Last update: 25.11.2024 09:50 (GMT+2)
VIISNURK
COMMENTARY TO FINANCIAL RESULTS
COMMENTARY TO THE FINANCIAL RESULTS Q3 2000
AS Viisnurk net sales in Q1 2000 amounted to EEK 59.1 mln and net
profit EEK 5.9 mln. The company's turnover increased ca 51% y-o-y
(EEK 39.2 mln in Q1 1999) and net profit by approximately 2.7 times
y-o-y (EEK 2.2 mln in Q1 1999).
As of 31.03.2000 AS Viisnurk does not own any subsidiaries, thus the
financial reports indicate only the results of the parent company.
AS Viisnurk quarterly turnover by sub-units (in EEK mln):
2000 1999
Ski factory 8.9 6.2
Furniture factory 27.3 15.7
Particle board factory 20.3 13.1
Heat energy 1.5 2.0
Other 1.1 2.2
Due to seasonal effects, the ski factory's turnover in Q1 was
continuously modest. However, the factory has received sufficient
amount of orders for the coming season to enable to continue the
production at full capacity.
Due reorientation to high growth-potential clients and markets in H2
1999, the furniture factory (i.e. co-operation with IKEA) has reached
a stable growth in output capacity and works within the planned
profit margin. The furniture factory's turnover has almost doubled in
a year.
Particle board factory's turnover has seen growth due to more active
construction activity (due to general improvement in economy) and
restructuring of European markets. Sales of higher-priced "Isotex"
boards has constantly increased in neighboring countries.
Among other activities the company operates the sawmill (bought in
1999); as of end-March the sawmill will start production in two
shifts. In addition to providing lumber for the parent company's sub-
units, the company also plans to sell the products to other clients.
Among most substantial changes in AS Viisnurk accounting balance
sheet, the volume of inventories (due to seasonal nature of ski
factory's activities) increased by EEK 11.3 mln, and ca EEK 8.6 mln
of short-term loans taken for purpose of financing the growth of
inventories.
Andrus Aljas
CFO
+372 44 78 355
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