Last update: 25.11.2024 11:42 (GMT+2)
FAKTO
COMMENTARY TO FINANCIAL RESULTS
COMMENTARY TO THE FINANCIAL RESULTS, Q1 2000
In Q1 2000 the companies of AS Fakto group sold a total of 313 new cars
from Nissan, Fiat and Alfa Romeo, i.e. 65 cars more than in Q1 1999.
Sale of new cars by companies:
2000 1999 Change (%)
Nissan Balti 285 204 81 39.71%
incl. AS Fakto 136 120 16 13.33%
AS Itaalia Auto 28 44 -16 -36.36%
Total 313 248 65 26.21%
In Q3 2000 the company's net sales totaled EEK 90.9 million, providing
EEK 17.5 million or 22.8% increase from Q1 1999.
Net sales by fields of activity:
2000 1999 Change %
Cars 74,598,743 56,840,723 17,758,020 31.24%
Services 2,958,744 2,989,935 -31,191 -1.04%
Spare parts 11,539,277 11,432,738 106,538 0.93%
Garage equipment 1,040,941 1,439,147 -398,205 -27.67%
Car rental services 60,615 116,406 -55,790 -47.93%
Other sales 782,853 661,012 121,842 18.43%
Total 90,981,173 73,479,960 17,501,213 23.82%
Net sales (in thousand EEK) by companies in the group:
Fakto N-Balti It.Auto Nempe Group
Cars 35,413 61,836 6,615 0 74,314
Services 2,703 0 718 75 2,958
Spare parts 5,598 6,842 2,170 1,333 11,539
Car rental 30 1 0 438 61
services
Garage equipment 1,040 0 0 0 1,041
Other sales 1,317 359 38 55 783
Total 46,103 69,038 9,541 1,900 90,981
Changes in net sales by companies:
Fakto N-Balti It.Auto Nempe Group
Cars 4,734 19,998 -2,733 0 17,562
Services -45 0 136 16 -31
Spare parts 104 -253 129 154 106
Car rental 1,316 0 0 0 -56
services
Garage equipment -398 0 0 0 -398
Other sales -139 197 11 9 122
Total 4,256 19,941 -2,458 178 17,501
Change (%) 10.17% 40.62% -20.48% 10.34% 18.43%
Data in the above table contains intra-group sales results.
Sale of vehicles.
Primary registration of cars in Q1 2000, data from ARK (vehicle
registration center):
2000 1999 Difference %
Total cars registered at ARK 3,985 7,791 -3,806 -48.9%
incl. new cars 2,016 1,689 327 19.4%
The above table shows that number of newly registered cars increased
in Q1 2000 by 19.4& y-o-y; however, total number of registered cars
has fallen by 48.9%. One of the reasons for that may be that people
sell already registered used cars, to replace them with new cars.
Registration of new cars at ARK in Q1, by models:
Model 2000 Share 1999 Share 1998 Share 1997 Share
Toyota 214 10.62% 158 9.35% 204 10.91% 167 12.43%
Volkswagen 179 8.88% 171 10.12% 224 11.99% 76 5.66%
Nissan 168 8.33% 110 6.51% 128 6.85% 95 7.07%
Peugeot 162 8.04% 88 5.21% 88 4.71% 46 3.43%
Honda 148 7.34% 171 10.12% 169 9.04% 134 9.98%
Mazda 138 6.85% 121 7.16% 106 5.67% 81 6.03%
Kia 85 4.22% 58 3.43% 67 3.58% 42 3.13%
Opel 83 4.12% 69 4.09% 111 5.94% 59 4.39%
Seat 77 3.82% 25 1.48% 2 0.11% 4 0.30%
Daewoo 71 3.52% 17 1.01% 23 1.23% 3 0.22%
Other 691 34.28% 701 41.50% 747 39.97% 636 47.36%
Total 2,016 1,689 1,869 1,343
Incl. group 189 9.38% 139 8.23% 176 9.42% 143 10.65%
Compared to Q1 1999, the market share of cars sold by companies of
Fakto group has increased by 1.15%.
Services and sale of spare parts.
In Q1 2000 the consolidated sales of services amounted to EEK 2,959
thousand, or EEK 31 thousand less than in Q1 1999.
Sale of services by companies in Q1:
2000 1999 Change %
AS Fakto 2,703,380 2,748,396 -45,016 -1.64%
AS Itaalia Auto 718,248 582,328 135,921 23.34%
OÜ Nempe 74,998 59,009 15,989 27.09%
Group 2,958,744 2,989,935 -31,191 -1.04%
Compared to last year, the group's income from sale of services and
spare parts has increased by EEK 75 thousand, incl. growth in sale
of spare parts by EEK 106.5 thousand:
2000 1999 Change %
AS Fakto 5,598,486 5,494,979 103,507 1.88%
AS Nissan Balti 6,841,908 7,095,151 -253,244 -3.57%
AS Itaalia Auto 2,169,695 2,040,744 128,952 6.32%
OÜ Nempe 1,332,678 1,178,971 153,707 13.04%
Group 11,539,277 11,432,738 106,538 0.93%
Other activities
Other activities include income from sales of car rental services,
garage equipment, income from rent of premises and income from other
sales that are not related with the company's main activity fields.
In Q1 the income from sales of other services totaled EEK 1.9
million, i.e. EEK 420 thousand less that in Q1 1999.
Income from sales of garage equipment has dropped by EEK 398
thousand, and income from car rental services by EEK 56 thousand.
Other sales increased to EEK 303 thousand in Q1, i.e. EEK 168
thousand EEK more than in Q1 1999. Other sales account includes
mainly resale of different expenses (i.e. sale of advertising related
expenses etc.)
Operating expenses
Compared to Q1 1999 the operation expenses have increased by EEK
1,519,802.
Changes by expense accounts:
2000 1999 Change
Personnel expenses 7,126,051 6,566,686 559,365
Other operating expenses 4,649,098 3,449,187 1,199,911
Depreciation of fixed assets 1,482,405 1,721,879 -239,475
Total operating expenses 13,257,554 11,737,752 1,519,802
On the operating expenses account, the volume of other operating
expenses has increased the most, mainly due to increased advertising
expenses. The advertising expenses have mainly increased on the
account of this spring's car fair "Motorex 2000", where all companies
of the group participated this year.
Commentary to income statements
Profit earned by companies in AS Fakto group in Q1:
AS Fakto AS N-Balti It. Auto OÜ Nempe Group
Net sales 46,103 69,038 9,541 1,900 90,981
Cost of goods sold 39,008 65,130 7,791 1,011 78,071
Gross profit 7,095 3,908 1,749 889 12,911
Operating and 6,402 3,942 2,811 848 13,258
personnel expenses, depreciation
Other income 559 674 56 43 855
Other expenses 396 1,280 195 1 1,396
Financial income 10 1 0 257 244
Financial expenses 537 22 471 270 1,293
Minority interest -231
Profit 329 -662 -1,673 69,497 -1,705
In above table Fakto's profit is shown without income and expenses with
financial investments.
AS Fakto expects growth in sales of new cars as of Q2, mainly due
to launch of new models. The new models include Nissan Almera, Nissan
Maxima and Fiat Punto, first presented at Motorex fair. In addition
to these models, Nissan Patrol with new type of engine and automatic
shift will be introduced.
Sale of services and spare parts has remained unchanged compared to
last year's results; the company does not expect substantial growth
in income from these areas. These areas of activities are closely
connected with sales of new cars, thus substantial growth in income
from sale of services can proceed only from similar addition of new
cars to the market.
Commentary to balance sheet.
As of 31.03.2000 the group's balance sheet size stood at EEK 130,069
thousand, providing quarterly decrease of EEK 2.9 million; no
substantial changes have taken place compared with standings at
31.12.99. Compared with balance sheet as at 31.03.99, the balance
sheet volume has decreased by EEK 20.8 million. Current assets have
declined by EEK 13.5 million and non-current assets by EEK 7.4
million (incl. increased depreciation of fixed assets by EEK 4.6
million and decreased financial investments by EEK 4.4 million).
On the current assets account the balance of inventories has dropped
by EEK 8.9 million. Also the accounts receivable are lower by EEK 2.3
million and balance of cash has dropped by EEK 2.6 million.
On the liabilities and owners equity account the balance of current
liabilities has dropped by EEK 11.1 On the current assets account the
balance of, long-term liabilities by EEK 6.1 million, minority
interest by EEK 550 thousand and owners equity by EEK 3.1 million.
On the current liabilities account the balance of supplier payables
has decreased by EEK 11.4 million. Also the amount due in tax
liabilities has decreased by EEK 2.3 million and short-term payables
by EEK 759 thousand.
On the non-current liabilities account the balance of debt
obligations is lower by EEK 3.9 million and deferred income tax
liability by EEK 2.3 million. EEK 3.1 million change in owners equity
includes EEK 2.3 million of dividends paid in 1999, dividends
calculated for year 2000 in the amount EEK 165,006, and the last 12
months' financial result of EEK -622 thousand.
In Q1 earnings per share stood at EEK -1.03.
Toivo Urva
Management Board Chairman
+372 6 389 200
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