Supervisory Board approved RMK’s 2009 financial results 13.04

RMK’s Supervisory Board, convened today, approved the company’s 2009 annual report, according to which RMK’s sales revenue amounted to EEK 1.251 billion and profit to EEK 148.9 million.

“Due to the nadir in the timber market, RMK’s turnover last year declined; however, by managing our costs we managed to grow our profit compared to the year before,” Aigar Kallas, Chairman of RMK’s Management Board, commented on the results. In 2008, RMK’s sales revenue was EEK 1.669 billion and profit EEK 110.7 million; thus, in a year the sales turnover declined 25%, whereas the profit grew 35%.

In 2009, RMK transferred into the national budget EEK 537.2 million of revenue from ownership, on which EEK 142.8 million of income tax was paid. Last year, RMK paid EEK 55.4 million in land tax.

RMK earned the majority (EEK 955 million) of the EEK 1.251 billion in sales revenue from timber sales. 2.36 million cubic metres of timber was sold at an average price of EEK 514 per cubic metre. Of the sales volume, logs made up 46%, pulpwood 40% and firewood 11%. The addition of a new product group included forest chips produced from cutting waste and scrub, accounting for 3% of the total sales. In 2008, RMK sold 2.15 million cubic metres of felled timber, with the average price reaching EEK 770 per square metre.

RMK forecasts its 2010 sales revenue to be EEK 1.7 billion and profit EEK 210 million.

RMK is a profit-making state agency established under the Forestry Act, aimed at the sustainable and efficient management of the state forest. RMK grows reforestation materials, organises forestry works, is engaged in the sale of forest and timber and organises game upkeep. In addition, RMK creates opportunities for hiking in nature and forest recreation in recreational areas, Estonia’s five national parks and approximately 40 other protected areas, and it shapes awareness of nature. RMK manages 38% of Estonia’s forests.

Further information:

Mati Polli
Chairman, Supervisory Board, RMK
Tel 504 6577

Aigar Kallas
Chairman, Management Board, RMK
Tel 676 7299, 528 1299