Pēd. atjaunots: 05.07.2024 14:03 (GMT+3)
AS Norma FINANCIAL RESULTS 21.07.2005
FINANCIAL RESULTS Q2 and H1 Y2005
(unaudited)
Sales and Revenues
During the period H1 Y2005 consolidated net sales of AS Norma totalled
510.9 MEEK (32.6 MEUR), 98% of which were generated by parent company in
the amount of 499.0 MEEK (31.9 MEUR).
Consolidated sales increased by 0.7% (3.3 MEEK, 0.2 MEUR) from H1 Y2004.
Q2 Y2005 consolidated sales totalled 270.7 MEEK (17.3 MEUR) and decreased 4.6%.
Sales to Russian customers decreased 17% and to Western customers rose by 9.5%
in H1 Y2005. Q2 Y2005 sales to Russia were 27% lower than last year,
but 9% higher than in Q1 Y2005.
Sales to Autoliv was H1 Y2005 322.0 MEEK (20.6 MEUR).
The group's main fields of activity include production and sale of safety
belts, car components. Exports accounted to 99% of sales revenue,
27% of production was exported to Russian customers (H1 Y2004 33%).
The number of employees at the end of the period was 897.
Use of Capital
Accounts receivables at the end Q2 Y2005 totalled 182.1 MEEK (11.6 MEUR),
of which 28% related to the Russian customers. During the H1 Y2005 volume
of accounts receivable has increased by 10.8 MEEK(0.7 MEUR).
Autoliv receivables were 118.6 MEEK (7.6 MEUR).
Norma`s payables to Autoliv were 72.1 MEEK(4.2 MEUR).
The share of accounts in arrears of total receivable was 23%.
The provision for bad debts remained on the same level and the reserve
totalled 4.9 MEEK (0.3 MEUR).
As of the Q2 Y2005, the consolidated total assets were 1 060.2 MEEK(67.7 MEUR),
a increase by 109.6 MEEK(7.0 MEUR),main increase in the current assets 90.7
MEEK (5.8 MEUR).
Total liabilities amounted to 258.5 MEEK (16.5 MEUR), including 66.0 MEEK
(4.2 MEUR)liability for dividends and 20.8 MEEK (1.3 MEUR)for dividends tax.
The company has no long term liabilities.
The group's owners' equity decreased by 28.8 MEEK(1.8 MEUR),
amounting to 801.7 MEEK (51.2 MEUR) (75% of total assets).
Investments
AS Norma invested a total of 49.6 MEEK (3.2 MEUR), to support existing
production capacities and assure the future profits.
Profit and Earnings per Share
The company's consolidated profit before tax H1 period Y2005 was 58.0 MEEK
(3.7 MEUR). Profit before tax was lower by 5.4 MEEK(0.3 MEUR),decrease 8,5%
(63.4 MEEK, 4.0 MEUR H1 Y2004).
Net profit Q2 Y2005 was 8.6 MEEK (1.9 MEUR) and net profit influenced by
dividend`s tax (20.8 MEEK,1.3 MEUR).
Earnings per share were 2.82 EEK (0.18 EUR) in H1 Y2005.
H1 Y2004 4.79 EEK (0.31 EUR).
AS Norma financial results Q2 Y2005 were released earlier than planned,
because parent company Autoliv was changed financial reports publication
time earlier.
The Q3 Y2005 results of AS Norma will be released at October 19,2005.
Consolidated balance sheet as of 30.06.05
unaudited
EEK in thousands EUR in thousands
Assets 30.06.05 31.12.04 30.06.05 31.12.04
Current assets
Cash and bank accounts 366 651 319 043 23 433 20 391
Avaible-for-sale investments 99 480 81 206 6 358 5 190
Held-to-maturity investments 1 357 6 483 87 414
Accounts receivable 182 105 171 342 11 639 10 951
Allowance for doubtful
receivables -4 959 -4 948 -317 -316
Other receivables and prepayments 9 107 12 250 582 783
Prepaid taxes 6 463 6 223 413 398
Inventories 108 828 86 758 6 955 5 545
Total current assets 769 032 678 357 49 150 43 355
Non-current assets
Long-term financial assets 11 787 12 088 753 773
Property, plant and equipment 261 878 241 287 16 737 15 421
Intangible assets 17 526 18 920 1 120 1 209
Total non-current assets 291 191 272 295 18 610 17 403
Total assets 1 060 223 950 652 67 761 60 758
Liabilities and shareholders´ equity
Liabilities
Current liabilities
Accounts payable and accrued
expenses 231 084 114 795 14 769 7 337
Taxes payable 27 446 5 336 1 754 341
Total current liabilities 258 530 120 131 16 523 7 678
Total liabilities 258 530 120 131 16 523 7 678
Owners` equity
Share capital (par value) 132 000 132 000 8 436 8 436
Statutory reserves 13 200 13 200 844 844
Retained earning 619 321 580 333 39 582 37 090
Net profit 37 172 104 988 2 376 6 710
Total owners´ equity 801 693 830 521 51 238 53 080
Total liabilities and owners´
equity 1 060 223 950 652 67 761 60 758
Consolidated income statement Q2 and H1 Y2005
unaudited
EEK in thousands
01.04.05- 01.01.05- 01.04.04- 01.01.04-
30.06.05 30.06.05 30.06.04 30.06.04
Net sales 270 657 510 855 283 827 507 512
Cost of goods sold 224 756 425 403 234 487 423 628
Gross profit 45 901 85 452 49 340 83 884
Marketing expenses* 3 378 6 806 1 388 2 481
Administrative and general exp. 6 754 12 025 5 134 12 578
Product development expenses 11 125 17 551 6 327 13 811
Bad debt provision 14 16 109 109
Other income 2 261 4 422 1 237 4 351
Other expenses 996 1 696 178 700
Operating profit 25 895 51 780 37 441 58 556
Financial income/expenses 3 535 6 234 2 063 4 825
Profit before taxes 29 430 58 014 39 504 63 381
Provision for taxes** 20 842 20 842 152 152
Net profit 8 588 37 172 39 352 63 229
Earnings per share 0.65 2.82 2.98 4.79
Consolidated income statement Q2 and H1 Y2005
unaudited
EUR in thousands
01.04.05- 01.01.05- 01.04.04- 01.01.04-
30.06.05 30.06.05 30.06.04 30.06.04
Net sales 17 298 32 650 18 140 32 436
Cost of goods sold 14 365 27 188 14 986 27 075
Gross profit 2 934 5 461 3 153 5 361
Marketing expenses* 216 435 89 159
Administrative and general exp. 432 769 328 804
Product development expenses 711 1 122 404 883
Bad debt provision 1 1 7 7
Other income 145 283 79 278
Other expenses 64 108 11 45
Operating profit 1 655 3 309 2 393 3 742
Financial income/expenses 226 398 132 308
Profit before taxes 1 881 3 708 2 525 4 051
Provision for taxes** 1 332 1 332 10 10
Net profit 549 2 376 2 515 4 041
Earnings per share 0.04 0.18 0.19 0.31
* The cost of delivery production 3,453 th.EEK (221 th.EUR) has been
reclassified to marketing expenses. In 2004 it was recorded as cost
of goods sold.
** The dividends income tax liability in the Q2 Y2005 is 20,842 th. EEK.
(1.3 MEUR)
Y2004 dividends income tax 18,511 th. EEK(1.2 MEUR) was recorded
in Q3 Y2004.
Peep Siimon
Chairman of Management Board
+372 6500 442
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