Pēd. atjaunots: 28.11.2024 09:30 (GMT+2)
Norma FINANCIAL RESULTS 19.01.2005
FINANCIAL RESULTS Q4 and Y2004
(unaudited)
Sales and Revenues
During the period Y2004 consolidated net sales of AS Norma
totalled 986.3 MEEK (63.0 MEUR),of which those of the parent
company were 964.3 MEEK (61.6 MEUR). Consolidated sales decreased
by 1.3% (13.0 MEEK, 0.8 MEUR) from Y2003.
Q4 Y2004 consolidated sales totalled 271.0 MEEK (17.3 MEUR) and sales
decreased 2.2%
Sales to Russian customers decreased 14,9% and to western customers rose
by 8.2% in Y2004.
Sales to Russian customers decreased 12.9% in Q4 Y2004 and to
western customers rose by 2.8%.
Sales to Autoliv were 579.3 MEEK (37.0 MEUR) in Y2004.
The group's main fields of activity include production and sale of
safety belts, car components. Exports accounted to 99% of sales
revenue, 34% of production was exported to Russian customers (Y2003 40%).
The number of employees at the end of the period was 853.
Use of Capital
Accounts receivable at the end Y2004 totalled 171.3 MEEK (10.9 MEUR),
of which 37% related to the Russian customers.
During the Y2004 volume of accounts receivable has decreased by 31.1 MEEK
(2.0 MEUR)and the provision for bad debts was cut down by 47%
(4.4 MEEK,0.3 MEUR). The reserve totalled 4.9 MEEK(0.3 MEUR).
The share of accounts in arrears of total receivable was 10%.
Autoliv receivables were 96.9 MEEK (6.2 MEUR).
Norma`s payables to Autoliv were 36.3 MEEK(2.3 MEUR).
As of the Y2004, the consolidated total assets were 950.6 MEEK (60.8 MEUR),
a decrease 11.9 MEEK(0.8 MEUR),main decrease in the current assets 7.4 MEEK
(0.5 MEUR). Total liabilities amounted to 120.1 MEEK (7.7 MEUR).
The company has no long term liabilities.
The group's owners' equity increased by 39.0 MEEK(2.5 MEUR),amounting to
830.5 MEEK (53.1 MEUR) (87% of total assets).
Investments
AS Norma invested a total of 47.2 MEEK (3.0 MEUR), to support
existing production capacities and assure the future profits.
Product development expenses
Increase in product developement expenses is related to the development
of safety system for the new car family of AvtoVAZ (Y2004 18.2 MEEK 1.2 MEUR,
Y2003 1.2 MEEK, 0.1 MEUR). Project is financed by client.
Profit and Earnings per Share
The company's consolidated unaudited net profit Y2004 was 105.0 MEEK
(6.7 MEUR). Net profit has decreased by 23.3 MEEK (1.5 MEUR),
a 18% decrease(128.3 MEEK, 8.2 MEUR Y2003).
Dividends (66.0 MEEK, 4.2 MEUR) paid out for 2003 in Q3 Y2004 and
related taxes are 18.5 MEEK (1.2 MEUR).
In Y2003 income tax on dividends was 3.4 MEEK (0.2 MEUR)
Profit before tax Y2004 was 123.6 MEEK (7.9 MEUR)and decrease
6% (131.8 MEEK,8.4 MEUR Y2003).
Net profit Q4 Y2004 was 29.5 MEEK (1.9 MEUR)compared to 30.6 MEEK (1.9 MEUR)
in Q4 Y2003
Earnings per share were 7.95 EEK (0.51 EUR) in Y2004.
Y2003 earnings per share were 9.72 EEK (0.62 EUR).
The Y2005 results of AS Norma will be released at April 20,2005, July 26,2005
and October 19,2005.
Consolidated balance sheet as of 31.12.04
unaudited
EEK in thousands EUR in thousands
Assets
31.12.04 31.12.03 31.12.04 31.12.03
Current assets
Cash and bank accounts 319 043 179 092 20 391 11 446
Marketable securities 85 206 120 077 5 446 7 674
Accounts receivable 171 342 202 419 10 951 12 937
Allowance for doubtful
receivables -4 948 -9 340 -316 -597
Other receivables and prepayments 20 956 119 666 1 339 7 648
Inventories 86 758 73 816 5 545 4 718
Total current assets 678 357 685 730 43 355 43 826
Non-current assets
Long-term financial assets 12 088 5 196 773 332
Property, plant and equipment 241 287 249 762 15 421 15 963
Intangible assets 18 920 21 935 1 209 1 402
Total non-current assets 272 295 276 893 17 403 17 697
Total assets 950 652 962 623 60 758 61 523
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 120 131 171 090 7 678 10 935
Total current liabilities 120 131 171 090 7 678 10 935
Total liabilities 120 131 171 090 7 678 10 935
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 593 533 531 200 37 934 33 950
Net profit 104 988 128 333 6 710 8 202
Total owners´ equity 830 521 791 533 53 080 50 588
Total liabilities and owners´
equity 950 652 962 623 60 758 61 523
Parent company balance sheet as of 31.12.04
unaudited
EEK in thousands EUR in thousands
Assets 31.12.04 31.12.03 31.12.04 31.12.03
Current assets
Cash and bank accounts 318 668 178 658 20 367 11 418
Marketable securities 85 206 120 077 5 446 7 674
Accounts receivable 178 155 206 971 11 386 13 228
Allowance for doubtful
receivables -4 948 -9 340 -316 -597
Other receivables and prepayments 16 789 117 112 1 073 7 485
Inventories 79 343 64 625 5 071 4 130
Total current assets 673 213 678 103 43 026 43 339
Non-current assets
Long-term financial assets 30 831 23 775 1 970 1 519
Property, plant and equipment 226 953 237 668 14 505 15 190
Intangible assets 18 411 21 301 1 177 1 361
Total non-current assets 276 195 282 744 17 652 18 071
Total assets 949 408 960 847 60 678 61 409
Liabilities and shareholders´equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 118 887 169 315 7 598 10 821
Total current liabilities 118 887 169 315 7 598 10 821
Total liabilities 118 887 169 315 7 598 10 821
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Retained earning and reserves 593 533 531 200 37 934 33 950
Net profit 104 988 128 333 6 710 8 202
Total owners´ equity 830 521 791 533 53 080 50 588
Total liabilities and owners´
equity 949 408 960 847 60 678 61 409
Consolidated income statement Q4 and Y2004
unaudited
EEK in thousands
01.10.04- 01.01.04- 01.10.03- 01.01.03-
31.12.04 31.12.04 31.12.03 31.12.03
Net sales 271 047 986 287 277 237 999 313
Cost of goods sold 220 892 807 248 231 080 812 640
Gross profit 50 155 179 049 46 157 186 673
Marketing expenses 8 429 12 755 3 990 16 528
Administrative and general exp. 7 051 25 035 6 861 26 975
Product development expenses 9 242 31 931 5 195 19 690
Bad debt provision 469 -2 975 25 329
Other income 2 215 3 732 112 2 543
Other expenses 425 2 098 2 348 3 939
Operating profit 26 754 113 937 27 850 121 756
Financial income/expenses 2 614 9 691 2 757 10 032
Profit before taxes 29 368 123 628 30 607 131 788
Provision for taxes -170 18 640 -2 3 455
Net profit 29 538 104 988 30 609 128 333
Earnings per share in EEK 2,24 7,95 2,32 9,72
Consolidated income statement Q4 and Y2004
unaudited
EUR in thousands
01.10.04- 01.01.04- 01.10.03- 01.01.03-
31.12.04 31.12.04 31.12.03 31.12.03
Net sales 17 323 63 036 17 719 63 868
Cost of goods sold 14 118 51 593 14 769 51 937
Gross profit 3 205 11 443 2 950 11 931
Marketing expenses 539 815 255 1 056
Administrative and general exp. 451 1 600 438 1 724
Product development expenses 591 2 041 332 1 258
Bad debt provision 30 -190 2 21
Other income 142 239 7 163
Other expenses 27 134 150 252
Operating profit 1 710 7 282 1 780 7 782
Financial income/expenses 167 619 176 641
Profit before taxes 1 877 7 901 1 956 8 423
Provision for taxes -11 1 191 221
Net profit 1 888 6 710 1 956 8 202
Earnings per share in EEK 0,14 0,51 0,15 0,62
Parent company income statement Q4 and Y2004
unaudited
EEK in thousands
01.10.04- 01.01.04- 01.10.03- 01.01.03-
31.12.04 31.12.04 31.12.03 31.12.03
Net sales 264 410 964 326 275 526 978 970
Cost of goods sold 214 320 792 947 230 207 800 415
Gross profit 50 090 171 379 45 319 178 555
Marketing expenses 8 429 12 755 3 900 16 192
Administrative and general exp. 6 469 21 356 6 352 21 068
Product development expenses 9 242 31 931 5 195 19 690
Bad debt provision -834 -4 278 22 326
Other income 254 5 162 986 7 829
Other expenses 378 1 688 2 088 3 776
Operating profit 26 660 113 089 28 748 125 333
Financial income/expenses 2 878 10 411 1 861 6 455
Profit before taxes 29 538 123 500 30 609 131 788
Provision for taxes 18 511 3 455
Net profit 29 538 104 988 30 609 128 333
Earnings per share in EEK 2,24 7,95 2,32 9,72
Parent company income statement Q4 and Y2004
unaudited
EUR in thousands
01.10.04- 01.01.04- 01.10.03- 01.01.03-
31.12.04 31.12.04 31.12.03 31.12.03
Net sales 16 899 61 632 17 609 62 568
Cost of goods sold 13 698 50 679 14 713 51 156
Gross profit 3 201 10 953 2 896 11 412
Marketing expenses 539 815 249 1 035
Administrative and general exp. 413 1 365 406 1 346
Product development expenses 591 2 041 332 1 258
Bad debt provision -53 -273 1 21
Other income 16 330 63 500
Other expenses 24 108 133 241
Operating profit 1 704 7 228 1 837 8 010
Financial income/expenses 184 665 119 413
Profit before taxes 1 888 7 893 1 956 8 423
Provision for taxes 1 183 221
Net profit 1 888 6 710 1 956 8 202
Earnings per share in EEK 0,14 0,51 0,15 0,62
Consolidated cash flows as of 31.12.04
unaudited
EEK in thousands EUR in thousands
31.12.04 31.12.03 31.12.04 31.12.03
Operating activities
Operating profit 113 936 121 756 7 282 7 782
Profit from sale of property,
plant and equipment -1 145 -253 -73 -16
Profit from sale subsidiary -5
Deprecation 57 641 47 637 3 684 3 045
Property, plant and equipment
write-off 435 3 775 28 241
Property write-down 550 15 35 1
Increase (-), decrease (+) in
current assets 77 000 -111 716 4 921 -7 140
Movement long terms receivables -500 -32
Increase (-), decrease (+) in
current liabilities -50 959 48 671 -3 257 3 111
Interest received and other
financial income 10 241 10 098 655 645
Interest and other financial
expenses paid -8 -11 -1 -1
Income tax paid -128 -8
Total operating activities 207 564 119 467 13 266 7 635
Investing activities
Property, plant and equipment sold 1 208 253 77 16
Property, plant and equipment
acquired -47 200 -98 383 -3 017 -6 288
Subsidiary sold 116 7
Loans issued -62 -128 -4 -8
Financial activities change -6 953 4 703 -444 301
Loans repaid 48 119 3 8
Total investing activities -52 959 -93 320 -3 385 -5 964
Financing activities
Dividends paid -66 000 -66 000 -4 218 -4 218
Income tax on dividends -18 511 -3 455 -1 183 -221
Total financing activities -84 511 -69 455 -5 401 -4 439
Net cash flow 70 094 -43 308 4 480 -2 768
Movement in cash and cash equivalents
Cash and cash equivalents at the
beginning of the period 330 544 342 848 21 126 21 912
Net cash flow 70 094 -43 308 4 480 -2 768
Foreign exchange gain -389 -371 -25 -24
Cash and cash equivalents at the
end of the period 400 249 299 169 25 581 19 120
incl.cash and bank accounts 319 043 179 092 20 391 11 446
marketable securities 81 206 120 077 5 190 7 674
Changes in owners` equity as of 31.12.04
unaudited
EEK in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2002 132 000 13 200 390 376 193 624 729 200
Net retained earnings of 2002 193 624 -193 624
Dividends -66 000 -66 000
Net profit for the financial year 128 333 128 333
31.12.2003 132 000 13 200 518 000 128 333 791 533
31.12.2003 132 000 13 200 518 000 128 333 791 533
Net retained earnings of 2003 128 333 -128 333
Dividends -66 000 -66 000
Net profit for the financial year 104 988 104 988
31.12.2004 132 000 13 200 580 333 104 988 830 521
EUR in thousands
Share Reserves Previous Financial Total
capital period year owners
profit profit equity
31.12.2002 8 436 844 24 950 12 375 46 604
Net retained earnings of 2002 12 375 -12 375
Dividends -4 218 -4 218
Net profit for the financial year 8 202 8 202
31.12.2003 8 436 844 33 106 8 202 50 588
31.12.2003 8 436 844 33 106 8 202 50 588
Net retained earnings of 2003 8 202 -8 202
Dividends -4 218 -4 218
Net profit for the financial year 6 710 6 710
31.12.2004 8 436 844 37 090 6 710 53 080
Peep Siimon
Chairman of the Board
+372 6500 442
Lapas karte