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Nordic Fibreboard AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
27.02.2009 17:03:13
Pealkiri
Majandustulemused, IV kvartal 2008
Teade
Kasumiaruanne Aruandeaasta IV kvartali müügitulu oli 62,5 mln krooni/4,0 mln eurot (2007 aastal 69,0 mln krooni/4,4 mln eurot) mis tähendab 2007 aasta IV kvartaliga võrreldes 9,4%-list kahanemist. Kontserni müügikäibe brutorentaablus oli 2008 aasta IV kvartalis 19,6% võrrelduna 2007. aasta IV kvartali 19,3%-ga. Konsolideeritud ärikahjum oli 3,8 mln krooni/246 tuhat eurot (2007 aastal kasum 2,1 mln krooni/135 tuhat eurot). Konsolideeritud müügikäibe ärirentaablus oli -6,2% (võrrelduna 2007 aasta IV kvartali 3,1%-ga). Tulumaksu eelne kahjum oli aruandeaasta IV kvartalis 4,4 mln krooni/281 tuhat eurot (2007 aastal kasum 1,3 mln krooni/80 tuhat eurot). Konsolideeritud puhaskahjum oli 4,4 mln krooni/281 tuhat eurot võrrelduna 2007 aasta IV kvartali kasumiga 1,3 mln krooni/80 tuhat eurot ja puhasrentaablus oli -7,0% (võrrelduna 2007 aasta IV kvartali 1,8%-ga). 2008 aasta IV kvartalis oli kontserni omakapitali puhasrentaablus -6,2% (võrrelduna 2007 aasta IV kvartali 1,8%-ga) ja varade puhasrentaablus -2,7% (võrrelduna 2007 aasta IV kvartali 0,8%-ga). Kõige suuremaks kahjumi põhjuseks oli Ukraina grivna oluline nõrgenemine euro vastu, mis omakorda tõi kaasa valuutakursi muutusest tekkiva kahjumi kokku summas 3,0 mln krooni/191 tuhat eurot. Bilanss Kontserni koguvarade maht oli 31.12.2008 seisuga 163,8 mln krooni/10,5 mln eurot (31.12.2007: 157,4 mln krooni/10,1 mln eurot), millest ettevõtte kohustused moodustasid 31.12.2008 seisuga 92,6 mln krooni/5,9 mln eurot (31.12.2007: 86,2 mln krooni/5,5 mln eurot) ehk 57% (31.12.2007: 55%). Nõuded ja ettemaksud on vähenenud 10,3 mln krooni/0,7 mln eurot, vähenedes 12 kuuga 34%. Varud kasvasid 12 kuuga 13,4 mln krooni/0,9 mln eurot, moodustades 31.12.2008 seisuga 68,1 mln krooni/4,4 mln eurot. Seisuga 31.12.2007 oli varude maht 54,7 mln krooni/3,5 mln eurot. Varude kasv tulenes peamiselt planeeritust väiksemast müügist 2008 aasta lõpus. Samuti on varud kasvanud seoses jaemüügivõrgu laienemisega. Materiaalne ja immateriaalne põhivara kasvas 2,4 mln krooni/0,2 mln eurot. Lühiajalised laenukohustused olid seisuga 31.12.2008 17,7 mln krooni/1,1 mln eurot (31.12.2007 8,8 mln krooni/0,6 mln eurot) ja suurenesid 12 kuuga kokku 8,9 mln krooni/0,6 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 43,8 mln kooni/2,8 mln eurot (seisuga 31.12.2007 37,7 mln krooni/2,4 mln eurot). Lühi- ja pikaajalised kohustused kokku kasvasid 6,4 mln krooni/0,4 mln eurot 92,6 mln kroonini/5,9 mln euroni (31.12.2007 86,2 mln krooni 5,5 mln eurot). Ärivaldkondade ülevaade Käive segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 43 821 | 41 806 | 2 801 | 2 672 | 70,1% | 60,6% | -------------------------------------------------------------------------------- | s.h. jaemüük | 12 127 | 8 813 | 776 | 563 | 19,4% | 12,8% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Ehitusmaterjalide| 18 684 | 27 211 | 1 194 | 1 739 | 29,9% | 39,4% | | divisjon | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 62 505 | 69 017 | 3 995 | 4 411 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Käive turgude lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Soome | 21 058 | 25 996 | 1 346 | 1 661 | 33,7% | 37,7% | -------------------------------------------------------------------------------- | Venemaa, | 21 489 | 17 898 | 1 373 | 1 144 | 34,4% | 25,9% | | Ukraina, | | | | | | | | Valgevene | | | | | | | -------------------------------------------------------------------------------- | Eesti | 10 465 | 15 806 | 669 | 1 010 | 16,7% | 22,9% | -------------------------------------------------------------------------------- | Läti, Leedu | 5 424 | 4 435 | 347 | 283 | 8,7% | 6,4% | -------------------------------------------------------------------------------- | Rootsi | 732 | 1 483 | 47 | 95 | 1,2% | 2,1% | -------------------------------------------------------------------------------- | Saksamaa | 522 | 1 511 | 33 | 97 | 0,8% | 2,2% | -------------------------------------------------------------------------------- | Teised riigid | 2 815 | 1 888 | 180 | 121 | 4,5% | 2,7% | -------------------------------------------------------------------------------- | KOKKU | 62 505 | 69 017 | 3 995 | 4 411 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Turgude lõikes on käivet suurendatud Venemaal ning Lätis ja Leedus. Vähenenud on müük Soome ja Eestisse. Leedus on käibe kasvu põhjuseks 2007 aasta mais avatud kauplused, mis 2007 aasta IV kvartalis olid veel käivitumisfaasis, Lätis toimus kaupluse kolimine uuele pinnale 2007 aasta novembris ning ka see mõjus müügile positiivselt. Brutokasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | Brutorentaablus | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Mööblidivisjon | 9 420 | 7 437 | 925 | 522 | 21,5% | 17,8% | -------------------------------------------------------------------------------- | s.h. jaemüük | 6 342 | 4 595 | 405 | 294 | 52,3% | 52,1% | | (Skano) | | | | | | | -------------------------------------------------------------------------------- | Ehitusmaterjali | 2 858 | 5 205 | 183 | 333 | 15,3% | 19,1% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 12 278 | 12 642 | 1 108 | 855 | 19,6% | 18,3% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjonis on brutorentaablus kahanenud peamiselt muutuste tõttu tooteportfelis. Kasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. 2008 | IV kv. 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Mööblidivisjon | (2 227) | 1 266 | (141) | 81 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | (3 837) | 68 | (245) | 4 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | (765) | 1 612 | (49) | 103 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | (2 992) | 2 878 | (190) | 184 | -------------------------------------------------------------------------------- | Jagamata kulud | (853) | (767) | (55) | (49) | -------------------------------------------------------------------------------- | ÄRIKASUM | (3 845) | 2 111 | (245) | 135 | -------------------------------------------------------------------------------- | Neto finantskulud | (544) | (854) | (36) | (55) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | (4 389) | 1 257 | (281) | 80 | -------------------------------------------------------------------------------- | Tulumaks | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | PUHASKASUM | (4 389) | 1 257 | (281) | 80 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2008 aasta IV kvartali müügitulu oli 43,8 mln krooni/2,8 mln eurot (2007: 41,8 mln krooni/2,7 mln eurot) ning majandustulemus -2,2 mln krooni/-141 tuhat eurot (2007: 1,3 mln krooni/81 tuhat eurot). Võrreldes eelmise aasta sama perioodiga on divisjoni käive suurenenud 2,0 mln krooni/129 tuhat eurot ehk 4,8%. Mööbli jaemüük - Skano AS Viisnurga jaeäri opereerivad OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Aruande avaldamise hetkel on Skano mööblikaupluste ketis kokku 10 kauplust Tallinnas, Pärnus, Riias, Vilniuses, Kaunases, Klaipedas, Kiievis, Donetskis, Harkovis ja Odessas. Seoses jaheneva majanduskliimaga on esialgne uute kaupluste avamisplaan külmutatud. 2008 aasta IV kvartalis suleti üks mööblikauplus Ukrainas ning selle uuele pinnale kolimine toimub kohe, kui sobiv pind on leitud. Jaemüük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | Kaupluste arv | -------------------------------------------------------------------------------- | | IV kv.| IV kv.|IV kv. | IV kv.| IV kv. | IV kv. | 31.12.08| 31.12.07| | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Eesti | 3 581 | 4 647 | 229 | 297 | 29,5% | 52,7% | 2 | 2 | -------------------------------------------------------------------------------- | Läti | 1 794 | 1 330 | 115 | 85 | 14,8% | 15,1% | 1 | 1 | -------------------------------------------------------------------------------- | Leedu | 2 453 | 1 897 | 157 | 121 | 20,2% | 21,5% | 3 | 3 | -------------------------------------------------------------------------------- | Ukraina| 4 299 | 939 | 275 | 60 | 35,4% | 10,7% | 4 | 1 | -------------------------------------------------------------------------------- | KOKKU | 12 127| 8 813 | 776 | 563 | 100,0% | 100,0% | 10 | 7 | -------------------------------------------------------------------------------- Mööblidivisjoni jaemüük näitab endiselt kasvutendentsi. 2008 aasta IV kvartalis on jaemüük kasvanud 38% võrreldes eelmise aasta sama perioodiga. Sealjuures on seisuga 31.12.2007 olemasolevate kaupluste (Tallinn, Riia, Pärnu, Vilnius, Kaunas, Klaipeda, Harkov) müük 2008 aasta IV kvartalis võrreldes eelmise aasta sama perioodiga kahanenud 6%. Mööbli tootmine Mööblivabriku 2008 aasta IV kvartali müük on mõlemal põhiturul Soomes ja Venemaal vähenenud ja kliendid ei prognoosi ka lähitulevikus müügi kasvu taastumist. Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2008 aasta IV kvartali müügituluks 18,7 mln krooni/1,2 mln eurot ja kahjumiks 0,8 mln krooni/49 tuhat eurot. Eelmise aasta samal perioodil oli divisjoni käive 27,2 mln krooni/1,7 mln eurot ja kasum 1,6 mln krooni/103 tuhat eurot. Võrreldes eelmise aastaga on divisjoni käive vähenenud 8,5 mln krooni/545 tuhat eurot ja kasum vähenenud 2,4 mln krooni/152 tuhat eurot. Käive piirkondade lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | Soome | 7 308 | 11 593 | 467 | 741 | 39,1% | 42,6% | -------------------------------------------------------------------------------- | Venemaa, | 1 794 | 1 990 | 115 | 127 | 9,6% | 7,3% | | Ukraina, | | | | | | | | Valgevene | | | | | | | -------------------------------------------------------------------------------- | Eesti | 7 069 | 10 596 | 452 | 677 | 37,8% | 38,9% | -------------------------------------------------------------------------------- | Läti, Leedu | 659 | 1 209 | 42 | 77 | 3,5% | 4,4% | -------------------------------------------------------------------------------- | Rootsi | 732 | 1 483 | 47 | 95 | 3,9% | 5,5% | -------------------------------------------------------------------------------- | Saksamaa | 113 | 204 | 7 | 13 | 0,6% | 0,7% | -------------------------------------------------------------------------------- | Teised riigid | 1 009 | 136 | 64 | 9 | 5,4% | 0,5% | -------------------------------------------------------------------------------- | KOKKU | 18 684 | 27 211 | 1 194 | 1 739 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Üldehitusplaadid Üldehitusplaatidest on endiselt suurima osakaaluga tooterühmaks tuuletõkkeplaadid. Järjepidevalt 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 jäi IV kvartalis Soome, kus vaatamata tihedale konkurentsile on suudetud säilitada möödunud aasta tase. Eesti koduturu müük on vähenenud minimaalselt, jäädes praktiliselt möödunud aasta tasemele. Leedu ja Venemaa turgudel on saavutatud müüügimahtude kasv. Tootmisvõimsuse potentsiaali ärakasutamiseks jätkuvad tegevused uute turgude leidmiseks. Eelkõige näeb ettevõte hetkel potentsiaali idaturgudel nagu Venemaa, Ukraina ja teised endised idabloki riigid. Prognoos ja areng 2008 aasta I kvartalis avati Ukrainas üks kauplus, II kvartalis kaks kauplust ja III kvartalis üks kauplus. Üks kauplus on plaanis kolida uuele pinnale. Leedus muutusid Vilniuse ja Kaunase kaupluse asukohad. Aastal 2009 esialgsete plaanide kohaselt uusi avamisi ette ei võeta, kuivõrd jahtuva majanduskeskkonna tingimustes soovib ettevõte minimeerida laienemisega seotud riske ning hoida piisavat likviidsust. 2009 aastaks prognoosime käibe kahanemist nii jaemüügis kui ka turgudel, kus AS Viisnurk ise mööbli jaekaubandusega ei tegele ning seeläbi ka tootmise vähenemist mööblivabrikus. Alates 12.01.2009 töötab suur osa mööblivabriku personalist osalise koormusega. Lähtuvalt põhilistel sihtturgudel valitsevast suhteliselt jahedast majanduskliimast ja vähesest nõudlusest ehitumaterjalidele vähendatakse I kvartalis mõlema tootegrupi tootmismahtusid. Ehitusmaterjalide divisjonis on plaanis esimeses kvartalis 2009 mitte suurendada laovarusid ning enamus töötajatest on osalisel tööajal. Investeeringud Mööblidivisjoni jaekaubanduse valdkonnas peatati 2008 aasta IV kvartalis tegevus strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisutuskaupu pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. 2008 aasta 12 kuuga moodustasid investeeringud seadmetesse 8,5 mln krooni/543 tuhat eurot ja ehitistesse 2,7 mln krooni/169 tuhat eurot. 2007 aasta 12 kuuga olid investeeringud seadmetesse 6,6 mln krooni/422 tuhat eurot ja ehitistesse 9,7 mln krooni/618 tuhat eurot. Konsolideeritud bilanss -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.12.2008 | 31.12.2007 | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 6 913 | 6 006 | 442 | 384 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 19 568 | 29 859 | 1 250 | 1 908 | -------------------------------------------------------------------------------- | Varud | 68 096 | 54 742 | 4 351 | 3 499 | -------------------------------------------------------------------------------- | Käibevara kokku | 94 577 | 90 607 | 6 043 | 5 791 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 66 333 | 63 727 | 4 239 | 4 073 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 21 | 220 | 1 | 14 | -------------------------------------------------------------------------------- | Põhivara kokku | 69 247 | 66 840 | 4 425 | 4 272 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 163 824 | 157 447 | 10 468 | 10 063 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 17 722 | 8 782 | 1 132 | 561 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 43 646 | 37 488 | 2 790 | 2 396 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 115 | 264 | 7 | 17 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 61 483 | 46 534 | 3 929 | 2 974 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 27 720 | 36 734 | 1 772 | 2 348 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 3 421 | 2 936 | 219 | 188 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 31 141 | 39 670 | 1 991 | 2 536 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 92 624 | 86 204 | 5 920 | 5 510 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 253 | 39 | 14 | 2 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 9 717 | 3 359 | 621 | 215 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 6 042 | 12 657 | 386 | 809 | -------------------------------------------------------------------------------- | Omakapital kokku | 71 200 | 71 243 | 4 548 | 4 553 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 163 824 | 157 447 | 10 468 | 10 063 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne -------------------------------------------------------------------------------- | tuh EEK | IV kvartal | IV kvartal | 12 kuud | 12 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 62 505 | 69 016 | 280 527 | 249 522 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (50 227) | (55 698) | (219 494) | (196 773) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 12 278 | 13 318 | 61 033 | 52 749 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (11 208) | (8 840) | (42 252) | (30 021) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (1 326) | (1 522) | (5 113) | (5 489) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 1 065 | 81 | 3 582 | 206 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (4 657) | (926) | (6 080) | (1 496) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | (3 848) | 2 111 | 11 170 | 15 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (541) | (854) | (3 454) | (2 817) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | (4 389) | 1 257 | 7 716 | 13 132 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | 0 | 0 | (1 674) | (475) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | (4 389) | 1 257 | 6 042 | 12 657 | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | (0,98) | 0,28 | 1,34 | 2,81 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | (0,98) | 0,28 | 1,34 | 2,81 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | IV kvartal | IV kvartal | 12 kuud | 12 kuud | | | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 3 995 | 4 411 | 17 929 | 15 947 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (3 210) | (3 560) | (14 028) | (12 576) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 785 | 851 | 3 901 | 3 371 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (716) | (565) | (2 700) | (1 919) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (85) | (97) | (327) | (351) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 68 | 5 | 229 | 13 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (298) | (59) | (389) | (95) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | (246) | 135 | 714 | 1 019 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (35) | (55) | (221) | (180) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | (281) | 80 | 493 | 839 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | 0 | 0 | (107) | (30) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi puhaskasum | (281) | 80 | 386 | 809 | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | (0,06) | 0,02 | 0,09 | 0,18 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | (0,06) | 0,02 | 0,09 | 0,18 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Pealkiri
Viisnurk financial result, Q4 2008
Teade
Income statement
Consolidated net sales of fourth quarter 2008 was 62.5 mil. kroons/4.0 mil.
euros (69.0 mil. kroons/4.4 mil. euros in same period of 2007) representing a
9.4% decrease on the fourth quarter compared to Q4 2007. The Group's gross
margin in the fourth quarter of 2008 reached 19.6% compared to 19.3% in the
fourth quarter of 2007. Consolidated operating loss amounted to 3.8 mil.
kroons/246 thousand euros (2.1 mil. kroons/135 thousand euros profit in 2007).
The consolidated operating margin of net sales was -6.2% (3.1% in Q4 2007). Loss
before tax amounted to 4.4 mil. kroons/281 thousand euros in Q4 2008 (1.3 mil.
kroons/80 thousand euros profit in Q4 2007).
Consolidated net loss amounted to 4.4 mil. kroons/281 thousand euros, compared
to 1.3 mil. kroons/80 thousand euros in Q4 2007), and the net margin was -7.0%
(1.8% in Q4 2007). In Q4 2008, the Group's return on equity was -6.2% (1.8% in
Q4 2007) and return on assets was -2.7% (0.8% in Q4 2007).
The main reason for loss was weakening of Ukrainian hryvnia against euro and it
cause loss of currency movement 3.0 mil. kroons/191 thousand euros.
Balance sheet
As of the end of 2008 the total assets of Viisnurk amounted to 163.8 mil.
kroons/10.5 mil. euros (31.12.2007: 157.4 mil. kroons/10.1 mil. euros). The
liabilities of the company accounted for 57% (31.12.2007: 55%) thereof, i.e.
92.6 mil. kroons/5.9 mil. euros (31.12.2007: 86.2 mil. kroons/5.5 mil. euros).
Receivables and prepayments have decreased by 10.3 mil. kroons/0.7 mil. euros
i.e. 34% decrease with 12 months.
Inventories increased by 13.4 mil. kroons/0.9 mil. euros to reach 68.1 mil.
kroons/4.4 mil. euros at 31 December 2008. (31.12.2007: 54.7 mil. kroons/3.5
mil. euros). The growth in inventory results primarily from smaller sales at the
end of 2008 and the retail expansion. Property, plant and intangibles increased
by 2.4 mil. kroons/0.2 mil. euros.
Short-term loans increased by 8.9 mil. kroons/0.6 mil. euros and amounted in 31
December 2008 17.7 mil. kroons/1.1 mil. euros (31.12.2007: 8.8 mil. kroons/0.6
mil. euros). Supplier payables, tax liabilities, other payables, including
payables to employees, and provisions amounted to 43.8 mil. kroons/2.8 mil.
euros (31.12.2007: 37.7 mil. kroons/2.4 mil. euros). Current and non-current
liabilities increased by 6.4 mil. kroons/0.4 mil. euros to 92.6 mil. kroons/5.9
mil. euros (31.12.2007: 86.2 mil. kroons/5.5 mil. euros).
Divisional review:
Net sales by business segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales |
--------------------------------------------------------------------------------
| | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| Furniture | 43,821 | 41,806 | 2,801 | 2,672 | 70.1% | 60.6% |
| Division | | | | | | |
--------------------------------------------------------------------------------
| incl. retail | 12,127 | 8,813 | 776 | 310 | 19.4% | 12.8% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Building | 18,684 | 27,211 | 1,194 | 1,739 | 29.9% | 39.4% |
| Materials | | | | | | |
| Division | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 62,505 | 69,017 | 3,995 | 4,411 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Net sales by geographical segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales |
--------------------------------------------------------------------------------
| | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| Finland | 21,058 | 25,996 | 1,346 | 1,661 | 33.7% | 37.7% |
--------------------------------------------------------------------------------
| Russia, Ukraine, | 21,058 | 25,996 | 1,346 | 1,661 | 33.7% | 37.7% |
| Belorusian | | | | | | |
--------------------------------------------------------------------------------
| Estonia | 21,489 | 17,898 | 1,373 | 1,144 | 34.4% | 25.9% |
--------------------------------------------------------------------------------
| Latvia, | 10,465 | 15,806 | 669 | 1,010 | 16.7% | 22.9% |
| Lithuania | | | | | | |
--------------------------------------------------------------------------------
| Sweden | 5,424 | 4,435 | 347 | 283 | 8.7% | 6.4% |
--------------------------------------------------------------------------------
| Germany | 732 | 1,483 | 47 | 95 | 1.2% | 2.1% |
--------------------------------------------------------------------------------
| Other countries | 522 | 1,511 | 33 | 97 | 0.8% | 2.2% |
--------------------------------------------------------------------------------
| Total | 62,505 | 69,017 | 3,995 | 4,411 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Regarding the markets, turnover has increased in Russia, Latvia and Lithuania.
Sales in Estonia and Finland has decreased. The main reasons of increased
turnover in Lithuania were the stores opened in May 2007 which in the IV quarter
of 2007 were still in the start-up phase and the store movement to a more
attractive location in November 2007 had a positive impact for sales in Latvia.
Gross profit by business segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | Gross margin |
--------------------------------------------------------------------------------
| | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| Furniture | 9,420 | 7,437 | 925 | 522 | 21.5% | 17.8% |
| Division | | | | | | |
--------------------------------------------------------------------------------
| incl. retail | 6,342 | 4,595 | 405 | 294 | 52.3% | 52.1% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Building | 2,858 | 5,205 | 183 | 333 | 15.3% | 19.1% |
| Materials | | | | | | |
| Division | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 12,278 | 12,642 | 1,108 | 855 | 19.6% | 18.3% |
--------------------------------------------------------------------------------
The reason for decreased gross margin in Building Material Division are changes
in product portfolio.
Profit by business segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR |
--------------------------------------------------------------------------------
| | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| Furniture Division | (2,227) | 1,266 | (141) | 81 |
--------------------------------------------------------------------------------
| incl. retail (Skano) | (3,837) | 68 | (245) | 4 |
--------------------------------------------------------------------------------
| Building Materials | (765) | 1,612 | (49) | 103 |
| Division | | | | |
--------------------------------------------------------------------------------
| TOTAL | (2,992) | 2,878 | (190) | 184 |
--------------------------------------------------------------------------------
| Unallocated expenses | (853) | (767) | (55) | (49) |
--------------------------------------------------------------------------------
| OPERATING PROFIT | (3,845) | 2,111 | (245) | 135 |
--------------------------------------------------------------------------------
| Net financial costs | (544) | (854) | (36) | (55) |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | (4,389) | 1,257 | (281) | 80 |
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| NET PROFIT | (4,389) | 1,257 | (281) | 80 |
--------------------------------------------------------------------------------
Furniture Division
The net sales of AS Viisnurk Furniture Division in fourth quarter amounted to
43.8 mil. kroons/2.8 mil. euros (2007: 41.8 mil. kroons/2.7 mil. euros) and the
economic result -2.2 mil. kroons/-141 thousand euros as a loss (2007 profit 1.3
mil. kroons/81 thousand euros). As compared to the previous year the turnover of
the division has increased by 2.0 mil. kroons/129 thousand euros (4.8%).
Furniture Retail - Skano
AS Viisnurk retail business is operated by a private limited company OÜ Skano
and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has totally 10
stores in Tallinn, Pärnu, Riga, Vilnius, Kaunas, Klaipeda, Kiev, Donetsk,
Kharkiv and Odessa at the moment of publishing interim report.
As a result of unexpectable economical situation, management decided to stop
openings of new stores. At the moment of publishing of the report, one store in
Ukraine is closed for moving into new place. Movement will take place after
finding suitable premise.
Retail sales by countries
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales | Number of stores |
--------------------------------------------------------------------------------
| | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | 31.12.08| 31.12.07|
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Estonia| 3,581 | 4,647 | 229 | 297 | 29.5% | 52.7% | 2 | 2 |
--------------------------------------------------------------------------------
| Latvia | 1,794 | 1,330 | 115 | 85 | 14.8% | 15.1% | 1 | 1 |
--------------------------------------------------------------------------------
| Lithua | 2,453 | 1,897 | 157 | 121 | 20.2% | 21.5% | 3 | 3 |
| nia | | | | | | | | |
--------------------------------------------------------------------------------
| Ukraine| 4,299 | 939 | 275 | 60 | 35.4% | 10.7% | 4 | 1 |
--------------------------------------------------------------------------------
| TOTAL | 12,127| 8,813 | 776 | 563 | 100.0%| 100.0% | 10 | 7 |
--------------------------------------------------------------------------------
The retail sale of the Furniture Division shows a rising tendency. Within fourth
quarter this year the retail sale has increased by 38% as compared to the same
period last year. The stores that were opened before 31.12.2007 (Tallinn, Riga,
Pärnu, Vilnius, Kaunas, Klaipeda, Kharkiv) have decreased the sales in fourth
quarter 6% compared to the same period in 2007.
Furniture Production
The Furniture Division's sales in 4th quarter in the company's basic target
market in Russia and Finland have decreased and clients does not estimate sales
recovering in near future.
Building Materials Division
The net sales of the Building Materials Division in fourth quarter amounted to
18.7 mil. kroons/1.2 mil. euros and loss to 0.8 mil. kroons/49 thousand euros.
In the same period of the last year, the turnover of the division totalled
27.2mil. kroons/1.7 mil. euros and the profit 1.6 mil. kroons/103 thousand
euros. As compared to the previous year the turnover of the division has
decreased by 8.5 mil. kroons/545 thousand euros and the profit has increased by
2.4 mil. kroons/152 thousand euros.
Net sales by geographical segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales |
--------------------------------------------------------------------------------
| | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 | Q4 2008 | Q4 2007 |
--------------------------------------------------------------------------------
| Finland | 7,308 | 11,593 | 467 | 741 | 39.1% | 42.6% |
--------------------------------------------------------------------------------
| Russia, Ukraine, | 1,794 | 1,990 | 115 | 127 | 9.6% | 7.3% |
| Belorussia | | | | | | |
--------------------------------------------------------------------------------
| Estonia | 7,069 | 10,596 | 452 | 677 | 37.8% | 38.9% |
--------------------------------------------------------------------------------
| Latvia, | 659 | 1,209 | 42 | 77 | 3.5% | 4.4% |
| Lithuania | | | | | | |
--------------------------------------------------------------------------------
| Sweden | 732 | 1,483 | 47 | 95 | 3.9% | 5.5% |
--------------------------------------------------------------------------------
| Germany | 113 | 204 | 7 | 13 | 0.6% | 0.7% |
--------------------------------------------------------------------------------
| Other countries | 1,009 | 136 | 64 | 9 | 5.4% | 0.5% |
--------------------------------------------------------------------------------
| TOTAL | 18,684 | 27,211 | 1,194 | 1,739 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Building Boards
The product group makes the biggest proportion in general building boards are
wind protection 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 was Finland in 4th
quarter. Regardless of intense competition it has been managed to achieve the
level of the last year. Sale in the domestic market of Estonia has decreased
marginally and was almost on the level of last year. 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 continued 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.
Forecast and development
One store was opened in the 1st quarter of 2008, two stores in the 2nd quarter
and one store in 3rd quarter in Ukraine. One store will change its location. In
Lithuania were changed the locations of stores in Vilnius and Kaunas. AS
Viisnurk needs to minimize risks related to expanding in cooling economical
situation, keep sufficient liquidity, and will not plan new openings in 2009.
For 2009 management forecasts decreasing of sales in retail market, also in
markets not related in Skano retail business, and it will decrease the
production volume in furniture factory. Since 12.01.2008 most of employees are
engaged in part-time working time.
Based on relatively cold economical situation and low demand for building
materials in target markets management plans to decrease production volume of
both production groups in 1st quarter 2009. In Building Materials Division is
decided not to increase inventories level and most employees are engaged in
part-time working time.
Investments
Concerning the retail trade of the furniture division, the company stopped its
activities in the fourth 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 12 months 2008 investments into technology totalled 8.5 mil. kroons/543
thousand euros and into buildings 2.7 mil. kroons/169 thousand euros. At the
same period of 2007 investments into technology totalled 6.6 mil. kroons/422
thousand euros and into buildings 9.7 mil. kroons/618 thousand euros.
Consolidated balance sheet
--------------------------------------------------------------------------------
| | Th EEK | Th EEK | Th EUR | Th EUR |
--------------------------------------------------------------------------------
| | 31.12.2008| 31.12.2007| 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and bank | 6,913 | 6,006 | 442 | 384 |
--------------------------------------------------------------------------------
| Receivables and | 19,568 | 29,859 | 1,250 | 1,908 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Inventories | 68,096 | 54,742 | 4,351 | 3,499 |
--------------------------------------------------------------------------------
| Total current assets | 94,577 | 90,607 | 6,043 | 5,791 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investment property | 2,893 | 2,893 | 185 | 185 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 66,333 | 63,727 | 4,239 | 4,073 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 21 | 220 | 1 | 14 |
--------------------------------------------------------------------------------
| Total fixed assets | 69,247 | 66,840 | 4,425 | 4,272 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 163,824 | 157,447 | 10,468 | 10,063 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debt obligations | 17,722 | 8,782 | 1,132 | 561 |
--------------------------------------------------------------------------------
| Payables and prepayments | 43,646 | 37,488 | 2,790 | 2,396 |
--------------------------------------------------------------------------------
| Short-term provisions | 115 | 264 | 7 | 17 |
--------------------------------------------------------------------------------
| Total current liabilities | 61,483 | 46,534 | 3,929 | 2,974 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current debt | 27,720 | 36,734 | 1,772 | 2,348 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Non-current provisions | 3,421 | 2,936 | 219 | 188 |
--------------------------------------------------------------------------------
| Total non-current | 31,141 | 39,670 | 1,991 | 2,536 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 92,624 | 86,204 | 5,920 | 5,510 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | 253 | 39 | 14 | 2 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Retained profits | 9,717 | 3,359 | 621 | 215 |
--------------------------------------------------------------------------------
| Net profit for the year | 6,042 | 12,657 | 386 | 809 |
--------------------------------------------------------------------------------
| Total equity | 71,200 | 71,243 | 4,548 | 4,553 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 163,824 | 157,447 | 10,468 | 10,063 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
Consolidated income statement
--------------------------------------------------------------------------------
| Th EEK | Q4 2008 | Q4 2007 | 12 m 2008 | 12 m 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RETURN ON SALES | 62,505 | 69,016 | 280,527 | 249,522 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of production sold | (50,227) | (55,698) | (219,494) | (196,773) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 12,278 | 13,318 | 61,033 | 52,749 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | (11,208) | (8,840) | (42,252) | (30,021) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| General administrative | (1,326) | (1,522) | (5,113) | (5,489) |
| expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other income | 1,065 | 81 | 3,582 | 206 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other expenses | (4,657) | (926) | (6,080) | (1,496) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | (3,848) | 2,111 | 11,170 | 15,949 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | (541) | (854) | (3,454) | (2,817) |
| financial expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before tax | (4,389) | 1,257 | 7,716 | 13,132 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | (1,674) | (475) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | (4,389) | 1,257 | 6,042 | 12,657 |
| PERIOD | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | (0.98) | 0.28 | 1.34 | 2.81 |
--------------------------------------------------------------------------------
| Diluted earnings per | (0.98) | 0.28 | 1.34 | 2.81 |
| share | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Th EUR | Q4 2008 | Q4 2007 | 12 m 2008 | 12 m 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RETURN ON SALES | 3,995 | 4,411 | 17,929 | 15,947 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of production sold | (3,210) | (3,560) | (14,028) | (12,576) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 785 | 851 | 3,901 | 3,371 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | (716) | (565) | (2,700) | (1,919) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| General administrative | (85) | (97) | (327) | (351) |
| expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other income | 68 | 5 | 229 | 13 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other expenses | (298) | (59) | (389) | (95) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | (246) | 135 | 714 | 1,019 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | (35) | (55) | (221) | (180) |
| financial expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before tax | (281) | 80 | 493 | 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | (107) | (30) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | (281) | 80 | 386 | 809 |
| PERIOD | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | (0.06) | 0.02 | 0.09 | 0.18 |
--------------------------------------------------------------------------------
| Diluted earnings per | (0.06) | 0.02 | 0.09 | 0.18 |
| share | | | | |
--------------------------------------------------------------------------------
Einar Pähkel
CFO
+372 447 8331
einar.pahkel@viisnurk.ee