Sales and Revenues
During the period Q3 Y2007 consolidated net sales of AS Norma totalled 300.2
MEEK (19.2 MEUR).This constitutes a 31.7% (72.2 MEEK, 4.6 MEUR) increase
compared to Q3 Y2006. Sales to Russian customers rose by 59% (this growth came
from sales of safety systems to AVTOVAZ), sales to Swedish customers increased
by 13.5%. Sales to Group of parent company Autoliv amounted to 131.1 MEEK (8.4
MEUR), a increase 11.5% compared to the same period in 2006.
In Q3 2007 AS Norma exported 99.0% of its products (Q3 2006: 98.7%) - 41% to
Sweden, 51% to Russia and 4% to German customers (Q3 2006: respectively 48%,
43%, 4%).
For 9 months of 2007 consolidated sales of AS Norma totalled 894.9 MEEK (57.2
MEUR), an increase 18% (134.3 MEEK; 8.6 MEUR) compared to 9 months Y2006. Sales
to Russian customers increased by 56% and sales to other customers increased by
1 %. Sales to Autoliv Group reached 487.3 MEEK (31.1 MEUR), which was 2.5% more
compared to the same period in 2006.
The main field of activity of Group 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 979, which is 63 employees
more than a year ago and 32 more compared to the beginning of Y2007. The Group
employed a monthly average of 980 people in Q3.
Assets and liabilities
Accounts receivable at the end Q3 totalled 161.2 MEEK (10.3 MEUR), of which 53%
related to the Russian and Ukrainian customers. Receivables from Autoliv were
65.8 MEEK (4.2 MEUR). AS Norma's payables to Autoliv amounted to 47.9 MEEK (3.1
MEUR).
The share of overdue accounts receivables was 3.7%. The provision for bad
totalled 0.2 MEEK (0.01 MEUR).
At the end of the Q3 Y2007, the consolidated total assets totalled 1033.3 MEEK
(66.0 MEUR), a growth 35.6 MEEK (2.3 MEUR), including 45.1 MEEK (2.9 MEUR)
increase in current assets during 9 months Y2007. The growth was, above all,
due to the changes in deposits and receivables.
Total liabilities amounted to 164.1 MEEK (10.5 MEUR) at the end of Q3 Y2007.
The Group has no long-term liabilities, all investments and operating
activities are financed from equity.
The owners' equity of the Group increased by 1.6 MEEK (0.1 MEUR) during the
period, amounting to 869.1MEEK (55.5 MEUR), which made up 84% of total assets.
Owners' equity was reduced due to the shareholders' decision to pay out 66 MEEK
(4.2 MEUR) as dividends.
Investments
During 9 month of 2007, AS Norma invested a total of 37.7 MEEK (2.4 MEUR), to
support existing production capacities and assure the future profits.
Net Profit and Earnings per Share
The Group's consolidated unaudited net profit was 28.3 MEEK (1.8 MEUR) in Q3
Y2007, which was 0.5 MEEK (0.03 MEUR) more than a year before.
For 9 months Y2007 net profit amounted to 67.6 MEEK (4.3 MEUR), which is 11.9
MEEK (0.8 MEUR) higher than at the same period a year ago.
Both, diluted and basic earnings per share at the end of September were 5.12
EEK (0.33 EUR), a year earlier EPS was 4.22 EEK (0.27 EUR).
The Q4 Y2007 results of AS Norma will be released at January 30, 2008.
Peep Siimon
Chairman of the Management Board
