Andmed seisuga: 23.11.2024 01:13 (GMT+2)
Viisnurk FINANCIAL RESULTS 04.11.2005
FINANCIAL RESULTS, 9 MONTHS 2005
The net sales of Viisnurk AS in the first nine months of 2005 amounted to 165.8
mil. Estonian kroons (10.6 mil. euros) and net profit to 6.8 mil. kroons (436
thousand euros). In the 3rd quarter of the accounting year, the net sales
amounted to 47.3 mil. kroons (3 mil. euros) and net profit to 0.4 mil. kroons (25
thousand euros). The outcomes of the 3rd quarter were affected by the annual
collective vacation of the divisions in July. The net profit of nine months has
almost doubled compared to the previous year. The net profit of the nine month
of last year was 3.5 mil. kroons (226 thousand euros).
As of 30.09.2005 the total assets of Viisnurk AS amounted to 153.5 mil. kroons
(9.8 mil. euros). The liabilities of the company accounted for 58% thereof, i.e.
89.3 mil. kroons (5.7 mil. euros). The enterprise has reduced its liabilities by
61.8 mil. kroons (3.9 mil. euros) compared to the beginning of the year. At the
beginning of the accounting year the debt to equity ratio of Viisnurk was 72.5 %.
Divisional review:
(Thousand kroons) Net sales Profit
2005 9m 2004 9m 2005 9m 2004 9m
Furniture Division 89 574 119 127 4 395 3 336
Building Materials Division 76 132 73 062 11 025 14 991
Terminated business 162 83 619 -1 445 -9 581
activities
Other activities 0 524 0 4 936
TOTAL 165 868 276 332 13 975 13 682
Unallocated expenses 4 586 6 728
OPERATING PROFIT 9 389 6 954
Net financial expenses 2 563 3 421
NET PROFIT 6 826 3 533
(Thousand euros) Net sales Profit
2005 9m 2004 9m 2005 9m 2004 9m
Furniture Division 5 725 7 614 281 213
Building Materials Division 4 866 4 670 705 958
Terminated business 10 5 344 -93 -612
activities
Other activities 0 33 0 316
TOTAL 10 601 17 661 893 875
Unallocated expenses 293 430
OPERATING PROFIT 600 445
Net financial expenses 164 219
NET PROFIT 436 226
Furniture Division
The nine-month net sales of Viisnurk AS Furniture Division were 89.6 mil. kroons
(5.7 mil. euros) and the economic result 4.4 mil. kroons (281 thousand euros) as
a profit. Compared to the same period last year, the turnover of the division has
decreased by 29.5 mil. kroons (1.9 mil. euros) but the profit has increased by 1
mil. kroons (68 thousand euros). The division finished the 3rd quarter with a
profit of 1.3 mil. kroons (82 thousand euros).
The current situation of the furniture division corresponds to the plan. The
division has a stable client portfolio and a considerably improved cost structure
that enables to earn profit even in case of reduced sales volumes. Today Viisnurk
AS is finishing restructuring the product portfolio, which means that the company
will stop co-operation with customers of lower profitability and unprofitable
customers, in addition to that contracts with new clients to gradually increase
the volume of production and sales during the year 2006 have been concluded.
The Furniture Division continues the implementation of development plans related
to increasing the percentage of sale of the division's own products and expanding
the retail business of furniture. Among the division's own products the new
product line of pine was successfully introduced at Barntrup furniture fair in
Germany; within the project for expanding the retail business, preparations were
made for opening a furniture store of the subsidiary Skano OÜ in Riga in November
this year. This will be the third retail store of the Furniture Division in
addition to Pärnu and Tallinn.
Skano is the trademark for own brands of the Furniture Division of Viisnurk AS
and the retail furniture stores of the enterprise bare the same name.
Building Materials Division
The nine-month net sales of the Building Materials Division amounted to 76.1 mil.
kroons (4.9 mil. euros) and profit to 11 mil. kroons (705 thousand euros). Last
year, the turnover of the division totalled 73.1 mil. kroons (4.7 mil. euros) and
the profit 15 mil. kroons (958 thousand euros) within the same period.
The drop in the profitability of the division is due to some stiffening of
competition of one of our main products - building boards - both in Estonia and
in other target markets. In previous periods, the fibreboard producers in Europe
have significantly raised their production capacity and this has caused temporary
increase in the stock of the producers. For restoring profitability the Building
Materials Division will continue taking measures to increase the output of Isotex
interior finishing boards of higher margin by entering new markets in the
neighbourhood in Sweden, Ukraine and Russia and by actively developing products
and technology.
The divisions of Viisnurk AS that were closed in 2004 resulted in a loss of 1.5
mil. kroons (93 thousand euros) during the first nine months of 2005. This was
mainly due to the storage of the divisions' assets prior to sales and costs
related to the sales process.
INCOME STATEMENT
consolidated
thousand kroons III III quarter 9 months 9 months
quarter
2005 2004 2005 2004
RETURN ON SALES 47 333 81 294 165 868 276 332
Cost of production sold (40 458) (72 239) (137 920) (249 681)
Gross profit 6 875 9 055 27 948 26 651
Marketing expenses (4 589) (3 824) (14 784) (16 525)
General administrative (1 463) (2 129) (4 586) (6 728)
expenses
Other income 146 167 2 424 4 790
Other expenses (39) (451) (1 613) (1 234)
Operating profit 930 2 818 9 389 6 954
Financial income and (544) 155 (2 563) (3 421)
financial expenses
NET PROFIT FOR THE 386 2 973 6 826 3 533
PERIOD
Basic earnings per 0,09 0,66 1,52 0,79
share
Diluted earnings per 0,09 0,66 1,52 0,79
share
INCOME STATEMENT
consolidated
thousand euros III III quarter 9 months 9 months
quarter
2005 2004 2005 2004
RETURN ON SALES 3 025 5 196 10 601 17 661
Cost of production sold (2 586) (4 617) (8 815) (15 957)
Gross profit 439 579 1 786 1 704
Marketing expenses (293) (245) (945) (1 056)
General administrative (93) (136) (293) (430)
expenses
Other income 9 11 155 306
Other expenses (2) (29) (103) (79)
Operating profit 60 180 600 445
Financial income and (35) 10 (164) (219)
financial expenses
NET PROFIT FOR THE 25 190 436 226
PERIOD
Basic earnings per 0,01 0,04 0,10 0,05
share
Diluted earnings per 0,01 0,04 0,10 0,05
share
BALANCE SHEET
consolidated Thou. Kr. Thou. Kr. Thou. eur Thou. eur
30.9.2005 31.12.2004 30.9.2005 31.12.2004
Cash and bank 13 658 3 870 873 247
Customer receivables 24 217 27 645 1 548 1 767
Other receivables 58 85 4 5
Prepayments 1 912 2 576 122 165
Inventories 38 197 40 419 2 441 2 583
Tangible fixed assets 0 50 943 0 3 256
for sell
Total current assets 78 042 125 538 4 988 8 023
Long-term financial 1 1 0 0
investments
Investment property 15 371 15 636 982 999
Tangible fixed assets 58 014 64 466 3 708 4 120
Intangible fixed assets 2 075 2 884 133 185
Total fixed assets 75 461 82 987 4 823 5 304
TOTAL ASSETS 153 503 208 525 9 811 13 327
Debt obligations 2 349 76 061 150 4 861
Customer prepayments 2 484 11 187 159 715
Supplier payables 18 150 20 998 1 160 1 342
Taxes payable 2 821 3 443 181 220
Accrued expenses 6 243 8 756 399 560
Short-term provisions 445 445 28 28
Total current 32 492 120 890 2 077 7 726
liabilities
Non-current debt 56 829 30 279 3 632 1 935
obligations
Total non-current 56 829 30 279 3 632 1 935
liabilities
Total liabilities 89 321 151 169 5 709 9 661
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 (3 466) 13 383 (221) 856
Net profit for the year 6 826 (16 849) 436 (1 077)
Total equity 64 182 57 356 4 102 3 666
TOTAL LIABILITIES AND 153 503 208 525 9 811 13 327
EQUITY
Andrus Aljas
Member of Management Board
+372 447 8355
Sisukaart