Last update: 23.01.2021 16:01 (GMT+2)

Baltika: Commentary to financial results 06/2000

26.07.2000, Baltika, TLN
BALTIKA
COMMENTARY TO FINANCIAL RESULTS

COMMENTARY TO FINANCIAL RESULTS 06/2000

The H1 2000 consolidated reports reflect the results of the following
subsidiaries and associated companies:
30.06.2000 30.06.1999
holding % holding %
AS Baltika (parent)
AS Virulane (Estonia) 55.15% 55.15%
AS Baltman (Estonia) 100% 100%
SIA Baltman (Latvia) 100% 100%
Baltmano Prekiba (Lithuania) 100% 90%
Baltika Sweden (Sweden) 100% 100%
AS Elina STC (Estonia) 37.5% 37.5%
Baltika Poland (Poland) 100% -
Baltinia OY (Finland) 100% -

AS Elina STC is treated as subsidiary since AS Baltika controls the
financial activities of AS Elina STC. On 01.03.2000 AS Baltika bought
an additional 10% holding in Baltmano Prekiba, thus increasing its
holding to 100%.

AS Baltika H1 2000 consolidated and unaudited net sales amounted to
EEK 152.5 mln, providing EEK 12.6 mln (9%) annual growth. Sales of
manufactured output amounted to EEK 111.5 mln (EEK 13.3 mln or 14%
more than in H1 1999) and turnover of subcontracting works EEK 39.9
mln (EEK 1.7 mln or 4% more than in H1 1999).

Exports accounted for 64% (EEK 98.3 mln) of net sales; manufactured
output accounted for 73% of net sales.
Sales by markets:

In EEK million

Q2 2000 Q2 1999 H1 2000 H1 1999
Estonia 27.4 21.4 53.1 45.1
Latvia, Lithuania 11.4 11.4 32.9 32.8
Finland, Sweden, Norway 13.3 16.9 39.3 43.8
Russia, Ukraine 2.6 1.9 9.3 4.1
England, Germany 8.1 6.4 15.0 10.6
Poland 0.5 0 1.8 0

AS Baltika H1 2000 consolidated and unaudited net profit was EEK
6,054 thousand (EEK 5,940 thousand y-o-y growth), incl. group's
profit EEK 5,178 thousand (EEK 4,581 thousand y-o-y growth).

In H1 2000 volume of inventories increased by EEK 9.5 mln, mainly
due to EEK 13 mln increase in inventories in Q2.
Increased inventories as well as higher raw materials costs were due
to the following:
- increased share of manufactured output (H1 1999: 70.1%; H1 2000:
73.1%);
- forecasted increase in sales of manufactured output in autumn
season (ca 35% y-o-y)
- preparations for autumn season (purchase of raw materials,
production processes launched)

In H1 2000 AS Baltika operating expenses grew EEK 8.4 mln or 41%
y-o-y, mainly due to development of sales and management activities
in the first half year.
In H1 AS Baltika financial expenses dropped by EEK 1.7 mln y-o-y,
incl. EEK 1 mln decrease in interest expenses. The latter was due to
lower debt liabilities volume (EEK 3 mln decrease in loans from banks
during the reporting period).
AS Baltika financial ratios as of 30.06.2000:
H1 2000 H1 1999
-gross margin (gross profit/net sales) 4.15% 2.35%
-profit margin (net profit/net sales) 3.97% 0.08%
-ROE (net profit/owners equity) 4.35% 0.5%
-ROA(net profit/average cost of assets) 2.8% 0.0%
-Quick ratio 0.79 0.94
((current assets - inventories)/current liabilities)


Ülle Järv
Management Board member
+372 63 02 741

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