Atnaujinta: 2024.07.23 05:11 (GMT+3)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 03/03/2003
FINANCIAL RESULTS, 12M/2002
COMMENTS TO INCOME STATEMENT, 12M/2002
The 12 months 2002 net sales of Tallinna Farmaatsiatehas amounted to 93,816
th. EEK (5,996 th. EUR). Compared to the same period of previous year the
sales were increased by 8,026 th EEK (513 th. EUR) i.e. 9.4% (net turnover in
12 months 2001 85,790 th. EEK or 5,483 th.EUR).
The operating income total increased by 5,145 th. EEK or 328 th EUR (5.4%).
Operating income in 2001 95,286 th. EEK (6,089 th.EUR) and in 2002 100,431
th. EEK (6,419 th.EUR).
Compared to the same period of previous year the total operating cost
increased by 15,348 th. EEK (981 th EUR) i.e. 19,4% (total operating costs in
2001 79,079 th. EEK (5,054 th.EUR) and in 2002 94,428 th. EEK (6,035
th.EUR)), from which the increase of expenses for materials (expenses for
materials in 2001 42,184 th. EEK (2,696 th. EUR) and in 2002 49,781 th. EEK
(3,182 th.EUR)) 7,597 th.EEK or 486 th EUR (18.0%). Others operating expenses
increased by 2,256 th. EEK (144 th.EUR) (others operating expenses in 2001
7,356 th. EEK (470 th. EUR) and in 2002 9,613 th. EEK (614 th. EUR)) 30.7%.
Others expenses increased by 5,798 th. EEK (371 th.EUR) (others expenses in
2001 6,288 th. EEK (401 th. EUR) and in 2002 12,086 th. EEK (772 th. EUR))
92.2%.
Operating profit decreased in 12 months of 2002 compared (operating profit in
2001 16,207 th. EEK (1,036 th.EUR) and operating profit in 2002 6,003 th.
EEK (384 th.EUR)) to the same period of 2001 by 10,204 th. EEK (652 th.EUR)
(63.0 %) , and net profit decreased (net profit in 2001 10,269 th. EEK (656
th.EUR) and net profit in 2002 4,935 th. EEK (315 th.EUR)) by 5,334 th. EEK
(340 th.EUR) (51.9%).
COMMENTS TO BALANCE SHEET
As of December 31. 2002 the Balance capacity was 87,772 th. EEK (5,610 th.
EUR). Compared to the net balance, the biggest decrease was in assets - fixed
assets 5,492 th. EEK (351 th. EUR) (13.4%),receivables from parent company
4,075 th. EEK (260 th. EUR) (13.9%) and raw materials stock with the sum
2,023 th. EEK (129 th.EUR) (30.1%). Trading assets decreased totally by 4,577
th. EEK (292 th.EUR) (8.4%).
In the liabilities the short-term liabilities decreased 3,316 th. EEK (211
th.EUR) (14.2%). Compared to the net balance, the biggest increase was in
liabilities - accounts payable 1,303 th. EEK (83 th.EUR) (21,0%). The owners
equity increased 4,935 th. EEK (315 th.EUR)) (15.0%) in the account of 12
months 2002 net profit.
2001 2002
Gross profit margin 18.9 6.4
Net profit margin 12.0 5.3
Return on equity (ROE) 31.2 13.0
Return on total assets (ROA) 10.4 5.6
Proportion of capital and reserves and all assets 33.5% 43.1%
Income of accounts receivable (by days) 142,5 115,4
Net profit per share (EEK) 8.22 3.95
Net profit per share (EUR) 0.53 0.25
BALANCE SHEET AS OF 31.12.2002
in thousand EEK/EUR EEK EUR
31.12.2002 31.12.2001 31.12.2002 31.12.2001
A S S E T S
CURRENT ASSETS
Cash and bank accounts 78 390 5 25
Customer receivables
ACCOUNTS RECEIVABLE 2,406 3,331 153 213
Other receivables
RECEIVABLES FROM PARENT COMPANY 25,157 29,232 1,608 1,868
OTHER SHORT-TERM RECEIVABLES 389 97 25 6
Total 25,546 29,329 1,633 1,874
Accrued income 3 0 0 0
Prepaid expenses 1 499 686 96 44
Inventories
RAW MATERIAL 3,409 6,415 218 410
WORK-IN-PROGRESS 316 403 20 26
FINISHED GOODS 15,041 13,303 961 850
PREPAYMENTS TO SUPPLIERS 1,299 316 83 20
Total 20,065 20,436 1,282 1,306
TOTAL CURRENT ASSETS 49,597 54,174 3,170 3,462
NON-CURRENT ASSETS
Long-term investments 381 424 24 27
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 35,592 37,263 2,275 2,381
CONSTRUCTION IN PROGRESS 0 3,821 0 244
Total 35,592 41,084 2,275 2,625
Intangible assets 2,202 2,625 141 167
TOTAL NON-CURRENT ASSETS 38,175 44,133 2,440 2,820
TOTAL ASSETS 87,772 98,307 5,610 6,283
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 9,415 9,415 602 602
SHORT-TERM BANK LOANS 1,098 1,184 70 75
Total 10,513 10,599 672 677
Accounts payable 7,501 6,198 479 396
Other payables 0 4,204 0 269
Taxes payable 0 39 0 2
Accrued expenses 2,097 2,386 134 152
TOTAL CURRENT LIABILITIES 20,111 23,426 1,285 1,497
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 11,327 21,840 724 1,396
PAYABLES TO PARENT COMPANY 18,505 20,147 1,183 1,287
TOTAL NON-CURRENT LIABILITIES 29,832 41,987 1,907 2,683
TOTAL LIABILITIES 49,943 65,414 3,192 4,180
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 18,077 7,808 1,155 499
PROFIT (LOSS) FOR FINANCIAL YEAR 4,935 10,269 315 656
SHAREHOLDERS’ EQUITY TOTAL 37,829 32,894 2,418 2,102
LIABILITIES AND SHAREHOLDERS’
EQUITY 87,772 98,307 5,610 6,283
INCOME STATEMENT, 12M/2002
in thousand EEK/EUR EEK EUR
2002 2001 2002 2001
REVENUE
NET SALES 93,817 85,789 5,996 5,483
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES 1,651 1,487 105 95
OTHER OPERATING INCOME 4,963 8,009 317 512
TOTAL REVENUE 100,431 95,286 6,419 6,089
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -49,781 -42,184 -3,182 -2,696
OTHER OPERATING EXPENSES -9,613 -7,356 -614 -470
PERSONNEL EXPENSES
WAGES & SALARIES -12,792 -13,322 -817 -851
SOCIAL TAXES -4,455 -4,579 -285 -293
DEPRECIATION -5,701 -5,350 -364 -342
OTHER EXPENSES -12,086 -6,288 -772 -402
TOTAL EXPENSES -94,427 -79,079 -6,035 -5,054
OPERATING PROFIT (-LOSS) 6,003 16,207 384 1,036
FINANCIAL INCOME 3,827 46 244 3
FINANCIAL EXPENSES -4,896 -5,984 -313 -382
NET PROFIT (LOSS) 4,935 10,269 315 656
EARNINGS (LOSS) PER SHARE 3.95 8.22 0.25 0.53
Raivo Unt
CFO
+372 6120 201
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