Last update: 07.07.2024 02:07 (GMT+3)
Viisnurk FINANCIAL RESULTS 26.05.2005
FINANCIAL RESULTS, 3 MONTHS 2005
The net sales of Viisnurk AS for the 1st quarter of 2005 were 61.9 mil. kroons
(4 mil. euros) and the net profit 3.9 mil. kroons (246 thou. euros). In the same
period of the last year, the net sales totalled 105.4 mil. kroons (6.7 mil.
euros) and the net profit 1.3 mil. kroons (82 thou. euros). The reason for the
difference in the net sales of the company for 2004 in comparison to the previous
periods can be explained by the fact that the Sports Goods and Wood Divisions
were closed down in 2004, but they still operated in the 1st quarter of that
year.
The total assets of Viisnurk amounted to 209.1 mil. kroons (13.4 mil euros) at
31.3.2005. At the end of the accounting period, the total liabilities of Viisnurk
amounted to 147.9 mil kroons and the debt to equity ratio to 71%. The liabilities
of the company have decreased by 3.3 mil. kroons (211 thou. euros) and the debt
to equity ratio by 1.5% compared to the beginning of the year.
The cash flow from operations was positive with 2.2 mil. kroons (140 thou. euros)
in the 1st quarter of the accounting year.
Divisional Review
The net sales of the Furniture Division of Viisnurk for the three months were
32.6 mil. kroons (2.1 mil. euros) and the profit 2.4 mil. kroons (152 thou.
euros). Last year the net sales of the Furniture Division for the three months
totalled 42.3 mil. kroons (2.7 mil. euros) and the profit 1 mil. kroons (62 thou.
euros).
The decrease in sales is, on the one hand, relating to the strategy devised in
2004 to terminate sales of some technically complicated and unprofitable product
lines. On the other hand, the furniture sale on the main target markets (Finland,
Germany) decreased, thereby influencing the customers of Viisnurk.
Measures to increase the net sales will be taken in the coming periods. We aim at
optimising division related product development process thereby that would result
in the increase in sales of corporate brands.
The Building Materials Division earned 5.2 mil. kroons (334 mil. euros) profit at
the net sales of 29.3 mil. kroons (1.9 mil. euros) in three months. In the same
period of the last year, the turnover of the division totalled 26.8 mil. kroons
(1.7 mil. euros) and the net profit 5.6 mil. kroons (359 mil. euros). The sales
of the division were clearly growing in the 1st quarter. The market situation and
economic indicators for the business unit are very good and better than expected.
The two divisions of Viisnurk AS, which were closed in 2004, brought about the
loss of 963 thou. kroons (62 thou. euros) in the 1st quarter. The main costs
included sale process costs and were also related with the keeping of assets in
order for sale. The disposal of the Sports Goods and Wood Divisions is finally
completed by now.
INCOME STATEMENT
consolidated Thou. Kr. Thou. Kr. Thou. eur Thou. eur
1st quarter 1st quarter 1st quarter 1st quarter
2005 2004 2005 2004
RETURN ON SALES 61,909 105,441 3,957 6,739
Cost of production sold (50,930) (95,292) (3,255) (6,090)
Gross profit 10,979 10,149 702 649
Marketing expenses (5,463) (7,388) (349) (472)
General administrative (1,623) (2,327) (104) (149)
expenses
Other income 1,466 3,251 94 207
Other expenses (335) (521) (21) (33)
Operating profit 5,024 3,164 321 202
Financial income and (1,172) (1,876) (75) (120)
financial expenses
NET PROFIT FOR THE PERIOD 3,852 1,288 246 82
Basic earnings per share 0,86 0,29 0,05 0,02
Diluted earnings per share 0,86 0,29 0,05 0,02
BALANCE SHEET
consolidated Thou. croons Thou. croons Thou. euros Thou. euros
31.03.2005 31.12.2004 31.03.2005 31.12.2004
Cash and bank 1,585 3,870 101 247
Customer receivables 32,424 27,645 2,072 1,767
Other receivables 9 85 1 5
Prepayments 3,264 2,576 209 165
Inventories 41,163 40,419 2,631 2,583
Tangible fixed assets for 50,943 50,943 3,256 3,256
sell
Total current assets 129,388 125,538 8,270 8,023
Long-term financial 1 1 0 0
investments
Investment property 15,371 15,636 982 999
Tangible fixed assets 61,731 64,466 3,945 4,120
Intangible fixed assets 2,612 2,884 167 185
Total fixed assets 79,715 82,987 5,094 5,304
TOTAL ASSETS 209,103 208,525 13,364 13,327
Debt obligations 70,084 76,061 4,479 4,861
Customer prepayments 11,235 11,187 718 715
Supplier payables 23,667 20,998 1,513 1,342
Taxes payable 2,947 3,443 188 220
Accrued expenses 9,238 8,756 591 560
Short-term provisions 445 445 28 28
Total current liabilities 117,616 120,890 7,517 7,726
Non-current debt obligations 30,279 30,279 1,935 1,935
Total non-current 30,279 30,279 1,935 1,935
liabilities
Total liabilities 147,895 151,169 9,452 9,661
Share capital (nominal 44,991 44,991 2,875 2,875
value)
Issue premium 11,332 11,332 724 724
Mandatory capital reserve 4,499 4,499 288 288
Retained profits (3,466) 13,383 (221) 856
Net profit for the year 3,852 (16,849) 246 (1,077)
Total equity 61,208 57,356 3,912 3,666
TOTAL LIABILITIES AND EQUITY 209,103 208,525 13,364 13,327
Andrus Aljas
Member of Management board
+372 447 8355
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