Atnaujinta: 2024.07.22 00:57 (GMT+3)
Norma FINANCIAL RESULTS 01/21/2004 09:30
FINANCIAL RESULTS Q4 Y2003
(unaudited)
Sales and Revenues
During the period Y2003 consolidated net sales of AS Norma
totalled 999.3 MEEK (63.9 MEUR), 98% of which were generated by parent
company in the amount of 979.0 MEEK (62.6 MEUR).
Consolidated sales decreased by 1,4% (-14.5 MEEK, -0.9 MEUR) from Y2002.
Q4 Y2003 consolidated sales totalled 277.2 MEEK (17.7 MEUR).
Sales to Russian customers decreased 21,4% and to Western
customers rose by 18% in Y2003. Sales volumes to Russia decreased
due to the low orders of Russian customers, decrease in Q4 19%
compared to Q4 Y2002.
Sales to Autoliv were Y2003 545.0 MEEK (34.8 MEUR).
The group's main fields of activity include production and sale of
safety belts, car components. Exports accounted to 98% of sales revenue,
40% of production was exported to Russian customers (Y2002 50%).
The number of employees at the end of the period was 865.
Use of Capital
Accounts receivable at the end Y2003 totalled 202.4 MEEK (12.9
MEUR),of which 32% related to the Russian customers. During the
period Y2003 volume of accounts receivable has increased by 39.2
MEEK(2.5 MEUR), Autoliv receivables were 124.9 MEEK (8.0 MEUR).
Norma`s payables to Autoliv were 97.4 MEEK(6.2 MEUR).
The share of accounts in arrears of total receivable was 11%. The
provision for bad debts decreasesd 8% and the reserve totalled 9.3
MEEK (0.6 MEUR). As of the period Y2003, the consolidated total
assets were 962.6 MEEK (61.5 MEUR), a growth by 111.0 MEEK(7.1
MEUR),main increase in the current assets 68.4 MEEK (4.4
MEUR).Total liabilities amounted to 171.1 MEEK (10.9 MEUR).The
company has no long term liabilities. The group's owners' equity
increased by 62.3 MEEK(4.0 MEUR),amounting to 791.5 MEEK (50.6
MEUR) (82% of total assets).
Investments
AS Norma invested a total of 98.4 MEEK (6.3 MEUR), to support
existing production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit Y2003 was 128.3
MEEK (8.2 MEUR). Net profit was lower by 65.3 MEEK (4.2 MEUR),
decrease 34% (193.6 MEEK, 12.4 MEUR Y2002). Net profit Q4 Y2003
was 30.6 MEEK (2.0 MEUR), decrease 32% compared to Q4 Y2002.
Earnings per share were 9.72 EEK (0.62 EUR) in Y2003. Y2002 14.67
EEK (0.94 EUR).
Significant Events and Changes in Business Activities Q4 Y2003
1. AS Norma sold its 100% subsidiary Eksamo Automaatika AS.
2. The DNV certificate was issued to AS Norma, which conforms the
compliance of company's Quality Management System to ISO/TS 16949.
The Y2004 results of AS Norma will be released at April 21,2004,
July 21,2004, October 20,2004 and January 19,2005
Consolidated balance sheet as of 31.12.03
unaudited
EEK in thousands EUR in thousands
Assets
31.12.03 31.12.02 31.12.03 31.12.02
Current assets
Cash and bank accounts 179 092 214 228 11 446 13 692
Marketable securities 120 077 128 620 7 674 8 220
Accounts receivable 202 419 163 209 12 937 10 431
Allowance for doubtful receivables -9 340 -10 164 -597 -650
Other receivables and prepayments 119 666 29 835 7 648 1 907
Inventories 73 816 91 551 4 718 5 851
Total current assets 685 730 617 279 43 826 39 451
Non-current assets
Long-term financial assets 5 196 9 600 332 614
Property, plant and equipment 249 762 223 030 15 963 14 254
Intangible assets 21 935 1 711 1 402 109
Total non-current assets 276 893 234 341 17 697 14 977
Total assets 962 623 851 620 61 523 54 428
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 171 090 122 420 10 935 7 824
Total current liabilities 171 090 122 420 10 935 7 824
Total liabilities 171 090 122 420 10 935 7 824
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 531 200 403 576 33 950 25 793
Net profit 128 333 193 624 8 202 12 375
Total owners´ equity 791 533 729 200 50 588 46 604
Total liabilities and owners´equity 962 623 851 620 61 523 54 428
Parent company balance sheet as of 31.12.03
unaudited
EEK in thousands EUR in thousands
Assets
31.12.03 31.12.02 31.12.03 31.12.02
Current assets
Cash and bank accounts 178 658 213 047 11 418 13 616
Marketable securities 120 077 128 620 7 674 8 220
Accounts receivable 208 372 166 329 13 317 10 630
Allowance for doubtful receivables -9 340 -10 164 -597 -650
Other receivables and prepayments 117 112 26 894 7 485 1 719
Inventories 64 625 81 811 4 130 5 229
Total current assets 679 504 606 537 43 428 38 765
Non-current assets
Long-term financial assets 25 390 31 341 1 623 2 003
Property, plant and equipment 237 668 209 261 15 190 13 374
Intangible assets 21 301 955 1 361 61
Total non-current assets 284 359 241 557 18 174 15 438
Total assets 963 863 848 094 61 602 54 203
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 169 315 118 894 10 821 7 599
Total current liabilities 169 315 118 894 10 821 7 599
Total liabilities 169 315 118 894 10 821 7 599
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 531 200 403 576 33 950 25 793
Net profit 131 348 193 624 8 395 12 375
Total owners´ equity 794 548 729 200 50 781 46 604
Total liabilities and owners´equity 963 863 848 094 61 602 54 203
Consolidated income statement Q4 and Y2003
unaudited
EEK in thousands
01.10.03- 01.01.03- 01.10.02- 01.01.02-
31.12.03 31.12.03 31.12.02- 31.12.02
Net sales 277 237 999 313 277 378 1 013 765
Cost of goods sold 231 080 812 885 219 117 773 911
Gross profit 46 157 186 428 58 261 239 854
Marketing expenses 3 990 16 489 4 873 20 005
Administrative and general exp. 6 861 26 874 8 008 32 976
Product development expense 5 195 19 585 7 884 22 592
Bad debt provision 25 329 -2 600 -2 648
Other income 112 3 374 3 864 23 539
Other expenses 2 348 4 769 1 674 3 581
Operating profit 27 850 121 756 42 286 186 887
Financial income 2 965 10 414 2 582 12 130
Financial expenses 208 382 0 1 535
Profit before taxes 30 607 131 788 44 868 197 482
Provision for taxes -2 3 455 -9 3 858
Net profit 30 609 128 333 44 877 193 624
Earnings per share in EEK 2,32 9,72 3,4 14,67
Consolidated income statement Q4 and Y2003
unaudited
EUR in thousands
01.10.03- 01.01.03- 01.10.02- 01.01.02-
31.12.03 31.12.03 31.12.02 31.12.02
Net sales 17 719 63 868 17 728 64 791
Cost of goods sold 14 769 51 953 14 004 49 462
Gross profit 2 950 11 915 3 724 15 329
Marketing expenses 255 1 054 311 1 279
Administrative and general exp. 438 1 718 512 2 108
Product development expense 332 1 252 504 1 444
Bad debt provision 2 21 -166 -169
Other income 7 216 247 1 504
Other expenses 150 305 107 229
Operating profit 1 780 7 782 2 703 11 944
Financial income 189 666 165 775
Financial expenses 13 24 0 98
Profit before taxes 1 956 8 423 2 868 12 621
Provision for taxes 0 221 -1 247
Net profit 1 956 8 202 2 868 12 375
Earnings per share in EEK 0,15 0,62 0,22 0,94
Parent company income statement Q4 and Y2003
unaudited
EEK in thousands
01.10.03- 01.01.03- 01.10.02- 01.01.02-
31.12.03 31.12.03 31.12.02 31.12.02
Net sales 275 526 978 970 241 107 795 120
Cost of goods sold 230 207 800 660 186 500 577 751
Gross profit 45 319 178 310 54 607 217 369
Marketing expenses 3 900 16 153 5 635 23 310
Administrative and general exp. 6 352 20 967 6 695 21 175
Product development expenses 5 195 19 585 5 081 18 871
Bad debt provision 22 326 -5 283 -1 960
Other income 986 7523 244 1 257
Other expenses 2 088 3470 687 2 441
Operating profit 28 748 125 332 42 036 154 788
Financial income 4 400 11 806 3 702 25 665
Financial expenses 236 2 335 319 616
Profit before taxes 32 912 134 803 45 419 179 837
Provision for taxes 0 3 455 0 2 199
Net profit 32 912 131 348 45 419 177 638
Earnings per share in EEK 2,49 9,95 3,44 13,46
Parent company income statement Q4 and Y2003
unaudited
EUR in thousands
01.10.03- 01.01.03- 01.10.02- 01.01.02-
31.12.03 31.12.03 31.12.02 31.12.02
Net sales 17 609 62 567 15 410 50 817
Cost of goods sold 14 713 51 171 11 919 36 925
Gross profit 2 896 11 396 3 490 13 892
Marketing expenses 249 1 032 360 1 490
Administrative and general exp. 406 1 340 428 1 353
Product development expenses 332 1 252 325 1 206
Bad debt provision 1 21 -338 -125
Other income 63 481 16 80
Other expenses 133 222 44 156
Operating profit 1 837 8 010 2 687 9 893
Financial income 281 755 237 1 640
Financial expenses 15 149 20 39
Profit before taxes 2 103 8 615 2 903 11 494
Provision for taxes 0 221 0 141
Net profit 2 103 8 395 2 903 11 353
Earnings per share in EEK 0,16 0,64 0,22 0,86
Consolidated cash flows as of 31.12.03
unaudited
EEK in thousands EUR in thousands
31.12.03 31.12.02 31.12.03 31.12.02
Operating activities
Operating profit 121 756 186 887 7 782 11 944
Profit from sale of property,
plant and equipment -253 -23 329 -16 -1 491
Profit from sale subsidiary -5 0 0 0
Deprecation 47 637 40 354 3 045 2 579
Property, plant and equipment
write-off 3 775 173 241 11
Discount property 15 0 1 0
Increase (-), decrease (+) in
current assets -111 716 48 474 -7 140 3 098
Movement in long term liabilities -500 0 -32 0
Increase (-), decrease (+) in
current liabilities 48 671 12 035 3 111 769
Interest received and other
financial income 10 098 12 413 645 79
Interest and other financial
expenses paid -11 -74 -1 -5
Income tax paid 0 -223 0 -14
Total operating activities 119 467 276 710 7 635 17 685
Investing activities
Property, plant and equipment sold 253 29 422 16 1880
Property, plant and equipment
acquired -98 383 -53 514 -6 288 -3 420
Subsidiary sold 116 0 7 0
Loans issued -128 -152 -8 -10
Financial activities change 4 703 -8 703 301 -556
Loans repaid 119 480 8 31
Total investing activities -93 320 -32 467 -5 964 -2 075
Financing activities
Dividends paid -66 000 -79 200 -4 218 -5 062
Income tax on dividends -3 455 -3 635 -221 -232
Total financing activities -69 455 -82 835 -4 439 -5 294
Net cash flow -43 308 161 408 -2 768 10 316
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 342 848 182 901 21 912 11 689
Net cash flow -43 308 161 408 -2 768 10 316
Foreign exchange gain -371 -1 461 -24 -93
Cash and cash equivalents at the
end of the period 299 169 342 848 19 120 21 912
incl.cash and bank accounts 179 092 214 228 11 446 13 692
marketable securities 120 077 128 620 7 674 8 220
Changes in owners` equity as of 31.12.03
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 132 000 13 200 291 938 177 638 614 776
Net retained earnings of 2001 177 638 -177 638 0
Dividends -79 200 -79 200
Net profit for the financial year 193 624 193 624
31.12.2002 132 000 13 200 390 376 193 624 729 200
31.12.2002 132 000 13 200 390 376 193 624 729 200
Net retained earnings of 2002 193 624 -193 624
Dividends -66 000 -66 000
Net profit for the financial year 128 333 128 333
31.12.2003 132 000 13 200 518 000 128 333 791 533
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2001 8 436 844 18 658 11 353 39 291
Net retained earnings of 2001 11 353 -11 353
Dividends -5 062 -5 062
Net profit for the financial year 12 375 12 375
31.12.2002 8 436 844 24 950 12 375 46 604
31.12.2002 8 436 844 24 950 12 375 46 604
Net retained earnings of 2002 12 375 -12 375
Dividends -4 218 -4 218
Net profit for the financial year 8 202 8 202
31.12.2003 8 436 844 33 106 8 202 50 588
Peep Siimon
Chairman of the Board
+372 6500 442
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