Norma
NRM: 2009 12 months and IV quarter consolidated unaudited interim report
Norma / 26.02.2010 10:51 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- AS Norma's main field of activity were production and sale of car safety systems and their components. The Group also manufactured car components, as well as dies and molds for stamping machines, and rendered engineering services related to the design and adaptation of car safety systems and seatbelts. The Group employed 616 people at the end of the fourth quarter 2009; that were less by 302 employees compared to the same time a year ago. The Group employed a monthly average of 618 people during the fourth quarter of 2009. Sales and Revenues in Q4 In the fourth quarter of 2009, consolidated net sales of AS Norma totalled 249 MEEK (15.9 MEUR).This constitutes a 21% (65 MEEK, 4.1 MEUR) decrease compared to Q4 in 2008. Sales to Russian and Ukrainian customers fell by 47% and sales to other customers by 19%. At same time, the sales in the fourth quarter grew by 32% compared to the third quarter 2009. Sales to Autoliv Group companies amounted to 138 MEEK (8.8 MEUR), a 9% increase when compared to the same period in 2008. AS Norma exported 99.2% of its products (Q4, 2008: 98.8%) - 48% to Sweden and 39% to Russian customers (Q4, 2008: respectively 44% and 49%). Sales and Revenues in 2009 In 2009, consolidated sales of AS Norma totalled 799 MEEK (51.0 MEUR), a decline of 42% compared to the previous year. Sales to Russian and Ukrainian customers decreased by 61% and sales to other customers declined by 20%. Sales to Autoliv Group companies amounted to 453 MEEK (29.0 MEUR), a drop 20% when compared to the 2008. Assets and liabilities At the end of the fourth quarter 2009, the accounts receivable totalled 108 MEEK (6.9 MEUR), of which 51% related to the Russian, Ukrainian and Belorussian customers. The receivables from Autoliv Group were 43 MEEK (2.8 MEUR). AS Norma's payables to Autoliv Group amounted to 18 MEEK (1.1 MEUR). The share of accounts in arrears of total receivables was 4.5%. As of 31 December 2009, the reserve against doubtful receivables amounted to 4.1 MEEK (0.3 MEUR). In the fourth quarter 2009, previously provisioned receivables in the amount of 7.8 MEEK (0.5 MEUR) were received; uncollectible receivables in the amount of 0.9 MEEK (0.056 MEUR) were written-off. Additionally, a reserve against doubtful receivables in the amount of 2.3 MEEK (0.15 MEUR) was created. At the end of reporting period, the Group's consolidated total assets totalled 1028 MEEK (65.7 MEUR), a 5% decrease in 2009, whereof cash and financial assets grew 53 MEEK (3.4 MEUR), the receivables decreased 51 MEEK (3.3 MEUR), inventory decreased 33 MEEK (2.1 MEUR), and fixed assets decreased 21 MEEK (1.4 MEUR). The Group's short-term liabilities amounted to 95 MEEK (6.1 MEUR) at the end of the reporting period, a 8 MEEK (0.5 MEUR) decrease since the beginning of the year. The Group had no long-term liabilities. All investments and operating activities were financed from equity. In 2009, the Group's owners equity decreased by 45 MEEK (2.9 MEUR), amounting to 933 MEEK (60.0 MEUR), i.e. 91% of total assets. Investments In 2009, AS Norma invested a total of 38 MEEK (2.4 MEUR) to support existing production capacities and assure future profits. The main investment project under execution is a heat treatment production hall with equipment, which will be finalised in Q2 2010. Profit in Q4 In the fourth quarter 2009, the Group's consolidated unaudited operating profit was 28 MEEK (1.8 MEUR) equal to 11% of sales. In the same period a year earlier, the Group's net profit amounted to 25 MEEK (1.6 MEUR). In the fourth quarter 2009, a reduction of the reserve against doubtful receivables in the amount of 5.6 MEEK (0.36 MEUR) was shown as nonrecurrent revenue. In the last quarter of the year, the net profit amounted to 32 MEEK (2.0 MEUR), or 13% of sales. At the same period a year earlier, the net profit amounted to 10% of sales. Profit in 2009 For the entire 2009, the operating profit amounted to 14 MEEK (0.9 MEUR), i.e. 1.7% of sales. In 2008, the operating profit margin was 9%. The operating profit fell 110 MEEK (7.0 MEUR) during the year, however, in spite of deteriorating turnover and profit, the company was successful increasing the cash flow from the operating activity, which grew by 3 MEEK (0.3 MEUR), amounting to 149 MEEK (9.5 MEUR). In 2009, the unaudited net profit was 21 MEEK (1.3 MEUR), i.e. 2.6% of sales. In 2008, the net profit margin was 9.9%. The Group's one-time extraordinary cost included redundancies, which amounted to 12.9 MEEK (0.8 MEUR) in 2009, a mark-down of tangible fixed assets to 6.4 MEEK (0.4 MEUR), and the provision for doubtful accounts was increased by 3.6 MEEK (0.2 MEUR). Both, diluted and basic earnings per share were 1.57 EEK (0.1 EUR) by the end of December, a year earlier EPS was 10.40 EEK (0.66 EUR). Although global automarket has stabilised, the Russian, Ukranian and Belarussian automotive industry remain very unpredictable. Norma's end-customers in west, particulary Volvo Cars, still suffer from uncertain volumes. Norma will therefore continue to invest into automotive components business for Europe in order to balance the exposure to Russia and Sweden. Peep Siimon Chairman of the Management Board +372 650 0442 News Source: NASDAQ OMX 26.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Norma Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100001850 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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