Andmed seisuga: 08.07.2024 12:13 (GMT+3)
AS Norma FINANCIAL RESULTS Q1 Y2005 20.04.2005
FINANCIAL RESULTS Q1 Y2005
(unaudited)
Sales and Revenues
During the period Q1 Y2005 consolidated net sales of AS Norma
totalled 240.2 MEEK (15.4 MEUR), 97% of which were
generated by parent company in the amount of 232.5 MEEK (14.9 MEUR).
Consolidated sales increased by 7.4% (16.5 MEEK, 1.0 MEUR) from Q1 Y2004.
Sales to Russian customers decreased 2.1% and to Western customers rose
by 10.7% in Q1 Y2005.
Sales to Autoliv was Q1 Y2005 153.9 MEEK (9.8 MEUR).
The group's main fields of activity include production and sale of safety
belts, car components.
Exports accounted to 99% of sales revenue, 28% of production was
exported to Russian customers (Q1 Y2004 30%).
The number of employees at the end of the period was 873.
Use of Capital
Accounts receivable at the end Q1 Y2005 totalled 198.1 MEEK (12.6 MEUR),
of which 35% related to the Russian customers. During the Q1 Y2005 volume
of accounts receivable has increased by 26.7 MEEK(1.7 MEUR).
Autoliv receivables were 115.1 MEEK (7.4 MEUR).
Norma`s payables to Autoliv were 43.2 MEEK(2.8 MEUR).
The share of accounts in arrears of total receivable was 10%.
The provision for bad debts remained on the same level and the reserve
totalled 4.9 MEEK (0.3 MEUR).
As of the Q1 Y2005, the consolidated total assets were 1 006.8 MEEK
(64.3 MEUR), a increase by 56.2 MEEK(3.6 MEUR),main increase in the current
assets 42.8 MEEK (2.7 MEUR).
Total liabilities amounted to 147.7 MEEK (9.4 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 28.6 MEEK(1.8 MEUR),
amounting to 859.1 MEEK (54.9 MEUR) (85% of total assets).
Investments
AS Norma invested a total of 28.6 MEEK (1.8 MEUR), to support existing
production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit Q1 Y2005 was 28.6 MEEK
(1.8 MEUR). Net profit has increased by 4.7 MEEK (0.3 MEUR),
a 19.7% increase(23.9 MEEK, 1.5 MEUR Q1 Y2004).
Earnings per share were 2.17 EEK (0.14 EUR) in Q1 Y2005.
Q1 Y2004 1.81 EEK (0.12 EUR).
Significant Events and Changes in Business Activities
1. AS Norma has The Best Supplier Award from AvtoVAZ
2. As Norma applied part-time working time according to the premission of
Labour Inspectorate to 396 employees on an average 1,4 working days
(96% work time)during the period of Feb.1 to March 31.2005
The Q2 Y2005 results of AS Norma will be released at July 27,2005.
Consolidated balance sheet as of 31.03.05
unaudited
EEK in thousands EUR in thousands
Assets 31.03.05 31.12.04 31.03.05 31.12.04
Current assets
Cash and bank accounts 315 864 319 043 20 187 20 391
Avaible-for-sale investments 93 680 81 206 5 987 5 190
Held-to-maturity investments 5 952 6 483 380 414
Accounts receivable 198 058 171 342 12 658 10 951
Allowance for doubtful receivables -4 950 -4 948 -316 -316
Other receivables and prepayments 11 118 12 250 711 783
Prepaid taxes 4 622 6 223 295 398
Inventories 96 841 86 758 6 189 5 545
Total current assets 721 185 678 357 46 092 43 355
Non-current assets
Long-term financial assets 11 978 12 088 766 773
Property, plant and equipment 255 475 241 287 16 328 15 421
Intangible assets 18 218 18 920 1 164 1 209
Total non-current assets 285 671 272 295 18 258 17 403
Total assets 1 006 856 950 652 64 350 60 758
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 144 139 114 795 9 212 7 337
Taxes payable 3 612 5 336 231 341
Total current liabilities 147 751 120 131 9 443 7 678
Total liabilities 147 751 120 131 9 443 7 678
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Statutory reserves 13 200 13 200 844 844
Retained earning 685 321 580 333 43 800 37 090
Net profit 28 584 104 988 1 827 6 710
Total owners´ equity 859 105 830 521 54 907 53 080
Total liabilities and owners´equity 1 006 856 950 652 64 350 60 758
Parent company balance sheet as of 31.03.05
unaudited
EEK in thousands
31.03.05 31.12.04 31.12.04
Assets adjusted as published
according earlier
to IFRS 3
Current assets
Cash and bank accounts 315 362 318 668 318 668
Avaible-for-sale investments 93 680 81 206 81 206
Held-to-maturity investments 4 000 4 000 4 000
Accounts receivable 201 703 178 155 178 155
Allowance for doubtful receivables -4 950 -4 948 -4 948
Other receivables and prepayments 10 488 12 928 12 161
Prepaid taxes 3 469 4 628 4 628
Inventories 89 287 79 343 79 343
Total current assets 713 039 673 980 673 213
Non-current assets
Long-term financial assets 24 094 24 204 30 831
Property, plant and equipment 239 343 226 953 226 953
Intangible assets 17 786 18 411 18 411
Total non-current assets 281 223 269 568 276 195
Total assets 994 262 943 548 949 408
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued exp. 139 533 114 444 114 444
Taxes payable 2 815 4 443 4 443
Total current liabilities 142 348 118 887 118 887
Total liabilities 142 348 118 887 118 887
Owners` equity
Share capital (par value) 132 000 132 000 132 000
Statutory reserves 13 200 13 200 13 200
Retained earning 679 461 575 271 580 333
Net profit 27 253 104 190 104 988
Total owners´ equity 851 914 824 661 830 521
Total liabilities and owners´ equity 994 262 943 548 949 408
Parent company balance sheet as of 31.03.05
unaudited
EUR in thousands
31.03.05 31.12.04 31.12.04
Assets adjusted as published
according earlier
to IFRS 3
Current assets
Cash and bank accounts 20 155 20 367 20 367
Avaible-for-sale investments 5 987 5 190 5 190
Held-to-maturity investments 256 256 256
Accounts receivable 12 891 11 386 11 386
Allowance for doubtful receivables -316 -316 -316
Other receivables and prepayments 670 826 777
Prepaid taxes 222 296 296
Inventories 5 706 5 071 5 071
Total current assets 45 571 43 075 43 026
Non-current assets
Long-term financial assets 1 540 1 547 1 970
Property, plant and equipment 15 297 14 505 14 505
Intangible assets 1 137 1 177 1 177
Total non-current assets 17 973 17 229 17 652
Total assets 63 545 60 304 60 678
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued exp. 8 918 7 314 7 314
Taxes payable 180 284 284
Total current liabilities 9 098 7 598 7 598
Total liabilities 9 098 7 598 7 598
Owners` equity
Share capital (par value) 8 436 8 436 8 436
Statutory reserves 844 844 844
Retained earning 43 425 36 767 37 090
Net profit 1 742 6 659 6 710
Total owners´ equity 54 447 52 705 53 080
Total liabilities and owners´ equity 63 545 60 304 60 678
Consolidated income statement Q1 Y2005
unaudited
EEK in thousands EUR in thousands
01.01.05- 01.01.04- 01.01.05- 01.01.04-
31.03.05 31.03.04 31.03.05 31.03.04
Net sales 240 198 223 685 15 351 14 296
Cost of goods sold 200 647 189 141 12 824 12 088
Gross profit 39 551 34 544 2 528 2 208
Marketing expenses* 3 428 1 093 219 70
Administrative and general exp. 5 271 7 444 337 476
Product development expenses 6 426 7 484 411 478
Bad debt provision 2 0 0 0
Other income 2 161 3 114 138 199
Other expenses 700 522 45 33
Operating profit 25 885 21 115 1 654 1 349
Financial income/expenses 2 699 2 762 172 177
Profit before taxes 28 584 23 877 1 827 1 526
Provision for taxes 0 0 0 0
Net profit 28 584 23 877 1 827 1 526
Earnings per share 2.17 1.81 0.14 0.12
Parent company income statement Q1 Y2005
unaudited
EEK in thousands
01.01.05- 01.01.04- 01.01.04-
31.03.05 31.03.04 31.03.04
adjusted as published
according earlier
to IFRS 3
Net sales 232 464 215 218 215 218
Cost of goods sold 195 446 183 588 183 588
Gross profit 37 018 31 630 31 630
Marketing expenses* 3 428 1 093 1 093
Administrative and general exp. 5 075 6 428 6 428
Product development expenses 6 426 7 484 7 484
Bad debt provision 2 0 0
Other income 2 824 3 068 3 068
Other expenses 322 117 117
Operating profit 24 589 19 576 19 576
Financial income/expenses 2 664 2 743 4 301
Profit before taxes 27 253 22 319 23 877
Net profit 27 253 22 319 23 877
Earnings per share EEK 2.06 1.69 1.81
Parent company income statement Q1 Y2005
unaudited
EUR in thousands
01.01.05- 01.01.04- 01.01.04-
31.03.05 31.03.04 31.03.04
adjusted as published
according earlier
to IFRS 3
Net sales 14 857 13 755 13 755
Cost of goods sold 12 491 11 733 11 733
Gross profit 2 366 2 022 2 022
Marketing expenses* 219 70 70
Administrative and general exp. 324 411 411
Product development expenses 411 478 478
Bad debt provision 0 0 0
Other income 180 196 196
Other expenses 21 7 7
Operating profit 1 572 1 251 1 251
Financial income/expenses 170 175 275
Profit before taxes 1 742 1 426 1 526
Net profit 1 742 1 426 1 526
Earnings per share EUR 0.13 0.11 0.12
* The cost of delivery production 1,703 th.EEK (108 th.EUR) has been
reclassified to marketing expenses. In 2004 it was recorded as cost of
goods sold.
Consolidated cash flows as of 31.03.05
unaudited
EEK in thousands EUR in thousands
31.03.05 31.03.04 31.03.05 31.03.04
Operating activities
Operating profit 25 885 21 115 1 654 1 349
Profit from sale of property,
plant and equipment -259 0 -17 0
Deprecation 14 942 14 144 955 904
Property, plant and equipment
write-off 225 0 14 0
Increase (-), decrease (+) in
current assets -30 629 20 536 -1 958 1 31
Increase (-), decrease (+) in
current liabilities 27 620 -32 645 1 765 -2 086
Interest received and other
financial income 1 708 2 272 109 145
Other financial expenses paid 0 -7 0 0
Total operating activities 39 492 25 415 2 524 1 624
Investing activities
Property, plant and equipment sold 259 22 17 1
Property, plant and equipment
acquired -28 652 -9 565 -1 831 -61
Loans issued -45 -6 -3 0
Financial activities change 0 -10 954 0 -700
Loans repaid 41 14 3 1
Total investing activities -28 397 -20 489 -1 815 -1 309
Net cash flow 11 095 4 926 709 315
Movement in cash and cash
equivalents
Cash and cash equivalents at the
beginning of the period 400 249 299 169 25 581 19 120
Net cash flow 11 095 4 926 709 315
Foreign exchange gain 152 131 10 8
Cash and cash equivalents at the
end of the period 411 496 304 226 26 299 19 444
incl.cash and bank accounts 315 864 174 604 20 187 11 159
marketable securities 95 632 129 621 6 112 8 284
Changes in owners` equity as of 31.03.05
unaudited
EEK in thousands
Share Statutory Previous Financial Total
capital reserves year year owners
profit profit equity
31.12.2003 132 000 13 200 518 000 128 333 791 533
Net retained earnings of 2003 128 333 -128 333
Dividends -66 000 -66 000
Net profit for the financial year 104 988 104 988
31.12.2004 132 000 13 200 580 333 104 988 830 521
31.12.2004 132 000 13 200 580 333 104 988 830 521
Net retained earnings of 2004 104 988 -104 988
Net profit for the financial year 28 584 28 584
31.03.2005 132 000 13 200 685 321 28 584 859 105
EUR in thousands
Share Statutory Previous Financial Total
capital reserves period year owners
profit profit equity
31.12.2003 8 436 844 33 106 8 202 50 588
Net retained earnings of 2003 8 202 -8 202
Dividends -4 218 -4 218
Net profit for the financial year 6 710 6 710
31.12.2004 8 436 844 37 090 6 710 53 080
31.12.2004 8 436 844 37 090 6 710 53 080
Net retained earnings of 2004 6 710 -6 710
Net profit for the financial year 1 827 1 827
31.03.2005 8 436 844 43 800 1 827 54 907
Peep Siimon
Chairman of Management Board
+372 6500 442
Sisukaart