Last update: 23.07.2024 07:03 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 02/27/2003
INTERIM FINANCIAL RESULTS 2002
COMMENTARY TO 2002 INTERIM FINANCIAL RESULTS
Merko Ehitus group 2002 consolidated and unaudited interim net sales amounted
to 1669,6 million EEK (106,7 million EUR), and net profit was 98,9 million
EEK (6,3 million EUR).
The respective figures year ago were net sales of 1358,6 million EEK (86,8
million EUR) and net profit of 87,5 million EEK (5,6 million EUR).
Merko Ehitus group deals in the field of construction and with activities
concerned to that, in Estonia, Latvia and Lithuania. Companies of the group
2002 interim net sales and consolidated net sales were (in thousand EEK):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 1 029 640 1 016 131
AS Gustaf (100% partnership) 115 432 105 522
AS Merko Tartu (66% partnership) 91 476 74 193
Tallinna Teede AS (100% partnership) 123 881 112 154
Production of structures for small houses
OÜ Matek (71,6% partnership) 39 102 38 035
Construction
AS Normanni Linnagrupp (50% partnership) 6 273 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 120 328 -
Construction of telecommunication network
AS Telegrupp (45% partnership) 50 649 -
Latvian companies
Construction
SIA Merks (100% partnership) 92 894 92 894
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 230 675 230 668
Companies of the group 2002 interim net sales and consolidated net sales
were (in thousand EUR):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 65 806 64 942
AS Gustaf (100% partnership) 7 377 6 744
AS Merko Tartu (66% partnership) 5 846 4 742
Tallinna Teede AS (100% partnership) 7 917 7 168
Production of structures for small houses
OÜ Matek (71,6% partnership) 2 499 2 431
Construction
AS Normanni Linnagrupp (50% partnership) 401 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted (25% partnership)7 690 -
Construction of telecommunication network
AS Telegrupp (45% partnership) 3 237 -
Latvian companies
Construction
SIA Merks (100% partnership) 5 937 5 937
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 14 743 14 742
Merko Ehitus group 2002 interim consolidated data illustrating financial
ratios were:
2002 2001
Net profit margin 5,9 % 6,4 %
Operating profit margin 5,9 % 6,0 %
Return on equity (per year) 36,7 % 43,6 %
Return on assets (per year) 16,2 % 17,7 %
Current ratio 1,5 1,6
Invoice turnover (per year) 10,1 7,3
Equity-to-assets ratio 42,6 % 46,6 %
Year 2002 interim consolidated and unaudited income statement and balance
sheet are compiled in accordance with the principles of the International
Accounting Standards (IAS), and correspond with the Estonian legal acts
regulating the accounting principles used.
Interim income statement 2002
consolidated, unaudited in thousand EEK and EUR
EEK EUR
2002.a. 2001.a. 2002.a. 2001.a.
Sales 1 669 597 1 358 590 106 706 86 830
Cost of sales (1 499 283) (1 231 688) (95 821) (78 719)
GROSS PROFIT 170 314 126 902 10 885 8 110
Marketing expenses (14 118) (11 988) (902) (766)
Administrative expenses (49 821) (36 795) (3 184) (2 352)
Other operating income 2 136 6 959 137 445
Other operating expenses (9 995) (3 077) (639) (197)
OPERATING PROFIT 98 516 82 001 6 296 5 241
Financial income and -expense
from stocks of associated comp. 2 739 2 633 175 168
Income from other noncurrent
financial investments 1 674 - 107 -
Interest expense (805) (103) (51) (7)
Foreign exchange gain (3 739) (94) (239) (6)
Other financial income
and expenses 4 386 6 564 280 420
TOTAL FIN. INCOME AND EXPENSES 4 255 9 000 272 575
PROFIT (LOSS) BEFORE TAXES 102 771 91 001 6 568 5 816
Income tax on dividends (2 431) (783) (155) (50)
Income tax (4 690) (734) (300) (47)
Deferred income tax 3 912 301 250 19
NET PROFIT (LOSS)
FOR THE FINANCIAL YEAR 99 562 89 785 6 363 5 738
incl. minority interest 699 2 256 45 144
NET PROFIT (LOSS) FOR THE GROUP 98 863 87 529 6 318 5 594
Net profit (- loss) per share
(basic and diluted,in EEK&EUR) 11,17 9,89 0,71 0,63
Interim balance sheet as of 31.12.2002
consolidated, unaudited in thousand EEK and EUR
EEK EUR
31.12.2002 31.12.2001 31.12.2002 31.12.2001
Cash and cash equivalents 96 310 67 224 6 155 4 296
Marketable securities 53 018 12 106 3 388 774
Customer receivables 165 568 186 808 10 582 11 939
Other receivables 28 472 51 788 1 820 3 310
Accrued income 1 177 993 75 63
Prepaid expenses 14 433 8 384 922 536
Inventories 224 340 88 324 14 338 5 645
TOTAL CURRENT ASSETS 583 318 415 627 37 281 26 563
Long-term financial assets 42 480 21 977 2 715 1 405
Real-estate investments 35 308 32 750 2 257 2 093
Non-current physical assets 50 253 48 056 3 212 3 071
Intangible assets (5 146) (6 676) (329) (427)
TOTAL NON-CURRENT ASSETS 122 895 96 107 7 854 6 142
TOTAL ASSETS 706 213 511 734 45 135 32 706
Debt obligations 12 804 4 541 818 290
Customer prepayments 42 820 9 865 2 737 630
Accounts payable to suppliers 179 011 122 504 11 441 7 829
Other payable 3 853 1 493 246 95
Tax liabilities 16 344 11 842 1 045 757
Accrued expenses 19 983 11 116 1 277 710
Current provisions 108 285 98 464 6 921 6 293
TOTAL CURRENT LIABILITIES 383 100 259 825 24 484 16 606
Long-term liabilities 2 604 204 166 13
Noncurrent accounts payable 14 900 7 478 952 478
TOTAL NON-CURRENT LIABILITIES 17 504 7 682 1 119 491
TOTAL LIABILITIES 400 604 267 507 25 603 17 097
Share capital 88 500 88 500 5 656 5 656
Share premium 2 950 2 950 189 189
Mandatory legal reserve 8 850 8 205 566 524
Retained earnings 101 480 49 996 6 486 3 195
Net profit (loss) for the
financial year 98 863 87 529 6 318 5 594
Exchange rate differences 174 1 218 11 78
TOTAL OWNERS' EQUITY 300 817 238 398 19 226 15 236
Minority interest 4 792 5 829 306 373
TOTAL LIABILITIES
AND OWNERS' EQUITY 706 213 511 734 45 135 32 706
Ülo Metsaots
Management Board member
+372 6 105 110
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