Andmed seisuga: 28.11.2024 21:24 (GMT+2)
Norma NEWS RELEASE 04/17/2002
CONSOLIDATED FINANCIAL RESULTS Q1 Y2002
(unaudited)
Sales and Revenues
During the period Q1 Y2002 consolidated net sales of AS
Norma totalled 231.4 MEEK (14.8 MEUR),of which those of the parent
company were 225.6 MEEK (14.4 MEUR). Consolidated sales increased
by 39% (+64.9 MEEK, +4.1 MEUR) from Q1 Y2001. Sales to Russian
customers remained on the same level (+0.7%) and to Western
customers rose by 148%.
Sales to Autoliv was Q1 Y2002 91.6 MEEK (5,9 MEUR).
Revenues of AS Norma accounted for 97%.
The group's main fields of activity include production and sale of
safety belts, car components and also real estate administration.
Exports accounted to 98% of sales revenue, 53% of production was
exported to Russian customers (Q1 Y2001 71%).
The number of employees at the end of the period was 1054.
Use of Capital
Accounts receivable at the end Q1 Y2002 totalled 167.6 MEEK (10.7 MEUR),
of which 53% related to the Russian customers. During the
period Q1 Y2002 volume of accounts receivable has increased by 14.3 MEEK
(0.9 MEUR), Autoliv receivables was 63.0 MEEK (4.0 MEUR).
The share of accounts in arrears of total receivable was 11%.
The provision for bad debts remained on the same level and
the reserve totalled 13.1 MEEK (0.8 MEUR).
As of the Q1 Y2002, the consolidated balance sheet size was
764.9 MEEK (48.9 MEUR), a growth by 39.8 MEEK(+2.5 MEUR),
increased due to the current assets 41.9 MEEK (+2.7 MEUR).
Total liabilities amounted to 108.0 MEEK (6.9 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 42.2 MEEK(+2.7 MEUR),
amounting to 656.9 MEEK (42.0 MEUR) (86% of balance sheet size).
Investments
AS Norma invested a total of 3.4 MEEK (0.2 MEUR), to support
existing production capacities and assure the efficiency its
production processes. Of the total 2.1 MEEK (0.1 MEUR) was
invested in machinery and equipment.
Profit and Earnings per Share
The company's consolidated unaudited net profit was 42.2 MEEK (2.7 MEUR).
Net profit has decreased by 6.3 MEEK (0.4 MEUR),a 13% decrease(48.4 MEEK,
3.1 MEUR Q1 Y2001). The biggest decrease was shown on other income,
where at 2001 profit from the sales of subsidiary was booked.
Earnings per share was 3.19 EEK (0.20 EUR) in Q1 Y2002. Q1 Y2001 it
was 3.67 EEK (0.23 EUR).
Significant Events and Changes in Business Activities
In the next phase of production movement 1 assembly line was installed.
Norwegian company Det Norske Veritas certified that the environmental
managements system of AS Norma conforms to the requirements of the
ISO 14001 standard.
The Q2 Y2002 results of AS Norma will be released at July 17,2002.
CONSOLIDATED BALANCE SHEET as of 31.03.02
unaudited
EEK in thousands EUR in thousands
Assets
31.03.02 31.12.01 31.03.02 31.12.01
Current assets
Cash and bank accounts 39 659 59 449 2 535 3 799
Marketable securities 167 323 123 452 10 694 7 890
Accounts receivable 167 559 153 291 10 709 9 797
Allowance for doubtful receivables -13 113 -13 136 -838 -840
Other receivables and prepayments 96 993 99 985 6 199 6 390
Inventories 89 665 83 132 5 731 5 313
Total current assets 548 086 506 173 35 029 32 350
Non-current assets
Long-term financial assets 5 060 1 060 323 68
Property, plant and equipment 210 213 216 042 13 435 13 808
Intangible assets 1 567 1 886 100 121
Total non-current assets 216 840 218 988 13 859 13 996
Total assets 764 926 725 161 48 888 46 346
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 107 992 110 385 6 902 7 055
Total current liabilities 107 992 110 385 6 902 7 055
Total liabilities 107 992 110 385 6 902 7 055
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 482 776 305 137 30 855 19 502
Net profit 42 158 177 638 2 694 11 353
Total owners´ equity 656 934 614 776 41 986 39 291
Total liabilities and owners´ equity 764 926 725 161 48 888 46 346
CONSOLIDATED INCOME STATEMENT Q1 Y2002
unaudited
EEK in thousands EUR in thousands
01.01.02- 01.01.01- 01.01.02- 01.01.01-
31.03.02 31.03.01 31.03.02 31.03.01
Net sales 231 426 166 549 14 791 10 644
Cost of goods sold 175 025 109 289 11 186 6 985
Gross profit 56 401 57 260 3 605 3 660
Marketing expenses 5 280 5 641 337 361
Administrative and general exp. 8 167 7 198 522 460
Product development expenses 4 211 3 887 269 248
Bad debt provision -18 116 -1 7
Other income 431 5 325 28 340
Other expenses 768 477 49 30
Operating profit 38 424 45 266 2 456 2 893
Financial income 3 907 3 359 250 215
Financial expenses 145 202 9 13
Profit before taxes 42 186 48 423 2 696 3 095
Provision for taxes 28 0 2 0
Net profit 42 158 48 423 2 694 3 095
Earnings per share
in EEK and EUR 3,19 3,67 0,20 0,23
CONSOLIDATED CASH FLOWS as of 31.03.02
unaudited
EEK in thousands EUR in thousands
31.03.02 31.03.01 31.03.02 31.03.01
Operating activities
Operating profit 38 424 45 266 2 456 2 893
Profit from sale of property,
plant and equipment -344 -386 -22 -25
Revenues from subsidiary companies 0 1 094 0 70
Deprecation 9 496 8 303 607 531
Property, plant and equipment write-off 4 52 0 3
Increase (-), decrease (+) in current
assets -16 438 -18 278 -1 051 -1 168
Increase (-), decrease (+) in current
liabilities -2 421 -486 -155 -31
Interest received and other financial
income 2 417 2 187 154 140
Interest and other financial expenses paid -7 -2 0 0
Total operating activities 31 131 37 750 1 990 2 413
Investing activities
Property, plant and equipment sold 344 540 22 35
Property, plant and equipment acquired -3 352 -9 919 -214 -634
Loans issued -32 -46 -2 -3
Subsidiary companies sold 0 5 000 0 320
Financial activities change -4 000 0 -256 0
Loans repaid 120 206 8 13
Total investing activities -6 920 -4 219 -442 -270
Net cash flow 24 211 33 531 1 547 2 143
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 182 901 146 937 11 689 9 391
Net cash flow 24 211 33 531 1 547 2 143
Foreign exchange gain -130 -124 -8 -8
Cash and cash equivalents at the
end of the period 206 982 180 344 13 229 11 526
incl.cash and bank accounts 39 659 55 725 2 535 3 561
marketable securities 167 323 124 619 10 694 7 965
CHANGES IN OWNERS' EQUITY as of 31.03.02
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit Profit equity
31.12.2000 132 000 13 200 200 488 157 449 503 137
Net retained earnings of 2000 157 449 -157 449 0
Dividends -66 000 -66 000
Net profit for the financial year 177 638 177 638
31.12.2001 132 000 13 200 291 938 177 638 614 776
31.12.2001 132 000 13 200 291 938 177 638 614 776
Net retained earnings of 2001 177 638 -177 638 0
Net profit for the financial year 42 158 42 158
31.03.2002 132 000 13 200 469 576 42 158 656 934
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit Profit equity
31.12.2000 8 436 844 12 813 10 063 32 156
Net retained earnings of 2000 10 063 -10 063
Dividends -4 218 -4 218
Net profit for the financial year 11 353 11 353
31.12.2001 8 436 844 18 658 11 353 39 291
31.12.2001 8 436 844 18 658 11 353 39 291
Net retained earnings of 2001 11 353 -11 353
Net profit for the financial year 2 694 2 694
31.03.2002 8 436 844 30 011 2 694 41 986
Peep Siimon
Chairman of the Board
+372-6500-442
Sisukaart