In terms of figures and compared to 2005, our performance in the past financial
year may be summarized as follows:
- Net sales of 92 million litres, 14% up
- Revenue of EEK 772 million (€49 million), 19% up
- Operating profit of EEK 142 million (€9 million), 54% up
- Net profit of EEK 118 million (€8 million), 57% up
- Earnings per share of EEK 14.79 (€0.95), 58% up
- Expenses of EEK 632 million (€40 million), 14% up
- Saku remained the leader of the Estonian a beer market with a 46.6% market
share, 2% up on a year ago
- Market share in the category of premium beers: 67%, annual increase 10%
- Market share in the category of ciders: 32%, annual improvement 0.5%
- Market share in the category of long drinks: 26%
- Market share in the category of premium long drinks: 30%
- Market share in the category of waters: 11%, 1% up.
In 2006 Saku Õlletehase AS sold 92 million litres of beverages, a fair 11
million litres or 14% up on 2005.
Revenue grew by a strong EEK 127 million (€2 million), i.e. 19%, to EEK 772
million (€49 million). The largest, 53%-growth was attained in revenue on the
sales of table water which grew to EEK 40 million (€3 million). Revenue
generated by other alcoholic beverages (cider and long drink) grew 38% to EEK
119 million (€8 million) and revenue on the sales of beer increased 18% to EEK
603 million (€39 million). Beer sales accounted for 78% of sales revenue while
other alcoholic beverages and table water contributed 15% and 5% respectively.
“For Saku Õlletehase AS, the year 2006 was highly successful and eventful. We
are still a firm leader of the Estonian beer market - at the end of the
financial year our market share by value was over 50%. Saku Õlletehase AS is a
modern, successful and result-orientated beverage producer. Our strategy is to
hold our position as the value leader of the beer market, and to increase
profitability while aggressively increasing our market share in the cider, long
drink water and functional beverage categories, as well as the related
profitability. Our corporate strategy has fully justified itself, as can be seen
from the record-breaking results of Saku Õlletehase AS for 2006,” commented CEO
of Saku Õlletehase AS Ireneusz Piotr Smaga.
“The sudden increase in revenue was conditioned by the right changes in the
product assortment of the brewery. We redirected our focus to premium-class
products, while decreasing or suspending production and sales of less profitable
beverages. Excellent sales results also had to do with the exceptionally warm
summer of 2006,” added Smaga.
Domestic sales accounted for 88% or EEK 676 million (€43 million) of total
sales, 17% up on a year ago. The share of exports was 12% or EEK 94 million (€6
million), a 34% improvement on 2005. The period's main export markets were
Latvia, Lithuania, Finland, Sweden, Denmark, Iceland, Canada and the USA. The
bulk of exports was made up of canned beverages manufactured for the Latvian and
Lithuanian entities of the BBH Group, and beer drink DLight and alcohol cocktail
SIN which are manufactured in Saku for all the three Baltic markets.
Expenses totalled EEK 632 million (€40 million), EEK 79 million (€5 million) or
14% growth on 2005. The increase was triggered by an abrupt 20% upswing in
labour costs and a continuing rise in fuel and electricity expenses. Marketing
expenses climbed slightly. On the other hand, the changes implemented in our
logistics structure before the beginning of the high season helped reduce
operating expenses considerably.
Profit before tax amounted to EEK 142 million (€9 million), a solid EEK 49
million (€3 million) or 52% improvement on 2005.
Dividends distributed to shareholders in 2006 gave rise to income tax expense of
EEK 23.8 million (€1.5 million). Net profit for the period was EEK 118 million
(€8 million), a substantial EEK 43 million (€3 million) or 57% increase on 2005.
The period's earnings per share were EEK 14.79 (€0.95), a fair EEK 5.43 (€0.35)
or 58% upswing on 2005.
At the year-end, the equity of Saku Õlletehase AS stood at EEK 433 million (€28
million).
Significant ratios as at and for the years ended 31 December 2005 and 31
December 2006:
--------------------------------------------------------------------------------
| | 2006 | 2005 |
--------------------------------------------------------------------------------
| Exports to sales ratio | 12.6% | 10.9% |
--------------------------------------------------------------------------------
| Net return on equity | 28.6% | 19.4% |
--------------------------------------------------------------------------------
| Net return on assets (%) | 23.18% | 16.28% |
--------------------------------------------------------------------------------
| Operating margin (%) | 18.5% | 14.3% |
--------------------------------------------------------------------------------
| Net margin (%) | 15.4% | 11.6% |
--------------------------------------------------------------------------------
| Inventory turnover rate (times per year) | 15.1 | 6.92 |
--------------------------------------------------------------------------------
| Property, plant and equipment turnover rate (times | 2.7 | 2.61 |
| per year) | | |
--------------------------------------------------------------------------------
| Dividend payout ratio (%) | 106.7% | 111.9% |
--------------------------------------------------------------------------------
| Sales growth rate (%) | 19% | 21.5% |
--------------------------------------------------------------------------------
Underlying formulas:
Exports to sales ratio (%) = exports / sales revenue X 100
Net return on equity (%) = net profit / average equity X 100
Net return on assets (%) = net profit / average assets X 100
Operating margin (%) = operating profit / sales revenue X 100
Net margin (%) = net profit / sales revenue X 100
Inventory turnover rate (times per year) = sales revenue / average inventory
Property, plant and equipment turnover rate (times per year) = sales revenue /
average property, plant and equipment (carrying amount)
Dividend payout ratio (%) = Dividends paid / net profit for the prior year X 100
Sales growth rate (%) = (sales revenue for the reporting year / sales revenue
for the prior year - 1) x 100
INVESTEMENTS
Capital expenditures of the period totalled EEK 52 million (€3.3 million), 27%
up on the EEK 41 million (€2.6 million) spent in 2005.
The largest investment of EEK 25 million (€1.6 million) was made in new
packaging: EEK 22 million (€1.4 million) of this was spent on new bottles.
Investments in production facilities and laboratories totalled EEK 11.7 million
(€0.7 million), including an investment in the enhancement of a new filling line
for 0.33-litre glass bottles. Sales and logistics related investments amounted
to EEK 11 million (€0.7 million) and EEK 5.6 million (€0.4 million) respectively
and investments in computer hardware and software totalled EEK 0.7 million
(€46,000).
ESTONIAN BEVERAGES MARKET
BEER
According to the Estonian Breweries Association, the Estonian beer market grew
by 3% in 2006, amounting to 130 million litres. The growth in the beer market
has slowed down considerably from 2005, when the market grew by 14%. The main
reason for the slowdown was the decreased sales to tourists.
In a year, Saku Õlletehase AS increased its share in the Estonian beer market
from 44.6% to 46.5%, selling the total of over 60 million litres of beer in
Estonia. In strengthening its leading position in the beer market, Saku
Õlletehase AS concentrated mainly on developing the market share in the
profitable premium and mainstream beer segments in 2006.
In the most profitable segment, the premium segment, Saku Õlletehase AS
increased its market share from 57% to 67%. The main growth drivers were the
successful sales of Saku Kuld, Saku On Ice and Carlsberg. The high-season growth
was also facilitated by the premium class lemon flavoured beer drink DLight
launched at the beginning of summer.
In the highly competitive mainstream segment, which is dominated by local
quality beer brands with the largest marketing support in Estonia (Saku
Originaal, Rock and A. Le Coq Premium), Saku Õlletehase AS maintained its
unquestionable leader position in 2006, holding a market share of 57%. The main
success driver in the mainstream segment was the renewal of the label design of
beverages under the Saku umbrella brand at the beginning of 2006. The sales
success was also facilitated by the extremely positively received consumer
campaigns, both for Rock and Saku Originaal. The Saku Originaal campaign “Two
Audis at once!” held in the summer gathered 1.2 million participation code
messages, establishing an all-time record among Estonian consumer campaigns.
Saku Õlletehase AS' market share in the economy beers segment amounted to 25% in
2006, compared to 28% in 2005. The market share declined mainly due to the
introduction and activation of the cheap brands of retail chains.
In the strong beers segment, Saku Õlletehase AS held a market share of 42%,
compared to 45% in 2005. The decline here is also mainly due to retail chains
introducing their own brands. The proportion of strong beers in the overall
market has decreased - while in 2005 it amounted to 35% of the entire beer
market, then in 2006 it made up only 32%.
In the non-alcoholic beers segment, Saku Õlletehase AS increased its market
share to 44% in 2006, compared to 33% in 2005. The brewery altered the label
design of the non-alcoholic Saku Originaal in the second half of 2006, thus
making the non-alcoholic beer even more distinctive among other beers. Compared
to other European countries, the proportion of the non-alcoholic beers segment
still remains small, forming 1% of the entire beer market, which implies a great
growth potential in this segment in Estonia.
The launch of Saku Õlletehase AS' new premium class products (Saku Kuld, the
beer drink Saku DLight) and successful consumer campaigns for the existing
quality brands (Saku Originaal, Rock) contributed to an increase in the
proportion of glass bottles in the Estonian beer market for the first time in
several years. According to a retail survey by research company ACNielsen, the
glass packaging segment formed 40% of the entire market in 2006, compared to 38%
in 2005.
This change had the greatest effect on products in plastic packaging, the
proportion or which decreased for the first time in several years, to 34% from
39% in 2005. The market share of the high-quality AM packaging grew from 9% to
11% in a year. The proportion of canned beer in the Estonian beer market
remained at a stable 14%, with local consumption of canned beer increasing and
the sales aimed at tourists somewhat decreasing.
In a year, Saku Õlletehase AS succeeded in increasing its market share in the
glass segment, which is the most rapidly growing and the most profitable
packaging segment, from 42% to 46%, thus becoming the leader in the segment. The
main driver of the increase was the successful launch of new products (Saku Kuld
and Saku DLight), which in turn was supported by the continued popularity of
Saku On Ice, Rock and Saku Originaal among the consumers.
CIDER
According to data from the producers, the Estonian cider market grew by 12% in
2006, to the total volume of over 8 million litres. The growth in 2005 amounted
to 13%. The majority of the Estonian cider business is in the mainstream
category, while the proportion of the premium segment is marginal, at
approximately 1-2%.
The market share of Saku Õlletehase AS grew by 0.5% in 2006, to 32%, with the
total volume amounting to 2.6 million litres. As a result of active product
development, Saku Õlletehase AS launched 4 novel products under the Saku KISS
brand in 2006, with KISS Spritzer, a mix of fruit wine and sparkly water, and
the cherry flavoured KISS Cherry being the most popular ones. Besides 0.5-litre
cans and 1.5-litre plastic bottles, Saku Õlletehase AS started bottling drinks
into 1-litre transparent high-quality AM bottles, thus providing a wider choice
range to its customers. The new cider flavours have been developed in
consideration of the consumers' preferences and the newest trends in the drinks
market. Innovative packaging development and efficient communication have also
been important success factors.
LONG DRINK
According to data from producers, the Estonian long drink market grew by 35% in
2006, being the most rapidly growing low-alcohol drinks category, with the total
market volume of 18 million litres (38% growth in 2005). The market growth was
facilitated by numerous innovative products and the activity in the premium
segment picking up on the market. Long drinks in the mainstream price class made
up 92% of the entire market volume, while premium class cocktails made up 8%.
Saku Õlletehase AS sold 4.7 million litres in a year, still holding 26% of the
entire Estonian low-alcoholic drinks market.
As an important innovation, Saku Õlletehase AS entered the premium class alcohol
cocktails market in the summer of 2006, launching three flavours (lime,
watermelon, rum & coke) at once in the SIN cocktail series. The consumers have
received the new alcohol cocktail line very well and the successful sales of SIN
secured Saku Õlletehase AS with a market share growth to 30% in the premium
class long drink segment.
In 2006, Saku Õlletehase AS introduced several product innovations in the long
drink mainstream price segment: Gin & Tonic, the vodka based Vodka & Bitter
Raspberry, and the plum flavoured Black Bat. At the same time, the Saku GIN Long
Drink product line was renamed as the Saku ZIP Long Drinks. The main reason for
the name change was the need to be ever more distinctive from competitors and
the wish to increase the intensity of long drinks product development, using
different base alcohols on developing new drinks.
WATER
According to the research company ACNielsen's data, the Estonian retail market
for mineral water grew by 26% in 2006 (Jan - Nov), with the entire volume of the
retail market amounting to 43 million litres (Jan - Nov). The growth rate in
2005 only amounted to 14%. In 2006, the hot summer weather had a positive effect
on the market, along with the successful sales of flavoured and sweetened waters
(near waters), which increased the market share partially on account of soft
drinks.
According to data from ACNielsen, the economy class water lines made up 36% of
the water market (Jan - Nov), compared to 37% in 2005. The proportion of premium
class waters in the water market was 5% - the same as in 2005. The proportion of
upper mainstream water grew from 23 to 26% in 2006, mainly supported by the
successful sales of near water products.
The growth in the water consumption is definitely also facilitated by the
consumers' higher awareness of healthy lifestyle. A higher than average
proportion of flavoured waters is a characteristic of the Estonian water market.
According to ACNielsen, it amounted to 38% of the entire water market in 2006,
compared to 36% in 2005. The proportion of sparkly water made up 70% of the
water market.
According to ACNielsen, the market share of Saku Õlletehase AS in the retail
water market grew from 10% to 11% in 2006 - growing in spite of terminating the
cheap water brand Montavit in June 2006. Concentration on the Vichy Classique
and Vichy VivaFresh brands justified the water business of Saku Õlletehase AS
both in the context of volume and profitability.
Saku Õlletehase AS introduced several product developments in 2006, e.g. the
wild berry flavoured Vichy Classique Wild berry. The introduction of the
1.5-litre Aqua Pure packaging developed especially for still Vichy Classique
water in May was another important quality innovation. The new bottle is more
handy than before and is well suited for packaging still table water, excluding
any side flavours.
For the first time in Estonia, Saku Õlletehase AS introduced the still flavoured
water Vichy VivaFresh in the summer of 2006. Two different flavours were
introduced simultaneously - strawberry and lemon & lime. By introducing the new
flavoured still water, the brewery considerably increased the proportion of
healthy drinks, including flavoured waters on the market on account of soft
drinks.
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| (in thousands ) | EEK | EUR |
--------------------------------------------------------------------------------
| | 31.12.20 | 31.12.2005 | 31.12.20 | 31.12.2005 |
| | 06 | | 06 | |
--------------------------------------------------------------------------------
| ASSETS | Restated | Restated |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 118 876 | 71 407 | 7 597 | 4 563 |
--------------------------------------------------------------------------------
| Trade receivables | 71 944 | 57 918 | 4 598 | 3 701 |
--------------------------------------------------------------------------------
| Other receivables and | 7 883 | 4 968 | 504 | 317 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Inventories | 58 771 | 43 059 | 3 756 | 2 751 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 257 474 | 177 352 | 16 455 | 11 332 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Long-term financial | 7 740 | 9 380 | 495 | 602 |
| investments | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 277 788 | 288 825 | 17 754 | 18 458 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 990 | 1 175 | 63 | 76 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 286 518 | 299 380 | 18 312 | 19 136 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 543 992 | 476 732 | 34 767 | 30 468 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Finance lease liabilities | 131 | | 8 | |
--------------------------------------------------------------------------------
| Trade payables | 27 472 | 15 976 | 1 756 | 1 021 |
--------------------------------------------------------------------------------
| Other payables | 59 463 | 41 728 | 3 801 | 2 666 |
--------------------------------------------------------------------------------
| Packaging repurchase | 23 147 | 23 929 | 1 479 | 1 530 |
| obligation | | | | |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 110 213 | 81 633 | 7 044 | 5 217 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Finance lease liabilities | 376 | | 24 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 80 000 | 80 000 | 5 113 | 5 113 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 8 000 | 8 000 | 511 | 511 |
--------------------------------------------------------------------------------
| Other reserves | | 44 070 | | 2 817 |
--------------------------------------------------------------------------------
| Retained earnings | 227 099 | 188 070 | 14 514 | 12 020 |
--------------------------------------------------------------------------------
| Profit for the period | 118 304 | 74 959 | 7 561 | 4 790 |
| | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 433 403 | 395 099 | 27 699 | 25 251 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 543 992 | 476 732 | 34 767 | 30 468 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KASUMIARUANNE / INCOME | | | | |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (in thousands) | EEK | EUR |
--------------------------------------------------------------------------------
| | 2006 | 2005 | 2006 | 2005 |
--------------------------------------------------------------------------------
| | Restated | Restated |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 770 133 | 644 836 | 49 220 | 41 212 |
--------------------------------------------------------------------------------
| Other revenue | 1 511 | 149 | 97 | 10 |
--------------------------------------------------------------------------------
| Total revenue | 771 644 | 644 985 | 49 317 | 41 222 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Change in work in progress | -1 973 | 3 129 | -126 | 200 |
| and finished goods | | | | |
| inventories | | | | |
--------------------------------------------------------------------------------
| Materials, consumables and | 303 884 | 272 934 | 19 422 | 17 444 |
| services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | 182 063 | 153 073 | 11 636 | 9 783 |
--------------------------------------------------------------------------------
| Labour costs | 85 354 | 72 474 | 5 455 | 4 632 |
--------------------------------------------------------------------------------
| Depreciation and | 58 590 | 48 225 | 3 745 | 3 082 |
| amortisation charges | | | | |
--------------------------------------------------------------------------------
| Other expenses | 3 904 | 3 119 | 249 | 200 |
--------------------------------------------------------------------------------
| Total expenses | 631 822 | 552 954 | 40 381 | 35 341 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT | 139 822 | 92 031 | 8 936 | 5 881 |
--------------------------------------------------------------------------------
| Financial income and | 2 378 | 612 | 152 | 39 |
| expenses | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAX | 142 200 | 92 643 | 9 088 | 5 920 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | 23 896 | 17 684 | 1 527 | 1 130 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ARUANDEAASTA PUHASKASUM / | 118 304 | 74 959 | 7 561 | 4 790 |
| PROFIT FOR THE PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | 14,79 | 9,36 | 0,95 | 0,60 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 14,79 | 9,36 | 0,95 | 0,60 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | | | | |
--------------------------------------------------------------------------------
| (in thousands) | EEK | EUR |
--------------------------------------------------------------------------------
| | 2006 | 2005 | 2006 | 2005 |
--------------------------------------------------------------------------------
| | Restated | Restated |
--------------------------------------------------------------------------------
| Cash flows from operating | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Operating profit | 139 822 | 92 031 | 8 936 | 5 881 |
--------------------------------------------------------------------------------
| Adjustments for | | | | |
--------------------------------------------------------------------------------
| Depreciation and amortisation | 58 590 | 48 225 | 3 745 | 3 082 |
| charges | | | | |
--------------------------------------------------------------------------------
| Result of non-current asset | 2 459 | 24 | 158 | 1 |
| sales and write-off | | | | |
--------------------------------------------------------------------------------
| Transformation of a long-term | | 9 | | |
| receivable into a short-term | | | | |
| one | | | | |
--------------------------------------------------------------------------------
| Non-cash expenses | 1 775 | 1 844 | 113 | 118 |
--------------------------------------------------------------------------------
| Change in inventories | -15 712 | 66 615 | -1 005 | 4 258 |
--------------------------------------------------------------------------------
| Change in receivables | -16 941 | -12 801 | - 1 084 | -818 |
--------------------------------------------------------------------------------
| Change in current liabilities | 28 449 | 10 773 | 1 819 | 689 |
--------------------------------------------------------------------------------
| Transfer of reusable glass | | -57 396 | | -3 668 |
| bottles from inventories to | | | | |
| property, plant and equipment | | | | |
--------------------------------------------------------------------------------
| Interest paid | -250 | -233 | -16 | -15 |
--------------------------------------------------------------------------------
| Corporate income tax paid | -23 896 | -17 684 | -1 527 | -1 130 |
--------------------------------------------------------------------------------
| Net cash from operating | 174 296 | 131 407 | 11 139 | 8 398 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Acquisition of non-current | -52 361 | -40 970 | -3 346 | -2 619 |
| assets | | | | |
--------------------------------------------------------------------------------
| Disposal of non-current | 3 454 | 8 | 221 | 1 |
| assets | | | | |
--------------------------------------------------------------------------------
| Interest received | 2 257 | 685 | 144 | 44 |
--------------------------------------------------------------------------------
| Net cash used in investing | -46 650 | -40 277 | -2 981 | -2 574 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Dividends paid | -80 000 | -56 000 | -5 113 | -3 579 |
--------------------------------------------------------------------------------
| Payment of finance lease | -174 | -140 | -11 | -9 |
| principal | | | | |
--------------------------------------------------------------------------------
| Proceeds from loans received | | 62 586 | | 4 000 |
--------------------------------------------------------------------------------
| Repayment of loans received | | -62 586 | | -4 000 |
--------------------------------------------------------------------------------
| Net cash used in financing | -80 174 | -56 140 | -5 124 | -3 588 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase in cash and cash | 47 472 | 34 990 | 3 034 | 2 236 |
| equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of exchange rate | -3 | -44 | | -3 |
| fluctuations | | | | |
--------------------------------------------------------------------------------
| Net increase in cash and cash | 47 469 | 34 946 | 3 034 | 2 233 |
| equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 71 407 | 36 461 | 4 563 | 2 330 |
| beginning of period | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 118 876 | 71 407 | 7 597 | 4 563 |
| end of period | | | | |
--------------------------------------------------------------------------------
| Increase in cash and cash | 47 469 | 34 946 | 3 034 | 2 233 |
| equivalents | | | | |
--------------------------------------------------------------------------------
Livia Kulm
Saku Õlletehas
Communication Manager
+ 372 6508 303
livia.kulm@pruul.ee
