Andmed seisuga: 30.11.2024 18:10 (GMT+2)
Norma FINANCIAL RESULTS 07/16/2003 09:30
FINANCIAL RESULTS Q2 AND H1 Y2003
(unaudited)
Sales and Revenues
During the period H1 Y2003 consolidated net sales of AS
Norma totalled 499.2 MEEK (31.9 MEUR),of which those of the parent
company were 486.5 MEEK (31.1 MEUR). Consolidated sales increased
by 0.6% (3.0 MEEK, 0.2 MEUR) from H1 Y2002. Sales to Russian
customers decreased 22% and to Western customers rose by 24%.
Sales volumes to Russian customers decreased in H1 Y2003 due to
the low orders of Russian customers in January and February.
Sales to Russian customers increased 1.3% in Q2 Y2003
Sales to Autoliv was H1 Y2003 271.0 MEEK (17.3 MEUR).
Revenues of AS Norma accounted for 97%.
The group's main fields of activity include production and sale of
safety belts, car components.
Exports accounted to 98% of sales revenue, 39% of production was
exported to Russian customers (H1 Y2002 51%).
The number of employees at the end of the period was 951.
Use of Capital
Accounts receivable at the end H1 Y2003 totalled 214.4 MEEK (13.7
MEUR),of which 47% related to the Russian customers. During the
period H1 Y2003 volume of accounts receivable has increased by
51.2 MEEK(3.3 MEUR), Autoliv receivables was 101.6 MEEK (6.5 MEUR).
Norma`s payables to Autoliv was 79.7 MEEK(5.1 MEUR).
The share of accounts in arrears of total receivable was 15%.
The provision for bad debts remained on the same level and
the reserve totalled 10.2 MEEK (0.7 MEUR).
As of the H1 Y2003, the consolidated total assets were
934.9 MEEK (59.7 MEUR), a growth by 83.2 MEEK(5.3 MEUR),main
increase in the current assets 67.7 MEEK (4.3 MEUR).
Total liabilities amounted to 135.9 MEEK (8.7 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 69.7 MEEK(4.4 MEUR),
amounting to 798.9 MEEK (51.1 MEUR) (85% of balance sheet size).
Investments
AS Norma invested a total of 41.5 MEEK (2.6 MEUR), to support
existing production capacities and assure the future profits
of the company.
Profit and Earnings per Share
The company's consolidated unaudited net profit H1 Y2003 was 69.7 MEEK
(4.5 MEUR).Net profit has decreased by 18.8 MEEK (1.2 MEUR),
a 21% decrease(88.6 MEEK,5.7 MEUR H1 Y2002).
Net profit Q2 Y2003 was 47.6 MEEK (3.0 MEUR)and rose by 2.6%.
Earnings per share were 5.28 EEK (0.34 EUR) in H1 Y2003.
H1 Y2002 6.71 EEK (0.43 EUR).
The Q3 Y2003 results of AS Norma will be released at October 15,2003.
Consolidated balance sheet as of 30.06.03
unaudited
EEK in thousands EUR in thousands
30.06.03 31.12.02 30.06.03 31.12.02
Assets
Current assets
Cash and bank accounts 141 380 214 228 9 036 13 692
Marketable securities 133 872 128 620 8 556 8 220
Accounts receivables 214 435 163 209 13 705 10 431
Allowance for doubtful
receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 111 777 29 835 7 144 1 907
Inventories 93 728 91 551 5 990 5 851
Total current assets 685 028 617 279 43 781 39 451
Non-current assets
Long-term financial assets 9 390 9 600 600 614
Property, plant and equipment 218 176 223 030 13 944 14 254
Intangible assets 22 261 1 711 1 423 109
Total non-current assets 249 827 234 341 15 967 14 977
Total assets 934 855 851 620 59 748 54 428
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payables and accrued
expenses 135 910 122 420 8 686 7 824
Total current liabilities 135 910 122 420 8 686 7 824
Total liabilities 135 910 122 420 8 686 7 824
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earnings and reserves 597 200 403 576 38 168 25 793
Net profit 69 745 193 624 4 458 12 375
Total owners´ equity 798 945 729 200 51 062 46 604
Total liabilities and owners´
equity 934 855 851 620 59 748 54 428
Parent company balance sheet as of 30.06.03
unaudited
EEK in thousands EUR in thousands
30.06.03 31.12.02 30.06.03 31.12.02
Assets
Current assets
Cash and bank accounts 140 102 213 047 8 954 13 616
Marketable securities 133 872 128 620 8 556 8 220
Accounts receivables 217 722 166 329 13 915 10 630
Allowance for doubtful
receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 109 543 26 894 7 001 1 719
Inventories 85 665 81 811 5 475 5 229
Total current assets 676 740 606 537 43 251 38 765
Non-current assets
Long-term financial assets 30 478 31 341 1 948 2 003
Property, plant and equipment 206 270 209 261 13 183 13 374
Intangible assets 21 615 955 1 381 61
Total non-current assets 258 363 241 557 16 512 15 438
Total assets 935 103 848 094 59 764 54 203
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 134 714 118 894 8 610 7 599
Total current liabilities 134 714 118 894 8 610 7 599
Total liabilities 134 714 118 894 8 610 7 599
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 597 200 403 576 38 168 25 793
Net profit 71 189 193 624 4 550 12 375
Total owners´ equity 800 389 729 200 51 154 46 604
Total liabilities and owners´
equity 935 103 848 094 59 764 54 203
Consolidated income statement Q2 and 6 month Y2003
unaudited
EEK in thousands
01.04.03- 01.01.03- 01.04.02-01.01.02-
30.06.03 30.06.03 30.06.02 30.06.02
Net sales 291 627 499 227 264 810 496 236
Cost of goods sold 233 366 408 691 200 462 375 488
Gross profit 58 261 90 536 64 348 120 748
Marketing expenses 4 516 7 868 5 483 10 763
Administrative and general exp. 6 003 13 175 8 450 16 617
Product development expense 4 757 8 460 4 961 9 172
Bad debt provision 274 291 -30 -48
Other income 3 162 4 940 341 772
Other expenses 1 339 1 748 786 1 554
Operating profit 44 534 63 934 45 039 83 462
Financial income 3 068 5 859 2 997 6 904
Financial expenses 0 47 1 572 1 717
Profit before taxes 47 602 69 746 46 464 88 649
Provision for taxes -7 1 41 69
Net profit 47 609 69 745 46 423 88 580
Earnings per share in EEK 3,61 5,28 3,52 6,71
Consolidated income statement Q2 and 6 month Y2003
unaudited
EUR in thousands
01.04.03- 01.01.03- 01.04.02- 01.01.02-
30.06.03 30.06.03 30.06.02 30.06.02
Net sales 18 638 31 906 16 924 31 715
Cost of goods sold 14 915 26 120 12 812 23 998
Gross profit 3 724 5 786 4 113 7 717
Marketing expenses 289 503 350 688
Administrative and general exp. 384 842 540 1 062
Product development expense 304 541 317 586
Bad debt provision 18 19 -2 -3
Other income 202 316 22 49
Other expenses 86 112 50 99
Operating profit 2 846 4 086 2 879 5 334
Financial income 196 374 192 441
Financial expenses 0 3 100 110
Profit before taxes 3 042 4 458 2 970 5 666
Provision for taxes 0 0 3 4
Net profit 3 043 4 458 2 967 5 661
Earnings per share in EEK 0,23 0,34 0,22 0,43
Parent company income statement Q2 and 6 month Y2003
unaudited
EEK in thousands
01.04.03- 01.01.03- 01.04.02-01.01.02-
30.06.03 30.06.03 30.06.02 30.06.02
Net sales 286 750 486 479 260 505 486 108
Cost of goods sold 230 676 399 531 202 645 376 991
Gross profit 56 074 86 948 57 860 109 117
Marketing expenses 4 441 7 700 5 377 10 565
Administrative and general exp. 4 972 10 397 5 614 11 000
Product development expenses 4 757 8 460 4 961 9 172
Bad debt provision 274 291 0 0
Other income 4687 6426 165 521
Other expenses 141 478 621 1 340
Operating profit 46 176 66 048 41 452 77 561
Financial income 3 288 6 177 6 161 12 336
Financial expenses 411 1036 1 190 1 317
Profit before taxes 49 053 71 189 46 423 88 580
Net profit 49 053 71 189 46 423 88 580
Earnings per share in EEK 3,72 5,39 3,52 6,71
Parent company income statement Q2 and 6 month Y2003
unaudited
EUR in thousands
01.04.03- 01.01.03-01.04.02- 01.01.02-
30.06.03 30.06.03 30.06.02 30.06.02
Net sales 18327 31092 16649 31068
Cost of goods sold 14743 25535 12951 24094
Gross profit 3584 5557 3698 6974
Marketing expenses 284 492 344 675
Administrative and general exp. 318 664 359 703
Product development expenses 304 541 317 586
Bad debt provision 18 19 0 0
Other income 300 411 11 33
Other expenses 9 31 40 86
Operating profit 2951 4221 2649 4957
Financial income 210 395 394 788
Financial expenses 26 66 76 84
Profit before taxes 3135 4550 2967 5661
Net profit 3135 4550 2967 5661
Earnings per share in EEK 0,24 0,34 0,22 0,43
Consolidated cash flows as of 30.06.03
unaudited
EEK in thousands EUR in thousands
01.01.03- 01.01.02- 01.01.03- 01.01.02-
30.06.03 30.06.02 30.06.03 30.06.02
Operating activities
Operating profit 63 934 83 462 4 086 5 334
Profit from sale of property,
plant and equipment -131 -3 108 -8 -199
Deprecation 23 735 20 104 1 517 1 285
Property, plant and equipment
write-off 2 021 4 129 0
Increase (-), decrease (+) in
current assets -132 919 -64 588 -8 495 -4 128
Increase (-), decrease (+) in
current liabilities 13 491 53 691 862 3 431
Interest received and other
financial income 3 331 4 268 213 273
Interest and other financial
expenses paid -42 -79 -3 -5
Total operating activities -26 580 93 754 -1 699 5 992
Investing activities
Property, plant and equipment sold 131 2 885 8 184
Property, plant and equipment
acquired -41 468 -28 413 -2 650 -1 816
Loans issued -81 -32 -5 -2
Financial activities change 0 -4 000 0 -256
Loans repaid 299 190 19 12
Total investing activities -41 119 -29 370 -2 628 -1 877
Financing activities
Net cash flow -67 699 64 384 -4 327 4 115
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 342 848 182 901 21 912 11 689
Net cash flow -67 699 64 384 -4 327 4 115
Foreign exchange gain 103 -1 440 7 -92
Cash and cash equivalents at the
end of the period 275 252 245 845 17 592 15 712
incl.cash and bank accounts 141 380 71 437 9 036 4 566
marketable securities 133 872 174 408 8 556 11 147
Changes in owners` equity as of 30.06.03
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 132 000 13 200 291 938 177 638 614 776
Net retained earnings of 2001 177 638 -177 638
Dividends -79 200 -79 200
Net profit for the financial year 193 624 193 624
31.12.2002 132 000 13 200 390 376 193 624 729 200
31.12.2002 132 000 13 200 390 376 193 624 729 200
Net retained earnings of 2002 193 624 -193 624
Net profit for the financial year 69 745 69 745
30.06.2003 132 000 13 200 584 000 69 745 798 945
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 8 436 844 18 658 11 353 39 291
Net retained earnings of 2001 11 353 -11 353
Dividends -5 062 -5 062
Net profit for the financial year 12 375 12 375
31.12.2002 8 436 844 24 950 12 375 46 604
31.12.2002 8 436 844 24 950 12 375 46 604
Net retained earnings of 2002 12 375 -12 375
Net profit for the financial year 4 458 4 458
30.06.2003 8 436 844 37 324 4 458 51 062
Peep Siimon
Chairman of the Board
+372 6500442
Sisukaart