Sales and Revenues
During the period Q4 Y2007 consolidated net sales of AS
Norma totalled 369 MEEK (23.6 MEUR).This constitutes a
29% (82 MEEK; 5.3 MEUR) increase compared to Q4 Y2006.
Sales to Russian customers rose by 67% (79% of this
growth came from deliveries of safety systems to
AVTOVAZ), sales to Swedish customers increased by 6%.
Sales to Group of parent company Autoliv amounted to 174
MEEK (11.1 MEUR), an increase 2% compared to the same
period in 2006. In Q4 2007 AS Norma exported 98.8% of its
products (Q4 2006: 98.4%) - 49% to Russia, 44% to Sweden
and 4% to German customers (Q4 2006: respectively 38%,
53% and 5%).
Y2007 consolidated sales of AS Norma totalled 1264 MEEK
(80.8 MEUR), an increase 21% (216 MEEK; 13.8 MEUR)
compared to Y2006. Sales to Russian customers rose by 60%
and to other clients by 2%. Sales to parent company
Autoliv reached 661 MEEK (42.3 MEUR), an increase 2%
compared to the same period in 2006.
The main field of activity of Group are production and
sale of car safety systems including seatbelts and their
components. The Group also manufactures car components,
as well as dies and molds for stamping machines, and
renders 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 972,
which is 25 employees more than a year ago.
The Group employed a monthly average of 974 people in Q4
2007.
Assets and liabilities
Accounts receivable at the end of Y2007 totalled 162 MEEK
(10.4 MEUR), of which 65% related to the Russian and
Ukrainian customers. Receivables from Autoliv were 49
MEEK (3.1 MEUR). AS Norma's payables to Autoliv amounted
to 36 MEEK (2.3 MEUR).The share of overdue accounts
receivables was 2.5%. In management's opinion there were
no bad debts to be provisioned.
At the end of Y2007, the consolidated total assets
amounted to 1057 MEEK (67.6 MEUR), a growth 60 MEEK (3.8
MEUR) during the year, including 80 MEEK (5.1 MEUR)
increase in current assets. The growth was, above all,
due to the changes in liabilities and financial
investments.
Total liabilities amounted to 150 MEEK (9.6 MEUR) at the
end of Y2007. The Group has no long-term liabilities, all
investments and operating activities were financed from
equity.
The owners' equity of the Group increased by 40 MEEK (2.6
MEUR) during the period, amounting to 907 MEEK (58.0
MEUR), which made up 86% of total assets. Owners' equity
was reduced due to the shareholders' decision to pay out
66 MEEK (4.2 MEUR) as dividends.
Investments
During 12 months Y2007 AS Norma invested a total of 42
MEEK (2.7 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 38 MEEK
(2.5 MEUR) in Q4 Y2007, which was 8.3 MEEK (0.5 MEUR)
more than in Q4 Y2006. Net profit margin was 10.4% (Y2006
Q4: 10.5%).
For Y2007 net profit amounted to 106 MEEK (6.8 MEUR),
which was 20 MEEK (1.3 MEUR) more than a year ago. Net
profit margin rose by 0.2% compared to the previous year,
amounting to 8.4%, although gross margin decreased 0.8%.
Gross profit was influenced most by increase of the rate
of raw material and material cost from 56.5% to 60.3% of
turnover, which was, above all, due to accrual of the new
product set - car safety systems - into AS Norma sales
range.
Both, diluted and basic earnings per share at the end of
December were 8.02 EEK (0.51 EUR), a year earlier EPS was
6.49 EEK (0.42 EUR).
The Q1 Y2008 results of AS Norma will be released on
April 21, 2008.
Peep Siimon
Chairman of the Management Board
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