AS BALTIKA

ANNOUNCEMENT

19.10.99

 

 

COMMENTARY TO THE ARTICLE PUBLISHED IN NEWSPAPER "EESTI PÄEVALEHT"

 

With regard to article "Baltika stores out-of-date goods" by Aare 

Reivart, published in newspaper "Eesti Päevaleht", AS Baltika would 

hereby like to make the following comments:

- Due to crisis in Russia in fall 1998, AS Baltika had 13-15 million 

EEK worth of goods in its storehouses, of which 12 million EEK worth 

of stock was realized in 1999. Inventories of finished goods and other 

goods declined in H1 1999 on AS Baltika consolidated balance sheet by 

14.2 million EEK.

 

 

Meelis Milder

Chairman of the Management Board

+372 63 02 731