AS NORMA

BALANCE SHEET

31.03.99

 

Consolidated, unaudited

                                                               31.03.99         31.12.98

ASSETS

CURRENT ASSETS

1. Cash and bank                                            133 087 172       66 892 490

2. Marketable securities                                        111 475          148 279

3. Customer receivables

Accounts receivable                                         139 050 955      149 005 622

Allowance for accounts receivable                           -11 952 002      -12 338 957

Total                                                       127 098 953      136 666 665

4. Other receivables

Receivables from affiliated companies                           438 834          912 400

Other current receivables                                     3 199 816        3 091 835

Total                                                         3 638 650        4 004 235

5. Prepaid expenses

Prepaid/refundable tax revenues                              11 533 110       14 740 978

Other prepaid expenses                                          630 882          950 905

Total                                                        12 163 992       15 691 883

6. Inventories

Raw materials                                                28 417 131       26 219 059

Work-in-progress                                             10 977 516       11 407 757

Finished goods                                               11 893 343       15 142 848

Merchandise purchased for resale                                238 108          303 003

Prepayments to suppliers                                      3 335 378        3 617 427

Total                                                        54 861 476       56 690 094

TOTAL CURRENT ASSETS                                        330 961 718      280 093 646

 

NON-CURRENT ASSETS

7. Long-term financial investments

Stock and shares in affiliated companies                      1 759 994        1 774 424

Other securities                                                 26 759           26 759

Other long-term receivables                                   2 673 743        2 673 743

Total                                                         4 460 496        4 474 926

8. Tangible assets

Land and buildings (at acquisition cost)                     59 414 867       59 414 866

Plant and equipment (at acquisition cost)                   216 999 630      216 812 316

Other equipment and fixtures			              2 226 896        2 199 399

Accumulated depreciation                                   -120 295 092     -113 892 098

Unfinished buildings                                          2 320 987        2 593 457

Total                                                       160 667 288      167 127 940

9. Intangible assets

Development costs                                             2 129 899        2 301 595

Total                                                         2 129 899        2 301 595

TOTAL NON-CURRENT ASSETS                                    167 257 683      173 904 461

TOTAL ASSETS                                                498 219 401      453 998 107

 

LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

10. Short-term loans                                         16 416 000       16 416 000

11. Customer prepayments for goods and services               2 732 785        2 803 846

12. Supplier payables 

Accounts payable                                             18 245 721       18 499 684

Total                                                        18 245 721       18 499 684

13. Payables to parent company                                3 528 706                0

14. Tax liabilities                                          11 281 558        6 912 470

15. Accrued expenses

Salary-related accrued expenses                              11 645 773        9 695 422

Interest expenses                                             1 754 668          438 667

Other accrued expenses                                           36 621           38 307

Total                                                        13 437 062       10 172 396

16. Other prepaid revenues                                      347 888                0

TOTAL CURRENT LIABILITIES                                    65 989 720       54 804 396

 

NON-CURRENT LIABILITIES

16. Long-term debt obligations

Bank loans                                                   63 584 000       63 584 000

Debt obligations to parent company                              712 190          845 302

Long-term provisions                                         16 106 787       16 792 663

TOTAL NON-CURRENT LIABILITIES                                80 402 977       81 221 965

MINORITY INTEREST                                                     0                0

TOTAL LIABILITIES                                           146 392 697      136 026 361

 

OWNERS' EQUITY

17. Share capital in nominal value                          132 000 000      132 000 000

18. Other reserves                                            2 436 462        2 436 462

19. Mandatory reserve capital                                13 200 000       13 200 000

20. Retained earnings                                       170 577 490      122 757 723

21. NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR                33 612 752       47 557 561

TOTAL OWNERS' EQUITY                                        351 826 704      317 951 746

TOTAL LIABILITIES AND OWNERS' EQUITY                        498 219 401      453 978 107