Last update: 23.08.2024 13:31 (GMT+3)
XXL.EE
COMMENTARY TO FINANCIAL RESULTS
COMMENTARY TO UNAUDITED RESULTS, 2000
AS XXL.EE consolidated and unaudited net sales in year 2000 totaled
EEK 8.4 million; the company posted EEK 10.7 million net loss. The
parent company’s operating loss was EEK 5.5 million, of which
expensing of claims arising from the company’s earlier operations
accounted for EEK 3.4 million, and expensing of goodwill of
subsidiary OÜ Internetivärav (acquired in 1999) accounted for
EEK 2.1 million. In addition the company had EEK 2.4 million loss
from the launch and expansion of foreign subsidiaries, which will
be carried by the concern. The parent company’s profit from normal
activities was EEK 0.8 million. Profit from sale of affiliated
company AS Linnaportaal amounted to EEK 1.2 million.
As at 31.12.2000 the consolidated and unaudited balance sheet size
of AS XXL.EE was EEK 11.9 million, which is EEK 15.4 million less
than in the beginning of the financial year. The balance sheet size
dropped due to sale of subsidiary and conservative provisioning of
parent company’s claims. Among the liabilities from XXL.EE’s previous
activities, the balance sheet contains only an EEK 7.0 million credit
line at Merita Bank (Nordea).
The group’s liabilities decreased by EEK 19.7 million by the end
of the accounting period. The proceeds from the share issue were
used to pay off the debt obligations from XXL.EE’s previous
activities; the company also reached an agreement with creditors
for partial cancellation of its debt obligations.
At the end of the financial year the company’ equity capital was
EEK –0.7 (EEK –4.9 mln in the beginning of the financial year).
During the year XXL.EE raised its holding in subsidiary XXL Riga
Digital by 25% and acquired full ownership in the company by the
end of the year. XXL.EE also acquired 80% shareholding in
Lithuanian digital media services provider UAB XXL 101 Digital
Communications, and all shares in Lithuanian UAB City Site, currently
shown on the balance sheet as short-term investment.
Arho Anttila
CEO
+372 6 507 500