Net profit of Saku Õlletehase AS of the current year is 20.9 million EEK.
Saku Õlletehase AS ended the first quarter of 2008 with a net profit of 20.9
million kroons (1.341 million euros), a 52.4 million kroon improvement on the
corresponding period in 2007. Above all, the difference between the first
quarter results of the two years may be attributed to income tax expense.
First quarter revenue in the Estonian market amounted to 157.3 million kroons
(10.050 million euros), 2.0 million kroons or 1.3% up on the first quarter of
2007.
In the first quarter of 2007, year-on-year revenue growth in Estonia was 38.4%.
The deceleration in revenue growth results from the state of the Estonian
economy - a sharp slowdown in economic growth and the ensuing changes in
consumer behaviour. In addition, the operating results of Saku Õlletehase AS
were adversely affected by sales restrictions -most North Estonian local
governments have prohibited the sale of low-alcohol beverages after 8 p.m.
Export revenues for the first quarter of 2008 totalled 10.5 million kroons
(0.671 million euros), which is mainly resulted from sales to other Baltic
countries as well as to Finland and Great Britain.
Expenses for the reporting period totalled 147.0 million kroons (9.397 million
euros), a 10.2 million kroon or 6.5% decrease compared with the first quarter
of 2007. Expenses have shrunk due to a decrease in output. Personnel expenses,
on the other hand, grew by 3 million kroons or 15% year-over-year.
Saku Õlletehase increased the sales volume of its quality beer, especially Saku
Originaal, within the four months of 2008. Saku Õlletehase AS will keep a focus
of the domestic market on quality brands. In 2008, the company invests into the
development of its main brand more than 12 million EEK, which has helped to
increase the share of quality beer as well as Saku brewery on the market.
According to AC Nielsen, the owner company of Saku Õlletehase, BBH holds a
leader position with the total market share of its brands of Estonian retail
sales. The total market share of the first four months is 43.8% in volume and
46.5% in monetary value. Compared to January of this year the market share in
volume increased by April by 4.5%.
Saku Õlletehase AS is also successful in the sales of other categories. In the
1 Q 2008, Saku has significantly increased the market share both in water and
cider category. In energy drink category, the market share compared to previous
year has doubled, which is mainly driven by succesful launching of local brand
Traffic.
At the end of the reporting period, equity stood at 351.9 million kroons
(22.488 million euros), 149.9 million kroons or 74.2% up on a year ago.
The general meeting of the shareholders of Saku Õlletehase AS, which convened
on 30 April 2008, resolved that the company would distribute a net dividend of
80 million kroons (5.113 million euros), i.e. 10 kroons (0.64 euros) per share.
The dividends will be paid out on 2 June 2008.
Priit Põiklik
Saku Õlletehase AS
kommunikatsioonijuht
priit.poiklik@pruul.ee
650 8303
505 5222
Cost
at
31 3,186 138,420 332,214 68,257 46,467 33,891 13,153 681 4,879
641,148
Decem-
er
2006
Accumu-
ated
deprec-
ation
at 31 50,498 226,552 56,835 11,606 8,914 8,775 180 180
363,360
Decemb-
r 2006
Carryi-
g
amount
at
31 3,186 87,922 105,662 11,422 34,861 24,977 4,378 501 501 4,879
277,788
Decem-
er
2006
Addit- 1,213 1,054 4,422 702
4,655 12,046
ons
Dispo- 279 928
1,207
als
Deprec-
ation
charge
for
the 1,714 6,481 1,298 2,316 2,070 653 41 41
14,573
period
Cost at3,186 138,420 333,427 69,311 50,610 33,665 13,153681 681 9,534
651,987
31
March
2007
Accumu- 52,212 233,033 58,133 13,876 10,771 9,428 221 221
377,674
ated
deprec-
ation
at 31
March
2007
Carryi- 3,186 86,208 100,394 11,178 36,734 22,894 3,725 460 460
9,534 274,313
g
amount
at 31
March
2007
Cost
at
31 3,186 146,598 354,222 70,320 45,639 19,128 13,878 681 2,713
656,365
Decem-
er
2007
Accumu- 57,535 240,460 46,814 12,194 7,232 11,234344 344
375,813
ated
deprec-
ation
at 31
Decemb-
r 2007
Carryi- 3,186 89,063 113,762 23,506 33,445 11,896 2,644 337 337
2,713 280,552
g
amount
at
31
Decem-
er
Addit- 501
2,459 2,960
ons
Dispo- 237 454
691
als
Deprec-
ation
charge
for
the 1,778 5,947 1,824 2,120 696 653 37 37
13,055
period
Cost at3,186 146,598 353,985 70,821 45,185 19,128 13,878681 681 5,172
658,634
31
March
2008
Accumu- 59,313 246,170 48,638 14,185 7,928 11,887381 381
388,502
ated
deprec-
ation
at 31
March
2008
Carryi- 3,186 87,285 107,815 22,183 31,000 11,200 1,991 300 300
5,172 270,132
g
amount
at 31
March
2008
9
Pr
ep
312
312
298
610
610
173
0
173
158
331
331
Assets leased out comprise bar furniture, which has been leased under the terms
of operating lease to support HoReCa (hotels, restaurants and catering) sales.
At 31 March 2008, the carrying amount of the furniture was 1,991 thousand kroons
(127 thousand euros). At 31 March 2007, the corresponding figure was 3,725
thousand kroons (238 thousand euros). Information on operating lease income is
presented in note 9. In determining the value in use of the assets, future cash
flows are determined by reference to estimated lease income and the profit
earned on the products sold to the lessee.
In addition, customers have in their possession and are liable for sales support
equipment belonging to the company. At 31 March 2008, the carrying amount of
such equipment equalled 22,036 thousand kroons (1,408 thousand euros). At 31
March 2007, the corresponding figure was 13,879 thousand kroons (887 thousand
euros).
At 31 March 2008, the carrying amount of reusable packaging subject to a deposit
that was in the possession of customers was 19,737 thousand kroons (1,261
thousand euros). At 31 March 2007, the figure was 16,851 thousand kroons (1,077
thousand euros). At 31 March 2008, the carrying amount of reusable packaging not
subject to a deposit that was in the possession of customers equalled 9,413
thousand kroons (602 thousand euros). At 31 March 2007, the figure was 2,052
thousand kroons (131 thousand euros).
10
Note 8. Intangible assets
Movements in Q1 2008
(In thousands) EEK EUR
Cost at 31 December 2,825 -
2006 -
1
Accumulated amortisation at 311,835 -
December 2006 -
8
Carrying amount at 31 990 -
December 2006 3
Amortisation charge for the 135 9
period
Cost at 31 March 2007 2,825 -
-
1
Accumulated amortisation at 1,970 -
31 March 2007 -
7
Carrying amount at 31 March 855 -
2007 4
Cost at 31 December 2,848 -
2007 -
2
Accumulated amortisation at 312,357 -
December 2007 -
1
Carrying amount at 31 491 -
December 2007 1
Amortisation charge for the 105 6
period
Cost at 31 March 2008 2,848 -
-
2
Accumulated amortisation at 2,462 -
31 March 2008 -
7
Carrying amount at 31 March 386 -
2008 5
Intangi- assetscompr- software- long-term- and
le se - -
- -
t -
-
-
-
-
-
-
-
e
been adjust- the company- Amortisat- - the
d s on -
-
-
-
-
e
statement together with
depreciation expense.
Note 9. Finance and operating leases
The company as a lessor
To support HoReCa sales, Saku Õlletehase AS leases out bar furniture. The
furniture is presented in the Assets leased out column of note 7.
EEK EUR
(In thousands) 31 March 31 March 31 31 March 31 March 31
December
December
2008 2007 2007 2008 2007 2007
Lease income 40 56 41 3 4
3
receivable in
less than 1 year
Lease income 10 10 10 1 1
1
receivable
between 1 and 5 years
Lease income for the first quarter of 2008 amounted to 10 thousand kroons (1
thousand euros). Lease income for the first quarter of 2007 amounted to 17
thousand kroons (1 thousand euros).
The company as a lessee
Finance leases
The company uses production equipment under finance lease. The cost, accumulated
depreciation and carrying amount of the equipment are presented in the Finance
lease column of note 7.
The base currency of the leases is euro. Interest rates range from 4.0-4.75% and
are fixed for the terms of the lease contracts. The leases do not impose
restrictions on the company's dividend or financing policies. At the end of the
lease term, title to the leased assets will transfer to the company. Assets held
under finance lease have not been subleased.
EEK EUR
(In thousands) 31 March 31 March 31 31 March 31 March 31
December
December
2008 2007 2007 2008 2007
2007
Principal payments of 38 38 158 3 2 10
the period
Interest payments of the 4 9 25 0 1 2
period
11
Minimum amount of principal 311 469 349 20 30 23
payable
In less than 1 year 82 134 110 5 9 7
Between 1 and 3 years 229 335 239 15 21 16
Interest payable 22 38 26 1 2 2
In less than 1 year 15 18 15 1 1 1
Between 1 and 3 years 7 20 11 1 1
In the first quarter of 2008, depreciation on leased assets amounted to 37
thousand kroons (2 thousand euros). In the first quarter of 2007, the
corresponding figure was 41 thousand kroons (3 thousand euros). Depreciation on
leased assets is recognised in Depreciation and amortisation charges in the
income statement.
Operating leases
EEK EUR
31 March 31 March 31 March 31 December 31 March
31 March 31
Dece-
ber
2008 2008 2007 2007
2008 2007 2007
2,223 2,308 2,308 10,517 142 142 148 148
672
for
vehi- 1,409 1,409 1,200 1,200 5,923 90
90 77 77 379
les
4 4 49 49 301 301
3 3 19
810 810 1,059 1,059 4,293 52 52
68 68 274
5,090 5,090 9,344 9,344 5,992, 325 325 597
597 383
1,709 1,709 4,334 4,334 2,611 109 109
277 277 167
3,381 3,381 5,010 5,010 3,381 216 216
320 320 216
Inthe operating lease payments for vehicles
were made under 72lease
agreements; in 2007, under 74 lease agreements. The base currency for all
vehicle leases is the Estonian kroon and the one for equipment leases is the
euro. The contracts do not impose restrictions on the company's dividend or
financing policies and the assets have not been subleased.
Note 10. Other payables
EEK EUR
(In thousands) 31 March 31 March 31 31 March 31 March 31
December
December
2008 2007 2007 2008 2007 2007
Income tax 56,410 3,605
Alcohol excise duty 17,560 18,185 19,505 1,122 1,162 1,247
Value added tax 9,178 10,364 13,622 587 662 871
Social tax 2,429 2,075 2,617 155 133 167
Income tax on fringe
benefits,
non-business and 65 133 130 4 9 8
entertainment expenses
Personal income tax 1,261 1,134 1,428 81 72 91
Unemployment insurance 62 52 65 4 3 4
premiums
Funded pension 110 77 103 7 5 7
contributions
Payables to employees 5,775 3,617 6,277 369 231 401
Payables to group 20,786 156,996 30,275 1,329 10,034 1,935
companies
(note 13)
Other accrued expenses 14,632 60,308 9,932 935 3,854 634
Total 71,858 309,351 83,954 4,593 19,770 5,365
12
Note 11. Packaging repurchase provision
EEK EUR
(In 31 March 31 March - 31 March 31 March
31
thousands) 1
Decem-
-
er
-
-
-
-
-
-
r
2008 2007 2008 2007
20-
7
Provision for
recovering
reusable 21,557 19,66626,- - 1,380 1,257
1,684
packaging 54 -
subject to -
-
-
4
a deposit
Provision for
recovering
one-
way packaging 3,105 3,772 4,3- - 198 241 241
276
subject to a 4 -
-
-
4
deposit
Provision for
repurchasing
reusable packaging not 1,932 12,- - 714 123 123
811
subject 11,176 91 -
-
-
-
1
to a deposit
Total 35,838 25,37043,- - 2,292 1,621
2,771
59 -
-
-
-
9
Theprovision to packaging has been for expenses arising
onthe
repurchase of packaging circulating in the market at period-end. The provision
is recorded at an amount equal to the deposit or repurchase value of the
packaging. The provision to repurchase packaging is a short-term provision
because the estimated return period of packaging does not exceed one year. If
it appears during the reporting period that the return rate of packaging is
less than 100%, the liability decreases and the provision is adjusted
accordingly.
Note 12. Equity
The share capital of Saku Õlletehase AS amounts to 80 million kroons (5.113
million euros) and is made up of 8 million ordinary shares with a par value of
10 kroons (0.64 euros) each. The shares have been fully paid for. According to
the Articles of Association the minimum and maximum authorised share capital
amount to 8 million shares, i.e. 80 million kroons (5.113 million euros) and 32
million shares, i.e. 320 million kroons (20.45 million euros) respectively. The
number of shares issued did not change during the reporting period. Shareholders
are entitled to receive dividends and have one vote per share at meetings of the
company. The statutory capital reserve of 8 million kroons (511 thousand euros)
has been created in accordance with the requirements of the Commercial Code. The
capital reserve is created with annual net profit transfers. Every year, the
company has to transfer to the capital reserve at least one twentieth of its net
profit until the reserve amounts to one tenth of the share capital. The capital
reserve may be used to cover losses and to increase share capital but it cannot
be distributed to shareholders.
Note 13. Related party transactions
Related party transactions include transactions with the direct BBH, companies
belonging to the same group as the parent, the parent's shareholders Carlsberg
Breweries A/S and Scottish & Newcastle plc, and companies belonging to Carlsberg
Breweries A/S and Scottish & Newcastle plc groups. Sales comprise the sales of
finished goods, packaging, ancillary materials, raw materials and goods
purchased for resale. Purchases include purchases of goods, materials, ancillary
materials, packaging, and management and consulting services. Purchases and
sales of finished goods are performed at the transfer prices of BBH group.
Purchases by Saku Õlletehase AS
EEK EUR
(In thousands) Q1 2008 Q1 2007 2007 Q1 2008 Q1 2007 2007
The parent company BBH 2,331 9,323 149 596
Companies belonging to the 11,218 11,508 46,696 717 735 2,984
same group as the parent
Shareholders of the parent 469 266 55,963 30 17 3,576
Companies belonging to the
same groups as shareholders 11,094 8,236 14,739 709 527 942
of the parent
Total 22,781 22,341 126,721 1,456 1,428 8,098
13
Sales by Saku Õlletehase AS
EEK EUR
(In thousands) Q1 2008 Q1 2007 2007 Q1 2008 Q1 2007 2007
Companies belonging to the
same group as the parent 4,529 20,949 55,191 861 1,339 3,527
Companies belonging to the
same groups as shareholders 4,412 4,316 17,566 282 276 1,123
of the parent
Total 8,941 25,265 72,757 1,143 1,615 4,650
Receivables from related parties
EEK EUR
(In thousands) 31 March 31 March 31 31 March 31 March 31
December December
2008 2007 2007 2008 2007 2007
Companies belonging to
the
same group as the 1,167 2,174 18,732 75 139 1,197
parent
Companies belonging to
the
same groups as 858 2,601 2,776 55 166 177
shareholders
of the parent
Total 2,025 4,775 21,508 130 305 1,374
Liabilities to related parties
EEK EUR
(In 31 March 31 March 31 December 31 31 31
thous- March March
December
nds)
2008 2007 2007 20072008 2008 2007
2007
The 418 151,2- 151,268 0 27 27 9- 9-
0
parent 8 6- 6-
company 8 8
BBH
Companies 14,631 690 690 19,357 19,357 935 93544 44 1,237
belonging
to the
same
group as
the
parent
Sharehol- 466 266 266 4,709 4,709 30 30 17 17
301
ers of
the
parent
Companies
belonging
to the
same 5,271 4,772 4,772 6,209 6,209 337 3373- 3-
397
groups as 5 5
sharehol-
ers
of the
parent
Tot- 20,786156,9- 156,996 30,275 1,3- 1,3-
1- 10,0- 1,935
l 6 9 9 ,- 4
34
The r- the management and members ofthe supervisory for the
first
m- board
n-
r-
t-
on
of
thr- m- 20- totalled1,453 thousand kro- (93
(93thou- euros). The
e n- 8 ns and
hs
corresponding figure for the first quarter of 2007 was 1,748 thousand kroons
(112
thousand euros). At 31 March 2008, the potential termination benefits payable
to
members of the top management, including taxes, totalled 2,609 thousand kroons
(167 thousand euros). At 31 March 2007, the corresponding figure was 2,574
thousand kroons (164 thousand euros).
Note 14. Revenue
SALES BY ACTIVITY under
EMTAK
EMTAK 2008 code EEK EUR
(In thousands)
EMTAK - Estonian 31 March 31 March 31 31 March 31 March 31
Classification December
December
of Economic 2008 2007 2007 2008 2007
2007
Activities
Beer production 1105 115,660 128,459 621,078 7,392 8,210 39,694
Cider production 1103 5,511 9,508 40,461 352 608 2,586
Rectification and 1101
blending
of strong alcohol 8,824 14,245 63,449 564 910 4,055
Production of non- 1107
alcoholic beverages; 757 388 750 48 25 48
production of
mineral
water and other water
Wholesale of 4634 33,237 27,550 179,247 2,125 1,761 11,457
beverages
Waste 324 431 1,343 21 28 86
Services 97 128 449 6 8 28
Other goods 3,334 441 4,908 213 28 313
14
Total 167,744 181,150 911,685 10,721 11,578 58,267
SALES BY MARKETS
(In thousands)
Estonia 157,253 155,233 829,301 10,050 9,921 53,002
Lithuania, Latvia, Finland,
Ukraine, Denmark, 10,491 25,917 82,384 671 1,657 5,265
Sweden, USA
Total 167,744 181,150 911,685 10,721 11,578 58,267
Note 15. Expenses
EEK EUR
(In thousands) Q1 2008 Q1 2007 2007 Q1 2008 Q1
2007 2007
Raw material 17,680 22,746 97,947 1,130
1,454 6,260
Ancillary materials 25,733 31,428 133,159 1,645
2,009 8,511
Imported beverages 16,571 13,596 83,419 1,058 869
5,331
Other 11,491 9,883 45,946 735 631
2,936
Total cost of materials, 71,475 77,653 360,471 4,568
4,963 23,038
consumables -
-
d
-
-
-
-
-
-
-
s
-
-
-
d
Advertising expenses 15,182 16,341 91,006 970
1,044 5,816
Transport and vehicle expenses 12,472 12,314 61,332 797 787
3,920
Wastewater management 1,462 1,530 6,597 93 98
421
Repair of buildings and equipment 2,284 2,013 7,948 146 128
508
Services purchased 12,431 10,603 58,753 794 678
3,755
Other expenses 1,340 1,903 26,768 86 122
1,712
Total other operating expenses 45,171 44,704 252,404 2,886
2,857 16,132
Wages and salaries 18,129 15,720 71,838 1,159
1,005 4,591
Social security charges 6,049 5,369 24,106 387 343
1,541
Unemployment insurance premiums 52 46 205 3 3
13
Total personnel expenses 24,230 21,135 96,149 1,549
1,351 6,145
Sponsoring, entertainment
and expenses not related to the core 528 450 2,129 34 29
136
activity
Interest and interest on arrears paid 66
4
Purchase and sale of packaging 15 731 1 47
Foreign exchange loss 17 32 68 1 2
4
Total other expenses 560 1,213 2,263 36 78
144
Note 16. Financial income and expenses
EEK EUR
(In thousands) Q1 2008 Q1 2007 2007 Q1 2008 Q1 2007 2007
Interest income 331 1,100 1,619 21 70 103
Total financial income 331 1,100 1,619 21 70 103
Interest expense 4 9 1,401 0 1 90
Foreign exchange losses 3
Financial expenses 61 60 240 4 4 15
on investments
Total financial 65 69 1,644 4 5 105
expenses
Net financialitems 267 1,031 -25 17 65 -2
15
Note 17. Earnings per share
EEK EUR
(In Q1 2008 Q1 2007 20- Q1 Q1 Q1
2007 2007
thousands) 7 2008 2007
Net profit 20,983 -31,451 100,923 1,341 -2,010 -2,010
6,450
Number of shares 8,000,000 8,000,000 8,000,000 8,000,000
8,000- 8,000,0-
outstanding 000
0
Basic earnings per share 0.0026 0 0.- 0.0002 0 0
0.0008
13
Diluted earnings per share 0.0026 0 0.- 0.0002 0 0
0.0008
13
Basicearningsper arefound bydividing netprofit forthe period by
theperiod's
weighted average number of shares outstanding. The company's diluted earnings
per share
equal its basic earnings per share.
Note 18. Income tax expense
EEK EUR
(In thousands) Q1 2008 Q1 2007 2007 Q1 2008 Q1 2007 2007
Dividends paid 0 200,000 200,000 0 12,782 12,782
Income tax rate applied 0 28.2% 28.2% 0 28.2% 28.2%
Income tax expense 0 56,410 56,410 0 3,605 3,605
Note 19. Contingent liabilities
Alcohol excise liability
The alcohol excise duty liability to the Customs Board is secured with a bank
guarantee as required by law. The guarantee amounts to 3,600 thousand kroons
(230 thousand euros) and is valid from 8 October 2007 to 7 October 2008.
Guarantee to OÜ Eesti Pandipakend
In accordance with an agreement concluded on 14 December 2005, Saku Õlletehase
AS guarantees the settlement of liabilities arising from a loan agreement
between OÜ Eesti Pandipakend (a packaging recovery organisation) and Nordea Bank
Finland PLC to the extent of 50% and up to 10.9 million kroons (0.7 million
euros). The guarantee is effective until 30 January 2009.
Note 20. Non-cash transactions
The income receivable on AS Rocca al Mare Suurhall bonds belonging to the
company is offset against the company's liability to AS Rocca al Mare Suurhall.
The liability is related to advertising services rendered under a cooperation
agreement. In the first three months of 2008, the offset amount equalled 365
thousand kroons (23 thousand euros). The corresponding figure for the first
three months of 2007 was 383 thousand kroons (24 thousand euros).
Note 21. Financial risk management
Financial risks
Exposure to credit risk, interest rate risk and currency risk arises in the
normal course of the company's business.
Credit risk
The company has an effective credit policy in place and the exposure to credit
risks is monitored on an ongoing basis. Credit evaluations are performed
systematically and all customers are assigned credit limits and settlement
terms.
Short-term financial investments are made in liquid local and foreign money
market instruments that have a high investment rating. Long-term financial
investments are made when it is required for the development of the core
activity, considering the conditions prevailing in the case.
16
At the balance sheet date, the most significant concentration of credit risk was
related to AS Rocca al Mare Suurhall shares and bonds. For reducing credit risk,
all agreements relating to the investment include a clause which states that if
ownership of the recreational complex changes, the agreements will transfer to
the new owner under the same terms and conditions.
Interest rate risk
As a rule, the company's activities are financed with equity instruments. Owing
to the seasonal nature of the business, however, from time to time short-term
debt instruments such as bank overdrafts, short-term loans, etc, are used.
Interest rates may be fixed or floating.
Debt financing (finance lease) is used for the purchase of vehicles. As a rule,
the base currency of lease contracts is the Estonian kroon or euro and interest
rates are fixed for the entire lease term. Since the proportion of debt
financing in the capital structure is insignificant, related risks are minimal
and have not been hedged.
Currency risk
Nearly all purchase and sales transactions are performed in Estonian kroons,
euros or currencies pegged to the latter. Therefore the currency risk is not
significant.
Fair values
The fair values of financial instruments do not differ significantly from their
carrying amounts.
2. Review of performance and operating results
Saku Õlletehase AS ended the first quarter of 2008 with a net profit of 20.9
million kroons (1.341 million euros), a 52.4 million kroon improvement on the
corresponding period in 2007. Above all, the difference between the first
quarter results of the two years may be attributed to income tax expense.
First quarter revenue in the Estonian market amounted to 157.3 million kroons
(10.050 million euros), 2.0 million kroons or 1.3% up on the first quarter of
2007.
In the first quarter of 2007, year-on-year revenue growth in Estonia was 38.4%.
The deceleration in revenue growth results from the state of the Estonian
economy - a sharp slowdown in economic growth and the ensuing changes in
consumer behaviour. In addition, the operating results of Saku Õlletehase AS
were adversely affected by sales restrictions - most North Estonian local
governments have prohibited the sale of low-alcohol beverages after 8 p.m.
Export revenues for the first quarter of 2008 totalled 10.5 million kroons
(0.671 million euros), a 15.4 million kroon decrease year-over-year. The decline
may be explained by the fact that in the first quarter of 2007 Saku Õlletehase
AS received large orders from Latvia and Lithuania which were not renewed this
year.
Expenses for the reporting period totalled 147.0 million kroons (9.397 million
euros), a 10.2 million kroon or 6.5% decrease compared with the first quarter of
2007. Expenses have shrunk due to a decrease in output. Personnel expenses, on
the other hand, grew by 3 million kroons or 15% year-over-year.
At the end of the reporting period, equity stood at 351.9 million kroons (22.488
million euros), 149.9 million kroons or 74.2% up on a year ago.
The general meeting of the shareholders of Saku Õlletehase AS, which convened on
30 April 2008, resolved that the company would distribute a net dividend of 80
million kroons (5.113 million euros), i.e. 10 kroons (0.64 euros) per share. The
dividends will be paid out on 2 June 2008.
17
3. Statement of management's responsibility
The management board acknowledges its responsibility for the preparation of the
interim financial statements of Saku Õlletehase AS for the first quarter of 2008
and confirms that to the best of its knowledge, information and belief:
the policies applied on the preparation of the interim financial statements
comply with International Financial Reporting Standards as adopted by the
European Union;
the interim financial statements give a true and fair view of the financial
position of Saku Õlletehase AS and of the results of its operations and its
cash flows;
all significant events that occurred before the date on which the financial
statements were authorised for issue have been properly recognised and
disclosed; and
Saku Õlletehase AS is a going concern.
22 May 2008
Ireneusz Piotr Smaga
Chairman of the Management Board
Inga Kuusik
Member of the Management Board
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