Andmed seisuga: 07.07.2024 06:08 (GMT+3)
AS MERKO EHITUS FINANCIAL RESULTS 20.05.2005
FINANCIAL RESULTS 3M 2005
COMMENTARY TO 3M 2005 FINANCIAL RESULTS
Merko Ehitus group 3M 2005 consolidated and unaudited net sales amounted to
626 million kroons (40 million euros) and net profit was 66.8 million kroons
(4.3 million euros) incl. 54.8 million kroons which was gained from general
business activities and 12 million kroons from the disposal of surplus real
estate, which was sold in order to achieve the strategic aims of the company.
Compared to the same period in the previous year Group’s turnover decreased
by 18.7 percent and profit increased by 12.8 percent.
Companies of the Group 3M 2005 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 374 546 23 938 374 546 23 938
AS Gustaf (100% partnership) 14 712 940 13 861 886
OÜ Gustaf Tallinn (80% partnership) 27 427 1 753 27 427 1 753
AS Merko Tartu (66% partnership) 30 822 1 970 27 842 1 779
Tallinna Teede AS (100% partnership) 11 228 718 10 969 701
Construction
AS Normanni Linnagrupp(50% partnership)3 186 204 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 39 403 2 518 - -
Communication networks
AS Telegrupp (45% partnership) 11 021 704 - -
Latvian companies
Construction
SIA Merks (100% partnership) 110 564 7 066 110 564 7 066
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 35 482 2 268 35 482 2 268
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
3M 2005 3M 2004
Net profit margin 8,8 % * 6,2 % *
Operating profit margin 9,4 % 8,1 %
Return on equity (per year) 35,6 % 48,0 %
Return on assets (per year) 20,3 % 20,9 %
Current ratio 2,0 1,7
Equity-to-assets ratio 56,8 % 46,6 %
The share of general expenses in sales 4,8 % 2,5 %
The share of labor costs in sales 7,8 % 5,1 %
* 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
The share of general expenses in sales: General expenses / Sales
The share of labor costs in sales: Labor costs / Sales
* calculated for the shareholders of the parent company
Year 2005 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 2005
consolidated, unaudited in thousand EEK and EUR
EEK EUR
3M 2005 3M 2004 3M 2005 3M 2004
Sales 626 023 770 161 40 010 49 222
Sales costs (533 911) (700 058) (34 123) (44 742)
Gross profit 92 112 70 103 5 887 4 480
Marketing expenses (5 210) (3 386) (333) (216)
Administrative expenses (27 365) (16 212) (1 749) (1 036)
Other operating income 305 12 522 19 800
Other operating expenses (786) (613) (50) (39)
Operating profit 59 056 62 414 3 774 3 989
Financial income and expenses
from stocks of subsidiaries 0 (299) 0 (19)
Financial income and expenses
from stocks of associate companies 6 931 82 443 5
Financial income and expenses from
other long-term financial investments 110 - 7 -
Interest expense (381) (444) (24) (28)
Foreign exchange gain 760 579 49 37
Other financial income and expense 1 533 (1 630) 98 (104)
Total financial income and expenses 8 953 (1 712) 572 (109)
Profit before taxes 68 009 60 702 4 346 3 880
Income tax (327) (974) (21) (63)
Net profit for fiscal year 67 682 59 728 4 325 3 817
incl. net profit attributable
to minority shareholders 66 830 59 221 4 271 3 785
net profit attributable
to parent company 852 507 53 32
Parent company's net profit per share
(basic and diluted, in EEK and EUR) 7,55 6,69 0,48 0,43
BALANCE SHEET AS OF 31.03.2005
consolidated, unaudited in thousand EEK and EUR
EEK EUR
31.03.2005 31.12.2004 31.03.2005 31.12.2004
ASSETS
Current assets
Cash 86 405 141 812 5 522 9 063
Short-term financial investments 45 11 775 3 753
Receivables and prepayments 647 606 499 165 41 390 31 903
Inventories 384 704 351 332 24 586 22 454
Total current assets 1 118 760 1 004 084 71 501 64 173
Non-current assets
Long-term financial investments 58 642 55 438 3 748 3 543
Real estate investments 48 255 61 389 3 084 3 924
Tangible assets 151 505 131 765 9 683 8 421
Intangible assets 2 171 1 110 139 71
Total non-current assets 260 573 249 702 16 654 15 959
TOTAL ASSETS 1 379 333 1 253 786 88 155 80 132
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Raised loans 16 372 12 578 1 047 804
Liabilities and prepayments 543 951 488 170 34 764 31 200
Current provisions 5 337 5 784 341 369
Total current liabilities 565 660 506 532 36 152 32 373
Non-current liabilities
Loans, bonds and finance
lease liabilities 14 012 14 046 896 898
Other long-term payables 8 060 8 038 515 514
Total non-current liabilities 22 072 22 084 1 411 1 412
Total liabilities 587 732 528 616 37 563 33 785
Owners' equity
Minority interest 7 452 7 200 476 460
Equity attributable to parent company's shareholders
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
Other reserves (5 314) (4 663) (340) (298)
Undistributed profit 689 163 622 333 44 045 39 774
Total equity attributable to
parent company's shareholders 784 149 717 970 50 116 45 887
Total owners' equity 791 601 725 170 50 592 46 347
TOTAL LIABILITIES
AND OWNERS' EQUITY 1 379 333 1 253 786 88 155 80 132
Alar Lagus
Member of Board
+372 6 805 109
Sisukaart