Market announcement
Nordic Fibreboard AS
Category
Management interim statement or quarterly financial report
Attachments
Date
22.05.2009 16:13:54
Title
Majandustulemused, 3 kuud 2009
Message
Kasumiaruanne Aruandeaasta I kvartali müügitulu oli 53,1 mln krooni/3,4 mln eurot (2008 aastal 73,9 mln krooni/4,7 mln eurot) mis tähendab 2008 aasta I kvartaliga võrreldes 28%-list vähenemist. Kontserni müügikäibe brutorentaablus oli 2009 aasta I kvartalis 19,5% võrrelduna 2008 aasta I kvartali 23,9%-ga. Konsolideeritud ärikasum oli 0,3 mln krooni/17 tuhat eurot (2008 aasta sama perioodi kasum 5,9 mln krooni/378 tuhat eurot). Konsolideeritud müügikäibe ärirentaablus oli 0,5% (võrrelduna 2008 aasta I kvartali 8,0%-ga). Konsolideeritud puhaskahjum oli 0,7 mln krooni/43 tuhat eurot võrrelduna 2008 aasta I kvartali kasumiga 5,1 mln krooni/328 tuhat eurot ja puhasrentaablus oli -1,3% (võrrelduna 2008 aasta I kvartali 1,8%-ga). 2009 aasta I kvartalis oli kontserni omakapitali puhasrentaablus -1.0% (võrrelduna 2008 aasta I kvartali 6,7%-ga) ja varade puhasrentaablus -0,4% (võrrelduna 2008 aasta I kvartali 3,0%-ga). Suurimaks kahjumi põhjuseks oli suur müügitulu langus, samuti tootmise vähendamine eesmärgiga vähendada laovarusid ja tagada ettevõtte parem likviidsus tänases turusituatsioonis. Bilanss Kontserni koguvarade maht oli 31.3.2009 seisuga 155,9 mln krooni/10,0 mln eurot (31.12.2008: 163,8 mln krooni/10,5 mln eurot), millest ettevõtte kohustused moodustasid 31.3.2009 seisuga 85,5 mln krooni/5,5 mln eurot (31.12.2008: 92,6 mln krooni/5,9 mln eurot) ehk 54,8% (31.12.2008: 56,5%). Nõuded ja ettemaksud on kasvanud 7,3 mln krooni/0,5 mln eurot, suurenedes 3 kuuga 37%. Nõuete suurenemise peamiseks põhjuseks on väga nõrk müük 2008 aasta detsembris, mis vähendas detsembri lõpuks nõuete saldot oluliselt. Varud vähenesid 3 kuuga 10,2 mln krooni/0,7 mln eurot, moodustades 31.3.2009 seisuga 57,9 mln krooni/3,7 mln eurot. Seisuga 31.12.2008 oli varude maht 68,1 mln krooni/4,4 mln eurot. Varude vähendamine on üks peamisi eesmärke kriisi ületamiseks ja likviidsuse tagamiseks. Materiaalne ja immateriaalne põhivara vähenes 1,9 mln krooni/0,1 mln eurot peamiselt amortisatsiooni arvel. Lühiajalised laenukohustused olid seisuga 31.3.2009 15,7 mln krooni/1,0 mln eurot (31.12.2008 17,7 mln krooni/1,1 mln eurot) ja vähenesid 3 kuuga kokku 2,1 mln krooni/0,1 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 38,7 mln kooni/2,5 mln eurot (seisuga 31.12.2008 43,8 mln krooni/2,8 mln eurot). Lühi- ja pikaajalised kohustused kokku vähenesid 7,1 mln krooni/0,5 mln eurot 85,5 mln kroonini/5,5 mln euroni (31.12.2008 92,6 mln krooni 5,9 mln eurot). Ärivaldkondade ülevaade Käive segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Mööblivabrik | 27 598 | 36 089 | 1 764 | 2 307 | 52,0% | 48,9% | -------------------------------------------------------------------------------- | Skano | 8 934 | 9 686 | 571 | 619 | 16,8% | 13,1% | -------------------------------------------------------------------------------- | Ehitusmaterjali | 20 387 | 33 785 | 1 303 | 2 159 | 38,4% | 45,7% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (3 833) | (5 693) | (245) | (364) | (7,2)% | (7,7)% | -------------------------------------------------------------------------------- | KOKKU | 53 086 | 73 867 | 3 393 | 4 721 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Käive turgude lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Soome | 21 704 | 35 435 | 1 387 | 2 265 | 40,9% | 48,0% | -------------------------------------------------------------------------------- | Venemaa | 12 514 | 15 961 | 799 | 1 020 | 23,6% | 21,6% | -------------------------------------------------------------------------------- | Eesti | 7 871 | 12 813 | 503 | 819 | 14,8% | 17,3% | -------------------------------------------------------------------------------- | Ukraina | 2 894 | 1 031 | 185 | 66 | 5,5% | 1,4% | -------------------------------------------------------------------------------- | Läti | 2 368 | 3 112 | 151 | 199 | 4,5% | 4,2% | -------------------------------------------------------------------------------- | Leedu | 2 218 | 2 638 | 142 | 168 | 4,2% | 3,6% | -------------------------------------------------------------------------------- | Portugal | 1 245 | 0 | 79 | 0 | 2,3% | 0,0% | -------------------------------------------------------------------------------- | Saksamaa | 743 | 1 202 | 48 | 77 | 1,4% | 1,6% | -------------------------------------------------------------------------------- | Kasahstan | 629 | 527 | 40 | 34 | 1,2% | 0,7% | -------------------------------------------------------------------------------- | Rootsi | 559 | 1 017 | 36 | 65 | 1,1% | 1,4% | -------------------------------------------------------------------------------- | Valgevene | 119 | 0 | 8 | 0 | 0,2% | 0,0% | -------------------------------------------------------------------------------- | Teised riigid | 222 | 131 | 15 | 8 | 0,4% | 0,2% | -------------------------------------------------------------------------------- | KOKKU | 53 086 | 73 867 | 3 393 | 4 721 | 100,00% | 100,00% | -------------------------------------------------------------------------------- Turgude lõikes on käive vähenenud kõigil suurematel turgudel. Ukrainas on käibe kasvu põhjuseks 2008 aastal avatud kauplused, mis 2008 aasta I kvartalis olid veel käivitumisfaasis või avamata. Uuesti on alustatud müüki Portugali ja Valgevenesse. Brutokasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kv. 2009 | I kv. 2008 | I kv. 2009 | I kv. 2008 | -------------------------------------------------------------------------------- | Mööblivabrik | 3 188 | 4 186 | 204 | 268 | -------------------------------------------------------------------------------- | Skano | 4 416 | 4 670 | 282 | 298 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 2 820 | 8 838 | 180 | 565 | | divisjon | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (66) | (11) | (4) | (1) | -------------------------------------------------------------------------------- | KOKKU | 10 358 | 17 683 | 662 | 1 130 | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjonis on brutorentaablus kahanenud peamiselt muutuste tõttu tooteportfellis ja väikese tootmismahu ja suurte püsikulude tõttu toodete omahinna kasvust. Kasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kv. 2009 | I kv. 2008 | I kv. 2009 | I kv. 2008 | -------------------------------------------------------------------------------- | Mööblivabrik | 1 616 | 1 834 | 103 | 117 | -------------------------------------------------------------------------------- | Skano | (778) | (164) | (50) | (10) | -------------------------------------------------------------------------------- | Ehitusmaterjalide | (248) | 4 262 | (16) | 272 | | divisjon | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (325) | (11) | (20) | (1) | -------------------------------------------------------------------------------- | KOKKU | 265 | 5 921 | 17 | 378 | -------------------------------------------------------------------------------- | Neto finantskulud | (938) | (788) | (60) | (50) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | (673) | 5 133 | (43) | 328 | -------------------------------------------------------------------------------- | Tulumaks | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | PUHASKASUM | (673) | 5 133 | (43) | 328 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2009 aasta I kvartali müügitulu oli 32,7 mln krooni/2,1 mln eurot (2008: 40,1 mln krooni/2,6 mln eurot) ning majandustulemus 0,1 mln krooni/8 tuhat eurot (2008: 1,4 mln krooni/88 tuhat eurot). Võrreldes eelmise aasta sama perioodiga on divisjoni käive vähenenud 7,4 mln krooni/472 tuhat eurot ehk 18,4%. Mööbli jaemüük - Skano AS Viisnurga jaeäri opereerivad OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 31.3.2009 on Skano mööblikaupluste ketis kokku 10 kauplust Tallinnas, Pärnus, Riias, Vilniuses, Kaunases, Klaipedas, Kiievis, Donetskis, Harkovis ja Odessas. Seoses jaheneva majanduskliimaga on esialgne uute kaupluste avamisplaan külmutatud. Peetakse aktiivseid läbirääkimisi rendileandjatega rendihindade vähendamiseks. Jaemüük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | Kaupluste arv | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | 31.03. | 31.03. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 09 | 08 | -------------------------------------------------------------------------------- | Eesti | 2 200 | 4 511 | 141 | 288 | 24,6% | 46,6% | 2 | 2 | -------------------------------------------------------------------------------- | Läti | 1 730 | 2 319 | 110 | 148 | 19,4% | 23,9% | 1 | 1 | -------------------------------------------------------------------------------- | Leedu | 2 110 | 2 533 | 135 | 162 | 23,6% | 26,2% | 3 | 3 | -------------------------------------------------------------------------------- | Ukrain | 2 894 | 323 | 185 | 21 | 32,4% | 3,3% | 4 | 2 | | a | | | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 8 934 | 9 686 | 571 | 619 | 100,0% | 100,0% | 10 | 8 | -------------------------------------------------------------------------------- Mööblidivisjoni jaemüük on enim vähenenud Eestis. Ukraina müük on suurenenud peamiselt kaupluste arvu kasvu tõttu. 2009 aasta I kvartalis on jaemüük vähenenud 7,8% võrreldes eelmise aasta sama perioodiga. Sealjuures on seisuga 31.3.2008 olemasolevate kaupluste (Tallinn, Riia, Pärnu, Vilnius, Kaunas, Klaipeda, Harkov, Kiiev) müük 2009 aasta I kvartalis võrreldes eelmise aasta sama perioodiga kahanenud 33%. Mööbli tootmine Mööblivabriku 2009 aasta I kvartali müük on mõlemal põhiturul Soomes ja Venemaal vähenenud ja kliendid ei prognoosi ka lähitulevikus müügi kasvu taastumist. Mööblivabriku müük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Venemaa | 11 691 | 14 637 | 747 | 935 | 42,4% | 40,6% | -------------------------------------------------------------------------------- | Soome | 10 328 | 13 653 | 660 | 873 | 37,4% | 37,7% | -------------------------------------------------------------------------------- | Kasahstan | 629 | 527 | 40 | 34 | 2,3% | 1,5% | -------------------------------------------------------------------------------- | Saksamaa | 620 | 966 | 40 | 62 | 2,2% | 2,7% | -------------------------------------------------------------------------------- | Muud | 497 | 613 | 32 | 39 | 1,8% | 1,7% | -------------------------------------------------------------------------------- | Tütarettevõtt | 3 833 | 5 693 | 244 | 364 | 13,9% | 15,8% | | ed | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 27 598 | 36 089 | 1 763 | 2 307 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2009 aasta I kvartali müügituluks 20,4 mln krooni/1,3 mln eurot ja kahjumiks 0,8 mln krooni/51 tuhat eurot. Eelmise aasta samal perioodil oli divisjoni käive 33,8 mln krooni/2,2 mln eurot ja kasum 3,8 mln krooni/240 tuhat eurot. Võrreldes eelmise aastaga on divisjoni käive vähenenud 13,4 mln krooni/856 tuhat eurot ja kasum vähenenud 4,5 mln krooni/291 tuhat eurot. Käive piirkondade lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Soome | 11 376 | 21 782 | 727 | 1392 | 55,8% | 64,5% | -------------------------------------------------------------------------------- | Eesti | 5 365 | 7 820 | 343 | 500 | 26,3% | 23,1% | -------------------------------------------------------------------------------- | Portugal | 1 245 | 0 | 80 | 0 | 6,1% | 0,0% | -------------------------------------------------------------------------------- | Venemaa | 823 | 1 324 | 53 | 85 | 4,0% | 3,9% | -------------------------------------------------------------------------------- | Läti | 638 | 793 | 41 | 51 | 3,1% | 2,3% | -------------------------------------------------------------------------------- | Rootsi | 559 | 1 017 | 36 | 65 | 2,7% | 3,0% | -------------------------------------------------------------------------------- | Saksamaa | 123 | 236 | 8 | 15 | 0,6% | 0,7% | -------------------------------------------------------------------------------- | Leedu | 108 | 105 | 7 | 7 | 0,5% | 0,3% | -------------------------------------------------------------------------------- | Ukraina | 0 | 708 | 0 | 45 | 0,0% | 2,1% | -------------------------------------------------------------------------------- | Teised riigid | 150 | 0 | 10 | 0 | 0,7% | 0,0% | -------------------------------------------------------------------------------- | KOKKU | 20 387 | 33 785 | 1 305 | 2 160 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Üldehitusplaadid Üldehitusplaatidest oli kõige suurema müügi osakaaluga tooteks tuuletõkkeplaadid. Võrreldes möödunud aastaga on kõige suurem langus selles tooterühmas. See on tingitud kahe selle toote sihtturu Eesti ja Soome ehitusturu mahu vähenemisest. Väljaspoole ehitussektorit müüdud toodete osakaal oli võrreldes möödunud aastaga praktiliselt sama. Siseviimistlusplaadid Isotex siseviimistlusplaatide suurimaks turuks jäi I kvartalis Soome. Eesti koduturu müük on vähenenud minimaalselt, jäädes praktiliselt möödunud aasta tasemele. Samuti on suudetud säilitada Leedu ja Venemaa turgudel on saavutatud müügimahte. Tootmisvõimsuse potentsiaali ärakasutamiseks jätkuvad tegevused uute turgude leidmiseks. Konsolideeritud bilanss -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.3.2009 | 31.12.2008 | 31.3.2009 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 3 831 | 6 913 | 245 | 442 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 26 835 | 19 568 | 1 715 | 1 250 | -------------------------------------------------------------------------------- | Varud | 57 896 | 68 096 | 3 701 | 4 351 | -------------------------------------------------------------------------------- | Käibevara kokku | 88 562 | 94 577 | 5 661 | 6 043 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 64 431 | 66 333 | 4 118 | 4 239 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 19 | 21 | 1 | 1 | -------------------------------------------------------------------------------- | Põhivara kokku | 67 343 | 69 247 | 4 304 | 4 425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 155 905 | 163 824 | 9 965 | 10 468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 15 654 | 17 722 | 1 001 | 1 132 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 38 620 | 43 646 | 2 468 | 2 790 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 86 | 115 | 6 | 7 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 54 360 | 61 483 | 3 475 | 3 929 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 27 720 | 27 720 | 1 772 | 1 772 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 3 421 | 3 421 | 219 | 219 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 31 141 | 31 141 | 1 991 | 1 991 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 85 501 | 92 624 | 5 466 | 5 920 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 130 | 253 | 8 | 14 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 15 759 | 9 717 | 1 007 | 621 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | (673) | 6 042 | (43) | 386 | -------------------------------------------------------------------------------- | Omakapital kokku | 70 404 | 71 200 | 4 499 | 4 548 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 155 905 | 163 824 | 9 965 | 10 468 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2009 | 2008 | 2009 | 2008 | | | | (korrigee | | (korrigee | | | | ritud) | | ritud) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 53 086 | 73 867 | 3 393 | 4 721 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (42 728) | (56 184) | (2 731) | (3 591) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 10 358 | 17 683 | 662 | 1 130 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (8 878) | (9 922) | (567) | (634) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (1 516) | (1 585) | (97) | (101) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 1 058 | 179 | 67 | 11 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (756) | (435) | (48) | (28) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 266 | 5 920 | 17 | 378 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (939) | (787) | (60) | (50) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | (673) | 5 133 | (43) | 328 | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | (0,15) | 1,14 | (0,01) | 0,07 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | (0,15) | 1,14 | (0,01) | 0,07 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Title
Viisnurk financial result, 3 months of 2009
Message
Income statement Consolidated net sales of first quarter 2009 was 53.1 mil. kroons/3.4 mil. euros (73.9 mil. kroons/4.7 mil. euros in same period of 2008) representing a 28% decrease on the first quarter compared to Q1 2008. The Group's gross margin in the first quarter of 2009 was 19.5% compared to 23.9% in the first quarter of 2008. Consolidated operating profit amounted to 0.3 mil. kroons/17 thousand euros (5.9 mil. kroons/378 thousand euros in same period 2008). The consolidated operating margin of net sales was 0.5% (8.0% in Q1 2008). Consolidated net loss amounted to 0.7 mil. kroons/43 thousand euros, compared to 5.1 mil. kroons/328 thousand euros in Q1 2008), and the net margin was -1.3% (1.8% in Q1 2008). In Q1 2009, the Group's return on equity was -1.0% (6.7% in Q1 2008) and return on assets was -0.4% (3.0% in Q1 2008). The main reason for loss is decrease of net sales and cutting of production volume in main purpose to keep liquidity in present market situation. Balance sheet As of 31.3.2009 the total assets of Viisnurk amounted to 155.9 mil. kroons/10.0 mil. euros (31.12.2008: 163.8 mil. kroons/10.5 mil. euros). The liabilities of the company accounted for 54.8% (31.12.2008: 56.5%) thereof, i.e. 85.5 mil. kroons/5.5 mil. euros (31.12.2008: 92.6 mil. kroons/5.9 mil. euros). Receivables and prepayments have increased by 7.3 mil. kroons/0.5 mil. euros i.e. 37% decrease with 3 months. The reason of increase of receivables is very small sales in December 2008, which essentially lowered the amount of receivables at the end of December. Inventories decreased by 10.2 mil. kroons/0.7 mil. euros to reach 57.9 mil. kroons/3.7 mil. euros on 31.3.2009. (31.12.2008: 68.1 mil. kroons/4.4 mil. euros). The lowering of amount of inventories is one of the main goals to survive in crisis and to keep liquidity. Property, plant and intangibles decreased by 1.9 mil. kroons/0.1 mil. euros mainly as a result of depreciation. Short-term loans decreased by 2.0 mil. kroons/0.1 mil. euros and amounted to 15.7 mil. kroons/1.0 mil. euros on 31 March 2009 (31.12.2008: 17.7 mil. kroons/1.1 mil. euros). Supplier payables, tax liabilities, other payables, including payables to employees, and provisions amounted to 38.7 mil. kroons/2.5 mil. euros (31.12.2008: 43.8 mil. kroons/2.8 mil. euros). Current and non-current liabilities decreased by 7.1 mil. kroons/0.5 mil. euros to 85.5 mil. kroons/5.5 mil. euros (31.12.2008: 92.6 mil. kroons/5.9 mil. euros). Divisional review: Net sales by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Furniture | 27,598 | 36,089 | 1,764 | 2,307 | 52.0% | 48.9% | | Factory | | | | | | | -------------------------------------------------------------------------------- | Skano | 8,934 | 9,686 | 571 | 619 | 16.8% | 13.1% | -------------------------------------------------------------------------------- | Building | 20,387 | 33,785 | 1,303 | 2,159 | 38.4% | 45.7% | | Materials | | | | | | | | Division | | | | | | | -------------------------------------------------------------------------------- | Elimination | (3,833) | (5,693) | (245) | (364) | (7.2)% | (7.7)% | -------------------------------------------------------------------------------- | TOTAL | 53,086 | 73,867 | 3,393 | 4,721 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Finland | 21 704 | 35 435 | 1 387 | 2 265 | 40,9% | 48,0% | -------------------------------------------------------------------------------- | Russia | 12 514 | 15 961 | 799 | 1 020 | 23,6% | 21,6% | -------------------------------------------------------------------------------- | Estonia | 7 871 | 12 813 | 503 | 819 | 14,8% | 17,3% | -------------------------------------------------------------------------------- | Ukraine | 2 894 | 1 031 | 185 | 66 | 5,5% | 1,4% | -------------------------------------------------------------------------------- | Latvia | 2 368 | 3 112 | 151 | 199 | 4,5% | 4,2% | -------------------------------------------------------------------------------- | Lithuania | 2 218 | 2 638 | 142 | 168 | 4,2% | 3,6% | -------------------------------------------------------------------------------- | Portugal | 1 245 | 0 | 79 | 0 | 2,3% | 0,0% | -------------------------------------------------------------------------------- | Germany | 743 | 1 202 | 48 | 77 | 1,4% | 1,6% | -------------------------------------------------------------------------------- | Kazakhstan | 629 | 527 | 40 | 34 | 1,2% | 0,7% | -------------------------------------------------------------------------------- | Sweden | 559 | 1 017 | 36 | 65 | 1,1% | 1,4% | -------------------------------------------------------------------------------- | Belarusian | 119 | 0 | 8 | 0 | 0,2% | 0,0% | -------------------------------------------------------------------------------- | Other countries | 222 | 131 | 15 | 8 | 0,4% | 0,2% | -------------------------------------------------------------------------------- | TOTAL | 53 086 | 73 867 | 3 393 | 4 721 | 100,00% | 100,00% | -------------------------------------------------------------------------------- Regarding the markets, turnover has decreased in all big markets. The main reasons of increased turnover in Ukraine were the stores opened in 2008 which in the first quarter of 2008 were still in the start-up phase or not opened. AS Viisnurk initiated sales into Portugal and Belarusian. Gross profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Furniture Factory | 3,188 | 4,186 | 204 | 268 | -------------------------------------------------------------------------------- | Skano | 4,416 | 4,670 | 282 | 298 | -------------------------------------------------------------------------------- | Building Materials | 2,820 | 8,838 | 180 | 565 | | Division | | | | | -------------------------------------------------------------------------------- | Elimination | (66) | (11) | (4) | (1) | -------------------------------------------------------------------------------- | TOTAL | 10,358 | 17,683 | 662 | 1,130 | -------------------------------------------------------------------------------- The main reason for decreased gross margin in Building Material Division is changes in product portfolio and growth of cost value due to small production volume and big fixed costs. Profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Furniture Factory | 1,616 | 1,834 | 103 | 117 | -------------------------------------------------------------------------------- | Skano | (778) | (164) | (50) | (10) | -------------------------------------------------------------------------------- | Building Materials | (248) | 4,262 | (16) | 272 | | Division | | | | | -------------------------------------------------------------------------------- | Elimination | (325) | (11) | (20) | (1) | -------------------------------------------------------------------------------- | TOTAL | 265 | 5,921 | 17 | 378 | -------------------------------------------------------------------------------- | Net financial costs | (938) | (788) | (60) | (50) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | (673) | 5,133 | (43) | 328 | -------------------------------------------------------------------------------- | Income tax | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | NET PROFIT | (673) | 5,133 | (43) | 328 | -------------------------------------------------------------------------------- Furniture Division The net sales of AS Viisnurk Furniture Division in the first quarter amounted to 32.7 mil. kroons/2.1 mil. euros (2008: 40.1 mil. kroons/2.6 mil. euros) and the economic result 0.1 mil. kroons/8 thousand euros as a profit (2008: 1.4 mil. kroons/88 thousand euros). As compared to the previous year the turnover of the division has decreased by 7.4 mil. kroons/472 thousand euros (18.4%). Furniture Retail - Skano AS Viisnurk retail business is operated by a private limited company OÜ Skano and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has totally 10 stores in Tallinn, Pärnu, Riga, Vilnius, Kaunas, Klaipeda, Kiev, Donetsk, Kharkiv and Odessa at the end of the first quarter. As a result of unexpected economical situation, management decided to stop openings of new stores. Management is in negotiations with leasers to lower premises rents. Retail sales by countries -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | Number of | | | | | | stores | -------------------------------------------------------------------------------- | | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Estonia | 2,200 | 4,511 | 141 | 288 | 24.6% | 46.6% | 2 | 2 | -------------------------------------------------------------------------------- | Latvia | 1,730 | 2,319 | 110 | 148 | 19.4% | 23.9% | 1 | 1 | -------------------------------------------------------------------------------- | Lithuan | 2,110 | 2,533 | 135 | 162 | 23.6% | 26.2% | 3 | 3 | | ia | | | | | | | | | -------------------------------------------------------------------------------- | Ukraine | 2,894 | 323 | 185 | 21 | 32.4% | 3.3% | 4 | 2 | -------------------------------------------------------------------------------- | TOTAL | 8,934 | 9,686 | 571 | 619 | 100.0% | 100.0% | 10 | 8 | -------------------------------------------------------------------------------- The retail sale of the Furniture Division decreased most in Estonia. The sale in Ukraine has increased in stores opened after 31.3.2008. Within the first quarter this year the retail sale has decreased by 7.8% as compared to the same period last year. The stores that were opened before 31.3.2008 (Tallinn, Riga, Pärnu, Vilnius, Kaunas, Klaipeda, Kharkiv, Kiev) have decreased the sales in the first quarter by 33% compared to the same period in 2008. Furniture Factory The Furniture Factory's sales in the first quarter in the company's basic target market in Russia and Finland have decreased and clients do not estimate sales recovering in near future. Furniture Factory sales by countries -------------------------------------------------------------------------------- | | th EEK | th EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Russia | 11,691 | 14,637 | 747 | 935 | 42.4% | 40.6% | -------------------------------------------------------------------------------- | Finland | 10,328 | 13,653 | 660 | 873 | 37.4% | 37.7% | -------------------------------------------------------------------------------- | Kazakhstan | 629 | 527 | 40 | 34 | 2.3% | 1.5% | -------------------------------------------------------------------------------- | Germany | 620 | 966 | 40 | 62 | 2.2% | 2.7% | -------------------------------------------------------------------------------- | Others | 497 | 613 | 32 | 39 | 1.8% | 1.7% | -------------------------------------------------------------------------------- | Subsidiarie | 3,833 | 5,693 | 244 | 364 | 13.9% | 15.8% | | s | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 27,598 | 36,089 | 1,763 | 2,307 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Building Materials Division The net sales of the Building Materials Division in the first quarter amounted to 20.4 mil. kroons/1.3 mil. euros and loss to 0.8 mil. kroons/51 thousand euros. In the same period last year, the turnover of the division totalled to 33.8 mil. kroons/2.2 mil. euros and the profit 3.8 mil. kroons/240 thousand euros. As compared to the previous year the turnover of the division has decreased by 13.4 mil. kroons/856 thousand euros and the profit has decreased by 4.5 mil. kroons/291 thousand euros. Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- | Finland | 11 376 | 21 782 | 727 | 1392 | 55,8% | 64,5% | -------------------------------------------------------------------------------- | Estonia | 5 365 | 7 820 | 343 | 500 | 26,3% | 23,1% | -------------------------------------------------------------------------------- | Portugal | 1 245 | 0 | 80 | 0 | 6,1% | 0,0% | -------------------------------------------------------------------------------- | Russia | 823 | 1 324 | 53 | 85 | 4,0% | 3,9% | -------------------------------------------------------------------------------- | Latvia | 638 | 793 | 41 | 51 | 3,1% | 2,3% | -------------------------------------------------------------------------------- | Sweden | 559 | 1 017 | 36 | 65 | 2,7% | 3,0% | -------------------------------------------------------------------------------- | Germany | 123 | 236 | 8 | 15 | 0,6% | 0,7% | -------------------------------------------------------------------------------- | Lithuania | 108 | 105 | 7 | 7 | 0,5% | 0,3% | -------------------------------------------------------------------------------- | Ukraine | 0 | 708 | 0 | 45 | 0,0% | 2,1% | -------------------------------------------------------------------------------- | Other countries | 150 | 0 | 10 | 0 | 0,7% | 0,0% | -------------------------------------------------------------------------------- | TOTAL | 20 387 | 33 785 | 1 305 | 2 160 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Building Boards The product group that makes up the biggest proportion in general building boards are wind protection boards. Compared to last year, decrease of sales is the biggest in this segment. This is caused by decrease of the building sector in Estonia and Finland, two main markets for the product. Sale of products to companies operating outside the building sector is same as previous year. Interior Finishing Boards The biggest market of Isotex interior finishing boards in the first quarter was Finland. Sale in the domestic market of Estonia has decreased marginally and was almost on the level of last year. Sales volumes have been achieved in Lithuania and Russia. In connection with the increase of production capacity potential, activities have been continued in order to find new markets. Consolidated balance sheet -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 31.3.2009 | 31.12.200 | 31.3.2009 | 31.12.2008 | | | | 8 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 3,831 | 6,913 | 245 | 442 | -------------------------------------------------------------------------------- | Receivables and | 26,835 | 19,568 | 1,715 | 1,250 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 57,896 | 68,096 | 3,701 | 4,351 | -------------------------------------------------------------------------------- | Total current assets | 88,562 | 94,577 | 5,661 | 6,043 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,893 | 185 | 185 | -------------------------------------------------------------------------------- | Tangible fixed assets | 64,431 | 66,333 | 4,118 | 4,239 | -------------------------------------------------------------------------------- | Intangible fixed assets | 19 | 21 | 1 | 1 | -------------------------------------------------------------------------------- | Total fixed assets | 67,343 | 69,247 | 4,304 | 4,425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 155,905 | 163,824 | 9,965 | 10,468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 15,654 | 17,722 | 1,001 | 1,132 | -------------------------------------------------------------------------------- | Payables and prepayments | 38,620 | 43,646 | 2,468 | 2,790 | -------------------------------------------------------------------------------- | Short-term provisions | 86 | 115 | 6 | 7 | -------------------------------------------------------------------------------- | Total current liabilities | 54,360 | 61,483 | 3,475 | 3,929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 27,720 | 27,720 | 1,772 | 1,772 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 3,421 | 3,421 | 219 | 219 | -------------------------------------------------------------------------------- | Total non-current | 31,141 | 31,141 | 1,991 | 1,991 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 85,501 | 92,624 | 5,466 | 5,920 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 130 | 253 | 8 | 14 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 15,759 | 9,717 | 1,007 | 621 | -------------------------------------------------------------------------------- | Net profit for the year | (673) | 6,042 | (43) | 386 | -------------------------------------------------------------------------------- | Total equity | 70,404 | 71,200 | 4,499 | 4,548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 155,905 | 163,824 | 9,965 | 10,468 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 3 m 2009 | 3 m 2008 | 3 m 2009 | 3 m 2008 | | | | (adjusted) | | (adjusted) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 53,086 | 73,867 | 3,393 | 4,721 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (42,728) | (56,184) | (2,731) | (3,591) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 10,358 | 17,683 | 662 | 1,130 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (8,878) | (9,922) | (567) | (634) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (1,516) | (1,585) | (97) | (101) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 1,058 | 179 | 67 | 11 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (756) | (435) | (48) | (28) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 266 | 5,920 | 17 | 378 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (939) | (787) | (60) | (50) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE | (673) | 5,133 | (43) | 328 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | (0.15) | 1.14 | (0.01) | 0.07 | -------------------------------------------------------------------------------- | Diluted earnings per | (0.15) | 1.14 | (0.01) | 0.07 | | share | | | | | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee