On 30 April 2009 the Supervisory Board of AS Järvevana approved the annual
report 2008 and profit allocation proposal prepared by the Management Board
of AS Järvevana for presentation at the annual general meeting.
The Management Board has made a proposal for the general meeting of the
shareholders not to pay dividends to shareholders from the net profit of 2008.
AS Järvevana audited annual report for 2008 is made available on NASDAQ
OMX Tallinn web page.
AUDITED INCOME STATEMENT 2008
consolidated, in thousand EEK and EUR
EEK EUR
2008 2007 2008 2007
Revenue 2 798 466 5 510 760 178 854 352 202
Cost of goods sold (2 273 798) (4 731 752) (145 322) (302 415)
GROSS PROFIT 524 668 779 008 33 532 49 787
Marketing expenses (21 143) (32 472) (1 351) (2 075)
Administrative and gen. expenses (123 699) (213 806) (7 906) (13 665)
Other operating income 6 781 6 424 434 411
Other operating expenses (7 773) (18 109) (497) (1 157)
OPERATING PROFIT 378 834 521 045 24 212 33 301
Financial income 16 618 11 016 1 062 704
Financial expenses (15 917) (17 762) (1 017) (1 135)
Profit from associates
and joint ventures 1 282 76 440 82 4 885
PROFIT BEFORE TAX 380 817 590 739 24 339 37 755
Corporate income tax expense (41 100) (30 830) (2 627) (1 970)
NET PROFIT FOR FINANCIAL YEAR 339 717 559 909 21 712 35 785
incl. net profit attributable
to equity holders of
the parent company 335 502 545 049 21 442 34 835
minority interest 4 215 14 860 270 950
Earnings per share for profit attributable
to the equity holders of the parent company
(basic and diluted, in EEK and EUR) 18,95 30,79 1,21 1,97
AUDITED BALANCE SHEET AS OF 31.12.2008
consolidated, in thousand EEK and EUR
EEK EUR
31.12.2008 31.12.2007 31.12.2008 31.12.2007
ASSETS
Current assets
Cash and cash equivalents 26 242 205 564 1 677 13 138
Trade and other receivables 225 927 1 199 566 14 439 76 666
Prepaid corporate income tax - 2 376 - 152
Inventories - 2 025 426 - 129 448
Total current assets 252 169 3 432 932 16 116 219 404
Non-current assets
Investments in associates
and joint ventures - 272 964 - 17 446
Other long-term loans and receivables - 14 492 - 926
Deferred income tax assets - 3 396 - 217
Investment property - 7 361 - 470
Property, plant and equipment - 172 912 - 11 051
Intangible assets - 12 574 - 804
Total non-current assets - 483 699 - 30 914
TOTAL ASSETS 252 169 3 916 631 16 116 250 318
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Borrowings - 304 879 - 19 485
Trade and other payables 242 1 015 492 16 64 902
Corporate income tax liability - 16 718 - 1 068
Government grants - 1 498 - 96
Short-term provisions 17 500 73 212 1 118 4 680
Total current liabilities 17 742 1 411 799 1 134 90 231
Non-current liabilities
Long-term borrowings - 397 713 - 25 418
Other long-term trade payables - 57 423 - 3 670
Total non-current liabilities - 455 136 - 29 088
TOTAL LIABILITIES 17 742 1 866 935 1 134 119 319
EQUITY
Minority interest - 33 939 - 2 169
Equity attributable to equity holders of the parent company
Share capital 177 000 177 000 11 312 11 312
Statutory reserve capital 17 700 17 700 1 131 1 131
Currency translation differences - (5 085) - (325)
Retained earnings 39 727 1 826 142 2 539 116 712
Total equity attributable to equity
holders of the parent company 234 427 2 015 757 14 982 128 830
TOTAL EQUITY 234 427 2 049 696 14 982 130 999
TOTAL LIABILITIES AND EQUITY 252 169 3 916 631 16 116 250 318
Toomas Annus
Member of Board
+372 6 805 400
toomas.annus@merko.ee
