AS  KLEMENTI

ANNOUNCEMENT

26.11.98

 

 

COMMENTARY TO AS KLEMENTI 9 MONTHS FINANCIAL RESULTS 

 

AS Klementi  1998.a.  9 months consolidated unaudited net sales 

were 90,4 million EEK and gross profit 4,9 million EEK. Compared 

with the same period last year, the net sales increased by 29.0% 

(from 70.0 million EEK to 90.4 million EEK).

 

Compared with the first 9 months of the last year, the sale of 

production has changed as follows:

- in Estonia increased by 67,4 % (from 26,1 million EEK to 43,7 

million EEK),  

- in the Baltic states increased by 72.0% (10 million EEK to 17.2 

million EEK),

- in the CIS states increased by 7 times (0,2 million EEK to 1,4 

million EEK),

- in the EU states decreased by 17,8% (33,7 million EEK to 27,7 

million EEK).  

 

Exports counted for 51,2 % of the total sales,  whereas compared 

with the same period last year, the exports increased by 5,5% 

(from 43,9 million EEK to 46,3 million EEK).

 

Due to the increase in the goods produced sales in 1998, the 

inventories of the work-in-progress and finished goods have 

increased by 123% (from 13.5 million EEK to 30.1 million EEK).

 

In the III quarter of 1998, AS Klementi established a subsidiary 

AS Profline (development of work uniforms, organizing of the 

production and sales) on the basis of its structure unit, which 

caused a change in the financial assets. On the balance sheet of 

a parent company as at 30.09.98, the non-current financial assets 

amounted 4.7 million EEK (on 30.09.1997. 2,9 million EEK).

 

Compared with the same period last year, the gross profit of AS 

Klementi has decreased by 3.2% (from 5,1 million EEK to 4,9 

million EEK). The decrease of the gross profit is mainly caused 

by the fact that in 1997, AS Klementi did not have to calculate 

and pay company’s income tax.

 

During 9 months of 1998, AS Klementi has written off 

uncollectible receivables in the amount of 973 500 EEK (incl. 

from the CIS states 388 000 EEK) and reevaluated the inventories 

by 526 400 EEK.

 

The provisions for the allowance for doubtful accounts and losses 

from obsolete finished goods total 2.4 million EEK as at 

30.09.98.

 

Compared with the same period last year, the balance sheet volume 

of AS Klementi has increased by 27.9% (from 78.9 million EEK to 

100.9 million EEK). The increase in the balance sheet volume is 

mainly caused by the increase of the production volume and 

increase in the inventory of finished goods. The owners’ equity 

increased by 16% (from 35.2 million EEK to 40.8 million EEK).

 

 

 

Madis  Võõras

Chairman of the Management Board

Tel. +372 6710 701