2005.02.16, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehase AS        Financial results                   16.02.2005



2004 FINANCIAL RESULTS  (unaudited)

 

COMMENTS TO INCOME STATEMENT, 12M/2004.



The 12 months 2004 net sales of Tallinna Farmaatsiatehas amounted  to  65,872  th.

EEK (4,209 th. EUR). Compared to the same period of previous year the  sales  were

decreased by 8,806 th EEK (562 th. EUR) i.e. 11.8%  (net  turnover  in  12  months

2003  74,679 th. EEK or 4,772 th.EUR).The  operating  income  total  decreased  by

21,567 th. EEK or 1,378 th EUR (25.8%).



Compared to the same period of previous year the total  operating  cost  decreased

by 14,082 th. EEK (900 th EUR) i.e. 19,3% (total operating costs  in  2003  73,054

th. EEK (4,669 th.EUR) and in 2004 58,971 th. EEK (3,769 th.EUR)), from which  the

decrease of expenses for materials (expenses for materials in 2003 38,193 th.  EEK

(2,441 th. EUR) and in 2004 32,211 th. EEK (2,058 th.EUR))  5,982  th.EEK  or  382

th.EUR. Others operating expenses decreased by 3,097 th. EEK (205 th.EUR).



Operating profit decreased in 12 months of  2004  compared  (operating  profit  in

2003 10,693 th. EEK (683 th.EUR) and operating profit in 2004  3,208 th. EEK  (205

th.EUR)) to the same period of 2003 by 7,485 th. EEK (478 th.EUR) (70.0 %).





COMMENTS TO BALANCE SHEET



As of December 31 2004 the Balance capacity was 61,874 th. EEK  (3,954  th.  EUR).

Compared to the net balance, the biggest increase was in assets -receivables  from

parent company 16,082 th. EEK (1,028 th.  EUR)  (157.9%)  and  in  finished  goods

stock decreased with the sum 5,722 th. EEK (366 th. EUR) (72.0%).  Trading  assets

increased totally by 6,959 th. EEK (445 th.EUR) (28.1%).



In the liabilities  the  short-term  liabilities  increased  1,794  th.  EEK  (115

th.EUR) (23.8%). Compared  to  the  net  balance,  the  biggest  increase  was  in

liabilities - accounts for payable 2,478 th. EEK (158 th.EUR). The  owners  equity

increased 3,106 th. EEK (198 th.EUR)) (6.5%) in the account of 12 months 2004  net

profit.







BALANCE SHEET AS OF 31.12.2004    unaudited

in thousand EEK/EUR                       EEK                     EUR



                             31.12.2004 31.12.2003  31.12.2004 31.12.2003

A S S E T S



CURRENT ASSETS

Cash and bank accounts                 308    1,268         19       81

Customer receivables

    ACCOUNTS RECEIVABLE                 16    2,250          1      144

Other receivables

    RECEIVABLES FROM PARENT COMPANY 26,270   10,188      1,679      651

    OTHER SHORT-TERM RECEIVABLES       480      567         30       36

Total                               27,074   14,273      1,730      912



Inventories

    RAW MATERIAL                     2,321    2,428        148      155

    WORK-IN-PROGRESS                   108        0          7        0

    FINISHED GOODS                   2 224    7,947        142      508

    PREPAYMENTS TO SUPPLIERS             0      121          0        8

Total                                4,654   10,496        297      671



TOTAL CURRENT ASSETS                31,728   24,769      2,028    1,583



NON-CURRENT ASSETS



Long-term investments                  105      344          7       22



Fixed assets

FIXED ASSETS IN NET BOOK VALUE      29,648   31,172      1,894    1,992

Total                               29,648   31,172      1,894    1,992



Intangible assets                      392      555         25       35



TOTAL NON-CURRENT ASSETS            30,146   32,071      1,927    2,049



TOTAL ASSETS                        61,874   56,840      3,954    3,633





LIABILITIES AND SHAREHOLDERS' EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF

    LONG-TERM DEBT                       0        0          0        0

    SHORT-TERM BANK LOANS                0      741          0       47

    CUSTOMER PREPAYMENTS                 0        0          0        0

Total                                    0      741          0       47



Accounts payable                     7,317    4,839        467      309

Taxes payable                          418        0         26        0

Accrued expenses                     1,611    1,972        102      126



TOTAL CURRENT LIABILITIES            9,346    7,552        597      483



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                       1,304    1,171        83        75

    PAYABLES TO PARENT COMPANY           0        0         0         0



TOTAL NON-CURRENT LIABILITIES        1,304    1,171        83        75



TOTAL LIABILITIES                   10,650    8,723       680       558



SHAREHOLDERS' EQUITY



SHARE CAPITAL                       12,500   12,500       799       799

RESERVES                             2,316    2,316       148       148

RETAINED EARNINGS

(ACCUMULATED DEFICIT)               33,301   23,073     2,128     1,475

PROFIT (LOSS) FOR FINANCIAL YEAR     3,106   10,228       198       654

SHAREHOLDERS' EQUITY TOTAL          51,223   48,117     3,274     3,075



LIABILITIES AND SHAREHOLDERS'

EQUITY                             61,874   56,840      3,954     3,633







INCOME STATEMENT, 12 M/2004  unaudited

in thousand EEK/EUR                             EEK              EUR

                                          2004     2003     2004    2003

REVENUE



NET SALES                                 65,872   74,679    4,209    4,772

CHANGE IN WORK-IN-PROGRESS AND

FINISHED GOODS INVENTORIES                -5,614   -7,410     -358     -473

OTHER OPERATING INCOME                     1,922   16,480      122    1,053

TOTAL REVENUE                             62,180   83,748    3,974    5,352



EXPENSES



MATERIALS, CONSUMABLES AND SUPPLIES      -32,211  -38,193   -2,058   -2,441

OTHER OPERATING EXPENSES                 -10,632   -9,387     -679     -599

PERSONNEL EXPENSES                       -11,925  -14,247     -762     -910



DEPRECIATION                              -3,723   -7,649     -238     -488

OTHER EXPENSES                              -478   -3,575      -31     -228



TOTAL EXPENSES                           -58,971  -73,054   -3,769   -4,669



OPERATING PROFIT (-LOSS)                   3,208   10,693      205      683



FINANCIAL INCOME/EXPENSES                   -101     -465       -6      -29



NET PROFIT (LOSS)                          3,106   10,228      198      653

EARNINGS (LOSS) PER SHARE                   2.48     8.18     0.16     0.52





Raivo Unt

Director of finance

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