XXL.EE

COMMENTARY TO THE FINANCIAL RESULTS

 

COMMENTARY TO THE FINANCIAL RESULTS 01.07.98 - 30.09.99.

 

The unconsolidated net sales of AS XXL.EE (AS Pennu Computer 

Technology Group) in the 5th quarter of 1998/99 financial year 

amounted to 1998/99 5.9 million EEK; unconsolidated loss stood at 

1.9 million EEK, which was partly due to corporate restructuring, 

i.e. closure of Keila factory, extraordinary expenses from 

relocation and reduction of number of employees, and launch of 

digital media services. The extraordinary expenses exceeded the 

level of 300 000 EEK.

 

As of 30.09.99 AS XXL.EE unconsolidated balance sheet volume was 

27.9 million EEK. Current assets stood at 15.9 million EEK. Asset 

deficit amounted to 23.1 million EEK. Current liabilities totalled 

30.9 million EEK. Volume of owners equity amounted to  -2.9 million 

EEK.

 

In order to increase the company's owners' equity, AS XXL.EE 

conducted from 12.11.1999 to 25.11.1999 the issue of 400 000 shares 

at 20 EEK par value.

 

 

Arho Anttila 

arho@xxl.ee

Chief Executive

+372 60 53 760