AirBaltic CEO earns 600,000 kr a month

Loss-making AirBaltic CEO Berthold Flick’s monthly salary was 27,000 lats or nearly EEK 600,000 in February, ERR News cites Diena.  This is an astronomical amount in both, private and public sector and also in the neighbouring countries.

In 11 months Flick has earned 300,000 lats or EEK 6.6 mln. In the first half-year of 2008 the company had loss of LVL 7.1 mln. They haven’t published any information about total results in 2008.

Source: BBN

Sales of Ekspress Grupp climb 15%

Sales revenue of the Estonian media group Ekspress Grupp in 2008 totalled 1.32 billion kroons (EUR 84.3 mln), which is 15% more than in the year before.
Earnings before interest, taxes, depreciation and amortisation increased by 13% to 175.8 million kroons, Ekspress Grupp said in a disclosure to the stock exchange.

Source: Estonian Review

Wage growth highest in remote counties

Average wages and salaries grew at the fastest rate in East Viru County in northeastern Estonia and in Võru County in the country’s southeastern corner in the final quarter of 2008, it appears from figures released by Statistics Estonia.
The annual rates of increase in the two countries were by 14.71% to 10 699 kroons (EUR 684) a month in East-Viru and by 13.97% to 10 816 kroons a month in Võru County.
Saaremaa, the westernmost county of Estonia, and Jõgeva in south-central Estonia saw the smallest rates of increase, or respectively by 1.33% to 11 093 kroons and by 1.36% to 10 408 kroons.
Tallinn boasted the highest average monthly wages and salaries, with the figure climbing 5.77% year on year to 14 805 kroons.

Source: Estonian Review

Starman’s Q4 profit up 72%

The Estonian telecom operator AS Starman has posted a net profit of 13.8 million kroons (EUR 0.88 mln) for the final quarter of 2008, a nearly 72% increase over the figure for the same three months of 2007.
Sales in the fourth quarter climbed nearly 30% in comparison with the same period in 2007 to 96.4 million kroons.
Starman’s net profit in the whole of 2008 was up 4.7% year on year at 39.2 million kroons.
Twelve-month sales went up 26.4% to 353.8 million kroons.

Source: Estonian Review

Ergo insurance boosts profit by 18%

Insurance companies of the Ergo group in the Baltic countries earned a profit of 202 million kroons (EUR 12.9 mln) last year, 18% more than in 2007.
Contributing 130 millon kroons, the Ergo life and non-life insurers in Estonia accounted for two thirds of the profit of Ergo’s Baltic operations, Ergo said.
The insurer said in its annual report that life, damage and health insurance premiums in the Baltic states grew by 12% year on year in 2008.
With a market share of 14%, Ergo climbed to the second position among insurers in the Baltics by the end of 2008 after RSA (Codan) Group, coming ahead of the life and non-life insurers of Sampo Group.
Ergo’s Estonian non-life insurer, Ergo Kindlustuse AS, saw premiums slide by 0.8% year on year to 924 million kroons.
The profit of Ergo Kindlustus in 2008 totaled 125 million kroons and the company continues in the number two position on the Estonian non-life market with a market share of 21.8%.
The CEO of Ergo’s Baltic operations, Kestutis Bagdonavicius, described the Baltic states as engines for Ergo Insurance Group’s growth in 2008.
Net premiums of Ergo’s Baltic insurance operations in 2008 totalled three billion kroons.

Source: Estonian Review

Kalev adopts new name – Luterma

The listed Estonian food and real estate group AS Kalev has adopted AS Luterma as its new business name.
The extraordinary general meeting of shareholders that endorsed the change also approved corresponding amendments in the statutes of association, Kalev told the stock exchange.
At Thursday’s general meeting 85.43% of the company’s registered capital was represented.
Oliver Kruuda, the majority shareholder of Kalev, has previously said the name change arises from the wish to leave the name Kalev fully to the confectionery factory that is part of the Kalev group.
AS Kalev earlier this week filed for delisting from the Tallinn stock exchange.

Source: Estonian Review

Profit of Tallinn port climbs to 26.65 mEUR

The Estonian state-owned port company Port of Tallinn earned a net profit of 417 million kroons (EUR 26.65 mln) in 2008, 81 million kroons or about 20% more than in 2007.
Consolidated sales during the year totaled 1.17 billion kroons, 0.6% more than in 2007. Operating profit dropped 4% to 452 million kroons.
The number of passengers passing through the ports of Port of Tallinn reached a record level both as regards regular line and cruise passengers, the company said.
The number of passengers travelling through the ports was a record-breaking 7.25 million, increasing by almost 730 000 passengers or 11% year on year.
In absolute terms, the number of passengers increased the most on the Tallinn-Helsinki line, the largest line for the port company, where it soared by 570 000 passengers or 10%.
The factors that contributed to the growth in the number of passengers included Estonia’s joining the Schengen visa zone in December 2007, ongoing upgrading of line vessels together with special offers being made available to passengers, and, as far as cruise traffic is concerned, the Baltic Sea’s becoming one of the fastest growing cruise regions in the world, Port of Tallinn said.
The cargo volume passing through the ports of Port of Tallinn decreased by 7 million tonnes or 19% to 29 million tonnes in 2008. The decrease followed a steep drop that had occurred in mid-2007, subsequent to which the cargo volume has been relatively stable.
The chairman of the supervisory board of the port company, Neinar Seli, said that the preservation of the company’s revenue base and increased profit despite the decline in cargo volumes show the company’s ability to bring down risks related to the changes in market situation and fruitful work of the management in making the company more efficient.
In total 29 million tonnes of goods passed through the ports of the Port of Tallinn group during the year, which is 19% less than in 2007.
A decrease together with major changes occurred again in the volumes of bulk cargo and liquid cargo. Liquid cargo still accounted for 71% of total cargo volume.
In a breakdown by direction, transit made up 77%, export 11% and import 12% of cargo flow.
Costs related to the main activity of Port of Tallinn totaled 717 million kroons, marking an annual increase of 4%.
Investments in new and existing infrastructure during the year totaled 560 million kroons, which is 293 million kroons less than in 2007. Most of the investments — 360 million kroons or almost two-thirds of the total volume of investments — were made to build new quays and hinterland area.

Source: Estonian Review

Entrepreneurs’ profit decreased by a fourth

According to preliminary data of Statistics Estonia, in 2008 the total profit of enterprises’ sector was 39 billion kroons, which is by a fourth less than in the previous year.

Intense competition on domestic market and decreased demand on external market lead enterprises to lower profits. Compared to 2007 profits decreased in most economic activities, only transport, storage and communication and fishing activities were capable of increasing their profits. Agriculture and health and social work sectors were in loss. In activities with the largest share — in wholesale and retail trade and manufacturing — profits decreased by 33% and 22%, respectively.

In 2008 the net sales of enterprises totalled 641 billion kroons and it decreased by about 2% compared to the previous year. In trade and transport activities the net sales decreased by 5% in both activities and in construction the net sales decreased by 6% compared to the previous year. The largest decline was in forestry, where lack of demand and lowered timber prices reduced net sales by 17%.

In 2008 enterprises invested 37 billion kroons, which is 11% less than in 2007. The rapid fall of real estate prices reflects the situation of demand on the market. Investments in land decreased by a half compared to 2007.

In the 4th quarter of 2008, the enterprises’ total profit was about 6 billion croons. The total profit was as low last four years ago in the 4th quarter of 2004. Compared to the 4th quarter of 2007 the total profit decreased 51%.

In the 4th quarter the net sales of enterprises totalled 149 billion kroons, which is 13% less than in the same period a year ago.

In the 4th quarter enterprises invested 9.3 billion kroons, i.e. 2.9 billion less than in the 4th quarter of 2007. Investments decreased in all tangible asset objects.

Total profit of enterprises, 1st quarter 2004 – 4th quarter 2008

 

Source: Statistics Estonia