Andmed seisuga: 22.07.2024 15:07 (GMT+3)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 08/28/2003
FINANCIAL RESULTS 6 MONTHS 2003
COMMENTS TO INCOME STATEMENT, 06M/2003
The 06 months 2003 net sales of Tallinna Farmaatsiatehas amounted to 36,224
th. EEK (2,315 th. EUR). Compared to the same period of previous year the
sales were decreased by 13,518 th EEK (864 th. EUR) i.e. 27.1% (net turnover
in 06 months 2002 49,742 th. EEK or 3,179 th.EUR).The operating income
total decreased by 14,444 th. EEK or 923 th EUR (26.1%). Operating income
in 2002 55,164 th. EEK (3,525 th.EUR) and in 2003 40,720 th. EEK (2,602
th.EUR).
Compared to the same period of previous year the total operating cost
decreased by 9,803 th. EEK (627 th EUR) i.e. 20,5% (total operating costs
in 2002 47,661 th. EEK (3,046 th.EUR) and in 2003 37,858 th. EEK (2,419
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2002 27,596 th. EEK (1,764 th. EUR) and in 2003 21,040 th. EEK
(1,345 th.EUR)) 6,556 th.EEK or 419 th.EUR (23.7%). Others operating
expenses decreased by 459 th. EEK (29 th.EUR) (others operating expenses
in 2002 4,363 th. EEK (279 th. EUR) and in 2003 3,904 th. EEK (250 th. EUR))
10.4%.
Operating profit decreased in 06 months of 2003 compared (operating profit
in 2002 7,503 th. EEK (479 th.EUR) and operating profit in 2003 2,862 th.
EEK (183 th.EUR)) to the same period of 2002 by 4,641 th. EEK (296 th.EUR)
(61.8 %) , and net profit decreased (net profit in 2002 4,888 th. EEK (312
th.EUR) and net profit in 2003 1,526 th. EEK (98 th.EUR)) by 3,362 th. EEK
(214 th.EUR) (68.7%).
COMMENTS TO BALANCE SHEET
As of June 30. 2003 the Balance capacity was 77,559 th. EEK (4,956 th.
EUR). Compared to the net balance, the biggest decrease was in assets -
receivables from parent company 8,198 th. EEK (524 th. EUR) (32.5%) and
the biggest increase in finished goods stock with the sum 2,418 th. EEK
(155 th. EUR) (16.1%). Trading assets decreased totally by 8,560 th. EEK
(548 th.EUR) (17.2%).
In the liabilities the short-term liabilities decreased 7,318 th. EEK (467
th.EUR) (36.3%). Compared to the net balance, the biggest decrease was in
liabilities - short-term loans 4,708 th. EEK (300 th.EUR) (50,0%).
The owners equity increased 1,526 th. EEK (97 th.EUR)) (4.0%) in the account
of 06 months 2003 net profit.
2002 2003
Gross profit margin 15.1 7.9
Net profit margin 9.8 4.3
Return on equity (ROE) 12.9 3.9
Return on total assets (ROA) 4.8 2.0
Proportion of capital and reserves and all assets 37.5% 50.8%
Income of accounts receivable (by days) 115,0 119,0
Net profit per share (EEK) 3.91 1.22
Net profit per share (EUR) 0.25 0.08
BALANCE SHEET AS OF 30.06.2003
in thousand EEK/EUR EEK EUR
31.12.2002 30.06.2003 31.12.2002 30.06.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 78 1,004 5 64
Customer receivables
ACCOUNTS RECEIVABLE 2,406 2,734 154 175
Other receivables
RECEIVABLES FROM PARENT COMPANY 25,217 17,019 1,612 1,088
OTHER SHORT-TERM RECEIVABLES 1 891 237 120 15
Total 29,592 20,994 1,891 1,341
Inventories
RAW MATERIAL 3,409 1,641 218 105
WORK-IN-PROGRESS 316 0 20 0
FINISHED GOODS 15,041 17,459 961 1 116
PREPAYMENTS TO SUPPLIERS 1,299 1,003 83 64
Total 20,065 20,103 1,282 1,285
TOTAL CURRENT ASSETS 49,657 41,097 3,174 2,626
NON-CURRENT ASSETS
Long-term investments 381 378 24 24
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 35,592 33,978 2,274 2,171
Total 35,592 33,978 2,274 2,171
Intangible assets 2,202 2,106 141 135
TOTAL NON-CURRENT ASSETS 38,175 36,462 2,439 2,330
TOTAL ASSETS 87,832 77,559 5,613 4,956
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 9,415 4,707 601 301
SHORT-TERM BANK LOANS 1,098 470 70 30
Total 10,513 5,177 671 331
Accounts payable 7,501 5,730 479 366
Taxes payable 0 357 0 23
Accrued expenses 2,097 1,529 134 97
TOTAL CURRENT LIABILITIES 20,111 12,793 1,284 817
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 11,327 11,327 724 724
PAYABLES TO PARENT COMPANY 18,505 14,024 1,183 896
TOTAL NON-CURRENT LIABILITIES 29,832 25,351 1,907 1,620
TOTAL LIABILITIES 49,943 38,144 3,191 2,437
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 18,078 23,073 1,156 1,475
PROFIT (LOSS) FOR FINANCIAL YEAR 4,995 1,526 319 97
SHAREHOLDERS’ EQUITY TOTAL 37,889 39,415 2,422 2,519
LIABILITIES AND SHAREHOLDERS’
EQUITY 87,832 77,559 5,613 4,956
INCOME STATEMENT, 06M/2003
in thousand EEK/EUR EEK EUR
2002 2003 2002 2003
REVENUE
NET SALES 49,742 36,224 3,179 2,315
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES 5,201 2,102 332 134
OTHER OPERATING INCOME 221 2,394 14 153
TOTAL REVENUE 55,164 40,720 3,525 2,602
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -27,596 -36,224 -1,764 -1,345
OTHER OPERATING EXPENSES -4,363 -3,904 -279 -250
PERSONNEL EXPENSES
WAGES & SALARIES -7,239 -6,311 -463 -403
SOCIAL TAXES -2,509 -2,210 -160 -141
DEPRECIATION -2,912 -2,243 -186 -143
OTHER EXPENSES -3,041 -2,150 -194 -137
TOTAL EXPENSES -47,661 -37,858 -3,046 -2,419
OPERATING PROFIT (-LOSS) 7,503 2,862 479 183
FINANCIAL INCOME 25 117 2 8
FINANCIAL EXPENSES -2,640 -1,454 -169 -93
NET PROFIT (LOSS) 4,888 1,526 312 98
EARNINGS (LOSS) PER SHARE 3.91 1.22 0.25 0.08
Raivo Unt
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