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Estiko FINANCIAL RESULTS 05/10/2002
FINANCIAL RESULTS, Q1 2002
COMMENTARY TO THE FINANCIAL RESULTS OF THE 1ST QUARTER OF YEAR 2002
The consolidated unaudited net sales of the Estiko Group in the 1st
quarter of the year 2002 was 37.9 million EEK / 2.43 thous. EUR; the
net profit 3.98 million EEK / 255 thous. EUR. The net sales of the
same period of the previous year was 42.2 million EEK / 2.71 thous.
EUR; the net profit was 5.6 million EEK / 359 thous. EUR. The
decline of net sales in comparison of the same period of the
previous year was 4.3 million EEK / 276 thous. EUR or 10.2%. As
compared to the same period of the previous year the profit gained
was 9.6 million EEK / 615 thous. EUR less.
The Group deals mostly with the two following areas of activity:
manufacturing and real estate operations.
MANUFACTURING
The unaudited net sales of the manufacturing sector in the three
months of the year 2002 was 30.3 million EEK / 1.94 thous. EUR and
the loss 3.2 million EEK / 205 thous. EUR. The net sales of the same
period of the last year was 32.7 million EEK / 2.09 thous. EUR and
the loss 0.06 million EEK / 0.004 thous. EUR. The decline of net
sales in comparion of the same period of the previous year was 2.4
million EEK / 154 thous. EUR and the loss was larger by 3.1 million
EEK / 199 thous. EUR.
Important occurrences influencing the economic results of the 1st
quarter:
* In connection with the sale of cardboard production equipment in
the 4th quarter of the year 2001, there occurred a decrease of
turnover in comparison with the same period of the previous year.
The level of the previous year has been retained in strategically
important tallies, which however is not sufficient for covering
the increased costs in the company.
* The forceful selling strategy and new production technology has
caused a need for manufacturing of samples in larger amounts in
order to introduce the better options of our new technology to
the customers. For the time being, this brings about the increase
in costs, but creates for us a necessary potential for achieving
market growth.
According to the strategic development plan of production sector,
the priority of the present and next financial year is the achieve-
ment of substantial market growth in the local as well as export
market.
REAL ESTATE
As of March 31, 2002, the following enterprises belong to the real
estate sector of the Group:
AS Emajõe Ärikeskus participation 100%
AS Estiko Investeeringud participation 100%
AS Estiko-Soojus (upon liquidation) participation 100%
AS Tartu Toidukaubad participation 100%
The unaudited net sales of the real estate sector of the three
months was 7.6 million EEK / 487 thous. EUR; the net profit 0.8 mil-
lion EEK / 51 thous. EUR. The corresponding figures of the three
months of the previous year were 9.4 million EEK / 603 thous. EUR
(decrease by 1.8 million EEK 115 thous. EUR) and 5.7 million EEK /
365 EUR (decrease by 6.5 million EEK / 417 thous. EUR).
Important occurrences influencing the economic results of the 1st
quarter:
* According to the long-term strategy, the last object of the immov-
able property at Vesse 4 in Tallinn was sold. The loss from the
sales transaction was 1.4 million EEK / 90 thous. EUR. The total
profit from the sales transactions of the Vesse 4 object in 2001-2002
amounted 5.8 million EEK / 372 thous. EUR.
* In Tartu a building of the shop at Aardla 114 was sold. The loss
from the sales transaction amounted 0.5 million EEK / 32 thous. EUR.
* The renovation of E-Kaubamaja started in January 2002. As a result,
the rental income in the real estate sector has decreased consider-
ably. The facility shall be brought into service in the beginning
of August. The preliminary lease contracts have been already con-
cluded.
The sale of real estate facilities is a part of the strategic develop-
ment plan to cut down the non-profitable real estate facilities, and
the released financial resources are invested in the top priority
facilities. The purpose is to increase the rate of return of the
assets significantly.
Ellen Tohvri
Chairman of the Management Board
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CONSOLIDATED BALANCE SHEET
(in thousands of kroons) Group Parent company
31.03.02 31.12.01 31.03.02 31.12.01
ASSETS
Currrent assets
Cash and bank 2 593 20 6 203 19
Customer receivables 14 658 16 035 2 104
Other receivables 354 383 8 584 6 335
Accrued income 4 6 0 0
Prepaid expenses 1 332 1 268 1 210 1 201
Inventories 17 877 20 543 73 92
Total current assets 36 818 38 255 16 072 7 751
Noncurrent assets
Long-term financial assets 142 142 54 423 57 211
Noncurrent physical assets 182 271 201 038 25 445 41 653
Intangible assets 42 41 14 13
Total noncurrent assets 182 455 201 221 79 882 98 877
TOTAL ASSETS 219 273 239 476 95 954 106 628
LIABILITIES AND OWNERS' EQUITY
Liabilities
Current liabilities
Debt obligations 25 574 32 706 390 1 827
Customer prepayments 638 814 0 300
Accounts payable 12 215 14 372 358 318
Other payables 0 0 13 24
Tax liabilities 1 681 1 706 178 174
Accrued expenses 4 362 3 388 453 454
Other prepaid revenue 669 719 0 0
Total current liabilities 45 139 53 705 1 392 3 097
Noncurrent liabilities
Long-term liabilities 79 833 87 485 261 5 245
Total noncurrent liabilities 79 833 87 485 261 5 245
Total liabilities 124 972 141 190 1 653 8 342
Owners' equity (public and private
limited liability companies)
Capital stock (par value) 59 851 59 851 59 851 59 851
Paid-in capital over/under par 4 727 4 727 4 727 4 727
Mandatory legal reserve 3 303 3 303 3 303 3 303
Retained earnings 31 048 22 966 31 048 22 966
Net profit (loss) for the financial year -3 984 8 082 -3 984 8 082
Treasury stock (minus) -644 -643 -644 -643
Total owners' equity 94 301 98 286 94 301 98 286
TOTAL LIABILITIES AND OWNERS' EQUITY 219 273 239 476 95 954 106 628
AS Estiko
CONSOLIDATED BALANCE SHEET
(in thousands of euros) Group Parent company
31.03.02 31.12.01 31.03.02 31.12.01
ASSETS
Currrent assets
Cash and bank 166 1 396 1
Customer receivables 936 1 024 0 7
Other receivables 23 24 549 405
Accrued income 0 0 0 0
Prepaid expenses 85 82 78 77
Inventories 1 142 1 313 4 6
Total current assets 2 352 2 444 1 027 496
Noncurrent assets
Long-term financial assets 8 9 3 477 3 656
Noncurrent physical assets 11 651 12 849 1 627 2 662
Intangible assets 3 3 1 1
Total noncurrent assets 11 662 12 861 5 105 6 319
TOTAL ASSETS 14 014 15 305 6 132 6 815
LIABILITIES AND OWNERS' EQUITY
Liabilities
Current liabilities
Debt obligations 1 634 2 090 25 116
Customer prepayments 41 52 0 19
Accounts payable 782 919 23 20
Other payables 0 0 1 2
Tax liabilities 107 109 11 11
Accrued expenses 279 216 29 29
Other prepaid revenue 43 46 0 0
Total current liabilities 2 886 3 432 89 197
Noncurrent liabilities
Long-term liabilities 5 085 5 591 17 336
Total noncurrent liabilities 5 102 5 591 17 336
Total liabilities 7 988 9 023 106 533
Owners' equity (public and private
limited liability companies)
Capital stock (par value) 3 825 3 825 3 825 3 825
Paid-in capital over/under par 302 302 302 302
Mandatory legal reserve 211 211 211 211
Retained earnings 1 984 1 468 1 984 1 468
Net profit (loss) for the financial year -255 517 -255 517
Treasury stock (minus) -41 -41 -41 -41
Total owners' equity 6 026 6 282 6 026 6 282
TOTAL LIABILITIES AND OWNERS' EQUITY 14 014 15 305 6 132 6 815
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CONSOLIDATED INCOME STATEMENT
(format 2)
(in thousands of kroons) Group Parent company
2002 I Q 2001 I Q 2002 I Q 2001 I Q
NET SALES 37 943 42 164 3 147 3 562
COST OF GOODS SOLD (COST OF SALES) 31 826 33 280 439 596
GROSS PROFIT (LOSS) 6 117 8 884 2 708 2 966
MARKETING EXPENSES 1 738 1 227 41 25
ADMINISTRATION AND GENERAL EXPENSES 4 284 2 954 1 980 1 313
OTHER INCOME 96 3 370 0 3 158
OTHER EXPENSES 1 966 205 1 921 0
OPERATING PROFIT (LOSS) -1 775 7 868 -1 234 4 786
FINANCIAL INCOME 79 8 1 015 1 804
FINANCIAL EXPENSES 2 288 2 278 3 765 991
NET PROFIT FOR THE FINANCIAL YEAR -3 984 5 598 -3 984 5 598
Earnings per share -0,68 kr 1,61 kr -0,68 kr 1,61 kr
(in thousands of euros) Group Parent company
2002 I Q 2001 I Q 2002 I Q 2001 I Q
NET SALES 2 425 2 695 201 228
COST OF GOODS SOLD (COST OF SALES) 2 035 2 127 28 38
GROSS PROFIT (LOSS) 390 568 173 190
MARKETING EXPENSES 111 78 3 2
ADMINISTRATION AND GENERAL EXPENSES 274 189 127 84
OTHER INCOME 6 215 0 202
OTHER EXPENSES 126 13 123 0
OPERATING PROFIT (LOSS) -115 503 -80 306
FINANCIAL INCOME 5 1 65 115
FINANCIAL EXPENSES 145 146 240 63
NET PROFIT FOR THE FINANCIAL YEAR -255 358 -255 358
Earnings per share -0,04 EUR 0,10 EUR -0,04 EUR 0,10 EUR
Ellen Tohvri
Chairman of the Management Bd
+372 7 371 000
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