Last update: 18.01.2021 03:18 (GMT+2)

Baltika: Commentary to consolidated financial results 1999

09.03.2000, Baltika, TLN


The 1999 consolidated financial statements reflect the results of
the following subsidiaries and affiliated companies:

holding (%) as of 31.12.1999
AS Baltika (parent)
AS Virulane (Estonia) 55.15%
AS Baltman (Estonia) 100%
SIA Baltman (Latvia) 100%
Baltmano Prekiba (Lithuania) 90%
Baltika Sweden (Sweden) 100%
AS Elina STC (Estonia) 37.5%

The results of AS Virulane are consolidated into 1998 income
statements in amount of 1/6 (2 months, acquisition was acquired in
October 1998), and in full amount to 1999 statement.
AS Baltika 1999 unaudited and consolidated net turnover was 288.9
million EEK, providing 8.6 million EEK (3%) increase on annual
basis. Net turnover from sale of goods produced was 209.6 million
EEK (1.6 million EEK drop since 1998), and the share of
subcontracting works was 73.3 million EEK (11.4 million EEK
increase since 1998).

Export sales accounted for 64.5% (186.4 million EEK) of net
turnover; sales of goods produced accounted for 72.5% of net
Sale of good produced and subcontracting works by markets (thousand

(EEK million) 1999 1998
Eesti 99.9 87.7
Latvia, Lithuania 61.8 64.3
Russia, Ukraine 9.4 27.6
Finland, Sweden 88.0 61.7
UK, Germany 24.1 24.6

Baltika continues to lead conservative sales policy with Russia, as
a result of which the sales volume in the Russian region dropped on
y-o-y basis by 18.2 million EEK. However, the company's sales on
Estonian market increased by 12.2 million EEK, with sales of goods
produced increasing 11.4 million EEK (73.7 million EEK in 1999 and
62.3 million EEK in 1998), accounting for 25.5% of net turnover.

AS Baltika consolidated net profit was 1,812 thousand EEK, incl.
1,193 thousand EEK of group's profit. Compared to 1998 the group's
profit net profit increased by 427.4 thousand EEK, with
consolidated profit decreasing by 752.3 thousand EEK.

The net profit figure was affected by the following factors:
- gains from sale of real estate in Lithuanian subsidiary
EEK 3.0 million
- gains related to amended income tax law EEK 0.7 million
- loss from sale of inventories EEK -6.4 million
(Baltika: EEK 4.9 million; subsidiaries: EEK 1.5 million)
- increase in allowance for doubtful accounts EEK -1.5 million
- Entrance costs to Polish market EEK 1.5 million

As of 31.12.1999 retained earnings of Baltika group amounted to EEK
20,344,339. AS Baltika Management Board will make a proposal to
shareholders' annual general meeting to pay dividends EEK 0.50 per
share, totaling EEK 2,400,000.

Meelis Milder
Chairman of the Management Board
+372 63 02 731

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