KALEV

COMMENTARY TO FINANCIAL RESULTS

 

COMMENTARY TO CONSOLIDATED RESULTS, Q1 2000

 

In Q1 2000 the volume of AS Kalev net sales amounted to EEK 80.3 

mln (EEK 0.2 mln y-o-y decrease). However, the company's gross 

profit grew by EEK 5.6 mln, mainly on the account of lower 

production costs. In Q1 the company's profit was EEK 5.3 mln, which 

is EEK 1.7 mln more than planned in the budget, and EEK 3.3 mln 

more than during the same period last year.

 

Compared to the standings at 31.03.1999, the balance sheet size of 

AS Kalev as at 31.03.2000 decreased by EEK 43.6 mln. Such drop in 

balance sheet size was mainly due to provisions made at the end of 

1999 on both short-term and long-term receivables, due to 

revaluation of subsidiaries' assets to real value. The second 

important factor was partial repayment of long-term syndicate loan 

in 1999, and refinancing of syndicate loan in Q1 2000. 

Revaluation of the company's land and buildings to market value in 

September 1999 increased the balance sheet size. Compared to the 

beginning of the year, the balance sheet size has dropped by EEK 

8.8 mln, mainly due to refinancing of the aforementioned syndicate 

loan.

 

 

Kristina Seimann

PR manager

+372 62 83 858