TALLINNA KÜLMHOONE AS

ANNOUNCEMENT

22.11.99

 

FINANCIAL REPORTS OF KAUNO PIENO CENTRAS

 

AB Kauno Pieno Centras

Balance sheets as of 31 December 1998 and 1997

(Litas 000’s)

                                                   (Unaudited)

                                          1998         1997

Assets                                                     

Fixed assets                                               

Intangible fixed assets                    286          118

Tangible fixed assets                                      

Buildings                                2,130        2,274

Machinery and equipment                  7,845        7,664

Leasehold equipment                      3,666        1,036

Other tangible fixed assets                 16          316

Construction in progress                 3,160            1

Prepaid tangible fixed assets                -          434

                                                           

Total tangible fixed assets             16,817       11,725

                                                           

 Long-term investments                      39           47

                                                           

 Long-term accounts receivable             143          923

                                                           

Total fixed assets                      17,285       12,813

                                                           

Current assets                                             

                                                           

 Current portion of long-term              822        1,807

accounts receivable

 Inventories                             3,551        3,993

 Trade accounts receivable               1,677        2,325

 Other accounts receivable                 914          312

 Prepayments and other current             984          476

assets

 Term deposit                            9,000            -

 Cash and cash equivalents               2,113          277

                                                           

Total current assets                    19,061        9,190

                                                           

Total Assets                            36,346       22,003

                                                           

 

Liabilities and Shareholders’ Equity

                                                           

Shareholders’ equity                                     

                                                           

Share capital                            15,503      10,703

 Share surplus                            7,202           2

 Legal reserve                              674         674

 Retained earnings                        3,593       4,477

                                                           

Total shareholders’ equity               26,972      15,856

                                                           

Long-term debt                            3,869       1,408

                                                           

Current liabilities                                        

                                                           

 Current portion of long-term debt        2,765       1,468

 Short-term debt                            998         573

 Trade accounts payable                   1,176         110

 Dividends payable                          103       1,632

 Accrued and other current                  463         956

liabilities

                                                           

Total current liabilities                 5,505       4,739

                                                           

Total Liabilities and Shareholders’      36,346      22,003

Equity

                                                           

Commitments and contingencies                              

Reconciliation of financial statements prepared based on

Lithuanian tax regulations to LAP/IAS financial statements

                                                        

  Earnings (loss) per share (Litas)       (0.39)            

                                                               

                                                               

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AB Kauno Pieno Centras

Income statement

(Litas 000’s)

                                                    (Unaudited)

                                             1998         1997

                                                   

  Net sales                                 20,698      26,239

                                               

    Cost of sales                          (12,982)    (16,138)

                                                   

  Gross profit                               7,716      10,101

                                                   

    Operating expenses                      (8,136)     (5,776)

                                                   

  Operating profit (loss)                     (420)      4,325

                                                   

    Financial (expenses), net                 (464)       (222)

                                                   

  Profit (loss) before tax                    (884)      4,103

                                                   

    Profit tax                                   -      (1,274)

                                                   

  Net profit (loss) for the year              (884)      2,829

                                                   

  which is distributed as follows:                 

                                                   

    Dividends declared                           -       1,600

    Bonuses and premiums                         -         408

    Transferred to Legal reserve                 -         197

    Transferred to Retained earnings          (884)        624

                                             ------      ------

                                              (884)      2,829

 

 

Evald Karu

Financial Director

+372 22 13 369