Pēd. atjaunots: 29.11.2024 01:25 (GMT+2)
Tallinna Farmaatsiatehas FINANCIAL RESULTS 05/29/2002
FINANCIAL RESULTS, Q1/2002
COMMENTS TO INCOME STATEMENT, Q1/2002
The 03 months 2002 net sales of Tallinna Farmaatsiatehas amounted to 24,769
th. EEK (1,583 th. EUR). Compared to the same period of previous year
the sales were increased by 3,193 th EEK (204 th. EUR) i.e. 14.8%
(net turnover in 03 months 2001 21,576 th. EEK or 1,378 th.EUR).
The operating income total decreased (operating income in 2001 28,349 th.
EEK (1,811 th.EUR) and in 2002 25,264 th. EEK (1,614 th.EUR) by 3,086 th. EEK
or 197 th EUR (10.9%).
Compared to the same period of previous year the total operating cost
decreased by 2,852 th. EEK (182 th EUR) i.e. 12,6% (total operating costs
in 2001 22,556 th. EEK (1,441th.EUR) and in 2002 19,703 th. EEK (1,259
th.EUR)), from which the decrease of expenses for materials (expenses for
materials in 2001 13,207 th. EEK (844 th. EUR) and in 2002 11,278 th. EEK
(720 th.EUR)) 1,928 th.EEK or 123 th EUR (14.6%). Others expenses decreased
by 668 th. EEK (42 th.EUR) (others expenses in 2001 1,639 th. EEK (104 th.
EUR) and in 2002 971 th. EEK (62 th. EUR)) 40.7%.
Operating profit decreased in 03 months of 2002 compared (commercial profit
in 2001 5,794 th. EEK (370 th.EUR) and commercial profit in 2002 5,559 th.
EEK (355 th.EUR)) to the same period of 2001 by 233 th. EEK (14 th.EUR)
(4.0 %) , and net profit increased (net profit in 2001 4,211 th. EEK (269
th.EUR) and net profit in 2002 4,257 th. EEK (272 th.EUR)) by 46 th. EEK
(3 th. EUR) (1.1%).
COMMENTS TO BALANCE SHEET
As of March 31. 2002 the Balance capacity was 104,930 th. EEK (6,706 th EUR).
Compared to the net balance, the biggest increase was in assets - demands
to Grindeks 3,325 th. EEK (212 th. EUR) and raw materials stock with the sum
3,417 th. EEK (218 th.EUR) (50.8%). Finished goods decreased 579 th.EEK
(37 th.EUR) (4,4%). Trading assets increased totally by 7 110 th. EEK
( 454 th.EUR) (11.4%).
In the liabilities the short-term liabilities increased 2,365 th. EEK ( 151
th.EUR) (10.1%). Compared to the net balance, the biggest increase was in
liabilities - accounts payable 5,212 th. EEK (333 th.EUR) (84,1%). The owners
equity increased 4,257 th. EEK (272 th.EUR)) (12.9%) in the account of
03 months 2002 net profit.
2001 2002
Gross profit margin 26.8 22.4
Net profit margin 19.5 17.2
Return on equity (ROE) 15.7 11.5
Return on total assets (ROA) 4.1 4.1
Proportion of capital and reserves and all assets 26.2% 35.4%
Income of accounts receivable (by days) 144,9 124,6
Net profit per share (EEK) 3.37 3.40
Net profit per share (EUR) 0.21 0.22
BALANCE SHEET AS OF 31.03.2002
in thousand EEK/EUR EEK EUR
31.03.2002 31.12.2001 31.03.2002 31.12.2001
A S S E T S
CURRENT ASSETS
Cash and bank accounts 768 390 49 25
Customer receivables
ACCOUNTS RECEIVABLE 4,482 3,331 223 213
Other receivables
RECEIVABLES FROM PARENT COMPANY 32,556 29,232 2,081 1,868
OTHER SHORT-TERM RECEIVABLES 135 97 8 6
Total 32,692 29,329 2,089 1,874
Accrued income 7 0 0 0
Prepaid expenses 1,053 686 67 44
Inventories
RAW MATERIAL 8,775 6,415 561 410
WORK-IN-PROGRESS 407 403 26 26
FINISHED GOODS 12,724 13,303 813 850
PREPAYMENTS TO SUPPLIERS 1,373 316 87 20
Total 23,279 20,436 1,488 1,306
TOTAL CURRENT ASSETS 61,282 54,174 3,916 3,462
NON-CURRENT ASSETS
Long-term investments 424 424 27 27
Fixed assets
FIXED ASSETS IN NET BOOK VALUE 40,715 37,263 2,602 2,381
CONSTRUCTION IN PROGRESS 0 3,821 0 244
Total 40,715 41,084 2,602 2,625
Intangible assets 2,509 2,625 160 167
TOTAL NON-CURRENT ASSETS 43,647 44,133 2,789 2,820
TOTAL ASSETS 104,930 98,307 6,706 6,283
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
CURRENT PORTION OF
LONG-TERM DEBT 7,846 9,415 501 602
SHORT-TERM BANK LOANS 899 1,184 57 75
Total 8,745 10,599 558 677
Accounts payable 11,410 6,198 729 396
Other payables 3,282 4,204 210 269
Taxes payable 0 39 0 2
Accrued expenses 2,352 2,386 150 152
TOTAL CURRENT LIABILITIES 25,792 23,426 1,648 1,497
NON-CURRENT LIABILITIES
Long-term debt obligations
BANK LOANS 21,840 21,840 1,396 1,396
PAYABLES TO PARENT COMPANY 20,147 20,147 1,287 1,287
TOTAL NON-CURRENT LIABILITIES 41,987 41,987 2,683 2,683
TOTAL LIABILITIES 67,779 65,414 4,331 4,180
SHAREHOLDERS’ EQUITY
SHARE CAPITAL 12,500 12,500 799 799
RESERVES 2,316 2,316 148 148
RETAINED EARNINGS
(ACCUMULATED DEFICIT) 18,077 7,808 1,155 499
PROFIT (LOSS) FOR FINANCIAL YEAR 4,257 10,269 272 656
SHAREHOLDERS’ EQUITY TOTAL 37,151 32,894 2,374 2,102
LIABILITIES AND SHAREHOLDERS’
EQUITY 104,930 98,307 6,706 6,283
INCOME STATEMENT, Q1/2002
in thousand EEK/EUR EEK EUR
2002 2001 2002 2001
REVENUE
NET SALES 24,769 21,576 1,583 1,378
CHANGE IN WORK-IN-PROGRESS AND
FINISHED GOODS INVENTORIES - 575 3,925 -37 251
OTHER OPERATING INCOME 1,068 2,847 68 182
TOTAL REVENUE 25,263 28,349 1,614 1,811
EXPENSES
MATERIALS, CONSUMABLES AND SUPPLIES -11,278 -13,207 -720 -844
OTHER OPERATING EXPENSES -2,055 -2,087 -131 -133
PERSONNEL EXPENSES
WAGES & SALARIES -2,920 -3,178 -186 -203
SOCIAL TAXES -1,017 -1,095 -65 -70
DEPRECIATION -1,459 -1,348 -93 -86
OTHER EXPENSES -971 -1,638 -62 -105
TOTAL EXPENSES -19,703 -22,556 -1,259 -1,442
OPERATING PROFIT (-LOSS) 5,559 5,793 355 370
FINANCIAL INCOME 17 10 1 1
FINANCIAL EXPENSES -1,320 -1,593 -84 -102
NET PROFIT (LOSS) 4,257 4,211 272 269
EARNINGS (LOSS) PER SHARE 3.41 3.37 0.22 0.21
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