Published: 2013-03-07 15:00:00 CET
PRFoods
Changes board/management/auditors

PRF:As of 15 May 2013,the member of the Management Board of AS Premia Foods Katre Kõvask will continue as the Chairman of the Management Board of AS Premia Foods

Tallinn, Estonia, 2013-03-07 15:00 CET (GLOBE NEWSWIRE) --  

In accordance with the resolution of the Supervisory Board of AS Premia Foods (hereinafter Premia), dated 7 March 2013, Katre Kõvask, the member of the Management Board and the Marketing Director of Premia, was appointed the Chairman of the Management Board. Katre Kõvask will assume the position of the Chairman of the Management Board as of 15 May 2013. The current Chairman of the Management Board Kuldar Leis will be recalled from the Management Board of Premia as from the same date. Provided that the General Meeting of Shareholders to be held in the end of May votes in favour, Kuldar Leis will continue as the member of the Supervisory Board of Premia.

On 7 March 2013, the Supervisory Board of Premia adopted a resolution on recalling the current Chairman of the Management Board from the Management Board of Premia and on appointing Katre Kõvask, current member of the Management Board, the Chairman of the Management Board. The authorities of Kuldar Leis as the member of the Management Board will end and the authorities of Katre Kõvask as the Chairman of the Management Board will begin on 15 May 2013.

The Management Board will continue in the composition of 3 members: in addition to Katre Kõvask, the Management Board of Premia consists of Silver Kaur (Sales Director of the company) and provided that the General Meeting of Shareholders votes in favour, the Supervisory Board intends to appoint the current member of the Supervisory Board and acting CFO Erik Haavamäe to act as the member of the Management Board and the CFO of the company.

According to Indrek Kasela, the Chairman of the Supervisory Board of Premia, Premia is one of the most successful companies in the local food market. “Together with the current management we have been able to increase the turnover of the company from 25 million euro in 2006 up to 86 million euro in 2012. Our main goal is the strengthening of Premia’s positions and profitable growth in all geographical markets and business segments. The changes in the Management Board of Premia is without a doubt a good news. Katre Kõvask is an experienced leader and knows the company inside-out. Our co-operation with Kuldar will continue in the Supervisory Board level and without doubt, the strategic management of the company will benefit from his extensive experience,” said Kasela.

Kuldar Leis said while commenting the changes in the Management Board that within 7 years the oldest ice cream producer in Estonia has grown into a large stock exchange listed international group of companies engaged in food production. “Last seven years in Premia has been an interesting and busy period for me. In order to ensure continuous development of the company it is time to pass on the torch and I find it very positive that the position of the Chairman of the Management Board will be assumed by my long-term colleague and team member Katre Kõvask,” said Leis. “The experience of Katre and the whole management team of Premia in the field of food business in the region of our operations is remarkable. I wish the team the best of luck and success in achieving the set goals,” said Leis and added that if the General Meeting of the Shareholders to be held in the end of May votes in favour, he will continue in Premia as the member of the Supervisory Board, managing Premia on strategic level. 

According to Katre Kõvask, assuming the position of the Chairman of the Management Board in the middle of May, Premia is currently operating in six countries and is the employer of around 700 people, while being a market leader or among two leading players in all its business segments. “The greatest value of Premia is the team working for us and our trademarks. Premia will continue to focus on the latter and profitable growth,” said Kõvask. 

The changes in the Management Board of Premia will not result in any changes in the ownership structure of Premia. Currently, Kuldar Leis (and the company controlled by the latter OÜ Rododendron) holds altogether 3.37% of all the shares of Premia, which makes him the largest private person shareholder of Premia. Katre Kõvask (and the company controlled by the latter OÜ Footsteps Management) holds altogether 1.28% of all the shares of Premia; Silver Kaur (and the company controlled by the latter OÜ Freespirit) holds altogether 0.94% of all the shares of Premia; and Erik Haavamäe (and the company controlled by the latter OÜ Kamakamaka) holds altogether 0.48% of all the shares of Premia. 62.71% of all the shares of Premia are held by international investment funds Amber Trust I and II, KJK Capital, Firebird, etc. The major shareholders include also LHV pension funds and Ambient Sound Investments.

The turnover of Premia Foods in 2012 was 86.4 million euro, the company is the employer of up to 700 people in six countries and as of 2010 the shares of the company are listed in the main list of the NASDAQ OMX Tallinn Stock Exchange. 40% of the total turnover of Premia comprised of fish and fish products segment, 32% of ice cream segment and 26% of frozen goods segment. In the Estonian ice cream market, Premia holds the market leader position with the monetary market share of 40%. In the Baltics’ ice cream market, Premia is the market leader with 23% monetary market share. In the Finnish chilled packaged fish products market, Premia is holding the first to second position with the approximate market share of 22%.

         Additional information:
         
         Katre Kõvask
         T:+372 6 033 800
         katre.kovask@premia.ee
         
         Kuldar Leis
         T:+372 6 033 800
         kuldar.leis@premia.ee
         
         Indrek Kasela
         M:+372 50 64 642
         indrek.kasela@ambertrust.ee