AS EMV

ANNOUNCEMENT

19.08.99

 

COMMENTARY TO THE FINANCIAL RESULTS  06/99

 

The H1 1999 consolidated net sales of EMV group amounted to 233.5 

million EEK, and loss 0.3 million EEK.

The H1 results were in accordance with the earlier published profit 

and turnover forecasts, which anticipate 680 million EEK annual 

turnover and 14 million EEK net profit.

 

 

              EMV holding       Net     incl. other     Consolidated 

                                sales   companies    turnover    profit

                                        in group

AS EMV (unconsolidated)        212.7       4.8          207.9      3.4

AS EMV SOILMEC       100%        9.1       2.3            6.8     -4.3

SIA EMV Latvia       100%        4.7         -            4.7     -0.6

AS EMV Kinnisvara    100%        4.2       1.5            2.7      0.6

AS Maarjamäe Maja   85.7%       11.4                     11.4     -0.1

AS Pintaro          36.0%                                         -0.1

AS Tartu Maja

Betoontooted        25.0%                                          0.8

 

Total:                                                  233.5     -0.3

 

 

The H1 turnover was 150.5 million EEK less than the respective figure 

last year. The H1 poor results proceeded mainly from low turnover in 

Q1. In Q2, the group earned 6 million EEK of profit.

 

Compared to the previous year, the company has significantly 

decreased the volume of general administrative expenses: by 5.9 

million EEK (AS EMV) and 7.8 million EEK (group total).

 

Due to shortfall of orders in H1, the subsidiary AS EMV Soilmec 

(specializes in drilling of wells, piles and micro-tunnels) was in 

loss, proceeding mainly from high depreciation costs on special 

equipment. The situation is expected to improve in H2, when the 

company will realize the orders from Estonia and Latvia.

 

As of end-July 1999, the total volume of construction works to be 

completed in 1999 amounted to 355 million EEK.

 

 

Marko Kaha

Director of Financial Analysis Department

tel: +372 64 03 310