Andmed seisuga: 30.11.2024 09:19 (GMT+2)
Merko Ehitus NEWS RELEASE 05/08/2003
FINANCIAL RESULTS, Q1 2003
COMMENTARY TO 3M 2003 FINANCIAL RESULTS
Merko Ehitus group 3M 2003 consolidated and unaudited net sales amounted to
467,4 million EEK (29,9 million EUR), and net profit was 28,2 million EEK
(1,8 million EUR).
The respective figures year ago were net sales of 293,7 million EEK
(18,8 million EUR) and net profit of 18,8 million EEK (1,2 million EUR).
Merko Ehitus group deals in the field of construction and with activities
concerned to that, in Estonia, Latvia and Lithuania. Companies of the group
3M 2003 net sales and consolidated net sales (sales outside the group) were
(in thousand EEK):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 244 438 244 302
AS Gustaf (100% partnership) 19 624 18 155
AS Merko Tartu (66% partnership) 20 739 16 549
Tallinna Teede AS (100% partnership) 10 992 10 977
Production of structures for small houses
OÜ Matek (71,6% partnership) 15 604 15 262
Construction
AS Normanni Linnagrupp (50% partnership) 2 903 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 31 197 -
Telecommunication networks
AS Telegrupp (45% partnership) 6 619 -
Latvian companies
Construction
SIA Merks (100% partnership) 57 640 57 640
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 104 493 104 493
Companies of the group 3M 2003 net sales and consolidated net sales
(sales outside the group) were (in thousand EUR):
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 15 622 15 614
AS Gustaf (100% partnership) 1 254 1 160
AS Merko Tartu (66% partnership) 1 325 1 058
Tallinna Teede AS (100% partnership) 702 702
Production of structures for small houses
OÜ Matek (71,6% partnership) 997 975
Construction
AS Normanni Linnagrupp (50% partnership) 186 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 1 994 -
Telecommunication networks
AS Telegrupp (45% partnership) 423 -
Latvian companies
Construction
SIA Merks (100% partnership) 3 684 3 684
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 6 678 6 678
Merko Ehitus group 3M 2003 consolidated data illustrating financial
ratios were:
3M 2003 3M 2002
Net profit margin 6,0 % 6,4 %
Operating profit margin 6,6 % 5,8 %
Return on equity (per year) 35,8 % 30,3 %
Return on assets (per year) 14,5 % 14,5 %
Current ratio 1,4 1,7
Invoice turnover (per year) 5,9 7,8
Equity-to-assets ratio 38,7 % 49,0 %
Year 2003 3M consolidated and unaudited income statement and balance sheet
are compiled in accordance with the principles of the International
Accounting Standards (IAS), and correspond with the Estonian legal acts
regulating the accounting principles used.
INCOME STATEMENT 3M 2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
2003.a. 2002.a. 2003.a. 2002.a.
3 months 3 months 3 months 3 months
Sales 467 378 293 684 29 871 18 770
Cost of sales (420 651) (262 429) (26 884) (16 772)
Gross profit 46 727 31 255 2 986 1 998
Marketing expenses (3 565) (2 824) (228) (180)
Administrative expenses (15 111) (11 816) (966) (755)
Other operating income 3 714 1 128 237 72
Other operating expenses (811) (565) (52) (36)
Operating profit 30 954 17 178 1 978 1 098
Financial income and expenses from
stocks of subsidiaries 1 - 0 -
Financial income and expenses from
stocks of associates 713 340 46 22
Financial income and expenses from
other noncurrent financial investments 780 - 50 -
Interest expense (145) (88) (9) (6)
Foreign exchange gain (1 436) 353 (92) 23
Other financial income and expense (2 389) 901 (153) 58
Total financial income and expenses (2 476) 1 506 (158) 96
Net profit(-loss) for the fin. year 28 478 18 684 1 820 1 194
Minority interest (313) 104 (20) 7
Net profit (-loss) for the group 28 165 18 788 1 800 1 201
Net profit (-loss) per share
(basic and diluted, in EEK and EUR) 3,18 2,12 0,20 0,14
BALANCE SHEET AS OF 31.03.2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
31.03.2003 31.12.2002 31.03.2003 31.12.2002
ASSETS
Cash and cash equivalents 67 485 96 310 4 313 6 155
Marketable securities 49 076 53 018 3 137 3 388
Accounts receivable 319 195 165 992 20 400 10 609
Allowance for doubtful receivables (307) (424) (20) (27)
Total accounts receivable 318 888 165 568 20 381 10 582
Receivables from associates 1 452 1 227 93 78
Other short-term receivables 27 886 27 245 1 782 1 741
Total other receivables 29 338 28 472 1 875 1 820
Interest receivable 694 1 145 44 73
Dividends receivable 249 - 16 -
Other accrued income 234 32 15 2
Total accrued income 1 177 1 177 75 75
Prepaid taxes 9 484 11 275 606 721
Other prepaid expenses 3 049 3 158 195 202
Total prepaid expenses 12 533 14 433 801 922
Raw materials 4 471 2 735 286 175
Work-in-progress 17 939 41 119 1 147 2 628
Finished goods 944 1 314 60 84
Merchandise purchased for resale 48 126 66 426 3 076 4 245
Prepayments to suppliers 48 374 3 24
Prepayments for real estate 5 083 15 181 325 970
Construction-in-progress 30 819 12 229 1 970 782
Due from customers 111 055 84 962 7 098 5 430
Total inventories 218 485 224 340 13 964 14 338
TOTAL CURRENT ASSETS 696 982 583 318 44 545 37 281
Shares in associated companies 21 264 21 338 1 359 1 364
Long-term receivables from
associated companies 12 478 7 757 797 496
Other shares, holdings and debt
securities 1 800 1 800 115 115
Miscellaneous longterm receivabl.13 116 9 906 838 633
Long-term accounts receivable - 1 679 - 107
Total long-term financial assets 48 658 42 480 3 110 2 715
Land 28 617 15 249 1 829 975
Buildings 7 840 13 544 501 866
Accumulated real-estate
investments depreciation (3 883) (5 140) (248) (329)
Prepayments for real-estate
investments 11 655 11 655 745 745
Total real-estate investments 44 229 35 308 2 827 2 257
Land and buildings 10 842 13 015 693 832
Ground lease 458 458 29 29
Plant and equipment 73 272 66 854 4 683 4 273
Other equipment and fixtures 24 806 20 683 1 585 1 322
Accumulated depreciation (54 516) (50 790) (3 484) (3 246)
Self-constructed physical assets
under construction 169 170 11 11
Prepayments for noncurrent
physical assets 6 217 - 397 -
Total noncurrent physical assets 61 248 50 390 3 914 3 220
Purchased concessions, patents,
licenses, etc. 168 135 11 9
Goodwill (1 917) (5 418) (123) (346)
Total intangible assets (1 749) (5 283) (112) (338)
TOTAL NON-CURRENT ASSETS 152 386 122 895 9 739 7 854
TOTAL ASSETS 849 368 706 213 54 284 45 135
Short-term loans and bonds 35 796 8 087 2 288 517
Current period long-term
debt repayment 4 736 4 717 303 301
Total debt obligations 40 532 12 804 2 590 818
Customer prepayments 25 274 42 820 1 615 2 737
Accounts payable to suppliers 190 725 179 011 12 190 11 441
Payables to associated companies 852 3 853 54 246
Tax liabilities 24 556 16 344 1 569 1 045
Payables to employees 16 266 18 051 1 040 1 154
Dividends payable 499 889 32 57
Interest payable - 6 - 0
Other accrued expenses 841 1 037 54 66
Total accrued expenses 17 606 19 983 1 125 1 277
Provisions for construction
warranty liability 3 625 3 368 232 215
Due to customers 189 646 104 917 12 121 6 705
Total current provisions 193 271 108 285 12 352 6 921
TOTAL CURRENT LIABILITIES 492 816 383 100 31 497 24 484
Loans, bonds and financial
lease liabilities 2 895 2 604 185 166
Accounts payable to suppliers 14 994 14 900 958 952
Other long-term payables 4 880 - 312 -
TOTAL NON-CURRENT LIABILITIES 22 769 17 504 1 455 1 119
TOTAL LIABILITIES 515 585 400 604 32 952 25 603
OWNERS' EQUITY
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 200 343 101 480 12 804 6 486
Net profit (-loss) for the
financial year 28 165 98 863 1 800 6 318
Exchange rate differences (136) 174 (9) 11
TOTAL OWNERS' EQUITY 328 672 300 817 21 006 19 226
Minority interest 5 111 4 792 327 306
TOTAL LIABILITIES AND
OWNERS' EQUITY 849 368 706 213 54 284 45 135
Ülo Metsaots
Management Board member
+372 6 805 104
Sisukaart