Tiszai Vegyi Kombina - 3rd Quarter & 9 Mths Results
05 11월 1997 - 12:24AM
UK Regulatory
RNS No 9744x
TIZAI VEGYI KOMBINAT RT
4th November 1997
STOCK EXCHANGE REPORT
FOR THE THIRD QUARTER OF 1997
Data presented in this TVK Rt. report on Q1-3 1997 are non-audited and should
not be interpreted as final.
1. THE INFLUENCE OF THE CONSOLIDATION
After consolidation the Group's profit increased by HUF 409 million. The
effect of consolidation on the balance sheet total is HUF 352 million. For
analysis, the IAS data of TVK were considered, since consolidation does not
represent considerable modifications.
2. ANALYSIS OF Q1-Q3 1997 OPERATIONS
Business Environment
The world market trends were altogether favourable for TVK Rt. in the first 9
months of 1997, from which the Company could benefit, due to the sensible
commercial and operational management. During H1 1997 the main market price of
naphtha decreased continuously, then in Q3 it started to increase. The average
main market price of naphtha was USD 174/t in Q3 1997 (Q3 1996: USD 177/t), in
Q1-3 1997 it was USD 177/t (last year: USD 165/t). During the period under
review the movement of world market prices of polymer products was marked by
stability, though in Q3 the tendency was slightly decreasing because of summer
holidays and planned shutdowns.
In Q3 1997 the previously continuous strengthening of USD rate against the DEM
stopped. The Hungarian macro indicators developed favourably, the interest
rates on loans and deposits, both moderated smoothly. During the period under
review inflation decreased continuously too. During the period, average
domestic interest rates level on deposit were around 20%, this rate was 24%
compared to last year's same period. Average interest rates on HUF loans was 23%
(in the case of TVK that was 20%) in Q1-3 1997, down from 28% a year earlier. In
Q1-3 1997 interest on hard currency loans was LIBOR + 0.3% (in Q3 it was LIBOR
+ 0.2%), compared to L1BOR + 1.3% in the same period a year earlier, with
approximately the same average loans outstanding. Depreciation of HUF against
USD was 21%, and against DEM 6.3% during the period under review.
Financial Analysis
Profit and Loss Account
In Q1-3 1997 TVK's sales revenue was HUF 59,667 million exceeding the Q1-3 1996
level by 35.3 % Domestic sales represented 46 % of net sales revenue, compared
to 53% in Q1-3 1996. This can be explained by two factors. The first factor is
only a technical one, because the Ukrainian ethylene purchase and reselling do
not appear in the sales revenue. If it was so, then the ratio of domestic sales
would be 49.4 % The other factor is due to price structure, because the export
prices continued to increase to a higher extent than the domestic prices.
Breakdown of export: Europe 86 % ( in Q 1-3 1996: 82 %), in which Central
Eastern Europe represents 8 % (in Q 1-3 1996: 6 %), Africa 5 % (in Q 1-3 1996:
5%), the Middle East 6 % (in Q 1-3 1996: 9 %) and North America 3 % (in Q 1-3
1996: 2 %).
The direct sales cost increased by 30.2 % (HUF 41,349 million) which represents
69.3% of sales revenue. This is due to the increasing feedstock prices.
Material cost represent 81.2 % of total cost, compared to the 78.9 % in 1996,
which reflects that the general and administrative cost decreased relatively in
the total cost structure.
The gross profit was HUF 18,318 million, which is higher by 48.4 % than last
year's Q1-3 figure, which is the result of favourable trend of the input-output
prices. The gross margin was 30.7 % compared to last year's 28 %
The general and administrative cost amounted to HUF 6,572 million, which means
only a 13.3 % increase compared last year's Q1-3. Personnel expenditures
amounted 8.1 % compared last year's same period 10.2 % This change can be
explained by the combined effect of the reduction of work force and the growth
of material cost. Depreciation was HUF 2,805 million, while capital expenditures
in Q1-3 1997 amounted to HUF 2,743 million.
As a result of these operating income was HUF 11,746 million, which is 79.4 %
higher than in Q1-3 1996.
Other income represented HUF 2,616 million, which means a 17.5 % decrease
compared to last year's figure. Among them again the biggest item was the
exchange rate gain (HUF 1,043 million). Within the HUF 2,515 million amount of
other expenditures the biggest item was the exchange rate loss (HUF 950
million).
As a result of these facts the profit before interest and tax was HUF 11,847
million, which is higher with 64.8 % than last year's Q 1-3 figure. The
interest income (HUF 1,929 million) is by 61.4 % higher compared to Q 1-3 1996,
while the interest expenses were increased by 52 % during the same period. Due
to these factors TVK's net interest income was HUF 1,359 million in Q1-3 1997.
TVK's profit before income tax amounted to HUF 13,206 million, which is higher
by 64.9 % compared to the same period of 1996. TVK's net profit was HUF 10,843
million, which represents a 59.3 % higher value than Q 1-3 1996. The tax is
accounted according to the usual 18 % corporate tax.
(IAS, non-consolidated) HUF
millions
Description Q1-3 1996 1996 Q1-3 1997
Operating Income 6,547 8,617 11,746
EBIT Extraordinary Items 7,187 8,063 11,847
Profit Before Income Tax 8,007 9,512 13,206
Net Profit 6,806 7,693 10,843
Balance Sheet
The balance sheet total on September 30, 1997 was HUF 61,513, which means a 33.3
% increase over 1996 same date's figure, which resulted mainly from high extent
increase of current assets. The 8.1 % increase of long term assets is due to
the purchase of own shares (HUF 4,349 million), which took place in December
1996. Current assets increased by 69 %, which is mainly the result of the 219 %
increase of securities and the 38 % increase of the net receivables. The
increase of securities to HUF 14,520 million is due to mainly the approximately
HUF 6,000 million returns from the privatisation proceeds and to the investment
of the outstanding profit. The growth of net receivables resulted flom
inflation and volume increase. In the 23.8 % increase of short term debt the
main role was played by the 43.5 % increase of liabilities and the 34 % increase
of short term debt. The value growth of liabilities was concluded from
inflation and volume micome just like in the case of net receivables, while the
increase of short term debts can be explained by the increase of the current
account with favourable interest rates.
The HUF 5,181 million amount of capital reserve is made up of the payment of
privatisation proceeds by APV Rt. in two part.
Cash Flow Statement
In the Cash Flow Statement the capital reserve increase from the receivables
showed a significant change, which contains the sum of privatisation proceeds
(the first transfer was in July, the last was in September). The Company
invested its liquid cash (including the privatisation proceeds) to short term
securities, which is reflected by an item of HUF 12,382 million.
Totally the Company's liquid cash increased by HUF 612 million, and its
relatively small value can be explained by the above mentioned investment.
3. CHANGES IN THE ORGANIZATIONAL STRUCTURE, THE GROUP
OF SENIOR OFFICIALS AND THE MAKE-UP OF THE WORK FORCE
OF THE COMPANY
Organisational Structure
As part of the overall business strategy, in HI 1997 the Company made
organisational changes in the area of technical services and it's fully owned
hotel was transferred into a joint venture. On September 15, 1997 the
Forklift-truck Service Division was transformed into a 100 % owned foreign
enterprise, and the Vehicle Service Division was closed.
Senior Officials
There was no change in the Senior Management.
Work Force
As of July 1, 1997 the number of employees stood at 3436, the number of
employee on September 30, 1997 was 3345. The average number over Q1-3 was
3,471. During Q1-3 337 employees were transferred to TVK Rt's related
companies.
FINANCIAL STATEMENTS
Profit and Loss Account
(IAS, Non-Audited)
HUF millions Q3 1996 Q3 1997 Q3 1996 Q3 1997
TVK Rt TVK Rt TVK TVK
Group Group
Sales Revenue 44.112 59.667 45.705 60.824
Cost of Sales 31.767 41.349 31.906 41.516
Gross Profit 12.345 18.318 13.799 19.308
Selling, General and
Administrative Expenses 5.798 6.572 6.825 7.417
Operating Income 6.547 11.746 6.974 11.891
Other Income 3.172 2.616 3.120 2.642
Other Expense 2.532 2.515 2.657 2.597
EBIT Extraordinary Items 7.187 11.847 7.438 11.936
Interest Income 1.195 1.929 1.233 2.353
Interest Expense 375 570 393 760
Profit Before Income Tax and
Extraordinary items 8.007 13.206 8.278 13.529
Income Tax 1.201 2.363 1.260 2.442
Profit Before Extraordinary Items 6.806 10.843 7.018 11.087
Extraordinary Items - - - 170
Minority Share of Profit
After Taxes 106 5
Net Profit 6.806 10.843 6.912 11.252
Balance Sheet
(IAS, Non-Audited)
HUF millions 30.06.1996 30.06.1997 30.06.1996 30.06.1997
TVK Rt TVK Rt TVK TVK
Group Group
Long-term Assets 37.945 41.024 39.366 41.391
Net value of Tangible Assets 31.882 31.394 34.614 33.060
Net value of Intangible Assets 108 116 120 127
Investments 5.880 5.099 4.557 3.779
Treasury Stock 4.349 4.349
Receivables 75 76 75 76
Current assets 21.507 36.418 22.809 38.460
Cash 2.223 3.002 2.676 3.640
Receivables from APV Rt
Receivables, Net 8.514 11.764 7.865 13.058
Inventories 4.790 5.054 5.391 5.483
Accruals and Other Receivables 1.429 2.078 2.218 1.560
Securities Portfolio 4.551 14.520 4.659 14.719
Short-term Debt 9.497 11.759 10.197 13.268
Liabilities 3.514 5.044 3.785 5.145
Short-term Debts 2.811 3.776 2.851 4,012
Current portion of long-term
debt and lease obligations 1.214 396 1.214 396
Other 1.959 2.543 2.347 3.715
Net Current Assets 12.010 24.659 12.612 25.192
Total Assets Less Current
Liabilities 49.955 65.683 51.978 66.583
Long-term Liabilities 3.818 4.170 4.693 4.718
Long-term Debt and Lease
Obligations 3.791 3.984 4.148 4.194
Other long term liabilities 508 338
Tax 160 160
Early Retirement 37 26 37 26
Net Assets 46.137 61.513 47.285 61.865
Shareholders' Equity 46.137 61.513 47.285 61.865
Share Capital 24.000 24.000 24.000 24.000
Net Profit 6.806 10.843 6,912 11.252
Capital Reserve 5.181 5.181
Profit Reserve 15.227 21.385 15.355 21.268
Revaluation Reserve 104 104 104 104
Minority 914 60
Cash Flow Statement
(IAS, Non-Consolidated, Non-Audited)
HUF millions 1996 Q3 1997
Operating Activities
Income Before Extraordinaries 7.693 10.843
Default Interest 0
Increase in Profit Reserve 0 5.225
Depreciation and Amortisation 2.893 2.805
Increase in Receivables -2.676 -583
Decrease/increase in Inventories 402 -554
Decrease/increase in Other Current Assets 2.753 -40
Increase in Accounts Payable 1.758 -944
Decrease in Other Current Liabilities -3.433 -990
Decrease/increase in Other Liabilities 14 0
Net Cash from Operating Activities 9.404 15.762
Investing Activities
Purchase of Intangible Assets -25 -19
Decrease/increase in Short-term Securities 2.042 -12.382
Proceeds from Purchase of Long-term Investments -3.508 -368
Purchase of Tangible Fixed Assets -7.152 -2.803
Disposal of Fixed Assets 1.294 311
In-kind Contribution 0 537
Net Cash from Investing Activities -7.349 -14.724
Financing Activities
Proceeds from Borrowings 9.733 5.355
Repayment of Dept and Lease Obligations -9.775 -5.728
Dividends Paid -1.770 0
Increase in Long-term Receivables 0 -53
Net Cash from Financing Activities -1.812 -426
Increase/decrease in Cash 243 612
Cash at Beginning of Year 2.147 2.390
Cash at End of Year 2.390 3.002
Increase/decrease in Cash 243 612
Tiszaujvaros, November 3, 1997
END
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