"HORIZON" TSELLULOOSI JA PABERI AKTSIASELTS
Active Registry code 10089165
AS Kehra linn Registered 19 May 1997
"HORIZON" TSELLULOOSI JA PABERI AKTSIASELTS is a AS based in Kehra linn, registry code 10089165, status: active. Main activity: Manufacture of paper and paperboard. According to EMTA, turnover for Q3 2026 was €10 074 022 with 324 employees.
Turnover
10 074 022 €
↓ 8.8% vs Q2 2026
State taxes
0 €
Labour taxes
865 361 €
↑ 15.9% vs Q2 2026
Employees
324
+2 vs Q2 2026
Q3 2026 · data from the Tax and Customs Board (EMTA)
Position in the industry
- Turnover · Q3 2026 10.1 mn €above 98% of companiesindustry median 162 684 € · companies in the industry: 49
- Labour taxes per employee 2 671 €above 59% of companiesindustry median 2 377 € · companies in the industry: 43
- Revenue · 2025 35 mn €above 98% of companiesindustry median 187 145 € · companies in the industry: 61
- Net profit margin · 2025 -13.7 %above 10% of companiesindustry median 3.1 % · companies in the industry: 47
Taxes and turnover
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
| Quarter | Turnover, € | State taxes, € | Labour taxes, € | Employees |
|---|---|---|---|---|
| Q3 2026 | 10 074 022 | — | 865 361 | 324 |
| Q2 2026 | 11 046 323 | — | 746 437 | 322 |
| Q1 2026 | 7 856 642 | — | 823 878 | 318 |
| Q4 2025 | 9 662 058 | — | 828 577 | 325 |
| Q3 2025 | 10 015 872 | — | 988 180 | 321 |
| Q2 2025 | 10 529 970 | — | 856 281 | 326 |
| Q1 2025 | 9 322 539 | — | 845 074 | 321 |
| Q4 2024 | 11 028 336 | — | 876 917 | 320 |
| Q3 2024 | 12 744 665 | — | 992 775 | 328 |
| Q2 2024 | 13 299 764 | — | 707 751 | 319 |
| Q1 2024 | 6 283 272 | — | 810 419 | 314 |
| Q4 2023 | 8 156 573 | 85 816 | 773 808 | 330 |
| Q3 2023 | 6 563 717 | 478 768 | 779 667 | 328 |
| Q2 2023 | 6 251 670 | 264 586 | 751 897 | 328 |
| Q1 2023 | 8 447 935 | 382 489 | 877 742 | 333 |
| Q4 2022 | 11 866 079 | — | 815 102 | 339 |
| Q3 2022 | 20 401 329 | 483 657 | 1 139 573 | 347 |
| Q2 2022 | 23 324 553 | — | 1 007 170 | 344 |
| Q1 2022 | 23 167 703 | — | 1 133 513 | 342 |
Labour taxes per employee per month
890 €
Turnover per employee in the quarter
31 093 €
Q3 2026 · calculated from EMTA data
Financials by year
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of paper and paper products (the EMTAK division of the main activity). Median: half of the industry is above, half below.
| Year | Revenue, € | Net profit, € | Labour costs, € | Assets, € | Equity, € | Employees |
|---|---|---|---|---|---|---|
| 2025 | 34 973 191 | -4 791 000 | 8 530 000 | 99 354 000 | 81 864 000 | 313 |
| 2024 | 37 603 815 | -1 941 000 | 8 611 000 | 103 075 000 | 86 655 000 | 313 |
| 2023 | 22 304 508 | -5 737 000 | 7 746 000 | 105 364 000 | 88 596 000 | 325 |
| 2022 | 68 127 368 | 14 834 000 | 9 395 000 | 114 801 000 | 94 333 000 | 333 |
| 2021 | 57 894 452 | 13 537 000 | 9 052 000 | 118 192 000 | 89 225 000 | 346 |
| 2020 | 40 887 954 | 3 167 000 | 8 281 000 | 112 100 000 | 75 688 000 | 344 |
| 2019 | 45 850 494 | 6 107 000 | 8 701 000 | 118 133 000 | 76 495 000 | 349 |
| 2018 | — | — | — | — | — | 353 |
| 2017 | — | — | — | — | — | 354 |
| 2016 | — | — | — | — | — | 346 |
| 2015 | — | — | — | — | — | 375 |
| 2014 | — | — | — | — | — | 394 |
| 2013 | — | — | — | — | — | 390 |
| 2012 | — | — | — | — | — | 403 |
| 2011 | — | — | — | — | — | 409 |
| 2010 | — | — | — | — | — | 415 |
| 2009 | — | — | — | — | — | 402 |
| 2008 | — | — | — | — | — | 508 |
| 2007 | — | — | — | — | — | 530 |
| 2005 | — | — | — | — | — | 533 |
| 2003 | — | — | — | — | — | 552 |
| 2002 | — | — | — | — | — | 587 |
| 2001 | — | — | — | — | — | 591 |
| 2000 | — | — | — | — | — | 588 |
| 1999 | — | — | — | — | — | 568 |
Figures from the company’s own (non-consolidated) balance sheet and income statement. A loss is shown with a minus sign.
Financial ratios for 2025
Net profit margin
-13.7 %
Net profit / revenue
Return on equity (ROE)
-5.9 %
Net profit / equity
Return on assets (ROA)
-4.8 %
Net profit / assets
Equity ratio
82.4 %
Equity / assets
Debt ratio
17.6 %
Liabilities / assets
Current ratio
0.95
Current assets / current liabilities
Revenue per employee
111 735 €
Revenue / average full-time employees
Labour cost per employee per month
2 271 €
Labour costs / employees / 12 months (incl. employer taxes)
Annual reports
| Year | Period | Filed | Report | Documents |
|---|---|---|---|---|
| 2025 | 1 Jan 2025 – 31 Dec 2025 | 19 Jun 2026 | Company’s own · audited | e-Äriregister |
| 2024 | 1 Jan 2024 – 31 Dec 2024 | 17 Jul 2025 | Company’s own · audited | e-Äriregister |
| 2023 | 1 Jan 2023 – 31 Dec 2023 | 17 Jul 2024 | Company’s own · audited | e-Äriregister |
| 2022 | 1 Jan 2022 – 31 Dec 2022 | 7 Jul 2023 | Company’s own · audited | e-Äriregister |
| 2021 | 1 Jan 2021 – 31 Dec 2021 | 27 Jun 2022 | Company’s own · audited | e-Äriregister |
| 2020 | 1 Jan 2020 – 31 Dec 2020 | 2 Jul 2021 | Consolidated · audited | e-Äriregister |
| 2019 | 1 Jan 2019 – 31 Dec 2019 | 9 Jul 2020 | Consolidated · audited | e-Äriregister |
Commercial pledges
| No. | Amount | Pledgee | Period |
|---|---|---|---|
| 4 | 156 500 000 EEK | Aktsiaselts SEB Eesti Ühispank | 27 Oct 2005 – in force |
| 3 | 60 605 000 EEK | AS SEB Pank | 19 Apr 2000 – in force |
| 2 | 87 570 000 EEK | AS SEB Pank | 17 Nov 1997 – in force |
| 1 | 68 000 000 EEK | Aktsiaselts Eesti Ühispank | 28 Aug 1997 – in force |
Board
- Nasdaq CSD SEKeeper of the share ledger · since 28 Sep 2017
- Roman BukatšjovBoard member · since 30 Nov 2009
- Bidya Bhusan DashBoard member · since 13 Jul 2016
- Bashyam KrishnanBoard member · since 8 May 2025
Right of representation
Any member of the management board may represent the public limited company in all transactions.
Owners
No owner information.
Beneficial owners
- Harkishin Ghanshamdas AswaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
- Mohan K VaswaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
- Narinder Kumar Ghanshamdas AswaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
- Rajeshlal Mohanlal VaswaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
- Sajen Ghanshamdas AswaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
- Vishamkar Tikamdas AdnaniControl by other means (contractual, family or other ties) · SGP · since 18 Oct 2024
Founders and other persons
- Indrek AlliksaarAudit firm · 16 Dec 2025
- KPMG Baltics OÜAudit firm · 16 Dec 2025
- Narinder Kumar G AswaniChairman of the supervisory board · 30 Sep 2025
- Deepak SinghalSupervisory board member · 30 Sep 2025
- Harkishin Ghamshandas AswaniSupervisory board member · 30 Sep 2025
- Navin NahataSupervisory board member · 30 Sep 2025
- Urmas ReimandSupervisory board member · 30 Sep 2025
- Omanikukonto: TOLARAM INDUSTRIES PTE. LTD.Shareholder · 14 828 755 € · 16 Aug 2023
Activities (EMTAK)
- 17121Manufacture of paper and paperboard Main
- 17251Manufacture of other articles of paper and paperboard
Rulings
All rulings (PDF)| Number, date | Title | Deadline | State | Document |
|---|---|---|---|---|
| Ä 10006064 / 35 19 Dec 2025 |
Amendment entry | In force 19 Dec 2025 |
||
| Ä 10006064 / 34 7 Aug 2025 |
Amendment entry | In force 7 Aug 2025 |
||
| Ä 10006064 / M13 7 Jul 2025 |
Warning of a fine: annual report not filed | 6 Aug 2025 | Deficiencies eliminated 18 Jul 2025 |
|
| Ä 10006064 / M12 9 May 2025 |
Refund of the state fee | In force 9 May 2025 |
||
| Ä 10006064 / 33 8 May 2025 |
Amendment entry | In force 8 May 2025 |
||
| Ä 10006064 / M11 5 May 2025 |
Ruling to correct data outside an entry | 15 May 2025 | Deficiencies eliminated 6 May 2025 |
|
| Ä 10006064 / M10 7 Jul 2024 |
Warning of a fine: annual report not filed | 6 Aug 2024 | Deficiencies eliminated 19 Jul 2024 |
|
| Ä 10006064 / 32 30 Mar 2021 |
Second (constitutive) merger entry | In force 30 Mar 2021 |
||
| Ä 10006064 / 31 11 Jan 2019 |
Amendment entry | In force 11 Jan 2019 |
||
| Ä 10006064 / 30 16 Jan 2018 |
Amendment entry | In force 16 Jan 2018 |
||
| Ä 10006064 / 29 7 Nov 2017 |
Amendment entry | In force 7 Nov 2017 |
||
| Ä 10006064 / 28 28 Sep 2017 |
Amendment entry | In force 28 Sep 2017 |
||
| K 10006064 / 27 2 Dec 2016 |
Commercial pledge amended | In force 2 Dec 2016 |
||
| Ä 10006064 / 26 19 Aug 2016 |
Amendment entry | In force 19 Aug 2016 |
||
| Ä 10006064 / 25 13 Jul 2016 |
Amendment entry | In force 13 Jul 2016 |
||
| Ä 10006064 / 24 13 Nov 2014 |
Second (constitutive) merger entry | In force 13 Nov 2014 |
||
| Ä 10006064 / 23 23 Oct 2013 |
Amendment entry | In force 23 Oct 2013 |
||
| Ä 10006064 / 22 6 Jul 2012 |
Amendment entry | In force 6 Jul 2012 |
||
| Ä 10006064 / 21 28 May 2012 |
Amendment entry | In force 28 May 2012 |
||
| Ä 10006064 / 20 22 May 2012 |
Amendment entry | In force 22 May 2012 |
||
| Ä 10006064 / 19 9 May 2011 |
Amendment entry | In force 9 May 2011 |
||
| Ä 10006064 / 18 18 Mar 2011 |
Amendment entry | In force 18 Mar 2011 |
||
| Ä 10006064 / 17 25 Nov 2010 |
Entry made by the register on its own initiative | In force 25 Nov 2010 |
||
| Ä 6064 / M9 19 Jan 2010 |
Warning of deletion from the register: annual report not filed | 28 Jul 2010 | Deficiencies eliminated 27 Jan 2010 |
|
| Ä 6064 / 16 30 Nov 2009 |
Amendment entry | In force 30 Nov 2009 |
||
| Ä 6064 / M8 8 Oct 2009 |
Fine for not filing the report | 20 Nov 2009 | In force 5 Nov 2009 |
|
| Ä 6064 / 15 3 Dec 2008 |
Deletion of activities from the registry card | In force 4 Dec 2008 |
||
| K 16149 / 8 3 Nov 2008 |
Commercial pledge amended | In force 3 Nov 2008 |
||
| K 16149 / 7 3 Nov 2008 |
Commercial pledge amended | In force 3 Nov 2008 |
||
| Ä 6064 / M7 17 Oct 2008 |
Fine for not filing the report | 12 Nov 2008 | In force 28 Oct 2008 |
|
| K 16149 / M1 29 Sep 2008 |
Ruling to eliminate deficiencies (to be served) | 3 Nov 2008 | In force 29 Sep 2008 |
|
| Ä 6064 / 14 29 Oct 2007 |
Amendment entry | In force 29 Oct 2007 |
||
| Ä 6064 / M6 16 Mar 2007 |
Warning of deletion from the register: annual report not filed | Deficiencies eliminated 22 Mar 2007 |
||
| Ä 6064 / 13 9 Jan 2007 |
Amendment entry | In force 9 Jan 2007 |
||
| Ä 6064 / M5 22 Dec 2006 |
Ruling to eliminate deficiencies (to be served) | In force 30 Dec 2006 |
||
| Ä 6064 / 12 13 Dec 2006 |
Amendment entry | In force 13 Dec 2006 |
||
| Ä 6064 / M4 20 Sep 2006 |
Fine for not filing the report | 12 Nov 2006 | In force 7 Oct 2006 |
|
| Ä 6064 / M3 15 Sep 2006 |
Fine for not filing the report | 3 Nov 2006 | In force 28 Sep 2006 |
|
| Ä 6064 / 11 2 Jun 2006 |
Amendment entry | In force 2 Jun 2006 |
||
| K 16149 / 6 27 Oct 2005 |
Commercial pledge entered | In force | ||
| Ä 6064 / 10 14 Oct 2005 |
Amendment entry | In force | ||
| Ä 6064 / 9 27 May 2003 |
Amendment entry | In force | ||
| Ä 6064 / M2 14 May 2003 |
Ruling to eliminate deficiencies (to be served) | 13 Jun 2003 | In force | |
| Ä 6064 / 8 18 Dec 2002 |
Entry decision on the register’s own initiative | In force |
Sources: e-Äriregister and EMTA. Data updated 2 Nov 2026. Open at the source ↗ · Report an error in the data