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NRM: 2009 12 months and IV quarter consolidated unaudited interim report

Spekuliantai.lt | 2010-02-26 | NASDAQ OMX biržų naujienos | perskaitė: 1136
Raktiniai žodžiai: Norma, NRM
NRM: 2009 12 months and IV quarter consolidated unaudited interim report

Norma Company Announcement 26.02.2010

NRM: 2009 12 months and IV quarter consolidated unaudited interim report

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



1. as norma q4 y2009 interim report.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=294251)

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