Pēd. atjaunots: 21.07.2024 01:08 (GMT+3)
Merko Ehitus FINANCIAL RESULTS 08/06/2004
FINANCIAL RESULTS 6M 2004
COMMENTARY TO 6M 2004 FINANCIAL RESULTS
Merko Ehitus group 6M 2004 consolidated and unaudited net sales amounted
to EEK 1 498,6 million (EUR 95,8 million) and net profit was EEK 109,8
million (EUR 7,0 million). Profit was earned from general business activities
with the exception of a nonrecurring profit of 11.7 million kroons (0.7
million euros), which was gained in first quarter from the disposal of a
project managing unit of Tallinna Teede AS. Compared to the same period of
previous year net sales increased by 38,5% and net profit 31,1% (without
extraordinary profit).
Companies of the Group 6M 2004 net sales and consolidated net sales
(sales outside the Group) were (in thousand kroons and euros):
Sales including
consolidated
net sales
EEK EUR EEK EUR
Estonian companies
Construction
AS Merko Ehitus 1 052 600 67 273 1 052 353 67 257
AS Gustaf (100% partnership) 31 431 2 009 30 757 1 966
OÜ Gustaf Tallinn (80% partnership) 30 214 1 931 29 648 1 895
AS Merko Tartu (66% partnership) 36 009 2 301 25 355 1 620
Tallinna Teede AS (100% partnership) 59 500 3 803 52 921 3 382
Construction
AS Normanni Linnagrupp(50%partnership)64 347 4 113 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 60 204 3 848 - -
Telecommunication networks
AS Telegrupp (45% partnership) 35 621 2 277 - -
Latvian companies
Construction
SIA Merks (100% partnership) 206 763 13 215 206 763 13 215
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 100 839 6 445 100 839 6 445
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
6M 2004 6M 2003
Net profit margin 6,5 % * 6,9 %
Operating profit margin 7,3 % * 8,0 %
Return on equity (per year) 43,9 % 45,7 %
Return on assets (per year) 19,0 % 18,8 %
Current ratio 1,6 1,4
Equity-to-assets ratio 46,2 % 40,2 %
* without extraordinary profit
Net profit margin: Net profit / Sales
Operating profit margin: Operating profit / Sales
Return on equity: Net profit x 2 / Average equity during the period
Return on assets: Net profit x 2 / Average assets during the period
Current ratio: Current assets / Current liabilities
Equity-to-assets ratio: Owners equity / Total assets
Year 2004 6M interim consolidated and unaudited income statement and balance
sheet are compiled in accordance with the principles of the International
Financial Reporting Standards (IFRS).
INCOME STATEMENT II quarter 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
IIq 2004 IIq 2003 IIq 2004 IIq 2003
Sales 728 475 614 697 46 558 39 286
Cost of sales (644 674) (539 685) (41 202) (34 492)
Gross profit 83 801 75 012 5 356 4 794
Marketing expenses (4 384) (4 099) (280) (262)
Administrative expenses (20 714) (16 632) (1 324) (1 063)
Other operating income 328 1 110 21 71
Other operating expenses (890) (37) (57) (2)
Operating profit 58 141 55 354 3 716 3 538
Financial income and expenses from
stocks of associate companies 3 158 1 690 202 108
Financial income and expenses from
other long-term financial investments 50 234 3 15
Interest expense (425) (543) (27) (35)
Foreign exchange gain 35 (962) 2 (61)
Other financial income and expense (2 093) (1 614) (134) (103)
Total financial income and expenses 725 (1 195) 46 (76)
Profit before taxes 58 866 54 159 3 762 3 461
Income tax (7 479) (6 530) (478) (417)
Net profit for fiscal year 51 387 47 629 3 284 3 044
incl. minority interest (809) (952) (52) (61)
Net profit for the group 50 578 46 677 3 233 2 983
Net profit per share (basic
and diluted, in EEK and EUR) 5,72 5,27 0,37 0,34
INCOME STATEMENT 6M 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
6M 2004 6M 2003 6M 2004 6M 2003
Sales 1 498 636 1 082 075 95 780 69 157
Cost of sales (1 344 732) (960 336) (85 944) (61 377)
Gross profit 153 904 121 739 9 836 7 781
Marketing expenses (7 770) (7 664) (497) (490)
Administrative expenses (36 926) (31 743) (2 360) (2 029)
Other operating income 12 345 4 824 789 308
Other operating expenses (997) (848) (64) (54)
Operating profit 120 556 86 308 7 705 5 516
Financial income and expenses
from stocks of subsidiaries (299) 1 (19) 0
Financial income and expenses from
stocks of associate companies 3 239 2 403 207 154
Financial income and expenses from
other long-term financial investments 50 1 014 3 65
Interest expense (869) (688) (56) (44)
Foreign exchange gain 615 (2 398) 39 (153)
Other financial income and expense (3 723) (4 003) (238) (256)
Total financial income and expenses (987) (3 671) (63) (235)
Profit before taxes 119 569 82 637 7 642 5 281
Income tax (8 454) (6 530) (540) (417)
Net profit for fiscal year 111 115 76 107 7 102 4 864
incl. minority interest (1 316) (1 265) (84) (81)
Net profit for the group 109 799 74 842 7 017 4 783
Net profit per share (basic
and diluted, in EEK and EUR) 12,41 8,46 0,79 0,54
BALANCE SHEET AS OF 30.06.2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
30.06.2004 31.12.2003 30.06.2004 31.12.2003
ASSETS
Cash and cash equivalents 289 308 240 152 18 490 15 349
Marketable securities 29 843 36 096 1 907 2 307
Accounts receivable 265 327 408 296 16 957 26 095
Miscellaneous receivables 82 035 27 385 5 243 1 750
Accrued income 1 426 673 91 43
Prepaid expenses 11 070 21 180 708 1 354
incl. income tax 19 1 746 1 112
Inventories 261 235 255 263 16 696 16 314
TOTAL CURRENT ASSETS 940 244 989 045 60 093 63 211
Shares in associate companies 26 654 25 040 1 704 1 600
Other long-term fin. investments 22 078 3 325 1 411 213
Deferred income tax liability 4 124 4 124 264 264
Real estate investments 68 319 52 869 4 366 3 379
Tangible assets 100 862 73 051 6 446 4 669
Intangible assets (991) (1 592) (63) (102)
TOTAL NON-CURRENT ASSETS 221 046 156 817 14 127 10 022
TOTAL ASSETS 1 161 290 1 145 862 74 220 73 234
Debt obligations 3 365 12 447 215 796
Customer prepayments 17 018 17 881 1 088 1 143
Merchandise credit 194 654 267 597 12 441 17 103
Miscellaneous liabilities 23 154 24 199 1 480 1 547
Tax liabilities 17 654 21 352 1 128 1 365
incl. income tax 466 5 124 30 327
Accrued expenses 36 936 21 095 2 361 1 348
Current provisions 304 247 286 728 19 445 18 325
TOTAL CURRENT LIABILITIES 597 028 651 299 38 157 41 626
Long-term payables 14 717 16 399 941 1 048
Other long-term payables 7 731 9 532 494 609
TOTAL NON-CURRENT LIABILITIES 22 448 25 931 1 435 1 657
TOTAL LIABILITIES 619 476 677 230 39 592 43 283
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 327 733 180 430 20 946 11 532
Net profit for fiscal year 109 799 184 473 7 017 11 790
Exchange rate differences (947) (1 380) (61) (88)
TOTAL OWNERS' EQUITY 536 885 463 823 34 313 29 644
Minority interest 4 929 4 809 315 307
TOTAL LIABILITIES
AND OWNERS' EQUITY 1 161 290 1 145 862 74 220 73 234
Alar Lagus
Member of Board
+372 6 805 109
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