Pēd. atjaunots: 29.11.2024 20:25 (GMT+2)
Norma FINANCIAL RESULTS 01/22/2003 09:30
FINANCIAL RESULTS Q4 AND Y2002
(unaudited)
Sales and Revenues
During the Y2002 period consolidated net sales of AS
Norma totalled 1013.8 MEEK (64.8 MEUR),of which those of the parent
company were 1000.7 MEEK (64.0 MEUR). Consolidated sales increased
by 24% (+197.8 MEEK, +12.6 MEUR) from Y2001. Q4 Y2002 consolidated
sales totalled 277.4 MEEK(17.7 MEUR), increase 13% .
Sales to Russian customers decreased 1.7%. Sales to Western customers
increased 69%. Sales to Autoliv amounted 445.0 MEEK (28.4 MEUR)Y2002.
Revenues of AS Norma accounted for 99%.
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, 50% of it was exported
to Russian customers (Y2001 63%).
The number of employees at the end of the period was 1038.
Use of Capital
Accounts receivable at the end Y2002 totalled 163.2 MEEK (10.4 MEUR),
of which 40% related to the Russian customers. During period Y2002
volume of accounts receivable has increased by 9.9 MEEK(0.6 MEUR).
Receivables from Autoliv were increase 43.2 MEEK (2.8 MEUR)
and amounted 86.6 MEEK (5.5 MEUR).
Norma`s payables to Autoliv was 62.5 MEEK (4.0 MEUR).
The share of accounts in arrears of total receivable was 12%.
The provision for bad debts was decreased by 2.9 MEEK (0.2 MEUR) and
the reserve totalled 10.2 MEEK (0.6 MEUR).
As of the Y2002, the consolidated balance sheet size was
851.6 MEEK (54.4 MEUR), a growth by 126.5 MEEK(+8.0 MEUR),
increased due to the current assets 111.1 MEEK (+7.1 MEUR).
Total liabilities amounted to 122.4 MEEK (7.8 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 114.4 MEEK(+7.3 MEUR),
amounting to 729.2 MEEK (46.6 MEUR) (86% of balance sheet size).
Investments
AS Norma invested a total of 53.4 MEEK (3.4 MEUR), to support
existing production capacities and assure the efficiency its
production processes. Of the total 49.7 MEEK (3.2 MEUR) was
invested in machinery and equipment.
Profit and Earnings per Share
The company's consolidated unaudited net profit in Y2002 was
193.6 MEEK (12.4 MEUR). Net profit has increased by 16.0 MEEK
(1.0 MEUR), which is 9%.
Net profit Q4 Y2002 was 44.9 MEEK (2.9 MEUR), decrease 1.2%
compared to Q4 Y2001.
Earnings per share were 14.67 EEK (0.94 EUR) in Y2002.
Y2001 earings per share were 13.46 EEK (0.86 EUR).
Significant Events and Changes in Business Activities Q4 Y2002
AS Norma and AS Norma Maja effected a merger agreement.
The Y2003 quarter results of AS Norma will be released at
April 23,2003, July 16,2003, October 15, 2003 and January 21,2004.
Consolidated balance sheet as of 31.12.02
unaudited
EEK in thousands EUR in thousands
Assets
31.12.02 31.12.01 31.12.02 31.12.01
Current assets
Cash and bank accounts 214 228 59 449 13 692 3 799
Marketable securities 128 620 123 452 8 220 7 890
Accounts receivable 163 209 153 291 10 431 9 797
Allowance for doubtful receivables -10 164 -13 136 -650 -840
Other receivables and prepayments 29 835 99 985 1 907 6 390
Inventories 91 551 83 132 5 851 5 313
Total current assets 617 279 506 173 39 451 32 350
Non-current assets
Long-term financial assets 9 600 1 060 614 68
Property, plant and equipment 223 030 216 042 14 254 13 808
Intangible assets 1 711 1 886 109 121
Total non-current assets 234 341 218 988 14 977 13 996
Total assets 851 620 725 161 54 428 46 346
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 122 420 110 385 7 824 7 055
Total current liabilities 122 420 110 385 7 824 7 055
Total liabilities 122 420 110 385 7 824 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 193 624 177 638 12 375 11 353
Total owners´ equity 729 200 614 776 46 604 39 291
Total liabilities and owners´ 851 620 725 161 54 428 46 346
equity
Parent company balance sheet as of 31.12.02 *
unaudited
EEK in thousands EUR in thousands
Assets
31.12.02 31.12.01 31.12.01 31.12.01
Current assets
Cash and bank accounts 213 047 57 647 13 616 3 684
Marketable securities 128 620 123 452 8 220 7 890
Accounts receivable 166 329 179 026 10 630 11 442
Allowance for doubtful receivables -10 164 -12 791 -650 -817
Other receivables and prepayments 26 894 99 274 1 719 6 345
Inventories 81 811 77 357 5 229 4 944
Total current assets 606 537 523 965 38 765 33 487
Non-current assets
Long-term financial assets 31 341 76 634 2 003 4 898
Property, plant and equipment 209 261 121 996 13 374 7 797
Intangible assets 955 1 120 61 72
Total non-current assets 241 557 199 750 15 438 12 766
Total assets 848 094 723 715 54 203 46 254
Liabilities and shareholders´
equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 118 894 108 939 7 599 6 962
Total current liabilities 118 894 108 939 7 599 6 962
Long term liabilities
Total liabilities 118 894 108 939 7 599 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 193 624 177 638 12 375 11 353
Total owners´ equity 729 200 614 776 46 604 39 291
Total liabilities and owners´
equity 848 094 723 715 54 203 46 254
* Y2002 data of the parent company include data of the merged
subsidiarie company AS Norma Maja.
Consolidated income statement Q4 and Y2002
unaudited
EEK in thousands
01.10.02- 01.01.02- 01.10.01- 01.01.01-
31.12.02 31.12.02 31.12.01 31.12.01
Net sales 277 378 1 013 765 245 705 815 920
Cost of goods sold 219 117 773 911 188 034 580 205
Gross profit 58 261 239 854 57 671 235 715
Marketing expenses 4 873 20 005 5 706 23 601
Administrative and general exp. 8 008 32 976 9 596 32 116
Product development expense 7 884 22 592 5 081 18 871
Bad debt provision -2 600 -2 648 -5 135 -1 839
Other income 3 864 23 539 734 7 048
Other expenses 1 674 3 581 680 2 910
Operating profit 42 286 186 887 42 477 167 104
Financial income 2 582 12 130 2 942 13 122
Financial expenses 0 1 535 0 355
Profit before taxes 44 868 197 482 45 419 179 871
Provision for taxes -9 3 858 0 2 232
Net profit 44 877 193 624 45 419 177 639
Earnings per share in EEK 3.40 14.67 3.44 13.46
Consolidated income statement Q4 and Y2002
unaudited
EUR in thousands
01.10.02- 01.01.02- 01.10.01- 01.01.01-
31.12.02 31.12.02 31.12.01 31.12.01
Net sales 17 728 64 791 15 703 52 147
Cost of goods sold 14 004 49 462 12 018 37 082
Gross profit 3 724 15 329 3 686 15 065
Marketing expenses 311 1 279 365 1 508
Administrative and general exp. 512 2 108 613 2 053
Product development expense 504 1 444 325 1 206
Bad debt provision -166 -169 -328 -118
Other income 247 1 504 47 450
Other expenses 107 229 43 186
Operating profit 2 703 11 944 2 715 10 680
Financial income 165 775 188 839
Financial expenses 0 98 0 23
Profit before taxes 2 868 12 621 2 903 11 496
Provision for taxes -1 247 0 143
Net profit 2 868 12 375 2 903 11 353
Earnings per share in EEK 0.22 0.94 0.22 0.86
Parent company income statement Q4 and Y2002 *
unaudited
EEK in thousands
01.10.02- 01.01.02- 01.10.01- 01.01.01-
31.12.02 31.12.02 31.12.01 31.12.01
Net sales 272 786 1 000 731 241 107 795 120
Cost of goods sold 216 374 769 672 186 500 577 751
Gross profit 56 412 231 059 54 607 217 369
Marketing expenses 4 758 19 603 5 635 23 310
Administrative and general exp. 5 934 25 779 6 695 21 175
Product development expenses 7 884 22 592 5 081 18 871
Bad debt provision -2 600 -2 648 -5 283 -1 960
Other income 2 966 23 020 244 1 257
Other expenses 902 3 306 687 2 441
Operating profit 42 500 185 447 42 036 154 788
Financial income 2 861 13 345 3 702 25 665
Financial expenses 484 1 533 319 616
Profit before taxes 44 877 197 259 45 419 179 837
Provision for taxes 0 3 635 0 2 199
Net profit 44 877 193 624 45 419 177 638
Earnings per share in EEK 3.40 14.67 3.44 13.46
* Y2002 data of the parent company include data of the merged
subsidiarie company AS Norma Maja.
Parent company income statement Q4 and Y2002 *
unaudited
EUR in thousands
01.10.02- 01.01.02- 01.10.01- 01.01.01-
31.12.02 31.12.02 31.12.01 31.12.01
Net sales 17 434 63 958 15 410 50 817
Cost of goods sold 13 829 49 191 11 919 36 925
Gross profit 3 605 14 767 3 490 13 892
Marketing expenses 304 1 253 360 1 490
Administrative and general exp. 379 1 648 428 1 353
Product development expenses 504 1 444 325 1 206
Bad debt provision -166 -169 -338 -125
Other income 190 1 471 16 80
Other expenses 58 211 44 156
Operating profit 2 716 11 852 2 687 9 893
Financial income 183 853 237 1 640
Financial expenses 31 98 20 39
Profit before taxes 2 868 12 607 2 903 11 494
Provision for taxes 0 232 0 141
Net profit 2 868 12 375 2 903 11 353
Earnings per share in EEK 0.22 0.94 0.22 0.86
* Y2002 data of the parent company include data of the merged
subsidiarie company AS Norma Maja.
Consolidated cash flows as of 31.12.02
unaudited
EEK in thausands EUR in thousands
01.01.02- 01.01.01- 01.01.02- 01.01.01-
31.12.02 31.12.01 31.12.02 31.12.01
Operating activities
Operating profit 186 887 167 102 11 944 10 680
Profit from sale of property,
plant and equipment -23 329 -1 258 -1 491 -80
Revenues from subsidiary companies 0 1 094 0 70
Deprecation 40 357 33 820 2 579 2 161
Property, plant and equipment
write-off 173 286 11 18
Property,plant and equipment discount 0 29 0 2
Increase (-), decrease (+) in
current assets 48 556 -72 594 3 103 -4 640
Increase (-), decrease (+) in
current liabilities 12 035 45 406 769 2 902
Interest received and other
financial income 12 413 10 486 793 670
Interest and other financial
expenses paid -297 -33 -19 -2
Total operating activities 276 795 184 338 17 690 11 781
Investing activities
Property, plant and equipment
sold 29 422 2 032 1 880 130
Property, plant and equipment
acquired -53 436 -87 211 -3 415 -5 574
Loans issued -152 -199 -10 -13
Subsidiary companies sold 317 557 20 36
Financial activities change 0 5 000 0 320
Loans repaid -8 703 0 -556 0
Total investing activities -32 552 -79 821 -2 080 -5 101
Financing activities
Dividens tax -3 635 -2 199
Dividends paid -79 200 -66 000 -5 062 -4 218
Total financing activities -82 835 -68 199 0 -4 359
Net cash flow 161 408 36 318 10 316 2 321
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 161 408 36 318 10 316 2 321
Foreign exchange gain -1 461 -354 -93 -23
Cash and cash equivalents at the
end of the period 342 848 182 901 21 912 11 689
incl.cash and bank accounts 214 228 59 449 13 692 3 799
marketable securities 128 620 123 452 8 220 7 890
Changes in owners` equity as of 31.12.02
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
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
Dividends -79 200 -79 200
Net profit for the financial year 193 624 193 624
31.12.2002 132 000 13 200 390 376 193 624 729 200
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
Dividends -4 218 -4 218
Net profit for the finacial 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
Dividends -5 062 -5 062
Net profit for the financial year 12 375 12 375
31.12.2002 8 436 844 24 950 12 357 46 604
Peep Siimon
Chairman of the Board
+372 6500 442
Lapas karte