Market announcement
Nordic Fibreboard AS
LEI code
54930002HOIXBD15OM06
Size of the entity
Small group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2724
Attachments
Submission date and time
11.05.2010 09:16:00
Content of announcement in Estonian
Title
Majandustulemused, 3 kuud 2010
Message
Kasumiaruanne Aruandeaasta I kvartali müügitulu oli 49,0 mln krooni/3,1 mln eurot (2009 aastal 53,1 mln krooni/3,4 mln eurot) mis tähendab 2009 aasta I kvartaliga võrreldes 8%-list vähenemist. Kontserni müügikäibe brutorentaablus oli 2010 aasta I kvartalis 24,5% võrrelduna 2009 aasta I kvartali 19,5%-ga. Konsolideeritud ärikasum oli 3,4 mln krooni/219 tuhat eurot (2009 aasta sama perioodi kasum 0,3 mln krooni/17 tuhat eurot). Konsolideeritud müügikäibe ärirentaablus oli 7,0% (võrrelduna 2009 aasta I kvartali 0,5%-ga). Konsolideeritud puhaskasum oli 3,0 mln krooni/191 tuhat eurot võrrelduna 2009 aasta I kvartali kahjumiga 0,6 mln krooni/43 tuhat eurot ja puhasrentaablus oli 6,1% (võrrelduna 2009 aasta I kvartali -1,3%-ga). 2010 aasta I kvartalis oli kontserni omakapitali puhasrentaablus 4,0% (võrrelduna 2009 aasta I kvartali -1,0%-ga) ja varade puhasrentaablus 2,2% (võrrelduna 2009 aasta I kvartali -0,4%-ga). Finantsseisundi aruanne Kontserni koguvarade maht oli 31.3.2010 seisuga 135,1 mln krooni/8,6 mln eurot (31.12.2009: 132,8 mln krooni/8,5 mln eurot ), millest ettevõtte kohustused moodustasid 31.3.2010 seisuga 60,7 mln krooni/3,9 mln eurot (31.12.2009: 61,3 mln krooni/3,9 mln eurot) ehk 44,9% (31.12.2009: 46,2%). Nõuded ja ettemaksud on kasvanud 5,0 mln krooni/0,3 mln eurot, suurenedes 3 kuuga 26%. Nõuete suurenemise peamiseks põhjuseks on nõrk müük 2009 aasta detsembris, mis vähendas detsembri lõpuks nõuete saldot oluliselt. Varud kasvasid 3 kuuga 2,1 mln krooni/0,1 mln eurot, moodustades 31.3.2010 seisuga 44,1 mln krooni/2,8 mln eurot. Seisuga 31.12.2009 oli varude maht 41,9 mln krooni/2,7 mln eurot. Materiaalne ja immateriaalne põhivara vähenes 1,6 mln krooni/0,1 mln eurot peamiselt kulumi tõttu. Lühiajalised laenukohustused olid seisuga 31.3.2010 6,5 mln krooni/0,4 mln eurot (31.12.2009 8,0 mln krooni/0,5 mln eurot) ja vähenesid 3 kuuga kokku 1,5 mln krooni/0,1 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 23,9 mln kooni/1,5 mln eurot (seisuga 31.12.2009 22,9 mln krooni/1,5 mln eurot). Lühi- ja pikaajalised kohustused kokku vähenesid 0,6 mln krooni/38 tuhat eurot 60,7 mln kroonini/3,9 mln euroni (31.12.2009 61,3 mln krooni/3,9 mln eurot). Ärivaldkondade ülevaade Käive segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- | Mööblivabrik | 26 086 | 27 598 | 1 667 | 1 764 | 53,2% | 52,0% | -------------------------------------------------------------------------------- | Skano | 6 528 | 8 934 | 417 | 571 | 13,3% | 16,8% | -------------------------------------------------------------------------------- | Ehitusmaterjali | 19 422 | 20 387 | 1 242 | 1 303 | 39,6% | 38,4% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (3 034) | (3 833) | (194) | (245) | (6,1)% | (7,2)% | -------------------------------------------------------------------------------- | KOKKU | 49 012 | 53 086 | 3 132 | 3 393 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Käive turgude lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- | Soome | 22 692 | 21 704 | 1 450 | 1 387 | 46,3% | 40,9% | -------------------------------------------------------------------------------- | Venemaa | 9 722 | 12 514 | 622 | 799 | 19,8% | 23,6% | -------------------------------------------------------------------------------- | Eesti | 7 110 | 7 871 | 454 | 503 | 14,5% | 14,8% | -------------------------------------------------------------------------------- | Ukraina | 2 385 | 2 894 | 152 | 185 | 4,9% | 5,5% | -------------------------------------------------------------------------------- | Rootsi | 2 110 | 559 | 135 | 36 | 4,3% | 1,1% | -------------------------------------------------------------------------------- | Leedu | 1 442 | 2 218 | 92 | 142 | 2,9% | 4,2% | -------------------------------------------------------------------------------- | Läti | 762 | 2 368 | 49 | 151 | 1,6% | 4,5% | -------------------------------------------------------------------------------- | Saksamaa | 690 | 743 | 44 | 48 | 1,4% | 1,4% | -------------------------------------------------------------------------------- | Kasahstan | 639 | 629 | 41 | 40 | 1,3% | 1,2% | -------------------------------------------------------------------------------- | India | 226 | 0 | 14 | 0 | 0,5% | 0,0% | -------------------------------------------------------------------------------- | Valgevene | 104 | 119 | 7 | 8 | 0,2% | 0,2% | -------------------------------------------------------------------------------- | Portugal | 0 | 1 245 | 0 | 79 | 0,0% | 2,3% | -------------------------------------------------------------------------------- | Teised riigid | 1 130 | 222 | 72 | 15 | 2,3% | 0,4% | -------------------------------------------------------------------------------- | KOKKU | 49 012 | 53 086 | 3 393 | 3 393 | 100,00% | 100,00% | -------------------------------------------------------------------------------- Turgude lõikes on käive kasvanud Rootsis, Soomes ja Kasahstanis. Enam on vähenenud käive Portugalis, Venemaal ja Lätis. Kasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kv. 2010 | I kv. 2009 | I kv. 2010 | I kv. 2009 | -------------------------------------------------------------------------------- | Mööblivabrik | 2 330 | 1 616 | 149 | 103 | -------------------------------------------------------------------------------- | Skano | (68) | (778) | (4) | (50) | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 1 543 | (248) | 98 | (16) | | divisjon | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (379) | (325) | (24) | (20) | -------------------------------------------------------------------------------- | KOKKU | 3 426 | 265 | 219 | 17 | -------------------------------------------------------------------------------- | Neto finantskulud | (440) | (938) | (28) | (60) | -------------------------------------------------------------------------------- | PUHASKASUM | 2 986 | (673) | 191 | (43) | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2010 aasta I kvartali müügitulu oli 29,6 mln krooni/1,9 mln eurot (2009: 32,7 mln krooni/2,1 mln eurot). Võrreldes eelmise aasta sama perioodiga on divisjoni käive vähenenud 3,1 mln krooni/0,2 mln eurot ehk 9,5%. Mööbli jaemüük - Skano AS Viisnurga jaeäri opereerivad OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 31.3.2010 on Skano mööblikaupluste ketis kokku 10 kauplust Tallinnas, Pärnus, Riias, Vilniuses kaks, Kaunases, Kiievis kaks, Donetskis ja Harkovis. Esimeses kvartalis avati üks kauplus Kiievis ja otsustati sulgeda teises kvartalis üks Vilniuse kahest kauplusest. 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. | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 10 | 09 | -------------------------------------------------------------------------------- | Eesti | 2 443 | 2 200 | 156 | 141 | 37,4% | 24,6% | 2 | 2 | -------------------------------------------------------------------------------- | Läti | 387 | 1 730 | 24 | 110 | 5,9% | 19,4% | 1 | 1 | -------------------------------------------------------------------------------- | Leedu | 1 427 | 2 110 | 91 | 135 | 21,9% | 23,6% | 3 | 3 | -------------------------------------------------------------------------------- | Ukrain | 2 271 | 2 894 | 145 | 185 | 34,8% | 32,4% | 4 | 4 | | a | | | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 6 528 | 8 934 | 416 | 571 | 100,0% | 100,0% | 10 | 10 | -------------------------------------------------------------------------------- Skano jaemüük on enim vähenenud Lätis, kus klientide valmidus ostmiseks on vähenenud drastiliselt. Eestis on müük kasvanud, Leedus ja Ukrainas vähenenud. 2010 aasta I kvartalis on jaemüük vähenenud 26,9% võrreldes eelmise aasta sama perioodiga. Mööbli tootmine Mööblivabriku 2010 aasta I kvartali müük on ühel põhiturul Soomes kasvanud ja teisel - Venemaal vähenenud. Samuti on vähenenud müük Skanole. Kliendid ei ennusta nõudluse kasvu lähiperioodideks. Mööblivabrikus oli 2010 aasta I kvartali müügitulu 26,1 mln krooni/1,7 mln eurot ja kasumiks 2,3 mln krooni/149 tuhat eurot. Eelmise aasta samal perioodil oli mööblivabriku käive 27,6 mln krooni/1,8 mln eurot ja kasum 1,6 mln krooni/103 tuhat eurot. Võrreldes eelmise aastaga on vabriku käive vähenenud 1,5 mln krooni/97 tuhat eurot ja kasum kasvanud 0,7 mln krooni/46 tuhat eurot. Käive riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- | Soome | 13 329 | 10 328 | 852 | 660 | 51,1% | 37,4% | -------------------------------------------------------------------------------- | Venemaa | 7 977 | 11 691 | 510 | 747 | 30,6% | 42,4% | -------------------------------------------------------------------------------- | Kasahstan | 639 | 629 | 41 | 40 | 2,4% | 2,3% | -------------------------------------------------------------------------------- | Eesti | 494 | 306 | 32 | 20 | 1,9% | 1,1% | -------------------------------------------------------------------------------- | Saksamaa | 451 | 620 | 29 | 40 | 1,7% | 2,2% | -------------------------------------------------------------------------------- | Valgevene | 104 | 119 | 7 | 8 | 0,4% | 0,4% | -------------------------------------------------------------------------------- | Teised riigid | 66 | 72 | 4 | 5 | 0,3% | 0,3% | -------------------------------------------------------------------------------- | Tütarettevõtt | 3 026 | 3 833 | 193 | 245 | 11,6% | 13,9% | | ed | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 26 086 | 27 598 | 1 668 | 1 765 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis oli 2010 aasta I kvartali müügitulu 19,4 mln krooni/1,2 mln eurot ja kasumiks 1,5 mln krooni/98 tuhat eurot. Eelmise aasta samal perioodil oli divisjoni käive 20,4 mln krooni/1,3 mln eurot ja kahjum 0,2 mln krooni/16 tuhat eurot. Võrreldes eelmise aastaga on divisjoni käive vähenenud 1,0 mln krooni/62 tuhat eurot ja kasum kasvanud 1,8 mln krooni/114 tuhat eurot. Käive riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | I kv. | I kv. | I kv. | I kv. | I kv. | I kv. | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- | Soome | 9 363 | 11 376 | 598 | 727 | 48,2% | 55,8% | -------------------------------------------------------------------------------- | Eesti | 4 173 | 5 365 | 267 | 343 | 21,5% | 26,3% | -------------------------------------------------------------------------------- | Rootsi | 2 110 | 559 | 135 | 36 | 10,9% | 2,7% | -------------------------------------------------------------------------------- | Venemaa | 1 745 | 823 | 112 | 53 | 9,0% | 4,0% | -------------------------------------------------------------------------------- | Läti | 375 | 638 | 24 | 41 | 1,9% | 3,1% | -------------------------------------------------------------------------------- | Saksamaa | 239 | 123 | 15 | 8 | 1,2% | 0,6% | -------------------------------------------------------------------------------- | India | 226 | 0 | 14 | 0 | 1,2% | 0,0% | -------------------------------------------------------------------------------- | Ukraina | 114 | 0 | 7 | 0 | 0,6% | 0,0% | -------------------------------------------------------------------------------- | Leedu | 15 | 108 | 1 | 7 | 0,1% | 0,5% | -------------------------------------------------------------------------------- | Portugal | 0 | 1 245 | 0 | 80 | 0,0% | 6,1% | -------------------------------------------------------------------------------- | Teised riigid | 1 064 | 150 | 68 | 10 | 5,4% | 0,7% | -------------------------------------------------------------------------------- | KOKKU | 19 424 | 20 387 | 1 241 | 1 305 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjonis on suurim kasv olnud Rootsi müügis, samas ei ole üldse müüdud Portugali. Samuti on vähenenud müük suurimal turul - Soomes. Prognoos ja areng Skano. Aastal 2010 esialgsete plaanide kohaselt Skano ketis uutesse riikidesse liikumist ette ei võeta, kuivõrd jahtuva majanduskeskkonna tingimustes soovib ettevõte minimeerida laienemisega seotud riske ning hoida piisavat likviidsust. Kaalumisel on siiski kahe uue kaupluste avamine Dnepropetrovskis ja ühe kaupluse avamine Kiievis, Ukrainas. Mööblivabrik. 2010 aastaks prognoosime jätkuvalt väikest käivet nii jaemüügis kui ka turgudel, kus AS Viisnurk ise mööbli jaekaubandusega ei tegele, ning seeläbi ka jätkuvalt väikest tootmismahtu mööblivabrikus. Töötajatega on sõlmitud kokkulepped lühendatud tööaja kasutamiseks mööblivabrikus kuni 31.03.2011. Ehitusmaterjalide divisjon. Lähtuvalt põhilistel sihtturgudel valitsevast vähesest nõudlusest ehitumaterjalidele jätkatakse vähendatud võimsusega. Põhitootmisliinil jätkub tootmine kolme vahetusega nelja vahetuse asemel. Isotexi liinidel kasutatakse vastavalt vajadusele ühte või kahte vahetust. Kõikides ärisegmentides tegeleme uute turgude otsimisega ning tegevuse põhirõhk on suunatud Lähis- ja Kaug-Ida riikidesse. Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.03.2010 | 31.12.2009 | 31.03.2010 | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 2 875 | 6 091 | 184 | 389 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 23 784 | 18 810 | 1 520 | 1 202 | -------------------------------------------------------------------------------- | Varud | 44 058 | 41 912 | 2 816 | 2 680 | -------------------------------------------------------------------------------- | Käibevara kokku | 70 717 | 66 813 | 4 520 | 4 271 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 61 469 | 63 083 | 3 928 | 4 031 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 12 | 14 | 1 | 1 | -------------------------------------------------------------------------------- | Põhivara kokku | 64 374 | 65 990 | 4 114 | 4 217 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 135 091 | 132 803 | 8 634 | 8 488 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 6 537 | 8 048 | 418 | 514 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 23 864 | 22 742 | 1 525 | 1 454 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 79 | 118 | 5 | 8 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 30 480 | 30 908 | 1 948 | 1 976 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 27 084 | 27 084 | 1 731 | 1 731 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 3 132 | 3 303 | 200 | 211 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 30 216 | 30 387 | 1 931 | 1 942 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 60 696 | 61 295 | 3 879 | 3 918 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 307 | 406 | 20 | 26 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 15 914 | 15 759 | 1 017 | 1 007 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 2 986 | 155 | 191 | 10 | -------------------------------------------------------------------------------- | Omakapital kokku | 74 395 | 71 508 | 4 755 | 4 570 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 135 091 | 132 803 | 8 634 | 8 488 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | I kvartal | I kvartal | I kvartal | I kvartal | | | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 49 012 | 53 086 | 3 132 | 3 393 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (37 027) | (42 728) | (2 366) | (2 731) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 11 985 | 10 358 | 766 | 662 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (7 208) | (8 878) | (460) | (567) | -------------------------------------------------------------------------------- | Üldhalduskulud | (1 482) | (1 516) | (95) | (97) | -------------------------------------------------------------------------------- | Muud äritulud | 501 | 1 058 | 32 | 67 | | | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | (370) | (756) | (24) | (48) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 3 426 | 266 | 219 | 17 | -------------------------------------------------------------------------------- | Neto finantskulu | (440) | (939) | (28) | (60) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum (kahjum) enne | 2 986 | (673) | 191 | (43) | | tulumaksu | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2 986 | (673) | 191 | (43) | | (kahjum) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Valuutakursside muutuste | (99) | (123) | (6) | (6) | | mõju konsolideerimisel | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi koondkasum | 2 887 | (796) | 185 | (49) | | (kahjum) | | | | | -------------------------------------------------------------------------------- | Tava puhaskasum (kahjum) | 0,66 | (0,15) | 0,04 | (0,01) | | aktsia kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,66 | (0,15) | 0,04 | (0,01) | | (kahjum) aktsia kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 [email protected]
Content of announcement in English
Title
Viisnurk financial result, 3 months of 2010
Message
Income statement Consolidated net sales of first quarter 2010 was 49.0 mil. kroons/3.1 mil. euros (53.1 mil. kroons/3.4 mil. euros in same period of 2009) representing a 8% decrease on the first quarter compared to Q1 2009. The Group's gross margin in the first quarter of 2010 was 24.5% compared to 19.5% in the first quarter of 2009. Consolidated operating profit amounted to 3.4 mil. kroons/219 thousand euros (0.3 mil. kroons/17 thousand euros in same period 2009). The consolidated operating margin of net sales was 7.0% (0.5% in Q1 2009). Consolidated net profit amounted to 3.0 mil. kroons/191 thousand euros, compared to net loss 0.6 mil. kroons/43 thousand euros in Q1 2009), and the net margin was 6.1% (-1.3% in Q1 2009). In Q1 2010, the Group's return on equity was 4.0% (-1.0% in Q1 2009) and return on assets was 2.2% (-0.4% in Q1 2009). Position of financial statement As of 31.3.2010 the total assets of Viisnurk amounted to 135.1 mil. kroons/8.6 mil. euros (31.12.2009: 132.8 mil. kroons/8.5 mil. euros). The liabilities of the company accounted for 44.9% (31.12.2009: 46.2%) thereof, i.e. 60.7 mil. kroons/3.9 mil. euros (31.12.2009: 61.3 mil. kroons/3.9 mil. euros). Receivables and prepayments have increased by 5.0 mil. kroons/0.3 mil. euros i.e. 26% decrease with 3 months. The reason of increase of receivables is small sales in December 2009, which essentially lowered the amount of receivables at the end of December. Inventories decreased by 2.1 mil. kroons/0.1 mil. euros to reach 44.1 mil. kroons/2.8 mil. euros on 31.3.2010. (31.12.2009: 41.9 mil. kroons/2.7 mil. euros). Property, plant and intangibles decreased by 1.6 mil. kroons/0.1 mil. euros mainly as a result of depreciation. Short-term loans decreased by 1.5 mil. kroons/0.1 mil. euros and amounted to 6.5 mil. kroons/0.4 mil. euros in 31 March 2010 (31.12.2009: 8.0 mil. kroons/0.5 mil. euros). Supplier payables, tax liabilities, other payables, including payables to employees, and provisions amounted to 23.9 mil. kroons/1.5 mil. euros (31.12.2009: 22.9 mil. kroons/1.5 mil. euros). Current and non-current liabilities decreased by 0.6 mil. kroons/38 thousand euros to 60.7 mil. kroons/3.9 mil. euros (31.12.2009: 61.3 mil. kroons/3.9 mil. euros). Divisional review: Net sales by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- | Furniture | 26,086 | 27,598 | 1,667 | 1,764 | 53.2% | 52.0% | | Factory | | | | | | | -------------------------------------------------------------------------------- | Skano | 6,528 | 8,934 | 417 | 571 | 13.3% | 16.8% | -------------------------------------------------------------------------------- | Building | 19,422 | 20,387 | 1,242 | 1,303 | 39.6% | 38.4% | | Materials | | | | | | | | Division | | | | | | | -------------------------------------------------------------------------------- | Elimination | (3,034) | (3,833) | (194) | (245) | (6.1)% | (7.2)% | -------------------------------------------------------------------------------- | TOTAL | 49,012 | 53,086 | 3,132 | 3,393 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- | Finland | 22,692 | 21,704 | 1,450 | 1,387 | 46.3% | 40.9% | -------------------------------------------------------------------------------- | Russia | 9,722 | 12,514 | 622 | 799 | 19.8% | 23.6% | -------------------------------------------------------------------------------- | Estonia | 7,110 | 7,871 | 454 | 503 | 14.5% | 14.8% | -------------------------------------------------------------------------------- | Ukraine | 2,385 | 2,894 | 152 | 185 | 4.9% | 5.5% | -------------------------------------------------------------------------------- | Sweden | 2,110 | 559 | 135 | 36 | 4.3% | 1.1% | -------------------------------------------------------------------------------- | Lithuania | 1,442 | 2,218 | 92 | 142 | 2.9% | 4.2% | -------------------------------------------------------------------------------- | Latvia | 762 | 2,368 | 49 | 151 | 1.6% | 4.5% | -------------------------------------------------------------------------------- | Germany | 690 | 743 | 44 | 48 | 1.4% | 1.4% | -------------------------------------------------------------------------------- | Kazakhstan | 639 | 629 | 41 | 40 | 1.3% | 1.2% | -------------------------------------------------------------------------------- | India | 226 | 0 | 14 | 0 | 0.5% | 0.0% | -------------------------------------------------------------------------------- | Belarusian | 104 | 119 | 7 | 8 | 0.2% | 0.2% | -------------------------------------------------------------------------------- | Portugal | 0 | 1,245 | 0 | 79 | 0.0% | 2.3% | -------------------------------------------------------------------------------- | Other countries | 1,130 | 222 | 72 | 15 | 2.3% | 0.4% | -------------------------------------------------------------------------------- | TOTAL | 49,012 | 53,086 | 3,393 | 3,393 | 100.00% | 100.00% | -------------------------------------------------------------------------------- Regarding the markets, turnover has increased in Sweden, Finland and Kazakhstan. Turnover has decreased in most in Portugal, Russia and Latvia. Profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- | Furniture Factory | 2,330 | 1,616 | 149 | 103 | -------------------------------------------------------------------------------- | Skano | (68) | (778) | (4) | (50) | -------------------------------------------------------------------------------- | Building Materials | 1,543 | (248) | 98 | (16) | | Division | | | | | -------------------------------------------------------------------------------- | Elimination | (379) | (325) | (24) | (20) | -------------------------------------------------------------------------------- | TOTAL | 3,426 | 265 | 219 | 17 | -------------------------------------------------------------------------------- | Net financial costs | (440) | (938) | (28) | (60) | -------------------------------------------------------------------------------- | NET PROFIT | 2,986 | (673) | 191 | (43) | -------------------------------------------------------------------------------- Furniture Division The net sales of AS Viisnurk Furniture Division in the first quarter amounted to 29.6 mil. kroons/1.9 mil. euros (2009: 32.7 mil. kroons/2.1 mil. euros). As compared to the Q1 of previous year the turnover of the division has decreased by 3.1 mil. kroons/0.2 mil. euros (9.5%). 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, two in Vilnius, Kaunas, two in Kiev, Donetsk and Kharkiv at the end of the first quarter. There were opened one store in Kiev and decided to close one store in Vilnius. Retail sales by countries -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | Number of stores | -------------------------------------------------------------------------------- | | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | 31.03. | 31.03.0 | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 10 | 9 | -------------------------------------------------------------------------------- | Estonia | 2,443 | 2,200 | 156 | 141 | 37.4% | 24.6% | 2 | 2 | -------------------------------------------------------------------------------- | Latvia | 387 | 1,730 | 24 | 110 | 5.9% | 19.4% | 1 | 1 | -------------------------------------------------------------------------------- | Lithuan | 1,427 | 2,110 | 91 | 135 | 21.9% | 23.6% | 3 | 3 | | ia | | | | | | | | | -------------------------------------------------------------------------------- | Ukraine | 2,271 | 2,894 | 145 | 185 | 34.8% | 32.4% | 4 | 4 | -------------------------------------------------------------------------------- | TOTAL | 6,528 | 8,934 | 416 | 571 | 100.0% | 100.0% | 10 | 10 | -------------------------------------------------------------------------------- The retail sale drastically decreased in Latvia. The readiness for purchase is very low in Latvia. The sale in Estonia has increased and in Lithuania and Ukraine decreased. Within the first quarter this year the retail sale has decreased by 26.9% as compared to the same period last year. Furniture Factory The Furniture Factory's sales in the first quarter in one of the company's basic target market in Finland has increased and on other - In Russia, decreased. Also there is smaller sales to Skano. Our clients does not estimate demands recovering in near future. The net sales of the Furniture Factory in the first quarter amounted to 26.1 mil. kroons/1.7 mil. euros and profit to 2.3 mil. kroons/149 thousand euros. In the same period last year, the turnover of the factory totalled to 27.6 mil. kroons/1.8 mil. euros and the profit 1.6 mil. kroons/103 thousand euros. As compared to the previous year the turnover of the factory has decreased by 1.5 mil. kroons/97 thousand euros and the profit has increased by 0.7 mil. kroons/46 thousand euros. Furniture Factory sales by countries -------------------------------------------------------------------------------- | | th EEK | th EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- | Russia | 13,329 | 10,328 | 852 | 660 | 51.1% | 37.4% | -------------------------------------------------------------------------------- | Finland | 7,977 | 11,691 | 510 | 747 | 30.6% | 42.4% | -------------------------------------------------------------------------------- | Kazakhstan | 639 | 629 | 41 | 40 | 2.4% | 2.3% | -------------------------------------------------------------------------------- | Estonia | 494 | 306 | 32 | 20 | 1.9% | 1.1% | -------------------------------------------------------------------------------- | Germany | 451 | 620 | 29 | 40 | 1.7% | 2.2% | -------------------------------------------------------------------------------- | Belarusian | 104 | 119 | 7 | 8 | 0.4% | 0.4% | -------------------------------------------------------------------------------- | Others | 66 | 72 | 4 | 5 | 0.3% | 0.3% | -------------------------------------------------------------------------------- | Subsidiarie | 3,026 | 3,833 | 193 | 245 | 11.6% | 13.9% | | s | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 26,086 | 27,598 | 1,668 | 1,765 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Building Materials Division The net sales of the Building Materials Division in the first quarter amounted to 19.4 mil. kroons/1.2 mil. euros and profit to 1.5 mil. kroons/98 thousand euros. In the same period last year, the turnover of the division totalled to 20.4 mil. kroons/1.3 mil. euros and the loss 0.2 mil. kroons/16 thousand euros. As compared to the previous year the turnover of the division has decreased by 1.0 mil. kroons/62 thousand euros and the profit has increased by 1.8 mil. kroons/114 thousand euros. Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- | Finland | 9,363 | 11,376 | 598 | 727 | 48.2% | 55.8% | -------------------------------------------------------------------------------- | Estonia | 4,173 | 5,365 | 267 | 343 | 21.5% | 26.3% | -------------------------------------------------------------------------------- | Sweden | 2,110 | 559 | 135 | 36 | 10.9% | 2.7% | -------------------------------------------------------------------------------- | Russia | 1,745 | 823 | 112 | 53 | 9.0% | 4.0% | -------------------------------------------------------------------------------- | Latvia | 375 | 638 | 24 | 41 | 1.9% | 3.1% | -------------------------------------------------------------------------------- | Germany | 239 | 123 | 15 | 8 | 1.2% | 0.6% | -------------------------------------------------------------------------------- | India | 226 | 0 | 14 | 0 | 1.2% | 0.0% | -------------------------------------------------------------------------------- | Ukraine | 114 | 0 | 7 | 0 | 0.6% | 0.0% | -------------------------------------------------------------------------------- | Lithuania | 15 | 108 | 1 | 7 | 0.1% | 0.5% | -------------------------------------------------------------------------------- | Portugal | 0 | 1,245 | 0 | 80 | 0.0% | 6.1% | -------------------------------------------------------------------------------- | Other countries | 1,064 | 150 | 68 | 10 | 5.4% | 0.7% | -------------------------------------------------------------------------------- | TOTAL | 19,424 | 20,387 | 1,241 | 1,305 | 100.0% | 100.0% | -------------------------------------------------------------------------------- The biggest growth has been in sales to Sweden, There were no sales to Portugal. The sales in our biggest market, in Finland has decreased. Forecast and development Skano. According to preliminary plans Skano do not plan openings of new stores in 2010. Company needs to minimize risks related to expanding in cool economical situation and keep sufficient liquidity. Management consider about new openings in Ukraine - two stores in Dnipropetrovs'k and one store in Kiev. Furniture Factory. For 2010 management forecasts continuously small sales in retail market, also in markets not related in Skano retail business, and it means continously small production volume in furniture factory. Agreements with employees to use shortened working time are effective until 31.03.2011. Building Materials Division. Based on low demand for building materials in target markets management continues with decreased production volume. In main production line factory continues with three shifts instead of four. In Isotex line are used one or two shifts accordingly the demand of clients. In all business segments management looking for new markets and main tension is focused into Near- and Far-East countries. Consolidated balance sheet -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 31.3.2010 | 31.12.200 | 31.3.2010 | 31.12.2009 | | | | 9 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 2,875 | 6,091 | 184 | 389 | -------------------------------------------------------------------------------- | Receivables and | 23,784 | 18,810 | 1,520 | 1,202 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 44,058 | 41,912 | 2,816 | 2,680 | -------------------------------------------------------------------------------- | Total current assets | 70,717 | 66,813 | 4,520 | 4,271 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,893 | 185 | 185 | -------------------------------------------------------------------------------- | Tangible fixed assets | 61,469 | 63,083 | 3,928 | 4,031 | -------------------------------------------------------------------------------- | Intangible fixed assets | 12 | 14 | 1 | 1 | -------------------------------------------------------------------------------- | Total fixed assets | 64,374 | 65,990 | 4,114 | 4,217 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 135,091 | 132,803 | 8,634 | 8,488 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 6,537 | 8,048 | 418 | 514 | -------------------------------------------------------------------------------- | Payables and prepayments | 23,864 | 22,742 | 1,525 | 1,454 | -------------------------------------------------------------------------------- | Short-term provisions | 79 | 118 | 5 | 8 | -------------------------------------------------------------------------------- | Total current liabilities | 30,480 | 30,908 | 1,948 | 1,976 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 27,084 | 27,084 | 1,731 | 1,731 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 3,132 | 3,303 | 200 | 211 | -------------------------------------------------------------------------------- | Total non-current | 30,216 | 30,387 | 1,931 | 1,942 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 60,696 | 61,295 | 3,879 | 3,918 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 307 | 406 | 20 | 26 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 15,914 | 15,759 | 1,017 | 1,007 | -------------------------------------------------------------------------------- | Net profit for the year | 2,986 | 155 | 191 | 10 | -------------------------------------------------------------------------------- | Total equity | 74,395 | 71,508 | 4,755 | 4,570 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 135,091 | 132,803 | 8,634 | 8,488 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 1st | 1st | 1st | 1st quarter | | | quarter | quarter | quarter | 2009 | | | 2010 | 2009 | 2010 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 49,012 | 53,086 | 3,132 | 3,393 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (37,027) | (42,728) | (2,366) | (2,731) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 11,985 | 10,358 | 766 | 662 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (7,208) | (8,878) | (460) | (567) | -------------------------------------------------------------------------------- | General administrative | (1,482) | (1,516) | (95) | (97) | | expenses | | | | | -------------------------------------------------------------------------------- | Other income | 501 | 1,058 | 32 | 67 | -------------------------------------------------------------------------------- | Other expenses | (370) | (756) | (24) | (48) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 3,426 | 266 | 219 | 17 | -------------------------------------------------------------------------------- | Financial income and | (440) | (939) | (28) | (60) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before | 2,986 | (673) | 191 | (43) | | taxes | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT (LOSS) FOR | 2,986 | (673) | 191 | (43) | | THE PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | 0.66 | (0.15) | 0.04 | (0.01) | | share | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.66 | (0.15) | 0.04 | (0.01) | | share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency translation | (99) | (123) | (6) | (6) | | differences | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 2,887 | (796) | 185 | (49) | | INCOME | | | | | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 [email protected]