AS BALTIKA

ANNOUNCEMENT

22.06.99

 

COMMENTARY TO FINANCIAL RESULTS 05/99

 

Unconsolidated and unaudited 5 months 1999 net sales of AS Baltika 

amounted to 96.3 million EEK, which is 9.5 million EEK less than 

during the respective period in 1998 (net sales 105.8 million EEK). 

Compared to the results of the same period last year, sales volumes 

on Russian and Ukrainian markets decreased by 14.2 million EEK (net 

sales of 4.1 million EEK in 1999 and 18.3 million EEK in 1998), 

whereas the sales in Latvia and Lithuania increased by 7.7 million 

EEK (20.6 million EEK in 1999 and 12.9 million EEK in 1998, 

respectively), and in Finland and Sweden by 4.9 million EEK (28.1 

million EEK in 1999 and 23.2 million EEK in 1998, respectively). 

Exports of products and services of AS Baltika in 1999 totaled 62.2 

million EEK (64.6% of net turnover), and during the same period in 

1998 70.5 million EEK (66.6% of net turnover). 

In 5 months of 1999, the company earned operating profit of 4.4 

million EEK (during same period in 1998 11.1 million EEK). 

Unconsolidated and unaudited 5 months 1999 net profit figure of AS 

Baltika amounted to 0.4 million EEK (during same period in 1998 7.7 

million EEK). In 1999, AS Baltika has also been actively involved 

in 

marketing of products, which were originally produced in H2 1998 

for 

the Russian market; however, due to worsened economic climate, the 

company was not able to realize them at the time. The 

aforementioned 

has had a direct influence on the company’s operating profit 

(decrease in inventories from the beginning of the year 15.2 

million 

EEK).

 

 

Avo Reiska

Financial Director

t. +372 6 302 717