Last update: 05.07.2024 02:12 (GMT+3)
AS MERKO EHITUS FINANCIAL RESULTS 11.08.2005
FINANCIAL RESULTS 6M 2005
COMMENTARY TO 6M 2005 FINANCIAL RESULTS
Merko Ehitus group 6M 2005 consolidated and unaudited net sales amounted to
1 453 million kroons (92.9 million euros) and net profit was 149.8 million
kroons (9.6 million euros) incl. 133.9 million kroons which was gained from
general business activities, 12 million kroons from the disposal of surplus
real estate, which was sold in order to achieve the strategic aims of the
company and 3.9 million kroons from extraordinary financial income. Compared
to I quarter of current year Group’s turnover increased by 32.1 percent and
profit increased by 24.1 percent.
Companies of the Group 6M 2005 net sales and consolidated net sales
(sales outside the Group) were (in thousand kroons and euros):
Sales including
consolidated
net sales
EEK EUR EEK EUR
Estonian companies
Construction
AS Merko Ehitus 837 760 53 543 833 681 53 282
AS Gustaf (100% partnership) 37 400 2 390 35 330 2 258
OÜ Gustaf Tallinn (80% partnership) 46 681 2 983 46 323 2 961
AS Merko Tartu (66% partnership) 81 763 5 226 77 815 4 973
Tallinna Teede AS (100% partnership) 71 863 4 593 68 007 4 346
Construction
AS Normanni Linnagrupp
(50% partnership) 10 999 703 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 128 836 8 234 - -
Communication networks
AS Telegrupp (45% partnership) 27 514 1 758 - -
Latvian companies
Construction
SIA Merks (100% partnership) 266 033 17 003 264 767 16 922
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 85 921 5 491 85 557 5 468
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
6M 2005 6M 2004
Net profit margin 9,2 % * 6,5 % *
Operating profit margin 10,5 % 7,3 %
Return on equity (per year) 39,2 % 43,9 %
Return on assets (per year) 20,7 % 19,0 %
Current ratio 1,6 1,6
Equity-to-assets ratio 49,5 % 46,2 %
The share of general expenses in sales 4,5 % 3,0 %
The share of labor costs in sales 7,0 % 5,8 %
* without extraordinary profit
Net profit margin: Net profit / Sales
Operating profit margin: Operating profit / Sales
Return on equity: Net profit* x 2 / Average equity during the period*
Return on assets: Net profit* x 2 / Average assets during the period
Current ratio: Current assets / Current liabilities
Equity-to-assets ratio: Owners equity / Total assets
The share of general expenses in sales: General expenses / Sales
The share of labor costs in sales: Labor costs / Sales
* calculated for the shareholders of the parent company
Year 2005 6M interim consolidated and unaudited income statement and balance
sheet are compiled in accordance with the principles of the International
Financial Reporting Standards (IFRS).
INCOME STATEMENT II quarter 2005
consolidated, unaudited in thousand EEK and EUR
EEK EUR
IIq 2005 IIq 2004 IIq 2005 IIq 2004
Sales 826 768 728 475 52 840 46 558
Sales costs (700 828) (644 674) (44 791) (41 202)
GROSS PROFIT 125 940 83 801 8 049 5 356
Marketing expenses (5 158) (4 384) (330) (280)
Administrative expenses (27 316) (20 714) (1 746) (1 324)
Other operating income 588 328 38 21
Other operating expenses (532) (890) (34) (57)
OPERATING PROFIT 93 522 58 141 5 977 3 716
Financial income and expenses
from stocks of associate companies 4 072 3 158 260 202
Financial income and expenses from
other long-term financial investments1 178 50 75 3
Interest expense (712) (425) (45) (27)
Foreign exchange gain (881) 35 (56) 2
Other financial income and expense 4 430 (2 093) 283 (134)
TOTAL FINANCIAL INCOME AND EXPENSES 8 087 725 517 46
PROFIT BEFORE TAXES 101 609 58 866 6 494 3 762
Income tax (18 291) (7 479) (1 169) (478)
NET PROFIT FOR CURRENT PERIOD 83 318 51 387 5 325 3 284
incl. net profit attributable
to parent company 82 949 50 578 5 301 3 232
net profit attributable
to minority shareholders 369 809 24 52
Parent company's net profit per share
(basic and diluted, in EEK and EUR) 4,69 2,86 0,30 0,18
INCOME STATEMENT 6M 2005
consolidated, unaudited in thousand EEK and EUR
EEK EUR
6M 2005 6M 2004 6M 2005 6M 2004
Sales 1 452 790 1 498 636 92 850 95 780
Sales costs (1 234 738) (1 344 732) (78 914) (85 944)
GROSS PROFIT 218 052 153 904 13 936 9 836
Marketing expenses (10 368) (7 770) (662) (496)
Administrative expenses (54 682) (36 926) (3 495) (2 360)
Other operating income 800 12 345 51 789
Other operating expenses (1 224) (997) (78) (64)
OPERATING PROFIT 152 578 120 556 9 752 7 705
Financial income and expenses
from stocks of subsidiaries 0 (299) 0 (19)
Financial income and expenses
from stocks of associate companies 11 003 3 239 703 207
Financial income and expenses from
other long-term financial investments1 288 50 82 3
Interest expense (1 093) (869) (69) (55)
Foreign exchange gain (121) 615 (8) 39
Other financial income and expense 5 963 (3 723) 381 (238)
TOTAL FINANCIAL INCOME AND EXPENSES 17 040 (987) 1 089 (63)
PROFIT BEFORE TAXES 169 618 119 569 10 841 7 642
Income tax (18 619) (8 454) (1 190) (541)
NET PROFIT FOR CURRENT PERIOD 150 999 111 115 9 651 7 101
incl. net profit attributable
to parent company 149 779 109 799 9 573 7 017
net profit attributable
to minority shareholders 1 220 1 316 78 84
Parent company's net profit per share
(basic and diluted, in EEK and EUR) 8,46 6,20 0,54 0,40
BALANCE SHEET AS OF 30.06.2005
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.06.2005 31.12.2004 30.06.2005 31.12.2004
ASSETS
Current assets
Cash 111 096 141 812 7 100 9 063
Short-term financial investments 0 11 775 0 753
Receivables and prepayments 686 453 499 165 43 872 31 903
Inventories 475 604 351 332 30 397 22 454
Total current assets 1 273 153 1 004 084 81 369 64 173
Non-current assets
Long-term financial investments 106 554 55 438 6 810 3 543
Real estate investments 51 722 61 389 3 306 3 924
Tangible assets 200 198 131 765 12 795 8 421
Intangible assets 4 236 1 110 271 71
Total non-current assets 362 710 249 702 23 182 15 959
TOTAL ASSETS 1 635 863 1 253 786 104 551 80 132
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Raised loans 70 142 12 578 4 483 804
Liabilities and prepayments 717 063 488 170 45 829 31 200
Current provisions 7 293 5 784 466 369
Total current liabilities 794 498 506 532 50 778 32 373
Non-current liabilities
Loans, bonds and
finance lease liabilities 16 934 14 046 1 082 898
Other long-term payables 8 792 8 038 562 514
Total non-current liabilities 25 726 22 084 1 644 1 412
Total liabilities 820 224 528 616 52 422 33 785
Owners' equity
Minority interest 5 820 7 200 372 460
Equity attributable to parent company's shareholders
Share capital 177 000 88 500 11 312 5 656
Share premium 0 2 950 0 189
Mandatory legal reserve 8 850 8 850 566 566
Other reserves (5 068) (4 663) (324) (298)
Undistributed profit 629 037 622 333 40 203 39 774
Total equity attributable to
parent company's shareholders 809 819 717 970 51 757 45 887
Total owners' equity 815 639 725 170 52 129 46 347
TOTAL LIABILITIES
AND OWNERS' EQUITY 1 635 863 1 253 786 104 551 80 132
Alar Lagus
Member of Board
+372 6 805 109
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