Börsiteade
Nordic Fibreboard AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
26.02.2010 16:05:00
Pealkiri
Majandustulemused, 12 kuud 2009
Teade
Kasum Aruandeaasta IV kvartali müügitulu oli 54,1 mln krooni/3,5 mln eurot (2008 aastal 62,5 mln krooni/4,0 mln eurot) mis tähendab 2008 aasta IV kvartaliga võrreldes 13,4%-list kahanemist. Kontserni müügikäibe brutorentaablus oli 2009 aasta IV kvartalis 20,0% võrrelduna 2008 aasta IV kvartali 19,6%-ga. Konsolideeritud ärikasum oli 2,5 mln krooni/161 tuhat eurot (2008 aastal kahjum 3,8 mln krooni/246 tuhat eurot). Konsolideeritud müügikäibe ärirentaablus oli 4,7% (võrrelduna 2008 aasta IV kvartali -6,2%-ga). Tulumaksu eelne kasum oli aruandeaasta IV kvartalis 2,3 mln krooni/148 tuhat eurot (2008 aastal kahjum 4,4 mln krooni/281 tuhat eurot). Konsolideeritud puhaskasum oli 2,3 mln krooni/144 tuhat eurot võrrelduna 2008 aasta IV kvartali kahjumiga 4,4 mln krooni/281 tuhat eurot ja puhasrentaablus oli 4,2% (võrrelduna 2008 aasta IV kvartali -7,0%-ga). 2009 aasta IV kvartalis oli kontserni omakapitali puhasrentaablus 3,2% (võrrelduna 2008 aasta IV kvartali -6,2%-ga) ja varade puhasrentaablus 1,7% (võrrelduna 2008 aasta IV kvartali -2,7%-ga). Finantsseisundi aruanne Kontserni koguvarade maht oli 31.12.2009 seisuga 132,8 mln krooni/8,5 mln eurot (31.12.2008: 163,8 mln krooni/10,5 mln eurot), millest ettevõtte kohustused moodustasid 31.12.2009 seisuga 61,3 mln krooni/3,9 mln eurot (31.12.2008: 92,6 mln krooni/5,9 mln eurot) ehk 46% (31.12.2008: 57%). Nõuded ja ettemaksud on vähenenud 0,8 mln krooni/0,1 mln eurot, vähenedes 12 kuuga 4%. Varud vähenesid 12 kuuga 26,2 mln krooni/1,7 mln eurot (38,5%), moodustades 31.12.2009 seisuga 41,9 mln krooni/2,7 mln eurot. Seisuga 31.12.2008 oli varude maht 68,1 mln krooni/4,4 mln eurot. Varude vähendamine oli üks peamisi vahendeid kriisi ületamiseks ja likviidsuse tagamiseks. Materiaalne ja immateriaalne põhivara vähenes 3,3 mln krooni/0,2 mln eurot peamiselt kulumi tõttu. Lühiajalised laenukohustused olid seisuga 31.12.2009 8,0 mln krooni/0,5 mln eurot (31.12.2008: 17,7 mln krooni/1,1 mln eurot) ja vähenesid aastaga kokku 9,7 mln krooni/0,6 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 22,9 mln kooni/1,5 mln eurot (seisuga 31.12.2008 43,8 mln krooni/2,8 mln eurot). Lühi- ja pikaajalised kohustused kokku vähenesid 31,3 mln krooni/2,0 mln eurot 61,3 mln kroonini/3,9 mln euroni (31.12.2008: 92,6 mln krooni/5,9 mln eurot). Ärivaldkondade ülevaade Käive segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Mööblivabrik | 31 155 | 37 074 | 1 991 | 2 369 | 57,6% | 59,3% | -------------------------------------------------------------------------------- | Skano | 8 667 | 12 127 | 554 | 775 | 16,0% | 19,4% | -------------------------------------------------------------------------------- | Ehitusmaterjali | 18 250 | 18 683 | 1 167 | 1 194 | 33,7% | 29,9% | | de divisjon | | | | | | | -------------------------------------------------------------------------------- | Elimineerimine | (3 952) | (5 377) | (253) | (343) | (7,3%) | (8,6%) | -------------------------------------------------------------------------------- | KOKKU | 54 120 | 62 507 | 3 459 | 3 995 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Käive turgude lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Soome | 21 063 | 21 058 | 1 346 | 1 346 | 38,9% | 33,7% | -------------------------------------------------------------------------------- | Eesti | 12 959 | 16 947 | 827 | 1 084 | 23,9% | 27,1% | -------------------------------------------------------------------------------- | Venemaa | 10 129 | 10 816 | 649 | 691 | 18,7% | 17,3% | -------------------------------------------------------------------------------- | Ukraina | 3 268 | 4 541 | 208 | 289 | 6,0% | 7,3% | -------------------------------------------------------------------------------- | Leedu | 1 717 | 2 714 | 110 | 174 | 3,2% | 4,3% | -------------------------------------------------------------------------------- | Läti | 1 552 | 2 381 | 99 | 153 | 2,9% | 3,8% | -------------------------------------------------------------------------------- | Rootsi | 1 427 | 732 | 92 | 46 | 2,6% | 1,2% | -------------------------------------------------------------------------------- | Kasahstan | 607 | 1 787 | 39 | 114 | 1,1% | 2,9% | -------------------------------------------------------------------------------- | Saksamaa | 377 | 522 | 24 | 33 | 0,7% | 0,8% | -------------------------------------------------------------------------------- | Portugal | 114 | 634 | 8 | 41 | 0,2% | 1,0% | -------------------------------------------------------------------------------- | Teised riigid | 907 | 373 | 57 | 24 | 1,7% | 0,6% | -------------------------------------------------------------------------------- | KOKKU | 54 120 | 62 505 | 3 459 | 3 995 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Turgude lõikes on käibe vähenemine suurim Balti riikides ja Ukrianas. Soomes ja Venemaal on müük võrreldes eelmise aasta neljanda kvartaliga jäänud stabiilseks. Brutokasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. 2009 | IV kv. 2008 | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | Mööblivabrik | 4 739 | 2 981 | 303 | 191 | -------------------------------------------------------------------------------- | Skano | 4 025 | 6 342 | 257 | 405 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 2 012 | 2 858 | 129 | 183 | | divisjon | | | | | -------------------------------------------------------------------------------- | Elimineerimine | 52 | 97 | 3 | 6 | -------------------------------------------------------------------------------- | KOKKU | 10 828 | 12 278 | 692 | 785 | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjonis on brutorentaablus kasvanud peamiselt muutuste tõttu tooteportfelis. Kasum segmentide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. 2009 | IV kv. 2008 | | | 2009 | 2008 | | | -------------------------------------------------------------------------------- | Mööblivabrik | 3 305 | 796 | 211 | 51 | -------------------------------------------------------------------------------- | Skano | (2 402) | (5 305) | (153) | (339) | -------------------------------------------------------------------------------- | Ehitusmaterjalide | (671) | (792) | (43) | (51) | | divisjon | | | | | -------------------------------------------------------------------------------- | Elimineerimine | 2 292 | 1 453 | 146 | 93 | -------------------------------------------------------------------------------- | KOKKU | 2 524 | (3 848) | 161 | (246) | -------------------------------------------------------------------------------- | Neto finantskulud | (201) | (541) | (13) | (35) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | 2 323 | (4 389) | 148 | (281) | -------------------------------------------------------------------------------- | Tulumaks | (69) | 0 | (4) | 0 | -------------------------------------------------------------------------------- | PUHASKASUM | 2 254 | (4 389) | 144 | (281) | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2009 aasta IV kvartali müügitulu oli 36,1 mln krooni/2,3 mln eurot (2008: 35,0 mln krooni/2,2 mln eurot). Võrreldes eelmise aasta sama perioodiga on divisjoni käive suurenenud 1,1 mln krooni/0,1 mln eurot ehk 3,1%. Mööbli jaemüük - Skano AS Viisnurga jaeäri opereerivad OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 31.12.2009 on Skano mööblikaupluste ketis kokku 9 kauplust - Tallinnas, Pärnus, Riias, Vilniuses kaks, Kaunases, Kiievis, Donetskis ja Harkovis. Odessa kauplus suleti IV kvartalis ja 2010 aasta esimeses kvartalis avatakse uus kauplus Kiievis. Jaemüük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | Kaupluste arv | -------------------------------------------------------------------------------- | | IV | IV | IV kv. | IV kv. | IV kv. | IV kv. | 31.12. | 31.12. | | | kv. | kv. | 2009 | 2008 | 2009 | 2008 | 09 | 08 | | | 2009 | 2008 | | | | | | | -------------------------------------------------------------------------------- | Eesti | 2 676 | 3 580 | 171 | 229 | 30,9% | 29,5% | 2 | 2 | -------------------------------------------------------------------------------- | Läti | 1 067 | 1 794 | 68 | 115 | 12,3% | 14,8% | 1 | 1 | -------------------------------------------------------------------------------- | Leedu | 1 771 | 2 453 | 113 | 157 | 20,4% | 20,2% | 3 | 3 | -------------------------------------------------------------------------------- | Ukrain | 3 153 | 4299 | 202 | 275 | 36,4% | 35,5% | 3 | 4 | | a | | | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 8 667 | 12 | 554 | 776 | 100,0% | 100,0% | 9 | 10 | | | | 126 | | | | | | | -------------------------------------------------------------------------------- Skano jaemüük on enim vähenenud Lätis. Ukrainas kolitakse Odessas asuv kauplus Kiievisse. 2009 aasta IV kvartalis on jaemüük vähenenud 28,5% võrreldes eelmise aasta sama perioodiga. Mööbli tootmine Mööblivabriku 2009 aasta IV kvartali müük on mõlemal põhiturul Soomes ja Venemaal vähenenud ja kliendid ei prognoosi ka lähitulevikus müügi kasvu taastumist. Mööblivabriku müük riikide lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Soome | 15 334 | 13 750 | 980 | 879 | 49,2% | 37,1% | -------------------------------------------------------------------------------- | Venemaa | 10 727 | 15 395 | 685 | 984 | 34,4% | 41,5% | -------------------------------------------------------------------------------- | Kasahstan | 607 | 1 787 | 39 | 114 | 1,9% | 4,8% | -------------------------------------------------------------------------------- | Saksamaa | 245 | 409 | 15 | 26 | 0,8% | 1,1% | -------------------------------------------------------------------------------- | Muud | 499 | 354 | 33 | 23 | 1,6% | 1,0% | -------------------------------------------------------------------------------- | Tütarettevõtt | 3 743 | 5 377 | 239 | 343 | 12,0% | 14,5% | | ed | | | | | | | -------------------------------------------------------------------------------- | KOKKU | 31 155 | 37 072 | 1 991 | 2 369 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2009 aasta IV kvartali müügituluks 18,3 mln krooni/1,2 mln eurot ja kahjumiks 0,7 mln krooni/43 tuhat eurot. Eelmise aasta samal perioodil oli divisjoni käive 18,7 mln krooni/1,2 mln eurot ja kahjum 0,8 mln krooni/51 tuhat eurot. Võrreldes eelmise aasta sama perioodiga on divisjoni käive vähenenud 0,4 mln krooni/27 tuhat eurot ja kahjum vähenenud 0,1 mln krooni/8 tuhat eurot. Käive piirkondade lõikes -------------------------------------------------------------------------------- | | tuh EEK | tuh EUR | % käibest | -------------------------------------------------------------------------------- | | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | IV kv. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Soome | 5 729 | 7 308 | 366 | 467 | 31,4% | 39,1% | -------------------------------------------------------------------------------- | Eesti | 7 045 | 7 069 | 450 | 452 | 38,6% | 37,8% | -------------------------------------------------------------------------------- | Portugal | 114 | 634 | 7 | 41 | 0,6% | 3,4% | -------------------------------------------------------------------------------- | Venemaa | 2 232 | 1 552 | 143 | 100 | 12,2% | 8,3% | -------------------------------------------------------------------------------- | Läti | 455 | 381 | 29 | 25 | 2,5% | 2,0% | -------------------------------------------------------------------------------- | Rootsi | 1 427 | 732 | 92 | 46 | 7,8% | 3,9% | -------------------------------------------------------------------------------- | Saksamaa | 132 | 113 | 9 | 7 | 0,7% | 0,6% | -------------------------------------------------------------------------------- | Leedu | (54) | 278 | (4) | 17 | (0,3%) | 1,5% | -------------------------------------------------------------------------------- | Ukraina | 115 | 243 | 7 | 15 | 0,6% | 1,3% | -------------------------------------------------------------------------------- | Teised riigid | 846 | 373 | 54 | 24 | 4,6% | 2,0% | -------------------------------------------------------------------------------- | Tütarettevõtted | 209 | 0 | 14 | 0 | 1,1% | 0,0% | -------------------------------------------------------------------------------- | KOKKU | 18 250 | 18 683 | 1 167 | 1 194 | 100,0% | 100,0% | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 6 091 | 6 913 | 389 | 442 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 18 810 | 19 568 | 1 202 | 1 250 | -------------------------------------------------------------------------------- | Varud | 41 912 | 68 096 | 2 680 | 4 351 | -------------------------------------------------------------------------------- | Käibevara kokku | 66 813 | 94 577 | 4 271 | 6 043 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 63 083 | 66 333 | 4 031 | 4 239 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 14 | 21 | 1 | 1 | -------------------------------------------------------------------------------- | Põhivara kokku | 65 990 | 69 247 | 4 217 | 4 425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 132 803 | 163 824 | 8 488 | 10 468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 8 048 | 17 722 | 514 | 1 132 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 22 742 | 43 646 | 1 454 | 2 790 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 118 | 115 | 8 | 7 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 30 908 | 61 483 | 1 976 | 3 929 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 27 084 | 27 720 | 1 731 | 1 772 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 3 303 | 3 421 | 211 | 219 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 30 387 | 31 141 | 1 942 | 1 991 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 61 295 | 92 624 | 3 918 | 5 920 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Ülekurss | 5 698 | 5 698 | 364 | 364 | -------------------------------------------------------------------------------- | Kohustuslik | 4 499 | 4 499 | 288 | 288 | | reservkapital | | | | | -------------------------------------------------------------------------------- | Muud reservid | 406 | 253 | 26 | 14 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 15 759 | 9 717 | 1 007 | 621 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 155 | 6 042 | 10 | 386 | -------------------------------------------------------------------------------- | Omakapital kokku | 71 508 | 71 200 | 4 570 | 4 548 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 132 803 | 163 824 | 8 488 | 10 468 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne -------------------------------------------------------------------------------- | tuh EEK | IV kv 2009 | IV kv 2008 | 12 k 2009 | 12 k 2008 | | | | korrigeer | | korri-geer | | | | itud | | itud | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 54 120 | 62 505 | 205 790 | 280 527 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (43 293) | (49 588) | (163 337) | (217 647) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 10 827 | 12 917 | 42 453 | 62 880 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (7 059) | (11 208) | (33 433) | (42 252) | -------------------------------------------------------------------------------- | Üldhalduskulud | (1 408) | (1 965) | (5 462) | (6 960) | -------------------------------------------------------------------------------- | Muud äritulud | 686 | 1 065 | 2 408 | 3 582 | | | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | (517) | (4 657) | (3 189) | (6 080) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 2 529 | (3 848) | 2 777 | 11 170 | -------------------------------------------------------------------------------- | Neto finantskulu | (206) | (541) | (2 553) | (3 454) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/kahjum enne | 2 323 | (4 389) | 224 | 7 716 | | tulumaksu | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | (69) | 0 | (69) | (1 674) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi | 2 254 | (4 389) | 155 | 6 042 | | puhaskasum/kahjum | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | 0,50 | (0,98) | 0,03 | 1,34 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,50 | (0,98) | 0,03 | 1,34 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Valuutakursside muutuste | (329) | 515 | 153 | 214 | | mõju konsolideerimisel | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi | 1 925 | (3 874) | 308 | 6 256 | | koondkasum/-kahjum | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | IV kv 2009 | IV kv 2008 | 12 k 2009 | 12 k 2008 | | | | korrigeer | | korri-geer | | | | itud | | itud | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 3 459 | 3 995 | 13 152 | 17 929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (2 767) | (3 169) | (10 439) | (13 910) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 692 | 826 | 2 713 | 4 019 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (452) | (716) | (2 137) | (2 700) | -------------------------------------------------------------------------------- | Üldhalduskulud | (90) | (126) | (349) | (445) | -------------------------------------------------------------------------------- | Muud äritulud | 44 | 68 | 154 | 229 | | | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | (33) | (298) | (204) | (389) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 161 | (246) | 177 | 714 | -------------------------------------------------------------------------------- | Neto finantskulu | (13) | (35) | (163) | (221) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/kahjum enne | 148 | (281) | 14 | 493 | | tulumaksu | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | (4) | 0 | (4) | (107) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi | 144 | (281) | 10 | 386 | | puhaskasum/kahjum | | | | | -------------------------------------------------------------------------------- | Tava puhaskasum (kahjum) | 0,03 | (0,06) | 0,00 | 0,09 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | 0,03 | (0,06) | 0,00 | 0,09 | | (kahjum) aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Valuutakursside muutuste | (21) | 31 | 12 | 12 | | mõju konsolideerimisel | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi | 123 | (250) | 22 | 398 | | koondkasum/kahjum | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Pealkiri
Viisnurk financial result, 12 months of 2009
Teade
Profits Consolidated net sales of fourth quarter 2009 was 54.1 mil. kroons/3.5 mil. euros (62.5 mil. kroons/4.0 mil. euros in same period of 2008) representing a 13.4% decrease on the fourth quarter compared to fourth quarter 2008. The Group's gross margin in the fourth quarter of 2009 reached 20.0% compared to 19.6% in the fourth quarter of 2008. Consolidated operating profit amounted to 2.5 mil. kroons/161 thousand euros (3.8 mil. kroons/246 thousand euros loss in 2008). The consolidated operating margin of net sales was 4.7% (-6.2% in Q4 2008). Profit before tax amounted to 2.3 mil. kroons/148 thousand euros in Q4 2009 (4.4 mil. kroons/281 thousand euros loss in Q4 2008). Consolidated net profit amounted to 2.3 mil. kroons/144 thousand euros, compared to net loss 4.4 mil. kroons/281 thousand euros in Q4 2008), and the net margin was 4.2% (-7.0% in Q4 2008). In Q4 2009, the Group's return on equity was 3.2% (-6.2% in Q4 2008) and return on assets was 1.7% (-2.7% in Q4 2008). Position of financial statement As of the end of 2009 the total assets of Viisnurk amounted to 132.8 mil. kroons/8.5 mil. euros (31.12.2008: 163.8 mil. kroons/10.5 mil. euros). The liabilities of the company accounted for 46% (31.12.2008: 57%) thereof, i.e. 61.3 mil. kroons/3.9 mil. euros (31.12.2008: 92.6 mil. kroons/5.9 mil. euros). Receivables and prepayments have decreased by 0.8 mil. kroons/0.1 mil. euros i.e. 4% decrease with 12 months. Inventories decreased by 26.2 mil. kroons/1.7 mil. euros to reach 41.9 mil. kroons/2.7 mil. euros at 31 December 2009. (31.12.2008: 68.1 mil. kroons/4.4 mil. euros). The decrease of amount of inventory was one of the main targets to pass crisis and assure liquidity. Property, plant and intangibles decreased by 3.3 mil. kroons/0.2 mil. euros. Short-term loans decreased by 9.7 mil. kroons/0.6 mil. euros and amounted in 31 December 2009 8.0 mil. kroons/0.5 mil. euros (31.12.2008: 17.7 mil. kroons/1.1 mil. euros). Supplier payables, tax liabilities, other payables, including payables to employees, and provisions amounted to 22.9 mil. kroons/1.5 mil. euros (31.12.2008: 43.8 mil. kroons/2.8 mil. euros). Current and non-current liabilities decreased by 31.3 mil. kroons/2.0 mil. euros to 61.3 mil. kroons/3.9 mil. euros (31.12.2008: 92.6 mil. kroons/5.9 mil. euros). Divisional review: Net sales by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Furniture | 31,155 | 37,074 | 1,991 | 2,369 | 57.6% | 59.3% | | Factory | | | | | | | -------------------------------------------------------------------------------- | Skano | 8,667 | 12,127 | 554 | 775 | 16.0% | 19.4% | -------------------------------------------------------------------------------- | Building | 18,250 | 18,683 | 1,167 | 1,194 | 33.7% | 29.9% | | Materials | | | | | | | | Division | | | | | | | -------------------------------------------------------------------------------- | Elimination | (3,952) | (5,377) | (253) | (343) | (7.3%) | (8.6%) | -------------------------------------------------------------------------------- | TOTAL | 54,120 | 62,507 | 3,459 | 3,995 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Finland | 21,063 | 21,058 | 1,346 | 1,346 | 38.9% | 33.7% | -------------------------------------------------------------------------------- | Estonia | 12,959 | 16,947 | 827 | 1,084 | 23.9% | 27.1% | -------------------------------------------------------------------------------- | Russia | 10,129 | 10,816 | 649 | 691 | 18.7% | 17.3% | -------------------------------------------------------------------------------- | Ukraine | 3,268 | 4,541 | 208 | 289 | 6.0% | 7.3% | -------------------------------------------------------------------------------- | Lithuania | 1,717 | 2,714 | 110 | 174 | 3.2% | 4.3% | -------------------------------------------------------------------------------- | Latvia | 1,552 | 2,381 | 99 | 153 | 2.9% | 3.8% | -------------------------------------------------------------------------------- | Sweden | 1,427 | 732 | 92 | 46 | 2.6% | 1.2% | -------------------------------------------------------------------------------- | Kazakhstan | 607 | 1,787 | 39 | 114 | 1.1% | 2.9% | -------------------------------------------------------------------------------- | Germany | 377 | 522 | 24 | 33 | 0.7% | 0.8% | -------------------------------------------------------------------------------- | Portugal | 114 | 634 | 8 | 41 | 0.2% | 1.0% | -------------------------------------------------------------------------------- | Other countries | 907 | 373 | 57 | 24 | 1.7% | 0.6% | -------------------------------------------------------------------------------- | Total | 54,120 | 62,505 | 3,459 | 3,995 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Regarding the markets, turnover has decreased in Baltic States and Ukraine. Sale in Finland and Russia has remained to same level as Q4 2008. Gross profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Furniture Factory | 4,739 | 2,981 | 303 | 191 | -------------------------------------------------------------------------------- | Skano | 4,025 | 6,342 | 257 | 405 | -------------------------------------------------------------------------------- | Building Materials | 2,012 | 2,858 | 129 | 183 | | Division | | | | | -------------------------------------------------------------------------------- | Elimination | 52 | 97 | 3 | 6 | -------------------------------------------------------------------------------- | TOTAL | 10,828 | 12,278 | 692 | 785 | -------------------------------------------------------------------------------- Profit by business segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Furniture Factory | 3,305 | 796 | 211 | 51 | -------------------------------------------------------------------------------- | Skano | (2,402) | (5,305) | (153) | (339) | -------------------------------------------------------------------------------- | Building Materials | (671) | (792) | (43) | (51) | | Division | | | | | -------------------------------------------------------------------------------- | Elimination | 2,292 | 1,453 | 146 | 93 | -------------------------------------------------------------------------------- | TOTAL | 2,524 | (3,848) | 161 | (246) | -------------------------------------------------------------------------------- | Net financial costs | (201) | (541) | (13) | (35) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 2,323 | (4,389) | 148 | (281) | -------------------------------------------------------------------------------- | Income tax | (69) | 0 | (4) | 0 | -------------------------------------------------------------------------------- | NET PROFIT | 2,254 | (4,389) | 144 | (281) | -------------------------------------------------------------------------------- Furniture Division The net sales of AS Viisnurk Furniture Division in fourth quarter amounted to 36.1 mil. kroons/2.3 mil. euros (2008: 35.0 mil. kroons/2.2 mil. euros). As compared to the previous year the sales of the division has increased by 1.1 mil. kroons/0.1 mil. euros (3.1%). 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 9 stores in Tallinn, Pärnu, Riga, Vilnius (2), Kaunas, Kiev, Donetsk and Kharkiv at 31.12.2009. The store in Odessa was closed in Q4 2009 and removed into Kiev, where it will be open at Q1 2010. Retail sales by countries -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | Number of | | | | | | stores | -------------------------------------------------------------------------------- | | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | 31.12. | 31.12. | | | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 09 | 08 | -------------------------------------------------------------------------------- | Estonia | 2,676 | 3,580 | 171 | 229 | 30.9% | 29.5% | 2 | 2 | -------------------------------------------------------------------------------- | Latvia | 1,067 | 1,794 | 68 | 115 | 12.3% | 14.8% | 1 | 1 | -------------------------------------------------------------------------------- | Lithuan | 1,771 | 2,453 | 113 | 157 | 20.4% | 20.2% | 3 | 3 | | ia | | | | | | | | | -------------------------------------------------------------------------------- | Ukraine | 3,153 | 4299 | 202 | 275 | 36.4% | 35.5% | 3 | 4 | -------------------------------------------------------------------------------- | TOTAL | 8,667 | 12,12 | 554 | 776 | 100.0% | 100.0% | 9 | 10 | | | | 6 | | | | | | | -------------------------------------------------------------------------------- The retail sale of Skano has decreased most in Latvia. In Ukraine one store removed from Odessa into Kiev. Compared to same period of 2008 the retail sale has decreased by 28.5% in Q4 2009. Furniture Production The Furniture Factory'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. Furniture factory sales by countries -------------------------------------------------------------------------------- | | th EEK | th EUR | % of net sales | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Finland | 15,334 | 13,750 | 980 | 879 | 49.2% | 37.1% | -------------------------------------------------------------------------------- | Russia | 10,727 | 15,395 | 685 | 984 | 34.4% | 41.5% | -------------------------------------------------------------------------------- | Kazakhstan | 607 | 1,787 | 39 | 114 | 1.9% | 4.8% | -------------------------------------------------------------------------------- | Germany | 245 | 409 | 15 | 26 | 0.8% | 1.1% | -------------------------------------------------------------------------------- | Others | 499 | 354 | 33 | 23 | 1.6% | 1.0% | -------------------------------------------------------------------------------- | Subsidiarie | 3,743 | 5,377 | 239 | 343 | 12.0% | 14.5% | | s | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 31,155 | 37,072 | 1,991 | 2,369 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Building Materials Division The net sales of the Building Materials Division in fourth quarter amounted to 18.3 mil. kroons/1.2 mil. euros and loss to 0.7 mil. kroons/43 thousand euros. In the same period of the last year, the turnover of the division totalled 18.7 mil. kroons/1.2 mil. euros and the loss 0.8 mil. kroons/51 thousand euros. As compared to the previous year the turnover of the division has decreased by 0.4 mil. kroons/27 thousand euros and the profit has decreased by 0.1 mil. kroons/8 thousand euros. Net sales by geographical segments -------------------------------------------------------------------------------- | | th. EEK | th. EUR | % of net sales | -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | Q4 2009 | Q4 2008 | -------------------------------------------------------------------------------- | Finland | 5,729 | 7,308 | 366 | 467 | 31.4% | 39.1% | -------------------------------------------------------------------------------- | Estonia | 7,045 | 7,069 | 450 | 452 | 38.6% | 37.8% | -------------------------------------------------------------------------------- | Portugal | 114 | 634 | 7 | 41 | 0.6% | 3.4% | -------------------------------------------------------------------------------- | Russia | 2,232 | 1,552 | 143 | 100 | 12.2% | 8.3% | -------------------------------------------------------------------------------- | Latvia | 455 | 381 | 29 | 25 | 2.5% | 2.0% | -------------------------------------------------------------------------------- | Sweden | 1,427 | 732 | 92 | 46 | 7.8% | 3.9% | -------------------------------------------------------------------------------- | Germany | 132 | 113 | 9 | 7 | 0.7% | 0.6% | -------------------------------------------------------------------------------- | Lithuania | (54) | 278 | (4) | 17 | (0.3%) | 1.5% | -------------------------------------------------------------------------------- | Ukraine | 115 | 243 | 7 | 15 | 0.6% | 1.3% | -------------------------------------------------------------------------------- | Other countries | 846 | 373 | 54 | 24 | 4.6% | 2.0% | -------------------------------------------------------------------------------- | Subsidiaries | 209 | 0 | 14 | 0 | 1.1% | 0.0% | -------------------------------------------------------------------------------- | TOTAL | 18,250 | 18,683 | 1,167 | 1,194 | 100.0% | 100.0% | -------------------------------------------------------------------------------- Consolidated statement of financial position -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.200 | 31.12.2009 | 31.12.2008 | | | 9 | 8 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 6,091 | 6,913 | 389 | 442 | -------------------------------------------------------------------------------- | Receivables and | 18,810 | 19,568 | 1,202 | 1,250 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 41,912 | 68,096 | 2,680 | 4,351 | -------------------------------------------------------------------------------- | Total current assets | 66,813 | 94,577 | 4,271 | 6,043 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,893 | 185 | 185 | -------------------------------------------------------------------------------- | Tangible fixed assets | 63,083 | 66,333 | 4,031 | 4,239 | -------------------------------------------------------------------------------- | Intangible fixed assets | 14 | 21 | 1 | 1 | -------------------------------------------------------------------------------- | Total fixed assets | 65,990 | 69,247 | 4,217 | 4,425 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 132,803 | 163,824 | 8,488 | 10,468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 8,048 | 17,722 | 514 | 1,132 | -------------------------------------------------------------------------------- | Payables and prepayments | 22,742 | 43,646 | 1,454 | 2,790 | -------------------------------------------------------------------------------- | Short-term provisions | 118 | 115 | 8 | 7 | -------------------------------------------------------------------------------- | Total current liabilities | 30,908 | 61,483 | 1,976 | 3,929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 27,084 | 27,720 | 1,731 | 1,772 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 3,303 | 3,421 | 211 | 219 | -------------------------------------------------------------------------------- | Total non-current | 30,387 | 31,141 | 1,942 | 1,991 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 61,295 | 92,624 | 3,918 | 5,920 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 | | value | | | | | -------------------------------------------------------------------------------- | Issue premium | 5,698 | 5,698 | 364 | 364 | -------------------------------------------------------------------------------- | Statutory capital reserve | 4,499 | 4,499 | 288 | 288 | -------------------------------------------------------------------------------- | Currency translation | 406 | 253 | 26 | 14 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 15,759 | 9,717 | 1,007 | 621 | -------------------------------------------------------------------------------- | Net profit for the year | 155 | 6,042 | 10 | 386 | -------------------------------------------------------------------------------- | Total equity | 71,508 | 71,200 | 4,570 | 4,548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 132,803 | 163,824 | 8,488 | 10,468 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated statement of comprehensive income -------------------------------------------------------------------------------- | Th EEK | Q4 2009 | Q4 2008 | 12 m 2009 | 12 m 2008 | | | | (adjusted) | | (adjusted) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 54,120 | 62,505 | 205,790 | 280,527 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (43,293) | (49,588) | (163,337) | (217,647) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 10,827 | 12,917 | 42,453 | 62,880 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (7,059) | (11,208) | (33,433) | (42,252) | -------------------------------------------------------------------------------- | General administrative | (1,408) | (1,965) | (5,462) | (6,960) | | expenses | | | | | -------------------------------------------------------------------------------- | Other income | 686 | 1,065 | 2,408 | 3,582 | -------------------------------------------------------------------------------- | Other expenses | (517) | (4,657) | (3,189) | (6,080) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | (2,529) | (3,848) | 2,777 | 11,170 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (206) | (541) | (2,553) | (3,454) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss before taxes | (2,323) | (4,389) | 224 | 7,716 | -------------------------------------------------------------------------------- | Prepaid income tax | (69) | 0 | (69) | (1,674) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS FOR THE | 2,254 | (4,389) | 155 | 6,042 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 0.50 | (0.98) | 0.03 | 1.34 | -------------------------------------------------------------------------------- | Diluted earnings per | 0.50 | (0.98) | 0.03 | 1.34 | | share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency translation | (329) | 515 | 153 | 214 | | differences | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 1,925 | (3,874) | 308 | 6,256 | | INCOME | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Th EUR | Q4 2009 | Q4 2008 | 12 m 2009 | 12 m 2008 | | | | (adjusted) | | (adjusted) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 3,459 | 3,995 | 13,152 | 17,929 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (2,767) | (3,169) | (10,439) | (13,910) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 692 | 826 | 2,713 | 4,019 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (452) | (716) | (2,137) | (2,700) | -------------------------------------------------------------------------------- | General administrative | (90) | (126) | (349) | (445) | | expenses | | | | | -------------------------------------------------------------------------------- | Other income | 44 | 68 | 154 | 229 | -------------------------------------------------------------------------------- | Other expenses | (33) | (298) | (204) | (389) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 161 | (246) | 177 | 714 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (13) | (35) | (163) | (221) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss before taxes | 148 | (281) | 14 | 493 | -------------------------------------------------------------------------------- | Prepaid income tax | (4) | 0 | (4) | (107) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT/LOSS FOR THE | 144 | (281) | 10 | 386 | | PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 0.03 | (0.06) | 0.00 | 0.09 | -------------------------------------------------------------------------------- | Diluted earnings per | 0.03 | (0.06) | 0.00 | 0.09 | | share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency translation | (21) | 31 | 12 | 12 | | differences | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 123 | (250) | 22 | 398 | | INCOME | | | | | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee