Andmed seisuga: 22.07.2024 07:11 (GMT+3)
Viisnurk FINANCIAL RESULTS 11/25/2003
FINANCIAL RESULTS, 9 MONTHS 2003
The net sales of Viisnurk AS for nine months of 2003 were 279.7 mil.
kroons (17.9 mil. euros) and the net loss 5.2 mil. kroons (0.3 mil.
euros). In the same period of the last year, the net sales totalled 258.2
mil. kroons (16.5 mil. euros) and the net profit 0.6 mil. kroons (0.04
mil. euros).
In the 3rd quarter, the company made a loss of 8.4 mil. kroons (0.5 mil.
euros) at the net sales of 91.1 mil. kroons (5.3 mil. euros). The net
sales of Viisnurk for the 3rd quarter of 2002 totalled 82.4 mil. kroons
(5.3 mil. euros) and the net loss 3.2 mil. kroons (0.2 mil. euros).
The earnings of Viisnurk before interest, taxes, depreciation and
amortisation (EBITDA) amounted to 0.2 mil. kroons (0.02 mil. euros; the
EBITDA margin 8%) in the 3rd quarter, and 21.5 mil. kroons (1.4 mil.
euros) in nine months of the year.
Divisional Review
The Furniture Division of Viisnurk AS, which incorporates the sawmill, the
Wood Panel and Furniture Factories, made a loss of 4.3 mil. kroons (0.27
mil. euros) at the net sales of 167.1 mil. kroons (10.7 mil. euros). As
compared to the same period of the previous year, the net sales of the
Furniture Division increased by 9%. In the 3rd quarter, the Furniture
Division made a loss of 7.1 mil. kroons (0.45 mil. euros) at the net sales
of 48.8 mil. kroons (3.1 mil. euros). The results of nine months were
divided between various subdivisions of the Furniture Division as follows:
in the period, the sawmill made a loss of 0.54 mil. kroons (0.03 mil.
euros) at the net sales of 14.2 mil. kroons (0.91 mil. euros), whereas the
net sales for 2002 were 17.9 mil. kroons (1.1 mil. euros) and the loss 1.4
mil. kroons (0.09 mil euros); the Wood Panel Factory incurred a loss of
12.6 mil. kroons (0.81 mil. euros) at the net sales of 34.8 mil. kroons
(2.2 mil. euros) (cf. a loss of 10.8 mil. kroons (0.69 mil. euros) at the
net sales of 15.1 mil. kroons (0.97 mil. euros) in 2002); and the
Furniture Factory made a loss of 5.4 mil. kroons (0.34 mil. euros) at the
net sales of 118.0 mil. kroons (7.6 mil. euros) (the net sales amounted to
118.6 mil. kroons (7.6 mil. euros) and the profit 11.0 mil. kroons (0.7
mil. euros) in the same period of the last year). The outcomes of the
sawmill for the 3rd quarter were affected by the long collective vacation
in summer and the shortage of raw material as unfavourable weather
conditions resulted in postponed beginning of the felling period. The Wood
Panel Factory also exposed more modest economic results for the 3rd
quarter than planned. The setbacks in the European furniture market in
summer adversely affected the prospects of getting orders and the output
of the Wood Panel Factory in the 3rd quarter. However, the Wood Panel
Factory has found some new big customers and continues to work in three
shifts on the brink of maximum capacity. There were also significant
changes in the customer base of the Furniture Factory in the 3rd quarter.
Several product lines were prepared for launching for new customers. For
example, the co-operation with a large German retail chain, Porta, was
commenced. But the decline in margins induced by the changes in customer
base and introduction of new products resulted in significant additional
costs in the 3rd quarter. Compensating the declining trend of operating
margins by aggressive increase in sales volumes is the main goal of the
furniture business of Viisnurk.
The economic results of the Sports Goods Division for the 3rd quarter
expose a loss of 4.3 mil. kroons (0.27 mil. euros) at the net sales of
43.6 mil. kroons (2.8 mil. euros). Compared to the last year, the sales of
the division grew by 2.5%, but the loss increased by 2.3 mil. kroons (0.15
mil. euros). In the 3rd quarter, the division made a loss of 0.49 mil.
kroons (0.03 mil. euros) at the net sales of 21.4 mil. kroons (1.4 mil.
euros). In the same period of the last year, the net sales totalled 21.9
mil. kroons (1.4 mil. euros) and the loss 0.6 mil. kroons (0.04 mil.
euros). The Sports Goods Division is raising both sales and production
volumes owing to the increased market demand. On the other hand, the
ongoing technological instability has kept the quality expenses high and
given rise to the stressful situation in fulfilling customer orders. The
Sports Goods Division has resumed its co-operation with one of its major
customers, Atomic; Rossignol and Exel continue to be the customers of
utmost importance for production service. Owing to successful customer
relations, it is now possible to plan significant production volumes for
the 1st and 2nd quarter of 2004, which will even out the division’s
production cycle of the year and the seasonal nature of its results.
Furthermore, the company has launched a new, order-based production
planning system and various product and technology development projects to
ensure realisation of significantly rising production volumes for 2004 and
rapidly cut back quality-related expenses.
The Building Materials Division earned a profit of 15.9 mil. kroons (1.0
mil. euros) at the net sales of 68.3 mil. kroons (4.4 mil. euros) in nine
months. The net sales escalated by 9% and the profit by 12% compared to
the previous financial year. In the 3rd quarter, the division gained a
profit of 3.8 mil. kroons (0.24 mil. euros) at the net sales of 20.7 mil.
kroons (1.3 mil. euros). The increase in the net sales and profitability
of the Building Materials Division for 2003 has been achieved due to the
changes in its customer base and modification of the proportion of
products. The growth in construction activities that began in Estonia last
year has continued, thus the role of the Estonian market of higher cost-
benefit ratio has advanced even further. A certain rise in demand can
also be noticed in foreign markets. There have been some favourable
changes with regard to more advanced boards (ISOTEX) as the division has
managed to win a bigger market share from competing products both in
Estonia and Finland mainly owing to its efficient marketing activities and
product development. The sales of ISOTEX wall panels with a renewed range
of colours have grown both in the domestic and foreign markets.
INCOME STATEMENT
thousand kroons
3nd quarter 3nd quarter 9 months 9 months
2003 2002 2003 2002
RETURN ON SALES 91,108 82,434 279,679 258,222
Cost of production sold (90,189) (77,784) (255,052) (229,658)
Gross profit 919 4,650 24,627 28,564
Marketing expenses (4,052) (3,763) (15,762) (13,397)
General administrative (2,768) (2,004) (9,012) (6,997)
expenses
Other income 2,763 938 5,921 1,451
Other expenses (3,240) (621) (4,619) (1,609)
Operating profit (6,378) (800) 1,155 8,012
Financial income and (2,065) (2,359) (6,387) (7,427)
financial expenses
NET PROFIT FOR THE PERIOD (8,443) (3,159) (5,232) 585
Basic earnings per share (1.88) (0.70) (1.16) 0.13
Diluted earnings per share (1.88) (0.70) (1.16) 0.13
INCOME STATEMENT
thousand euros
3nd quarter 3nd quarter 9 months 9 months
2003 2002 2003 2002
RETURN ON SALES 5,823 5,269 17,875 16,503
Cost of production sold (5,764) (4,972) (16,301) (14,677)
Gross profit 59 297 1,574 1,826
Marketing expenses (259) (240) (1,007) (857)
General administrative (177) (128) (576) (447)
expenses
Other income 177 60 378 93
Other expenses (208) (40) (295) (103)
Operating profit (408) (51) 74 512
Financial income and (132) (151) (408) (475)
financial expenses
NET PROFIT FOR THE PERIOD (540) (202) (334) 37
Basic earnings per share (0.12) (0.04) (0.07) 0.01
Diluted earnings per share (0.12) (0.04) (0.07) 0.01
BALANCE SHEET
Thou. Kr. Thou. Kr. Thou. eur Thou. eur
30.9.2003 31.12.2002 30.9.2003 31.12.2002
Cash and bank 674 1,764 43 113
Customer receivables 50,270 54,143 3,213 3,460
Other receivables 1,928 1,916 123 122
Prepayments 7,787 4,447 498 284
Inventories 71,855 58,602 4,592 3,746
Total current assets 132,514 120,872 8,469 7,725
Long-term financial 1,476 1,436 94 92
investments
Real estate investments 2,558 2,792 163 178
Tangible fixed assets 200,134 219,008 12,791 13,998
Intangible fixed assets 587 785 38 50
Total fixed assets 204,755 224,021 13,086 14,318
TOTAL ASSETS 337,269 344,893 21,555 22,043
Debt obligations 21,545 38,773 1,377 2,478
Customer prepayments 76 620 5 40
Supplier payables 31,487 30,978 2,012 1,980
Taxes payable 6,557 5,944 419 380
Accrued expenses 16,784 12,267 1,072 784
Short-term provisions 1,493 95
Total current liabilities 76,449 90,075 4,885 5,757
Non-current debt oblig. 123,008 111,773 7,862 7,144
Total non-current liab. 123,008 111,773 7,862 7,144
Total liabilities 199,457 201,848 12,747 12,901
Share capital (nom. value) 44,991 44,991 2,875 2,875
Issue premium 11,332 11,332 724 724
Mandatory capital reserve 4,499 4,499 288 288
Retained profits 82,223 101,855 5,255 6,510
Net profit for the year (5,232) (19,632) (334) (1,255)
Total equity 137,812 143,045 8,808 9,142
TOTAL LIABILIT. AND 337,269 344,893 21,555 22,043
EQUITY
Andrus Aljas
Business controller
+372 447 8355
Sisukaart