AS XXL.EE

ANNOUNCEMENT

 

COMMENTARY TO THE FINANCIAL RESULTS 01.07.98 - 30.09.99 

 

The consolidated unaudited net sales of AS XXL.EE (AS Pennu 

Computer Technology Group) in the 5th quarter of 1998/99 financial 

year amounted to 12.9 million EEK. Consolidated unaudited loss 

stood at 4.5 million EEK, which was partly due to corporate 

restructuring, i.e. closure of Keila factory, extraordinary 

expenses from relocation and reduction in the number of employees, 

and the launch of digital media services, as well as due to the 

discount of AS PCT Liising investments.

 

As of 30.09.99 AS XXL.EE consolidated unaudited balance sheet 

volume was 38.8 million EEK. Current assets stood at 25.5 million 

EEK. Asset deficit amounted to 32.5 million EEK. Current 

liabilities totaled 44.7 million EEK. Consolidated owners' equity 

was -5.9 million EEK.

 

In order to increase the company's owners' equity, AS XXL.EE 

conducted the issue of 400 000 shares at a price of 20 EEK per 

share between 12.11.1999 and 25.11.1999.

 

 

Arho Anttila 

arho@xxl.ee

Chief Executive

+372 60 53 760