Last update: 21.07.2024 13:01 (GMT+3)
Norma FINANCIAL RESULTS 04/21/2004
FINANCIAL RESULTS Q1 Y2004
(unaudited)
Sales and Revenues
During the period Q1 Y2004 consolidated net sales of AS Norma
totalled 223.7 MEEK (14.3 MEUR), 96% of which were generated by
parent company in the amount of 215.2 MEEK (13.8 MEUR).
Consolidated sales increased by 7.7% (16.1 MEEK, 1.0 MEUR)from Q1 Y2003.
Sales to Russian customers increased 6.7% and to Western customers
rose by 9.6% in Q1 Y2004.
Sales to Autoliv were Q1 Y2004 139.4 MEEK (8.9 MEUR).
The group's main fields of activity include production and sale of
safety belts, car components. Exports accounted to 99.0% of sales revenue,
30.3% of production was exported to Russian customers (Q1 Y2003 31%).
The number of employees at the end of the period was 862.
Use of Capital
Accounts receivable at the end Q1 Y2004 totalled 177.0 MEEK (11.3
MEUR),of which 29.8% related to the Russian customers. During the Q1
Y2004 volume of accounts receivable has decreased by 25.4 MEEK(1.6 MEUR)
Autoliv receivables were 112.7 MEEK (7.2 MEUR).
Norma`s payables to Autoliv were 73.3 MEEK(4.7 MEUR).
The share of accounts in arrears of total receivable was 13.7%.
The provision for bad debts increased 15.8% and the reserve totalled
10.8 MEEK (0.7 MEUR). As of the Q1 Y2004, the consolidated total
assets were 953.9 MEEK (61.0 MEUR), a decrease by 8.8 MEEK(0.6 MEUR),
main decrease in the current assets 15.1 MEEK (1.0 MEUR).
Total liabilities amounted to 138.4 MEEK (8.8 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 23.9 MEEK(1.5 MEUR),
amounting to 815.4 MEEK (52.1 MEUR) (85.5% of total assets).
Investments
AS Norma invested a total of 9.6 MEEK (0.6 MEUR), to support
existing production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit Q1 Y2004 was 23.9
MEEK (1.5 MEUR). Net profit was increased by 1.7 MEEK (0.1 MEUR),
a 7.9% increase(22.1 MEEK, 1.4 MEUR Q1 Y2003).
Earnings per share were 1.81 EEK (0.12 EUR) in Q1 Y2004.
Q1 Y2003 1.68 EEK (0.11 EUR).
Significant Events and Changes in Business Activities
·AS Norma has The Best Supplier Award from AvtoVAZ Y2003
The Q2 Y2004 results of AS Norma will be released at July 21,2004.
Consolidated balance sheet as of 31.03.04
unaudited
Assets EEK in thousands EUR in thousands
31.03.04 31.12.03 31.03.04 31.12.03
Current assets
Cash and bank accounts 174 604 179 092 11 159 11 446
Marketable securities 129 621 120 077 8 284 7 674
Accounts receivable 176 999 202 419 11 312 12 937
Allowance for doubtful
receivables -10 815 -9 340 -691 -597
Other receivables and prepayments 111 376 119 666 7 118 7 648
Inventories 88 832 73 816 5 677 4 718
Total current assets 670 617 685 730 42 860 43 826
Non-current assets
Long-term financial assets 16 139 5 196 1 031 332
Property, plant and equipment 245 905 249 762 15 716 15 963
Intangible assets 21 192 21 935 1 354 1 402
Total non-current assets 283 236 276 893 18 102 17 697
Total assets 953 853 962 623 60 962 61 523
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 138 443 171 090 8 848 10 935
Total current liabilities 138 443 171 090 8 848 10 935
Total liabilities 138 443 171 090 8 848 10 935
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 659 533 531 200 42 152 33 950
Net profit 23 877 128 333 1 526 8 202
Total owners´ equity 815 410 791 533 52 114 50 588
Total liabilities and owners´
equity 953 853 962 623 60 962 61 523
Parent company balance sheet as of 31.03.04
unaudited
EEK in thousands EUR in thousands
Assets 31.03.04 31.12.03 31.03.04 31.12.03
Current assets
Cash and bank accounts 174 051 178 658 11 124 11 418
Marketable securities 129 621 120 077 8 284 7 674
Accounts receivable 182 627 206 971 11 672 13 228
Allowance for doubtful
receivables -10 815 -9 340 -691 -597
Other receivables and prepayments 105 523 117 112 6 744 7 485
Inventories 80 450 64 625 5 142 4 130
Total current assets 661 457 678 103 42 275 43 339
Non-current assets
Long-term financial assets 35 147 23 775 2 246 1 519
Property, plant and equipment 235 663 237 668 15 062 15 190
Intangible assets 20 565 21 301 1 314 1 361
Total non-current assets 291 375 282 744 18 622 18 071
Total assets 952 832 960 847 60 897 61 409
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 137 422 169 315 8 783 10 821
Total current liabilities 137 422 169 315 8 783 10 821
Total liabilities 137 422 169 315 8 783 10 821
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 659 533 531 200 42 152 33 950
Net profit 23 877 128 333 1 526 8 202
Total owners´ equity 815 410 791 533 52 114 50 588
Total liabilities and owners´
equity 952 832 960 847 60 897 61 409
Consolidated income statement Q1 Y2004
unaudited
EEK in thousands EUR in thousands
01.01.04- 01.01.03- 01.01.04- 01.01.03-
31.03.04 31.03.03 31.03.04 31.03.03
Net sales 223 685 207 600 14 296 13 268
Cost of goods sold 189 141 175 325 12 088 11 205
Gross profit 34 544 32 275 2 208 2 063
Marketing expenses 1 093 3 352 70 214
Administrative and general exp. 7 444 7 172 476 458
Product development expense 7 484 3 703 478 237
Bad debt provision 0 17 0 1
Other income 3 114 1 778 199 114
Other expenses 522 409 33 26
Operating profit 21 115 19 400 1 349 1 240
Financial income/expenses 2 762 2 744 177 175
Profit before taxes 23 877 22 144 1 526 1 415
Provision for taxes 0 8 0 1
Net profit 23 877 22 136 1 526 1 415
Earnings per share in EEK 1,81 1,68 0,12 0,11
Parent company income statement Q1 Y2004
unaudited
EEK in thousands EUR in thousands
01.01.04- 01.01.03- 01.01.04- 01.01.03-
31.03.04 31.03.03 31.03.04 30.09.03
Net sales 215 218 199 729 13 755 12 765
Cost of goods sold 183 588 168 855 11 733 10 792
Gross profit 31 630 30 874 2 022 1 973
Marketing expenses 1 093 3 259 70 208
Administrative and general exp. 6 428 5 425 411 347
Product development expense 7 484 3 703 478 237
Bad debt provision 0 17 0 1
Other income 3 068 1 739 196 111
Other expenses 117 337 7 22
Operating profit 19 576 19 872 1 251 1 270
Financial income/expenses 4 301 2 264 275 145
Profit before taxes 23 877 22 136 1 526 1 415
Net profit 23 877 22 136 1 526 1 415
Earnings per share in EEK 1,81 1,68 0,12 0,11
Consolidated cash flows as of 31.03.04
unaudited
EEK in thousands EUR in thousands
31.03.04 31.03.03 31.03.04 31.03.03
Operating activities
Operating profit 21 115 19 400 1 349 1 240
Profit from sale of property,
plant and equipment 0 -112 0 -7
Deprecation 14 144 11 805 904 754
Property, plant and equipment
write-off 0 22 0 1
Increase (-), decrease (+) in
current assets 20 536 -97 153 1 312 -6 209
Increase (-), decrease (+) in
current liabilities -32 645 26 653 -2 086 1 703
Interest received and other
financial income 2 272 957 145 61
Other financial expenses paid -7 -9 0 -1
Total operating activities 25 415 -38 437 1 624 -2 457
Investing activities
Property, plant and equipment sold 22 112 1 7
Property, plant and equipment
acquired -9 565 -31 018 -611 -1 982
Loans issued -6 -81 0 -5
Financial activities change -10 954 0 -700 0
Loans repaid 14 63 1 4
Total investing activities -20 489 -30 924 -1 309 -1 976
Financing activities
Net cash flow 4 926 -69 361 315 -4 433
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 299 169 342 848 19 120 21 912
Net cash flow 4 926 -69 361 315 -4 433
Foreign exchange gain 131 -126 8 -8
Cash and cash equivalents at the
end of the period 304 226 273 361 19 444 17 471
incl.cash and bank accounts 174 604 147 496 11 159 9 427
marketable securities 129 621 125 865 8 284 8 044
Changes in owners` equity as of 31.03.04
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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 128 333 128 333
31.12.2003 132 000 13 200 518 000 128 333 791 533
31.12.2003 132 000 13 200 518 000 128 333 791 533
Net retained earnings of 2003 128 333 -128 333
Net profit for the
financial year 23 877 23 877
30.09.2004 132 000 13 200 646 333 23 877 815 410
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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 8 202 8 202
31.12.2003 8 436 844 33 106 8 202 50 588
31.12.2003 8 436 844 33 106 8 202 50 588
Net retained earnings of 2003 8 202 -8 202
Net profit for the
financial year 1 526 1 526
30.09.2004 8 436 844 41 308 1 526 52 114
Peep Siimon
Chairman of the Board
+372 6500 442
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