Pēd. atjaunots: 23.07.2024 16:58 (GMT+3)
Norma FINANCIAL RESULTS 10/16/2002 09:30
CONSOLIDATED FINANCIAL RESULTS Q3 Y2002
(unaudited)
Sales and Revenues
During the nine month period Y2002 consolidated net sales of AS
Norma totalled 736.4 MEEK (47.1 MEUR),of which those of the parent
company were 721.4 MEEK (46.1 MEUR). Consolidated sales increased
by 29% (+166.2 MEEK, +10.6 MEUR) from nine month Y2001. Q3 Y2002
consolidated sales totalled 240.2 MEEK(15.3 MEUR)and increased by 16%.
Sales to Russian customers rose by 1.5% and to Western customers 83%.
Sales to Autoliv in nine month Y2002 reached 301.6 MEEK (19.3 MEUR).
Revenues of AS Norma accounted for 98%.
The group's main fields of activity include production and sale of
safety belts, car components and also real estate administration.
Exports accounted to 98% of sales revenue, 52% of production was
exported to Russian customers (nine month Y2001 66%).
The number of employees at the end of the period was 1048.
Use of Capital
Accounts receivable at the end Q3 Y2002 totalled 170.0 MEEK (10.9 MEUR),
of which 45% related to the Russian customers. During the nine month
period Y2002 volume of accounts receivable has increased by 16.7 MEEK
(1.1 MEUR), receivables from Autoliv were 83.1 MEEK (5.3 MEUR).
Norma`s payables to Autoliv were 64.4 MEEK (4.1 MEUR).
The share of accounts in arrears of total receivable was 7%.
The provision for bad debts remained on the same level and
the reserve totalled 13.1 MEEK (0.8 MEUR).
As of the nine month Y2002, total assets amounted
810.8 MEEK (51.8 MEUR), the growth 85.7 MEEK(+5.5 MEUR),
mainly due to the increase in current assets by 82.5 MEEK (+5.3 MEUR).
Total liabilities amounted to 126.5 MEEK (8.1 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 69.5 MEEK(+4.4 MEUR),
amounting to 684.3 MEEK (43.7 MEUR) (84% of total assets).
Investments
AS Norma invested a total of 33.5 MEEK (2.1 MEUR), to support
existing production capacities and assure the efficiency its
production processes. 31.8 MEEK (2.0 MEUR) of which was
invested in machinery and equipment.
Profit and Earnings per Share
Company's consolidated unaudited net profit in nine month period
Y2002 was 148.7 MEEK (9.5 MEUR), 16.5 MEEK (12.5%) higher than
at comparable period of Y2001.
Net profit Q3 Y2002 was 60.2 MEEK (3.8 MEUR) and increase 34.5%.
Gain from the sale of property (Laki 14A) was 17.0 MEEK (1.1 MEUR)
Earnings per share reached 11.27 EEK (0.72 EUR) in nine month Y2002
compared to 10.01 EEK (0.64 EUR) at the same period in Y2001.
Significant Events and Changes in Business Activities Q3 Y2002
Real estate holding (Tallinn, Laki 14A) not linked to principal line
of business was sold.
AS Norma and its 100% owned subsidiary AS Norma Maja entered into
a merger agreement.
The Q4 Y2002 results of AS Norma will be released at January 22,2003.
Consolidated balance sheet as of 30.09.02
unaudited
EEK in thousands EUR in thousands
Assets
30.09.02 31.12.01 30.09.02 31.12.01
Current assets
Cash and bank accounts 88 645 59 449 5 665 3 799
Marketable securities 114 305 123 452 7 305 7 890
Accounts receivable 170 031 153 291 10 867 9 797
Allowance for doubtful receivables -13 063 -13 136 -835 -840
Other receivables and prepayments 128 654 99 985 8 222 6 390
Inventories 100 094 83 132 6 397 5 313
Total current assets 588 666 506 173 37 623 32 350
Non-current assets
Long-term financial assets 9 619 1 060 615 68
Property, plant and equipment 211 026 216 042 13 487 13 808
Intangible assets 1 522 1 886 97 121
Total non-current assets 222 167 218 988 14 199 13 996
Total assets 810 833 725 161 51 822 46 346
Liabilities and shareholders´
equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 126 510 110 385 8 085 7 055
Total current liabilities 126 510 110 385 8 085 7 055
Total liabilities 126 510 110 385 8 085 7 055
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 403 576 305 137 25 793 19 502
Net profit 148 747 177 638 9 507 11 353
Total owners´ equity 684 323 614 776 43 736 39 291
Total liabilities and owners´equity 810 833 725 161 51 822 46 346
Parent company balance sheet as of 30.09.02
unaudited
EEK in thousands EUR in thousands
Assets
30.09.02 31.12.01 30.09.02 31.12.01
Current assets
Cash and bank accounts 83 977 57 647 5 367 3 684
Marketable securities 114 304 123 452 7 305 7 890
Accounts receivable 173 755 179 026 11 105 11 442
Allowance for doubtful -12 791 -12 791 -817 -817
receivables
Other receivables and prepayments 127 378 99 274 8 141 6 345
Inventories 90 887 77 357 5 809 4 944
Total current assets 577 510 523 965 36 910 33 487
Non-current assets
Long-term financial assets 108 305 76 634 6 922 4 898
Property, plant and equipment 127 655 121 996 8 159 7 797
Intangible assets 1 106 1 120 71 72
Total non-current assets 237 066 199 750 15 151 12 766
Total assets 814 576 723 715 52 061 46 254
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued expenses 130 253 108 939 8 325 6 962
Total current liabilities 130 253 108 939 8 325 6 962
Total liabilities 130 253 108 939 8 325 6 962
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 403 576 305 137 25 793 19 502
Net profit 148 747 177 638 9 507 11 353
Total owners´ equity 684 323 614 776 43 736 39 291
Total liabilities and owners equity´ 814 576 723 715 52 061 46 254
Consolidated income statement Q3 and 9 month Y2002
unaudited
EEK in thousands
01.07.02- 01.01.02- 01.07.01- 01.01.01-
30.09.02 30.09.02 30.09.01 30.09.01
Net sales 240 151 736 387 207 495 570 214
Cost of goods sold 179 306 554 794 146 216 392 171
Gross profit 60 845 181 593 61 279 178 043
Marketing expenses 4 369 15 132 6 186 17 895
Administrative and general exp. 8 351 24 968 8 175 22 520
Product development expense 5 536 14 708 4 411 13 790
Bad debt provision 0 -48 -17 3 296
Other income 18 903 19 675 478 6 314
Other expenses 353 1 907 898 2 230
Operating profit 61 139 144 601 42 104 124 626
Financial income 3 149 10 053 2 773 10 286
Financial expenses 323 2 040 150 460
Profit before taxes 63 965 152 614 44 727 134 452
Provision for taxes 3 798 3 867 0 2 232
Net profit 60 167 148 747 44 727 132 220
Earnings per share in EEK 4,56 11,27 3,39 10,01
Consolidated income statement Q3 and nine month Y2002
unaudited
EUR in thousands
01.07.02- 01.01.02- 01.07.01- 01.01.01-
30.09.02 30.09.02 30.09.01 30.09.01
Net sales 15 348 47 064 13 261 36 443
Cost of goods sold 11 460 35 458 9 345 25 064
Gross profit 3 889 11 606 3 916 11 379
Marketing expenses 279 967 395 1 144
Administrative and general exp. 534 1 596 522 1 439
Product development expense 354 940 282 881
Bad debt provision 0 -3 -1 211
Other income 1 208 1 257 31 404
Other expenses 23 122 57 143
Operating profit 3 907 9 242 2 691 7 965
Financial income 201 643 177 657
Financial expenses 21 130 10 29
Profit before taxes 4 088 9 754 2 859 8 593
Provision for taxes 243 247 0 143
Net profit 3 845 9 507 2 859 8 450
Earnings per share in EEK 0,29 0,72 0,22 0,64
Parent company income statement Q3 and nine month Y2002
unaudited
EEK in thousands
01.07.02- 01.01.02- 01.07.01- 01.01.01-
30.09.0 30.09.02 30.09.01 30.09.01
Net sales 235 278 721 386 202 352 554 013
Cost of goods sold 175 688 552 679 145 892 391 251
Gross profit 59 590 168 707 56 460 162 762
Marketing expenses 4 280 14 845 6 104 17 675
Administrative and general exp. 5 766 16 766 4 676 14 480
Product development expenses 5 536 14 708 4 411 13 790
Bad debt provision 0 0 0 3 323
Other income 224 745 402 1 013
Other expenses 379 1 719 613 1 754
Operating profit 43 853 121 414 41 058 112 753
Financial income 19 681 32 017 3 669 21 963
Financial expenses -268 1 049 0 297
Profit before taxes 63 802 152 382 44 727 134 419
Provision for taxes 3 635 3 635 0 2 199
Net profit 60 167 148 747 44 727 132 220
Earnings per share in EEK 4,56 11,27 3,39 10,01
Parent company income statement Q3 and nine month Y2002
unaudited
EUR in thousands
01.07.02- 01.01.02- 01.07.01- 01.01.01-
30.09.02 30.09.02 30.09.01 30.09.01
Net sales 15 037 46 105 12 933 35 408
Cost of goods sold 11 228 35 323 9 324 25 005
Gross profit 3 808 10 782 3 608 10 402
Marketing expenses 274 949 390 1 130
Administrative and general exp. 369 1 072 299 925
Product development expenses 354 940 282 881
Bad debt provision 0 0 0 212
Other income 14 48 26 65
Other expenses 24 110 39 112
Operating profit 2 803 7 760 2 624 7 206
Financial income 1 258 2 046 234 1 404
Financial expenses -17 67 0 19
Profit before taxes 4 078 9 739 2 859 8 591
Provision for taxes 232 232 0 141
Net profit 3 845 9 507 2 859 8 450
Earnings per share in EEK 0,29 0,72 0,22 0,64
Consolidated cash flows as of 30.09.02
unaudited
EEK in thousands EUR in thousands
01.01.02- 01.01.01- 01.01.02- 01.01.01-
30.09.02 30.09.01 30.09.02 30.09.01
Operating activities
Operating profit 144 601 124 626 9 242 7 965
Profit from sale of property,
plant and equipment -20 117 -654 -1 286 -42
Revenues from subsidiary companies 0 1 094 0 70
Deprecation 30 078 24 992 1 922 1 597
Property, plant and equipment write-off 4 228 0 15
Property, plant and equipment discount 0 29 0 2
Increase (-), decrease (+) in
current assets -59 032 -69 780 -3 773 -4 460
Increase (-), decrease (+) in
current liabilities 16 125 35 070 1 031 2 241
Interest received and other fin .income 5 574 8 961 356 573
Interest and other financial
expenses paid -3 893 -2 246 -249 -144
Total operating activities 113 340 122 320 7 244 7 818
Investing activities
Property, plant and equipment sold 28 885 1 105 1 846 71
Property, plant and equipm. acquired -33 470 -62 720 -2 139 -4 009
Loans issued -114 -188 -7 -12
Loans repaid 254 562 16 36
Subssidiary companies sold 0 5 000 0 320
Financial activities change -8 703 0 -556 0
Total investing activities -13 148 -56 241 -840 -3 594
Financing activities
Dividends paid -79 200 -66 000 -5 062 -4 218
Total financing activities -79 200 -66 000 0 -4 218
Net cash flow 20 992 79 1 342 5
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 182 901 146 937 11 689 9 391
Net cash flow 20 992 79 1 342 5
Foreign exchange gain -944 -215 -60 -14
Cash and cash equivalents at the
end of the period 202 949 146 801 12 971 9 382
incl.cash and bank accounts 88 645 50 146 5 665 3 205
marketable securities 114 304 96 655 7 305 6 177
Changes in owners` equity as of 30.09.02
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2000 132 000 13 200 200 488 157 449 503 137
Net retained earnings of 2000 157 449 -157 449 0
Dividends -66 000 -66 000
Net profit for the
financial year 177 638 177 638
31.12.2001 132 000 13 200 291 938 177 638 614 776
31.12.2001 132 000 13 200 291 938 177 638 614 776
Net retained earnings of 2001 177 638 -177 638 0
Dividends -79 200 -79 200
Net profit for the
financial year 148 747 148 747
30.09.2002 132 000 13 200 390 376 148 747 684 323
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2000 8 436 844 12 813 10 063 32 156
Net retained earnings of 2000 10 063 -10 063 0
Dividends -4 218 0 -4 218
Net profit for the
financial year 11 353 11 353
31.12.2001 8 436 844 18 658 11 353 39 291
31.12.2001 8 436 844 18 658 11 353 39 291
Net retained earnings of 2001 11 353 -11 353 0
Dividends -5 062 0 -5 062
Net profit for the
financial year 9 509 9 509
30.09.2002 8 436 844 24 950 9 507 43 736
Peep Siimon
Chairman of the Board
+372 6500 442
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