Andmed seisuga: 21.07.2024 23:06 (GMT+3)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 02/26/2004
FINANCIAL RESULTS 2003
COMMENTS TO INCOME STATEMENT, 12M/2003.
The 12 months 2003 net sales of Tallinna Farmaatsiatehas amounted to 75,494
th. EEK (4,824 th. EUR). Compared to the same period of previous year the
sales were decreased by 18,381 th EEK (1,175 th. EUR) i.e. 19.6% (net
turnover in 12 months 2002 93,875 th. EEK or 5,999 th.EUR).The operating
income total decreased by 16,741 th. EEK or 1,070 th EUR (16.6%). Operating
income in 2002 100,489 th. EEK (6,422. th.EUR) and in 2003 83,748 th. EEK
(5,352 th.EUR).
Compared to the same period of previous year the total operating cost
decreased by 21,371 th. EEK (1,366 th EUR) i.e. 22,6% (total operating costs
in 2002 94,425 th. EEK (6,035 th.EUR) and in 2003 73,054 th. EEK (4,669
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2002 49,781 th. EEK (3,182 th. EUR) and in 2003 38,193 th. EEK
(2,441 th.EUR)) 11,587 th.EEK or 741 th.EUR (23.3%). Others operating
expenses decreased by 8,509 th. EEK (543 th.EUR) 70.3% (others operating
expenses in 2002 12,084 th. EEK (772 th. EUR) and in 2003 3,575 th. EEK (228
th. EUR)).
Operating profit increased in 12 months of 2003 compared (operating profit in
2002 6,063 th. EEK (388 th.EUR) and operating profit in 2003 10,693 th. EEK
(683 th.EUR)) to the same period of 2002 by 4,630 th. EEK (296 th.EUR) (76.4
%), and net profit increased (net profit in 2002 4,995 th. EEK (319 th.EUR)
and net profit in 2003 10,228 th. EEK (654 th.EUR)) by 5,233 th. EEK (334
th.EUR) (104.8%).
COMMENTS TO BALANCE SHEET
As of December 31. 2003 the Balance capacity was 56,840 th. EEK (3,633 th.
EUR). Compared to the net balance, the biggest decrease was in assets
receivables from parent company 15,029 th. EEK (961 th. EUR) (59.6%) and in
finished goods stock with the sum 7,094 th. EEK (453 th. EUR) (47.2%).
Trading assets decreased totally by 24,888 th. EEK (1,591 th.EUR) (50.1%).
In the liabilities the short-term liabilities decreased 12,559 th. EEK (803
th.EUR) (62.4%). Compared to the net balance, the biggest decrease was in
liabilities - long-term loans 28,661 th. EEK (1,832 th.EUR) (96,1%). The
owners equity increased 10,228 th. EEK (654 th.EUR)) (27.0%) in the account
of 12 months 2003 net profit.
COMMENTS TO SALES, 12M/2003
One of the reasons in decrease of sales in accounting year 2003 is that year
2003 net sales included only the sale of ointments and injections. Until
November 2003 from the export sale of tablets the company received the
Royalty, which was 23 %. Into year 2002 net sale was accounted total sale of
tablets, injections and ointments.
Since July 2003 production of injections was closed because it didn`t conform
to the requirements of GMP. The sale of injections in IV quarter was
operating only because of ready finished goods inventory.Export sale formed
76% from the total sale of year 2003. Also the negative influence
to the results had decline of USD during the whole year. The loss in year
2003 caused by decline of USD was 2,8 mill EEK.
2002 2003
Gross profit margin 6.4 14.4
Net profit margin 5.3 13.8
Return on equity (ROE) 13.0 21.3
Return on total assets (ROA) 5.6 18.0
Proportion of capital and reserves and all assets 43.1% 84.7%
Income of accounts receivable (by days) 115,4 96,9
Net profit per share (EEK) 3.99 8.18
Net profit per share (EUR) 0.25 0.52
BALANCE SHEET AS OF 31.12.2003 unaudited
in thousand EEK/EUR EEK EUR
31.12.2002 31.12.2003 31.12.2002 31.12.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 78 1,268 5 81
Customer receivables
ACCOUNTS RECEIVABLE 2,406 2,250 154 144
Other receivables
RECEIVABLES FROM PARENT COMPANY 25,217 10,188 1,612 651
OTHER SHORT-TERM RECEIVABLES 1 891 567 120 36
Total 29,592 14,273 1,891 912
Inventories
RAW MATERIAL 3,409 2,428 218 155
WORK-IN-PROGRESS 316 0 20 0
FINISHED GOODS 15,041 7,947 961 508
PREPAYMENTS TO SUPPLIERS 1,299 121 83 8
Total 20,065 10,496 1,282 671
TOTAL CURRENT ASSETS 49,657 24,769 3,174 1,583
NON-CURRENT ASSETS
Long-term investments 381 344 24 22
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 35,592 31,172 2,274 1,992
Total 35,592 31,172 2,274 1,992
Intangible assets 2,583 899 165 57
TOTAL NON-CURRENT ASSETS 38,175 32,071 2,439 2,049
TOTAL ASSETS 87,832 56,840 5,613 3,633
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 9,415 0 601 0
SHORT-TERM BANK LOANS 1,098 741 70 47
Total 10,513 741 671 47
Accounts payable 7,501 4,839 479 309
Taxes payable 0 0 0 0
Accrued expenses 2,097 1,972 134 126
TOTAL CURRENT LIABILITIES 20,111 7,552 1,284 483
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 11,327 1,171 724 75
PAYABLES TO PARENT COMPANY 18,505 0 1,183 0
TOTAL NON-CURRENT LIABILITIES 29,832 1,171 1,907 75
TOTAL LIABILITIES 49,943 8,723 3,191 558
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 10,228 319 654
SHAREHOLDERS’ EQUITY TOTAL 37,889 48,117 2,422 3,075
LIABILITIES AND SHAREHOLDERS’
EQUITY 87,832 56,840 5,613 3,633
INCOME STATEMENT, 12M/2003 unaudited
in thousand EEK/EUR EEK EUR
2002 2003 2002 2003
REVENUE
NET SALES 93,875 75,494 5,999 4,824
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES 1,651 -7,410 106 -474
OTHER OPERATING INCOME 4,962 15,664 317 1,001
TOTAL REVENUE 100,489 83,748 6,422 5,352
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -49,781 -38,193 -3,182 -2,441
OTHER OPERATING EXPENSES -9,612 -9,387 -614 -600
PERSONNEL EXPENSES
WAGES & SALARIES -12,792 -10,562 -817 -675
SOCIAL TAXES -4,455 -3,686 -285 -235
DEPRECIATION -5,700 -7,649 -364 -489
OTHER EXPENSES -12,084 -3,575 -772 -228
TOTAL EXPENSES -94,425 -73,054 -6,035 -4,669
OPERATING PROFIT (-LOSS) 6,063 10,693 388 683
FINANCIAL INCOME 3 827 1,497 245 96
FINANCIAL EXPENSES -4,896 -1,962 -313 -125
NET PROFIT (LOSS) 4,995 10,228 319 654
EARNINGS (LOSS) PER SHARE 3.99 8.18 0.25 0.52
Ibraim Muhtsi
Director
+3726120201
Sisukaart