Pēd. atjaunots: 18.01.2021 03:38 (GMT+2)

Baltika: Commentary to the financial results 06/99

23.07.1999, Baltika, TLN
AS BALTIKA
ANNOUNCEMENT
23.07.1999

COMMENTARY TO 1999/6 CONSOLIDATED FINANCIAL RESULTS

H1 1999 and H1 1998 financial statements reflect the results of the following
subsidiaries and affiliated companies:

30.06.1999 holding % 30.06.1998
holding %
AS Baltika (parent) AS Baltika (parent)
Production:
AS Virulane 55.15%
AS Elina STC 37.5%

Retailing: Trading:
AS Baltman 100% AS Baltman 100%
Baltmano Prekiba (Lithuania) 90% Baltmano Prekiba (Lithuania) 90%
Baltika Sweden AB (Sweden) 100% Baltika Sweden (Sweden) 100%
Sia Baltman (Latvia) 100% AS Sander 68.3%
Lviv-Baltman (Ukraine) 100%

The merger of AS Virulane and the group brought along several significant
changes on both balance sheet and income statement. As of 30.06.1999, the
balance sheet size of AS Baltika totals 209.7 million EEK, i.e. 20.6 million
EEK more than on 30.06.1998.

AS Baltika H1 1999 unaudited and consolidated net turnover was 139.9 million
EEK, which is 12.0 million EEK (9%) more than during the same period in 1998
(net turnover 127.9 million EEK).

In H1 1999, the share of goods produced of net turnover was 70.13% (98.2 million
EEK) and in 1998 77.91% (99.7 million EEK), whereas the share of subcontracting
works in 1999 was 27.33% (38.2 million EEK) and in 1998 21.41% (27.4 million EEK).
The H1 1999 export volume amounted to 93.3 million EEK, whereas the respective
figure during the same period 1998 was 87.7 million EEK.

Sales of good produced and subcontracting works by markets:

(thousand EEK)
1999/6 1998/6
Change
Estonia 45127 39446 14.4%
Latvia, Lithuania 32777 25754 27.3%
Russia, Ukraine 4058 18831 (78.5%)
Finland, Sweden 43847 25436 72.4%
UK, Germany 11376 17599 (35.4%)

AS Baltika continues to lead conservative sales policy with Russia and Ukraine,
decreasing the sales volumes on these markets in H1 1999 by 14.8 million EEK.
AS Baltika has substantially increased its market share in Finland and Sweden,
where the company’s sales increased by 18.4 million EEK, compared to the respective
last year’s levels. The share of AS Baltika’s subsidiary AS Baltman of consolidated
turnover was 18.9% (26.4 million EEK) and AS Virulane 13.5% (18.9 million EEK).

AS Baltika H1 1999 unaudited and consolidated net profit amounted to 114 thousand
EEK, of which the share of parent company AS Baltika was 597 thousand EEK, and
consolidated loss of subsidiaries and affiliated companies 483 thousand EEK.
H1 1998 consolidated net profit totaled 5842 thousand EEK, of which the share
of parent company AS Baltika was 5772 thousand EEK and consolidated profit of
subsidiaries and affiliated companies 52 thousand EEK.
Several significant factors have influenced the group’s H1 1999 net profit:
- active realization of inventories to increase liquidity (reflected on the
income statement account of “change in inventories”, which totaled last year
18.7 million EEK, incl. change in inventories of goods produced 14.3 million EEK).
The company had 1.3 million EEK loss from realization of inventories.
- decrease in sales of coat producer AS Virulane in Q2 due to seasonal nature
of business (Q1 net turnover 12.9 million EEK, Q2 net turnover 6 million EEK),
as a result of which AS Virulane had 0.9 million EEK loss in H1 (H1 1998 loss
0.4 million EEK).
- changes in the company’s structure have increased the personnel expenses by
14.3 million EEK (in 1999, addition of personnel expenses of AS Virulane ja
AS Elina STC of 11.7 and 5.0 million EEK, respectively); compared to the same
figures in 1998, the parent company’s personnel expenses decreased by 1.0 million
EEK (27.1 million EEK in 1999 and 28.1 million EEK in 1998).


Meelis Milder
Chairman of the Management Board

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