Andmed seisuga: 21.07.2024 09:19 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 05/07/2004
FINANCIAL RESULTS 3M 2004
COMMENTARY TO 3M 2004 FINANCIAL RESULTS
Merko Ehitus group’s main branches of business are construction and
related activities in Estonia, Latvia and Lithuania. AS Merko Ehitus group
consists of the following principal companies: SIA Merks (100%), UAB Merko
Statyba (100%), Tallinna Teede AS (100%), AS Gustaf (100%), OÜ Gustaf
Tallinn (80%), AS Merko Tartu (66%), AS Normanni Linnagrupp (50%),
AS Telegrupp (45%) and AS Tartu Maja Betoontooted (25%).
Merko Ehitus group 3M 2004 consolidated and unaudited net sales amounted
to EEK 770,2 million (EUR 49,2 million) and net profit was EEK 59,2
million (EUR 3,8 million). Profit was earned from general business
activities with the exception of a nonrecurring profit of 11.7 million
kroons (0.7 million euros), which was gained from the disposal of
a project managing unit of Tallinna Teede AS.
The respective figures year ago were net sales of EEK 467,4 million
(EUR 29,9 million) and net profit of EEK 28,2 million (EUR 1,8 million).
Companies of the group 3M 2004 net sales and consolidated net sales
(sales outside the group) were (in thousand kroons and euros):
Sales including
consolidated
net sales
EEK EUR EEK EUR
Estonian companies
Construction
AS Merko Ehitus 613 710 39 223 613 482 39 209
AS Gustaf (100% partnership) 7 386 472 6 860 438
OÜ Gustaf Tallinn (80% partnership) 15 335 980 14 775 944
AS Merko Tartu (66% partnership) 13 705 876 8 921 570
Tallinna Teede AS (100% partnership) 9 793 626 9 793 626
Construction
AS Normanni Linnagrupp
(50% partnership) 32 108 2 052 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 23 823 1 523 - -
Telecommunication networks
AS Telegrupp (45% partnership) 18 886 1 207 - -
Latvian companies
Construction
SIA Merks (100% partnership) 83 236 5 320 83 236 5 320
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 33 094 2 115 33 094 2 115
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
3M 2004 3M 2003
Net profit margin 6,2 % * 6,0 %
Operating profit margin 8,1 % 6,6 %
Return on equity (per year) 48,0 % 35,8 %
Return on assets (per year) 20,9 % 14,5 %
Current ratio 1,7 1,4
Equity-to-assets ratio 46,6 % 38,7 %
* without extraordinary profit
Net profit margin: Net profit / Sales
Operating profit margin: Operating profit / Sales
Return on equity: Net profit x 4 / Average equity during the period
Return on assets: Net profit x 4 / Average assets during the period
Current ratio: Current assets / Current liabilities
Equity-to-assets ratio: Owners equity / Total assets
Year 2004 3M interim consolidated and unaudited income statement and balance
sheet are compiled in accordance with the principles of the International
Financial Reporting Standards (IFRS).
INCOME STATEMENT 3M 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
3M 2004 3M 2003 3M 2004 3M 2003
Sales 770 161 467 378 49 222 29 871
Cost of sales (700 058) (420 651) (44 742) (26 884)
Gross profit 70 103 46 727 4 480 2 987
Marketing expenses (3 386) (3 565) (216) (228)
Administrative expenses (16 212) (15 111) (1 036) (966)
Other operating income 12 522 3 714 800 237
Other operating expenses (613) (811) (39) (52)
Operating profit 62 414 30 954 3 989 1 978
Financial income and expenses
from stocks of subsidiaries (299) 1 (19) 0
Financial income and expenses from
stocks of associate companies 82 713 5 46
Financial income and expenses from
other long-term financial investments - 780 - 50
Interest expense (444) (145) (28) (9)
Foreign exchange gain 579 (1 436) 37 (92)
Other financial income and expense (1 630) (2 389) (104) (153)
Total financial income and expenses (1 712) (2 476) (109) (158)
Profit before taxes 60 702 28 478 3 880 1 820
Income tax (974) - (63) -
Net profit for fiscal year 59 728 28 478 3 817 1 820
incl. minority interest (507) (313) (32) (20)
Net profit for the group 59 221 28 165 3 785 1 800
Net profit per share
(basic and diluted, in EEK and EUR) 6,69 3,18 0,43 0,20
INTERIM BALANCE SHEET AS OF 31.03.2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
31.03.2004 31.12.2003 31.03.2004 31.12.2003
ASSETS
Cash and cash equivalents 298 757 240 152 19 094 15 348
Marketable securities 33 656 36 096 2 151 2 307
Accounts receivable 308 839 408 296 19 738 26 095
Miscellaneous receivables 46 279 27 385 2 958 1 750
Accrued income 997 673 64 43
Prepaid expenses 15 068 21 180 963 1 354
incl. income tax 1 243 1 746 79 112
Inventories 241 011 255 263 15 403 16 314
TOTAL CURRENT ASSETS 944 607 989 045 60 371 63 211
Shares in associate companies 23 443 25 040 1 498 1 600
Other long-term fin. investments 15 742 3 325 1 006 213
Deferred income tax liability 4 124 4 124 264 264
Real estate investments 65 614 52 869 4 193 3 379
Tangible assets 71 186 73 051 4 550 4 669
Intangible assets (1 316) (1 592) (84) (102)
TOTAL NON-CURRENT ASSETS 178 793 156 817 11 427 10 023
TOTAL ASSETS 1 123 400 1 145 862 71 798 73 234
Debt obligations 12 419 12 447 794 796
Customer prepayments 20 732 17 881 1 325 1 143
Merchandise credit 208 488 267 597 13 325 17 103
Miscellaneous liabilities 18 400 24 199 1 176 1 547
Tax liabilities 12 909 21 352 825 1 365
incl. income tax 993 5 124 63 327
Accrued expenses 22 075 21 095 1 411 1 348
Current provisions 276 421 286 728 17 666 18 324
TOTAL CURRENT LIABILITIES 571 444 651 299 36 522 41 626
Long-term payables 15 565 16 399 995 1 048
Other long-term payables 7 065 9 532 451 609
TOTAL NON-CURRENT LIABILITIES 22 630 25 931 1 446 1 657
TOTAL LIABILITIES 594 074 677 230 37 968 43 283
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 364 903 180 430 23 321 11 531
Net profit for fiscal year 59 221 184 473 3 785 11 790
Exchange rate differences (819) (1 380) (52) (88)
TOTAL OWNERS' EQUITY 523 605 463 823 33 465 29 644
Minority interest 5 721 4 809 365 307
TOTAL LIABILITIES AND
OWNERS' EQUITY 1 123 400 1 145 862 71 798 73 234
Alar Lagus
Member of Board
+372 6 805 109
Sisukaart