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Press release: Profits of Estonian companies in 2011 reached the pre-crisis level

4. Dec 2012

The report “Financial Indicators of Estonian Companies in 2011” prepared by Krediidiinfo AS reveals that corporate profits have grown explosively – by 43% over the year, and have once again reached the pre-crisis level of 2007. Sales revenue also demonstrated significant increase. At the same time, the losses of business were decreasing. 

The total profit of Estonian companies amounted to 5.1 billion euros, having increased by 43% or by 1.5 billion euros over the year. The number of profitable businesses has increased by ca. 15%, i.e. by 6 747 enterprises. 50 825 companies were profitable by the end of the financial year. The following areas demonstrated the most significant increase in profits: other services – 7 times, arts, entertainment and recreation – 6 times, financial and insurance sector – 2 times. 

The amount of business losses was 1.1 billion euros, going down by 1.8 percent over the year. 25 114 businesses were in loss by the end of the year, which is 3% less than in the previous financial year. 

Losses in the hospitality and catering sector (that was the only one to demonstrate loss already in 2010) increased almost four times, amounting to 7.8 billion euros. At the same time, in terms of growth of sales revenue, the sector keeps the second place. 

In 2011 sales revenue of Estonian companies grew by solid 22% in comparison with the same period of the last year, reaching 45 billion euros. The greatest growth in sales occurred in the sectors of electricity (57%), hospitality and catering (35%), and mining (34%). 

Krediidiinfo AS prepares financial performance reports annually in early December, when all the results become available, including those from the annual reports that were submitted with delay. The report “Financial Indicators of Estonian companies in 2011” uses data from annual reports of ca. 76 000 companies.