Atnaujinta: 2024.11.30 09:25 (GMT+2)
Tallinna Farmaatsiatehas NEWS RELEASE 05/16/2003
FINANCIAL RESULTS 1Q 2003
COMMENTS TO INCOME STATEMENT, 03M/2003
The 03 months 2003 net sales of Tallinna Farmaatsiatehas amounted to 21,946
th. EEK (1,402 th. EUR). Compared to the same period of previous year the
sales were decreased by 2,638 th EEK (169 th. EUR) i.e. 10.7% (net turnover
in 03 months 2002 24,584 th. EEK or 1,571 th.EUR).
The operating income total decreased by 4,995 th. EEK or 319 th EUR (19.8%).
Operating income in 2002 25,263 th. EEK (1,615 th.EUR) and in 2003 20,268
th. EEK (1,295 th.EUR).
Compared to the same period of previous year the total operating cost
decreased by 2,180 th. EEK (139 th EUR) i.e. 11,1% (total operating costs
in 2002 19,703 th. EEK (1,259 th.EUR) and in 2003 17,523 th. EEK (1,120
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2002 11,278 th. EEK (720 th. EUR) and in 2003 8,942 th. EEK
(572 th.EUR)) 2,336 th.EEK or 149 th.EUR (20.7%). Others operating expenses
decreased by 104 th. EEK (6 th.EUR) (others operating expenses in 2002
2,055 th. EEK (131 th. EUR) and in 2003 1,952 th. EEK (124 th. EUR)) 5.1%.
Operating profit decreased in 03 months of 2003 compared (operating profit in
2002 5,559 th. EEK (355 th.EUR) and operating profit in 2003 2,745 th.
EEK (175 th.EUR)) to the same period of 2002 by 2,814 th. EEK (179 th.EUR)
(50.6 %) , and net profit decreased (net profit in 2002 4,257 th. EEK (272
th.EUR) and net profit in 2003 1,803 th. EEK (115 th.EUR)) by 2,453 th. EEK
(156 th.EUR) (57.6%).
COMMENTS TO BALANCE SHEET
As of March 31. 2003 the Balance capacity was 86,011 th. EEK (5,497 th.
EUR). Compared to the net balance, the biggest increase was in assets -
receivables from parent company 3,616 th. EEK (231 th. EUR) (14.3%) and
biggest decrease in finished goods stock with the sum 4,377 th. EEK
(279 th. EUR) (29.1%). Semfinished goods increased 298 th. EEK (19 th.EUR)
(94.5%). Trading assets decreased totally by 1,127 th. EEK (72 th.EUR) (2.3%).
In the liabilities the short-term liabilities decreased 3,624 th. EEK (231
th.EUR) (18.0%). Compared to the net balance, the biggest decrease was in
liabilities - short-term loans 2,668 th. EEK (171 th.EUR) (25,4%). The owners
equity increased 1,803 th. EEK (115 th.EUR)) (4.8%) in the account of 03
months 2003 net profit.
2002 2003
Gross profit margin 22.6 12.5
Net profit margin 17.3 8.2
Return on equity (ROE) 11.5 4.9
Return on total assets (ROA) 4.1 2.1
Proportion of capital and reserves and all assets 35.4% 43.2%
Income of accounts receivable (by days) 125,6 121,7
Net profit per share (EEK) 3.40 1.44
Net profit per share (EUR) 0.22 0.09
BALANCE SHEET AS OF 31.03.2003
in thousand EEK/EUR EEK EUR
31.12.2002 31.03.2003 31.12.2002 31.03.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 78 100 5 6
Customer receivables
ACCOUNTS RECEIVABLE 2,406 2,873 154 184
Other receivables
RECEIVABLES FROM PARENT COMPANY 25,217 28,833 1,612 1,843
OTHER SHORT-TERM RECEIVABLES 1 891 722 120 46
Total 29,592 32,529 1,891 2,079
Inventories
RAW MATERIAL 3,409 4,006 218 256
WORK-IN-PROGRESS 316 614 20 39
FINISHED GOODS 15,041 10,665 961 681
PREPAYMENTS TO SUPPLIERS 1,299 716 83 46
Total 20,065 16,001 1,282 1,022
TOTAL CURRENT ASSETS 49,657 48,530 3,173 3,101
NON-CURRENT ASSETS
Long-term investments 381 381 24 24
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 35,592 34,866 2,275 2,228
Total 35,592 34,866 2,275 2,228
Intangible assets 2,202 2,234 141 143
TOTAL NON-CURRENT ASSETS 38,175 37,481 2,439 2,395
TOTAL ASSETS 87,832 86,011 5,613 5,497
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 9,415 7,061 602 451
SHORT-TERM BANK LOANS 1,098 783 70 50
Total 10,513 7,844 672 501
Accounts payable 7,501 6,760 479 432
Taxes payable 0 231 0 15
Accrued expenses 2,097 1,652 134 105
TOTAL CURRENT LIABILITIES 20,111 16,487 1,285 1,053
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 11,327 11,327 724 724
PAYABLES TO PARENT COMPANY 18,505 18,505 1,183 1,183
TOTAL NON-CURRENT LIABILITIES 29,832 29,832 1,907 1,907
TOTAL LIABILITIES 49,943 46,319 3,192 2,960
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 18,077 23,073 1,155 1,475
PROFIT (LOSS) FOR FINANCIAL YEAR 4,995 1,803 319 115
SHAREHOLDERS’ EQUITY TOTAL 37,829 39,692 2,422 2,537
LIABILITIES AND SHAREHOLDERS’
EQUITY 87,832 86,011 5,613 5,497
INCOME STATEMENT, 03M/2003
in thousand EEK/EUR EEK EUR
2002 2003 2002 2003
REVENUE
NET SALES 24,584 21,946 1,571 1,402
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES - 575 -4,078 -37 -261
OTHER OPERATING INCOME 1,254 2,401 80 153
TOTAL REVENUE 25,263 20,268 1,615 1,295
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -11,278 -8,942 -721 -572
OTHER OPERATING EXPENSES -2,056 -1,952 -131 -125
PERSONNEL EXPENSES
WAGES & SALARIES -2,920 -2,588 -187 -165
SOCIAL TAXES -1,018 - 915 -65 -58
DEPRECIATION -1,460 -1,114 -93 -71
OTHER EXPENSES -971 -2,012 -62 -128
TOTAL EXPENSES -19,703 -17,523 -1,259 -1,120
OPERATING PROFIT (-LOSS) 5,560 2,745 356 175
FINANCIAL INCOME 16 8 1 0
FINANCIAL EXPENSES -1,320 -950 -84 -60
NET PROFIT (LOSS) 4,257 1,803 273 115
EARNINGS (LOSS) PER SHARE 3.41 1.44 0.22 0.09
Raivo Unt
CFO
+372 6120201
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