Norma
Unaudited Preliminary Financial Results Q2 and H1 Y2009
Norma / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Sales and Revenues In the second quarter of 2009, consolidated net sales of AS Norma totalled 213 MEEK (13.6 MEUR).This constitutes a 46% (180 MEEK, 11.5 MEUR) decrease compared to Q2 Y2008. At the same time, the sales increased 44% compared to the first quarter of 2009. Sales to Russian and Ukrainian customers fell by 58% and sales to other customers decreased by 32% compared to the same period a year earlier. Sales to parent company Autoliv amounted to 113 MEEK (7.2 MEUR), a decline of 32% compared to the same period a year earlier, yet an 18% growth compared to the first quarter of 2009. AS Norma exported 99.4% of its products (Q2 2008: 98.9%) — 46% to Sweden and 41% to Russian customers (Q2 2008: respectively 39% and 53%). For the first half of 2009 consolidated sales of AS Norma totalled 360 MEEK (23 MEUR), a decrease of 50% compared to the first half of 2008. Sales to Russian and Ukraine customers decreased by 65% and sales to other customers fell by 36%. The Group's main field of activity were production and sale of car safety seatbelts 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 number of employees at the end of the period was 626, which was 372 employees less when compared to the same period last year. The Group employed a monthly average of 698 people. The collective termination of 113 employment contracts took place in the second quarter of 2009. The vast majority of the Group has worked part-time during the accounting period. Assets and liabilities Accounts receivable at the end of the accounting period totalled 128 MEEK (8.2 MEUR), of which 54% related to the Russian, Ukrainian and Belorussian customers. Receivables from Autoliv were 51 MEEK (3.2 MEUR). AS Norma's payables to Autoliv amounted to 22 MEEK (1.4 MEUR). The share of accounts in arrears of total receivables was 13%. The reserve against doubtful receivables was raised to 10.1 MEEK (0.6 MEUR). At the end of the second quarter of 2009, the consolidated total assets totalled 1069 MEEK (68.3 MEUR), a 13 MEEK (0.8 MEUR) decrease for the present year, including a 9 MEEK (0.6 MEUR) decrease in current assets. As of 30 June 2009, AS Norma deposited the financing facilities solely at commercial banks. No effective deposit contracts have been concluded with Autoliv AB. Short-term liabilities amounted to 176 MEEK (11.2 MEUR) at the end of the accounting period, a 73 MEEK (4.6 MEUR) increase from the beginning of the year — due to reporting the dividends (66 MEEK; 4.2 MEUR) and dividend income tax (17.5 MEEK; 1.1 MEUR) as terminal. The Group has no long-term liabilities; all investments were financed from equity. The Group's owners equity has decreased by 86 MEEK (5.5 MEUR) during the 2009, amounting to 893 MEEK (57.1 MEUR), which represents 84% of total assets. Investments In the first half of 2009, AS Norma invested a total of 17 MEEK (1.1 MEUR) to support existing production capacities and assure the future profits. The preparatory work for the construction of the new production building that ensures the organic growth and reprocessing has entered its final stage. The construction is expected to start-up in the third quarter of 2009. Loss The Group's consolidated unaudited net loss was 7.6 MEEK (0.5 MEUR) in Q2 Y2009. In the same period a year earlier the Group's net profit amounted to 25.4 MEEK (1.6 MEUR). The Group's restructuring costs amounted to 2.6 MEEK (0.2 MEUR) in the second quarter of 2009 and 4.3 MEEK (0.3 MEUR) were additionally allocated into doubtful receivables' reserve in Q2, 2009. Income tax on dividends 17.5 MEEK (1.1 MEUR) was charged off, as a year earlier. Both diluted and basic net loss per share by the end of June 2009 were 1.49 EEK (0.1 EUR), a year earlier EPS was 4.24 EEK (0.27 EUR). The preliminary results of AS Norma for the third quarter will be released October 19, 2009. Peep Siimon Chairman of the Management Board +372 650 0442 News Source: NASDAQ OMX 20.07.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Norma Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100001850 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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