Last update: 20.07.2024 22:59 (GMT+3)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 08/23/2004
6 MONTHS 2004
COMMENTS TO INCOME STATEMENT, 6M/2004.
The 6 months 2004 net sales of Tallinna Farmaatsiatehas amounted to 40,122
th. EEK (2,564 th. EUR). Compared to the same period of previous year the
sales were increased by 3,898 th EEK (249 th. EUR) i.e. 10.7% (net turnover
in 6 months 2003 36,224 th. EEK or 2,315 th.EUR).The operating income total
increased by 3,156 th. EEK or 201 th EUR (8.1%).
Compared to the same period of previous year the total operating cost
increased by 1,412 th. EEK (90 th EUR) i.e. 3,9% (total operating costs in
2003 35,756 th. EEK (2,285 th.EUR) and in 2004 37,168 th. EEK (2,375
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2003 21,040 th. EEK (1,345 th. EUR) and in 2004 15,344 th. EEK
(981 th.EUR)) 5,696 th.EEK or 364 th.EUR. Others operating expenses decreased
by 1,379 th. EEK (88 th.EUR).
Operating profit increased in 6 months of 2004 compared (operating profit in
2003 2,862 th. EEK (183 th.EUR) and operating profit in 2004 4,606 th. EEK
(295 th.EUR)) to the same period of 2003 by 1,744 th. EEK (112 th.EUR) (61.2
%), and net profit increased (net profit in 2003 1,526 th. EEK (98 th.EUR)
and net profit in 2004 4,560 th. EEK (292 th.EUR)) by 3,034 th. EEK (194
th.EUR) (197.9%).
COMMENTS TO BALANCE SHEET
As of June 30. 2004 the Balance capacity was 61,438 th. EEK (3,927 th. EUR).
Compared to the net balance, the biggest increase was in assets -receivables
from parent company 19,124 th. EEK (1,222 th. EUR) (187.7%) and in finished
goods stock decreased with the sum 7,947 th. EEK (508 th. EUR) (100%).
Trading assets increased totally by 6,595 th. EEK (421 th.EUR) (26.6%).
In the liabilities the short-term liabilities decreased 38 th. EEK (2 th.EUR)
(0.4%). Compared to the net balance, the biggest increase was in liabilities
- accounts for payable 489 th. EEK (32 th.EUR). The owners equity increased
(4,560 th. EEK (292 th.EUR)) (9.4%) in the account of 6 months 2004 net
profit.
BALANCE SHEET AS OF 30.06.2004 unaudited
in thousand EEK/EUR EEK EUR
30.06.2004 31.12.2003 30.06.2004 31.12.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 593 1,268 38 81
Customer receivables
ACCOUNTS RECEIVABLE 27 2,250 2 144
Other receivables
RECEIVABLES FROM PARENT COMPANY 29,312 10,188 1,873 651
OTHER SHORT-TERM RECEIVABLES 326 567 21 36
Total 30,258 14,273 1,934 912
Inventories
RAW MATERIAL 1,106 2,428 71 155
WORK-IN-PROGRESS 0 0 0 0
FINISHED GOODS 0 7,947 0 508
PREPAYMENTS TO SUPPLIERS 0 121 0 8
Total 1,106 10,496 71 671
TOTAL CURRENT ASSETS 31,364 24,769 2,005 1,583
NON-CURRENT ASSETS
Long-term investments 115 344 8 22
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 29,521 31,172 1,886 1,992
Total 29,521 31,172 1,886 1,992
Intangible assets 438 555 28 35
TOTAL NON-CURRENT ASSETS 30,074 32,071 1,922 2,049
TOTAL ASSETS 61,438 56,840 3,927 3,633
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 0 0 0 0
SHORT-TERM BANK LOANS 364 741 23 47
CUSTOMER PREPAYMENTS 0 0 0 0
Total 364 741 23 47
Accounts payable 5,328 4,839 341 309
Taxes payable 487 0 31 0
Accrued expenses 1,411 1,972 90 126
TOTAL CURRENT LIABILITIES 7,590 7,552 485 483
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 8,761 8,723 560 558
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 4,560 10,228 292 654
SHAREHOLDERS’ EQUITY TOTAL 52,677 48,117 3,367 3,075
LIABILITIES AND SHAREHOLDERS’
EQUITY 61,438 56,840 3,927 3,633
INCOME STATEMENT, 6 M/2004 unaudited
in thousand EEK/EUR EEK EUR
2004 2003 2004 2003
REVENUE
NET SALES 40,122 36,224 2,564 2,315
OTHER OPERATING INCOME 1,652 2,394 106 153
TOTAL REVENUE 41,774 38,618 2,670 2,468
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -15,344 -21,040 -981 -1,345
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES -7,947 2,102 -508 134
OTHER OPERATING EXPENSES -4,842 -3,904 -309 -250
PERSONNEL EXPENSES -6,423 -8,521 -410 -544
DEPRECIATION -1,841 -2,243 -118 -143
OTHER EXPENSES -771 -2,150 -49 -137
TOTAL EXPENSES -37,168 -35,756 -2,375 -2,285
OPERATING PROFIT (-LOSS) 4,606 2,862 295 183
FINANCIAL INCOME/EXPENSES -46 -1,336 -3 -85
NET PROFIT (LOSS) 4,560 1,526 292 98
EARNINGS (LOSS) PER SHARE 3.65 1.22 0.23 0.08
Raivo Unt
CFO
+3726120201
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