Last update: 28.11.2020 00:48 (GMT+2)

Baltika: Commentary to the financial results 09/98

27.11.1998, Baltika, TLN
AS BALTIKA
ANNOUNCEMENT
20.11.98

COMMENTARY TO THE 09/98 CONSOLIDATED FINANCIAL RESULTS

The consolidated financial statements of the Baltika affiliated
group reflect the financial results of the following business
units:
1998/9 1997/9
(shares) (shares)

AS Baltika parent company parent company
AS Baltman 100% 100%
Baltmano Prekiba 90% 90%
AS Villero - 75%
AS Sander - 68,3%
AS Valik - 80%
Lviv-Baltman 100% 100%
Baltman Finland OY - 100%
Baltika Sweden 100% 100%
AS Elina STC 50% -


The 1998 9 months consolidated unaudited net sales of AS Baltika
were 217 million EEK, which is 9% (17.6 million EEK) more than
during the same period last year. The net sales of AS Baltika’s
largest subsidiary AS Baltman were 52.1 million EEK, which counts
for 24% of the consolidated net sales. 67% (133.4 million EK) of
the net sales were exports. Compared with the same period last
year, the consolidated operating expenses decreased by 6.1
million EEK, since the 1997 9 months consolidated financial
statements reflected the 4.7 million EEK income from the sale of
a real estate. Other operating revenues increased by 2.3 million
EEK, of which 2.0 million EEK came from the foreign exchange
losses from the transactions with suppliers and customers. Due to
the provision on the Russian clients’ doubtful accounts and the
write-off of the other uncollectible receivables in the amount of
4.6 million EEK, the operating expenses of AS Baltika have
increased by 19%.

AS Baltika’s 1998 9 months consolidated unaudited gross profit
was 6.2 million EEK, which is 12% (0.7 million EEK) more than
during the same period last year, but 1 million EEK less than the
parent company’s 1998 9 months gross profit calculated based on
the equity method. This difference occurred due to the Ukrainian
subsidiary’s Lviv-Baltman 9 months loss, which made the owners’
equity negative.

The consolidated balance sheet volume of AS Baltika increased by
15% (28 million EEK), being 214.5 million EEK. The change was
mainly caused by the 19% increase in the inventory (16.4 million
EEK), including the 68% increase in the inventory of the finished
goods (16.7 million EEK). The reasons behind the increase in the
inventories were temporary suspension of sending the products to
the clients connected with the Russian market, and the influence
of meeting the terms of the seasonal orders. Accounts receivable
increased by 29% (11.6 million EEK), which was due to the
extension of the payment terms of the clients connected with the
Eastern market. Some of the receivables are provisioned in
accordance with the principle of conservatism, and the respective
expenses are reflected in the income statement of the affiliated
group.


Meelis Milder
Chairman of the Management Board

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