AS VIISNURK

ANNOUNCEMENT

13.04.99

 

COMMENTARY TO THE FINANCIAL RESULTS 03/99

 

In Q1 of 1999, the consolidated net sales of AS Viisnurk amounted to 

39.2 million EEK and gross profit 2.2 million EEK. The respective 

results last year were 36.1 million EEK of net sales and 1.5 million 

EEK of gross profit. The quarterly turnover of AS Viisnurk was 

allocated between the subdivisions of the company as follows (in 

million EEK):

 

					1999		1998

Ski factory				 6.2		 4.0

Furniture factory			15.7		13.4

Fibrous plate production factory	13.1		15.6

Heat energy				 2.0		 2.3

Other					 2.2		 0.8

 

Compared to the same period year ago, the turnover of the ski factory 

was higher due to relatively favorable weather conditions, which 

activated the sales figures of ski in the whole world. 

The ski factory has started the work to meet the orders for the coming 

season. The furniture factory continues to increase turnover, as 

planned. The factory has established a solid market in Finland, 

cooperates under subcontracting agreements with several companies in 

Germany, and has entered into a cooperation agreement with one of the 

largest furniture producers in the world, IKEA. In Q1, the furniture 

factory exported 80% of its production. Compared to the previous year, 

the turnover of fibrous plate production factory has decreased mainly 

due to decelerating construction activities in Estonia. Also, the 

factory’s sales activity is highly seasonal, hitting the nadir in 

winter periods.

One of the major changes on the balance sheet of AS Viisnurk is the 

continuing decrease in the company’s current liabilities (-22.7% 

compared to the beginning of the year), which creates favorable 

conditions for inclusion of foreign assets on realization of the 

company’s future strategies.

 

 

Andrus Aljas

Financial director

+372 44 78 355