Pēd. atjaunots: 30.11.2024 05:13 (GMT+2)
Norma FINANCIAL RESULTS 04/23/2003 09:30
FINANCIAL RESULTS, Q1 2003
(unaudited)
Sales and Revenues
During the period Q1 Y2003 consolidated net sales of AS
Norma totalled 207.6 MEEK (13.3 MEUR),of which those of the parent
company were 199.7 MEEK (12.8 MEUR). Consolidated sales decreased
by 10% (-23.8 MEEK, -1.5 MEUR) from Q1 Y2002. Sales to Russian
customers decreased 47% and to Western customers rose by 31%.
Sales volumes to Russian customers decreased in Q1 Y2003 due to
the low orders of Russian customers in January and February.
Sales to Autoliv was Q1 Y2003 126.5 MEEK (8.1 MEUR).
Revenues of AS Norma accounted for 96%.
The group's main fields of activity include production and sale of
safety belts, car components.
Exports accounted to 98% of sales revenue, 31% of production was
exported to Russian customers (Q1 Y2002 53%).
The number of employees at the end of the period was 1007.
Use of Capital
Accounts receivable at the end Q1 Y2003 totalled 178.4 MEEK (11.4 MEUR),
of which 36% related to the Russian customers. During the
period Q1 Y2003 volume of accounts receivable has increased by
15.2 MEEK(1.0 MEUR), Autoliv receivables was 99.5 MEEK (6.4 MEUR).
Norma`s payables to Autoliv was 98.0 MEEK(6.3 MEUR).
The share of accounts in arrears of total receivable was 17%.
The provision for bad debts remained on the same level and
the reserve totalled 10.2 MEEK (0.7 MEUR).
As of the Q1 Y2003, the consolidated balance sheet size was
900.4 MEEK (57.5 MEUR), a growth by 48.7 MEEK(+3.1 MEUR),
increased due to the current assets 29.6 MEEK (+1.9 MEUR).
Total liabilities amounted to 149.0 MEEK (9.5 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 22.1 MEEK(+1.4 MEUR),
amounting to 751.3 MEEK (48.0 MEUR) (83% of balance sheet size).
Investments
AS Norma invested a total of 31.0 MEEK (2.0 MEUR), to support
existing production capacities and assure the efficiency its
production processes. Of the total 6.8 MEEK (0.4 MEUR) was
invested in machinery and equipment.
Intangible assets increase by 22.4 MEEK (1.4 MEUR) due to licence
agreement signed between as Norma and Autoliv which gives to Norma
full access to all Autoliv existing and future technologies, right to
manufacture and sell products developed by Autoliv Group.
Profit and Earnings per Share
The company's consolidated unaudited net profit was 22.1 MEEK (1.4 MEUR).
Net profit has decreased by 20.0 MEEK (1.3 MEUR),a 48% decrease(42.2 MEEK,
2.7 MEUR Q1 Y2002).
Earnings per share was 1.68 EEK (0.11 EUR) in Q1 Y2003.
Q1 Y2002 it was 3.19 EEK (0.20 EUR).
Significant Events and Changes in Business Activities
1. The new assembly line for Autoliv seatbelt retractors installed
and launched.
2. Norma Maja merge to Norma legally completed.
The Q2 Y2003 results of AS Norma will be released at July 16, 2003.
Consolidated balance sheet as of 31.03.03
unaudited
EEK in thousands EUR in thousands
Assets
31.03.03 31.12.02 31.03.03 31.12.02
Current assets
Cash and bank accounts 147 496 214 228 9 427 13 692
Marketable securities 125 865 128 620 8 044 8 220
Accounts receivable 178 419 163 209 11 403 10 431
Allowance for doubtful receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 105 645 29 835 6 752 1 907
Inventories 99 598 91 551 6 365 5 851
Total current assets 646 859 617 279 41 342 39 451
Non-current assets
Long-term financial assets 9 590 9 600 613 614
Property, plant and equipment 220 792 223 030 14 111 14 254
Intangible assets 23 140 1 711 1 479 109
Total non-current assets 253 522 234 341 16 203 14 977
Total assets 900 381 851 620 57 545 54 428
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 149 045 122 420 9 526 7 824
Total current liabilities 149 045 122 420 9 526 7 824
Total liabilities 149 045 122 420 9 526 7 824
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 597 200 403 576 38 168 25 793
Net profit 22 136 193 624 1 415 12 375
Total owners´ equity 751 336 729 200 48 019 46 604
Total liabilities and owners´
equity 900 381 851 620 57 545 54 428
Parent company balance sheet as of 31.03.03
unaudited
EEK in thousands EUR in thousands
Assets
31.03.03 31.12.02 31.03.03 31.12.02
Current assets
Cash and bank accounts 146 057 213 047 9 335 13 616
Marketable securities 125 865 128 620 8 044 8 220
Accounts receivable 178 709 166 329 11 422 10 630
Allowance for doubtful receivables -10 164 -10 164 -650 -650
Other receivables and prepayments 102 591 26 894 6 557 1 719
Inventories 93 149 81 811 5 953 5 229
Total current assets 636 207 606 537 40 661 38 765
Non-current assets
Long-term financial assets 30 857 31 341 1 972 2 003
Property, plant and equipment 207 972 209 261 13 292 13 374
Intangible assets 22 414 955 1 433 61
Total non-current assets 261 243 241 557 16 696 15 438
Total assets 897 450 848 094 57 357 54 203
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 146 114 118 894 9 338 7 599
Total current liabilities 146 114 118 894 9 338 7 599
Total liabilities 146 114 118 894 9 338 7 599
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 597 200 403 576 38 168 25 793
Net profit 22 136 193 624 1 415 12 375
Total owners´ equity 751 336 729 200 48 019 46 604
Total liabilities and owners´
equity 897 450 848 094 57 357 54 203
Consolidated income statement Q1 Y2003
unaudited
EEK in thousands EUR in thousands
01.01.03- 01.01.02- 01.01.03- 01.01.02-
31.03.03 31.03.02 31.03.03 31.03.02
Net sales 207 600 231 426 13 268 14 791
Cost of goods sold 175 325 175 025 11 205 11 186
Gross profit 32 275 56 401 2 063 3 605
Marketing expenses 3 352 5 280 214 337
Administrative and general exp. 7 172 8 167 458 522
Product development expenses 3 703 4 211 237 269
Bad debt provision 17 -18 1 -1
Other income 1 778 431 114 28
Other expenses 409 768 26 49
Operating profit 19 400 38 424 1 240 2 456
Financial income 2 895 3 907 185 250
Financial expenses 151 145 10 9
Profit before taxes 22 144 42 186 1 415 2 696
Provision for taxes 8 28 1 2
Net profit 22 136 42 158 1 415 2 694
Earnings per share in EEK 1,68 3,19 0,11 0,20
Parent company income statement Q1 Y2003
unaudited
EEK in thousands EUR in thousands
01.01.03- 01.01.02- 01.01.03- 01.01.02-
31.03.03 31.03.02 31.03.03 31.03.02
Net sales 199 729 225 603 12 765 14 419
Cost of goods sold 168 855 174 346 10 792 11 143
Gross profit 30 874 51 257 1 973 3 276
Marketing expenses 3 259 5 188 208 332
Administrative and general exp. 5 425 5 386 347 344
Product development expenses 3 703 4 211 237 269
Bad debt provision 17 -1 1 0
Other income 1739 356 111 23
Other expenses 337 719 22 46
Operating profit 19 872 36 110 1 270 2 308
Financial income 2 889 6 175 185 395
Financial expenses 625 127 40 8
Profit before taxes 22 136 42 158 1 415 2 694
Net profit 22 136 42 158 1 415 2 694
Earnings per share in EEK 1,68 3,19 0,11 0,20
Consolidated cash flows as of 31.03.03
unaudited
EEK in thousands EUR in thousands
31.03.03 31.03.02 31.03.03 31.03.02
Operating activities
Operating profit 19 400 38 424 1 240 2 456
Profit from sale of property,
plant and equipment -112 -344 -7 -22
Deprecation 11 805 9 496 754 607
Property, plant and equipment write-off 22 4 1 0
Property, plant and equipment
discount -97 153 -16 438 -6209 -1051
Increase (-), decrease (+) in
current assets 26 653 -2 421 1703 -155
Interest received and other
financial income 957 2 417 61 154
Interest and other financial
expenses paid -9 -7 -1 0
Total operating activities -38 437 31 131 -2 457 1 990
Investing activities
Property, plant and equipment sold 112 344 7 22
Property, plant and equipment
acquired -31 018 -3 352 -1 982 -214
Loans issued -81 -32 -5 -2
Financial activities change 0 -4 000 0 -256
Loans repaid 63 120 4 8
Total investing activities -30 924 -6 920 -1 976 -442
Net cash flow -69 361 24 211 -4 433 1 547
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 342 848 182 901 21 912 11 689
Net cash flow -69 361 24 211 -4 433 1 547
Foreign exchange gain -126 -130 -8 -8
Cash and cash equivalents at the
end of the period 273 361 206 982 17 471 13 229
incl.cash and bank accounts 147 496 39 659 9 427 2 535
marketable securities 125 865 167 323 8 044 10 694
Changes in owners` equity as of 31.03.03
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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
financial year 193 624 193 624
31.12.2002 132 000 13 200 390 376 193 624 729 200
31.12.2002 132 000 13 200 390 376 193 624 729 200
Net retained earnings of 2002 193 624 -193 624 0
Net profit for the
financial year 22 136 22 136
31.03.2003 132 000 13 200 584 000 22 136 751 336
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
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 12 375 46 604
31.12.2002 8 436 844 24 950 12 375 46 604
Net retained earnings of 2002 12 375 -12 375
Net profit for the
financial year 1 415 1 415
31.03.2003 8 436 844 24 950 12 375 48 019
Peep Siimon
Chairman of the Board
+372 6500 442
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