Andmed seisuga: 28.11.2024 20:17 (GMT+2)
Viisnurk FINANCIAL RESULTS 29.11.2004
FINANCIAL RESULTS, 9 MONTHS 2004
In the 9 months of 2004, the sales revenue of AS Viisnurk amounted
to EEK 276.3 mil (EUR 17.7 mil) and the net profit was EEK 3.5 mil
(EUR 226,000). In the same period last year, the sales revenue of
the company amounted to EEK 279.7 mil (EUR 17.9 mil) and the loss
was 5.2 mil (EUR 334,000). In comparison with the same period of
the previous year the turnover of the company decreased 1.2% while
the economic performance improved by a total of EEK 8.7 mil (EUR
0.6 mil). In the third quarter of the accounting period, a profit
of EEK 3 mil (EUR 190,000) was achieved with the sales revenues of
EEK 81.3 mil (EUR 5.2 mil).
As of 30 September 2004, the total assets of Viisnurk AS amounted
to EEK 237.7 mil (EUR 15.2 mil), which is about 15% less than at
the beginning of the year. The liabilities of the company have
decreased by EEK 46.8 mil (EUR 3 mil) when compared with the
year’s start. At the end of the accounting period the debt ratio
of AS Viisnurk was 67%, which shows a decline of more than 6% when
compared with the beginning of the year.
Divisional Review
In the 9 months the sales revenue of the Furniture Division of AS
Viisnurk was EEK 119.1 mil (EUR 7.6 mil) and the economic
performance reflected a profit of EEK 3.3 mil (EUR 0.2 mil). Last
year the sales revenue of the Furniture Division in the 9 months
was EEK 118 mil (EUR 7.5 mil) and the profit amounted to EEK 8.9
mil (EUR 0.57 mil).
In the third quarter, the most important event of the Furniture
Division was completion of preparations for taking over the sales
activities of Skano AG and the network of sales agents covering
Germany, Austria and Switzerland. Skano AG has been in the
furniture sales business for more than twenty years with purchase
groups and retail sales chains engaged in mostly German-language
European markets as its clients. In 2003, the turnover of Skano AG
totalled EEK 16 mil (EUR 1 mil). The take–over at the beginning of
October is an essential change in the sales strategy of the
Furniture Division with the aim of creating, through the use of
new sales channels, stable prerequisites for growth in the sales
volume and profitability. The positive impact of the sales
strategy change on the economic performance of the division is
expected beginning from the first half of 2005.
At the end of September, the Furniture Division of AS Viisnurk,
under the Skano trademark, participated in the M.O.W. (Möbel
Ordermesse Westfalica) in Barntrup, Germany, the largest
wholesalers’ fair which is directed to specialists. The new
product lines developed in cooperation with German designers were
presented at the fair.
The Sports Goods Division ended the 9 months with a sales revenue
of EEK 50.7 mil (EUR 3.2 mil) and a loss of EEK 6.4 mil (EUR 0.4
mil), which was better than the budgeted figures. The turnover of
the division in the same period last year was EEK 43.6 mil (EUR
2.8 mil) and the loss amounted to EEK 4.3 mil (EUR 0.27 mil). The
figures regarding the 9 months of 2004 also include the severance
expenses of 141 employees who became redundant in the third
quarter, in the amount of EEK 1.6 mil (EUR 0.1 mil).
By today all customer contracts have been duly performed in the
Sports Goods Division and the division has been closed since 29
October in accordance with the resolution adopted on 31 May 2004.
A total of 231 employees were laid off from the division. The
severance expenses formed EEK 2.9 mil (EUR 0.2 mil). The sales of
the assets of the division will be continued.
In the Building Materials Division the sales revenue achieved
during the 9 months was EEK 73.1 mil (EUR 4.7 mil) and the profit
was EEK 15 mil (EUR 0.96 mil). In the same period last year the
turnover of the division was EEK 68.3 mil (EUR 4.4 mil) and the
profit was EEK 15.8 mil (EUR 1 mil). No significant changes have
taken place in the market situation of the division and the
economic performance of the business unit has been continuously
high. The potential buyer of the Building Materials Division has
been elected and negotiations for entering into a purchase-sales
contract of the division are under way.
The economic performance of the Wood Division of AS Viisnurk,
which terminated its activities on 16 April, was a loss of EEK 3.1
mil (EUR 0.2 mil).
On 22 September 2004, AS Viisnurk signed a contract with OÜ
Desparo for sales of the assets of the Wood Division. The assets
of the Wood Division included a sawmill, a drying complex and a
glulam plant. The assets were sold along with the land under the
Wood Division the area of which was about 81.000 m2. The total
value of the transaction reached EEK 44 mil (EUR 2.8 mil), which
shall be subject to VAT. EEK 11 mil (EUR 0.7 mil) of the purchase
price has been paid, and EEK 33 mil (EUR 2.1 mil) will be paid
after entry into the real right contract, which shall be executed
after the acts required for division of the land under the Wood
Division have been performed.
In the 9 months the company’s operating revenue from sales of
assets not connected with production was EEK 4.5 mil / EUR 0.3 mil
(in the third quarter EEK 0.1 mil / EUR 6.000). Additionally,
financial income of EEK 1.6 mil (EUR 0.1 mil) was also earned as a
result of selling long-term financial investments in the third
quarter.
INCOME STATEMENT
thousand kroons
III III 9 months 9 months
quarter quarter
2004 2003 2004 2003
RETURN ON SALES 81 294 91 108 276 332 279 679
Cost of production (72 239) (90 189) (249 681) (255 052)
sold
Gross profit 9 055 919 26 651 24 627
Marketing expenses (3 824) (4 052) (16 525) (15 762)
General (2 129) (2 768) (6 728) (9 012)
administrative
expenses
Other income 167 2 763 4 790 5 921
Other expenses (451) (3 240) (1234) (4 619)
Operating profit 2 818 (6 378) 6 954 1 155
Financial income and 155 (2 065) (3 421) (6 387)
financial expenses
NET PROFIT FOR THE 2 973 (8 443) 3 533 (5 232)
PERIOD
Basic earnings per 0,66 (1,88) 0,79 (1,16)
share
Diluted earnings per 0,66 (1,88) 0,79 (1,16)
share
INCOME STATEMENT
thousand euros
III III 9 months 9 months
quarter quarter
2004 2003 2004 2003
RETURN ON SALES 5 196 5 823 17 661 17 875
Cost of production (4 617) (5 764) (15 957) (16 301)
sold
Gross profit 579 59 1 704 1 574
Marketing expenses (245) (259) (1 056) (1 007)
General (136) (177) (430) (576)
administrative
expenses
Other income 11 177 306 378
Other expenses (29) (208) (79) (295)
Operating profit 180 (408) 445 74
Financial income and 10 (132) (219) (408)
financial expenses
NET PROFIT FOR THE 190 (540) 226 (334)
PERIOD
Basic earnings per 0,04 (0,12) 0,05 (0,07)
share
Diluted earnings per 0,04 (0,12) 0,05 (0,07)
share
BALANCE SHEET
Thou. Kr. Thou. Kr. Thou. Thou.
euros euros
30.9.2004 31.12.200 30.9.2004 31.12.2003
3
Cash and bank 1 211 1 141 78 73
Customer receivables 38 332 45 005 2 450 2 876
Other receivables 126 115 8 7
Prepayments 256 7 127 16 455
Inventories 47 787 63 819 3 054 4 080
Total current assets 87 712 117 207 5 606 7 491
Long-term financial 1 1 436 0 92
investments
Real estate 1 788 2 535 114 162
investments
Tangible fixed 145 289 156 102 9 286 9 977
assets
Intangible fixed 2 922 3 716 187 237
assets
Total fixed assets 150 000 163 789 9 587 10 468
TOTAL ASSETS 237 712 280 996 15 193 17 959
Debt obligations 70 350 90 011 4 496 5 753
Customer prepayments 3 240 219 207 14
Supplier payables 20 745 38 801 1 326 2 480
Taxes payable 10 834 6 956 693 445
Accrued expenses 8 575 17 514 548 1 119
Short-term 445 3 129 28 200
provisions
Total current 114 189 156 630 7 298 10 011
liabilities
Non-current debt 45 784 50 160 2 926 3 206
obligations
Total non-current 45 784 50 160 2 926 3 206
liabilities
Total liabilities 159 973 206 790 10 224 13 217
Share capital 44 991 44 991 2 875 2 875
(nominal value)
Issue premium 11 332 11 332 724 724
Mandatory capital 4 499 4 499 288 288
reserve
Retained profits 13 384 82 223 856 5 255
Net profit for the 3 533 (68 839) 226 (4 400)
year
Total equity 77 739 74 206 4 969 4 742
TOTAL LIABILITIES 237 712 280 996 15 193 17 959
AND EQUITY
Andrus Aljas
CFO
+372 447 8355
Sisukaart