Andmed seisuga: 20.07.2024 15:08 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 08.11.2004
FINANCIAL RESULTS 9M 2004
COMMENTARY TO 9M 2004 FINANCIAL RESULTS
Merko Ehitus group 9M 2004 consolidated and unaudited net sales amounted to
EEK 2 232.6 million (EUR 142.7 million) and net profit was EEK 187.7 million
(EUR 12.0 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 in first quarter from the disposal of
a project managing unit of Tallinna Teede AS. Compared to the same period of
previous year net sales increased by 20,4% and net profit 31,4% (without
extraordinary profit). Income increase, which exceeded expenses' growth rate,
and successful selling of residential buildings improved Group’s operating
and net profit margins in the 3rd quarter.
Companies of the Group 9M 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 1 514 313 96 782 1 513 696 96 743
AS Gustaf (100% partnership) 48 282 3 086 47 488 3 035
OÜ Gustaf Tallinn (80% partnership) 45 215 2 890 44 516 2 845
AS Merko Tartu (66% partnership) 68 108 4 353 43 490 2 780
Tallinna Teede AS (100% partnership) 127 903 8 174 118 821 7 594
Construction
AS Normanni Linnagrupp(50%partnership)97 737 6 247 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 110 714 7 076 - -
Telecommunication networks
AS Telegrupp (45% partnership) 46 755 2 988 - -
Latvian companies
Construction
SIA Merks (100% partnership) 326 983 20 898 326 983 20 898
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 137 246 8 772 137 246 8 772
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
9M 2004 9M 2003
Net profit margin 7,9 % * 7,2 %
Operating profit margin 8,4 % * 8,1 %
Return on equity (per year) 46,4 % 50,0 %
Return on assets (per year) 20,7 % 20,1 %
Current ratio 1,6 1,5
Equity-to-assets ratio 48,3 % 38,6 %
* without extraordinary profit
Net profit margin: Net profit / Sales
Operating profit margin: Operating profit / Sales
Return on equity: (Net profit x 4/3) / Average equity during the period
Return on assets: (Net profit x 4/3) / Average assets during the period
Current ratio: Current assets / Current liabilities
Equity-to-assets ratio: Owners equity / Total assets
Year 2004 9M 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 III quarter 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
IIIq 2004 IIIq 2003 IIIq 2004 IIIq 2003
Sales 733 957 772 664 46 908 49 382
Cost of sales (631 561) (697 218) (40 364) (44 560)
Gross profit 102 396 75 446 6 544 4 822
Marketing expenses (3 645) (3 126) (233) (200)
Administrative expenses (20 170) (17 711) (1 289) (1 132)
Other operating income 449 10 493 29 671
Other operating expenses (1 321) (607) (84) (39)
Operating profit 77 709 64 495 4 967 4 122
Financial income and expenses
from stocks of subsidiaries 0 541 0 35
Financial income and expenses
from stocks of associate companies 7 661 969 490 62
Financial income and expenses from
other long-term financ ial investments 97 66 6 4
Interest expense (5 208) (663) (333) (42)
Foreign exchange gain 2 082 (4) 133 (0)
Other financial income and expense (2 404) (1 075) (154) (69)
Total financial income and expenses 2 228 (166) 142 (11)
Profit before taxes 79 937 64 329 5 109 4 111
Income tax (1 572) (4 558) (100) (291)
Net profit for fiscal year 78 365 59 771 5 008 3 820
incl. minority interest (449) (594) (29) (38)
Net profit for the group 77 916 59 177 4 980 3 782
Net profit per share (basic
and diluted, in EEK and EUR) 8,80 6,69 0,56 0,43
INCOME STATEMENT 9M 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
9M 2004 9M 2003 9M 2004 9M 2003
Sales 2 232 593 1 854 739 142 689 118 539
Cost of sales (1 976 331) (1 657 554) (126 311) (105 937)
Gross profit 256 262 197 185 16 378 12 602
Marketing expenses (11 415) (10 790) (730) (690)
Administrative expenses (57 125) (49 454) (3 651) (3 161)
Other operating income 12 960 15 317 828 979
Other operating expenses (2 418) (1 455) (155) (93)
Operating profit 198 264 150 803 12 671 9 638
Financial income and expenses
from stocks of subsidiaries (299) 542 (19) (35)
Financial income and expenses
from stocks of associate companies 10 900 3 372 697 216
Financial income and expenses from
other long-term financial investments 147 1 080 9 69
Interest expense (6 077) (1 351) (388) (86)
Foreign exchange gain 2 697 (2 402) 172 (154)
Other financial income and expense (6 127) (5 078) (392) (325)
Total financial income and expenses 1 241 (3 837) 79 (245)
Profit before taxes 199 505 146 966 12 751 9 393
Income tax (10 025) (11 088) (641) (709)
Net profit for fiscal year 189 480 135 878 12 110 8 684
incl. minority interest (1 765) (1 859) (113) (119)
Net profit for the group 187 715 134 019 11 997 8 565
Net profit per share (basic
and diluted, in EEK and EUR) 21,21 15,14 1,36 0,97
BALANCE SHEET AS OF 30.09.2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.09.2004 31.12.2003 30.09.2004 31.12.2003
ASSETS
Cash and cash equivalents 133 302 240 152 8 520 15 349
Marketable securities 25 235 36 096 1 613 2 307
Accounts receivable 291 713 408 296 18 644 26 095
Miscellaneous receivables 253 744 99 394 16 217 6 352
Accrued income 1 677 673 107 43
Prepaid expenses 15 242 21 180 974 1 354
incl. income tax 3 423 1 746 219 112
Inventories 315 128 183 254 20 140 11 712
TOTAL CURRENT ASSETS 1 036 040 989 045 66 215 63 211
Shares in associate companies 34 622 25 040 2 213 1 600
Other long-term fin. investments 24 197 3 325 1 546 213
Deferred income tax liability 4 124 4 124 264 264
Real estate investments 69 676 52 869 4 453 3 379
Tangible assets 102 956 73 051 6 580 4 669
Intangible assets 290 (1 592) 19 (102)
TOTAL NON-CURRENT ASSETS 235 865 156 817 15 075 10 022
TOTAL ASSETS 1 271 905 1 145 862 81 290 73 234
Debt obligations 3 375 12 447 216 796
Customer prepayments 33 796 17 881 2 160 1 143
Merchandise credit 238 532 267 597 15 245 17 103
Miscellaneous liabilities 298 620 305 736 19 085 19 540
Tax liabilities 15 359 21 352 982 1 365
incl. income tax 3 339 5 124 213 327
Accrued expenses 34 646 21 095 2 214 1 348
Current provisions 5 787 5 191 370 332
TOTAL CURRENT LIABILITIES 630 115 651 299 40 272 41 626
Long-term payables 13 867 16 399 886 1 048
Other long-term payables 8 465 9 532 541 609
TOTAL NON-CURRENT LIABILITIES 22 332 25 931 1 427 1 657
TOTAL LIABILITIES 652 447 677 230 41 699 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 327 733 180 430 20 946 11 531
Net profit for fiscal year 187 715 184 473 11 997 11 790
Exchange rate differences (1 663) (1 380) (106) (88)
TOTAL OWNERS' EQUITY 614 085 463 823 39 247 29 643
Minority interest 5 373 4 809 343 307
TOTAL LIABILITIES
AND OWNERS' EQUITY 1 271 905 1 145 862 81 290 73 234
Alar Lagus
Member of Board
+372 6 805 109
Sisukaart