AS NORMA 

ANNOUNCEMENT 

27.04.99

 

COMMENTARY TO THE FINANCIAL RESULTS OF AS NORMA 03/99 

								

The Q1 1999 net sales of AS Norma amounted to 125.9 million EEK. The 

company’s main fields of activity were production and sale of seat 

belts and car supplies, and subcontracting works to automobile 

industry. The sales structure by regions has remained unchanged from 

the previous periods. 90% of AS Norma production was exported to the 

Eastern markets, and 8% to the West; rest of the sales was made in 

the Baltic region. The group’s Q1 1998 turnover amounted to 156.3 

million EEK. 

 

The turnover of subsidiaries accounted for 12.2 million EEK of the 

total group turnover, as opposed to 19.3 million EEK figure during 

the same period last year. The sales of AS Metaprint decreased from 

13.5 million EEK to 5.6 million EEK, which occurred due to 

unfavorable conditions on the market of sheet iron products in the 

beginning of the year.

 

Customers receivables decreased in Q1 1999 from the level of 136.7 

million EEK to 127.1 million EEK. 87% of accounts receivable is debt 

of Eastern market. The share of accounts in arrears has decreased, 

accounting for 54% of receivables.

 

The company’s pre-tax profit was 45.7 million EEK, which is 1.6 

million EEK more than during the same period last year. Main factor 

behind higher profit figure is continuously strengthening USA dollar. 

Foreign exchange gain totaled 12.9 million EEK. In addition to the 

above, AS Norma has decreased operating expenses by 24.1 million EEK, 

incl. administrative costs by 5.3 million EEK. The group’s net profit 

figure was 33.6 million EEK, whereas the respective figure during the 

same period last year was 33.0 million EEK.

 

The group’s balance sheet volume at the end of Q1 was 498.2 million 

EEK, increasing by 44.3 million EEK, whereas the increase occurred 

mainly on the account of the increase in current assets (+50.8 

million EEK). One positive trend is stabilization of the volume of 

capital under inventories to the level of 54.8 million EEK. The 

volume of inventories has decreased by 1.8 million EEK from the 

beginning of the year. The group’s owners’ equity has increased in 

three months by 33.8 million EEK, accounting for 351.8 million EEK, 

or 70.6% of balance sheet volume.

  

 

Raivo Harand

Controller

+372 65 00 482