Andmed seisuga: 25.08.2024 01:57 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 08/05/2003
FINANCIAL RESULTS 6M 2003
COMMENTARY TO 6M 2003 FINANCIAL RESULTS
Merko Ehitus group 6M 2003 consolidated and unaudited net sales amounted to
1 082,1 million EEK (69,2 million EUR), and net profit was 74,8 million EEK
(4,8 million EUR).
The respective figures year ago were net sales of 668,6 million EEK
(42,7 million EUR) and net profit of 42,7 million EEK (2,7 million EUR).
Merko Ehitus group deals in the field of construction and with activities
concerned to that, in Estonia, Latvia and Lithuania. Companies of the group
6M 2003 net sales and consolidated net sales (sales outside the group) were
(in thousand EEK):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 573 970 573 687
AS Gustaf (100% partnership) 30 708 28 511
OÜ Gustaf Tallinn (100% partnership) 1 905 1 809
AS Merko Tartu (66% partnership) 58 363 50 038
Tallinna Teede AS (100% partnership) 45 633 40 787
Production of structures for small houses
OÜ Matek (71,6% partnership) 30 304 29 959
Construction
AS Normanni Linnagrupp (50% partnership) 4 033 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted(25% partnership)66 685 -
Telecommunication networks
AS Telegrupp (45% partnership) 21 112 -
Latvian companies
Construction
SIA Merks (100% partnership) 112 032 112 032
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 245 252 245 252
Companies of the group 6M 2003 net sales and consolidated net sales
(sales outside the group) were (in thousand EUR):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 36 683 36 665
AS Gustaf (100% partnership) 1 963 1 822
OÜ Gustaf Tallinn (100% partnership) 122 116
AS Merko Tartu (66% partnership) 3 730 3 198
Tallinna Teede AS (100% partnership) 2 916 2 607
Production of structures for small houses
OÜ Matek (71,6% partnership) 1 937 1 915
Construction
AS Normanni Linnagrupp (50% partnership) 258 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted (25% partnership)4 262 -
Telecommunication networks
AS Telegrupp (45% partnership) 1 349 -
Latvian companies
Construction
SIA Merks (100% partnership) 7 160 7 160
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 15 674 15 674
Merko Ehitus group 6M 2003 consolidated data illustrating financial
ratios were:
6M 2003 6M 2002
Net profit margin 6,9 % 6,4 %
Operating profit margin 8,0 % 6,4 %
Return on equity (per year) 45,7 % 35,5 %
Return on assets (per year) 18,8 % 15,9 %
Current ratio 1,4 1,5
Invoice turnover (per year) 6,7 5,8
Equity-to-assets ratio 40,2 % 43,0 %
Year 2003 6M consolidated and unaudited income statement and balance sheet
are compiled in accordance with the principles of the International
Accounting Standards (IAS), and correspond with the Estonian legal acts
regulating the accounting principles used.
INCOME STATEMENT 6M 2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
2003.a. 2002.a. 2003.a. 2002.a.
6 months 6 months 6 months 6 months
Sales 1 082 075 668 568 69 157 42 729
Cost of sales (960 336) (597 084) (61 377) (38 161)
Gross profit 121 739 71 484 7 781 4 569
Marketing expenses (7 664) (6 124) (490) (391)
Administrative expenses (31 743) (22 611) (2 029) (1 445)
Other operating income 4 824 8 200 308 524
Other operating expenses (848) (8 357) (54) (534)
Operating profit 86 308 42 592 5 516 2 722
Financial income and expenses from
stocks of subsidiaries 1 - 0 -
Financial income and expenses from
stocks of associates 2 403 773 154 49
Financial income and expenses from
other noncurrent fin. investments 1 014 0 65 0
Interest expense (688) (230) (44) (15)
Foreign exchange gain (2 398) (1 923) (153) (123)
Other financial income and expense (4 003) 1 638 (256) 105
Total financial income and expenses (3 671) 258 (235) 16
Profit before taxes 82 637 42 850 5 281 2 739
Income tax (6 530) (2 119) (417) (135)
Net profit (loss) for the
financial year 76 107 40 731 4 864 2 603
Minority interest (1 265) (35) (81) (2)
Net profit (-loss) for the group 74 842 40 696 4 783 2 601
Net profit (-loss) per share
(basic and diluted, in EEK and EUR) 8,46 4,60 0,54 0,29
BALANCE SHEET AS OF 30.06.2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.06.2003 31.12.2002 30.06.2003 31.12.2002
ASSETS
Cash and cash equivalents 133 006 96 310 8 501 6 155
Marketable securities 45 517 53 018 2 909 3 388
Accounts receivable 323 989 165 992 20 707 10 609
Allowance for doubtful receivables (407) (424) (26) (27)
Total accounts receivable 323 582 165 568 20 681 10 582
Receivables from associates 4 1 227 0 78
Other short-term receivables 25 268 27 245 1 615 1 741
Total other receivables 25 272 28 472 1 615 1 820
Interest receivable 744 1 145 48 73
Dividends receivable 241 0 15 0
Other accrued income 5 32 0 2
Total accrued income 990 1 177 63 75
Prepaid taxes 15 914 11 275 1 017 721
Other prepaid expenses 7 318 3 158 468 202
Total prepaid expenses 23 232 14 433 1 485 922
Raw materials 2 503 2 735 160 175
Work-in-progress 34 032 41 119 2 175 2 628
Finished goods 1 120 1 314 72 84
Merchandise purchased for resale 46 318 66 426 2 960 4 245
Prepayments to suppliers 459 374 29 24
Prepayments for real estate 2 582 15 181 165 970
Construction-in-progress 26 515 12 229 1 695 782
Due from customers 60 880 84 962 3 891 5 430
Total inventories 174 409 224 340 11 147 14 338
TOTAL CURRENT ASSETS 726 008 583 318 46 400 37 281
Shares in associated companies 22 953 21 338 1 467 1 364
Long-term receivables from
associated companies 14 695 7 757 939 496
Other shares, holdings and
debt securities 1 800 1 800 115 115
Miscellaneous longterm receivabl.13 489 9 906 862 633
Long-term accounts receivable - 1 679 - 107
Total long-term financial assets 52 937 42 480 3 383 2 715
Land 28 617 15 249 1 829 975
Buildings 7 470 13 544 477 866
Accumulated real-estate
investments depreciation (3 663) (5 140) (234) (329)
Prepayments for real-estate
investments 11 538 11 655 737 745
Total real-estate investments 43 962 35 308 2 810 2 257
Land and buildings 10 326 13 015 660 832
Ground lease 458 458 29 29
Plant and equipment 74 622 66 854 4 769 4 273
Other equipment and fixtures 25 254 20 683 1 614 1 322
Accumulated depreciation (55 779) (50 790) (3 565) (3 246)
Self-constructed physical
assets under construction 325 170 21 11
Prepayments for noncurrent
physical assets 7 179 0 459 0
Total noncurrent physical assets 62 385 50 390 3 987 3 220
Purchased concessions, patents,
licenses, etc. 200 35 13 9
Goodwill (1 789) (5 418) (114) (346)
Total intangible assets (1 589) (5 283) (102) (338)
TOTAL NON-CURRENT ASSETS 157 695 122 895 10 079 7 854
TOTAL ASSETS 883 703 706 213 56 479 45 135
Short-term loans and bonds 14 094 8 087 901 517
Current period long-term
debt repayment 4 850 4 717 310 301
Total debt obligations 18 944 12 804 1 211 818
Customer prepayments 48 716 42 820 3 114 2 737
Accounts payable to suppliers 232 250 179 011 14 843 11 441
Payables to associated companies 855 3 853 55 246
Other short-term payables 2 456 0 157 0
Total other payables 3 311 3 853 212 246
Tax liabilities 23 976 16 344 1 532 1 045
Payables to employees 17 469 18 051 1 116 1 154
Dividends payable 1 227 889 78 57
Interest payable 17 6 1 0
Other accrued expenses 947 1 037 61 66
Total accrued expenses 19 660 19 983 1 256 1 277
Provisions for construction
warranty liability 3 476 3 368 222 215
Due to customers 153 105 104 917 9 785 6 705
Total current provisions 156 581 108 285 10 007 6 921
TOTAL CURRENT LIABILITIES 503 438 383 100 32 175 24 484
Loans, bonds and financial
lease liabilities 2 557 2 604 163 166
Accounts payable to suppliers 15 290 14 900 977 952
Other long-term payables 2 440 0 156 0
Total other long-term payables 17 730 14 900 1 133 952
TOTAL NON-CURRENT LIABILITIES 20 287 17 504 1 297 1 119
TOTAL LIABILITIES 523 725 400 604 33 472 25 603
OWNERS' EQUITY
Share capital 88 500 88 500 5 656 5 656
Share premium 2 950 2 950 189 189
Mandatory legal reserve 8 850 8 850 566 566
Retained earnings 180 430 101 480 11 532 6 486
Net profit (-loss) for the
financial year 74 842 98 863 4 783 6 318
Exchange rate differences (636) 174 (41) 11
TOTAL OWNERS' EQUITY 354 936 300 817 22 684 19 226
Minority interest 5 042 4 792 322 306
TOTAL LIABILITIES AND
OWNERS' EQUITY 883 703 706 213 56 479 45 135
Ülo Metsaots
Management Board member
+372 6 805 104