Saku Õlletehase AS ended the reporting period with a net profit of 51.541
million kroons (3.294 million euros), a 23.403 million kroon improvement
year-over-year.
Sales revenue for the first six months of 2008 was 456.9 million kroons (29.2
million euros) including export revenue of 32 million kroons (2.0 million
euros).
Total revenue amounted to 457.0 million kroons (29.2 million euros), a 7.2
million kroon decrease year-over year, while expenses for the period totalled
384.5 million kroons (24.6 million euros), up 4.2 million kroons year-over
year. Expenses have grown on account of an increase in the prices of goods,
materials and services and a rise in personnel expenses which expanded by 3.2
million kroons (year-over year) to 50.1 million kroons.
At 30 June 2008, the equity of Saku Õlletehase AS stood at 302.4 million kroons
(19.3 million euros), 40.9 million kroons or 15.6% up on a year ago.
According to the market research company ACNielsen, Saku is the leader of the
Estonian beer market in terms of summarised retail sales of own brands. At the
end of June 2008, the market share of Saku beers was 46.0% in quantitative
terms and 47.8% in monetary terms.
To commemorate the 90th anniversary of the Republic of Estonia, Saku Õlletehas
launched special Saku Kuld Mild, an exclusive premium brew that is
characterised by a glowing golden colour, a balance between a distinctive beer
aroma and mellowness and a thick long-lasting head. An embodiment of
longstanding brewing traditions and state of the art technology, Saku Kuld Mild
is crème de la crème of Estonian beers.
On 20 June member of the management board Inga Kuusik signed a main sponsorship
agreement with the Estonian Ski Association. Saku Õlletehase AS has been a
major sponsor of the Estonian national ski team for eleven years already. A
four-year main sponsorship frame agreement with the Ski Association was signed
in 2006. In June the company renewed the agreement for the 2008/2009 season to
help the national cross country team prepare for and compete successfully at
all major forthcoming competitions including the Vancouver Winter Olympics in
2010.
On 29 May Carlsberg Estonia Holding OÜ (Carlsberg), a 75% shareholder in Saku
Õlletehase AS, announced a mandatory takeover bid for the acquisition of shares
in Saku Õlletehase AS. The term for the acceptance of the bid ended on 26 June
2008. The purchase price offered by Carlsberg was 194.06 Estonian kroons (12.40
euros) per share. Under the mandatory takeover bid the shareholders decided to
sell to Carlsberg a total of 1,390,810 shares in Saku Õlletehase AS, i.e.
approximately 17.4% of the company's share capital. After the acquisition,
Carlsberg holds 7,391,651 shares in Saku Õlletehase AS which account for
approximately 92.40% of the share capital and voting power. Having considered
the results of the takeover bid, Carlsberg decided to instigate proceedings for
taking over also the shares held by the remaining minority shareholders for
fair monetary compensation and delisting the shares of Saku Õlletehase AS from
the main list of the Tallinn Stock Exchange.
On 11 August 2008 an extraordinary general meeting of the shareholders of Saku
Õlletehase AS decided pursuant to the Securities Act to approve Carlsberg's
takeover of the remaining Saku shares owned by minority shareholders for fair
compensation of 194.06 Estonian kroons per share. After the acquisition of the
rest of the shares, Carlsberg will own 100% of Saku shares and the listing of
the shares on the Tallinn Stock Exchange will no longer be justified.
Accordingly, on 12 August Saku Õlletehase AS submitted an application for the
delisting of its shares from the main list of the Tallinn Stock Exchange.
On 12 August Ireneusz Piotr Smaga stepped down as chairman of the management
board of Saku Õlletehase AS in connection with the expiry of his service
contract and Veli Pekka Tennilä took over as chairman of the management board.
Priit Põiklik
Communication Manager
Dir +372 650 8303
priit.poiklik@saku.ee
Saku Brewery Ltd
Part of the Carlsberg Group
2 Tallinn Str Saku 75501 Harjumaa Estonia
Phone + 372 650 8400 Fax +372 650 8401
http://www.saku.ee
