Reval Hotels
Sampo Group
HR Express
Barents informatio
Observer Eesti Oü

Estonia Business News: Archive 2003-

WEEK 34.2006

Monday, 21st of August, 2006

Fitch did not change Estonia’s sovereign rating
Rating agency Fitch enhanced country ceiling for 40 countries on August 17. Estonia’s sovereign rating, which is Fitch’s estimate to country’s execution of long-term foreign currency liabilities is still on level A.
Eesti Päevaleht

Tuesday, 22nd of August, 2006

BRC earned EEK 14 million profit
Baltic Realization Centre (BRC) earned EEK 14.2 million profit with EEK 419.5 million consolidated turnover last year. In 2004 company had EEK 21 million loss. Concern had 59 employees in the end of 2005. BRC buys, sells and intermediates used vehicles in Estonia, Latvia and Lithuania.

Eesti Meedia group increased profit
Eesti Meedia group’s operating profit during first six months of 2006 reached EEK 44.4 million. Turnover was EEK 346.8 million and compared to respective period last year, turnover grew 26%. Group belongs to Norwegian media concern Schibsted, which also owns Estonian TV-channel Kanal 2.

Saksa Auto brought shower of dividends to owners of Talleks
Buyout of Saksa Auto from last summer flood Talleks concern with nearly EEK 46 million profit and brought owners EEK 50 dividends per one stock. Major owners Andres Sarri, his wife Kristel and Talleks’ finance manager Peeter Värnik earned respectively EEK 3.1 million, EEK 2 million and EEK 1.5 million in dividends. Company’s financial year report shows that company’s explosive growth in turnover and profit was due to buyout of 50% of Saksa Auto’s stocks. 24 companies belong to Talleks concern.

Wednesday, 23rd of August, 2006

Estonia’s 10% economic growth to continue
Ministry of Finance increased Estonia’s economic growth prognosis to 9.6% in 2006 and 8.3% in 2007 based on growing domestic demand and export, PM Andrus Ansip commented that economy is in a very good shape. Minister of Finance Aivar Sõerd said that decrease of unemployment to 6.8% and the resulting labour shortage is expected to raise average monthly wages in 2007 to over EEK 10,000 but companies’ competitiveness will not lower, the Bank of Estonia called enterprises to increase productivity to match growth of wages. Estonia’s budget surplus for 2006 is prognosed to be the record EEK 6.4 billion, of which EEK 1.6 billion will be dispensed by supplementary budget and the rest is left to reserve, the Bank of Estonia expects budget surplus both this and next year to be 2% of GNI, which is about EEK 4 billion. Minister of Finance also admitted that due to fast economic growth, inflation prognosis has become more pessimistic and the current 4.5% estimate has impaired meeting the inflation criterion, but the plan of changeover to the euro in 2008 is not yet postponed and Estonia will also continue discussions with the EC over the criteria.

Friday, 25th of August, 2006

Tallinn Harbour’s profit grew 72%
Consolidated net profit of Tallinn Harbour in first half of the year 2006 was EEK 361.9 million; profit grew 72% compared to respective period in 2005.

Economic growth distended Eesti Energia’s electricity sale
Eesti Energia’s domestic electricity sale grew 10.1% in June 2006. The main influence on the growth of electricity sale was continually Estonia’s general economic growth.

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