Andmed seisuga: 20.07.2024 21:17 (GMT+3)
Viisnurk FINANCIAL RESULTS 08/30/2004
FINANCIAL RESULTS, 6 MONTHS 2004
The net sales of Viisnurk AS for the six months of 2004 were 195 MEEK
(12.5 MEUR) and the net profit 0.6 MEEK (36 thousand euros). In the same
period last year, the net sales of the company totalled 188.6 MEEK (12.1
MEUR) and the net profit 3.2 MEEK (0.2 MEUR). Compared to the same period
last year, the turnover of the company has increased by 3.4%. In Q2 of the
accounting period the company suffered a loss of 0.7 MEEK (0.04 MEUR) with
the net sales of 89.6 MEEK (5.7 MEUR).
The volume of total assets of Viisnurk as of 30.06.2004 was 257.6 MEEK
(16.5 MEUR), which was 8.3% less than at the beginning of the year.
Compared to the beginning of the year the obligations of the company have
decreased by 24 MEEK (1.5 MEUR). Viisnurk’s debt to equity ratio was 71%
at the end of H1 (73.6% at the beginning of the year).
Divisional Review
The net sales of the Furniture Division of Viisnurk AS for the six months
were 88.8 MEEK (5.7 MEUR) and its economic activity resulted in 2.4 MEEK
(0.16 MEUR) profit. The net sales of the Furniture Division for the six
months in 2003 were 84 MEEK (5.4 MEUR) and the profit 9.3 MEEK (0.59
MEUR).
The product portfolio of the Furniture Division continued to be reformed
in Q2, at the end of which the production of unprofitable product lines
would be terminated and new product lines would be prepared for
presentation in Barntrup, Germany on the largest furniture fair for
specialist in September this year. In addition to launching new products,
it is planned to complete the take-over of the activities of sales
organisation Skano AG, which operates in Switzerland, and the client
servicing direct from Pärnu.
The aim of product portfolio optimisation, development of own products and
the use of new sales channels is to create preconditions for maintaining
the sales and production volumes, increasing the profitability of the
factory and growing profits for the following periods.
The economic activities of the Sports Goods Division in H1 resulted in the
net sales of 24.4 MEEK (1.6 MEUR) and the loss of 5.2 MEEK (0.33 MEUR). In
the same period last year, the turnover of the division was 22.2 MEEK (1.4
MEUR) and the loss 3.8 MEEK (0.24 MEUR).
On 31 May the supervisory and management boards of Viisnurk passed the
decision to gradually close down the Sports Goods Division. As of 30
August 2004, the production of hockey sticks and activities of
intermediate trade are finished and 51 employees are dismissed. The
closure of entire division will take place at the end of October after
fulfilling the contracts concluded for the current year. During Q2, the
division worked with maximum capacity, the stability of production
improved considerably and the results were better than planned. This has
created good possibilities for due fulfilment of all client obligations,
and for minimising the division’s loss for the period leading to the
closing. Negotiations on the sale of the division are also ongoing.
The net sales of the Building Material Division for the six months were 49
MEEK (3.1 MEUR) and the profit 9.1 MEEK (0.58 MEUR). In the same period
last year, the turnover of the division was 50 MEEK (3.2 MEUR) and the
profit 12.1 MEEK (0.77 MEUR). The H1 results of the Building Material
Division were influenced by the collective holiday in June and therefore
the results of the economic activity for the six month are not adequately
comparable to the same period the year before. On previous occasions the
collective holiday, which has traditionally had an unprofitable effect on
the results of the Building Material Division, has been taken out in July.
The market situation of the division continuous to be favourable and the
results of the division as a whole are considerably better than planned.
We have currently received offers for the Building Material Division from
potential buyers and negotiations on the offer terms and conditions are
ongoing.
The economic activity of the Wood Division of Viisnurk AS, which was
closed down on 16 April, resulted in the loss of 2.4 MEEK (0.15 MEUR) for
the six months’ period. Owing to the closing down costs, the loss in Q2
totalled 2.6 MEEK. The loss of the Wood Division for the first six months
last year, when it was in production for the whole period, was 6.5 MEEK
(0.42 MEUR). The selling process of the division has currently reached its
final phase; we are negotiating the sales-purchase agreement with the
buyer.
For the six months period, the company has earned the business profit of
4.4 MEEK (0.28 MEUR) from the sale of assets not related to production (in
Q2, 1.3 MEEK/0.08 MEUR).
INCOME STATEMENT
thousand kroons
2nd quarter 2nd quarter Half year Half year
2004 2003 2004 2003
RETURN ON SALES 89 597 97 373 195 038 188 570
Cost of production sold (82 150) (85 014) (177 442) (164 862)
Gross profit 7 447 12 359 17 596 23 708
Marketing expenses (5 313) (6 094) (12 701) (11 710)
General administrative (2 272) (3 535) (4 599) (6 244)
expenses
Other income 1 372 2 784 4 623 3 158
Other expenses (262) (777) (783) (1 379)
Operating profit 972 4 737 4 136 7 533
Financial income and (1 700) (2 112) (3 576) (4 322)
financial expenses
NET PROFIT FOR THE (728) 2 625 560 3 211
PERIOD
Basic earnings per -0,16 0,58 0,12 0,71
share
Diluted earnings per -0,16 0,58 0,12 0,71
share
INCOME STATEMENT
thousand euros
2nd quarter 2nd quarter Half year Half year
2004 2003 2004 2003
RETURN ON SALES 5 726 6 223 12 465 12 052
Cost of production sold (5 250) (5 433) (11 341) (10 537)
Gross profit 476 790 1 125 1 515
Marketing expenses (340) (389) (812) (748)
General administrative (145) (226) (294) (399)
expenses
Other income 88 178 295 201
Other expenses (17) (50) (50) (88)
Operating profit 62 303 264 481
Financial income and (109) (135) (229) (276)
financial expenses
NET PROFIT FOR THE (47) 168 36 205
PERIOD
Basic earnings per -0,01 0,04 0,01 0,05
share
Diluted earnings per -0,01 0,04 0,01 0,05
share
BALANCE SHEET
Thou. kroons Thou. kroons Thou. euros Thou. euros
30.6.2004 31.12.2003 30.6.2004 31.12.2003
Cash and bank 3 237 1 141 207 73
Customer receivables 34 323 45 005 2 194 2 876
Other receivables 208 115 13 7
Prepayments 4 132 7 127 264 455
Inventories 61 395 63 819 3 924 4 080
Total current assets 103 295 117 207 6 602 7 491
Long-term financial 1 436 1 436 92 92
investments
Real estate investments 1 802 2 535 115 162
Tangible fixed assets 147 876 156 102 9 451 9 977
Intangible fixed assets 3 186 3 716 204 237
Total fixed assets 154 300 163 789 9 862 10 468
TOTAL ASSETS 257 595 280 996 16 463 17 959
Debt obligations 85 285 90 011 5 451 5 753
Customer prepayments 1 517 219 97 14
Supplier payables 27 513 38 801 1 758 2 480
Taxes payable 6 082 6 956 389 445
Accrued expenses 11 827 17 514 756 1 119
Short-term provisions 445 3 129 28 200
Total current 132 669 156 630 8 479 10 011
liabilities
Non-current debt 50 160 50 160 3 206 3 206
obligations
Total non-current 50 160 50 160 3 206 3 206
liabilities
Total liabilities 182 829 206 790 11 685 13 217
Share capital (nominal 44 991 44 991 2 875 2 875
value)
Issue premium 11 332 11 332 724 724
Mandatory capital 4 499 4 499 288 288
reserve
Retained profits 13 384 82 223 855 5 255
Net profit for the year 560 (68 839) 36 (4 400)
Total equity 74 766 74 206 4 778 4 742
TOTAL LIABILITIES AND 257 595 280 996 16 463 17 959
EQUITY
Andrus Aljas
Member of management board
+372 447 8355
Sisukaart