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Nordic Fibreboard AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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26.08.2008 14:16:17
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AS Viisnurk majandustulemused, II kvartal 2008
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Kasum Aruandeaasta II kvartali müügitulu oli 78,2 mln krooni/5,0 mln eurot (2007 aastal 62,8 mln krooni/4,0 mln eurot) mis tähendab 2007 aasta II kvartaliga võrreldes 24,4%-list kasvu. Kontserni müügikäibe brutorentaablus oli 2008 aasta II kvartalis 22,2% võrrelduna 2007 aasta II kvartali 21,3%-ga. Konsolideeritud ärikasum oli 5,6 mln krooni/358 tuhat eurot (2007 aastal 4,5 mln krooni/285 tuhat eurot), mis tähendab 2007 aasta II kvartaliga võrreldes 25,8%-list tõusu. Konsolideeritud müügikäibe ärirentaablus oli 7,2% (võrrelduna 2007 aasta II kvartali 7,1%-ga). Tulumaksu eelne kasum oli aruandeaasta II kvartalis 4,7 mln krooni/299 tuhat eurot (2007 aastal 3,8 mln krooni/243 tuhat eurot). 2008 aasta II kvartalis maksis AS Viisnurk aktsionäridele dividende 6,3 mln krooni/0,4 mln eurot, so 1 kroon 40 senti/8,95 euro senti aktsia kohta. Dividendidelt maksti tulumaksu 1,7 mln krooni/107 tuhat eurot. 2007 aasta samal perioodil maksis ettevõte aktsionäridele dividende 5,4 mln krooni/0,3 mln eurot, so 1 kroon 20 senti/7,67 euro senti aktsia kohta. Dividendidelt makstav tulumaks 2007 aastal oli 475 tuhat krooni/30 tuhat eurot. Konsolideeritud puhaskasum oli 3,0 mln krooni/192 tuhat eurot võrrelduna 2007 aasta II kvartali 3,3 mln krooniga/213 tuhande euroga ja puhasrentaablus oli 3,8% (võrrelduna 2007 aasta II kvartali 5,3%-ga). 2008. aasta II kvartalis oli kontserni omakapitali puhasrentaablus 4,0% (võrrelduna 2007 aasta II kvartali 4,7%-ga) ja varade puhasrentaablus 1,6% (võrrelduna 2007 aasta II kvartali 2,2%-ga). Käibe oluline kasv on aitanud kasvatada marginaale eelmise aastaga võrreldes ja puhaskasumi vähenemine 2007 aasta II kvartaliga võrreldes on seotud dividendidelt makstud suurema tulumaksukuluga 2008 aastal - 1,7 mln krooni/107 tuhat eurot võrrelduna 0,5 mln krooni/30 tuhane euroga 2007 aastal. Bilanss Kontserni koguvarade maht oli 30.6.2008 seisuga 189,2 mln krooni/12,1 mln eurot (31.12.2007: 157,4 mln krooni/10,1 mln eurot), millest ettevõtte kohustused moodustasid 30.6.2008 seisuga 115,1 mln krooni/7,4 mln eurot (31.12.2007: 86,2 mln krooni/5,5 mln eurot) ehk 61% (31.12.2007: 55%). Nõuded ja ettemaksud on suurenenud 18,2 mln krooni/1,2 mln eurot, kasvades 6 kuuga 61%. Sellest 10 mln krooni/640 tuhat eurot moodustasid ehitusmaterjalide divisjoni pikema tähtajaga esitatud arved, mis laekusid juuli alguses. Varud kasvasid 13,4 mln krooni/0,9 mln eurot, moodustades 30.6.2008 seisuga 68,1 mln krooni/4,4 mln eurot. Varude kasv tulenes peamiselt mööblivabriku ettevalmistusest sügiseseks hooajaks. Samuti on varud kasvanud seoses jaemüügivõrgu laiendamisega. Materiaalne ja immateriaalne põhivara kasvas 1,4 mln krooni/0,1 mln eurot. Lühiajalised laenukohustused olid seisuga 30.6.2008 14,1 mln krooni/0,9 mln eurot ja suurenesid 6 kuuga kokku 5,3 mln krooni/0,3 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 61,3 mln kooni/3,9 mln eurot. Lühi- ja pikaajalised kohustused kokku kasvasid 28,9 mln krooni/1,8 mln eurot 115,1 mln kroonini/7,4 mln euroni. AS Viisnurk võttis mais arvelduskrediiti lühiajaliste kohustuste katmiseks summas 10 mln krooni/639 tuh eurot. Ärivaldkondade ülevaade Käive segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | II kv. | II kv. | II kv. | II kv. | II kv. | II kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 43 165 | 34 150 | 2 758 | 2 183 | 55,2% | 54,3% | -------------------------------------------------------------------------------- | s.h. jaemüük | 8 597 | 4 692 | 549 | 300 | 11,0% | 7,5% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Ehitusmaterjali | 34 996 | 28 694 | 2 237 | 1 833 | 44,8% | 45,7% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 78 161 | 62 844 | 4 995 | 4 016 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Käive turgude lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | II kv. | II kv. | II kv. | II kv. | II kv. | II kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Soome | 34 372 | 29 174 | 2 197 | 1 864 | 44,0% | 46,4% | -------------------------------------------------------------------------------- | Venemaa, | 18 825 | 13 979 | 1 203 | 894 | 24,1% | 22,2% | | Ukraina, | | | | | | | | Valgevene | | | | | | | -------------------------------------------------------------------------------- | Eesti | 15 187 | 14 438 | 970 | 921 | 19,4% | 23,0% | -------------------------------------------------------------------------------- | Läti, Leedu | 5 265 | 1 814 | 337 | 117 | 6,7% | 2,9% | -------------------------------------------------------------------------------- | Rootsi | 2 147 | 1 069 | 137 | 69 | 2,7% | 1,7% | -------------------------------------------------------------------------------- | Saksamaa | 1 700 | 1 588 | 109 | 102 | 2,2% | 2,5% | -------------------------------------------------------------------------------- | Teised riigid | 665 | 782 | 42 | 49 | 0,9% | 1,2% | -------------------------------------------------------------------------------- | KOKKU | 78 161 | 62 844 | 4 995 | 4 016 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Turgude lõikes on k��ivet suurendatud kõigis piirkondades. Suhteliselt väiksem osa käibest läheb Eestisse, enim on kasvanud Venemaa, Ukraina, Valgevene ning Läti ja Leedu osa. Venemaa ja Ukraina suunal prognoosib juhatus käibe osakaalu tõusu. Lätis ja Leedus on peapõhjuseks 2007 aasta mais avatud kauplused Leedus, mis 2007 aasta II kvartalis olid veel käivitumisfaasis, samuti toimus Läti kaupluse kolimine atraktiivsemale pinnale 2007 aasta novembris. Brutokasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | Brutorentaablus | -------------------------------------------------------------------------------- | | II kv. | II kv. | II kv. | II kv. | II kv. | II kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 9 876 | 5 868 | 630 | 374 | 22,9% | 17,2% | -------------------------------------------------------------------------------- | s.h. jaemüük | 4 334 | 2 088 | 277 | 133 | 50,4% | 44,5% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Ehitusmaterjali | 7 474 | 7 522 | 478 | 481 | 21,4% | 26,2% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 17 350 | 13 390 | 1 108 | 855 | 22,2% | 21,3% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjonis on brutorentaablus kahanenud peamiselt seetõttu, et kulud energiale (elekter ja soojus) on võrreldes 2007 aasta II kvartaliga kasvanud 24%. Kasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | II kv. | II kv. | II kv. | II kv. | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 2 638 | (339) | 169 | (21) | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | (1 096) | (1 048) | (71) | (67) | -------------------------------------------------------------------------------- | Ehitusmaterjalide divisjon | 3 531 | 5 547 | 225 | 354 | -------------------------------------------------------------------------------- | KOKKU | 6 169 | 5 208 | 394 | 333 | -------------------------------------------------------------------------------- | Jagamata kulud | (565) | (752) | (36) | (48) | -------------------------------------------------------------------------------- | ÄRIKASUM | 5 604 | 4 456 | 358 | 285 | -------------------------------------------------------------------------------- | Neto finantskulud | (931) | (653) | (59) | (42) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | 4 673 | 3 803 | 299 | 243 | -------------------------------------------------------------------------------- | Tulumaks | (1 674) | (475) | (107) | (30) | -------------------------------------------------------------------------------- | PUHASKASUM | 2 999 | 3 328 | 192 | 213 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2008 aasta II kvartali müügitulu oli 43,2 mln krooni/2,8 mln eurot (2007: 34,2 mln krooni/2,2 mln eurot) ning majandustulemus 2,6 mln krooni/169 tuhat eurot kasumit (2007: kahjum 0,3 mln krooni/21 tuhat eurot). Võrreldes eelmise aasta sama perioodiga on divisjoni käive suurenenud 9,0 mln krooni/576 tuhat eurot ehk 26,4%. Mööbli jaemüük - Skano Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008 aasta II kvartalis tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisustuskaupasid pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. Samuti otsitakse võimalusi sisenemiseks Kesk-Euroopa turule. Jaemüük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | Kaupluste arv | -------------------------------------------------------------------------------- | | II kv | II kv | II kv | II kv | II kv | II kv | 30.6.08| 30.6.07| | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Eesti | 3 248 | 3 896 | 208 | 249 | 37,8% | 83,0% | 2 | 2 | -------------------------------------------------------------------------------- | Läti | 2 634 | 519 | 168 | 33 | 30,6% | 11,1% | 1 | 1 | -------------------------------------------------------------------------------- | Leedu | 1 697 | 277 | 108 | 18 | 19,7% | 5,9% | 3 | 3 | -------------------------------------------------------------------------------- | Ukrain | 1 018 | - | 65 | - | 11,8% | - | 4 | - | | a | | | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 8 597 | 4 692 | 549 | 300 | 100,0% | 100,0% | 10 | 6 | -------------------------------------------------------------------------------- Mööblidivisjoni jaemüük näitab endiselt kasvutendentsi. 2008 aasta II kvartalis on jaemüük kasvanud 83% võrreldes eelmise aasta II kvartaliga. Sealjuures on seisuga 30.6.2007 olemasolevate kaupluste (Tallinn, Riia, Pärnu, Vilnius, Kaunas, Klaipeda) müük 2008 aasta II kvartalis võrreldes eelmise aasta sama perioodiga tõusnud 62%. Uute kaupluste avamine Ukrainas on esialgsest plaanist veidi maas. See on tingitud sobivate asukohtade vähesusest ning liigkõrgetest rendihindadest. Sellest hoolimata avati juunis kauplus Donetskis ning juulis Odessas. Aruande avaldamise ajal on Skano ketis kokku üksteist mööblikauplust, neist viis Ukrainas ja kuus Baltimaades. Käesoleva aasta lõpus ja järgmisel aastal tuleb Ukraina jaemüügipindade turule suur hulk pindu ning sellega seoses prognoosime mõningast rendihindade langust, mis lubab kauplustevõrgu laiendamist kasumlikult jätkata. Mööbli tootmine Mööblidivisjoni 2008 aasta II kvartali müük on mõlemal põhiturul Soomes ja Venemaal läinud hästi ja võrreldes 2007 aasta sama perioodiga on m��ük kasvanud. Järgnev müügikasv tuleb peamiselt läbi oma jaemüügi kasvu, kuid prognoosime müügi suurenemist ka Venemaa suunal. Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2008 aasta II kvartali müügituluks 35,0 mln krooni/2,2 mln eurot ja kasumiks 3,5 mln krooni/225 tuhat eurot. Eelmise aasta samal perioodil oli divisjoni käive 28,7 mln krooni/1,8 mln eurot ja kasum 5,5 mln krooni/354 tuhat eurot. Võrreldes eelmise aastaga on divisjoni käive suurenenud 6,3 mln krooni/404 tuhat eurot ja kasum vähenenud 2,0 mln krooni/129 tuhat eurot. Käive piirkondade lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | II kv. | II kv. | II kv. | II kv. | II kv. | II kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Soome | 16 880 | 13 350 | 1 079 | 852 | 48,2% | 46,5% | -------------------------------------------------------------------------------- | Eesti | 11 409 | 10 160 | 729 | 648 | 32,6% | 35,4% | -------------------------------------------------------------------------------- | Venemaa, | 2 975 | 2 703 | 190 | 173 | 8,5% | 9,4% | | Ukraina, | | | | | | | | Valgevene | | | | | | | -------------------------------------------------------------------------------- | Rootsi | 2 147 | 1 069 | 137 | 69 | 6,1% | 3,7% | -------------------------------------------------------------------------------- | Läti, Leedu | 911 | 1 020 | 59 | 66 | 2,6% | 3,6% | -------------------------------------------------------------------------------- | Saksamaa | 609 | 198 | 39 | 13 | 1,7% | 0,7% | -------------------------------------------------------------------------------- | Teised riigid | 65 | 194 | 4 | 12 | 0,2% | 0,7% | -------------------------------------------------------------------------------- | KOKKU | 34 996 | 28 694 | 2 237 | 1 833 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Üldehitusplaadid Esimese poolaasta tulemuste põhjal võime öelda et on saavutatud märkimisväärne kasv välisturgudel. Koduturul on tulemus jäänud eelmise aasta tasemele, mis arvestades ehitusturu üldist madalseisu, annab tunnistust stabiilse nõudluse olemasolust koduturul. Stabiilset kasvutendentsi on märgata ka idaturgudel. Üldehitusplaatidest on endiselt suurima osakaaluga tooterühmaks tuuletõkkeplaadid. On suurendatud toodete müüki väljaspool ehitussektorit tegutsevatele ettevõtetele, mis üldise ehitusturu ja majanduslanguse tingimustes peab kindlustama tulemuslikkuse ja riskide hajutamise. Siseviimistlusplaadid Isotex siseviimistlusplaatide suurimaks turuks on Soome, kus vaatamata tihedale konkurentsile ja agressiivsele konkurentsile MDF põhjaliste plaatide poolt, on suudetud saavutada möödunud aasta tase. Eesti koduturu müük on vähenenud, kuid II kvartali tendents näitab taas müügi elavnemist. Leedu ja Venemaa turgudel on saavutatud müüügimahtude märkimisväärse kasv. Tootmisvõimsuse potentsiaali suurenemisega seoses on algatatud tegevused uute turgude leidmiseks. Eelkõige näeb ettevõte potentsiaali idaturgudel nagu Venemaa, Ukraina ja teised endised idabloki riigid. Laeplaatide müügi maht moodustab Isotex plaatide müügist 70% (2007 vastavalt 80%). Tendents seinaplaatide müügi suurenemise suunas on positiivne ja taotluslik ning kuna ka tootmisprotsess seda toetab, siis selles sektoris on rohkem võimalusi olla innovaatiline ja paindlik. Investeeringud Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008. aasta II kvartalis tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisutuskaupasid pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. 2008 aasta 6 kuuga moodustasid investeeringud seadmetesse 4,8 mln krooni/304 tuhat eurot ja ehitistesse 1,2 mln krooni/76 tuhat eurot. 2007 aasta 6 kuuga olid investeeringud seadmetesse 2,6 mln krooni/169 tuhat eurot ja ehitistesse 7,0 mln krooni/443 tuhat eurot. Prognoos ja areng 2008 aasta I kvartalis avati Ukrainas üks kauplus ja II kvartalis kaks kauplust. III kvartalis on plaanis avada seal veel üks kauplus. Aastatel 2008-2009 on plaanis avada kokku 16 kauplust Ukrainas ja Kesk-Euroopas. Jaekaubanduse üksuse loomisega sisenes AS Viisnurk mööbli ja sisustuskaupade jaemüügi ärivaldkonda, mida opereerib 1. septembril 2003. aastal registreeritud AS Viisnurga 100% osalusega äriühing OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Ehitusmaterjalide divisjonis töötas 2008 aasta II kvartali lõpus uus siseviimistlusplaatide Isotexi tootmisliin ühes vahetuses. Sellega on loodud võimalus kasumlikkuse ja marginaalide kasvuks järgmistel perioodidel. Eesmärgiks on aastal 2009 kogu uue liini tootmisvõimsus ära kasutada ning tootmismahu müügiks plaanitakse suhteliselt suuremaid turunduskulusid aastaks 2008. Kuigi 2008 aasta 6 kuu tulemus on nõrgem kui 2007 aasta sama perioodi tulemus, on 2008 aasta alguse tulemused tõusuteel ja ületavad esialgseid ootusi. 2008 aasta II kvartali tulumaksueelne kasum ületas eelmise perioodi tulemust 23%. 2007 aasta 6 kuu tulemus oli väga tugev ehitusmaterjalide divisjonis. See oli tingitud väga suurest nõudlusest ja kõigi olemasolevate laovarude välja müümisest sel perioodil (kogu grupi tasandil saavutati eelmise aasta I poolaastal 85% 2007 aasta netokasumist). 2008 aastaks planeerib juhtkond kasumit 20 mln krooni (1,3 mln eurot). Seejuures oluline kasumi kasv on prognoositud II poolaastasse, kuna avatavate Skano poodide käivitumisperiood on ca 6 kuud. Konsolideeritud bilanss -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 30.6.2008 | 31.12.2007 | 30.6.2008 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 4 787 | 6 006 | 306 | 384 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 48 081 | 29 859 | 3 073 | 1 908 | -------------------------------------------------------------------------------- | Varud | 68 145 | 54 742 | 4 357 | 3 499 | -------------------------------------------------------------------------------- | Käibevara kokku | 121 013 | 90 607 | 7 736 | 5 791 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 65 295 | 63 727 | 4 173 | 4 073 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 37 | 220 | 2 | 14 | -------------------------------------------------------------------------------- | Põhivara kokku | 68 225 | 66 840 | 4 360 | 4 272 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 189 238 | 157 447 | 12 096 | 10 063 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 14 127 | 8 782 | 903 | 561 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 61 140 | 37 488 | 3 908 | 2 396 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 149 | 264 | 10 | 16 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 75 416 | 46 534 | 4 821 | 2 973 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 36 734 | 36 734 | 2 348 | 2 348 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 2 936 | 2 936 | 188 | 188 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 39 670 | 39 670 | 2 536 | 2 536 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 115 086 | 86 204 | 7 357 | 5 509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Ülekurss | 5 698 | 5 698 | 364 | 364 | -------------------------------------------------------------------------------- | Kohustuslik | 4 499 | 4 499 | 288 | 288 | | reservkapital | | | | | -------------------------------------------------------------------------------- | Muud reservid | 1 115 | 39 | 71 | 3 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 9 717 | 3 359 | 621 | 215 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 8 132 | 12 657 | 520 | 809 | -------------------------------------------------------------------------------- | Omakapital kokku | 74 152 | 71 243 | 4 739 | 4 554 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 189 238 | 157 447 | 12 096 | 10 063 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | tuh EEK | II kvartal | II kvartal | 6 kuud | 6 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 78 161 | 62 844 | 152 028 | 129 501 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (60 811) | (49 454) | (117 401) | (99 563) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 17 350 | 13 390 | 34 627 | 29 938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (11 025) | (7 493) | (20 947) | (14 601) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (1 299) | (1 386) | (2 478) | (2 768) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 1 079 | 73 | 1 258 | 118 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (501) | (128) | (936) | (243) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 5 604 | 4 456 | 11 524 | 12 444 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (931) | (653) | (1 718) | (1 237) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 4 673 | 3 803 | 9 806 | 11 207 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | (1 674) | (475) | (1 674) | (475) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2 999 | 3 328 | 8 132 | 10 732 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | 0,67 | 0,74 | 1,81 | 2,39 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,67 | 0,74 | 1,81 | 2,39 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | II kvartal | II kvartal | 6 kuud | 6 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 4 995 | 4 016 | 9 716 | 8 276 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (3 887) | (3 161) | (7 504) | (6 364) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 1 108 | 855 | 2 212 | 1 912 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (704) | (479) | (1 338) | (933) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (83) | (88) | (158) | (176) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 69 | 5 | 80 | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (32) | (8) | (60) | (15) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 358 | 285 | 736 | 795 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (59) | (42) | (109) | (79) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 299 | 243 | 627 | 716 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | (107) | (30) | (107) | (30) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | 192 | 213 | 520 | 686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | 0,04 | 0,05 | 0,12 | 0,15 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,04 | 0,05 | 0,12 | 0,15 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Pealkiri
AS Viisnurk financial result, Q2 2008
Teade
Profits Consolidated net sales of second quarter 2008 was 78.2 mil. kroons/5.0 mil. euros (62.8 mil. kroons/4.0 mil. euros in same period of 2007) representing a 24.4% increase on the second quarter compared to Q2 2007. The Group's gross margin in the second quarter of 2008 reached 22.2% compared to 21.3% in the second quarter of 2007. Consolidated operating profit amounted to 5.6 mil. kroons/358 thousand euros (4.5 mil. kroons/285 thousand euros in 2007), representing a 25.8% progress compared to Q2 2007. The consolidated operating margin of net sales reached 7.2% (up from 7.1% in Q2 2007). Profit before tax amounted to 4.7 mil. kroons/299 thousand euros in Q2 2008 (3.8 mil. kroons/243 thousand euros in Q2 2007). In second quarter 2008 dividends were distributed in the amount of 6.3 mil. kroons/0.4 mil. euros, i.e. 1 kroon 40 cents/8.95 euro cents per share. Corresponding income tax expense amounted to 1.7 mil kroons/107 thousand euros. The same period in 2007, dividends were distributed in the amount of 5.4 mil. kroons/0.3 mil. euros, i.e. 1 kroon 20 cents/7.67 euro cents per share. Corresponding income tax expense in 2007 amounted to 475 thousand kroons/30 thousand euros. Consolidated net profit amounted to 3.0 mil. kroons/192 thousand euros, compared to 3.3 mil. kroons/213 thousand euros in Q2 2007), and the net margin was 3.8% (down from 5.3% in Q2 2007). In Q2 2008, the Group's return on equity was 4.0% (down from 4.7% in Q2 2007) and return on assets was 1.6% (down from 2.2% in Q2 2007). The substantial increase of turnover has helped to increase margins in comparison with the previous year and the decrease of net profit in comparison with the II quarter of 2007 is connected with bigger income tax expense paid from dividends in 2008 - 1.7 mil. kroons/107 thousand euros compared to 0.5 mil. kroons/30 thousand euros in 2007. Balance sheet As of the end of June 2008 the total assets of Viisnurk amounted to 189.2 mil. kroons/12.1 mil. euros (31.12.2007: 157.4 mil. kroons/10.1 mil. euros). The liabilities of the company accounted for 61% (31.12.2007: 55%) thereof, i.e. 115.1 mil. kroons/7.4 mil. euros (31.12.2007: 86.2 mil. kroons/5.5 mil. euros). Receivables and prepayments have increased by 18.2 mil. kroons/1.2 mil. euros i.e. 61% increase with 6 months. Long-term invoices of the Building Material Division which were received in the beginning of July made up 10 mil. kroons/640 thousand euros of the aforementioned amount. Inventories increased by 13.4 mil. kroons/0.9 mil. euros to reach 68.1 mil. kroons/4.4 mil euros at 30 June 2008. The growth in inventory results primarily from the retail expansion and preparation for autumn season in furniture factory. Property, plant and intangibles increased by 1.4 mil. kroons/0.1 mil. euros. Current liabilities increased by 5.3 mil. kroons/0.3 mil euros and amounted in 30 June 2008 14.1 mil. kroons/0.9 mil. euros. Supplier payables, tax liabilities, other payables, including payables to employees, and provisions amounted to 61.3 mil. kroons/3.9 mil. euros. Current and non-current liabilities increased by 28.9 mil. kroons/1.8 mil. euros to 115.1 mil. kroons/7.4 mil. euros. AS Viisnurk took overdraft in the amount of 10 mil. kroons/639 thousand euros to cover current liabilities Divisional review: Net sales by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | -------------------------------------------------------------------------------- | Furniture | 43,165 | 34,150 | 2,758 | 2,183 | 55.2% | 54.3% | | Division | | | | | | | -------------------------------------------------------------------------------- | incl. retail | 8,597 | 4,692 | 549 | 300 | 11.0% | 7.5% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Building | 34,996 | 28,694 | 2,237 | 1,833 | 44.8% | 45.7% | | Materials | | | | | | | | Division | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 78,161 | 62,844 | 4,995 | 4,016 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | -------------------------------------------------------------------------------- | Finaland | 34,372 | 29,174 | 2,197 | 1,864 | 44.0% | 46.4% | -------------------------------------------------------------------------------- | Russia, Ukraine, | 18,825 | 13,979 | 1,203 | 894 | 24.1% | 22.2% | | Belorusian | | | | | | | -------------------------------------------------------------------------------- | Estonia | 15,187 | 14,438 | 970 | 921 | 19.4% | 23.0% | -------------------------------------------------------------------------------- | Latvia, | 5,265 | 1,814 | 337 | 117 | 6.7% | 2.9% | | Lithuania | | | | | | | -------------------------------------------------------------------------------- | Sweden | 2,147 | 1,069 | 137 | 69 | 2.7% | 1.7% | -------------------------------------------------------------------------------- | Germany | 1,700 | 1,588 | 109 | 102 | 2.2% | 2.5% | -------------------------------------------------------------------------------- | Other countries | 665 | 782 | 42 | 49 | 0.9% | 1.2% | -------------------------------------------------------------------------------- | Total | 78,161 | 62,844 | 4,995 | 4,016 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Concerning the markets, turnover has been increased in all areas. Relatively smaller share of the turnover goes to Estonia whereas the share of Russia, Ukraine, Byelorussia, Latvia and Lithuania has increased the most. The management forecasts increase in turnover in the direction of Russia and Ukraine. The chief reasons in Latvia and Lithuania were the stores opened in Lithuania in May 2007 which in the II quarter of 2007 were still in the start-up phase. Moreover, the store in Latvia moved to a more attractive location in November 2007. Gross profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | Gross margin | -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | -------------------------------------------------------------------------------- | Furniture | 9,876 | 5,868 | 630 | 374 | 22.9% | 17.2% | | Division | | | | | | | -------------------------------------------------------------------------------- | incl. retail | 4,334 | 2,088 | 277 | 133 | 50.4% | 44.5% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Building | 7,474 | 7,522 | 478 | 481 | 21.4% | 26.2% | | Materials | | | | | | | | Division | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 17,350 | 13,390 | 1,108 | 855 | 22.2% | 21.3% | -------------------------------------------------------------------------------- The reason for decreased gross margin in Building Material Division is cost for energy (electricity and steam), which increased 24% compared to Q2 2007. Profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2007 | -------------------------------------------------------------------------------- | Furniture Division | 2,638 | (339) | 169 | (21) | -------------------------------------------------------------------------------- | incl. retail (Skano) | (1,096) | (1,048) | (71) | (67) | -------------------------------------------------------------------------------- | Building Materials Division | 3,531 | 5,547 | 225 | 354 | -------------------------------------------------------------------------------- | TOTAL | 6,169 | 5,208 | 394 | 333 | -------------------------------------------------------------------------------- | Unallocated expenses | (565) | (752) | (36) | (48) | -------------------------------------------------------------------------------- | OPERATING PROFIT | 5,604 | 4,456 | 358 | 285 | -------------------------------------------------------------------------------- | Net financial costs | (931) | (653) | (59) | (42) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 4,673 | 3,803 | 299 | 243 | -------------------------------------------------------------------------------- | Income tax | (1,674) | (475) | (107) | (30) | -------------------------------------------------------------------------------- | NET PROFIT | 2,999 | 3,328 | 192 | 213 | -------------------------------------------------------------------------------- Furniture Division The net sales of AS Viisnurk Furniture Division in second quarter amounted to 43.2 mil. kroons/2.8 mil. euros (2007: 34.2 mil. kroons/2.2 mil. euros) and the economic result 2.6 mil. kroons/169 thousand euros as a profit (2007 loss 0.3 mil. kroons/21 thousand euros). As compared to the previous year the turnover of the division has increased by 9.0 mil. kroons/576 thousand euros (26.4%). Furniture Retail - Skano Concerning the retail trade of the Furniture Division, the company continued its strategic activities in the 2nd quarter of 2008 in order to expand the retail trade to the neighbouring markets. The expansion of retail business includes opening new stores offering home furniture and furnishing goods in various Eastern European markets. Moreover, the company is searching for possibilities to enter the market of Central Europe. Retail sales by countries -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | Number of stores | -------------------------------------------------------------------------------- | | Q2 | Q2 | Q2 | Q2 | Q2 | Q2 | Q2 | Q2 | | | 2008 | 2007 | 2008 | 2008 | 2007 | 2008 | 2008 | 2007 | -------------------------------------------------------------------------------- | Estonia | 3,248 | 3,896 | 208 | 249 | 37.8% | 83.0% | 2 | 2 | -------------------------------------------------------------------------------- | Latvia | 2,634 | 519 | 168 | 33 | 30.6% | 11.1% | 1 | 1 | -------------------------------------------------------------------------------- | Lithuan | 1,697 | 277 | 108 | 18 | 19.7% | 5.9% | 3 | 3 | | ia | | | | | | | | | -------------------------------------------------------------------------------- | Ukraine | 1,018 | - | 65 | - | 11.8% | - | 4 | - | -------------------------------------------------------------------------------- | TOTAL | 8,597 | 4,692 | 549 | 300 | 100.0% | 100.0% | 10 | 6 | -------------------------------------------------------------------------------- The retail sale of the Furniture Division shows a rising tendency. Within second quarter this year the retail sale has increased by 83% as compared to the same period last year. At the same time, the sales of the stores opened before 30.6.2008 (Tallinn, Riga, Pärnu, Vilnius, Kaunas, Klaipeda) have increased 62% compared to the same period in 2007. The opening of new stores in Ukraine is slightly behind the initial schedule. It has been caused by the small number of suitable locations and excessively high rent prices. Regardless of the previous, a store was opened in Donetsk in June and one in Odessa in July. At the time of the report, there are altogether eleven furniture stores in Skano chain, five of them in Ukraine and six in the Baltic states. At the end of this year and the next year, a great number of spaces shall become available in the market of retail sale spaces in Ukraine and in connection with this, we forecast a decrease in rent prices which enables to expand the network of stores in a profitable manner. Furniture Production The Furniture Division's sales in 2nd quarter in the company's basic target market in Russia and Finland have proceeded good and compared to same period in 2007 sales has increased. The following increase in sales is basically the result of the increase in retail sale, but in Russian market increase of sales is also possible. Building Materials Division The net sales of the Building Materials Division in second quarter amounted to 35 mil. kroons/2.2 mil. euros and profit to 3.5 mil. kroons/225 thousand euros. In the same period of the last year, the turnover of the division totalled 28.7 mil. kroons/1.8 mil. euros and the net profit 5.5 mil. kroons/354 thousand euros. As compared to the previous year the turnover of the division has increased by 6.3 mil. kroons/404 thousand euros and the profit has decreased by 2.0 mil. kroons/129 thousand euros. Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q2 2008 | Q2 2007 | Q2 2008 | Q2 2008 | Q2 2007 | Q2 2008 | -------------------------------------------------------------------------------- | Finland | 16,880 | 13,350 | 1,079 | 852 | 48.2% | 46.5% | -------------------------------------------------------------------------------- | Estonia | 11,409 | 10,160 | 729 | 648 | 32.6% | 35.4% | -------------------------------------------------------------------------------- | Russia, Ukraine, | 2,975 | 2,703 | 190 | 173 | 8.5% | 9.4% | | Belorusian | | | | | | | -------------------------------------------------------------------------------- | Sweden | 2,147 | 1,069 | 137 | 69 | 6.1% | 3.7% | -------------------------------------------------------------------------------- | Latvia, | 911 | 1,020 | 59 | 66 | 2.6% | 3.6% | | Lithuania | | | | | | | -------------------------------------------------------------------------------- | Germany | 609 | 198 | 39 | 13 | 1.7% | 0.7% | -------------------------------------------------------------------------------- | Other countries | 65 | 194 | 4 | 12 | 0.2% | 0.7% | -------------------------------------------------------------------------------- | TOTAL | 34,996 | 28,694 | 2,237 | 1,833 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Building Boards On the basis of the results of first six months we can say that a notable increase in foreign markets has been established. In the domestic market, the result has stayed on the same level with the previous year which witnesses the existence of stable demand in the domestic market, considering the general low in the construction market. Eastern markets also exhibit a stable increase tendency. The product group making up the biggest proportion in general building boards are windbreak boards. Sale of products to companies operating outside the building sector has been increased which should ensure cost-effectiveness and risk spreading in the conditions of recession and decrease in the construction market. Interior Finishing Boards The biggest market of Isotex interior finishing boards is Finland where regardless of intense competition and aggressive competition by MDF-based boards it has been managed to achieve the level of the last year. Sale in the domestic market of Estonia has decreased but the tendency in the II quarter shows the upturn in sale once again. A considerable growth in sales volumes has been achieved in the markets of Lithuania and Russia. In connection with the increase of production capacity potential, activities have been started in order to find new markets. Above all, the company sees potential in the eastern markets such as Russia, Ukraine and other former countries of the eastern block. The sales volume of ceiling boards makes up 70% of the sale of Isotex plates (respectively 80% in 2007). Tendency towards the increase in the sale of wall boards is positive and deliberate and as the production process supports it, there are more opportunities to be innovative and flexible in this sector. Forecast and development The openings of new stores are being prepared and one store opened in the 1st quarter of 2008 and two stores in the 2nd quarter of 2008 in Ukraine and the plan is to open one more shop in Ukraine in the 3rd quarter. It is planned to open 16 stores in Ukraine and Central Europe in 2008-2009. Upon creating the retail unit, AS Viisnurk entered the business area of the retail of furniture and furnishing goods that is operated by a private limited company Skano, registered on September 1, 2003 and its subsidiaries in Latvia, Lithuania and Ukraine. AS Viisnurk holds 100% of the shares of OÜ Skano. At the end of the 2nd quarter of 2008, new Isotex production line of interior finishing boards operated in Building Materials Division in one shift. This has created an opportunity for the increase of profitability and margins within the following periods. The main goal for 2009 is to utilize the entire production capacity of the new line and considerably larger marketing costs are planned for 2008 in order to sell the entire production volume. Although the result of 6 months of 2008 is weaker compared to the same period of 2007, the results at the beginning of 2008 are again on the rise and surpass the initial expectations. The profit before income tax is 23% higher than in the 2nd quarter of 2007. The result in Building Materials Division was very good in 2007. This was caused by a great demand and the sale of all warehouse stock in the 6 months of 2007 (in the level of the entire group, 85% of the net profit of 2007 was achieved in the 1st half year). The management board plans a 20 mil. kroons (1.3 mil. euros) profit for 2008 whereas a considerable profit growth has been planned in the second half of 2008 due to the 6 months opening period of Skano stores. Investments Concerning the retail trade of the furniture division, the company continued its strategic activities in the second quarter of 2008 in order to expand the retail trade to the neighbouring markets. The expansion of retail business includes opening new stores offering home furniture and furnishing goods in various Eastern European markets. During 6 months 2008 investments into technology totalled 4.8 mil. kroons/304 thou. euros and into buildings 1.2 mil. kroons/76 thou. euros. At the same period of 2007 investments into technology totalled 2.6 mil. kroons/169 thou. euros and into buildings 7.0 mil. kroons/443 thou. euros. Consolidated balance sheet -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 30.6.2008 | 31.12.2007| 30.6.2008 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 4,787 | 6,006 | 306 | 384 | -------------------------------------------------------------------------------- | Receivables and | 48,081 | 29,859 | 3,073 | 1,908 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 68,145 | 54,742 | 4,357 | 3,499 | -------------------------------------------------------------------------------- | Total current assets | 121,013 | 90,607 | 7,736 | 5,791 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,893 | 185 | 185 | -------------------------------------------------------------------------------- | Tangible fixed assets | 65,295 | 63,727 | 4,173 | 4,073 | -------------------------------------------------------------------------------- | Intangible fixed assets | 37 | 220 | 2 | 14 | -------------------------------------------------------------------------------- | Total fixed assets | 68,225 | 66,840 | 4,360 | 4,272 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 189,238 | 157,447 | 12,096 | 10,063 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 14,127 | 8,782 | 903 | 561 | -------------------------------------------------------------------------------- | Payables and prepayments | 61,140 | 37,488 | 3,908 | 2,396 | -------------------------------------------------------------------------------- | Short-term provisions | 149 | 264 | 10 | 16 | -------------------------------------------------------------------------------- | Total current liabilities | 75,416 | 46,534 | 4,821 | 2,973 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 36,734 | 36,734 | 2,348 | 2,348 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 2,936 | 2,936 | 188 | 188 | -------------------------------------------------------------------------------- | Total non-current | 39,670 | 39,670 | 2,536 | 2,536 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 115,086 | 86,204 | 7,357 | 5,509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 | | value | | | | | -------------------------------------------------------------------------------- | Issue premium | 5,698 | 5,698 | 364 | 364 | -------------------------------------------------------------------------------- | Statutory capital reserve | 4,499 | 4,499 | 288 | 288 | -------------------------------------------------------------------------------- | Currency translation | 1,115 | 39 | 71 | 3 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 9,717 | 3,359 | 621 | 215 | -------------------------------------------------------------------------------- | Net profit for the year | 8,132 | 12,657 | 520 | 809 | -------------------------------------------------------------------------------- | Total equity | 74,152 | 71,243 | 4,739 | 4,554 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 189,238 | 157,447 | 12,096 | 10,063 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement -------------------------------------------------------------------------------- | Th EEK | Q2 2008 | Q2 2007 | 6 m 2008 | 6 m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 78,161 | 62,844 | 152,028 | 129,501 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (60,811) | (49,454) | (117,401) | (99,563) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 17,350 | 13,390 | 34,627 | 29,938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (11,025) | (7,493) | (20,947) | (14,601) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (1,299) | (1,386) | (2,478) | (2,768) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 1,079 | 73 | 1,258 | 118 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (501) | (128) | (936) | (243) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 5,604 | 4,456 | 11,524 | 12,444 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (931) | (653) | (1,718) | (1,237) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before tax | 4,673 | 3,803 | 9,806 | 11,207 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | (1,674) | (475) | (1,674) | (475) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE | 2,999 | 3,328 | 8,132 | 10,732 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 0.67 | 0.74 | 1.81 | 2.39 | -------------------------------------------------------------------------------- | Diluted earnings per | 0.67 | 0.74 | 1.81 | 2.39 | | share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Th EUR | Q2 2008 | Q2 2007 | 6 m 2008 | 6 m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 4,995 | 4,016 | 9,716 | 8,276 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (3,887) | (3,161) | (7,504) | (6,364) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 1,108 | 855 | 2,212 | 1,912, | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (704) | (479) | (1,338) | (933) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (83) | (88) | (158) | (176) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 69 | 5 | 80 | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (32) | (8) | (60) | (15) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 358 | 285 | 736 | 795 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (59) | (42) | (109) | (79) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before tax | 299 | 243 | 627 | 716 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | (107) | (30) | (107) | (30) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE | 192 | 213 | 520 | 686 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 0.04 | 0.05 | 0.12 | 0.15 | -------------------------------------------------------------------------------- | Diluted earnings per | 0.04 | 0.05 | 0.12 | 0.15 | | share | | | | | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee