XXL.EE

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO FINANCIAL RESULTS, 9M 2000



AS XXL.EE consolidated and unaudited turnover during 01.01.2000-

30.09.2000 was EEK 6.51 mln and net profit EEK 1.39 mln. The parent 

company posted EEK –4.4 mln loss, including EEK –1.92 mln from 

provisioning of accounts receivable and EEK –2.05 mln loss from 

expensing of goodwill of subsidiary OÜ Internetivärav (acquired in 

1999). The 9-months profit from normal operations was EEK 0.102 mln. 



As at 30.09.2000 XXL.EE consolidated and unaudited balance sheet size 

was EEK 12.4 mln, which is EEK 14.9 mln less than in the beginning of 

the financial year. The balance sheet size decreased due to sale of 

subsidiaries and conservative provisioning of claims on parent 

company’s balance sheet.



The group’s liabilities decreased by EEK 21.3 mln by the end of the 

accounting period. The proceeds from the share issue were used to 

repay debts related with the company’s former business activities; 

the company also reached an agreement with its creditors regarding 

partial cancellation of XXL.EE’s debts. 



At the end of the accounting period the group’s owners equity stood 

at EEK 1.45 mln. In the beginning of the financial year the owners 

equity was EEK –4.9 mln. The profit posted by the group during the 

accounting period was mainly earnings from sale of subsidiaries PCT 

Liisingu AS and PCT Riga SIA.



As of Q4 the group operates under XXL Digital business name only in 

the areas new media, i.e. digital media services, having become 

one of the largest providers of web programming, design and 

consultation services in the Estonian, Latvian and Lithuanian markets.





Arho Anttila - arho@xxl.ee

chief executive

+372 65 07 500