Last update: 28.11.2020 01:12 (GMT+2)

Baltika: Commentary consolidated financial results 03/99

19.04.1999, Baltika, TLN
AS BALTIKA
ANNOUNCEMENT
19.04.99

COMMENTARY CONSOLIDATED FINANCIAL RESULTS 03/99

The 1999 and 1998 quarterly financial reports reflect the results of
the following subsidiaries and affiliated companies:

31.03.1999 holding % 31.03.1998 holding %
AS Baltika (parent) AS Baltika (parent)

Production companies: Production companies:
AS Virulane 55.15 % AS Villero 75 %
AS Elina STC 50 %

Retailers: Retailers:
AS Baltman 100 % AS Baltman 100 %
Baltmano Prekiba(Lithuania) 90 % Baltmano Prekiba(Lithuania) 90 %
Baltika Sweden AB(Sweden) 100 % Baltika Sweden(Sweden) 100 %
Sia Baltman(Latvia) 100 % AS Sander 68.3 %
Lviv-Baltman(Latvia) 100 %

The merger of AS Virulane and the group have brought along several
significant changes on both balance sheet and income statement. As of
31.03.1999, the balance sheet volume amounted to 222.4 million EEK,
which is 27.4 million EEK more than on 31.03.1998.

Three months audited and consolidated net sales of AS Baltika in 1999
amounted to 80.6 million EEK, which is 9.9 million EEK (14%) more than
during the same period last year (net sales respectively 70.7 million
EEK). The sale of goods produced accounted for 73.2% of Q1 net sales
(59 million EEK) and 76.8% in 1998 (54.4 million EEK), whereas the
share of subcontracting works in 1999 was 24% (19.4 million EEK) and
22.4% in 1998 (15.9 million EEK). In Q1 1999 the export volume amounted
to 56.2 million EEK, and the respective figure during the same period
1998 was 53.8 million EEK.

Sales of goods produced and subcontracting works by markets:
(thousand EEK)
1999/3 1998/3 Increase
Estonia 23717 16515 43.6 %
Latvia, Lithuania 21401 13351 60.3 %
Russia, Ukraine 2115 13257 (84.0 %)
Finland, Sweden 26991 16731 61.3 %
England, Germany 4178 10410 (59.7 %)

AS Baltika continues to lead conservative sales policy with Russia and
Ukraine, decreasing the sales volumes on these markets in Q1 1999 by
11.1 million EEK, compared to the same period in 1998. The share of AS
Baltika’s subsidiary AS Baltman in the consolidated turnover was 17.3%
(14 million EEK) and AS Virulane 16% (12.9 million EEK).

The Q1 1999 unaudited and consolidated gross profit of AS Baltika
amounted to 2990 thousand EEK, of which the share of AS Baltika
(parent) was 2692 thousand EEK and minority interest 298 thousand EEK.
The Q1 1998 consolidated gross profit totaled 3822 thousand EEK, of
which the share of AS Baltika (parent) was 3778 thousand EEK and
minority interest 44 thousand EEK. 1086 thousand EEK decrease in gross
profit figure in comparison with the same period last year occurred
mainly due to realization of previous period inventories, which is
reflected on the income statement account of “change in inventories”.
The aforementioned result is not unplanned, and it has been accounted
for on projection of the company’s activities in 1999.


Avo Reiska
Member of the Management Board

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