Market announcement
Nordic Fibreboard AS
Category
Management interim statement or quarterly financial report
Date
30.05.2008 15:46:18
Title
AS Viisnurk majandustulemused, 3 kuud 2008
Message
AS Viisnurk 2008 aasta 3 kuu müügitulu oli 73,9 mln krooni/4,7 mln eurot (2007: 66,7 mln krooni/4,3 mln eurot) ning puhaskasum 5,1 mln krooni/0,3 mln eurot (2007: 7,4 mln krooni/0,5 mln eurot). Viisnurga koguvarade maht oli 31.3.2008 seisuga 172,7 mln krooni/11,0 mln eurot (31.3.2007: 152,0 mln krooni/9,7 mln eurot), millest ettevõtte kohustused moodustasid 31.3.2008 seisuga 96,2 mln krooni/6,1 mln eurot (31.3.2007: 78,6 mln krooni/5,0 mln eurot) ehk 56% (31.3.2007: 52%). Mööblidivisjoni käive oli 2008 aasta I kvartalis 40,1 mln krooni/2,6 mln eurot (2007 a. I kvartalis: 33,6 mln krooni/2,1 mln eurot) ja kasum 2,1 mln krooni/0,1 mln eurot (2007 a. I kvartalis: 2,6 mln krooni/0,2 mln eurot). Ehitusmaterjalide divisjoni käive oli 2008 aasta I kvartalis 33,8 mln krooni/2,2 mln eurot (2007 a. I kvartalis: 33,0 mln krooni/2,1 mln eurot) ja kasum 4,3 mln krooni/0,3 mln eurot (2007 a. I kvatalis: 5,9 mln krooni/0,4 mln eurot). Divisjonide kasumis ei ole arvestatud kontserni üldhalduskulusid 2008 aasta I kvartalis summas 0,5 mln krooni/0,03 mln eurot (2007 a. I kvartalis: 0,6 mln krooni/0,04 mln eurot), mis on ärisegmentide aruandes kajastatud jagamata kuludena ja neto finantskulusid 2008 aasta I kvartalis summas 0,8 mln krooni/0,05 mln eurot (2007 a. I kvartalis: 0,6 mln krooni/0,04 mln eurot). 29.06.2007 allkirjastati AS Viisnurk jagunemiskava, mille tulemusena eraldus endisest Viisnurgast tootmisega tegelev osa - ehitusmaterjalide divisjon 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. Käesoleva aruande võrdlusandmetes on elimineeritud eraldunud üksusega seotud varad, kohustused, tulud ja kulud. Prognoos ja areng Mööbli jaekaubanduse kasv ja oma kauplusevõrgu laiendamine on läinud plaanipäraselt. 2008 aasta I kvartali lõpus opereeris Skano kuut kauplust Baltimaades ja kahte Ukrainas. Jaemüük kasvas 132% võrreldes 2007 aasta I kvartaliga ning 31.3.2007 seisuga olemas olnud kaupluste müük on aastaga kasvanud 64%. Uute kaupluste avamisi valmistatakse ette ja 2008 aasta I kvartalis avati Ukrainas üks kauplus ja II kvartalis on plaanis avada seal veel kolm kauplust. 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 ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Mööblivabrik on muutnud tooteportfelli oluliselt kitsamaks, praktiliselt on lõpetatud männimööbli tootmine ja keskendutud kõige kasumlikumatele tootesarjadele. Lõpetatud on uute allhankesarjade otsimine ja tehakse ettevalmistusi rahuldamaks jaeäri kasvuga seotud nõudmisi. Keskendutakse oma kahe peamise tooteseeria, Björkkvist/Boknäs ja Villinki, kasumlikule tootmisele parandamaks efektiivsust. Juba täna moodustavad nimetatud tootesarjad üle 90% Viisnurga mööblidivisjoni tootmisest ning 90% toodangust eksporditakse väljaspoole Baltimaid. Mõlema tootesarja osas on turg näidanud kasvavat nõudlust ning nende klassikalise disaini tõttu on ka trendidest tulenev nõudluse languse risk väike. Mööblitootmise kasvu mootoritena näeb juhatus lisaks oma jaekaubanduse nõudluse kasvule ka Skandinaavia ja Venemaa klientide müügistrateegia muutusi ning müügivõrgu kasvu. Ehitusmaterjalide divisjonis töötas 2008 aasta I kvartali lõpus uus siseviimistlusplaatide Isotexi tootmisliin ühes vahetuses. Sellega on loodud võimalus kasumlikkuse ja marginaalide kasvuks järgmistel perioodidel. Eesmärgiks on aastal 2009 kogu uue liini tootmisvõimsus ära kasutada ning tootmismahu müügiks plaanitakse suhteliselt suuremaid turunduskulusid aastaks 2008. Kuigi 2008 aasta I kvartali tulemus on nõrgem kui 2007 aasta sama perioodi tulemus, on 2008 aasta alguse tulemused tõusuteel ja ületavad esialgseid ootusi. 2007 aasta I kvartali tulemus oli väga tugev ehitusmaterjalide divisjonis. See oli tingitud väga suurest nõudlusest ja kõigi olemasolevate laovarude välja müümisest sel perioodil (kogu grupi tasandil saavutati eelmise aasta I kvartalis 58% 2007 aasta netokasumist). 2008 aastaks planeerib juhtkond kasumit 20 mln krooni (1,3 mln eurot). Seejuures oluline kasumi kasv on prognoositud II poolaastasse, kuna avatavate Skano poodide käivitusperiood on ca 6 kuud. Ärivaldkondade ülevaade -------------------------------------------------------------------------------- | tuh EEK | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | I kv 2008 | I kv 2007 | I kv 2008 | I kv 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 40 082 | 33 619 | 2 129 | 2 638 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 9 686 | 4 166 | (164) | 275 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 33 785 | 33 038 | 4 301 | 5 918 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 73 867 | 66 657 | 6 430 | 8 556 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (510) | (568) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 5 920 | 7 988 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (787) | (584) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 5 133 | 7 404 | -------------------------------------------------------------------------------- | Tulumaks | | | 0 | 0 | -------------------------------------------------------------------------------- | PUHASKASUM | | | 5 133 | 7 404 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | I kv 2008 | I kv 2007 | I kv 2008 | I kv 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 2 562 | 2 148 | 136 | 168 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 619 | 266 | (10) | 18 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 2 159 | 2 112 | 275 | 378 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 4 721 | 4 260 | 411 | 546 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (33) | (36) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 378 | 510 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (50) | (37) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 328 | 473 | -------------------------------------------------------------------------------- | Tulumaks | | | 0 | 0 | -------------------------------------------------------------------------------- | PUHASKASUM | | | 328 | 473 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2008 aasta I kvartali müügitulu oli 40,1 mln krooni/2,6 mln eurot (2007: 33,6 mln eurot/2,1 mln eurot) ning majandustulemus 2,1 mln krooni/136 tuhat eurot (2007: 2,6 mln krooni/168 tuhat eurot) kasumit. Võrreldes eelmise aastaga on divisjoni käive suurenenud 6,5 mln krooni/414 tuhat eurot. Mööbli tootmine Mööblidivisjoni 2008 aasta I kvartalis müük mõlemal põhiturul Soomes ja Venemaal on läinud planeeritust paremini ja võrreldes 2007 aasta sama perioodiga on müük kasvanud. Järgnev müügikasv tuleb peamiselt läbi oma jaemüügi kasvu, kuid ka Venemaa suunal on võimalik müügi suurenemine. Mööbli jaemüük - Skano Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008 aasta I kvartalis tegevusi strateegiakohaseks 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. 2008 aasta I kvartalis on jaemüük kasvanud 132% võrreldes eelmise aastaga I kvartaliga. Sealjuures on seisuga 31.3.2007 olemasolevate kaupluste (Tallinn, Riia, Pärnu) müük võrreldes eelmise aasta sama perioodiga tõusnud 64%. Märtsis ja aprillis avati Ukrainas Kiievis kaks kauplust. Lisaks avatakse mais kauplus ka Donetskis. Pärast seda on Skanol kokku neli kauplust Ukrainas. Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2008 aasta I kvartalis müügituluks 33,8 mln krooni/2,2 mln eurot ja kasumiks 4,3 mln krooni/0,3 mln eurot. Eelmise aasta samal perioodil oli divisjoni käive 33,0 mln krooni/2,1 mln eurot ja kasum 5,9 mln krooni/0,4 mln eurot. Võrreldes eelmise aastaga on divisjoni käive suurenenud 0,7 mln krooni/0,05 mln eurot ja kasum vähenenud 1,6 mln krooni/0,1 mln eurot. Ehitusmaterjalide divisjoni tootmismaht jooksevhindades on võrreldes eelmise aasta I kvartaliga kasvanud 21,5%. Müük Eestisse, Lätisse ja Leetu moodustas 2008 aasta I kvartalis 25,8% (2007: 34,4%) divisjoni müügitulust. Üldehitusplaadid 2008 aasta kolme kuu tulemustele on avaldanud enim mõju Isoplaat tuuletõkkeplaatide müük nii kodu- kui välisturgudel. Teistel naaberturgudel, ennekõike Lätis ja Venemaal, on kasvanud põrandaplaatide müük. Üldehitusplaatide kogumüügist oli jätkuvalt suurima osakaaluga tooterühmaks tuuletõkkeplaadid. Siseviimistlusplaadid Isotex plaatide suurimateks turgudeks on Soome ja Eesti ning enim müüdud tooteks on laeplaadid. Oktoobris täienes tektsiilkattega seinaplaatide valik 3 uue pinnakatte võrra. Lisandunud pinnakatted teevad kogu tootevaliku märgatavalt atraktiivsemaks ja aitavad selgemalt eristuda tihedas konkurentsis ja samuti suurendada seinaplaatide müüki. Esimeses kvartalis juba osaleti ja ka tulevikus on plaanis osaleda kogu Isotexi tootevalikuga erinevatel ehitusmessidel (Riia, Tallinn, St. Peterburg). Siseviimistlusplaatide müügist moodustasid laeplaadid 75% (2007: 80%) ja seinaplaadid vastavalt 25% (2007: 20%). Siseviimistlusplaate toodetakse alates 1996. aastast ning neid müüakse kaubamärgi Isotex all. Investeeringud Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008. aasta I kvartalis tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisutuskaupasid pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. 2008 aasta I kvartalis moodustasid investeeringud seadmetesse 484 tuh krooni/31 tuhat eurot ja ehitistesse 642 tuh krooni/41 tuhat eurot. 2007 aasta samal perioodil moodustasid investeeringud seadmetesse 31 tuh krooni/2 tuh eurot ja ehitistesse 3 mln krooni/192 tuh eurot. Konsolideeritud bilanss -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.3.2008 | 31.12.2007 | 31.3.2008 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 3 773 | 6 006 | 241 | 384 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 41 092 | 29 859 | 2 626 | 1 908 | -------------------------------------------------------------------------------- | Varud | 62 112 | 54 742 | 3 969 | 3 499 | -------------------------------------------------------------------------------- | Käibevara kokku | 106 977 | 90 607 | 6 836 | 5 791 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 62 680 | 63 727 | 4 006 | 4 073 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 128 | 220 | 8 | 14 | -------------------------------------------------------------------------------- | Põhivara kokku | 65 701 | 66 840 | 4 199 | 4 272 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 172 678 | 157 447 | 11 035 | 10 063 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 6 518 | 8 782 | 416 | 561 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 49 834 | 37 488 | 3 185 | 2 396 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 192 | 264 | 12 | 17 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 56 544 | 46 534 | 3 613 | 2 974 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 36 734 | 36 734 | 2 348 | 2 348 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 2 936 | 2 936 | 187 | 187 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 39 670 | 39 670 | 2 535 | 2 535 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 96 214 | 86 204 | 6 148 | 5 509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Ülekurss | 5 698 | 5 698 | 364 | 364 | -------------------------------------------------------------------------------- | Kohustuslik | 4 499 | 4 499 | 288 | 288 | | reservkapital | | | | | -------------------------------------------------------------------------------- | Muud reservid | 127 | 39 | 8 | 3 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 16 016 | 3 359 | 1 024 | 215 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 5 133 | 12 657 | 328 | 809 | -------------------------------------------------------------------------------- | Omakapital kokku | 76 464 | 71 243 | 4 887 | 4 554 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 172 678 | 157 447 | 11 035 | 10 063 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2008 | 2007 | 2008 | 2007 | | | | (korrigee | | (korrigee | | | | ritud) | | ritud) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 73 867 | 66 657 | 4 721 | 4 260 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (56 590) | (50 109) | (3 617) | (3 203) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 17 277 | 16 548 | 1 104 | 1 057 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (9 922) | (7 108) | (634) | (454) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (1 179) | (1 382) | (75) | (88) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 179 | 45 | 11 | 2 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (435) | (115) | (28) | (7) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 5 920 | 7 988 | 378 | 510 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (787) | (584) | (50) | (37) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | 5 133 | 7 404 | 328 | 473 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | 1,14 | 1,65 | 0,07 | 0,11 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 1,14 | 1,65 | 0,07 | 0,11 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Title
AS Viisnurk financial result, 3 months of 2008
Message
The net sales of AS Viisnurk for the 3 months of 2008 were 73.9 mil. kroons/4.7 mil. euros (66.7 mil. kroons/4.3 mil. euros during the same period in 2007) and the net profit amounted to 5.1 mil. kroons/0.3 mil. euros (7.4 mil. kroons/0.5 mil. euros during the same period in 2007). As of the end of March 2008 the total assets of Viisnurk amounted to 172.7 mil. kroons/11.0 mil. euros (31.3.2007: 152.0 mil. kroons/9.7 mil. euros). The liabilities of the company accounted for 56% (31.3.2007: 52%) thereof, i.e. 96.2 mil. kroons/6.1 mil. euros (31.3.2007: 78.6 mil. kroons/5.0 mil. euros). The turnover of the Furniture Division in the 3 months of 2008 amounted to 40.1 mil. kroons/2.6 mil. euros (33.6 mil. kroons/2.1 mil. euros during the same period in 2007) and the profit amounted to 2.1 mil. kroons/0.1 mil. euros (2.6 mil. kroons/0.2 mil. euros during the same period in 2007). The turnover of the Building Materials Division in the 3 months of 2008 amounted to 33.8 mil. kroons/2.2 mil. euros (33.0 mil. kroons/2.1 mil. euros during the same period in 2007) and the profit amounted to 4.3 mil. kroons/0.3 mil. euros (5.9 mil. kroons/0.4 mil. euros during the same period in 2007). The profit of the Divisions does not reflect the general administrative costs of the corporation in the amount of 0.5 mil. kroons/0.03 mil. euros (0.6 mil. kroons/0.04 mil. euros during the same period in 2007) and the financial expenses of 0.8 mil. kroons/0.05 mil. euros (0.6 mil. kroons/0.04 mil. euros during the same period in 2007) 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 from comparison basis of the report. Forecast and development Increase of furniture retail trade and the expansion of our network of stores have gone according to the plan. In the end of 1st quarter 2008, Skano operated six stores in the Baltic states and two in Ukraine. Retail sale increased 132% in 1st quarter 2008 compared to same period 2007 and the sale in stores existing as of 31.3.2007 has increased 64% in 2008. The openings of new stores are being prepared and one store opened in the 1st quarter of 2008 in Ukraine and the plan is to open three more shops in Ukraine in the 2nd quarter. It is planned to open 16 stores in Ukraine and Central Europe in 2008-2009. 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 and its subsidiaries in Latvia, Lithuania and Ukraine. AS Viisnurk holds 100% of the shares of OÜ Skano. The furniture factory has considerably narrowed its product portfolio. The production of pine furniture has basically been terminated and the most profitable production lines have been put into focus. Searching for new out-sourced lines has been terminated and preparations are being made in order to satisfy the demands related to the increase in retail business. The company has made a decision to focus on the profitable production of two basic product lines, namely Björkkvist/Boknäs 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 and 90% of the production is exported outside the Baltic states. 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. Besides the increase of demand in its retail trade, the management board predicts the increase of furniture production due to the changes in the sales strategy of Scandinavian and Russian customers and increase of the sales network. At the end of 1st quarter 2008, new Isotex production line of interior finishing boards operated in Building Materials Division in one shift. This has created an opportunity for the increase of profitability and margins within the following periods. The main goal for 2009 is to utilize the entire production capacity of the new line and considerably larger marketing costs are planned for 2008 in order to sell the entire production volume. Although the result of 1st quarter of 2008 is weaker than same period of 2007, the results at the beginning of 2008 are again on the rise and surpass the initial expectations. The result in Building Materials Division was very good in 2007. This was caused by a great demand and the sale of all warehouse stock in the 1st quarter of 2007 (in the level of the entire group, 58% of the net profit of 2007 was achieved in the 1st quarter of the previous year). The management board plans a 20 mil. kroons (1.3 mil. euros) profit for 2008 whereas a considerable profit growth has been planned in the second half of 2008 due to the 6 months opening period of Skano stores. Divisional review: -------------------------------------------------------------------------------- | Th EEK | Net sales | Profit | -------------------------------------------------------------------------------- | | 3 m 2008 | 3 m 2007 | 3 m 2008 | 3 m 2007 | -------------------------------------------------------------------------------- | Furniture Division | 40,082 | 33,619 | 2,129 | 2,638 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 9,686 | 4,166 | (164) | 275 | -------------------------------------------------------------------------------- | Building Materials | 33,785 | 33,038 | 4,301 | 5,918 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 73,867 | 66,657 | 6,430 | 8,556 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (510) | (568) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 5,920 | 7,988 | -------------------------------------------------------------------------------- | Net financial costs | | | (787) | (584) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 5,133 | 7,404 | -------------------------------------------------------------------------------- | Income tax | | | 0 | 0 | -------------------------------------------------------------------------------- | NET PROFIT | | | 5,133 | 7,404 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Th EUR | Net sales | Profit | -------------------------------------------------------------------------------- | | 3 m 2008 | 3 m 2007 | 3 m 2008 | 3 m 2007 | -------------------------------------------------------------------------------- | Furniture Division | 2,562 | 2,148 | 136 | 168 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 619 | 266 | (10) | 18 | -------------------------------------------------------------------------------- | Building Materials | 2,159 | 2,112 | 275 | 378 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 4,721 | 4,260 | 411 | 546 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (33) | (36) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 378 | 510 | -------------------------------------------------------------------------------- | Net financial costs | | | (50) | (37) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 328 | 473 | -------------------------------------------------------------------------------- | Income tax | | | 0 | 0 | -------------------------------------------------------------------------------- | NET PROFIT | | | 328 | 473 | -------------------------------------------------------------------------------- Furniture Division The three-month net sales of AS Viisnurk Furniture Division were 40.1 mil. kroons/2.6 mil. euros (2007: 33.6 mil. kroons/2.1 mil. euros) and the economic result 2.1 mil. kroons/136 thousand euros (2007: 2.6 mil. kroons/168 thousand euros) as a profit. As compared to the previous year the turnover of the division has increased by 6.5 mil. kroons/414 thousand euros. Furniture Production The Furniture Division's three-month sales in the company's basic target market in Russia and Finland have proceeded better than the plans and compared to same period in 2007 sales has increased. The following increase in sales is basically the result of the increase in retail sale, but in Russian market increase of sales is also possible. Furniture Retail - Skano Concerning the retail trade of the Furniture Division, the company continued its strategic activities in the 1st quarter of 2008 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 three months this year the retail sale has increased by 132% as compared to the same period last year. At the same time, the sales of the stores opened before 31.3.2008 (Tallinn, Riga, Pärnu) have increased 64% compared to the same period in 2007. In the Ukraine in Kiev were opened two stores in March and April. One store will open in Donetsk in the May 2008. After these openings Skano has four stores in Ukraine. Building Materials Division The three-month net sales of the Building Materials Division amounted to 33.8 mil. kroons/2.2 mil. euros and profit to 4.3 mil. kroons/0.3 mil. euros. In the same period of the last year, the turnover of the division totalled 33.0 mil. kroons/2.1 mil. euros and the net profit 5.9 mil. kroons/0.4 mil. euros. As compared to the previous year the turnover of the division has increased by 0.7 mil. kroons/0,05 mil. euros and the profit has decreased by 1.60 mil. kroons/0.1 mil. euros. Production volume in current prices has increased by 21.5% compared to 1st quarter 2007. The three-month net sales to Estonia, Latvia and Lithuania was 25.8% (2007: 34.4%) of total sales of the Building Materials Division. Building Boards The results of the first three months of 2008 have most been influenced by the sale of Isoplaat wind protection boards in domestic and foreign markets. In 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 Biggest markets for Isotex interior finishing boards are Finland and Estonia and the best selling products ceiling panels. 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. In 1st quarter were participated and in near future is plan to participate with full Isotex product range in different building fairs (Riga, Tallinn, St. Petersburg). Ceiling panels comprised 75% (80% in 2007) and wall panels 25% (20% in 2007) of the sales of interior finishing boards. Interior finishing boards are being produced since 1996 and they are sold under the company's own trademark Isotex. Investments In the retail business of the Furniture division activities were initiated in the first quarter of 2008 to expand the retail business to our neighbouring markets according to the strategy. The expansion of retail business includes opening new stores offering home furniture and furnishing materials in various Eastern European markets. During 3 months 2008 investments into technology totalled 484 thousand kroons/31 thousand euros and into buildings 642 thousand kroons/41 thousand euros. At the same period of 2007 investments into technology totalled 31 thousand kroons/2 thousand euros and into buildings 3 mil. kroons/192 thousand euros. Consolidated balance sheet -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 31.3.2008 | 31.12.200 | 31.3.2008 | 31.12.2007 | | | | 7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 3,773 | 6,006 | 241 | 384 | -------------------------------------------------------------------------------- | Receivables and | 41,092 | 29,859 | 2,626 | 1,908 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 62,112 | 54,742 | 3,969 | 3,499 | -------------------------------------------------------------------------------- | Total current assets | 106,977 | 90,607 | 6,836 | 5,791 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,893 | 185 | 185 | -------------------------------------------------------------------------------- | Tangible fixed assets | 62,680 | 63,727 | 4,006 | 4,073 | -------------------------------------------------------------------------------- | Intangible fixed assets | 128 | 220 | 8 | 14 | -------------------------------------------------------------------------------- | Total fixed assets | 65,701 | 66,840 | 4,199 | 4,272 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 172,678 | 157,447 | 11,035 | 10,063 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 6,518 | 8,782 | 416 | 561 | -------------------------------------------------------------------------------- | Payables and prepayments | 49,834 | 37,488 | 3,185 | 2,396 | -------------------------------------------------------------------------------- | Short-term provisions | 192 | 264 | 12 | 17 | -------------------------------------------------------------------------------- | Total current liabilities | 56,544 | 46,534 | 3,613 | 2,974 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 36,734 | 36,734 | 2,348 | 2,348 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 2,936 | 2,936 | 187 | 187 | -------------------------------------------------------------------------------- | Total non-current | 39,670 | 39,670 | 2,535 | 2,535 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 96,214 | 86,204 | 6,148 | 5,509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 | | value | | | | | -------------------------------------------------------------------------------- | Issue premium | 5,698 | 5,698 | 364 | 364 | -------------------------------------------------------------------------------- | Statutory capital reserve | 4,499 | 4,499 | 288 | 288 | -------------------------------------------------------------------------------- | Currency translation | 127 | 39 | 8 | 3 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 16,016 | 3,359 | 1,024 | 215 | -------------------------------------------------------------------------------- | Net profit for the year | 5,133 | 12,657 | 328 | 809 | -------------------------------------------------------------------------------- | Total equity | 76,464 | 71,243 | 4,887 | 4,554 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 172,678 | 157,447 | 11,035 | 10,063 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 3 m 2008 | 3 m 2007 | 3 m 2008 | 3 m 2007 | | | | (adjusted) | | (adjusted) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 73,867 | 66,657 | 4,721 | 4,260 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (56,590) | (50,109) | (3,617) | (3,203) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 17,277 | 16,548 | 1,104 | 1,057 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (9,922) | (7,108) | (634) | (454) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (1,179) | (1,382) | (75) | (88) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 179 | 45 | 11 | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (435) | (115) | (28) | (7) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 5,920 | 7,988 | 378 | 510 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (787) | (584) | (50) | (37) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE | 5,133 | 7,404 | 328 | 473 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 1.14 | 1.65 | 0.07 | 0.11 | -------------------------------------------------------------------------------- | Diluted earnings per | 1.14 | 1.65 | 0.07 | 0.11 | | share | | | | | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee