Pēd. atjaunots: 25.11.2024 05:32 (GMT+2)
Viisnurk FINANCIAL RESULTS 28.07.2005
FINANCIAL RESULTS, 6 MONTHS 2005
The net sales of Viisnurk AS in the first six months of 2005 amounted to 118.5
mil Estonian kroons (7.6 mil euros) and net profit 6.4 mil kroons (411 thousand
euros). The net sales of the 2nd quarter of the accounting year totalled 56.6 mil
kroons (3.6 mil euros) and the net profit 2.6 mil kroons 165 thousand euros).
Last year, the company profited by 560 thousand kroons/36 thousand euros (whereas
the loss in the 2nd quarter of 2004 was 728 thousand kroons/47 thousand euros)
within the same period. AS Viisnurk's total sales of the first six months of 2004
were 195 mil kroons (12.5 mil euros), but this included a substantial amount of
the sales of divisions closed in 2004.
As of 30.06.2005 the total assets of Viisnurk AS amounted to 152.8 mil kroons
(9.8 mil euros). The liabilities of the company accounted for 58% thereof, i.e.
89 mil kroons (5.7 mil euros). Compared to the beginning of the year, the
liabilities of the company have decreased by 62.2 mil kroons (4 mil euros).
In the 2nd quarter, the sales processes of the set of assets of the Wood Division
and the machines and equipment of the Sports Goods Division of Viisnurk AS were
completed. The transactions did not significantly influence the current economic
performance of the company, as the profit and costs of the transactions were
included in the annual report 2004. The company used the received funds in full
to reduce debts.
Divisional review:
(Thousand kroons) Net sales Profit
2005 6m 2004 6m 2005 6m 2004 6m
Furniture Division 64 605 88 652 3 113 2 421
Building Materials 53 768 48 924 9 609 9 143
Division
Terminated business 162 57 096 (1 140) (7 557)
activities
Other activities 0 366 0 4 727
TOTAL 118 535 195 038 11 582 8 734
Unallocated expenses (3 123) (4 599)
OPERATING PROFIT 8 459 4 135
Net financial expenses (2 019) (3 575)
NET PROFIT 6 440 560
(Thousand euros) Net sales Profit
2005 6m 2004 6m 2005 6m 2004 6m
Furniture Division 4 129 5 666 199 155
Building Materials 3 437 3 127 614 584
Division
Terminated business 10 3 648 (73) (483)
activities
Other activities 0 24 0 302
TOTAL 7 576 12 465 740 558
Unallocated expenses (200) (294)
OPERATING PROFIT 540 264
Net financial expenses (129) (228)
NET PROFIT 411 36
Furniture Division
The six-month net sales of AS Viisnurk's Furniture Division were 64.6 mil kroons
(4.1 mil euros) and the profit 3.1 mil kroons (199 thousand euros).
Compared to the last year, the division's net sales have declined by 24 mil
kroons (1.6 mil euros) and the profit increased by 14%. Thus, the profitability
of the division has almost doubled compared to the previous year.
The six-month performance of the Furniture Division proves the success of the
selected strategy that focuses on stable customers and production of profitable
product lines only. The share of the sales of the division's own brands with
higher profitability is constantly increasing. The economic performance was
positively influenced also by the implementation of the fixed costs reduction
programme.
The plan to increase the division's sales in the German-speaking markets has been
realised to a lesser extent than expected due to a general recession in the
target market. The six-month sales in German-speaking markets amounted to ca 10%
of the division's net sales. To increase sales volumes in the area, several new
product lines have been prepared as a result of active product development. They
will be introduced in September at one of the largest furniture fairs in Germany
- M.O.W. 2005 in Barntrup. Viisnurk AS has displayed its products at the fair for
several years already.
Building Materials Division
The six-month net sales of the Building Materials Division amounted to 53.8 mil
kroons (3.4 mil euros) and profit to 9.6 mil kroons (614 thousand euros).
Last year, the turnover of the division totalled 48.9 mil kroons (3.1 mil euros)
and the profit 9.1 mil kroons (584 thousand euros) within the same period. The
increasing sales of the division's product line Isotex (which has a higher
upgrading level), making up already more than a third of the sales of the
accounting period, can be regarded as a positive trend.
The divisions of Viisnurk AS that were closed in 2004 resulted in a loss of 1.1
mil kroons (73 thousand euros) during the first six months of 2005. This was
mainly due to the storage of the divisions' assets prior to sales and costs
related to the sales process. The extraordinary expenses of the 2nd quarter
amounted to 0.2 mil kroons (13 thousand euros). By today, the sales processes of
both the Sports Goods Division and the Wood Division have been completed. The
respective costs will not be included in the coming periods.
INCOME STATEMENT
consolidated
thousand kroons II quarter II quarter 6 months 6 months
2005 2004 2005 2004
RETURN ON SALES 56 626 89 597 118 535 195 038
Cost of production sold (46 532) (82 150) (97 462) (177 442)
Gross profit 10 094 7 447 21 073 17 596
Marketing expenses (4 732) (5 313) (10 195) (12 701)
General administrative (1 500) (2 272) (3 123) (4 599)
expenses
Other income 812 1 372 2 278 4 623
Other expenses (1 239) (262) (1 574) (783)
Operating profit 3 435 972 8 459 4 136
Financial income and (847) (1 700) (2 019) (3 576)
financial expenses
NET PROFIT FOR THE 2 588 (728) 6 440 560
PERIOD
Basic earnings per 0,58 -0,16 1,43 0,12
share
Diluted earnings per 0,58 -0,16 1,43 0,12
share
INCOME STATEMENT
consolidated
thousand euros II quarter II quarter 6 months 6 months
2005 2004 2005 2004
RETURN ON SALES 3 619 5 726 7 576 12 465
Cost of production sold (2 974) (5 250) (6 229) (11 341)
Gross profit 645 476 1 347 1 125
Marketing expenses (303) (340) (652) (812)
General administrative (96) (145) (200) (294)
expenses
Other income 52 88 146 295
Other expenses (79) (17) (101) (50)
Operating profit 219 62 540 264
Financial income and (54) (109) (129) (229)
financial expenses
NET PROFIT FOR THE 165 (47) 411 36
PERIOD
Basic earnings per 0,04 -0,01 0,09 0,01
share
Diluted earnings per 0,04 -0,01 0,09 0,01
share
BALANCE SHEET
consolidated Thou. Kr. Thou. Kr. Thou. eur Thou. eur
30.6.2005 31.12.2004 30.6.2005 31.12.2004
Cash and bank 8 972 3 870 573 247
Customer receivables 25 379 27 645 1 622 1 767
Other receivables 66 85 4 5
Prepayments 2 458 2 576 157 165
Inventories 38 532 40 419 2 463 2 583
Tangible fixed assets 0 50 943 0 3 256
for sell
Total current assets 75 407 125 538 4 819 8 023
Long-term financial 1 1 0 0
investments
Investment property 15 371 15 636 982 999
Tangible fixed assets 59 640 64 466 3 812 4 120
Intangible fixed assets 2 342 2 884 150 185
Total fixed assets 77 354 82 987 4 944 5 304
TOTAL ASSETS 152 761 208 525 9 763 13 327
Debt obligations 4 515 76 061 289 4 861
Customer prepayments 150 11 187 10 715
Supplier payables 17 748 20 998 1 134 1 342
Taxes payable 3 280 3 443 210 220
Accrued expenses 5 998 8 756 383 560
Short-term provisions 445 445 28 28
Total current 32 136 120 890 2 054 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 88 965 151 169 5 686 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 6 440 (16 849) 411 (1 077)
Total equity 63 796 57 356 4 077 3 666
TOTAL LIABILITIES AND 152 761 208 525 9 763 13 327
EQUITY
Andrus Aljas
Member of Management Board
+372 447 8355
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