AS PENNU COMPUTER TECHNOLOGY GROUP

ANNOUNCEMENT

05.08.99

 

COMMENTARY TO THE UNCONSOLIDATED AND UNAUDITED RESULTS OF 1998/99 

FINANCIAL YEAR

 

The unconsolidated net sales of AS Pennu Computer Technology Group 

in financial year 1998/99 totaled 101.6 million EEK, and unconsolidated 

loss was 40.3 million EEK, incl. 6.6 million EEK loss from write-off of 

inventories and accounts receivable and 27.2 million EEK loss from 

financial transactions with securities and provisions on accounts 

receivable as follows:

 

Losses:

Transaction                                                   

Amount

        

Sale of 30% shareholding in ID Süsteemide AS

Disposal of 30% shares                                    - 332 375 EEK

Revaluation and disposal of 5000 Hansapank shares         - 453 750 EEK

Disposal of shareholding in AS Järve Kinnisvarahooldus  -11 299 198 EEK

Total loss                                             - 12 087 323 EEK

        

Provisions:     

100% AS PCT Liising shares                              - 3 869 044 EEK

15 million EEK loan to AS PCT Liising                   - 8 000 000 EEK

Provisions on accounts receivable                       - 3 245 014 EEK

Total provisions                                       - 15 114 058 EEK

 

 

As of 30.06.99, the unconsolidated balance sheet volume of AS Pennu 

Computer Technology Group totaled 31.2 million EEK (annual decrease 

-52 million EEK).

 

The volume of current assets amounted to 18.9 million EEK, i.e. 60.8% 

of balance sheet volume. Asset deficit amounted to 22.5 million EEK 

(72.3% of balance sheet volume). Current liabilities decreased by 6.2 

million EEK (including 3 million FIM credit line, 275 000 USD credit 

line, 1 million EEK of credit line residue and 445 175 DEM investment 

loan). Supplier payables decreased by 3.6 million EEK. Total non-

current liabilities amounted to 231 000 EEK. Volume of owners equity 

amounted to 310 000.

 

 

Arho Anttila

Chairman of the Management Board

AS Pennu Computer Technology Group 

Tel. +372 6 505 402