Atnaujinta: 2024.11.29 10:28 (GMT+2)
Merko Ehitus FINANCIAL RESULTS 08/05/2002
GROUP FINANCIAL RESULTS, 6M 2002
Merko Ehitus group 6M 2002 consolidated and unaudited net sales
amounted to 668,6 million EEK (42,7 million EUR), and net profit was
42,7 million EEK (2,7 million EUR).
The respective figures year ago were net sales of 561,8 million EEK (35,9
million EUR) and net profit of 33,1 million EEK (2,1 million EUR).
Merko Ehitus group deals in the field of construction and with activities
concerned to that, in Estonia, Latvia and Lithuania. Companies of the group
6M 2002 net sales and consolidated net sales (sales outside the group)
were (in thousand EEK):
Net Sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 414 520 411 211
AS Gustaf (100% partnership) 55 982 54 372
AS Merko Tartu (66% partnership) 33 882 32 909
Production of structures for small houses
OÜ Matek (71,6% partnership) 13 409 13 182
Road construction
Tallinna Teede AS (100% partnership) 48 993 47 210
Construction
AS Normanni Linnagrupp (50% partnership) 968 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 53 012 -
Latvian companies
Construction
SIA Merks (100% partnership) 51 552 51 552
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 58 132 58 132
Companies of the group 6M 2002 net sales and consolidated net sales
(sales outside the group) were (in thousand EUR):
Net Sales Including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 26 493 26 281
AS Gustaf (100% partnership) 3 578 3 475
AS Merko Tartu (66% partnership) 2 166 2 103
Production of structures for small houses
OÜ Matek (71,6% partnership) 857 843
Road construction
Tallinna Teede AS (100% partnership) 3 131 3 017
Construction
AS Normanni Linnagrupp (50% partnership) 62 -
AS Insenervõrgud (50% partnership) - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 3 388 -
Latvian companies
Construction
SIA Merks (100% partnership) 3 295 3 295
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 3 715 3 715
Merko Ehitus group 6M 2002 consolidated data illustrating financial ratios
were:
6M 2002 6M 2001
Net profit margin 6,4 % 5,9 %
Operating profit margin 6,4 % 5,2 %
Return on equity (per year) 35,5 % 38,1 %
Return on assets (per year) 15,9 % 14,9 %
Current ratio 1,5 1,6
Invoice turnover (per year) 5,8 9,8
Equity-to-assets ratio 43,0 % 44,6 %
Year 6M 2002 consolidated and unaudited income statement and balance sheet
are compiled in accordance with the principles of the International
Accounting Standards (IAS), and correspond with the Estonian legal acts
regulating the accounting principles used.
INCOME STATEMENT 6M 2002
consolidated, unaudited in thousand EEK and EUR
EEK EUR
2002.a. 2001.a. 2002.a. 2001.a.
6 months 6 months 6 months 6 months
Sales 668 568 561 768 42 729 35 903
Cost of sales 597 084 512 715 38 161 32 768
GROSS PROFIT 71 484 49 053 4 569 3 135
Marketing expenses 6 124 5 020 391 321
Administrative expenses 22 611 18 624 1 445 1 190
Other operating income 8 200 4 678 524 299
Other operating expenses 8 357 1 015 534 65
OPERATING PROFIT 42 592 29 072 2 722 1 858
Financial income from stocks of
associated companies 1 125 656 72 42
incl. Equity method gains 1 125 656 72 42
Foreign exchange gain 1 191 4 285 76 274
Other interest and similar income 1 715 3 054 110 195
TOTAL FINANCIAL INCOME 4 031 7 995 258 511
Financial expenses related to
associated companies 352 929 22 59
incl. Equity method gains 352 929 22 59
Interest expense 230 22 15 1
Foreign exchange loss 3 114 2 516 199 161
Other financial expenses 77 49 5 3
TOTAL FINANCIAL EXPENSES 3 773 3 516 241 225
PROFIT(-LOSS) FROM NORMAL OPERATIONS42 850 33 551 2 739 2 144
NET PROFIT (LOSS) FOR THE FIN. YEAR 42 850 33 551 2 739 2 144
Minority interest 121 462 8 30
Net profit (- loss) for the group 42 729 33 089 2 731 2 115
Net profit (- loss) per share
(basic and diluted, in EEK and EUR) 4,83 3,74 0,31 0,24
BALANCE SHEET AS OF 31.06.2002
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.06.2002 31.12.2001 30.06.2002 31.12.2001
ASSETS
Cash and cash equivalents 49 051 60 814 3 135 3 887
Marketable securities 16 681 18 516 1 066 1 183
Accounts receivable 231 917 186 861 14 822 11 943
Allowance for doubtful receivables -38 -53 -2 -3
Total accounts receivable 231 879 186 808 14 820 11 939
Receivables from subsidiary and
parent companies 0 1 735 0 111
Receivables from associated comp. 7 375 6 941 471 444
Other short-term receivables 31 054 43 112 1 985 2 755
Total other receivables 38 429 51 788 2 456 3 310
Interest receivable 598 739 38 47
Other accrued income 261 254 17 16
Total accrued income 859 993 55 63
Prepaid taxes 4 732 6 850 302 438
Other prepaid expenses 3 451 1 534 221 98
Total prepaid expenses 8 183 8 384 523 536
Raw materials 2 633 4 041 168 258
Work-in-progress 2 755 9 092 176 581
Finished goods 1 400 855 89 55
Merchandise purchased for resale 63 820 32 667 4 079 2 088
Prepayments to suppliers 16 079 567 1 028 36
Construction-in-progress 3 884 5 821 248 372
Due from customers 27 151 35 281 1 735 2 255
Total inventories 117 722 88 324 7 524 5 645
TOTAL CURRENT ASSETS 462 804 415 627 29 578 26 563
Shares in associated companies 11 514 12 489 736 798
Long-term receivables from
associated companies 529 100 34 6
Other shares, holdings and debt
securities 3 947 1 800 252 115
Miscellaneous longterm receivables10 039 7 588 642 485
Long-term accounts receivable 59 0 4 0
Total long-term financial assets 26 088 21 977 1 667 1 405
Land 696 797 44 51
Buildings 23 390 26 934 1 495 1 721
Accumulated real-estate
investments depreciation -7 100 -6 755 -454 -432
Prepayments for real-estate
investments 14 261 10 655 911 681
Total real-estate investments 31 247 31 631 1 997 2 022
Land and buildings 8 305 15 289 531 977
Ground lease 6 718 458 429 29
Plant and equipment 65 527 64 064 4 188 4 094
Other equipment and fixtures 17 139 16 105 1 095 1 029
Accumulated depreciation -47 198 -46 914 -3 016 -2 998
Self-constructed physical assets
under construction 162 173 10 11
Prepayments for noncurrent
physical assets 50 0 3 0
Total noncurrent physical assets 50 703 49 175 3 241 3 143
Purchased concessions, patents,
licenses, etc. 97 97 6 6
Goodwill -6 095 -6 773 -390 -433
Total intangible assets -5 998 -6 676 -383 -427
TOTAL NON-CURRENT ASSETS 102 040 96 107 6 522 6 142
TOTAL ASSETS 564 844 511 734 36 100 32 706
Debentures (except bank loans) 16 831 4 533 1 076 290
Short-term loans from financial
institutions 9 8 1 1
Total debt obligations 16 840 4 541 1 076 290
Customer prepayments 13 692 9 865 875 630
Accounts payable to suppliers 127 521 122 504 8 150 7 829
Payables to associated companies 2 245 1 493 143 95
Tax liabilities 10 237 11 842 654 757
Payables to employees 12 151 10 165 777 650
Dividends payable 795 0 51 0
Interest payable 19 10 1 1
Other accrued expenses 695 941 44 60
Total accrued expenses 13 660 11 116 873 710
Provisions for construction
warranty liability 3 793 3 737 242 239
Due to customers 113 327 94 572 7 243 6 044
Other current provisions 159 155 10 10
Total current provisions 117 279 98 464 7 495 6 293
TOTAL CURRENT LIABILITIES 301 474 259 825 19 268 16 606
Non-convertible debt 7 321 204 468 13
Accounts payable to suppliers 8 851 7 478 566 478
TOTAL NON-CURRENT LIABILITIES 16 172 7 682 1 034 491
TOTAL LIABILITIES 317 646 267 507 20 301 17 097
OWNERS' EQUITY
Share capital 88 500 88 500 5 656 5 656
Share premium 2 950 2 950 189 189
Mandatory legal reserve 8 850 8 205 566 524
Retained earnings 99 540 49 213 6 362 3 145
Net profit (- loss) for the
financial year 42 729 88 312 2 731 5 644
Exchange rate differences 452 1 218 29 78
TOTAL OWNERS' EQUITY 243 021 238 398 15 532 15 236
Minority interest 4 177 5 829 267 373
TOTAL LIABILITIES AND OWNERS'
EQUITY 564 844 511 734 36 100 32 706
Ülo Metsaots
Management Board member
+372 6 105 110
Schema