Tere and Farmi post 108 million euros in turnover for 2018

The unaudited consolidated 12-month turnover of Tere AS and Farmi Piimatööstuse AS for 2018 was 108 million euros, representing annual growth of 2.5 million euros or 2.3%. Export turnover reached 21 million euros, a rise of 16.8% on the year before.

“The biggest factor in our development last year was exports, which currently account for 19.4% of the company’s total turnover,” said Katre Kõvask, Chairman of the Management Board of Tere AS and Farmi Piimatööstuse AS. “We exported our products to 20 different countries around the world in 2018. That includes to Sweden, where we’ve started exporting to their biggest retail chain ICA, which was one of our biggest achievements for the year. Another was relaunching exports to Japan. In the urban dairy product sector, in terms of both brand and private label products, our biggest export partners remain our neighbours Finland and Latvia.”

Kõvask confirms that the company has now put the financial difficulties from Tere’s past behind it and is pursuing active operations every day – a fact reflected in its positive financial results. “We’re hoping 2019 will also bring approval of Tere’s reorganisation plans, which have been working their way through the courts for almost three years now,” she remarked. “We’re looking to the future with optimism. Our aim is to boost our exports even further in both the urban dairy product and commodity sectors.”

Commenting on the domestic market, Kõvask added that Estonian milk is of very high quality and that locally made dairy products are without doubt among the best in Europe. “Despite the very dry summer we had last year, Estonian farmers did an outstanding job and made no concessions when it came to quality,” she said. “We’re really proud of the farmers we’re partnered with, and their cows of course! The only way we can grow and be smart and flexible is by working together in order to respond to the rapidly evolving consumer trends in our target countries.”

Tere AS ( and Farmi Piimatööstuse AS ( form Estonia’s leading dairy industry group, whose joint market share on the fresh dairy products market is approx. 40% and whose total range includes around 400 different products. The company’s dairies in Jõhvi, Põlva and Viljandi supply around 450 tonnes of milk every day. In addition to the local market, products are exported to around 20 other countries. The four production units and central office of Tere and Farmi employ a total of 572 people.

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