28.02.2002, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      FINANCIAL RESULTS                 02/28/2002



COMMENTARY TO FINANCIAL RESULTS 2001



COMMENTS TO INCOME STATEMENT



The 12-months 2001 net sales of Tallinna Farmaatsiatehas amounted to 84,849

th. EEK (5,423 th.EUR). Compared to the same period of previous year the

sales were decreased by 17,323 th.EEK (1,107 th.EUR)i.e. 17.0% (net turnover

in 12-months 2000 102,172 th.EEK (6,530 th.EUR)).  The operating income total

decreased (operating income in 2000  109,599 th.EEK (7,005 th.EUR) and in

2001   98,665 th.EEK (6,090 th.EUR)) by 14,317 th.EEK (915 th.EUR) (13,1%).



Compared to the same period of previous year the operational expenses

decreased by 13,370 th. EEK (855 th.EUR) (operational expenses in 2000

92,330 th.EEK (5,901 th.EUR) and in 2001  78,960 th.EEK (5,046 th.EUR)),

from which the decrease of expenses for materials ( expenses for materials

in 2000  47,774 th. EEK (3,053 th.EUR) and in 2001 42,183 th.EEK (2,696

th.EUR)) 5,591 th. EEK (357 th.EUR)(11,7%). Total operating expenses

decreased by ( total operating expenses in 2000  14,874 th.EEK (951 

th.EUR) and in 2001  7,237 th.EEK (463 th.EUR)) 7,637 th.EEK (488 th.EUR)

(51,3%). Others expenses decreased by 832 th. EEK (53 th.EUR)

(others expenses in 2000 7,120 th.EEK (455 th.EUR) and in 2001  

6,287 th.EEK (402 th.EUR)) 11,7%.



Commercial profit decreased in 12-months of 2001 compared (commercial profit

in 2000 17,268 th.EEK (1,104 th.EUR) and in 2001  16,321 th.EEK (1,043

th.EUR)) to the same period of 2000 by 947 th. EEK (61 th.EUR) (5,5 %),

and net profit decreased (net profit in 2000 10,587 th. EEK (677 th.EUR)

and net profit in 2001  10,388 th.EEK (664 th.EUR)) by 198 th.EEK (13 th.EUR)

(1,9%).



COMMENTS TO BALANCE SHEET



By state of December 31, 2001 the Balance capacity was 99,263 th. EEK. (6,344

th.EUR). Compared to the net balance, the biggest increase was in assets – 

demands to finished goods with the sum 1,650 th.EEK (105 th.EUR) (14.2%).

Trading assets decreased totally by 7,460 th.EEK (477 th.EUR) (11.9%). 

Fixed assets increased totally by 7,448 th.EEK (476 th.EUR) (22.1%).

In the liabilities the short-term obligations decreased 4,597 th.EEK (294

th.EUR)(15.9%). The owners equity increased 10,388 th.EEK (664 th.EUR)

(45.9%) in the account of 12-months net profit.



FINANCIAL INDICATORS



Comparison of financial indicators between 12-months of 2000 and 12-months 

of 2001:



						2000		2001

Gross profit margin				16,9		19,2

Net profit margin	 		 	10,4		12,2

Return on equity (ROE)				46,8		31.5

Return on total assets (ROA)			10,6		10,5

Proportion of capital and reserves and all

assets                                          22,6%		33,3%

Income of accounts receivable (by days)        108,2	       144,1

Net profit per share (EEK)			8.47		8.31





Raivo Unt

CFO

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