Andmed seisuga: 30.11.2024 01:38 (GMT+2)
Estiko FINANCIAL RESULTS 02/28/2003
AUDITED FINANCIAL RESULTS OF 2002
Commentary to the financial results of the Group of 2002
Financial ratios characteristic to financial activities of the Estiko
Group:
2002 2001
General profitability of net sales 14.7% 19.7%
(gross profit / net sales)
Operating profitability of net sales 1.6% 10.5%
(operating profit / net sales)
Return on sales -3.4% 4.7%
(net profit / net sales)
Return on equity 6.4% 7.7%
(net profit / average equity)
Return on assets -2.6% 3.3%
(net profit / average assets)
Coverage coefficient of short-term liabilities 0.71% 0.71%
(current assets / short-term liabilities)
Owners’ equity rate 41.5% 41.0%
(owners’ equity / assets)
The consolidated audited turnover of AS Estiko of 2002 was 176.2
million EEK (11.26 million EUR), the growth of net sales compared to
the same period of the previous year was 35 million EEK (0.22 million
EUR).
In the financial period, the loss of AS Estiko was 6.1 million EEK
(0.39 million EUR), in the year of 2001 Estiko earned net profit in
the amount of 8.1 million EEK (0.52 million EUR).
In the financial period the labour costs of the Group totalled 32.6
million EEK (2.08 million EUR), including 3.4 million EEK (0.22
million EUR) in the parent company.
The average number of employers in the Group was 278. The members of
the Management Board of the parent company were paid remuneration in
the amount of 1.2 million EEK (0.08 million EUR), including the
compensation paid to the withdrawn member of the Management Board
Priit Sauk in the amount of 0.09 million EEK (0.006 million EUR). The
Supervisory Board of AS Estiko comprises 3 members, 0.8 million EEK
(0,05 million EUR) were paid to the members of the Supervisory Board.
At the annual general meeting of shareholders of 2002, the member of
the Supervisory Board Valve Kirsipuu was withdrawn and Tarmo Noop was
elected to be a new member of the Supervisory Board. The chairman of
the Supervisory Board Neinar Seli and the member of the Supervisory
Board Leonid Tolstov continued in the Supervisory Board.
At the meeting of the Supervisory Board on August 26, 2002 the member
of the Management Board Priit Sauk and Ain Tammvere were withdrawn. A
single-member Management Board, where belongs Ellen Tohvri, is
continuing the management of the Estiko Group.
Overview of the manufacturing sector
In the year of 2002, the turnover of AS ESTIKO-PLASTAR was 145.8
million EEK (9.32 million EUR), compared to the year of 2001 the
turnover increased by 8.2 million EEK (0.52 million EUR). In the
financial period the loss of the enterprise was 10.4 million EEK
(0.66 million EUR) - the loss is larger by 8.9 million EEK (0.57
million EUR) compared to the previous year being 1.5 million EEK
(0.11 million EUR). Compared to the year of 2001, the amount of the
production totalled by 6%, the amount of the waste decreased by 6%.
The package consumers` demands for the products of higher quality
oblige the company to constantly improve the quality indicators of
the products. During the year 70% of the assortment was improved. The
improvement activities of mainly in the field of food industry
package materials required higher development expenditures than
planned in the budget. Expenses for the development products have
been made in the financial year in the amount of 3 million EEK (0.2
million EUR).
For AS ESTIKO-PLASTAR the year of 2002 was the year of finding new
big clients and getting aquainted with new products and markets. The
export of the enterprise increased by 2,3 million EEK (0.15 million
EUR) up to 24.6 million EEK (1.57 million EUR). In the year of 2002
the turnover per employee was by 0.06 million EEK (0.004 million EUR)
larger than in the year 2002, being 0.62 million EEK (0.04 million
EUR).
In the accounting period the average number of employees in the Group
was 243, salaries were paid in the amount of 26.7 million EEK (1.71
million EUR), the members of the Management Board and Supervisory
Board were not remunerated.
In the 3rd quarter a new management structure was approved, which
guarantees a more efficient product orientation and the redundancy of
the posts with partially overlapping duties. In connection with the
structural changes 34 employees were dismissed in the 2nd half-year.
In comparison with the previous accounting period expenses for
salaries increased by 3.0 million EEK (0.2 million EUR), of which 1.2
million EEK (0.08 million EUR) is connected with the reduction of the
general staff and the rest is connected with the increase of the
manufacturing workers (20 persons added as compared to the beginning
of the year). The aim of the structural changes is the decreasing of
the management costs and the increasing of the efficiency of the
labour force.
Due to the investments made in the year of 2001, in 2002 the
amortisation increased by 3.2 million EEK (0.2 million EUR) compared
to the year of 2001. For the same reason, the financial expenses
increased by 0.9 million EEK (0.06 million EUR).
The procurement of new machinery and equipment and the relevant rise
of costs in the amount of 4.1 million EEK (0.26 million EUR) did not
result in the expected turnover and the accompanying profitability.
In the year 2002, two large projects were launched: - software
Axapta and the quality system ISO, which demanded human resources but
did not bring the direct profit in the year of 2002. By today, the
expenses made for Axapta project are 1.8 million EEK (0.12 million
EUR) and the effect of the project upon the management will manifest
itself in the 2nd half of 2003, when the efficiency of planning and
management data processing would enable the application of more
efficient management methods.
Proceeding from the principle of conservatism and the aim of a fair
reflecting of the inventory, in 2002 the materials staying unused in
the warehouses for the sum of 0.5 million EEK (0.003 million EUR)
and the finished goods for the sum of 0.9 million EEK (0.006 million
EUR) were written off. As allowances for doubtful receivables,
written off was 1.0 million EEK (0.06 million EUR), i.e. 0.6 million
EEK (0.04 million EUR) more than in 2001. The main reason for
declaring the receivables as doubtful was the clients’bankrupcy
(Rapla Dairy, etc.).
Overview of the real estate sector
The turnover of the real estate sector the Estiko Group in the year
2002 was 30.5 million EEK (1.95 million EUR), the net profit 4.2
million EEK (0.27 million EUR). The turnover of the year of 2001 was
35.1 million EEK (2.24 million EUR) and the profit was 9.6 million
EEK (0.61 million EUR).
As of December 31, 2002, the following enterprises belong to the real
estate sector of the Estiko Group:
Estiko Investeeringute AS participation 100%
AS Emajõe Ärikeskus participation 100%
AS Tartu Toidukaubad participation 100%
AS Emajõe Ärikeskus
In the financial year, the turnover of AS Emajõe Ärikeskus was 11.8
million EEK (0.75 million EUR), the profit amounted 2.3 million EEK
(0.15 million EUR).
By the end of the financial year, 77% of the useful space was rented
out or sold. The office spaces of Ärikeskus have been rented out
under the terms of operating lease and the average term of contract
is 5-10 years.
In 2002, the leasing of the Bus Station building continued on the
basis of the still valid contracts - the rental income for the Bus
Station building in 2002 totalled 0.7 million EEK (0.04 million EUR).
In the financial year, an active work was continued on developing the
2nd stage of the Ärikeskus. On January 31, 2003 a resolution was
passed on the continuing of the stage-wise development of the
registered immovable, whereby the 1st stage would include the Bus
Station. According to the confirmed activity schedule of the Bus
Station, the construction will be started in April and the Bus
Station is planned to be ready in the autumn.
In 2003, the investments are planned into the building of the first
and the second floor in order to turn the building into a more
complex commercial centre and to enhance its occupancy.
The Management Board will prepare the merger contracts of the five
daughter companies of AS Emajõe Ärikeskus with the aim to
concentrate the whole object of the commercial centre under the
leadership of one legal unit.
Estiko Investeeringute AS
In the beginning of the year 2002, Sisustus E-Kaubamaja was closed
for the renovation, in all 10.7 million EEK (0.68 million EUR) have
been invested into the facility. In August 2002, the shopping centre
with renewed conception, Sisustus E-Kaubamaja, opened its doors.
Sisustus E Kaubamaja is the first clearly distinguished shopping
centre in Tartu where the companies offering the best interior
products and services are incorporated.
The decrease of the net sales of the real estate are connected with
the delay of the reconstruction works of Sisustus E Kaubamaja from
April to August, whereas the planned rental income was not received.
According to the long-term strategy, the last object of the immovable
property at Vesse 4 in Tallinn was sold in the 1st quarter of the
financial year. The loss from the sales transaction was 1.4 million
EEK (0.09 million EUR). In 2001, the profit from the sales
transactions of the Vesse project amounted 0.5 million EEK (0.03
million EUR).
In Tartu a building of the shop at Aardla 114 was sold. The loss
from the sales transaction amounted 0.5 million EEK (0.03 million
EUR).
BALANCE SHEET
(in thousands of kroons) Group Parent company
31.12.02 31.12.01 31.12.02 31.12.01
ASSETS
Current assets
Cash and bank 50 20 163 19
Customer receivables 17 576 16 035 0 104
Other receivables 58 383 12 587 6 335
Accrued income 176 6 161 0
Prepaid expenses 256 219 74 152
Inventories 19 736 20 543 68 91
Total current assets 37 852 37 206 13 053 6 701
Noncurrent assets
Long-term financial assets 1 049 1 191 57 003 58 260
Real estate investments 122 828 135 618 22 413 0
Noncurrent physical assets 60 260 65 420 482 41 653
Intangible assets 12 41 12 13
Total noncurrent assets 184 149 202 270 79 910 99 926
TOTAL ASSETS 222 001 239 476 92 963 106 627
LIABILITIES AND OWNERS' EQUITY
Liabilities
Current liabilities
Debt obligations 28 246 32 706 0 1 827
Customer prepayments 616 814 0 300
Supplier payables 19 912 14 372 72 318
Other short-term payables 224 0 0 24
Tax liabilities 1 608 1 706 31 174
Accrued expenses 3 359 3 388 412 453
Other prepaid revenue 483 719 0 0
Total current liabilities 54 448 53 705 515 3 096
Noncurrent liabilities
Long-term liabilities 74 289 87 485 260 5 245
Supplier payables 1 076 0 0 0
Total noncurrent liabilities 75 365 87 485 260 5 245
Total liabilities 129 813 141 190 775 8 341
Owners' equity (public and private
limited liability companies)
Capital stock (par value) 59 851 59 851 59 851 59 851
Paid-in capital over/under par 4 727 4 727 4 727 4 727
Mandatory legal reserve 3 707 3 303 3 707 3 303
Retained earnings 30 643 22 966 30 643 22 966
Net profit (loss) for the financial year -6 095 8 082 -6 095 8 082
Treasury stock (minus) -645 -643 -645 -643
Total owners' equity 92 188 98 286 92 188 98 286
TOTAL LIABILITIES AND OWNERS' EQUITY 222 001 239 476 92 963 106 627
BALANCE SHEET (in thousands of EUR)
Group Parent Company
31.12.02 31.12.01 31.12.02 31.12.01
ASSETS
Current assets
Cash and bank 3 1 10 1
Customer receivables 1 123 1 025 0 7
Other receivables 4 24 804 405
Accrued income 11 0 10 0
Prepaid expenses 16 14 5 10
Inventories 1 261 1 313 4 6
Total current assets 2 419 2 378 834 428
Noncurrent assets
Long-term financial assets 67 76 3 643 3 723
Real estate investments 7 850 8 668 1 432 0
Noncurrent physical assets 3 851 4 181 31 2 662
Intangible assets 1 3 1 1
Total noncurrent assets 11 769 12 927 5 107 6 386
TOTAL ASSETS 14 188 15 305 5 941 6 815
LIABILITIES AND OWNERS' EQUITY
Liabilities
Current liabilities
Debt obligations 1 805 2 090 0 117
Customer prepayments 39 52 0 19
Supplier payables 1 273 919 5 20
Other short-term payables 14 0 0 2
Tax liabilities 103 109 2 11
Accrued expenses 215 217 26 29
Other prepaid revenue 31 46 0 0
Total current liabilities 3 480 3 432 33 198
Noncurrent liabilities
Long-term liabilities 4 748 5 591 17 335
Supplier payables 69 0 0 0
Total noncurrent liabilities 4 817 5 591 17 335
Total liabilities 8 297 9 024 50 533
Owners' equity (public and private
limited liability companies)
Capital stock (par value) 3 825 3 825 3 825 3 825
Paid-in capital over/under par 302 302 302 302
Mandatory legal reserve 237 211 237 211
Retained earnings 1 958 1 468 1 958 1 468
Net profit (loss) for the financial year -390 517 -390 517
Treasury stock (minus) -41 -41 -41 -41
Total owners' equity 5 892 6 282 5 892 6 282
TOTAL LIABILITIES AND OWNERS' EQUITY 14 188 15 305 5 941 6 815
INCOME STATEMENT (format 2)
(in thousands of kroons)
Group Parent Company
2002 2001 2002 2001
Net sales 176 234 172 744 9 287 14 171
Cost of goods sold 150 379 138 645 1 420 2 317
Gross profit (loss) 25 855 34 099 7 867 11 854
Marketing expenses 8 747 7 195 165 195
Administration and general expenses 13 517 19 109 7 192 11 033
Other income 1 520 11 977 80 10 386
Other expense 2 350 1 576 2 131 14
Operating profit (loss) 2 761 18 196 -1 541 10 998
Financial income and expenses
Financial income and expenses
related to affiliated enterprises 0 0 -5 000 -3 937
Interest expense -8 535 -9 285 -334 -1 057
Foreign exchange gain (loss) -205 -319 -1 -6
Other financial income and expenses -116 -510 781 2 084
Total financial income and expenses -8 856 -10 114 -4 554 -2 916
NET PROFIT FOR THE FINANCIAL YEAR -6 095 8 082 -6 095 8 082
Earnings per share -1,03 kr 1,61 kr -1,03 kr 1,61 kr
Diluted earnings per share -1,03 kr 1,61 kr -1,03 kr 1,61 kr
INCOME STATEMENT (format 2)
(in thousands of EUR)
Group Parent Company
2002 2001 2002 2001
Net sales 11 263 11 040 594 906
Cost of goods sold 9 611 8 861 91 148
Gross profit (loss) 1 652 2 179 503 758
Marketing expenses 559 460 11 12
Administration and general expenses 864 1 221 460 705
Other income 97 765 5 664
Other expense 150 101 136 1
Operating profit (loss) 176 1 163 -98 703
Financial income and expenses
Financial income and expenses
related to affiliated enterprises 0 0 -320 -252
Interest expense -545 -593 -21 -68
Foreign exchange gain (loss) -13 -20 0 0
Other financial income and expenses -7 -33 50 133
Total financial income and expenses -566 -646 -291 -186
NET PROFIT FOR THE FINANCIAL YEAR -390 517 -390 517
Earnings per share -0,07 EUR 0,10 EUR -0,07 EUR 0,10 EUR
Diluted earnings per share -0,07 EUR 0,10 EUR -0,07 EUR 0,10 EUR
Ellen Tohvri
Member of the Board
+372 7 308 300
Sisukaart