Pēd. atjaunots: 26.11.2024 18:34 (GMT+2)

Kalev: Commentary to audited and consolidated results, 2000

12.02.2001, Luterma, TLN
KALEV
COMMENTARY TO FINANCIAL RESULTS

COMMENTARY TO AUDITED AND CONSOLIDATED RESULTS, 2000

In year 2000 AS Kalev consolidated net profit stood at EEK 20.3 mln,
growing annually by EEK 63.5 mln.

AS Kalev consolidated net sales were EEK 339.6 mln, which is 3.9%
less than in 1999. The sales volume was 8,415 tons, of which 28% was
exported.

Sales of Kalev’s confectionery products increased mainly on the
domestic market; among export markets the sales grew in Latvia and
Lithuania. The turnover dropped slightly on Russian and Ukrainian
markets. According the company’s three year development plan,
approved in 2000, the priority target markets of AS Kalev are
Estonia, Latvia and Lithuania.

Compared with the last year, Kalev’s profit margin grew an annual
5.9%. Higher profit margin is connected with application of modern
management principles in the company during the year, to set a
foundation more effective and efficient management of resources.
Compared with the previous year the general administrative and also
production costs are lower. However, the marketing, especially direct
marketing expenses have increased.

One of the goals of AS Kalev in year 2000 was to find possibilities
to dispose holdings in its Russian and Ukrainian subsidiaries and
affiliated companies, and to invest the proceeds to successfully
operating domestic companies. Due to sale of subsidiaries and
affiliated companies AS Kalev wrote off from the balance sheet the
claims against these companies that have been provisioned in the
past. All expenses and income during the reporting period until the
end of sale of the companies are consolidated to the income statement
of AS Kalev. The assets and liabilities of subsidiaries are not
consolidated since the holdings in the companies were sold.


Rutt Panga
Supervisory Board Assistant
+372 628 3853

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