2000.01.31, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS AS

COMMENTARY TO FINANCIAL RESULTS

 

COMMENTARY TO 1999 UNAUDITED FINANCIAL RESULTS

 

The 1999 net sales of Tallinna Farmaatsiatehase AS (TFT) totalled 

EEK 74.8 million, of which EEK 73.7 million was from sale of 

medicines, and EEK 1.1 million other sales.

 

Net sales by product groups: 

Tablets 	46.9%, 

Ointments 	37.2%, 

Ampoules 	15.9%.  

 

Compared to the results of 1998 (EEK 83.6 million) the net sales 

declined by EEK 8.8 million (10.5%). Volume of domestic sales 

increased by EEK 3.1 million (19.0%), volume of exports decreased 

by EEK 10.7 million (16.4%). EEK 28.8 million, or 38.5% of TFT 

annual sales, was made in Q4. 

 

On preliminary information the company's pre-tax profit was EEK 5.8 

million. The raw material expenses decreased by EEK 11.7 million 

(27.3%), personnel expenses by EEK 6.3 million (27.9%), and 

financial expenses by EEK 5.3 million (50.0%).

 

TFT also reduced the level of inventories. Volume of inventories 

dropped by EEK 8.8 million (24.2%) as compared to the beginning of 

the year; volume of payables grew by EEK 6.2 million (26.1%). Total 

balance sheet size dropped by EEK 16.2 million (14.2%) in 1999.

 

The company's total current liabilities dropped by EEK 32.5 million 

(54.8%), incl. EEK 3.9 million (22.8%) decrease of short-term 

payables to suppliers. Non-current liabilities increased by EEK 

10.5 million (21.6%). Owner's equity increased by EEK 6.1 million 

(97.7%).

 

 

Raivo Unt

Financial Director