Last update: 20.07.2024 17:11 (GMT+3)
AS Norma FINANCIAL RESULTS 20.10.2004 09:30
FINANCIAL RESULTS Q3 and 9 month Y2004
(unaudited)
Sales and Revenues
During the period of nine month Y2004 consolidated net sales of AS Norma
totalled 715.2 MEEK (45.7 MEUR),of which those of the parent company were
699.9 MEEK (44.7 MEUR). Consolidated sales decreased by 1% (6.8 MEEK,0.5 MEUR)
from nine month Y2003.
Q3 Y2004 consolidated sales totalled 207.7 MEEK (13.3 MEUR)
Sales to Russian customers decreased by 15% and to Western customers rose
by 10% compared to nine month Y2003. Q2 sales to Russia were very high
in Y2003. Sales to Russian customers decreased by 18% in Q3 Y2004.
Sales to Autoliv in nine month were Y2004 417.9 MEEK (26.7 MEUR).
The group's main fields of activity include production and sale of safety
belts, car components.
Exports accounted to 99% of sales revenue, 35% of production was exported
to Russian customers (nine month Y2003 41%).
The number of employees at the end of the period was 848.
Use of Capital
Accounts receivable at the end nine month Y2004 totalled 152.4 MEEK
(9.7 MEUR), of which 37% related to the Russian customers.
During the nine month period Y2004 volume of accounts receivable
has decreased by 50.0 MEEK(3.2 MEUR)and the provision for bad debts was
cut down by 37%(3.5 MEEK,0.2 MEUR). The reserve totalled 5.9 MEEK(0.4 MEUR).
The share of accounts in arrears of total receivable was 8%.
Autoliv receivables was 86.9 MEEK (5.6 MEUR).
Norma`s payables to Autoliv was 43.1 MEEK(2.7 MEUR).
As of the nine month period Y2004, the consolidated total assets were 914.7
MEEK (58.5 MEUR), a decrease 47.9 MEEK(3.0 MEUR),main decrease in the
current assets 47.3 MEEK (3.0 MEUR).
Total liabilities amounted to 113.7 MEEK (7.3 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 9.4 MEEK(0.6 MEUR),amounting to
800.9 MEEK (51.2 MEUR) (88% of total assets).
Investments
AS Norma invested a total of 32.3 MEEK (2.1 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
Y2004 was 75.4 MEEK (4.8 MEUR). Net profit has decreased by 22.3 MEEK
(1.4 MEUR),a 23% decrease(97.7 MEEK, 6.3 MEUR nine month Y2003).
Dividends (66.0 MEEK, 4.2 MEUR) paid out for 2003 in Q3 Y2004 and
related taxes were 18.5 MEEK (1.2 MEUR)
Profit before tax Q3 Y2004 was 30.9 MEEK (1.9 MEUR)and decrease by 1%
(31.3 MEEK,2.0 MEUR).
Net profit Q3 Y2004 was 12.2 MEEK (0.8 MEUR)
Earnings per share were 5.72 EEK (0.37 EUR) in nine month Y2004.
Nine month in Y2003 7.40 EEK (0.47 EUR).
The Q4 Y2004 results of AS Norma will be released at January 19,2005.
Consolidated balance sheet as of 30.09.04
unaudited
EEK in thousands EUR in thousands
30.09.04 31.12.03 30.09.04 31.12.03
Assets
Current assets
Cash and bank accounts 231 302 179 092 14 783 11 446
Marketable securities 82 603 120 077 5 279 7 674
Accounts receivable 152 384 202 419 9 739 12 937
Allowance for doubtful
receivables -5 924 -9 340 -379 -597
Other receivables and prepayments 88 511 119 666 5 657 7 648
Inventories 89 544 73 816 5 723 4 718
Total current assets 638 420 685 730 40 802 43 826
Non-current assets
Long-term financial assets 16 182 5 196 1 034 332
Property, plant and equipment 240 362 249 762 15 362 15 963
Intangible assets 19 726 21 935 1 261 1 402
Total non-current assets 276 270 276 893 17 657 17 697
Total assets 914 690 962 623 58 459 61 523
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 113 706 171 090 7 267 10 935
Total current liabilities 113 706 171 090 7 267 10 935
Total liabilities 113 706 171 090 7 267 10 935
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 593 533 531 200 37 934 33 950
Net profit 75 451 128 333 4 822 8 202
Total owners´ equity 800 984 791 533 51 192 50 588
Total liabilities and owners´ 914 690 962 623 58 459 61 523
equity
Parent company balance sheet as of 30.09.04
EEK in thousands EUR in thousands
30.09.04 31.12.03 30.09.04 31.12.03
Assets
Current assets
Cash and bank accounts 229 185 178 658 14 648 11 418
Marketable securities 82 603 120 077 5 279 7 674
Accounts receivable 158 480 206 971 10 129 13 228
Allowance for doubtful
receivables -5 924 -9 340 -379 -597
Other receivables and prepayments 87 090 117 112 5 566 7 485
Inventories 81 758 64 625 5 225 4 130
Total current assets 633 192 678 103 40 468 43 339
Non-current assets
Long-term financial assets 33 861 23 775 2 164 1 519
Property, plant and equipment 224 933 237 668 14 376 15 190
Intangible assets 19 124 21 301 1 222 1 361
Total non-current assets 277 918 282 744 17 762 18 071
Total assets 911 110 960 847 58 231 61 409
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 110 126 169 315 7 038 10 821
Total current liabilities 110 126 169 315 7 038 10 821
Total liabilities 110 126 169 315 7 038 10 821
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 593 533 531 200 37 934 33 950
Net profit 75 451 128 333 4 822 8 202
Total owners´ equity 800 984 791 533 51 192 50 588
Total liabilities and owners´
equity 911 110 960 847 58 231 61 409
Consolidated income statement Q3 and 9 month Y2004
unaudited
EEK in thousands
01.07.04- 01.01.04- 01.07.03- 01.01.03-
30.09.04 30.09.04 30.09.03 30.09.03
Net sales 207 738 715 250 222 849 722 076
Cost of goods sold 167 350 590 978 174 339 583 030
Gross profit 40 388 124 272 48 510 139 046
Marketing expenses 1 845 4 326 4 631 12 499
Administrative and general exp. 5 406 17 984 6 838 20 013
Product development expense 8 878 22 689 5 930 14 390
Bad debt provision -3 554 -3 444 13 304
Other income 2 167 6 518 150 4 059
Other expenses 1 351 2 051 1 276 1 993
Operating profit 28 629 87 184 29 972 93 906
Financial income/Financial
expenses 2 252 7 077 1 463 7 27
Profit before taxes 30 881 94 261 31 435 101 181
Provision for taxes 18 658 18 810 3 454 3 457
Net profit 12 223 75 451 27 979 97 724
Earnings per share in EEK 0,93 5,72 2,12 7,40
Consolidated income statement Q3 and 9 month Y2004
unaudited
EUR in thousands
01.07.04- 01.01.04- 01.07.03- 01.01.03-
30.09.04 30.09.04 30.09.03 30.09.03
Net sales 13 277 45 713 14 243 46 149
Cost of goods sold 10 696 37 770 11 142 37 262
Gross profit 2 581 7 942 3 100 8 887
Marketing expenses 118 276 296 799
Administrative and general exp. 346 1 149 437 1 279
Product development expense 567 1 450 379 920
Bad debt provision -227 -220 1 19
Other income 138 417 10 259
Other expenses 86 131 82 127
Operating profit 1 830 5 572 1 916 6 002
Financial income/Financial
expenses 144 452 94 465
Profit before taxes 1 974 6 024 2 009 6 467
Provision for taxes 1 192 1 202 221 221
Net profit 781 4 822 1 788 6 246
Earnings per share in EEK 0,06 0,37 0,14 0,47
Parent company income statement Q3 and 9 month Y2004
unaudited
EEK in thousands
01.07.04- 01.01.04- 01.07.03- 01.01.03-
30.09.04 30.09.04 30.09.03 30.09.03
Net sales 202 911 699 916 216 965 703 444
Cost of goods sold 161 793 578 627 172 146 571 677
Gross profit 41 118 121 289 44 819 131 767
Marketing expenses 1 845 4 326 4 553 12 253
Administrative and general exp. 4 398 14 887 4 218 14 615
Product development expenses 8 878 22 689 5 930 14 390
Bad debt provision -3 554 -3 444 13 304
Other income 1 031 4 908 928 6 537
Other expenses 1 030 1 310 497 158
Operating profit 29 552 86 429 30 536 96 584
Financial income/Financial
expenses 1 182 7 533 899 4 595
Profit before taxes 30 734 93 962 31 435 101 179
Provision for taxes 18 511 18 511 3 454 3 455
Net profit 12 223 75 451 27 979 97 724
Earnings per share in EEK 0,93 5,72 2,12 7,40
Parent company income statement Q3 and 9 month Y2004
unaudited
EUR in thousands
01.07.04- 01.01.04- 01.07.03- 01.01.03-
30.09.04 30.09.04 30.09.03 30.09.03
Net sales 12 968 44 733 13 867 44 958
Cost of goods sold 10 340 36 981 11 002 36 537
Gross profit 2 628 7 752 2 864 8 421
Marketing expenses 118 276 291 783
Administrative and general exp. 281 951 270 934
Product development expenses 567 1 450 379 920
Bad debt provision -227 -220 1 19
Other income 66 314 59 418
Other expenses 66 84 32 10
Operating profit 1 889 5 524 1 952 6 173
Financial income/ Financial
expenses 76 481 57 294
Profit before taxes 1 964 6 005 2 009 6 467
Provision for taxes 1 183 1 183 221 221
Net profit 781 4 822 1 788 6 246
Earnings per share in EEK 0,06 0,37 0,14 0,47
Consolidated cash flows as of 30.09.04
unaudited
EEK in thousands EUR in thousands
30.09.04 30.09.03 30.09.04 30.09.03
Operating activities
Operating profit 87 184 93 906 5 572 6 002
Profit from sale of property,
plant and equipment -1 125 -221 -72 -14
Deprecation 42 936 36 023 2 744 2 302
Property, plant and equipment
write-off 350 2 021 22 129
Property write-down 550 35
Increase (-), decrease (+) in
current assets 62 584 -85 126 4 000 -5 441
Increase (-), decrease (+) in
current liabilities -57 384 -3 115 -3 668 -199
Interest received and other
financial income 6 705 7 768 429 496
Interest and other financial
expenses paid -351 -22 -22 -1
Total operating activities 141 449 51 234 9 040 3 274
Investing activities
Property, plant and equipment
sold 1 187 221 76 14
Property, plant and equipment
acquired -32 290 -49 459 -2 064 -3 161
Loans issued -65 -93 -4 -6
Financial activities change -10 953 -700
Loans repaid 43 102 3 7
Total investing activities -42 078 -49 229 -2 689 -3 146
Financing activities
Dividends paid -66 000 -66 000 -4 218 -4 218
Income tax on dividends -18 511 -3 455 -1 183 -221
Total financing activities -84 511 -69 455 -5 401 -4 439
Net cash flow 14 860 -67 450 950 -4 311
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 14 860 -67 450 950 -4 311
Foreign exchange gain -124 -153 -8 -10
Cash and cash equivalents at the
end of the period 313 905 275 245 20 062 17 591
incl.cash and bank accounts 231 302 134 308 14 783 8 584
marketable securities 82 603 140 936 5 279 9 007
Changes in owners` equity as of 30.09.04
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
Dividends -66 000 -66 000
Net profit for the financial year 75 451 75 451
30.09.2004 132 000 13 200 580 333 75 451 800 984
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
Dividends -4 218 -4 218
Net profit for the financial year 4 822 4 822
30.09.2004 8 436 844 37 090 4 822 51 192
Peep Siimon
Chairman of the Board
+372 6500 442
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