TALLINNA KAUBAMAJA AS

ANNOUNCEMENT

26.07.99

 

COMMENTARY TO H1 1999 FINANCIAL RESULTS

 

The H1 1999 unaudited income statement and balance sheet of 

Tallinna 

Kaubamaja AS are consolidated under row-by-row method. Affiliated 

companies are consolidated under equity method. The income 

statement 

and balance sheet reflect the financial results of the parent 

company, 

all subsidiaries and all affiliated companies of Tallinna Kaubamaja 

AS.

 

The H1 1999 net sales of Tallinna Kaubamaja AS amounted to 433.6 

million EEK, increasing by 61.6 million EEK or 16.5% from the same 

period last year. The 1999 profit forecast of Tallinna Kaubamaja AS 

anticipated 1.2 billion EEK gross profit, of which 44.1% was met in 

H1.

 

The activities of Tallinna Kaubamaja AS during H1 1999 resulted in 

6.4 

million EEK net profit (incl. 3.5 million EEK accounting profit 

from 

call options). Earnings per share totaled 0.94 EEK. 

 

The group’s balance sheet volume, as opposed to the standings on 

31.12.98, has decreased by 25 million EEK, or 6.4%, amounting to 

368.8 

million EEK as of 01.07.99. No substantial changes occurred in the 

balance sheet structure during H1 1999. The share of owners’ equity 

of 

total balance sheet volume is 34.2% (31.12.98 - 33%).

 

On 02.06.1999, the company redeemed commercial papers issued on 

19.02.1999, and issued additionally commercial papers for 15 

million 

EEK at 7% annual interest rate. Redemption of the commercial papers 

will take place on the following dates: 02.08.1999, 01.09.1999, 

06.12.1999, 13.12.1999 and 20.12.1999 in equal shares. 

 

In June 1999, the share capital of A-Selver AS was increased by 

15.5 

million EEK via additional payment by sole shareholder Tallinna 

Kaubamaja AS. The current volume of A-Selver AS share capital is 22 

million EEK.

 

On June 28, Tallinna Kaubamaja AS and Neste Eesti AS concluded a 

contract for purchase of 5623m² of land in Pirita, Rummu Rd. 2. The 

company plans to open there a Selver-type store in H1 2000.

 

 

Urmo Vallner

Member of the Management Board

+372 6 400 200