Last update: 22.07.2024 11:03 (GMT+3)
Norma FINANCIAL RESULTS 10/15/2003 09:30
FINANCIAL RESULTS Q3 AND 9 MONTH Y2003
(unaudited)
Sales and Revenues
During the period of nine month Y2003 consolidated net sales of AS
Norma totalled 722.1 MEEK (46.1 MEUR),of which those to the parent
company were 703.4 MEEK (45.0 MEUR). Consolidated sales decreased
by 2% (-14.3 MEEK, -0.9 MEUR) from nine month Y2002. Sales to
Russian customers decreased 22% and to Western customers rose by 19%.
Sales to Russian customers decreased 22,4% in Q3 Y2003 due to volume
decrease.
Sales to Autoliv were in nine month Y2003 379.9 MEEK (24.3 MEUR).
Revenues of AS Norma accounted for 97%. The group's main fields of
activity include production and sale of safety belts, car
components. Exports accounted to 98% of sales revenue, 41% of
production was exported to Russian customers (nine month Y2002
52%). The number of employees at the end of the period was 929.
Use of Capital
Accounts receivable at the end nine month Y2003 totalled 172.1
MEEK (11.0 MEUR),of which 42% related to the Russian customers.
During the nine month period Y2003 volume of accounts receivable
has increased by 8.9 MEEK(0.6 MEUR), Autoliv receivables was 90.3
MEEK (5.8 MEUR).Norma`s payables to Autoliv was 79.9 MEEK(5.1 MEUR).
The share of accounts in arrears of total receivable was 11%. The
provision for bad debts remained on the same level and the reserve
totalled 10.2 MEEK (0.7 MEUR). As of the nine month period Y2003,
the consolidated total assets were 880.3 MEEK (56.3 MEUR), a
growth by 28.6 MEEK(1.8 MEUR),main increase in the current assets
17.4 MEEK (1.1 MEUR).Total liabilities amounted to 119.3 MEEK (7.6
MEUR).The company has no long term liabilities. The group's
owners' equity increased by 31.7 MEEK(2.0 MEUR),amounting to 760.9
MEEK (48.6 MEUR) (86% of total assets).
Investments
AS Norma invested a total of 49.5 MEEK (3.2 MEUR), to support
existing production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit nine month period
Y2003 was 97.7 MEEK (6.2 MEUR). Net profit has decreased by 51.0
MEEK (3.3 MEUR),a 34% decrease(148.7 MEEK, 9.5 MEUR nine month
Y2002). Net profit Q3 Y2003 was 28.0 MEEK (1.8 MEUR)and decrease by 53%.
The profit in nine month and Q3 Y2002 included gain from the sale of
property Laki 14A (17.0 MEEK 1.1 MEUR)
Earnings per share were 7.40 EEK (0.47 EUR) in nine month Y2003.
Nine month Y2002 11.27 EEK (0.72 EUR).
The Q4 Y2003 results of AS Norma will be released at January 21,2004.
Consolidated balance sheet as of 30.09.03
unaudited
EEK in thousands EUR in thousands
Assets 30.09.03 31.12.02 30.09.03 31.12.02
Current assets
Cash and bank accounts 134 308 214 228 8 584 13 692
Marketable securities 140 936 128 620 9 007 8 220
Accounts receivable 172 105 163 209 10 999 10 431
Allowance for doubtful
receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 98 231 29 835 6 278 1 907
Inventories 99 289 91 551 6 346 5 851
Total current assets 634 705 617 279 40 565 39 451
Non-current assets
Long-term financial assets 9 383 9 600 600 614
Property, plant and equipment 214 915 223 030 13 736 14 254
Intangible assets 21 226 1 711 1 357 109
Total non-current assets 245 524 234 341 15 692 14 977
Total assets 880 229 851 620 56 257 54 428
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 119 305 122 420 7 625 7 824
Total current liabilities 119 305 122 420 7 625 7 824
Total liabilities 119 305 122 420 7 625 7 824
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 531 200 403 576 33 950 25 793
Net profit 97 724 193 624 6 246 12 375
Total owners´ equity 760 924 729 200 48 632 46 604
Total liabilities and owners´
equity 880 229 851 620 56 257 54 428
Parent company balance sheet as of 30.09.03
unaudited
EEK in thousands EUR in thousands
Assets 30.09.03 31.12.02 30.09.03 31.12.02
Current assets
Cash and bank accounts 132 073 213 047 8 441 13 616
Marketable securities 140 936 128 620 9 007 8 220
Accounts receivable 176 088 166 329 11 254 10 630
Allowance for doubtful
receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 96 204 26 894 6 149 1 719
Inventories 90 191 81 811 5 764 5 229
Total current assets 625 328 606 537 39 966 38 765
Non-current assets
Long-term financial assets 29 182 31 341 1 865 2 003
Property, plant and equipment 203 260 209 261 12 991 13 374
Intangible assets 20 659 955 1 320 61
Total non-current assets 253 101 241 557 16 176 15 438
Total assets 878 429 848 094 56 142 54 203
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 116 793 118 894 7 464 7 599
Total current liabilities 116 793 118 894 7 464 7 599
Total liabilities 116 793 118 894 7 464 7 599
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 531 200 403 576 33 950 25 793
Net profit 98 436 193 624 6 291 12 375
Total owners´ equity 761 636 729 200 48 677 46 604
Total liabilities and owners´
equity 878 429 848 094 56 142 54 203
Consolidated income statement Q3 and 9 month Y2003
unaudited
EEK in thousands
01.07.03- 01.01.03- 01.07.02- 01.01.02-
30.09.03 30.09.03 30.09.02 30.09.02
Net sales 222 849 722 076 240 151 736 387
Cost of goods sold 174 339 583 030 179 306 554 794
Gross profit 48 510 139 046 60 845 181 593
Marketing expenses 4 631 12 499 4 369 15 132
Administrative and general exp. 6 838 20 013 8 351 24 968
Product development expense 5 930 14 390 5 536 14 708
Bad debt provision 13 304 0 -48
Other income -881 4 059 18 903 19 675
Other expenses 245 1 993 353 1 907
Operating profit 29 972 93 906 61 139 144 601
Financial income 1 590 7 449 3 149 10 053
Financial expenses 127 174 323 2 040
Profit before taxes 31 435 101 181 63 965 152 614
Provision for taxes 3 456 3 457 3 798 3 867
Net profit 27 979 97 724 60 167 148 747
Earnings per share in EEK 2,12 7,40 4,56 11,27
Consolidated income statement Q3 and 9 month Y2003
unaudited
EUR in thousands
01.07.03- 01.01.03- 01.07.02- 01.01.02-
30.09.03 30.09.03 30.09.02 30.09.02
Net sales 14 243 46 149 15 348 47 064
Cost of goods sold 11 142 37 262 11 460 35 458
Gross profit 3 100 8 887 3 889 11 606
Marketing expenses 296 799 279 967
Administrative and general exp. 437 1 279 534 1 596
Product development expense 379 920 354 940
Bad debt provision 1 19 0 -3
Other income -56 259 1 208 1 257
Other expenses 16 127 23 122
Operating profit 1 916 6 002 3 907 9 242
Financial income 102 476 201 643
Financial expenses 8 11 21 130
Profit before taxes 2 009 6 467 4 088 9 754
Provision for taxes 221 221 243 247
Net profit 1 788 6 246 3 845 9 507
Earnings per share in EEK 0,14 0,47 0,29 0,72
Parent company income statement Q3 and 9 month Y2003
unaudited
EEK in thousands
01.07.03- 01.01.03- 01.07.02- 01.01.02-
30.09.03 30.09.03 30.09.02 30.09.02
Net sales 216 965 703 444 235 278 721 386
Cost of goods sold 172 146 571 677 175 688 552 679
Gross profit 44 819 131 767 59 590 168 707
Marketing expenses 4 553 12 253 4 280 14 845
Administrative and general exp. 4 218 14 615 5 766 16 766
Product development expenses 5 930 14 390 5 536 14 708
Bad debt provision 13 304 0 0
Other income 928 6537 224 745
Other expenses 497 158 379 1 719
Operating profit 30 536 96 584 43 853 121 414
Financial income 1 229 7 406 19 681 32 017
Financial expenses 1 063 2 099 -268 1 049
Profit before taxes 30 702 101 891 63 802 152 382
Provision for taxes 3 455 3 455 3 635 3 635
Net profit 27 247 98 436 60 167 148 747
Earnings per share in EEK 2,06 7,46 4,56 11,27
Parent company income statement Q3 and 9 month Y2003
unaudited
EUR in thousands
01.07.03- 01.01.03- 01.07.02- 01.01.02-
30.09.03 30.09.03 30.09.02 30.09.02
Net sales 13867 44958 15037 46105
Cost of goods sold 11002 36537 11228 35323
Gross profit 2864 8421 3808 10782
Marketing expenses 291 783 274 949
Administrative and general exp. 270 934 369 1072
Product development expenses 379 920 354 940
Bad debt provision 1 19 0 0
Other income 59 418 14 48
Other expenses 32 10 24 110
Operating profit 1952 6173 2803 7760
Financial income 79 473 1258 2046
Financial expenses 68 134 -17 67
Profit before taxes 1962 6512 4078 9739
Provision for taxes 221 221 232 232
Net profit 1741 6291 3845 9507
Earnings per share in EEK 0,13 0,48 0,29 0,72
Consolidated cash flows as of 30.09.03
unaudited
EEK in thousands EUR in thousands
30.09.03 30.09.02 30.09.03 30.09.02
Operating activities
Operating profit 93 906 144 601 6 002 9 242
Profit from sale of property,
plant and equipment -221 -20 117 -14 -1 286
Deprecation 36 023 30 078 2 302 1 922
Property, plant and equipment
write-off 2 021 4 129 0
Increase (-), decrease (+) in
current assets -85 126 -59 032 -5 441 -3 773
Increase (-), decrease (+) in
current liabilities -3 115 16 125 -199 1 031
Interest received and other
financial income 7 768 5 574 496 356
Interest and other financial
expenses paid -22 -258 -1 -16
Total operating activities 51 234 116 975 3 274 7 476
Investing activities
Property, plant and equipment sold 221 28 885 14 1846
Property, plant and equipment
acquired -49 459 -33 470 -3 161 -2 139
Loans issued -93 -114 -6 -7
Financial activities change 0 -8 703 0 -556
Loans repaid 102 254 7 16
Total investing activities -49 229 -13 148 -3 146 -840
Financing activities
Dividends paid -66 000 -79 200 -4 218 -5 062
Income tax on dividends -3 455 -3 635 -221 -232
Total financing activities -69 455 -82 835 -4 439 -5 294
Net cash flow -67 450 20 992 -4 311 1 342
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 342 848 182 901 21 912 11 689
Net cash flow -67 450 20 992 -4 311 1 342
Foreign exchange gain -153 -944 -10 -60
Cash and cash equivalents at the
end of the period 275 245 202 949 17 591 12 971
incl.cash and bank accounts 134 308 88 645 8 584 5 665
marketable securities 140 936 114 304 9 007 7 305
Changes in owners` equity as of 30.09.03
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 132 000 13 200 291 938 177 638 614 776
Net retained earnings of 2001 177 638 -177 638
Dividends -79 200 -79 200
Net profit for the financial year 193 624 193 624
31.12.2002 132 000 13 200 390 376 193 624 729 200
31.12.2002 132 000 13 200 390 376 193 624 729 200
Net retained earnings of 2002 193 624 -193 624
Dividends -66 000 -66 000
Net profit for the financial year 97 724 97 724
30.09.2003 132 000 13 200 518 000 97 724 760 924
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 8 436 844 18 658 11 353 39 291
Net retained earnings of 2001 11 353 -11 353
Dividends -5 062 -5 062
Net profit for the financial year 12 375 12 375
31.12.2002 8 436 844 24 950 12 375 46 604
31.12.2002 8 436 844 24 950 12 375 46 604
Net retained earnings of 2002 12 375 -12 375
Dividends -4 218 -4 218
Net profit for the financial year 6 246 6 246
30.09.2003 8 436 844 33 106 6 246 48 632
Peep Siimon
Chairman of the Board
+372 6500 442
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