Market announcement
Nordic Fibreboard AS
Category
Management interim statement or quarterly financial report
Date
27.11.2007 08:54:47
Title
Viisnurk Majandustulemused, 9 kuud 2007
Message
AS Viisnurk 2007. a. 9 kuu müügitulu oli 180,5 mln krooni/11,5 mln eurot (2006. a. samal perioodil 160,2 mln krooni/10,2 mln eurot) ning puhaskasum 11,4 mln krooni/0,7 mln eurot (2006. a. samal perioodil 7,9 mln krooni/0,5 mln eurot). Viisnurga koguvarade maht oli 30.9.2007 seisuga 151,4 mln krooni/9,7 mln eurot (30.9.2006: 142,0 mln krooni/9,1 mln eurot), millest ettevõtte kohustused moodustasid 30.9.2007 seisuga 81,4 mln krooni/5,2 mln eurot (30.9.2006: 80,5 mln krooni/5,1 mln eurot) ehk 54% (30.9.2006: 57%). Mööblidivisjoni käive oli 2007. a. 9 kuuga 94,8 mln krooni/6,1 mln eurot (2006. a. 9 kuud 91,8 mln krooni/5,9 mln eurot) ja kasum 2,9 mln krooni/0,2 mln eurot (2006. a. 9 kuud 3,1 mln krooni/0,2 mln eurot). Ehitusmaterjalide divisjoni käive oli 2007. a. 9 kuuga 85,7 mln krooni/5,5 mln eurot (2006. a. samal perioodil 68,4 mln krooni/4,4 mln eurot) ja kasum 12,6 mln krooni/0,8 mln eurot (2006. a. samal perioodil 8,6 mln krooni/0,5 mln eurot). Divisjonide kasumis ei ole arvestatud kontserni üldhalduskulusid 2007. a. 9 kuuga summas 1,7 mln krooni/0,1 mln eurot (2006. a. 9 kuuga 1,4 mln krooni/90 tuhat eurot), mis on ärisegmentide aruandes kajastatud jagamata kuludena ja neto finantskulusid 2007. a. 9 kuuga summas 2,0 mln krooni/0,1 mln eurot (2006. a. 9 kuuga 1,9 mln krooni/0,1 mln eurot). 29.06.2007 allkirjastati AS Viisnurk jagunemiskava, mille tulemusena eraldus endisest Viisnurgast tootmisega tegelev osa - ehitusmaterjalide division ja mööblidivisjon. Otsuse kiitis heaks 06.08.2007 toimunud aktsionäride erakorraline üldkoosolek ja jagunemine registreeriti Äriregistris 19.09.2007. Eraldunud tootmisega tegelev üksus sai nimeks AS Viisnurk ja Tallinna Börsi põhinimekirjas alustati Viisnurga aktsiaga kauplemist 25.09.2007. AS Viisnurk omab oma põhitegevuseks vajalikku kinnisvara, samuti Rääma tänava kinnisvaraarenduse projekti. Eraldus üksnes Niidu tänava kinnisvara, mida ei kasutatud Viisnurga põhitegevuseks. Käesolevas aruandes on elimineeritud eraldunud üksusega seotud varad, kohustused, tulud ja kulud. III kvartal 2007 Aruandeaasta III kvartali müügitulu oli 51,0 mln krooni/3,3 mln eurot (2006. aastal 51,4 mln krooni/3,3 mln eurot) ja puhaskasum 0,9 mln krooni /60 tuhat eurot (2006. aastal 3,5 mln krooni/226 tuhat eurot). Ettevõtte kolmanda kvartali tulemused on võrreldes 2006. aasta kolmanda kvartaliga jäänud tagasihoidlikumaks nii mööblidivisjonis kui ka ehitusmaterjalide divisjonis. Peamisteks teguriteks tulemuse kujunemisel olid mööblidivisjonis mööblivabriku planeeritust väiksem müük suveperioodil (mõju tulemusele ca 0,5 mln krooni/32 tuh eurot), jaemüügis tehtud ettevalmistused laienemiseks, samuti võtab aega Leedus ja Ukrainas loodud kaupluste käivitumine (mõju tulemusele ca 0,8 mln krooni/51 tuh eurot), ning suurenenud marketingikulud ehitusmaterjalide divisjonis (mõju tulemusele ca 0,8 mln krooni/51 tuh eurot). Samuti oli väiksem ehitusmaterjalide divisjoni põhiliini toodangu müük, kuna suviseid laovarusid ei suudetud piisavalt ette toota. Mööblidivisjoni käive oli 2007. aasta III kvartalis 27,0 mln krooni/1,7 mln eurot (2006. aasta samas perioodis 27,0 mln krooni/1,7 mln eurot) ja kahjum 0,4 mln krooni/27 tuh eurot (2006. aastal kasum 1,7 mln krooni/106 tuh eurot). Ehitusmaterjalide divisjoni käive oli 2007. aasta III kvartalis 24,0 mln krooni/1,5 mln eurot (2006. aasta samas perioodis 24,4 mln krooni/1,6 mln eurot) ja kasum 2,5 mln krooni/157 tuh eurot (2006. aastal 3,6 mln krooni/231 tuh eurot). Divisjonide kasumis ei ole arvestatud kontserni üldhalduskulusid summas 0,4 mln krooni/23 tuhat eurot ja finantskulusid 0,7 mln krooni/47 tuhat eurot (2006. aastal vastavalt üldhalduskulud 1,2 mln krooni/75 tuhat eurot ja finantskulud 0,6 mln krooni/36 tuhat eurot), mis on ärisegmentide aruandes kajastatud jagamata kuludena. Prognoos ja areng Mööblidivisjonis on tehtud strateegiline otsus keskenduda oma tootmises kahe peamise tooteseeria, Björkkvisti ja Villinki, kasumlikule tootmisele parandamaks efektiivsust. Juba täna moodustavad nimetatud tootesarjad üle 90% Viisnurga mööblidivisjoni tootmisest. Juhtkond näeb reserve eelkõige spetsialiseerumisest tulenevas kvaliteedi paranemises ning erinevate tootesarjade jaoks tootmise ümberseadistamisega kaotatud aja minimeerimises. Mõlema tootesarja osas on turg näidanud kasvavat nõudlust ning nende klassikalise disaini tõttu on ka trendidest tulenev nõudluse languse risk väike. Mööblitootmise kasvu näeb juhatus peamiselt oma jaekaubanduse nõudluse kasvu tõttu. Mööblidivisjoni jaekaubanduse arendamise strateegia kohaselt laiendatakse oma kaubamärgi Skano all tegutsevat rahvusvahelist mööblisalongide jaeketti naaberturgudel. 2007. aasta neljandas kvartalis on plaanis avada üks mööblikauplus Ukrainas ja vahetada Riia kaupluse praegune asukoht soodsama asukoha vastu. 2007. aasta lõpuks opereerib Skano kavade kohaselt vähemalt kaheksat kauplust Baltimaades ja Ukrainas. Aastatel 2008-2009 on plaanis avada kokku 16 kauplust Ukrainas ja Kesk-Euroopas. Jaekaubanduse üksuse loomisega sisenes AS Viisnurk mööbli ja sisustuskaupade jaemüügi ärivaldkonda, mida opereerib 1. septembril 2003. aastal registreeritud AS Viisnurga 100% osalusega äriühing OÜ Skano. Ehitusmaterjalide divisjonis töötab uus Isotexi liin ühes vahetuses. Eesmärgiks on aastaks 2009 kogu uue liini tootmisvõimsus ära müüa. Sellest tulenevad suhteliselt suuremad turunduskulud aastaks 2008. 09.04.2007. aastal otsustas Pärnu Linnavalitsus Rääma tänava kinnisvaraarenduse ala detailplaneeringu algatamise. Praegu toimub arhitektuurikonkurss parima hoonestuse lahenduse leidmiseks. Konkursist võttis osa kolm arhitektuuribürood, kellest kaks pääsesid edasi teise vooru. Arhitektuurikonkurss toimus kogu Rääma 31 kinnistu kohta, millest esimese osa moodustab praeguse kinnisvaraarenduse piirkonna alla 2 ha suuruse pindalaga. Teise osa arendamise eeltingimuseks oleks ehitusmaterjalide divisjoni töö lõpetamine sellel territooriumil. Edasi pääsenud tööde järgi oleks OÜ Kavakava puhul ehitusmahuks 40 tuh m2 (sealhulgas esimeses osas 14 tuh m2) ja OÜ Arhitektuuribüroo Luhse ja Tuhal puhul ehitusmahuks 60 tuh m2 (sealhulgas esimeses osas 21 tuh m2). Ärivaldkondade ülevaade -------------------------------------------------------------------------------- | tuh EEK | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | 9 k 2007 | 9 k 2006 | 9 k 2007 | 9 k 2006 | -------------------------------------------------------------------------------- | Mööblidivisjon | 94 820 | 91 799 | 2 941 | 3 073 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 13 702 | 7 432 | (1 208) | 925 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 85 685 | 68 387 | 12 596 | 8 579 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 180 505 | 160 186 | 15 537 | 11 652 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (1 699) | (1 408) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 13 838 | 10 244 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (1 963) | (1 857) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 11 875 | 8 387 | -------------------------------------------------------------------------------- | Tulumaks | | | (475) | (438) | -------------------------------------------------------------------------------- | PUHASKASUM | | | 11 400 | 7 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | 9 k 2007 | 9 k 2006 | 9 k 2007 | 9 k 2006 | -------------------------------------------------------------------------------- | Mööblidivisjon | 6 060 | 5 867 | 188 | 196 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 876 | 475 | (77) | 59 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 5 476 | 4 371 | 805 | 549 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 11 536 | 10 238 | 993 | 745 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (109) | (90) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 884 | 655 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (125) | (119) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 759 | 536 | -------------------------------------------------------------------------------- | Tulumaks | | | (30) | (28) | -------------------------------------------------------------------------------- | PUHASKASUM | | | 729 | 508 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2007. a. 9 kuu müügitulu oli 94,8 mln krooni/6,1 mln eurot (2006: 91,8 mln eurot/5,9 mln eurot) ning majandustulemus 2,9 mln krooni/188 tuhat eurot (2006: 3,1 mln krooni/196 tuhat eurot) kasumit. Võrreldes eelmise aastaga on divisjoni käive suurenenud 3,0 mln krooni/193 tuhat eurot. Mööbli tootmine Mööblivabriku 9 kuu müük põhiturgudel Soomes ja Venemaal on läinud vastavalt planeeritule ja võrreldes 2006. aastaga on müük kasvanud. Samas on III kvartalis jäänud müük planeeritule alla. Kuna allhanke sektoris ei ole ettevõte konkurentsivõimeline, tuleb järgnev müügikasv peamiselt läbi oma jaemüügi kasvu. Potentsiaalsetest turgudest näeb divisjon võimalusi müügi kasvatamiseks Ida- ja Kesk-Euroopas. Mööbli jaemüük - Skano Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2007. aasta III kvartalis tegevusi strategiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisustuskaupasid pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. Samuti otsitakse võimalusi sisenemiseks Kesk-Euroopa turule. Mööblidivisjoni jaemüük näitab endiselt kasvutendentsi. Käesoleva aasta 9 kuuga on jaemüük kasvanud 84% võrreldes eelmise aasta sama perioodiga. Sealjuures on seisuga 30.09.2006 olemasolevate kaupluste müük 9 kuuga tõusnud 67% võrreldes 2006. aasta sama perioodiga. Augustis avati üks mööblikauplus Ukrainas Harkovis. Võrreldes eelmise aasta 9 kuuga on jaeäri laienemiskulud olnud ca 4 mln krooni/0,26 mln eurot. See summa sisaldab endas jaeäri administratiivkulusid ning Leedus ja Ukrainas avatud kaupluste kahjumeid. Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2007 aasta 9 kuu müügituluks 85,7 mln krooni/5,5 mln eurot ja kasumiks 12,6 mln krooni/0,8 mln eurot. Eelmise aasta samal perioodil oli divisjoni käive 68,4 mln krooni/4,4 mln eurot ja kasum 8,6 mln krooni/0,5 mln eurot. Võrreldes eelmise aastaga on divisjoni käive suurenenud 17,3 mln krooni/1,1 mln eurot ja kasum 4,0 mln krooni/0,3 mln eurot. Üldehitusplaadid 2007 aasta üheksa kuu tulemustele on avaldanud enim mõju Isoplaat tuuletõkkeplaatide müügi kasv Põhja-Euroopas. Tuuletõkkeplaatide nõudlus on endiselt suur ka siseturul. Teistel naaberturgudel, ennekõike Lätis ja Venemaal, on kasvanud põrandaplaatide müük. Üldehitusplaatide müügist oli suurima osakaaluga tooterühmaks tuuletõkkeplaadid. Siseviimistlusplaadid Isotex-siseviimistlusplaatide müügimahud ja tulemuslikkus on kasvanud tänu uuenenud tootevalikule ning kaubamärgi kuvandi muutmisele. Uus logo ja kuvand lansseeriti eelmise aasta 4. kvartalis, tähistamaks tootevaliku laiendamist. Märtsis toodi Soome ja Eesti turgudele uued trükitud mustriga laeplaadid, mis aitavad veelgi tugevdada oma juhtpositsioone nimetatud turgudel ja tagavad kindla konkurentsieelise. Oktoobris täienes tektsiilkattega seinaplaatide valik 3 uue katte võrra, mis teevad kogu tootevaliku märgatavalt atraktiivsemaks ja aitavad selgelt eristuda tihedas konkurentsis. Siseviimistlusplaatide müügist moodustasid laeplaadid 78% (2006: 80%) ja seinaplaadid vastavalt 22% (2006: 20%). Isotex-siseviimistlusplaatide müük moodustas 2007. aastal 35% (2006: 42%) kogu divisioni müügist. Siseviimistlusplaate toodetakse alates 1996. aastast ning neid müüakse 100% oma kaubamärgi Isotex all. Konsolideeritud bilanss (pro forma) -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 30.9.2007 | 31.12.2006| 30.9.2007 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 3 997 | 12 234 | 255 | 782 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 32 516 | 26 630 | 2 079 | 1 701 | -------------------------------------------------------------------------------- | Varud | 46 441 | 44 970 | 2 968 | 2 874 | -------------------------------------------------------------------------------- | Käibevara kokku | 82 954 | 83 834 | 5 302 | 5 357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 5 665 | 2 903 | 362 | 186 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 62 514 | 56 745 | 3 995 | 3 627 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 292 | 650 | 19 | 42 | -------------------------------------------------------------------------------- | Põhivara kokku | 68 471 | 60 298 | 4 376 | 3 855 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 151 425 | 144 132 | 9 678 | 9 212 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 2 147 | 19 017 | 137 | 1 215 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 31 133 | 30 230 | 1 990 | 1 932 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 24 | 221 | 1 | 15 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 33 304 | 49 468 | 2 128 | 3 162 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 45 002 | 25 574 | 2 876 | 1 634 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 3 047 | 3 047 | 195 | 195 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 48 049 | 28 621 | 3 071 | 1 829 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 81 353 | 78 089 | 5 199 | 4 991 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Ülekurss | 5 799 | 7 795 | 371 | 498 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 4 499 | 4 499 | 288 | 288 | -------------------------------------------------------------------------------- | Muud reservid | 24 | 0 | 1 | 0 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 3 359 | (3 759) | 215 | (240) | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta | 11 400 | 12 517 | 729 | 800 | -------------------------------------------------------------------------------- | Omakapital kokku | 70 072 | 66 043 | 4 479 | 4 221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 151 425 | 144 132 | 9 678 | 9 212 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (pro forma) -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 9 k 2007 | 9 k 2006 | 9 k 2007 | 9 k 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 180 505 | 160 186 | 11 536 | 10 238 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (143 348) | (134 162) | (9 162) | (8 574) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 37 157 | 26 024 | 2 374 | 1 664 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (21 175) | (14 404) | (1 353) | (921) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (1 699) | (1 408) | (109) | (90) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 125 | 451 | 8 | 29 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (570) | (419) | (36) | (27) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 13 838 | 10 244 | 884 | 655 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (1 963) | (1 857) | (125) | (119) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 11 875 | 8 387 | 759 | 536 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | (475) | (438) | (30) | (28) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 11 400 | 7 949 | 729 | 508 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | 2,53 | 1,77 | 0,16 | 0,11 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 2,53 | 1,77 | 0,16 | 0,11 | | kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Title
Viisnurk Financial result, 9 months of 2007
Message
The net sales of AS Viisnurk for the 9 months of 2007 were 180.5 mil. kroons/11.5 mil. euros (160.2 mil. kroons/10.2 mil. euros during the same period in 2006) and the net profit amounted to 11.4 mil. kroons/0.7 mil. euros (7.9 mil. kroons/0.5 mil. euros during the same period in 2006). As of the end of September 2007 the total assets of Viisnurk amounted to 151.4 mil. kroons/9.7 mil. euros (30.9.2006: 142.0 mil. kroons/9.1 mil. euros). The liabilities of the company accounted for 54% (30.6.2006: 57%) thereof, i.e. 81.4 mil. kroons/5.2 mil. euros (30.9.2006: 80.5 mil. kroons/5.1 mil. euros). The turnover of the Furniture Division in the 9 months of 2007 amounted to 94.8 mil. kroons/6.1 mil. euros (91.8 mil. kroons/5.9 mil. euros during the same period in 2006) and the profit amounted to 2.9 mil. kroons/0.2 mil. euros (3.1 mil. kroons/0.2 mil. euros during the same period in 2006). The turnover of the Building Materials Division in the 9 months of 2007 amounted to 85.7 mil. kroons/5.5 mil. euros (68.4 mil. kroons/4.4 mil. euros during the same period in 2006) and the profit amounted to 12.6 mil. kroons/0.8 mil. euros (8.6 mil. kroons/0.5 mil. euros during the same period in 2006). The profit of the Divisions does not reflect the general administrative costs of the corporation in the amount of 1.7 mil. kroons/0.1 mil. euros (1.4 mil. kroons/90 thousand euros during the same period in 2006) and the financial expenses of 2.0 mil. kroons/0.1 mil. euros (1.9 mil. kroons/0.1 mil. euros during the same period in 2006) that have been recorded in the report of business segments as unallocated expenses. The division plan of AS Viisnurk was signed on June 29, 2007 as the result of which the part of the previous Viisnurk engaged in production became separate, namely the Furniture and Building Materials Division. The aforementioned decision was also approved by the general meeting of shareholders on August 6, 2007. The division was registered in Commercial Register on September 19, 2007. The separated unit engaged in production named to AS Viisnurk and trading with the share of AS Viisnurk started in Tallinn Stock Exchange on September 25, 2007. The division engaged in production maintain the real estate necessary for its principal activity also in the future as well as the Rääma street real estate development project. Real estate located at Niidu street which was not used in the production activity of Viisnurk, was separated. All assets, liabilities, revenues and costs related to separated unit, are eliminated. 3rd quarter of 2007 The net sales of the 3rd quarter of the accounting year amounted to 51.0 mil. kroons/3.3 mil. euros (51.4 mil. kroons/3.3 mil. euros in 2006) and the net profit amounted to 0.9 mil. kroons/60 thousand euros (3.5 mil. kroons/226 thousand euros in 2006). The results of the third quarter of the company compared to the third quarter of 2006 have remained more modest both in the Furniture Division and the Building Materials Division. The main factors upon the formation of the result were the following: the sales of the furniture factory in the Furniture Division were smaller than planned in the summer period (effect on the result approx. 0.5 mil. kroons/32 thousand euros), preparations made for the expansion in retail sale and the start of stores created in Lithuania and Ukraine takes time (effect on the result 0.8 mil. kroons/51 thousand euros) and marketing expenditures in the Building Materials Division have increased (effect on the result approx. 0.8 mil. kroons/51 thousand euros). Moreover, the sales of the basic line production of the Building Materials Division were smaller as the summer stock could not have been produced sufficiently in advance. The turnover of the Furniture Division in the third quarter of 2007 amounted to 27.0 mil. kroons/1.7 mil. euros (27.0 mil. kroons/1.7 mil. euros during the same period in 2006) and the loss amounted to 0.4 mil. kroons/27 thousand euros (profit 1.7 mil. kroons/106 thousand euros in 2006). The turnover of the Building Materials Division in the third quarter of 2007 amounted to 24.0 mil. kroons/1.5 mil. euros (24.4 mil. kroons/1.6 mil. euros during the same period in 2006) and the profit amounted to 2.5 mil. kroons/157 thousand euros (3.6 mil. kroons/231 thousand euros in 2006). The profit of the Divisions does not reflect the general administrative costs of the corporation in the amount of 0.4 mil. kroons/23 thousand euros and the financial expenses of 0.7 mil. kroons/47 thousand euros (the general administrative costs 1.2 mil. kroons/75 thousand euros and the financial expenses of 0.6 mil. kroons/36 thousand euros in 2006) that have been recorded in the report of business segments as unallocated expenses. Forecast and development The company has made a strategic decision to focus on the profitable production of two basic product lines, namely Björkkvist and Villinki in order to improve the efficiency. Already today, the aforementioned product lines make more than 90% of the production of Viisnurk Furniture Division. Above all, the management board foresees that there are some reserves concerning the improvement of quality due to specialization and minimizing the time lost due to re-adjustments made for different product lines. The market has shown an increasing demand for both product lines and because of their classical design, there is little risk that the demand would decrease due to trends. The Management Board predicts the increase of furniture production mainly due to the increase of demand in its retail trade. According to the strategy of developing the retail sale of the furniture division, an international retail chain of furniture stores in our neighbouring markets operating under the trademark Skano shall be created. The plan is to open one new store in Ukraine in the 4th quarter. Moreover, the plan is to exchange the present location of the store in Riga for a more favourable location in the 4th quarter of 2007. According to the plans, Skano shall operate no less than eight stores in the Baltics and Ukraine by the end of 2007. Upon creating the retail unit, AS Viisnurk entered the business area of the retail of furniture and furnishing goods that is operated by a private limited company Skano, registered on September 1, 2003. AS Viisnurk holds 100% of the shares of OÜ Skano. New Isotex line in Building Material Division works in one shift. The main goal is to sell all production capacity in 2009. Also it means bigger marketing costs in 2008. On April 9, 2007 Pärnu City Government decided to initiate the detailed plan of Rääma street real estate development area. Presently, an architectural competition is in progress, the aim of which is to find the best solution for housing. Three architect's offices participated in the competition and two of them are competing in the second round. The architectural competition encompassed the entire registered immovable of Rääma 31, the first part of which is formed by the present real estate development region with the area of ca 2 ha. The prerequisite for the development of the second part would be the termination of the work of the Building Materials Division on the given territory. According to the works that made it to the second round, the building volume in case of Kavakava OÜ would be 40,000 m² (including 14,000 m² in the first part) and in case of Architect's Office Luhse & Tuhal, the building volume would be 60,000 m² (including 21,000 m² in the first part). Divisional review: -------------------------------------------------------------------------------- | Th EEK | Net sales | Profit | -------------------------------------------------------------------------------- | | 9 m 2007 | 9 m 2006 | 9 m 2007 | 9 m 2006 | -------------------------------------------------------------------------------- | Furniture Division | 94,820 | 91,799 | 2,941 | 3,073 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 13,702 | 7,432 | (1,208) | 925 | -------------------------------------------------------------------------------- | Building Materials | 85,685 | 68,387 | 12,596 | 8,579 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 180,505 | 160,186 | 15,537 | 11,652 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (1,699) | (1,408) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 13,838 | 10,244 | -------------------------------------------------------------------------------- | Net financial costs | | | (1,963) | (1,857) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 11,875 | 8,387 | -------------------------------------------------------------------------------- | Prepaid income tax | | | (475) | (438) | -------------------------------------------------------------------------------- | NET PROFIT | | | 11,400 | 7,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Th EUR | Net sales | Profit | -------------------------------------------------------------------------------- | | 9 m 2007 | 9 m 2006 | 9 m 2007 | 9 m 2006 | -------------------------------------------------------------------------------- | Furniture Division | 6,060 | 5,867 | 188 | 196 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 876 | 475 | (77) | 59 | -------------------------------------------------------------------------------- | Building Materials | 5,476 | 4,371 | 805 | 549 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 11,536 | 10,238 | 993 | 745 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (109) | (90) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 884 | 655 | -------------------------------------------------------------------------------- | Net financial costs | | | (125) | (119) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 759 | 536 | -------------------------------------------------------------------------------- | Prepaid income tax | | | (30) | (28) | -------------------------------------------------------------------------------- | NET PROFIT | | | 729 | 508 | -------------------------------------------------------------------------------- Furniture Division The nine-month net sales of AS Viisnurk Furniture Division were 94.8 mil. kroons/6.1 mil. euros (2006: 91.8 mil. kroons/5.9 mil. euros) and the economic result 2.9 mil. kroons/188 thousand euros (2006: 3.1 mil kroons/196 thousand euros) as a profit. As compared to the previous year the turnover of the division has increased by 3.0 mil. kroons/193 thousand euros. Furniture Production The Furniture Division's nine-month sales in the company's basic target markets in Finland and Russia have proceeded according to the plans and as compared to 2006 the sales have increased considerably. Nevertheless, the sales in the 3rd quarter have been smaller than planned. The following increase in sales is basically the result of the increase in retail sale. Among potential markets the division sees an opportunity to increase sales in Eastern and Central Europe. Furniture Retail - Skano Concerning the retail trade of the Furniture Division, the company continued its strategic activities in the 3rd quarter of 2007 in order to expand the retail trade to the neighbouring markets. The expansion of retail business includes opening new stores offering home furniture and furnishing goods in various Eastern European markets. Moreover, the company is searching for possibilities to enter the market of Central Europe. The retail sale of the Furniture Division shows a rising tendency. Within nine months this year the retail sale has increased by 84% as compared to the same period last year. At the same time, the sales of the stores opened before 30.09.2007 have increased 67% during the first nine months compared to the same period in 2006. One store was opened in Kharkiv (Ukraine) in August. Compared to the first 9 months of the previous year, the expansion costs of retail business have been 4 million kroons/0.26 million euros. The aforementioned amount includes the administrative costs of retail business and the losses of the stores opened in Lithuania and Ukraine. Building Materials Division The nine-month net sales of the Building Materials Division amounted to 85.7 mil. kroons/5.5 mil. euros and profit to 12.6 mil. kroons/0.8mil. euros. In the same period of the last year, the turnover of the division totalled 68.4 mil. kroons/4.4 mil. euros and the net profit 8.6 mil. kroons/0.5 mil. euros. As compared to the previous year the turnover of the division has increased by 17.3 mil. kroons/1.1 mil. euros and the profit by 4.0 mil. kroons/0.3 mil. euros. Building Boards The results of the first nine months of 2007 have most been influenced by the sale success of Isoplaat wind protection boards in Northern Europe. The demand for wind protection boards is increasing in the domestic market as well. In other neighbouring markets, especially in Latvia and Russia, the sale of floor boards has increased. Wind protection boards were the product group with the largest share in the sale of building boards. Interior Finishing Boards Sales volumes and results of Isotex interior finishing boards have increased due to the new range of products and changes in the image of the trademark. The new logo and image were launched in the 4th quarter of the previous year in order to mark the broader product range. In March ceiling panels with new patterns were introduced in Finland and Estonia helping to strengthen our leading positions in the above markets even more. In October, the selection of wall panels with textile cover increased by 3 new covers which make the entire product selection more attractive and help to differentiate clearly in tough competition. Ceiling panels comprised 78% (80% in 2006) and wall panels 22% (20% in 2006) of the sales of interior finishing boards. Sales of Isotex interior finishing boards comprised 35% (2006: 42%) of the total sales of the division in 2007. Interior finishing boards are being produced since 1996 and they are sold 100% under the company's own trademark Isotex. Consolidated balance sheet (pro forma) -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 30.9.2007 | 31.12.2006| 30.9.2007 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 3,997 | 12,234 | 255 | 782 | -------------------------------------------------------------------------------- | Receivables and | 32,516 | 26,630 | 2,079 | 1,701 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 46,441 | 44,970 | 2,968 | 2,874 | -------------------------------------------------------------------------------- | Total current assets | 82,954 | 83,834 | 5,302 | 5,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 5,665 | 2,903 | 362 | 186 | -------------------------------------------------------------------------------- | Tangible fixed assets | 62,514 | 56,745 | 3,995 | 3,627 | -------------------------------------------------------------------------------- | Intangible fixed assets | 292 | 650 | 19 | 42 | -------------------------------------------------------------------------------- | Total fixed assets | 68,471 | 60,298 | 4,376 | 3,855 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 151,425 | 144,132 | 9,678 | 9,212 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 2,147 | 19,017 | 137 | 1,215 | -------------------------------------------------------------------------------- | Payables and prepayments | 31,133 | 30,230 | 1,990 | 1,932 | -------------------------------------------------------------------------------- | Short-term provisions | 24 | 221 | 1 | 15 | -------------------------------------------------------------------------------- | Total current liabilities | 33,304 | 49,468 | 2,128 | 3,162 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 45,002 | 25,574 | 2,876 | 1,634 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 3,047 | 3,047 | 195 | 195 | -------------------------------------------------------------------------------- | Total non-current | 48,049 | 28,621 | 3,071 | 1,829 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 81,353 | 78,089 | 5,199 | 4,991 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 | | value | | | | | -------------------------------------------------------------------------------- | Issue premium | 5,799 | 7,795 | 371 | 498 | -------------------------------------------------------------------------------- | Statutory capital reserve | 4,499 | 4,499 | 288 | 288 | -------------------------------------------------------------------------------- | Currency translation | 24 | 0 | 1 | 0 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 3,359 | (3,759) | 215 | (240) | -------------------------------------------------------------------------------- | Net profit for the year | 11,400 | 12,517 | 729 | 800 | -------------------------------------------------------------------------------- | Total equity | 70,072 | 66,043 | 4,479 | 4,221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 151,425 | 144,132 | 9,678 | 9,212 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement (pro forma) -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 9 m 2007 | 9 m 2006 | 9 m 2007 | 9 m 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 180,505 | 160,186 | 11,536 | 10,238 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (143,348) | (134,162) | (9,162) | (8,574) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 37,157 | 26,024 | 2,374 | 1,664 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (21,175) | (14,404) | (1,353) | (921) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (1,699) | (1,408) | (109) | (90) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 125 | 451 | 8 | 29 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (570) | (419) | (36) | (27) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 13,838 | 10,244 | 884 | 655 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (1,963) | (1,857) | (125) | (119) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 11,875 | 8,387 | 759 | 536 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Prepaid income tax | (475) | (438) | (30) | (28) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 11,400 | 7,949 | 729 | 508 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 2.53 | 1.77 | 0.16 | 0.11 | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.53 | 1.77 | 0.16 | 0.11 | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee