17 159 388
STATUTORY LEGAL 1 537 837 1 537 837 1 537 837
RESERVE
RETAINED EARNINGS 143 137 790 10 392 119 110 675 117
NET PROFIT FOR THE -6 899 334 13 538 261 32 462 673
FINANCIAL YEAR
TOTAL OWNER’S EQUITY 233 710 681 217 055 519 240 610 015
TOTAL LIABILITIES 559 977 767 462 055 822 475 810 171
BALANCE SHEET
(in euros)
ASSETS 31.12.03 31.12.02 30.06.03
Consolidated Consolidated Consolidated
CURRENT ASSETS EUR EUR EUR
CASH AND BANK 147 151 63 856 549 069
CUSTOMER RECEIVABLES 3 111 976 2 476 960 5 753 570
PREPAID EXPENSES 382 557 1 746 831 339 257
INVENTORIES 3 303 839 2 479 387 2 602 919
TOTAL CURRENT ASSETS 6 945 523 6 767 034 9 244 815
NON-CURRENT ASSETS
MISCELLANEOUS LONG- 21 102 56 701 21 102
TERM RECEIVABLES
TANGIBLE ASSETS 22 433 658 18 686 138 16 299 914
REAL ESTATE 7 127 990 4 004 135 4 829 989
INVESTMENTS
INTANGIBLE ASSETS -739 262 16 666 13 914
TOTAL NON-CURRENT 28 843 488 22 763 640 21 164 919
ASSETS
TOTAL ASSETS 35 789 011 29 530 674 30 409 734
LIABILITIES AND OWNER’
EQUITY
LIABILITIES
CURRENT LIABILITIES 1 951 897 1 065 540 1 747 738
PREPAYMENTS FROM 803 466 5 699 31 767
CUSTOMERS
SUPPLIER PAYABLES 4 840 516 4 567 483 4 867 634
TAXES PAYABLE 505 028 897 999 290 017
OTHER PAYABLES 684 666 465 528 656 719
TOTAL CURRENT 8 785 572 7 002 249 7 593 875
LIABILITIES
NON-CURRENT 12 066 067 8 656 085 7 438 116
LIABILITIES
TOTAL NON-CURRENT 12 066 067 8 656 085 7 438 116
LIABILITIES
MINORITY INTEREST 575
OWNER’S EQUITY
SHARE CAPITAL 5 034 627 5 034 627 5 034 627
REVALUATION RESERVE 1 096 682 7 210 002 1 096 682
STATUTORY LEGAL 98 285 98 285 98 285
RESERVE
RETAINED EARNINGS 9 148 149 664 176
7 073
411
NET PROFIT FOR THE -440 947 865 250 2 074 738
FINANCIAL YEAR
TOTAL OWNER’S EQUITY 14 936 797 13 872 340 15 377 743
TOTAL LIABILITIES 35 789 011 29 530 674 30 409 734
INCOME STATEMENT (in kroons)
01.07.- 01.07.-
31.12.2003 31.12.2002
Consolidated Consolidated
EEK EEK
NET SALES 186 163 185 185 583 355
COST OF GOODS SOLD 122 223 762 125 722 936
GROSS PROFIT 63 939 423 59 860 419
MARKETING EXPENSES 28 921 107 28 401 644
ADMINISTRATIVE AND GENERAL 35 339 804 15 074 997
EXPENSES
OTHER OPERATING INCOME 1 689 521 4 556 175
OTHER OPERATING EXPENSES 3 567 809 2 553 618
OPERATING PROFIT -2 199 776 18 386 335
FINANCIAL INCOME 585 377 176 021
F´INANCIAL EXPENSES 5 284 935 5 024 096
PROFIT BEFORE INCOME TAX -6 899 334 13 538 260
MINORITY INTEREST
NET PROFIT -6 899 334 13 538 260
EARNINGS PER SHARE -0,88 1,72
INCOME STATEMENT (in euros)
01.07.- 01.07.-
31.12.2003 31.12.2002
Consolidated Consolidated
EUR EUR
NET SALES 11 897 966 11 860 908
COST OF GOODS SOLD 7 811 502 8 035 140
GROSS PROFIT 4 086 463 3 825 768
MARKETING EXPENSES 1 848 391 1 815 191
ADMINISTRATIVE AND GENERAL 2 258 619 963 465
EXPENSES
OTHER OPERATING INCOME 107 980 291 192
OTHER OPERATING EXPENSES 228 024 163 206
OPERATING PROFIT -140 590 1 175 098
FINANCIAL INCOME 37 412 11 250
F´INANCIAL EXPENSES 337 768 321 097
PROFIT BEFORE INCOME TAX -440 946 865 251
MINORITY INTEREST
NET PROFIT -440 946 865 251
EARNINGS PER SHARE -0,06 0,11
Ruth Roht
PR manager
6 077 858
Schema