1. COMMENTS ON ECONOMIC ACTIVITIES 1.1. General information and changes in organisational structure AS Kalev pursues several fields of activity, including manufacturing and sale of foodstuffs, real-estate-related activities, print media and telemedia, publishing activities. The company has long-term experience in the confectionery and dairy product segment. AS Kalev has also pursued various real estate development and management projects for a longer period of time. The company's strong development and expansion of its activities into the media and publishing segment and the associated segments began in the previous financial year and has continued in the reporting period. Foodstuff production is carried out in five production plants located in Põrguvälja (in Rae Municipality), Paide, Viljandi, Jõhvi and Kiviõli. The products are, among other channels, sold through the company's pan-Estonian retail chain, consisting of 15 candy stores and cafeterias. Kalev Group's parent company is AS Kalev. In addition, the group incorporates eighteen subsidiaries. AS Kalev has a significant interest in the following companies: -------------------------------------------------------------------------------- | Subsidiary company | Location | As of | As of | | | | 30.09.2008 | 30.06.2008 | -------------------------------------------------------------------------------- | AS Kalev Paide Tootmine | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | | AS Valmetek Invest | Estonia | 66,7% | 66,7% | -------------------------------------------------------------------------------- | AS Kalev Jõhvi Tootmine | Estonia | 99,1% | 99,1% | -------------------------------------------------------------------------------- | AS Vilma | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Kalev Real Estate Company | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | | EOOD Stude REC | Bulgaria | 100% | 100% | -------------------------------------------------------------------------------- | | OÜ BCA Center | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | | OÜ BCA Kinnisvara | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Kalev Chocolate Factory | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | | OÜ Maiasmokk | Estonia | 86,4% | 86,4% | -------------------------------------------------------------------------------- | Kalev Merchant Services Ltd | USA | 100% | 100% | -------------------------------------------------------------------------------- | OÜ Sugarstar | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Inreko Press | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | OÜ Olliwood | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Eksklusiiv | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | AS Kalev Meedia | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | | OÜ Eesti Spordikanal | Estonia | 100% | 100% | -------------------------------------------------------------------------------- | OÜ AgriStock | Estonia | 100% | 100% | -------------------------------------------------------------------------------- The members of the Management Board of AS Kalev are elected and removed pursuant to the procedure provided by the Commercial Code. Under the Commercial Code, the members of the Management Board and appointed and removed by the Supervisory Board of AS Kalev. A member of the Management Board shall be elected for a specified term of three years unless the Articles of Association prescribe another term. Extension of the term of office of a member of the Management Board shall not be decided earlier than one year before the planned date of expiry of the term of office, and not for a period longer than the maximum term of office prescribed by the law or the Articles of Association. A member of the Management Board may be removed upon a resolution of the Supervisory Board of AS Kalev regardless of the reason. Rights and obligations arising from a contract concluded with the member of the Management Board shall terminate pursuant to the contract. A member of the Management Board may resign from the Management Board with good reason if he or she gives notice of his or her resignation to the Supervisory Board and, if this is impossible, submits a relevant application to the registrar of the commercial register. With good reason, a court may appoint a new member to replace a removed member of the Management Board on the petition of the Supervisory Board, a shareholder or other interested person. The authority of the court-appointed member of the Management Board shall continue until appointment of a new member of the Management Board by the Supervisory Board. The members of the Management Board of AS Kalev shall be appointed for a term of three years in accordance with the Articles of Association of AS Kalev. If the Management Board has more than two members, the Supervisory Board of AS Kalev shall elect the Chairman of the Management Board amongst the members of the Management Board. Pursuant to the Commercial Code, a resolution on amendment of the Articles of Association shall be adopted if at least two-thirds of the votes who participate in the meeting are in favour. A resolution on amendment of the Articles of Association shall enter into force as of the making of a corresponding entry in the commercial register. The Articles of Association of AS Kalev have not prescribed a greater majority requirement. AS Kalev has only one type of shares. AS Kalev may be represented in all legal acts by any member of the Management Board. Under the Articles of Association, if the Management Board of AS Kalev has three or more members, the public limited company may be represented in all legal acts by the Chairman of the Management Board alone, or other members of the Management Board together with the Chairman of the Management Board. Pursuant to the Commercial Code, joint representation shall apply with regard to third persons only if it is entered in the commercial register. The members of the Management Board of AS Kalev shall not have the right to issue or repurchase shares. No agreements have been concluded between AS Kalev and its Management Board members or employees, stipulating any monetary compensation in connection with the takeover set forth in section 19 of the Securities Market Act. A significant change was introduced in the group structure in the first quarter of the financial year 2008/2009. Namely, AS Kalev's subsidiary AS Kalev Paide Tootmine appointed Taavi Toots as member of the Management Board of the public limited company on 19 September 2008. Taavi Toots, member of the Management Board of AS Kalev Paide Tootmine, has also served as the financial director of AS Tere since July 2007, and is a member of thee Supervisory Board of AS Tere. Taavi Toots is also a member of the Supervisory Board of AS Solidum and AS Meieri Transport since June 2007. Taavi Toots holds no shares in AS Kalev. 1.2. Financial results The following factors had a significant effect on the consolidated financial results of AS Kalev Group in the first quarter of the financial year 2008/2009: 1) nearly a 13.5% increase in net turnover of goods and services, compared to the comparative period; 2) nearly a 38% increase in consolidated gross profit, compared to the comparative period; 3) increase in revenue from the real estate segment - the company disposed previously launched projects, and generated revenue in the new segment (public real estate market); 4) nearly a 4% increase in the sale of confectionery products, regardless of the overall decrease in total market demand; the segment's profitability has doubled; 5) the share of the domestic market in the total sale of commodities (96% of net turnover) has significantly increased, while the share of export in total turnover has become insignificant due to the reorientation of the dairy segment to service provision; 6) the development of the media and event marketing area, which underwent a quick development in the previous year, continued, with the revenue showing a slight decrease in the reporting period. The consolidated net sales of AS Kalev for the first 3 months of the financial year 2008/2009 amounted to 353.9 million kroons (22.6 million euros), showing a 13.5% growth compared to the same period last financial year. The net sales dynamics differed by segments: revenue from the real estate market showed a strong growth, with positive growth also seen in the sale of confectionery products. The media and event marketing segment sales somewhat decreased, compared to the same period last year. Further to the structural changes in the dairy segment in the second half of the last financial year, the revenue for the first quarter of the financial year is not directly comparable with that of the previous year. The Group's total turnover for the reporting period was affected by the increase in real estate sales and decrease in dairy sales. The consolidated net profit of AS Kalev for the financial year 2008/2009 amounted to nearly 29.8 million kroons (1.9 million euros), compared to the 10.8 million kroons (0.7 million euros) in the comparative period. In the first three months of the financial year 2008/2009, AS Kalev Group had an average of 806 employees (874 employees in the comparative period last financial year). The net sales and net profit of AS Kalev Group companies for the financial year 2008/2009 have been brought out in the below tables (in thousands of kroons and euros), separately for each company. Comparative data has been brought out on 14 companies.1 As the balance sheet volume of the subsidiary Kalev Merchant Services Ltd makes up less than 0.5% of the parent company's turnover, the financial indicators will not be consolidated. The date on the associated company is not included. AS Uniprint was incorporated as a subsidiary in the last financial year; under the shareholders' agreement, AS Kalev had the right to purchase all shares of the company. However, AS Kalev did not exercise this right. AS Uniprint is thus not considered a subsidiary from 1 April 2008. The data on AS Kalev Paide Tootmine, AS Kalev Real Estate Company and AS Kalev Meedia also include the corresponding financial results of their subsidiaries. *consolidated ** the activities have been transferred to AS Kalev Meedia *consolidated ** the activities have been transferred to AS Kalev Meedia AS Kalev's financial gearing did not increase in the reporting period. A decrease in current liabilities resulted in an increase in the group's current ratio (see table below). A bond issue was carried out in the period in order to refinance the group's development needs. The ROA of Kalev Group was positive in the first quarter of the financial year, doubling compared to the same period in the last financial year. The most important financial ratios of AS Kalev have been brought out in the below table: -------------------------------------------------------------------------------- | | AS Kalev Group | -------------------------------------------------------------------------------- | | 01.07.2008- | 01.07.2007- | -------------------------------------------------------------------------------- | | 30.09.2008 | 30.09.2007 | -------------------------------------------------------------------------------- | Current ratio | 0.82 | 0.6 | -------------------------------------------------------------------------------- | Financial gearing | 0.74 | 0.76 | -------------------------------------------------------------------------------- | Asset turnover ratio | 0.19 | 0.23 | -------------------------------------------------------------------------------- | Net profit margin (%) | 0.084 | 0.035 | -------------------------------------------------------------------------------- | Return on assets, ROA (%) | 0.016 | 0.008 | -------------------------------------------------------------------------------- -------------------------------------------- * The financial ratios have been calculated based on the following methods: Current ratio = current assets / current liabilities Financial gearing = total liabilities / average total assets Asset turnover ratio = revenue / average total assets Net profit margin = net profit / revenue * 100% Return on assets (ROA) = net profit / average total assets * 100% 1.3. Product market and sales 1.3.1. Confectionery products The total volume of sales of AS Kalev's confectionery products amounted to 2,056 tons in the first quarter of the financial year 2008/2009. This constitutes an 8% decrease, compared to the same period last financial year (2,228 tons). 87% of the confectionery products were sold on the domestic market and 13% were exported. According to the retail trade survey conducted by the survey company AC Nielsen in August/September 2008, AS Kalev's market share in the chocolate and sugar confectionery market was 37% as regards turnover and 40% as regards volume. On the local biscuit market, Kalev's market share was 6.9% as regards turnover, and 8.7% as regards volume. Kalev Group's total volume of sale of sugar and chocolate confectionery product segment amounted to 1,390 tons in the first three months of the financial year 2008/2009. This constitutes a 3% decrease from the total volume of sugar and chocolate confectionery products sold in the same period last year. At the same time, the dynamics of the sale of confectionery products was different for different product groups: revenue from boxed chocolate candy (15%), dragee (12%) and chocolate tablets (7%) showed the quickest growth. Candy sales also showed an increase (3%). Compared to the same period last financial year, an increase can be seen in the sale of boxed chocolate candy (18%) and dragee (3%), while the volumes of other confectionery products have remained on par, or have somewhat decreased. A total of 6 new products were launched in the reporting period. The chocolate and sugar confectionery segment saw an expansion of the Kalev brand chocolate series - the company launched the new “Kalev Milk” milk chocolate with toffee and peanuts (100g). The company launched a new exclusive chocolate series under the “Kalev Finest Chocolates” series, which includes “Kalev dark chocolate with orange and green tea” (70g) and “Kalev dark chocolate 72%” (70g). Kalev also launched a selection of 20g chocolate tablets with the cartoon figure Lotte design for children - “Kalev milk chocolate” (20g) and “Kalev white chocolate with biscuit pieces and strawberry” (20g). Kalev Group's total volume of sale of flour confectionery products (pastry products, biscuits, flour mixes) amounted to 666 tons in the period. The sale of flour confectionery products decreased by nearly 17% compared to the same period last financial year. Similarly to sugar and chocolate confectionery segments, different sales dynamics can be distinguished among the product groups of the flour confectionery segment: for instance, the turnover of flour mixes increased by 47% and the sales volume by 39%, compared to the last financial year. The share of export is immaterial in the flour confectionery segment. The flour confectionery products saw a new addition to the Vilma flour mixes in the first quarter of the financial year,-with the company launching “Vilma biscuit powder with milk chocolate drops” (400g). A majority (87%) of the total turnover from the confectionery products (i.e. sugar, chocolate and flour confectionery products) was generated on the domestic market in the first quarter of the financial year 2008/2009; sales to different foreign markets amounted to 13% of the total turnover (on par with that of the previous period). The biggest export destinations for Kalev's confectionery products are Latvia, Lithuania and the so-called Travel Trade segment. 1.3.2. Dairy products Similarly to the previous period, the operations of Kalev Group's dairy segment in the first three months of the financial year included service provision through the subsidiary AS Kalev Paide Tootmine. In the given period, AS Kalev Paide Tootmine mainly rendered services to AS Tere and the Jõgeva Milk Producers' Association. Further to the structural changes in the dairy segment in the second half of the last financial year, the revenue for the first quarter of the financial year is not directly comparable with that of the previous year. The seasonal nature of milk production also affected the production volumes: in total, 2,058 tons of products were manufactured from July to September under the service contract, incl. 984 tons of different powder, 765 tons of cream and 309 tons of milk. The company mainly produced skimmed milk powder and, to a lesser extent, cream and milk powder. In the first quarter of the financial year 2008/2009, the company planned to acquire AS Tere and OÜ Põlva Piim Tootmine. Due to circumstances beyond the control of the company, the transaction was not completed in the first quarter (it was completed ten days after the balance sheet date, on 30 September 2008). 1.3.3. Real estate activities AS Kalev pursues real estate management and development activities through its subsidiary AS Kalev Real Estate Company (hereinafter Kalev REC), and through its subsidiaries and associated companies. In real estate activities, the group bases the portfolio formation on the principle of conservatism. Quick macro-economic changes in the market segment have no significant effect on the group's economic results. In the real estate segment, the most important project had to do with the development activities of the subsidiary OÜ BCA Center in the reconstruction of five schools within the framework of the Private Partnership for Tallinn Schools Project (the scheduled term of completion of three schools was July 2008 and two schools December 2008). A detailed plan for the Ringi 56a real estate owned by AS Kalev REC's associate OÜ Ringi Haldus was completed in the period, permitting construction of a 4,600 m2 apartment building. Design work on the building has already commenced. AS Kalev REC's Bulgarian-based subsidiary EOOD Stude REC is just about to complete construction of the 6,500 m2 apartment building in Sofia. A permit of use for the building will be applied by the end of 2008. Brokers have already been appointed for the sale of the apartments. So far, the group's real estate segment has revolved around development of residential and commercial space. The company is, however, refocusing on the public real estate market. Kalev REC, Kalev Group's subsidiary involved in the real estate segment, is eager to participate in various private partnership projects. 1.3.4. Media AS Kalev Meedia and its subsidiary OÜ Eesti Spordikanal are involved in three segments: print media, Internet, television. AS Kalev Meedia publishes the gossip magazine Just, financial magazine Ärielu, sports magazines Sporditäht, Basket and Jalka; car and motorcycle magazine Moto; fashion and lifestyle magazines Avenüü and Avenüü Professional, IT magazine Praktiline Arvutikasutaja as well as the children's magazines Muumi and Muumi Mõistatuste ja Värviraamat. These publications had the following average print runs in the financial year: Just 10,500, Ärielu 4,500, Sporditäht 4,500, Basket 4,500, Jalka 4,500, Moto 5,200, Avenüü 4,500, Avenüü Professional 4,000, Muumi 6,600, Muumi Mõistatuste- ja Värviraamat 5,000, Praktiline Arvutikasutaja 4,800. At the same time, actual reader numbers are remarkably bigger for these publications—according to the Estonian Media Survey conducted by TNS Emor in the third quarter of 2008, Just had 36,000, Sporditäht 11,000, Avenüü 14,000, Muumi 15,000, Ärielu 5,000, Basket 7,000 and Praktiline Arvutikasutaja 5,000 readers. Subscription campaigns were organised for different magazines in the reporting period in order to boost magazine subscription. To activate retail sales, the cover prices of different magazines were lowered in the course of the campaign. In august, the Sporditäht magazine was enhanced to contain 100 pages; in September, a new car and motorcycle magazine Moto was launched, with the gossip magazine Just issued twice a week. The Praktiline Arvutikasutaja launched co-operation with the world's biggest IT magazine published International Data Group Inc (which issues the world's biggest computer magazine PC World). Under the co-operation agreement, Praktiline Arvutikasutaja started publishing the materials of PC World, and was also enhanced to contain 100 pages. According to the statistics of the news portal www.kalev.ee, the portal had an average total of 29 174 unique visits per week (100 762 per month). The new sports-orientated news and entertainment channel KalevSport is broadcasted by AS Kalev Meedia's subsidiary OÜ Eesti Spordikanal. According to the TV Audience Meter Survey conducted by TNS EMOR between 1 July 2008 and 30 September 2008 (target group: Estonian population over the age of 4), the Daily Reach of Kalev Sport was 48,000, the Daily Reach % was 3.7 and the Daily Share was 0.5%. A total of 379,000 people watched the Kalev Sport channel in the period. As of 30 June 2008, 132 people were employed in Kalev Group's media segment (incl 94 in AS Kalev Meedia and 38 in OÜ Spordikanal). 1.4. Future activities AS Kalev's dairy segment is developed through AS Kalev Paide Tootmine and its subsidiaries. Being focused on group expansion so far (having acquired the milk processing plants OÜ Põlva Piim Tootmine and AS Tere, see Note 12), the group is refocusing on the objective of developing from commodity-type dairy product manufacturing to Estonia's leading milk processor. The technical work carried out in the design of the product portfolio has created additional opportunities for valuation of the raw material, thus enhancing export opportunities. Both the development of the product portfolio and changes in milk processing consolidation serve the goal of becoming a competitive dairy product manufacturer in the Baltic States. Kalev Group's confectionery segment is developed through AS Kalev Chocolate Factory. In the sugar and chocolate confectionery segment, the group's objective is to maintain its position as the leader of the domestic market, while securing its market share in the Baltic States. In product development, the goal is to extend the terms of expiry as well as produce healthy products and create new flavours. The chocolate confectionery segment focuses on the development of chocolate tablets, chocolate candies and boxed chocolate candies, while the sugar confectionery segment focuses on chewing candies and toffee. In the pastry and flour confectionery segment, the focus lies on the domestic market. Both product development and equipment investments focus on supporting the major segments, thus increasing profitability, improving export capacity, enhancing production efficiency and reducing manual labour. The group's real estate segment is developed through AS Kalev REC and its subsidiaries. So far, the real estate sector in Estonia has allowed Kalev Group to actively pursue real estate development and management. The group has mainly focused on the development of residential and commercial space. The public real estate market, however, has a growing potential and provides new expansion opportunities, including partnership projects (see Note 12). AS Kalev Meedia and the event marketing segment continues to develop its operations as regards both content and volume. The objective is to boost reader numbers and advertising income. We also exploit the opportunities of expanding in the media market, incl. launching new publications and pursuing expansive development. To complement the channels' current focus on news and sports, the media segment is also open for development into other areas (see Note 12). INCOME STATEMENT in thousands of kroons and euros -------------------------------------------------------------------------------- | | Consolidated EEK | Consolidated EUR | -------------------------------------------------------------------------------- | | 3 months | 3 | 3 months | 3 months | | | | months | | | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 353 900 | 311 832 | 22 618 | 19 930 | -------------------------------------------------------------------------------- | Cost of sales of goods and | -241 162 | -230 | -15 413 | -14 707 | | services | | 108 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROSS PROFIT | 112 738 | 81 724 | 7 205 | 5 223 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | -33 196 | -32 626 | -2 122 | -2 085 | -------------------------------------------------------------------------------- | Administrative and general | -23 301 | -25 695 | -1 489 | -1 642 | | expenses | | | | | -------------------------------------------------------------------------------- | Other income and expenses | -2 511 | -89 | -160 | -6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 53 730 | 23 314 | 3 434 | 1 490 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | -23 887 | -12 333 | -1 527 | -788 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE INCOME TAX | 29 843 | 10 981 | 1 907 | 702 | -------------------------------------------------------------------------------- | Income tax | 0 | -149 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE MINORITY | 29 843 | 10 832 | 1 907 | 702 | | INTEREST | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 28 | 5 | 2 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT ATTRIBUTABLE TO THE | 29 815 | 10 837 | 1 906 | 693 | | PARENT COMPANY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EPS attributable to the owner's of the parent | | | | company | | | -------------------------------------------------------------------------------- | (basic and diluted) | 1.26 | 0.46 | 0.08 | 0.03 | -------------------------------------------------------------------------------- BALANCE SHEET in thousands of kroons and euros -------------------------------------------------------------------------------- | | Consolidated EEK | Consolidated EUR | -------------------------------------------------------------------------------- | | 30.09.200 | 30.06.200 | 30.09.2008 | 30.06.200 | | | 8 | 8 | | 8 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash | 6 888 | 103 495 | 440 | 6 615 | -------------------------------------------------------------------------------- | Receivables | 250 753 | 170 678 | 16 026 | 10 908 | -------------------------------------------------------------------------------- | Prepayments | 1 895 | 2 149 | 121 | 137 | -------------------------------------------------------------------------------- | Inventories | 143 014 | 191 952 | 9 140 | 12 268 | -------------------------------------------------------------------------------- | Total current assets | 402 550 | 468 274 | 25 728 | 29 928 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Long-term investments and | 538 449 | 413 302 | 34 413 | 26 415 | | receivables | | | | | -------------------------------------------------------------------------------- | Investment property | 336 157 | 335 990 | 21 484 | 21 474 | -------------------------------------------------------------------------------- | Property, plant and | 563 632 | 572 024 | 36 023 | 36 559 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible assets | 20 828 | 20 761 | 1 331 | 1 327 | -------------------------------------------------------------------------------- | Total non-current assets | 1 459 066 | 1 342 077 | 93 251 | 85 774 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 861 616 | 1 810 352 | 118 979 | 115 703 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND OWNER'S EQUITY | | | | -------------------------------------------------------------------------------- | Liabilities | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Short-term borrowings | 244 615 | 696 070 | 15 634 | 44 487 | -------------------------------------------------------------------------------- | Prepayments from customers | 18 781 | 18 584 | 1 200 | 1 188 | -------------------------------------------------------------------------------- | Payables to suppliers and | 230 236 | 304 817 | 14 715 | 19 481 | | other payables | | | | | -------------------------------------------------------------------------------- | Total current liabilities | 493 632 | 1 019 471 | 31 549 | 65 156 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Long-term borrowings | 866 758 | 319 489 | 55 396 | 20 419 | -------------------------------------------------------------------------------- | Total non-current | 866 758 | 319 489 | 55 396 | 20 419 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total liabilities | 1 360 390 | 1 338 960 | 86 945 | 85 575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Owner's equity | | | | | -------------------------------------------------------------------------------- | Share capital | 236 325 | 236 325 | 15 104 | 15 104 | -------------------------------------------------------------------------------- | Mandatory reserve | 5 543 | 5 543 | 354 | 354 | -------------------------------------------------------------------------------- | Revaluation reserve | 106 215 | 106 215 | 6 788 | 6 788 | -------------------------------------------------------------------------------- | Retained earnings | 153 066 | 123 251 | 9 783 | 7 877 | -------------------------------------------------------------------------------- | Total owner's equity | 501 149 | 471 334 | 32 029 | 30 124 | -------------------------------------------------------------------------------- | Minority interest | 77 | 58 | 5 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 1 861 616 | 1 810 352 | 118 979 | 115 703 | | OWNER'S EQUITY | | | | | -------------------------------------------------------------------------------- Additional information: Tarmo Maasikamäe Financial director Tel 6886600 grupp@kalev.ee
Unaudited 3-month interim financial statements for the period:01.07.2008-30.09.2008
| Source: Luterma
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