Atnaujinta: 2024.11.30 00:27 (GMT+2)
Norma FINANCIAL RESULTS 07/21/2004 09:30
FINANCIAL RESULTS Q2 AND H1 Y2004
(unaudited)
Sales and Revenues
During the period H1 Y2004 consolidated net sales of AS Norma
totalled 507.5 MEEK (32.4 MEUR),98% of which were generated by parent
company in the amount of 497.0 MEEK (31.7 MEUR).
Consolidated sales increased by 1.6% (8.3 MEEK, 0.5 MEUR) from H1 Y2003.
Q2 Y2004 consolidated sales totalled 283.8 MEEK (18.1 MEUR).
Sales to Russian customers decreased 14% and to Western customers
rose by 13% in H1 Y2004. Q2 Y2004 sales to Russia were 24% lower than
last year, but 47% higher than in Q1 Y2004. It means comparison of results to
Y2003, is influenced by extraordinary high Russian sales figures in Q2 Y2003.
Sales to Autoliv were H1 Y2004 307.4 MEEK (19.6 MEUR), 61% from total
turnover.
The group's main fields of activity include production and sale of safety
belts, car components.
Exports accounted to 99% of sales revenue, 33% of production was
exported to Russian customers (H1 Y2003 39%).
The number of employees at the end of the period was 839.
Use of Capital
Accounts receivable at the end H1 Y2004 totalled 181.8 MEEK
(11.6 MEUR),of which 28% related to the Russian customers. During
the period H1 Y2004 volume of accounts receivable has
decreased by 20.6 MEEK(1.3 MEUR). Receivables from Autoliv were 113.1
MEEK (7.2 MEUR).Norma`s payables to Autoliv were 57.7 MEEK(3.7 MEUR).
The share of accounts in arrears of total receivable was 8%.
The provision for bad debts increased 2% in H1 Y2004 and the reserve
totalled 9.5 MEEK (0.6 MEUR).
As of the period H1 Y2004, the consolidated total assets
were 992.5 MEEK (63.4 MEUR), a growth by 29.9 MEEK(1.9 MEUR),
main increase in the current assets 27.5 MEEK (1.7 MEUR).
Total liabilities amounted to 137.8 MEEK (8.8 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 63.2 MEEK(4.0 MEUR),
amounting to 854.7 MEEK (54.6 MEUR) (86% of total assets).
Dividends (66.0 MEEK, 4.2 MEUR) paid out for 2003 in Q3 Y2004 and
related taxes are 18.5 MEEK (1.2 MEUR)
Investments
AS Norma invested a total of 19.9 MEEK (1.3 MEUR), to support
existing production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated unaudited net profit H1 period
Y2004 was 63.2 MEEK (4.0 MEUR). Net profit was lower by 6.5 MEEK
(0.4 MEUR),decrease 9%(69.7 MEEK, 4.4 MEUR H1 Y2003).
Net profit Q2 Y2004 was 39.3 MEEK (2.5 MEUR), decrease 17% compared
to Q2 Y2003, while increase compared to previous quarter 65%.
Earnings per share were 4.79 EEK (0.31 EUR) in H1 Y2004.
H1 Y2003 5.28 EEK (0.34 EUR).
The Q3 Y2004 results of AS Norma will be released at October 20,2004.
Consolidated balance sheet as of 30.06.04
unaudited
EEK in thousands EUR in thousands
Assets
30.06.04 31.12.03 30.06.04 31.12.03
Current assets
Cash and bank accounts 257 554 179 092 16 461 11 446
Marketable securities 105 868 120 077 6 766 7 674
Accounts receivable 181 781 202 419 11 618 12 937
Allowance for doubtful
receivables -9 491 -9 340 -607 -597
Other receivables and prepayments 96 608 119 666 6 174 7 648
Inventories 80 943 73 816 5 173 4 718
Total current assets 713 263 685 730 45 586 43 826
Non-current assets
Long-term financial assets 16 145 5 196 1 032 332
Property, plant and equipment 242 597 249 762 15 505 15 963
Intangible assets 20 535 21 935 1 312 1 402
Total non-current assets 279 277 276 893 17 849 17 697
Total assets 992 540 962 623 63 435 61 523
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 137 778 171 090 8 806 10 935
Total current liabilities 137 778 171 090 8 806 10 935
Total liabilities 137 778 171 090 8 806 10 935
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 659 533 531 200 42 152 33 950
Net profit 63 229 128 333 4 041 8 202
Total owners´ equity 854 762 791 533 54 629 50 588
Total liabilities and owners´
equity 992 540 962 623 63 435 61 523
Parent company balance sheet as of 30.06.04
unaudited
EEK in thousands EUR in thousands
Assets
30.06.04 31.12.03 30.06.04 31.12.03
Current assets
Cash and bank accounts 248 041 178 658 15 853 11 418
Marketable securities 105 868 120 077 6 766 7 674
Accounts receivable 196 261 206 971 12 543 13 228
Allowance for doubtful
receivables -9 491 -9 340 -607 -597
Other receivables and prepayments 94 616 117 112 6 047 7 485
Inventories 71 426 64 625 4 565 4 130
Total current assets 706 721 678 103 45 168 43 339
Non-current assets
Long-term financial assets 34 887 23 775 2 230 1 519
Property, plant and equipment 228 543 237 668 14 607 15 190
Intangible assets 19 840 21 301 1 268 1 361
Total non-current assets 283 270 282 744 18 104 18 071
Total assets 989 991 960 847 63 272 61 409
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 135 229 169 315 8 643 10 821
Total current liabilities 135 229 169 315 8 643 10 821
Total liabilities 135 229 169 315 8 643 10 821
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 659 533 531 200 42 152 33 950
Net profit 63 229 128 333 4 041 8 202
Total owners´ equity 854 762 791 533 54 629 50 588
Total liabilities and owners´
equity 989 991 960 847 63 272 61 409
Consolidated income statement Q2 and 6 month Y2004
unaudited
EEK in thousands
01.04.04- 01.01.04- 01.04.03- 01.01.03-
30.06.04 30.06.04 30.06.03 30.06.03
Net sales 283 827 507 512 291 627 499 227
Cost of goods sold 234 487 423 628 233 366 408 691
Gross profit 49 340 83 884 58 261 90 536
Marketing expenses 1 388 2 481 4 516 7 868
Administrative and general exp. 5 134 12 578 6 003 13 175
Product development expense 6 327 13 811 4 757 8 460
Bad debt provision 109 109 274 291
Other income 1 237 4 351 3 162 4 940
Other expenses 178 700 1 339 1 748
Operating profit 37 441 58 556 44 534 63 934
Financial income/Financial exp. 2 063 4 825 3 021 5 812
Profit before taxes 39 504 63 381 47 555 69 746
Provision for taxes 152 152 -7 1
Net profit 39 352 63 229 47 562 69 745
Earnings per share in EEK 2,98 4,79 3,60 5,28
Consolidated income statement Q2 and 6 month Y2004
unaudited
EUR in thousands
01.04.04- 01.01.04- 01.04.03- 01.01.03-
30.06.04 30.06.04 30.06.03 30.06.03
Net sales 18 140 32 436 18 638 31 906
Cost of goods sold 14 986 27 075 14 915 26 120
Gross profit 3 153 5 361 3 724 5 786
Marketing expenses 89 159 289 503
Administrative and general exp. 328 804 384 842
Product development expense 404 883 304 541
Bad debt provision 7 7 18 19
Other income 79 278 202 316
Other expenses 11 45 86 112
Operating profit 2 393 3 742 2 846 4 086
Financial income/Financial exp. 132 308 193 371
Profit before taxes 2 525 4 051 3 039 4 458
Provision for taxes 10 10 0 0
Net profit 2 515 4 041 3 040 4 458
Earnings per share in EEK 0,19 0,31 0,23 0,34
Parent company income statement Q2 and 6 month Y2004
unaudited
EEK in thousands
01.04.04- 01.01.04- 01.04.03- 01.01.03-
30.06.04 30.06.04 30.06.03 30.06.03
Net sales 281 787 497 005 286 750 486 479
Cost of goods sold 233 246 416 834 230 676 399 531
Gross profit 48 541 80 171 56 074 86 948
Marketing expenses 1 388 2 481 4 441 7 700
Administrative and general exp. 4 061 10 489 4 972 10 397
Product development expenses 6 327 13 811 4 757 8 460
Bad debt provision 109 109 274 291
Other income 809 3 877 4 687 6 426
Other expenses 163 280 141 478
Operating profit 37 302 56 878 46 176 66 048
Financial income/Financial exp. 2 050 6 351 2 877 5 141
Profit before taxes 39 352 63 229 49 053 71 189
Net profit 39 352 63 229 49 053 71 189
Earnings per share in EEK 2,98 4,79 3,72 5,39
Parent company income statement Q2 and 6 month Y2004
unaudited
EUR in thousands
01.04.04- 01.01.04- 01.04.03- 01.01.03-
30.06.04 30.06.04 30.06.03 30.06.03
Net sales 18 009 31 764 18 327 31 092
Cost of goods sold 14 907 26 641 14 743 25 535
Gross profit 3 102 5 124 3 584 5 557
Marketing expenses 89 159 284 492
Administrative and general exp. 260 670 318 664
Product development expenses 404 883 304 541
Bad debt provision 7 7 18 19
Other income 52 248 300 411
Other expenses 10 18 9 31
Operating profit 2 384 3 635 2 951 4 221
Financial income/Financial exp. 131 406 184 329
Profit before taxes 2 515 4 041 3 135 4 550
Net profit 2 515 4 041 3 135 4 550
Earnings per share in EEK 0,19 0,31 0,24 0,34
Consolidated cash flows as of 30.06.04
unaudited
EEK in thousands EUR in thousands
30.06.04 30.06.03 30.06.04 30.06.03
Operating activities
Operating profit 58 556 63 934 3 742 4 086
Profit from sale of property,
plant and equipment -93 -131 -6 -8
Deprecation 28 433 23 735 1 817 1 517
Property, plant and equipment
write-off 0 2 021 0 129
Increase (-), decrease (+) in
current assets 36 909 -132 919 2 359 -8 495
Increase (-), decrease (+) in
current liabilities -33 312 13 491 -2 129 862
Interest received and other
financial income 4 685 3 331 299 213
Interest and other financial
expenses paid -197 -42 -13 -3
Total operating activities 94 981 -26 580 6 070 -1 699
Investing activities
Property, plant and equipment sold 115 131 7 8
Property, plant and equipment
acquired -19 940 -41 468 -1 274 -2 650
Loans issued -12 -81 -1 -5
Financial activities change -10 953 0 -700 0
Loans repaid 23 299 1 19
Total investing activities -30 767 -41 119 -1 966 -2 628
Financing activities
Net cash flow 64 214 -67 699 4 104 -4 327
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 299 169 342 848 19 120 21 912
Net cash flow 64 214 -67 699 4 104 -4 327
Foreign exchange gain 39 103 2 7
Cash and cash equivalents at the
end of the period 363 422 275 252 23 227 17 592
incl.cash and bank accounts 257 554 141 380 16 461 9 036
marketable securities 105 868 133 872 6 766 8 556
Changes in owners` equity as of 30.06.04
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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
31.12.2003 132 000 13 200 518 000 128 333 791 533
Net retained earnings of 2003 128 333 -128 333
Net profit for the financial year 63 229 63 229
30.06.2004 132 000 13 200 646 333 63 229 854 762
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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
31.12.2003 8 436 844 33 106 8 202 50 588
Net retained earnings of 2003 8 202 -8 202
Net profit for the financial year 4 041 4 041
30.06.2004 8 436 844 41 308 4 041 54 629
Peep Siimon
Chairman of the Board
+372 6500 442
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