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| BALANCE SHEET | | | | |
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| (In thousands) | EEK | € |
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| | 31 Dec | 31 Dec 2005 | 31 Dec | 31 Dec |
| | 2006 | | 2006 | 2005 |
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| | | Restated | | Restated |
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| ASSETS | | | | |
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| Cash and cash equivalents | 118,876 | 71,407 | 7,597 | 4,563 |
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| Trade receivables | 71,944 | 57,918 | 4,598 | 3,701 |
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| Other receivables and | 7,883 | 4,968 | 504 | 317 |
| prepayments | | | | |
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| Inventories | 58,771 | 43,059 | 3,756 | 2,751 |
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| TOTAL CURRENT ASSETS | 257,474 | 177,352 | 16,455 | 11,332 |
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| Non-current assets | | | | |
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| Long-term financial | 7,740 | 9,380 | 495 | 602 |
| investments | | | | |
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| Property, plant and | 277,788 | 288,825 | 17,754 | 18,458 |
| equipment | | | | |
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| Intangible assets | 990 | 1,175 | 63 | 76 |
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| TOTAL NON-CURRENT ASSETS | 286,518 | 299,380 | 18,312 | 19,136 |
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| TOTAL ASSETS | 543,992 | 476,732 | 34,767 | 30,468 |
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| LIABILITIES AND EQUITY | | | | |
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| Current liabilities | | | | |
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| Lease liabilities | 131 | | 8 | |
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| Trade payables | 27,472 | 15,976 | 1,756 | 1,021 |
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| Other payables | 59,463 | 41,728 | 3,801 | 2,666 |
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| Packaging repurchase | 23,147 | 23,929 | 1,479 | 1,530 |
| obligation | | | | |
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| TOTAL CURRENT LIABILITIES | 110,213 | 81,633 | 7,044 | 5,217 |
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| Non-current liabilities | | | | |
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| Lease liabilities | 376 | | 24 | |
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| Equity | | | | |
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| Share capital | 80,000 | 80,000 | 5,113 | 5,113 |
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| Statutory capital reserve | 8,000 | 8,000 | 511 | 511 |
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| Other reserves | | 44,070 | | 2,817 |
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| Retained earnings | 227,099 | 188,070 | 14,514 | 12,020 |
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| Profit for the period | 118,304 | 74,959 | 7,561 | 4,790 |
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| TOTAL EQUITY | 433,403 | 395,099 | 27,699 | 25,251 |
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| TOTAL LIABILITIES AND | 543,992 | 476,732 | 34,767 | 30,468 |
| EQUITY | | | | |
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| INCOME STATEMENT, Q4 | | | | |
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| (In thousands) | EEK | € |
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| | 2006 | 2005 | 2006 | 2005 |
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| Revenue | | | | |
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| Sales revenue | 175,065 | 146,372 | 11,188 | 9,354 |
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| Other revenue | 976 | 12 | 63 | 1 |
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| Total revenue | 176,041 | 146,384 | 11,251 | 9,355 |
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| Expenses | | | | |
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| Changes in work in progress | | | | |
| and | | | | |
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| finished goods inventories | 1,751 | 4,694 | 112 | 300 |
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| Cost of materials, | 67,696 | 57,126 | 4,327 | 3,651 |
| consumables and services | | | | |
| used | | | | |
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| Other operating expenses | 48,177 | 39,610 | 3,079 | 2,531 |
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| Labour costs | 22,841 | 18,710 | 1,459 | 1,196 |
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| Depreciation and | 14,716 | 13,812 | 941 | 883 |
| amortisation charges | | | | |
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| Other expenses | 1,033 | 1,339 | 65 | 86 |
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| Total expenses | 156,214 | 135,291 | 9,983 | 8,647 |
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| OPERATING PROFIT, Q4 | 19,827 | 11,093 | 1,268 | 708 |
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| Net financing items | 835 | 311 | 53 | 20 |
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| PROFIT BEFORE TAX, Q4 | 20,662 | 11,404 | 1,321 | 728 |
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| Basic earnings per share | 2.58 | 1.43 | 0.17 | 0.09 |
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| Diluted earnings per share | 2.58 | 1.43 | 0.17 | 0.09 |
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Review of operations and performance
In the fourth quarter of 2006 Saku Õlletehase AS sold over 21 million litres of
beverages, a 14% improvement on the corresponding period in 2005, and launched
two new products: KISS Sweet Spice cider and ZIP Black Bat long drink.
Volume sales grew by 20% and operating profit for the fourth quarter amounted to
approx. EEK 20 million (€1.2 million), a notable 80% increase on the same period
in 2005. Fourth quarter revenues totalled EEK 176 million (€11.2 million), 21%
up on a year ago.
Expenses for the period amounted to EEK 156 million (€10 million), 15% up on the
fourth quarter of 2005. The rise resulted primarily from an increase in output
and sales, which expanded both transport and production costs, and a pay-rise
implemented in the second quarter, which boosted labour costs.
The period's earnings per share were EEK 2.58 (€0.17), a solid 80% growth on a
year ago.
Livia Kulm
Saku Õlletehas
Communication Manager
+ 372 6508 303
livia.kulm@pruul.ee
