Andmed seisuga: 29.11.2024 06:36 (GMT+2)
Norma FINANCIAL RESULTS 07/17/2002 09:30
CONSOLIDATED FINANCIAL RESULTS, H1 Y2002
(unaudited)
Sales and Revenues
During the period H1 Y2002 consolidated net sales of AS
Norma totalled 496.2 MEEK (31.7 MEUR),of which those of the parent
company were 486.1 MEEK (31.1 MEUR). Consolidated sales increased
by 37% (+133.5 MEEK, +8.5 MEUR) from H1 Y2001. Q2 Y2002 consolidated
sales totalled 264.8 MEEK(16.9 MEUR)and increased +35% .
Sales to Russian customers rose by 2.8% and to Western customers 112%.
Sales to Autoliv was H1 Y2002 208.8 MEEK (13.3 MEUR).
Revenues of AS Norma accounted for 98%.
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, 51% of production was
exported to Russian customers (H1 Y2001 68%).
The number of employees at the end of the period was 1046.
Use of Capital
Accounts receivable at the end H1 Y2002 totalled 186.4 MEEK (11.9 MEUR),
of which 38% related to the Russian customers. During the
period H1 Y2002 volume of accounts receivable has increased by 33.1 MEEK
(2.1 MEUR), Autoliv receivables was 104.2 MEEK (6.7 MEUR).
Norma`s payables to Autoliv was 103.7 MEEK (6.6 MEUR).
The share of accounts in arrears of total receivable was 10%.
The provision for bad debts remained on the same level and
the reserve totalled 13.1 MEEK (0.8 MEUR).
As of the H1 Y2002, the consolidated balance sheet size was
867.4 MEEK (55.4 MEUR), a growth by 142.3 MEEK(+9.1 MEUR),
increased due to the current assets 129.9 MEEK (+8.3 MEUR).
Total liabilities amounted to 164.1 MEEK (10.5 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 88.6 MEEK(+5.7 MEUR),
amounting to 703.4 MEEK (44.9 MEUR) (81% of balance sheet size).
Investments
AS Norma invested a total of 28.4 MEEK (1.8 MEUR), to support
existing production capacities and assure the efficiency its
production processes. Of the total 16.3 MEEK (1.0 MEUR) was
invested in machinery and equipment.
Profit and Earnings per Share
The company's consolidated unaudited net profit H1 Y2002 was 88.6 MEEK
(5.7 MEUR). Net profit has increased by 1.1 MEEK (0.07 MEUR).
Net profit for H1 Y2001 rose by 1.2%.
Net profit Q2 Y2002 was 46.4 MEEK (3.0 MEUR) and rose by 19%.
Earnings per share was 6.71 EEK (0.43 EUR) in H1 Y2002. H1 Y2001 it
was 6.63 EEK (0.42 EUR).
Significant Events and Changes in Business Activities
In the next phase of production movement 3 assembly line was installed.
Real estate holding not linked to pricipal line of business were sold
(Tallinn, Jahu 12).
The Q3 Y2002 results of AS Norma will be released at October 16,2002.
Consolidated balance sheet as of 30.06.02
unaudited
EEK in thousands EUR in thousands
Assets
30.06.02 31.12.01 30.06.02 31.12.01
Current assets
Cash and bank accounts 71 437 59 449 4 566 3 799
Marketable securities 174 408 123 452 11 147 7 890
Accounts receivable 186 410 153 291 11 914 9 797
Allowance for doubtful receivables -13 063 -13 136 -835 -840
Other receivables and prepayments 109 291 99 985 6 985 6 390
Inventories 107 561 83 132 6 874 5 313
Total current assets 636 044 506 173 40 651 32 350
Non-current assets
Long-term financial assets 4 932 1 060 315 68
Property, plant and equipment 224 695 216 042 14 361 13 808
Intangible assets 1 761 1 886 113 121
Total non-current assets 231 388 218 988 14 788 13 996
Total assets 867 432 725 161 55 439 46 346
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 164 076 110 385 10 486 7 055
Total current liabilities 164 076 110 385 10 486 7 055
Total liabilities 164 076 110 385 10 486 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 88 580 177 638 5 661 11 353
Total owners´ equity 703 356 614 776 44 953 39 291
Total liabilities and owners´ equity 867 432 725 161 55 439 46 346
Parent company balance sheet as of 30.06.02
unaudited
EEK in thousands EUR in thousands
Assets
30.06.02 31.12.01 30.06.02 31.12.01
Current assets
Cash and bank accounts 70 243 57 647 4 489 3 684
Marketable securities 174 408 123 452 11 147 7 890
Accounts receivable 206 342 179 026 13 188 11 442
Allowance for doubtful receivables -12 791 -12 791 -817 -817
Other receivables and prepayments 107 118 99 274 6 846 6 345
Inventories 99 468 77 357 6 357 4 944
Total current assets 644 788 523 965 41 209 33 487
Non-current assets
Long-term financial assets 86 259 76 634 5 513 4 898
Property, plant and equipment 131 616 121 996 8 412 7 797
Intangible assets 1 255 1 120 80 72
Total non-current assets 219 130 199 750 14 005 12 766
Total assets 863 918 723 715 55 214 46 254
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 160 562 108 939 10 262 6 962
Total current liabilities 160 562 108 939 10 262 6 962
Total liabilities 160 562 108 939 10 262 6 962
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 88 580 177 638 5 661 11 353
Total owners´ equity 703 356 614 776 44 953 39 291
Total liabilities and owners´ equity 863 918 723 715 55 214 46 254
Consolidated income statement Q2 and H1 Y2002
unaudited
EEK in thousands
01.04.02- 01.01.02- 01.04.01- 01.01.01-
30.06.02 30.06.02 30.06.01 30.06.01
Net sales 264 810 496 236 196 170 362 719
Cost of goods sold 200 462 375 488 136 666 245 955
Gross profit 64 348 120 748 59 504 116 764
Marketing expenses 5 483 10 763 6 068 11 709
Administrative and general exp. 8 450 16 617 7 147 14 345
Product development expenses 4 961 9 172 5 492 9 379
Bad debt provision -30 -48 3 197 3 313
Other income 341 772 511 5 837
Other expenses 786 1 554 855 1 331
Operating profit 45 039 83 462 37 256 82 522
Financial income 2 997 6 904 4 154 7 513
Financial expenses 1 572 1 717 108 310
Profit before taxes 46 464 88 649 41 302 89 725
Provision for taxes 41 69 2 232 2 232
Net profit 46 423 88 580 39 070 87 493
Earnings per share in EEK 3.52 6.71 2.96 6.63
Consolidated income statement Q2 and H1 Y2002
unaudited
EUR in thousands
01.04.02- 01.01.02- 01.04.01- 01.01.01-
30.06.02 30.06.02 30.06.01 30.06.01
Net sales 16 924 31 715 12 538 23 182
Cost of goods sold 12 812 23 998 8 735 15 719
Gross profit 4 113 7 717 3 803 7 463
Marketing expenses 350 688 388 748
Administrative and general exp. 540 1 062 457 917
Product development expenses 317 586 351 599
Bad debt provision -2 -3 204 212
Other income 22 49 33 373
Other expenses 50 99 55 85
Operating profit 2 879 5 334 2 381 5 274
Financial income 192 441 265 480
Financial expenses 100 110 7 20
Profit before taxes 2 970 5 666 2 640 5 734
Provision for taxes 3 4 143 143
Net profit 2 967 5 661 2 497 5 592
Earnings per share in EUR 0.22 0.43 0.19 0.42
Parent company income statement Q2 and H1 Y2002
unaudited
EEK in thousands
01.04.02- 01.01.02- 01.04.01- 01.01.01-
30.06.02 30.06.02 30.06.01 30.06.01
Net sales 260 505 486 108 191 396 351 661
Cost of goods sold 202 645 376 991 138 111 245 359
Gross profit 57 860 109 117 53 285 106 302
Marketing expenses 5 377 10 565 5 894 11 571
Administrative and general exp. 5 614 11 000 5 492 9 379
Product development expenses 4 961 9 172 4 801 9 804
Bad debt provision 0 0 3 249 3 323
Other income 165 521 224 611
Other expenses 621 1 340 795 1 141
Operating profit 41 452 77 561 33 278 71 695
Financial income 6 161 12 336 8 099 18 306
Financial expenses 1 190 1 317 108 309
Profit before taxes 46 423 88 580 41 269 89 692
Provision for taxes 0 0 2 199 2 199
Net profit 46 423 88 580 39 070 87 493
Earnings per share in EEK 3,52 6,71 2,96 6,63
Parent company income statement Q2 and H1 Y2002
unaudited
EUR in thousands
01.04.02- 01.01.02- 01.04.01- 01.01.01-
30.06.02 30.06.02 30.06.01 30.06.01
Net sales 16 649 31 068 12 232 22 475
Cost of goods sold 12 951 24 094 8 827 15 681
Gross profit 3 698 6 974 3 406 6 794
Marketing expenses 344 675 377 740
Administrative and general exp. 359 703 351 599
Product development expenses 317 586 307 627
Bad debt provision 0 0 208 212
Other income 11 33 14 39
Other expenses 40 86 51 73
Operating profit 2 649 4 957 2 127 4 582
Financial income 394 788 518 1 170
Financial expenses 76 84 7 20
Profit before taxes 2 967 5 661 2 638 5 732
Provision for taxes 0 0 141 141
Net profit 2 967 5 661 2 497 5 592
Earnings per share in EUR 0,22 0,43 0,19 0,42
Consolidated cash flows as of 30.06.02
unaudited
EEK in thousands EUR in thousands
30.06.02 30.06.01 30.06.02 30.06.01
Operating activities
Operating profit 83 462 82 522 5 334 5 274
Profit from sale of property,
plant and equipment -3 108 -458 -199 -29
Revenues from subsidiary companies 0 1 094 0 70
Deprecation 20 104 16 521 1 285 1 056
Property, plant and equipment write-off 4 196 0 13
Property, plant and equipment discount 0 29 0 2
Increase (-), decrease (+) in current
assets -64 588 -63 695 -4 128 -4 071
Increase (-), decrease (+) in current
liabilities 53 691 28 694 3 431 1 834
Interest received and other financial
income 4 268 6 263 273 400
Interest and other financial expenses paid -79 -2 238 -5 -143
Total operating activities 93 754 68 928 5 992 4 405
Investing activities
Property, plant and equipment sold 2 885 691 184 44
Property, plant and equipment acquired -28 413 -36 711 -1 816 -2 346
Loans issued -32 -46 -2 -3
Subsidiary companies sold 0 5 000 0 320
Financial activities change -4 000 0 -256 0
Loans repaid 190 498 12 32
Total investing activities -29 370 -30 568 -1 877 -1 954
Financing activities
Dividends paid 0 -66 000 0 -4 218
Total financing activities 0 -66 000 0 -4 218
Net cash flow 64 384 -27 640 4 115 -1 767
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 64 384 -27 640 4 115 -1 767
Foreign exchange gain -1 440 -148 -92 -9
Cash and cash equivalents at the
end of the period 245 845 119 149 15 712 7 615
incl.cash and bank accounts 71 437 26 694 4 566 1 706
marketable securities 174 408 92 455 11 147 5 909
Changes in owners` equity as of 30.06.02
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
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
Net profit for the financial year 88 580 88 580
30.06.2002 132 000 13 200 469 576 88 580 703 356
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 5 661 5 661
30.06.2002 8 436 844 30 011 5 661 44 953
Peep Siimon
Chairman of the Board
+372 6500 442
Sisukaart