AS PENNU COMPUTER TECHNOLOGY GROUP

ANNOUNCEMENT

31.05.99

 

COMMENTARY TO THE FINANCIAL RESULTS OF 9 MONTHS OF 1998/99 FINANCIAL 

YEAR

 

The 9 months unconsolidated net sales of AS Pennu Computer Technology 

Group in financial year 1998/99 totaled 90.8 million EEK, and 

unconsolidated loss was 33.9 million EEK, incl. 27 million EEK loss 

from financial transactions with securities and provisions on accounts 

receivable as follows:

 

Losses:

Transaction:	                                            Amount

	

Sale of 30% shareholding in ID Süsteemide AS 

Disposal of 30% shares 		                         - 332 375 EEK

Discount and disposal of 5000 Hansapank shares		 - 453 750 EEK

Disposal of shareholding in AS Järve Kinnisvarahooldus -11 299 198 EEK

Total loss	                                      - 12 087 323 EEK

 

Provisions:

100% AS PCT Liising shares 	             - 3 869 044 EEK

15 million EEK loan to AS PCT Liising 	     - 8 000 000 EEK

Provisions on accounts receivable	     - 3 000 000 EEK

Total provisions	                    - 14 869 044 EEK

 

As of 31.03.99, the unconsolidated balance sheet volume of AS Pennu 

Computer Technology Group totaled 38 million EEK, decreasing in three 

months by 6.4 million EEK.

 

The volume of current assets amounted to 25 million EEK, i.e. 66.2% of 

balance sheet volume. Asset deficit amounted to 18.8 million EEK (49.6% 

of balance sheet volume). Current liabilities decreased by 2.4 million 

EEK (including 3 million FIM credit line, 275 000 USD credit line and 1 

million EEK of residue of credit line). Supplier payables decreased by 

3 million EEK. Non-current liabilities amounted to 3.5 million EEK 

(long-term share of 1.5 million DEM loan). Total long-term liabilities 

amounted to 4 million EEK (10.5% of balance sheet volume). The volume 

of owners equity amounted to 6.7 million EEK, accounting for 17.6% of 

balance sheet volume.

 

The 9 months consolidated net sales of AS Pennu Computer Technology 

Group in financial year 1998/99 totaled 113.2 million EEK, and 

consolidated loss was 23.7 million EEK, incl. loss from disposal of 

shareholding in Järve Kinnisvarahoolduse AS of 11 299 198 EEK and loss 

from disposal of shareholding in ID Süsteemide AS of 332 375 EEK.

 

As of 31.03.99, the consolidated balance sheet volume of AS Pennu 

Computer Technology Group totaled 68 million EEK AS Pennu Computer 

Technology Group.

 

Volume of current assets amounted to 35.2 million EEK, i.e. 51.7% of 

balance sheet volume. Asset deficit amounted to 35.3 million EEK (51.8% 

of balance sheet volume). Current liabilities amounted to 47.2 million 

EEK (69% of balance sheet volume), non-current liabilities 4 million 

EEK (5.8% of balance sheet volume). Total owners’ equity amounted to 17 

million EEK, accounting for 25% of balance sheet volume.

 

 

Arho Anttila

Chairman of the Management Board

AS Pennu Computer Technology Group 

Tel. +372 6 505 402