Pēd. atjaunots: 20.07.2024 01:05 (GMT+3)
AS MERKO EHITUS FINANCIAL RESULTS 12M 2004 01.03.2004
COMMENTARY TO 12M 2004 FINANCIAL RESULTS
Merko Ehitus group 12M 2004 consolidated and unaudited net sales amounted to
EEK 3 110.4 million (EUR 198.8 million) and net profit was EEK 294.6 million
(EUR 18.8 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 and 8.7 million kroons (0.6 million euros),
which was gained in fourth quarter from the disposal of surplus real estate,
which was sold in order to achieve the strategic aims of the company.
Compared to the same period in the previous year Group’s turnover increased
by 14.9 percent and profit by 48.7 percent (without extraordinary profit).
Increase in profit earning capacity resulted mainly from the successful sale
of residential buildings in the third and fourth quarter.
Companies of the Group 12M 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 2 110 292 134 872 2 109 100 134 796
AS Gustaf (100% partnership) 69 149 4 419 68 220 4 360
OÜ Gustaf Tallinn (80% partnership) 56 890 3 636 55 602 3 554
AS Merko Tartu (66% partnership) 117 527 7 511 78 725 5 031
Tallinna Teede AS (100% partnership) 161 361 10 313 147 542 9 430
Construction
AS Normanni Linnagrupp
(50% partnership) 128 407 8 207 - -
Production of concrete
AS Tartu Maja Betoontooted
(25% partnership) 165 829 10 598 - -
Communication networks
AS Telegrupp (45% partnership) 65 953 4 215 - -
Latvian companies
Construction
SIA Merks (100% partnership) 460 511 29 432 460 511 29 432
Lithuanian companies
Construction
UAB Merko Statyba (100% partnership) 160 862 10 281 160 862 10 281
The ratios and calculation methods characterizing the operating activities of
the Group were as follows:
12M 2004 12M 2003
Net profit margin 8,8 % * 6,8 %
Operating profit margin 9,5 % * 7,5 %
Return on equity (per year) 49,9 % 48,3 %
Return on assets (per year) 24,6 % 19,9 %
Current ratio 2,0 1,5
Equity-to-assets ratio 57,8 % 40,4 %
* without extraordinary profit
Net profit margin: Net profit / Sales
Operating profit margin: Operating profit / Sales
Return on equity: Net profit* / Average equity during the period*
Return on assets: Net profit* / Average assets during the period
Current ratio: Current assets / Current liabilities
Equity-to-assets ratio: Owners equity / Total assets
* calculated for the shareholders of the parent company
The new and revised IFRS standards were applied prematurely in the
consolidated 12-month interim report of 2004. Also, instructions of the
Accounting Regulatory Committee regarding the requirements for presenting
information in the annual accounts were applied prematurely. Figures for
2003 are presented in a comparable manner.
INCOME STATEMENT IV quarter 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
IVq 2004 IVq 2003 IVq 2004 IVq 2003
Sales 877 806 852 924 56 102 54 512
Cost of sales (719 657) (771 571) (45 994) (49 312)
Gross profit 158 149 81 353 10 108 5 199
Marketing expenses (6 724) (5 042) (430) (322)
Administrative expenses (31 965) (23 924) (2 043) (1 529)
Other operating income 665 804 43 51
Other operating expenses (1 276) (1 446) (82) (92)
Operating profit 118 109 51 745 7 596 3 307
Financial income and expenses from
stocks of associate companies (944) 1 074 (60) 69
Financial income and expenses from
other long-term fin. investments (1 624) 4 (104) 0
Interest expense (415) (1 152) (27) (74)
Foreign exchange gain (4 854) (290) (310) (19)
Other financial income and expense (2 331) (606) (149) (39)
Total financial income and expenses(10 168) (970) (650) (62)
Profit before taxes 108 681 50 775 6 946 3 245
Income tax 28 187 2 12
Net profit for fiscal year 108 709 50 962 6 948 3 257
incl. minority interest 1 819 508 116 32
equity holders
of the company 106 890 50 454 6 832 3 225
Parent company's net profit per share
(basic and diluted, in EEK and EUR) 12,08 5,70 0,77 0,36
INCOME STATEMENT 12M 2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
12M 2004 12M 2003 12M 2004 12M 2003
Sales 3 110 399 2 707 663 198 791 173 051
Cost of sales (2 695 989) (2 429 125) (172 305) (155 249)
Gross profit 414 410 278 538 26 486 17 802
Marketing expenses (18 138) (15 832) (1 159) (1 012)
Administrative expenses (89 089) (73 363) (5 694) (4 689)
Other operating income 13 607 15 326 870 980
Other operating expenses (3 677) (2 121) (235) (136)
Operating profit 317 113 202 548 20 267 12 945
Financial income and expenses from
stocks of subsidiaries (299) 542 (19) 35
Financial income and expenses from
stocks of associate companies 9 956 4 446 636 284
Financial income and expenses from
other long-term fin. investments (1 478) 1 084 (94) 69
Interest expense (3 395) (2 503) (217) (160)
Foreign exchange gain (5 254) (2 692) (336) (172)
Other financial income and expense (8 458) (5 684) (541) (363)
Total financial income and expenses (8 928) (4 807) (571) (307)
Profit before taxes 308 185 197 741 19 697 12 638
Income tax (9 997) (10 901) (639) (697)
Net profit for fiscal year 298 188 186 840 19 058 11 941
incl. minority interest 3 584 2 367 229 151
equity holders
of the company 294 604 184 473 18 829 11 790
Parent company's net profit per share
(basic and diluted, in EEK and EUR) 33,29 20,84 2,13 1,33
BALANCE SHEET AS OF 31.12.2004
consolidated, unaudited in thousand EEK and EUR
EEK EUR
31.12.2004 31.12.2003 31.12.2004 31.12.2003
ASSETS
Current assets
Cash 141 812 240 152 9 063 15 348
Short-term financial investments 11 775 36 096 753 2 307
Receivables and pre-payments 534 427 554 184 34 156 35 419
Inventories 316 071 158 613 20 201 10 137
Total current assets 1 004 085 989 045 64 173 63 211
Non-current assets
Long-term financial investments 55 443 32 489 3 544 2 077
Real estate investments 61 389 52 869 3 923 3 379
Tangible assets 131 765 73 051 8 421 4 669
Intangible assets 1 110 (1 592) 71 (102)
Total non-current assets 249 707 156 817 15 959 10 023
TOTAL ASSETS 1 253 792 1 145 862 80 132 73 234
LIABILITIES AND OWNERS' EQUITY
Current liabilities
Loan commitments 11 283 17 538 721 1 110
Debts and prepayments 488 170 628 570 31 200 40 184
Current provisions 5 784 5 191 369 332
Total current liabilities 505 237 651 299 32 290 41 626
Non-current liabilities
Loans, bonds and finance
lease liabilities 15 341 16 399 980 1 048
Other long-term payables 8 038 9 532 514 609
Total non-current liabilities 23 379 25 931 1 494 1 657
Total liabilities 528 616 677 230 33 784 43 283
Owners' equity
Minority interest 7 202 4 809 460 307
Capital attributable the Company's equity holders
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
Other reserves (4 663) (1 380) (298) (88)
Retained earnings 622 337 364 903 39 775 23 321
Total capital attributable
the Company's equity holders 717 974 463 823 45 888 29 644
Total owners' equity 725 176 468 632 46 348 29 951
TOTAL LIABILITIES
AND OWNERS' EQUITY 1 253 792 1 145 862 80 132 73 234
Alar Lagus
Member of Board
+372 6 805 109
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