Andmed seisuga: 23.11.2024 05:21 (GMT+2)
AS Norma FINANCIAL RESULTS 19.10.2005
FINANCIAL RESULTS Q3 and 9 month Y2005
(unaudited)
Sales and Revenues
During the nine month period Y2005 consolidated net sales of AS Norma
totalled 736.6 MEEK (47.1 MEUR), 98% of which were generated by parent
company in the amount of 722.3 MEEK (46.2 MEUR).
Consolidated sales increased by 3% (21.3 MEEK, 1.4 MEUR) from 9 month Y2004.
Q3 Y2005 consolidated sales totalled 225.7 MEEK (14.4 MEUR) and increased
8.6%. Sales to Russian customers decreased 14% and to Western customers rose
by 11% in 9 month Y2005. Q3 Y2005 sales to Russia were 6% lower than last
year, but 4% higher than in Q2 Y2005.
Sales to Autoliv was 9 month Y2005 452.5 MEEK (28.9 MEUR).
The group's main fields of activity include production and sale of safety
belts, car components. Exports accounted to 99% of sales revenue,
29% of production was exported to Russian customers (9 month Y2004 35%).
The number of employees at the end of the period was 920.
Use of Capital
Accounts receivable at the end of period totalled 197.5 MEEK (12.6 MEUR),
of which 39% related to the Russian customers. During the nine month period
Y2005 volume of accounts receivable has increased by 26.2 MEEK(1.7 MEUR),
Receivables from Autoliv were 111.7 MEEK (7.1 MEUR).
Norma`s payables to Autoliv were 25.5 MEEK(1.6 MEUR).
The share of accounts in arrears was 6% from total receivables.
The provision for bad debts decrease and the reserve totalled 4.7 MEEK
(0.3 MEUR). As of the Q3 Y2005, the consolidated total assets were
943.4 MEEK (60.3 MEUR), a decrease by 7.3 MEEK(0.5 MEUR),main decrease in
the current assets 37.3 MEEK (2.4 MEUR).
Total liabilities amounted to 115.8 MEEK (7.4 MEUR).
The company has no long term liabilities.
The group's owners' equity was lower by 2.9 MEEK(0.2 MEUR) than end of 2004,
amounting to 827.6 MEEK (52.9 MEUR) (88% of total assets).
Investments
AS Norma invested a total of 79.0 MEEK (5.0 MEUR), to support existing
production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit nine month period
Y2005 was 63.1 MEEK (4.0 MEUR). Net profit was lower by 12.3 MEEK
(0.8 MEUR),decrease 16%(75.4 MEEK, 4.8 MEUR 9 month Y2004).
Profit before taxes Q3 Y2005 was 25.9 MEEK (1.6 MEUR), decrease 4.9 MEEK
(0.3 MEUR)compared to Q3 Y2004.(30.8 MEEK, 1.9 MEUR)
Earnings per share were 4.78 EEK (0.31 EUR) in nine month Y2005.
Nine month Y2004 5.72 EEK (0.37 EUR).
The Q4 Y2005 results of AS Norma will be released at February 08, 2006.
Consolidated balance sheet as of 30.09.05
unaudited
EEK in thousands EUR in thousands
Assets 30.09.05 31.12.04 30.09.05 31.12.04
Current assets
Cash and bank accounts 258 971 319 043 16 551 20 391
Avaible-for-sale investments 79 742 81 206 5 096 5 190
Held-to-maturity investments 0 6 483 0 414
Accounts receivable 197 498 171 342 12 622 10 951
Allowance for doubtful
receivables -4 665 -4 948 -298 -316
Other receivables and prepayments 4 885 12 250 312 783
Prepaid taxes 5 232 6 223 334 398
Inventories 99 430 86 758 6 355 5 545
Total current assets 641 093 678 357 40 973 43 355
Non-current assets
Long-term financial assets 11 488 12 088 734 773
Property, plant and equipment 273 988 241 287 17 511 15 421
Intangible assets 16 829 18 920 1 076 1 209
Total non-current assets 302 305 272 295 19 321 17 403
Total assets 943 398 950 652 60 294 60 758
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 110 937 114 795 7 090 7 337
Taxes payable 4 830 5 336 309 341
Total current liabilities 115 767 120 131 7 399 7 678
Total liabilities 115 767 120 131 7 399 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 619 321 580 333 39 582 37 090
Net profit 63 110 104 988 4 033 6 710
Total owners´ equity 827 631 830 521 52 895 53 080
Total liabilities and owners´
equity 943 398 950 652 60 294 60 758
Parent company balance sheet as of 30.09.05
unaudited
EEK in thousands
30.09.05 31.12.04 31.12.04
Assets adjusted as
according published
to IFRS 3 earlier
Current assets
Cash and bank accounts 258 014 318 668 318 668
Avaible-for-sale investments 79 742 81 206 81 206
Held-to-maturity investments 0 4 000 4 000
Accounts receivable 202 381 178 155 178 155
Allowance for doubtful receivables -4 665 -4 948 -4 948
Other receivables and prepayments 5 510 12 928 12 161
Prepaid taxes 3 257 4 628 4 628
Inventories 90 215 79 343 79 343
Total current assets 634 454 673 980 673 213
Non-current assets
Long-term financial assets 23 604 24 204 30 831
Property, plant and equipment 258 835 226 953 226 953
Intangible assets 16 552 18 411 18 411
Total non-current assets 298 991 269 568 276 195
Total assets 933 445 943 548 949 408
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 109 684 114 444 114 444
Taxes payable 3 738 4 443 4 443
Total current liabilities 113 422 118 887 118 887
Total liabilities 113 422 118 887 118 887
Owners` equity
Share capital (par value) 132 000 132 000 132 000
Statutory reserves 13 200 13 200 13 200
Retained earning 613 461 575 271 580 333
Net profit 61 362 104 190 104 988
Total owners´ equity 820 023 824 661 830 521
Total liabilities and owners´ equity 933 445 943 548 949 408
Parent company balance sheet as of 30.09.05
unaudited
EUR in thousands
30.09.05 31.12.04 31.12.04
Assets adjusted as
according published
to IFRS 3 earlier
Current assets
Cash and bank accounts 16 490 20 367 20 367
Avaible-for-sale investments 5 096 5 190 5 190
Held-to-maturity investments 0 256 256
Accounts receivable 12 935 11 386 11 386
Allowance for doubtful receivables -298 -316 -316
Other receivables and prepayments 352 826 777
Prepaid taxes 208 296 296
Inventories 5 766 5 071 5 071
Total current assets 40 549 43 075 43 026
Non-current assets
Long-term financial assets 1 509 1 547 1 970
Property, plant and equipment 16 543 14 505 14 505
Intangible assets 1 058 1 177 1 177
Total non-current assets 19 109 17 229 17 652
Total assets 59 658 60 304 60 678
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 7 010 7 314 7 314
Taxes payable 239 284 284
Total current liabilities 7 249 7 598 7 598
Total liabilities 7 249 7 598 7 598
Owners` equity
Share capital (par value) 8 436 8 436 8 436
Statutory reserves 844 844 844
Retained earning 39 207 36 767 37 090
Net profit 3 922 6 659 6 710
Total owners´ equity 52 409 52 705 53 080
Total liabilities and owners´ equity 59 658 60 304 60 678
Consolidated income statement Q3 and nine month Y2005
unaudited
EEK in thousands
01.07.05- 01.01.05- 01.07.04- 01.01.04-
30.09.05 30.09.05 30.09.04 30.09.04
Net sales 225 714 736 569 207 738 715 250
Cost of goods sold 184 990 610 393 167 350 590 978
Gross profit 40 723 126 175 40 388 124 272
Marketing expenses* 2 652 9 458 1 845 4 326
Administrative and general exp. 5 595 17 620 5 406 17 984
Product development expenses 8 198 25 749 8 878 22 689
Bad debt provision -244 -228 -3 554 -3 444
Other income 888 5 310 2 167 6 518
Other expenses 1 730 3 426 1 351 2 051
Operating profit 23 680 75 460 28 629 87 184
Financial income/expenses 2 258 8 492 2 252 7 077
Profit before taxes 25 938 83 952 30 881 94 261
Provision for taxes** 0 20 842 18 658 18 810
Net profit 25 938 63 110 12 223 75 451
Earnings per share 1,97 4,78 0,93 5,72
Consolidated income statement Q3 and nine month Y2005
unaudited
EUR in thousands
01.07.05- 01.01.05- 01.07.04- 01.01.04-
30.09.05 30.09.05 30.09.04 30.09.04
Net sales 14 426 47 075 13 277 45 713
Cost of goods sold 11 823 39 011 10 696 37 770
Gross profit 2 603 8 064 2 581 7 942
Marketing expenses* 169 604 118 276
Administrative and general exp. 358 1 126 346 1 149
Product development expenses 524 1 646 567 1 450
Bad debt provision -16 -15 -227 -220
Other income 57 339 138 417
Other expenses 111 219 86 131
Operating profit 1 513 4 823 1 830 5 572
Financial income/expenses 144 543 144 452
Profit before taxes 1 658 5 366 1 974 6 024
Provision for taxes** 0 1 332 1 192 1 202
Net profit 1 658 4 033 781 4 822
Earnings per share 0,13 0,31 0,06 0,37
* The cost of delivery production 5,058 th.EEK (323 th.EUR) has been
reclassified to marketing expenses. In 2004 it was recorded as cost
of goods sold.
** The dividends income tax liability in the Q2 Y2005 is 20,842 th. kroons
(1,332 th.euros). Y2004 dividends income tax 18,511 th.kroons
(1,183 th.euros) was recorded in Q3 Y2004.
Parent company income statement Q3 Y 2005
unaudited
Thousands of EEK
01.07.05- 01.07.04- 01.07.04-
30.09.05 30.09.04 30.09.04
adjusted as
according published
to IFRS 3 earlier
Net sales 223 332 202 911 202 911
Cost of goods sold 183 802 161 793 161 793
Gross profit 39 530 41 118 41 118
Marketing expenses * 2 652 1 845 1 845
Administrative and general exp. 4 867 4 398 4 398
Product development expenses 8 198 8 878 8 878
Bad bedt provision -244 -3 554 -3 554
Other income 1 224 1 031 1 031
Other expenses 1 669 1 030 1 030
Operating profit 23 612 29 552 29 552
Financial income/Financial exp. 2 234 120 1 182
Profit before taxes 25 845 29 672 30 734
Provision for taxes 0 18 511 18 511
Net profit 25 845 11 161 12 223
Earnings per share in kroons 1,96 0,85 0,93
Parent company income statement Q3 Y 2005
unaudited
Thousands of EUR
01.07.05- 01.07.04- 01.07.04-
30.09.05 30.09.04 30.09.04
adjusted as
according published
to IFRS 3 earlier
Net sales 14 274 12 968 12 968
Cost of goods sold 11 747 10 340 10 340
Gross profit 2 526 2 628 2 628
Marketing expenses * 169 118 118
Administrative and general exp. 311 281 281
Product development expenses 524 567 567
Bad bedt provision -16 -227 -227
Other income 78 66 66
Other expenses 107 66 66
Operating profit 1 509 1 889 1 889
Financial income/Financial exp. 143 8 76
Profit before taxes 1 652 1 896 1 964
Provision for taxes 0 1 183 1 183
Net profit 1 652 713 781
Earnings per share in kroons 0,13 0,05 0,06
Parent company income statement 9 month Y 2005
unaudited
Thousands of EEK
01.01.05- 01.01.04- 01.01.04-
30.09.05 30.09.04 30.09.04
adjusted as
according published
to IFRS 3 earlier
Net sales 722 322 699 916 699 916
Cost of goods sold 602 318 578 627 578 627
Gross profit 120 004 121 289 121 289
Marketing expenses * 9 458 4 326 4 326
Administrative and general exp. 15 322 14 887 14 887
Product development expenses 25 749 22 689 22 689
Bad bedt provision -228 -3 444 -3 444
Other income 6 926 4 908 4 908
Other expenses 2 802 1 310 1 310
Operating profit 73 827 86 429 86 429
Financial income/Financial exp. 8 378 7 032 7 533
Profit before taxes 82 204 93 461 93 962
Provision for taxes 20 842 18 511 18 511
Net profit 61 362 74 950 75 451
Earnings per share in kroons 4,65 5,68 5,72
Parent company income statement 9 month Y 2005
unaudited
Thousands of EUR
01.01.05- 01.01.04- 01.01.04-
30.09.05 30.09.04 30.09.04
adjusted as
according published
to IFRS 3 earlier
Net sales 46 165 44 733 44 733
Cost of goods sold 38 495 36 981 36 981
Gross profit 7 670 7 752 7 752
Marketing expenses * 604 276 276
Administrative and general exp. 979 951 951
Product development expenses 1 646 1 450 1 450
Bad bedt provision -15 -220 -220
Other income 443 314 314
Other expenses 179 84 84
Operating profit 4 718 5 524 5 524
Financial income/Financial exp. 535 449 481
Profit before taxes 5 254 5 973 6 005
Provision for taxes 1 332 1 183 1 183
Net profit 3 922 4 790 4 822
Earnings per share in kroons 0,30 0,36 0,37
Consolidated cash flows as of 30.09.05
unaudited
Thousands of EEK Thousands of EUR
Operating activities 30.09.05 30.09.04 30.09.05 30.09.04
Operating profit 75 460 87 184 4 823 5 572
Profit from sale of property,
plant and equipment -897 -1 125 -57 -72
Deprecation 46 373 42 936 2 964 2 744
Property, plant and equipment
write-off 777 350 50 22
Property, plant and equipment
write-down 1 046 550 67 35
Increase (-), decrease (+) in
current assets -27 566 62 584 -1 762 4 000
Increase (+), decrease (-) in
current liabilities -4 364 -57 384 -279 -3 668
Interest received and other
financial income 5 735 6 705 367 429
Other financial expenses paid 0 -351 0 -22
Total 96 564 141 449 6 172 9 040
Investing activities
Property, plant and equipment sold 1 114 1 187 71 76
Property, plant and equipment
acquired -79 021 -32 290 -5 050 -2 064
Loans issued -88 -65 -6 -4
Financial activities change 6 063 -10 953 387 -700
Loans repaid 188 43 12 3
Total -71 744 -42 078 -4 585 -2 689
Financing activities
Tax for dividends -20 842 -18 511 -1 332 -1 183
Dividends -66 000 -66 000 -4 218 -4 218
Financing activities total -86 842 -84 511 -5 550 -5 401
Net cash flow -62 022 14 860 -3 964 950
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the year: 400 249 299 169 25 581 19 120
Net cash flow -62 022 14 860 -3 964 950
Foreign exchange gain 487 -124 31 -8
Cash and cash equivalents at the
end of year: 338 714 313 905 21 648 20 062
incl.cash and bank accounts 258 971 231 302 16 551 14 783
marketable securities 79 743 82 603 5 097 5 279
Consolidated changes in owners` equity as of 30.09.05
unaudited
Thousands of EEK
Share Statutory Retained Profit Total
capital reserves earnings for the owners
financial equity
year
31.12.2003 132 000 13 200 518 000 128 333 791 533
2003 profit transferred
to retained earnings 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
2004 profit transferred
to retained earnings 104 988 -104 988
Dividends -66 000 -66 000
Net profit for the
financial year 63 110 63 110
30.09.2005 132 000 13 200 619 321 63 110 827 631
Consolidated changes in owners` equity as of 30.09.05
unaudited
Thousands of EUR
Share Statutory Retained Profit Total
capital reserves earnings for the owners
financial equity
year
31.12.2003 8 436 844 33 106 8 202 50 588
2003 profit transferred
to retained earnings 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
2004 profit transferred
to retained earnings 6 710 -6 710
Dividends -4 218 -4 218
Net profit for the
financial year 4 033 4 033
30.09.2005 8 436 844 39 582 4 033 52 859
Parent company changes in owners` equity as of 30.09.05
unaudited
Thousands of EEK
Share Statutory Retained Profit Total
capital reserves earnings for the owners
financial equity
year
31.12.2003 132 000 13 200 512 948 128 323 786 471
2003 profit transferred
to retained earnings 128 323 -128 323
Dividends -66 000 -66 000
Net profit for the
financial year 104 190 104 190
31.12.2004 132 000 13 200 575 271 104 190 824 661
31.12.2004 132 000 13 200 575 271 104 190 824 661
2004 profit transferred
to retained earnings 104 190 -104 190
Dividends -66 000 -66 000
Net profit for the
financial year 61 362 61 362
30.09.2005 132 000 13 200 613 461 61 362 820 023
Parent company changes in owners` equity as of 30.09.05
unaudited
Thousands of EUR
Share Statutory Retained Profit Total
capital reserves earnings for the owners
financial equity
year
31.12.2003 8 436 844 32 783 8 201 50 265
2003 profit transferred
to retained earnings 8 201 -8 201
Dividends -4 218 -4 218
Net profit for the
financial year 6 659 6 659
31.12.2004 8 436 844 36 767 6 659 52 705
31.12.2004 8 436 844 36 767 6 659 52 705
2004 profit transferred
to retained earnings 6 659 -6 659
Dividends -4 218 -4 218
Net profit for the
financial year 3 922 3 922
30.09.2005 8 436 844 39 207 3 922 52 409
Chairman of the Management Board
Peep Siimon
+372 6500 442
Sisukaart