09.05.2000, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

ANNOUNCEMENT



COMMENTARY TO AUDITED FINANCIAL RESULTS 1999



The 1999 net sales of Tallinna Farmaatsiatehase AS (TFT) amounted to 

74.8 million EEK, of which 73.7 million EEK was income from sale of 

medicines, and EEK 1.1 million EEK other income.



Net sales by product groups: 

Tablets 		45.9%,

Ointments 	        37.5%,

Ampoules 	        15.2%.





Compared to the results of 1998 (EEK 83.6 million) the net sales declined 

by 8.8 million EEK (10.5%). Volume of domestic sales increased by 

3.1 million EEK (19.0%), volume of exports decreased by 10.7 million EEK

(16.4%).



Total trading income decreased by 9.9 million EEK (11.1%). In the sphere 

of expenses were decreased raw material expenses by 20.6 million. EEK 

(38,2%), personnel expenses by 5.4 million EEK (24.7%); total expenses

decreased by 98.3 million EEK (58.4 %). Financial income increased by 

2.8 million EEK (310 %), financial expenses decreased by 10.8 million EEK

(61,3%). In 1999 the company's profit was 5.8 million EEK.



In Balance Sheet assets the most increase had other receivables by 

17.4 million EEK (211 %), the capital under inventories decreased by 

9.4 million EEK (25.8%), customer receivables decreased by 8.7 million EEK

(71.7 %).



Total Balance sheet size dropped by EEK 16.2 million EEK (14.2%) in 1999.

In Balance liabilities the short-term liabilities had decreased totally by 

18.8 million EEK (69.8 %), short-term payables to suppliers decreased 

4.0 million EEK  (23.4 %), tax liabilities decreased by 5.3 million EEK

(77.0%). The short-term liabilities decreased totally by 30.8 million EEK 

(54.4 %). The long-term liabilities increased by 10.5 million EEK (21.7 %).

The liabilities decreased totally by 20.2 million EEK (19,3 %) Owner's equity

increased by 5,8 million EEK (92.4 %).





Raivo Unt

Financial Director

+372 6120201