Pēd. atjaunots: 22.07.2024 09:03 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 11/07/2003
FINANCIAL RESULTS 9M 2003
COMMENTARY TO 9M 2003 FINANCIAL RESULTS
Merko Ehitus group 9M 2003 consolidated and unaudited net sales amounted
to 1 854,7 million EEK (118,5 million EUR), and net profit was 134,0
million EEK (8,6 million EUR).
The respective figures year ago were net sales of 1 140,6 million EEK
(72,9 million EUR) and net profit of 72,3 million EEK (4,6 million EUR).
Merko Ehitus group deals in the field of construction and with activities
concerned to that, in Estonia, Latvia and Lithuania. Companies of the group
9M 2003 net sales and consolidated net sales (sales outside the group) were:
in thousand EEK
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 1 087 920 1 087 420
AS Gustaf (100% partnership) 35 542 31 505
OÜ Gustaf Tallinn (100% partnership) 9 915 9 601
AS Merko Tartu (66% partnership) 92 074 80 553
Tallinna Teede AS (100% partnership) 99 621 83 317
Production of structures for small houses
OÜ Matek (71,6% partnership) sold in 29.07.03 30 304 29 897
Construction
AS Normanni Linnagrupp (50% partnership) 4 091 -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 108 775 -
Telecommunication networks
AS Telegrupp (45% partnership) 29 945 -
Latvian companies
Construction
SIA Merks (100% partnership) 174 760 174 760
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 357 686 357 686
in thousand EUR
Net sales including
consolidated
net sales
Estonian companies
Construction
AS Merko Ehitus 69 531 69 498
AS Gustaf (100% partnership) 2 272 2 014
OÜ Gustaf Tallinn (100% partnership) 634 614
AS Merko Tartu (66% partnership) 5 885 5 148
Tallinna Teede AS (100% partnership) 6 367 5 325
Production of structures for small houses
OÜ Matek (71,6% partnership) sold in 29.07.03 1 937 1 911
Construction
AS Normanni Linnagrupp (50% partnership) 261 -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 6 952 -
Telecommunication networks
AS Telegrupp (45% partnership) 1 914 -
Latvian companies
Construction
SIA Merks (100% partnership) 11 169 11 169
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 22 860 22 860
Merko Ehitus group 9M 2003 consolidated data illustrating financial
ratios were:
9M 2003 9M 2002
Net profit margin 7,2 % 6,5 %
Operating profit margin 8,1 % 6,3 %
Return on equity (per year) 50,0 % 38,6 %
Return on assets (per year) 20,1 % 16,5 %
Current ratio 1,5 1,5
Invoice turnover (per year) 5,5 5,2
Equity-to-assets ratio 38,6 % 39,9 %
Year 2003 9M consolidated and unaudited income statement and balance sheet
are compiled in accordance with the principles of the International
Accounting Standards (IAS), and correspond with the Estonian legal acts
regulating the accounting principles used.
INCOME STATEMENT 9M 2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
2003.a. 2002.a. 2003.a. 2002.a.
9 months 9 months 9 months 9 months
Sales 1 854 739 1 140 571 118 539 72 896
Cost of sales (1 657 554) (1 021 130) (105 937) (65 262)
Gross profit 197 185 119 441 12 602 7 634
Marketing expenses (10 790) (9 517) (690) (608)
Administrative expenses (49 454) (35 208) (3 161) (2 250)
Other operating income 15 317 5 252 979 336
Other operating expenses (1 455) (8 117) (93) (519)
Operating profit 150 803 71 851 9 638 4 592
Financial income and expenses
from stocks of subsidiaries 542 0 35 0
Financial income and expenses
from stocks of associates 3 372 1 533 216 98
Financial income and expenses from
other noncurrent fin. investments 1 080 11 69 1
Interest expense (1 351) (444) (86) (28)
Foreign exchange gain (2 402) (2 434) (154) (156)
Other financial income and expense (5 078) 4 424 (325) 283
Total financial income and expenses (3 837) 3 090 (245) 197
Profit before taxes 146 966 74 941 9 393 4 790
Income tax (11 088) (2 119) (709) (135)
Net profit (loss) for the
financial year 135 878 72 822 8 684 4 654
Minority interest (1 859) (535) (119) (34)
Net profit (- loss) for the group 134 019 72 287 8 565 4 620
Net profit (- loss) per share
(basic and diluted, in EEK and EUR) 15,14 8,17 0,97 0,52
BALANCE SHEET AS OF 30.09.2003
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.09.2003 31.12.2002 30.09.2003 31.12.2002
ASSETS
Cash and cash equivalents 198 137 96 310 12 663 6 155
Marketable securities 41 879 53 018 2 677 3 388
Accounts receivable 445 990 165 992 28 504 10 609
Allowance for doubtful receivables (407) (424) (26) (27)
Total accounts receivable 445 583 165 568 28 478 10 582
Receivables from associates 2 013 1 227 129 78
Other short-term receivables 30 493 27 245 1 949 1 741
Total other receivables 32 506 28 472 2 078 1 820
Interest receivable 1 779 1 145 114 73
Dividends receivable 238 0 15 0
Other accrued income 0 32 0 2
Total accrued income 2 017 1 177 129 75
Prepaid taxes 13 327 11 275 852 721
Other prepaid expenses 8 028 3 158 513 202
Total prepaid expenses 21 355 14 433 1 365 922
Raw materials 1 118 2 735 71 175
Work-in-progress 2 867 41 119 183 2 628
Finished goods 0 1 314 0 84
Merchandise purchased for resale 44 647 66 426 2 853 4 245
Prepayments to suppliers 272 374 17 24
Prepayments for real estate 3 581 15 181 229 970
Construction-in-progress 28 760 12 229 1 838 782
Due from customers 91 845 84 962 5 870 5 430
Total inventories 173 090 224 340 11 062 14 338
TOTAL CURRENT ASSETS 914 567 583 318 58 451 37 281
Shares in associated companies 23 921 21 338 1 529 1 364
Long-term receivables from
associated companies 3 000 7 757 192 496
Other shares, holdings and
debt securities 1 800 1 800 115 115
Miscellaneous longterm receivabl.11 515 9 906 736 633
Long-term accounts receivable 0 1 679 0 107
Total long-term financial assets 40 236 42 480 2 572 2 715
Land 39 780 15 249 2 542 975
Buildings 3 496 13 544 223 866
Accumulated real-estate
investments depreciation (326) (5 140) (21) (329)
Prepayments for real-estate
investments 0 11 655 0 745
Total real-estate investments 42 950 35 308 2 745 2 257
Land and buildings 8 306 13 015 531 832
Ground lease 458 458 29 29
Plant and equipment 97 886 66 854 6 256 4 273
Other equipment and fixtures 23 701 20 683 1 515 1 322
Accumulated depreciation (55 082) (50 790) (3 520) (3 246)
Self-constructed physical
assets under construction 216 170 14 11
Prepayments for noncurrent
physical assets 410 0 26 0
Total noncurrent physical assets 75 895 50 390 4 851 3 220
Purchased concessions, patents,
licenses, etc. 252 135 16 9
Goodwill (1 608) (5 418) (103) (346)
Total intangible assets (1 356) (5 283) (87) (338)
TOTAL NON-CURRENT ASSETS 157 725 122 895 10 080 7 854
TOTAL ASSETS 1 072 292 706 213 68 532 45 135
Short-term loans and bonds 9 063 8 087 579 517
Current period long-term
debt repayment 7 387 4 717 472 301
Total debt obligations 16 450 12 804 1 051 818
Customer prepayments 21 035 42 820 1 344 2 737
Accounts payable to suppliers 297 939 179 011 19 042 11 441
Payables to associated companies 373 3 853 24 246
Other short-term payables 2 503 0 160 0
Total other payables 2 876 3 853 184 246
Tax liabilities 27 302 16 344 1 745 1 045
Payables to employees 15 948 18 051 1 019 1 154
Dividends payable 0 889 0 57
Interest payable 213 6 14 0
Other accrued expenses 772 1 037 49 66
Total accrued expenses 16 933 19 983 1 082 1 277
Provisions for construction
warranty liability 4 284 3 368 274 215
Due to customers 238 491 104 917 15 242 6 705
Total current provisions 242 775 108 285 15 516 6 921
TOTAL CURRENT LIABILITIES 625 310 383 100 39 964 24 484
Loans, bonds and financial
lease liabilities 17 109 2 604 1 093 166
Accounts payable to suppliers 8 986 14 900 574 952
Other long-term payables 2 440 0 156 0
Total other long-term payables 11 426 14 900 730 952
TOTAL NON-CURRENT LIABILITIES 28 535 17 504 1 824 1 119
TOTAL LIABILITIES 653 845 400 604 41 788 25 603
OWNERS' EQUITY
Share capital 88 500 88 500 5 656 5 656
Share premium 2 950 2 950 189 189
Mandatory legal reserve 8 850 8 850 566 566
Retained earnings 180 430 101 480 11 532 6 486
Net profit (-loss)
for the financial year 134 019 98 863 8 565 6 318
Exchange rate differences (604) 174 (39) 11
TOTAL OWNERS' EQUITY 414 145 300 817 26 469 19 226
Minority interest 4 302 4 792 275 306
TOTAL LIABILITIES AND
OWNERS' EQUITY 1 072 292 706 213 68 532 45 135
Ülo Metsaots
Management Board member
+372 6 805 104