• ISIN: EE3100001850
  • Land: .

Nachricht vom 20.04.2009 | 08:00

Unaudited Preliminary Financial Results Q1 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.


The severe downturn in global automotive industry deepened in the first quarter
of 2009. The sales of new cars declined in average 40% compared to a year-ago
period. While the European manufacturers set limits on production already in
the second half of 2008, then in Russia and Ukraine, the inventory accumulated
considerably by the end of the year. Virtually all Russian car manufacturers
had to halt their production in January, and due to severe liquidity
difficulties, it was not possible to restart a steady production in February.
Altogether in the first quarter, the Russian car production declined over 70%
compared to the same period a year earlier. 

Sales and Revenues

In Q1 Y2009, consolidated net sales of AS Norma totalled 148 MEEK (9.5
MEUR).This constitutes a 55% (183 MEEK, 11.7 MEUR) decrease compared to Q1
Y2008. Sales to Russian and Ukrainian customers fell by 75% and sales to other
customers decreased by 39%. Sales to parent company Autoliv amounted to 96 MEEK
(6.1 MEUR), a decline 43% (72 MEEK; 4.6 MEUR) compared to the same period in

AS Norma exported 99.1% of its products (Q1 2008: 99.2%) - 58% to Sweden and
25% to Russian customers (Q1 2008: respectively 46% and 45%). 

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. 

Norma has started necessary adjustments in production to address the new
business environment. While the number of employees in August of 2008 was 1001,
then by the end of the year it decreased to 918, and by the end of Q1 2009
further to 741 people. That was 223 employees less than in the same period a
year earlier. The Group employed a monthly average of 855 people throughout the
quarter. The vast majority of the Group has worked part-time during the first
quarter of 2009. 

Assets and liabilities

Accounts receivable at the end of Q1 Y2008 totalled 97 MEEK (6.2 MEUR), of
which 51% related to the Russian, Ukrainian and Belorussian customers.
Receivables from Autoliv were 39 MEEK (2.5 MEUR). 
AS Norma's payables to Autoliv amounted to 13 MEEK (0.9 MEUR).

The share of accounts in arrears of total receivables was 22%. The reserve
against doubtful receivables was raised in the first quarter of 2009 to 5.8
MEEK (0.4 MEUR). 

At the end of Q1 Y2009, the consolidated total assets totalled 1050 MEEK (67.1
MEUR), a 32 MEEK (2.0 MEUR) decrease for the present year, including a 26 MEEK
(1.6 MEUR) decrease in current assets. Due to the declined sales a relevant
change in the current assets' structure took place: the receivables decreased
62 MEEK (4.0 MEUR) and short-term financial assets, as well as bank accounts,
grew 38 MEEK (2.4 MEUR). 

As of 31.03.2009 AS Norma deposited euros in the amount of 8.1 MEUR (127 MEEK)
with 5.5%-5.7% interest rate and the term of maturity > 3 month in Autoliv AB
Treasury.  No new transactions with Autoliv AB were maid in the first quarter
of 2009. 

Short-term liabilities amounted to 83.0 MEEK (5.3 MEUR) at the end of Q1 Y2009.
The Group has no long-term liabilities, all investments and operating
activities are financed from equity. 

The Group's owners equity decreased by 12.0 MEEK (0.8 MEUR) during the period,
amounting to 967.0 MEEK (61.8 MEUR), which made up 92% of total assets. 


In Q1 Y2009, AS Norma invested a total of 7.3 MEEK (0.5 MEUR) to support
existing production capacities and assure the future profits. The preparatory
work to set up a new production building that ensures the organic growth and
reprocessing is being finished. The construction work's start-up is planned at
the end of Q2 Y2009. 


The Group's consolidated unaudited net loss was 12.1 MEEK (0.8 MEUR) in Q1
Y2009. In the same period a year earlier the Group's net profit amounted to
30.0 MEEK (1.9 MEUR). The restructuring costs of the Group amounted to 10.5
MEEK (0.7 MEUR), and 4.4 MEEK (0.3 MEUR) were additionally allocated into
doubtful receivables' reserve in Q1 2009. 

Both, diluted and basic earnings per share were 0.92 EEK (0.06 EUR) in Q1
Y2009, a year earlier EPS was 2.31 EEK (0.15 EUR). 

Relevant facts

In March the Ford Motor Company informed that Norma's Seat Belt Division had
met the requirements of Q1. 
Q1 puts the discipline in place to achieve consistent excellence and guides
cooperation between Ford and its suppliers for superior quality execution. Q1
award is a recognition of our employees' over a year lasted exertions to
achieve excellence in next key areas: capable systems, ongoing performance,
manufacturing site assessment in performing up to customer expectations and
continuous improvement. 

As there is not any recovery signs concerning the production volumes on one of
AS Norma's biggest markets - Russia, in the second quarter of 2009, AS Norma
has received a premission from the Labour Inspectorate for collective
termination of employment contracts with further 65 employees and application
of holiday with partial pay to 304 employees during 7 working days in April.
The Group will most probably have to exercise holiday with partial pay also in
May, when AvtoVAZ and Volvo temporarily halt their production. 

The Q2 Y2009 results of AS Norma will be released July 20, 2009. 

Peep Siimon
Chairman of the Management Board
650 0442

News Source: NASDAQ OMX

20.04.2009  Financial News transmitted by DGAP
Language:     English
Issuer:       Norma
ISIN:         EE3100001850
End of News                                     DGAP News-Service


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