Last update: 30.11.2024 07:14 (GMT+2)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 05/28/2004
FINANCIAL RESULTS 1Q 2004
COMMENTS TO INCOME STATEMENT, 3M/2004.
The 3 months 2004 net sales of Tallinna Farmaatsiatehas amounted to 25,683
th. EEK (1,641 th. EUR). Compared to the same period of previous year the
sales were increased by 3,508 th EEK (224 th. EUR) i.e. 15.8% (net turnover
in 3 months 2003 22,175 th. EEK or 1,417 th.EUR).The operating income total
increased by 3,130 th. EEK or 200 th EUR (13.4%). Operating income in 2003
23,328 th. EEK (1,491. th.EUR) and in 2004 26,458 th. EEK (1,691 th.EUR).
Compared to the same period of previous year the total operating cost
increased by 848 th. EEK (54 th EUR) i.e. 4,1% (total operating costs in 2003
20,583 th. EEK (1,316 th.EUR) and in 2004 21,431 th. EEK (1,370 th.EUR)),
from which the decrease of expenses for personnel (expenses for personnel in
2003 3,503 th. EEK (223 th. EUR) and in 2004 2,769 th. EEK (177 th.EUR)) 734
th.EEK or 47 th.EUR. Others operating expenses decreased by 763 th. EEK (49
th.EUR) 76.5% (others operating expenses in 2003 994 th. EEK (64 th. EUR) and
in 2004 231 th. EEK (15 th. EUR)).
Operating profit increased in 3 months of 2004 compared (operating profit in
2003 2,745 th. EEK (175 th.EUR) and operating profit in 2004 5,027 th. EEK
(321 th.EUR)) to the same period of 2003 by 2,282 th. EEK (146 th.EUR) (83.4
%) , and net profit increased (net profit in 2003 1,803 th. EEK (115 th.EUR)
and net profit in 2004 4,993 th. EEK (319 th.EUR)) by 3,190 th. EEK (204
th.EUR) (177.4%).
COMMENTS TO BALANCE SHEET
As of March 31. 2004 the Balance capacity was 62,925 th. EEK (4,022 th. EUR).
Compared to the net balance, the biggest increase was in assets -receivables
from parent company 16,041 th. EEK (1,025 th. EUR) (157.4%) and in finished
goods stock decreased with the sum 6,862 th. EEK (438 th. EUR) (86.2%).
Trading assets increased totally by 6,979 th. EEK (445 th.EUR) (28.1%).
In the liabilities the short-term liabilities decreased 1,092 th. EEK (70
th.EUR) (14.4%). Compared to the net balance, the biggest increase was in
liabilities - accounts for payable 883 th. EEK (53 th.EUR). The owners equity
increased 4,993 th. EEK (319 th.EUR)) (10.3%) in the account of 3 months 2004
net profit.
BALANCE SHEET AS OF 31.03.2004 unaudited
in thousand EEK/EUR EEK EUR
31.03.2004 31.12.2003 31.03.2004 31.12.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 359 1,268 23 81
Customer receivables
ACCOUNTS RECEIVABLE 114 2,250 7 144
Other receivables
RECEIVABLES FROM PARENT COMPANY 26,229 10,188 1,676 651
OTHER SHORT-TERM RECEIVABLES 1 086 567 69 36
Total 27,788 14,273 1,776 912
Inventories
RAW MATERIAL 2,575 2,428 165 155
WORK-IN-PROGRESS 27 0 2 0
FINISHED GOODS 1,085 7,947 69 508
PREPAYMENTS TO SUPPLIERS 273 121 18 8
Total 3,960 10,496 254 671
TOTAL CURRENT ASSETS 31,748 24,769 2,029 1,583
NON-CURRENT ASSETS
Long-term investments 344 344 22 22
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 30,336 31,172 1,939 1,992
Total 30,336 31,172 1,939 1,992
Intangible assets 497 555 32 35
TOTAL NON-CURRENT ASSETS 31,177 32,071 1,993 2,049
TOTAL ASSETS 62,925 56,840 4,022 3,633
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 0 0 0 0
SHORT-TERM BANK LOANS 555 741 35 47
CUSTOMER PREPAYMENTS 714 0 46 0
Total 1,269 741 81 47
Accounts payable 5,672 4,839 363 309
Taxes payable 221 0 14 0
Accrued expenses 1,482 1,972 95 126
TOTAL CURRENT LIABILITIES 8,644 7,552 553 483
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 1,171 1,171 75 75
PAYABLES TO PARENT COMPANY 0 0 0 0
TOTAL NON-CURRENT LIABILITIES 1,171 1,171 75 75
TOTAL LIABILITIES 9,815 8,723 628 558
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 33,301 23,073 2,128 1,475
PROFIT (LOSS) FOR FINANCIAL YEAR 4,993 10,228 319 654
SHAREHOLDERS’ EQUITY TOTAL 53,110 48,117 3,394 3,075
LIABILITIES AND SHAREHOLDERS’
EQUITY 62,925 56,840 4,022 3,633
INCOME STATEMENT, 3 M/2004 unaudited
in thousand EEK/EUR EEK EUR
2004 2003 2004 2003
REVENUE
NET SALES 25,683 22,175 1,641 1,417
OTHER OPERATING INCOME 775 1,153 50 74
TOTAL REVENUE 26,458 23,328 1,691 1,491
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -8,419 -8,942 -538 -572
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES -6,835 -4,078 -437 -261
OTHER OPERATING EXPENSES -2,255 -1,952 -144 -125
PERSONNEL EXPENSES -2,769 -3,503 -177 -223
DEPRECIATION -922 -1,114 -59 -71
OTHER EXPENSES -231 - 994 -15 -64
TOTAL EXPENSES -21,431 -20,583 -1,370 -1,316
OPERATING PROFIT (-LOSS) 5,027 2,745 321 175
FINANCIAL INCOME/EXPENSES -34 -942 -2 -60
NET PROFIT (LOSS) 4,993 1,803 319 115
EARNINGS (LOSS) PER SHARE 3.99 1.44 0.26 0.09
Ibraim Muhtsi
Director
+3726120201
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