EESTI TELEKOM

ANNOUNCEMENT

24.05.99

 

COMMENTARY ON ESTONIAN MOBILE TELEPHONE COMPANY UNAUDITED FINANCIAL 

RESULTS OF THE FIRST QUARTER OF 1999

 

Net sales of Estonian Mobile Telephone Company Group in the first 

quarter of 1999 amounted to 346,4 mln kroons growing by 21,5% in 

comparison with the same period in 1998. Total revenue of the Group 

in the first quarter were 349,3 mln kroons with annual growth by 

21,0%.

 

Operating expenses of the Group in the first quarter of 1999 totaled 

to 180,1 mln kroons with annual growth lower than for the revenue: 

19,1%. Depreciation of the three first months of 1999 amounted to 

53,2 mln kroons, which gives an essential annual growth – 45,3%.

 

Consolidated pre-tax profit of Estonian Mobile Telephone Company in 

the first quarter of 1999 was 128,2 mln kroons and net profit of the 

period amounted to 98,7 mln kroons. In comparison with the same 

period in 1998, the results grew by 15,4% and 16,5% respectively. 

Net profit ratio into total revenue of the Group was 28,3% (29,4% in 

the first quarter of 1998).

 

Main part of the revenue and expenses were generated by the parent 

company: Estonian Mobile Telephone Company Ltd. Net sales of a 100% 

subsidiary AS Esmofon in the first quarter of 1999 amounted to 32,9 

mln kroons (19,5 mln kroons in the first quarter of 1998). Impact of 

AS Tarvin, another 100% subsidiary, on financial results of the 

Group was insignificant. 

 

Consolidated assets of EMT Group totaled 1 134,4 mln kroons by the 

end of  March 1999 having 3-months growth by 9,5%.

 

Consolidated income statement and balance sheet of the first quarter 

of 1999 were prepared in accordance with principles of the 

International Accounting Standards (IAS) and in accordance with 

effective legal acts regulating accounting in the Republic of 

Estonia.

 

1

 

1