Atnaujinta: 2024.07.22 05:10 (GMT+3)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 11/27/2003
FINANCIAL RESULTS, Q3/2003
COMMENTS TO INCOME STATEMENT, 09M/2003
The 09 months 2003 net sales of Tallinna Farmaatsiatehas amounted to 53,484
th. EEK (3,418 th. EUR). Compared to the same period of previous year the
sales were decreased by 15,390 th EEK (983 th. EUR) i.e. 22.3% (net turnover
in 09 months 2002 68,874 th. EEK or 4,402 th.EUR).The operating income total
decreased by 18,759 th. EEK or 1 199 th EUR (26.0%). Operating income in
2002 72,103 th. EEK (4,608 th.EUR) and in 2003 53,344 th. EEK (3,409 th.EUR).
Compared to the same period of previous year the total operating cost
decreased by 13,390 th. EEK (855 th EUR) i.e. 20,9% (total operating costs in
2002 63,854 th. EEK (4,081 th.EUR) and in 2003 50,464 th. EEK (3,225
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2002 35,569 th. EEK (2,273 th. EUR) and in 2003 27,057 th. EEK
(1,729 th.EUR)) 8,512 th.EEK or 544 th.EUR (23.9%). Others operating expenses
decreased by 1 110 th. EEK (71 th.EUR) 15.8% (others operating expenses in
2002 7,024 th. EEK (449 th. EUR) and in 2003 5,914 th. EEK (378 th. EUR)).
Operating profit decreased in 09 months of 2003 compared (operating profit in
2002 8,249 th. EEK (527 th.EUR) and operating profit in 2003 2,880 th. EEK
(184 th.EUR)) to the same period of 2002 by 5,369 th. EEK (343 th.EUR) (65.0
%) , and net profit decreased (net profit in 2002 4,472 th. EEK (286 th.EUR)
and net profit in 2003 1,304 th. EEK (84 th.EUR)) by 3,168 th. EEK (202
th.EUR) (70.8%).
COMMENTS TO BALANCE SHEET
As of September 30. 2003 the Balance capacity was 62,351 th. EEK (3,985 th.
EUR). Compared to the net balance, the biggest decrease was in assets -
receivables from parent company 17,477 th. EEK (1 117 th. EUR) (69.3%) and
in finished goods stock with the sum 2,841 th. EEK (182 th. EUR) (18.9%).
Trading assets decreased totally by 22,822 th. EEK (1 459 th.EUR) (46.0%).
In the liabilities the short-term liabilities decreased 12,889 th. EEK (824
th.EUR) (64.1%). Compared to the net balance, the biggest decrease was in
liabilities - short-term loans 10,331 th. EEK (660 th.EUR) (98,3%). The
owners equity increased 1,304 th. EEK (83 th.EUR)) (3.4%) in the account of
09 months 2003 net profit.
2002 2003
Gross profit margin 12.0 5.4
Net profit margin 6.5 2.4
Return on equity (ROE) 12.0 3.3
Return on total assets (ROA) 4.8 2.1
Proportion of capital
and reserves and all assets 39.8% 62.9%
Income of accounts receivable
(by days) 115,0 95,0
Net profit per share (EEK) 3.58 1.04
Net profit per share (EUR) 0.23 0.07
COMMENTS TO NET SALES
The decrease of 9 month 2003 sales results of Tallinna Farmaatsiatehase AS
comapred to corresponding period year 2002 is conditioned by changes in
tablet production organizational, sales and settlement of accounts system.
As in year 2002 sales turnover has been indicated net sales of ampoules,
tablets and ointments then in 2003 are in net sales only export of ampoules
and ointments. The change in net sales of 9 month 2003 was reasoned also
by fact that in connection with that the production of ampoules is in
nonconformity with GMP (Good Manufacturing Practice) requirements, the
company had to close the production of ampoules since July 1, 2003.
Unstable rate of USD also had the effect on export. The company`s financial
loss which was conditioned by unstability of USD formed 2,27 mill EEK in
9 months 2003 and this unstability will have its effect in total of the
company`s year 2003 results.
BALANCE SHEET AS OF 30.09.2003
in thousand EEK/EUR EEK EUR
31.12.2002 30.09.2003 31.12.2002 30.09.2003
A S S E T S
CURRENT ASSETS
Cash and bank accounts 78 445 5 28
Customer receivables
ACCOUNTS RECEIVABLE 2,406 2,350 154 150
Other receivables
RECEIVABLES FROM PARENT COMPANY 25,217 7,740 1,612 495
OTHER SHORT-TERM RECEIVABLES 1 891 245 120 16
Total 29,592 10,780 1,891 689
Inventories
RAW MATERIAL 3,409 2,717 218 174
WORK-IN-PROGRESS 316 212 20 13
FINISHED GOODS 15,041 12,200 961 780
PREPAYMENTS TO SUPPLIERS 1,299 926 83 59
Total 20,065 16,055 1,282 1,026
TOTAL CURRENT ASSETS 49,657 26,835 3,174 1,715
NON-CURRENT ASSETS
Long-term investments 381 378 24 24
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 35,592 33,163 2,274 2,120
Total 35,592 33,163 2,274 2,120
Intangible assets 2,202 1,975 141 126
TOTAL NON-CURRENT ASSETS 38,175 35,516 2,439 2,270
TOTAL ASSETS 87,832 62,351 5,613 3,985
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 9,415 0 601 0
SHORT-TERM BANK LOANS 1,098 182 70 12
Total 10,513 182 671 12
Accounts payable 7,501 5,476 479 350
Taxes payable 0 21 0 1
Accrued expenses 2,097 1,520 134 97
TOTAL CURRENT LIABILITIES 20,111 7,222 1,284 461
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 11,327 1,912 724 122
PAYABLES TO PARENT COMPANY 18,505 14,024 1,183 896
TOTAL NON-CURRENT LIABILITIES 29,832 15,936 1,907 1,018
TOTAL LIABILITIES 49,943 23,158 3,191 1,479
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 18,078 23,073 1,156 1,475
PROFIT (LOSS) FOR FINANCIAL YEAR 4,995 1,304 319 84
SHAREHOLDERS’ EQUITY TOTAL 37,889 39,193 2,422 2,506
LIABILITIES AND SHAREHOLDERS’
EQUITY 87,832 62,351 5,613 3,985
INCOME STATEMENT, 09M/2003
in thousand EEK/EUR EEK EUR
2002 2003 2002 2003
REVENUE
NET SALES 68,874 53,484 4,402 3,418
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES 2,841 -2,946 181 -188
OTHER OPERATING INCOME 388 2,806 25 179
TOTAL REVENUE 72,103 53,344 4,608 3,409
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -35,569 -27,057 -2,273 -1,729
OTHER OPERATING EXPENSES -7,024 -5,914 -449 -378
PERSONNEL EXPENSES
WAGES & SALARIES -10,119 -8,413 -647 -537
SOCIAL TAXES -3,508 -2,940 -224 -188
DEPRECIATION -4,340 -3,358 -277 -215
OTHER EXPENSES -3,294 -2,782 -211 -178
TOTAL EXPENSES -63,854 -50,464 -4,081 -3,225
OPERATING PROFIT (-LOSS) 8,249 2,880 527 184
FINANCIAL INCOME 33 121 2 8
FINANCIAL EXPENSES -3,810 -1,697 -243 -108
NET PROFIT (LOSS) 4,472 1,304 286 84
EARNINGS (LOSS) PER SHARE 3.58 1.04 0.23 0.07
Ibraim Muhtsi
Director
+3726120201
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