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Nordic Fibreboard AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Kuupäev
18.11.2008 09:14:40
Pealkiri
AS Viisnurk majandustulemused, III kvartal 2008
Teade
Kasum
Aruandeaasta III kvartali müügitulu oli 66,0 mln krooni/4,2 mln eurot (2007
aastal 51,0 mln krooni/3,3 mln eurot) mis tähendab 2007 aasta III kvartaliga
võrreldes 29,4%-list kasvu. Kontserni müügikäibe brutorentaablus oli 2008 aasta
III kvartalis 21,4% võrrelduna 2007. aasta III kvartali 18,6%-ga.
Konsolideeritud ärikasum oli 3,5 mln krooni/223 tuhat eurot (2007 aastal 1,4 mln
krooni/89 tuhat eurot), mis tähendab 2007 aasta III kvartaliga võrreldes
150,6%-list tõusu. Konsolideeritud müügikäibe ärirentaablus oli 5,3% (võrrelduna
2007 aasta III kvartali 2,7%-ga). Tulumaksu eelne kasum oli aruandeaasta III
kvartalis 2,3 mln krooni/147 tuhat eurot (2007 aastal 0,7 mln krooni/43 tuhat
eurot).
Konsolideeritud puhaskasum oli 2,3 mln krooni/147 tuhat eurot võrrelduna 2007
aasta III kvartali 0,7 mln krooniga/43 tuhande euroga ja puhasrentaablus oli
3,5% (võrrelduna 2007 aasta III kvartali 1,3%-ga). 2008 aasta III kvartalis oli
kontserni omakapitali puhasrentaablus 3,1% (võrrelduna 2007 aasta III kvartali
0,9%-ga) ja varade puhasrentaablus 1,3% (võrrelduna 2007 aasta III kvartali
0,4%-ga).
Käibe kasv võrreldes eelmise aastaga on aitanud kasvatada kasumit ja marginaale.
Bilanss
Kontserni koguvarade maht oli 30.9.2008 seisuga 181,3 mln krooni/11,6 mln eurot
(31.12.2007: 157,4 mln krooni/10,1 mln eurot), millest ettevõtte kohustused
moodustasid 30.9.2008 seisuga 106,3 mln krooni/6,8 mln eurot (31.12.2007: 86,2
mln krooni/5,5 mln eurot) ehk 59% (31.12.2007: 55%).
Nõuded ja ettemaksud on suurenenud 7,4 mln krooni/0,5 mln eurot, kasvades 9
kuuga 25%.
Varud kasvasid 9 kuuga 14,8 mln krooni/1,0 mln eurot, moodustades 30.9.2008
seisuga 69,6 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 mööblivabriku
ettevalmistusest sügiseseks hooajaks. Samuti on varud kasvanud seoses
jaemüügivõrgu laiendamisega. Materiaalne ja immateriaalne põhivara kasvas 3,4
mln krooni/0,2 mln eurot.
Lühiajalised laenukohustused olid seisuga 30.9.2008 12,1 mln krooni/0,8 mln
eurot (31.12.2007 8,8 mln krooni/0,6 mln eurot) ja suurenesid 9 kuuga kokku 3,4
mln krooni/0,2 mln eurot. Võlad hankijatele, maksukohustused, muud võlad, sh
võlad töötajatele ja eraldised moodustasid 53,5 mln kooni/3,4 mln eurot (seisuga
31.12.2007 37,5 mln krooni/2,4 mln eurot). Lühi- ja pikaajalised kohustused
kokku kasvasid 20,0 mln krooni/1,3 mln eurot 106,3 mln kroonini/6,8 mln euroni
(31.12.2007 86,2 mln krooni 5,5 mln eurot).
Ärivaldkondade ülevaade
Käive segmentide lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR | % käibest |
--------------------------------------------------------------------------------
| | III kv. | III kv.| III kv. | III kv. | III kv. | III kv. |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Mööblidivisjon | 37 293 | 27 051 | 2 384 | 1 729 | 56,5% | 53,0% |
--------------------------------------------------------------------------------
| s.h. jaemüük | 9 654 | 4 843 | 617 | 310 | 14,6% | 9,5% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Ehitusmaterjalid | 28 701 | 23 953 | 1 834 | 1 531 | 43,5% | 47,0% |
| e divisjon | | | | | | |
--------------------------------------------------------------------------------
| KOKKU | 65 994 | 51 004 | 4 218 | 3 260 | 100,0% | 100,0% |
--------------------------------------------------------------------------------
Käive turgude lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR | % käibest |
--------------------------------------------------------------------------------
| | III kv. | III kv. | III kv. | III kv. | III kv. | III kv. |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Soome | 26 388 | 25 262 | 1 686 | 1 614 | 40,0% | 49,5% |
--------------------------------------------------------------------------------
| Venemaa, | 16 952 | 8 648 | 1 083 | 554 | 25,7% | 17,0% |
| Ukraina, | | | | | | |
| Valgevene | | | | | | |
--------------------------------------------------------------------------------
| Eesti | 14 447 | 12 310 | 924 | 788 | 21,9% | 24,1% |
--------------------------------------------------------------------------------
| Läti, Leedu | 4 904 | 2 661 | 313 | 170 | 7,4% | 5,2% |
--------------------------------------------------------------------------------
| Rootsi | 1 148 | 383 | 74 | 24 | 1,7% | 0,8% |
--------------------------------------------------------------------------------
| Saksamaa | 544 | 1 118 | 35 | 71 | 0,8% | 2,2% |
--------------------------------------------------------------------------------
| Teised riigid | 1 611 | 622 | 103 | 39 | 2,4% | 1,2% |
--------------------------------------------------------------------------------
| KOKKU | 65 994 | 51 004 | 4 218 | 3 260 | 100,0% | 100,0% |
--------------------------------------------------------------------------------
Turgude lõikes on käivet suurendatud kõigis piirkondades. Suhteliselt väiksem
osa käibest läheb Eestisse, enim on kasvanud Venemaa, Ukraina, Valgevene ning
Läti ja Leedu osa. Lätis ja Leedus on peapõhjuseks 2007 aasta mais avatud
kauplused Leedus, mis 2007 aasta III kvartalis olid veel käivitumisfaasis,
samuti toimus Läti kaupluse kolimine atraktiivsemale pinnale 2007 aasta
novembris.
Brutokasum segmentide lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR | Brutorentaablus |
--------------------------------------------------------------------------------
| | III kv. | III kv. | III kv. | III kv. | III kv. | III kv. |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Mööblidivisjon | 9 160 | 2 891 | 585 | 185 | 24,6% | 10,7% |
--------------------------------------------------------------------------------
| s.h. jaemüük | 5 271 | 2 218 | 337 | 142 | 54,6% | 45,8% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Ehitusmaterjali | 4 968 | 5 763 | 318 | 368 | 17,3% | 24,1% |
| de divisjon | | | | | | |
--------------------------------------------------------------------------------
| KOKKU | 14 128 | 8 654 | 903 | 553 | 21,4% | 17,0% |
--------------------------------------------------------------------------------
Ehitusmaterjalide divisjonis on brutorentaablus kahanenud peamiselt muutuste
tõttu tooteportfelis ja kulud energiale (elekter ja soojus) on võrreldes 2007
aasta III kvartaliga kasvanud 20%.
Kasum segmentide lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR |
--------------------------------------------------------------------------------
| | III kv. | III kv. | III kv. | III kv. |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Mööblidivisjon | 2 261 | 642 | 143 | 41 |
--------------------------------------------------------------------------------
| s.h. jaemüük (Skano) | (337) | (436) | (21) | (28) |
--------------------------------------------------------------------------------
| Ehitusmaterjalide | 1 692 | 1 131 | 109 | 73 |
| divisjon | | | | |
--------------------------------------------------------------------------------
| KOKKU | 3 953 | 1 773 | 252 | 114 |
--------------------------------------------------------------------------------
| Jagamata kulud | (462) | (379) | (29) | (25) |
--------------------------------------------------------------------------------
| ÄRIKASUM | 3 491 | 1 394 | 223 | 89 |
--------------------------------------------------------------------------------
| Neto finantskulud | (1 192) | (726) | (76) | (46) |
--------------------------------------------------------------------------------
| KASUM ENNE TULUMAKSU | 2 299 | 668 | 147 | 43 |
--------------------------------------------------------------------------------
| Tulumaks | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| PUHASKASUM | 2 299 | 668 | 147 | 43 |
--------------------------------------------------------------------------------
Mööblidivisjon
Viisnurga mööblidivisjoni 2008 aasta III kvartali müügitulu oli 37,3 mln
krooni/2,4 mln eurot (2007: 27,1 mln krooni/1,7 mln eurot) ning majandustulemus
2,3 mln krooni/143 tuhat eurot (2007: 0,6 mln krooni/41 tuhat eurot). Võrreldes
eelmise aasta sama perioodiga on divisjoni käive suurenenud 10,2 mln krooni/655
tuhat eurot ehk 37,9%.
Mööbli jaemüük - Skano
Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008 aasta III kvartalis
tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri
laienemine hõlmab endas kodumööblit ja sisustuskaupasid pakkuvate uute kaupluste
avamist erinevatel Ida-Euroopa turgudel.
Jaemüük riikide lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR | % käibest | Kaupluste arv |
--------------------------------------------------------------------------------
| |III kv |III kv |III kv | III kv | III kv | III kv | 30.9.08| 30.9.07 |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Eesti | 2 814 | 3 139 | 179 | 201 | 29,2% | 64,8% | 2 | 2 |
--------------------------------------------------------------------------------
| Läti | 2 257 | 697 | 146 | 45 | 23,4% | 14,4% | 1 | 1 |
--------------------------------------------------------------------------------
| Leedu | 1 848 | 1 007 | 118 | 64 | 19,1% | 20,8% | 3 | 3 |
--------------------------------------------------------------------------------
| Ukrain | 2 735 | - | 174 | - | 28,3% | - | 5 | 1 |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| KOKKU | 9 654 | 4 843 | 617 | 310 | 100,0% | 100,0% | 11 | 7 |
--------------------------------------------------------------------------------
Mööblidivisjoni jaemüük näitab endiselt kasvutendentsi. 2008 aasta III kvartalis
on jaemüük kasvanud 99% võrreldes eelmise aasta III kvartaliga. Sealjuures on
seisuga 30.9.2007 olemasolevate kaupluste (Tallinn, Riia, Pärnu, Vilnius,
Kaunas, Klaipeda, Harkov) müük 2008 aasta III kvartalis võrreldes eelmise aasta
sama perioodiga tõusnud 53%.
Uute kaupluste avamine Ukrainas on esialgsest plaanist maas ja seoses jaheneva
majanduskliimaga otsustas ettevõte ajutiselt peatada uute kaupluste avamise.
Aruande avaldamise hetkel on Ukrainas suletud üks kauplus, mis kolitakse uuele
pinnale hiljemalt 2009 aasta I kvartalis.
Mööbli tootmine
Mööblidivisjoni 2008 aasta III kvartali müük on mõlemal põhiturul Soomes ja
Venemaal läinud hästi ja võrreldes 2007 aasta sama perioodiga on müük kasvanud.
Ehitusmaterjalide divisjon
hitusmaterjalide divisjonis saavutati 2008 aasta III kvartali müügituluks 28,7
mln krooni/1,8 mln eurot ja kasumiks 1,7 mln krooni/109 tuhat eurot. Eelmise
aasta samal perioodil oli divisjoni käive 24,0 mln krooni/1,5 mln eurot ja kasum
1,1 mln krooni/73 tuhat eurot. Võrreldes eelmise aastaga on divisjoni käive
suurenenud 4,7 mln krooni/303 tuhat eurot ja kasum kasvanud 0,6 mln krooni/36
tuhat eurot.
Käive piirkondade lõikes
--------------------------------------------------------------------------------
| | tuh EEK | tuh EUR | % käibest |
--------------------------------------------------------------------------------
| | III kv. | III kv. | III kv. | III kv. | III kv. | III kv. |
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Soome | 12 973 | 12 152 | 829 | 777 | 45,2% | 50,7% |
--------------------------------------------------------------------------------
| Eesti | 11 083 | 8 876 | 708 | 567 | 38,6% | 37,1% |
--------------------------------------------------------------------------------
| Venemaa, | 1 852 | 1 323 | 118 | 85 | 6,5% | 5,5% |
| Ukraina, | | | | | | |
| Valgevene | | | | | | |
--------------------------------------------------------------------------------
| Rootsi | 1 148 | 383 | 73 | 24 | 4,0% | 1,6% |
--------------------------------------------------------------------------------
| Läti, Leedu | 946 | 960 | 61 | 61 | 3,3% | 4,0% |
--------------------------------------------------------------------------------
| Saksamaa | 229 | 259 | 15 | 17 | 0,8% | 1,1% |
--------------------------------------------------------------------------------
| Teised riigid | 470 | 0 | 30 | 0 | 1,6% | 0,0% |
--------------------------------------------------------------------------------
| KOKKU | 28 701 | 23 953 | 1 834 | 1 531 | 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 III 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
märkimisväärse kasv. Tootmisvõimsuse potentsiaali suurenemisega seoses on
algatatud tegevused uute turgude leidmiseks. Eelkõige näeb ettevõte potentsiaali
idaturgudel nagu Venemaa, Ukraina ja teised endised idabloki riigid.
Laeplaatide müügi maht moodustab Isotex plaatide müügist 81% (2007 vastavalt
80%).
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. Aastal
2009 esialgsete plaanide kohaselt uusi avamisi ette ei võeta, kuivõrd jahtuva
majanduskeskkonna tingimustes soovib ettevõte minimeerida laienemisega seotud
riske ning hoida piisavat likviidsust. Jaekaubanduse üksuse loomisega sisenes AS
Viisnurk mööbli ja sisustuskaupade jaemüügi ärivaldkonda, mida opereerib 1.
septembril 2003. aastal registreeritud AS Viisnurga 100% osalusega äriühing OÜ
Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas.
2009 aastaks prognoosime käibe kahanemist ka turgudel, kus AS Viisnurk ise
mööbli jaekaubandusega ei tegele ning seeläbi ka tootmise vähenemist
mööblivabrikus.
Lähtuvalt põhilistel sihtturgudel valitsevast suhteliselt jahedast
majanduskliimast ja vähesest nõudlusest ehitumaterjalidele on plaanis IV
kvartalis vähendada mõlema tootegrupi tootmismahtusid.
Kuigi 2008 aasta 9 kuu puhaskasum on nõrgem kui 2007 aasta sama perioodi
tulemus, on 2008 aasta 9 kuu tulemused plaanipärased. 2008 aasta III kvartali
kasum ületas eelmise aasta sama perioodi tulemust 1,6 mln krooni (104 tuhat
eurot) ehk 2,4 korda, seda osaliselt ka seetõttu, et 2007. aasta I kvartalis
müüdi ehitusmaterjalide laovaru praktiliselt välja ning suveperioodiks III
kvartalis ei õnnestunud suure nõudluse tõttu koguda piisavalt varusid. Kuna
nõudlus on IV kvartalis oluliselt langenud, siis käesoleva aasta IV kvartalisse
prognoosib juhatus väikese kasumi. Tõenäoliselt jääb 2008 aasta puhaskasum
väiksemaks 2007 aasta kasumist.
Investeeringud
Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2008 aasta III kvartalis
tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri
laienemine hõlmab endas kodumööblit ja sisutuskaupu pakkuvate uute kaupluste
avamist erinevatel Ida-Euroopa turgudel.
2008 aasta 9 kuuga moodustasid investeeringud seadmetesse 7,3 mln krooni/469
tuhat eurot ja ehitistesse 2,7 mln krooni/169 tuhat eurot. 2007 aasta 9 kuuga
olid investeeringud seadmetesse 3,4 mln krooni/215 tuhat eurot ja ehitistesse
10,6 mln krooni/678 tuhat eurot.
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| | tuh EEK | tuh EEK | tuh EUR | tuh EUR |
--------------------------------------------------------------------------------
| | 30.9.2008 | 31.12.2007 | 30.9.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Raha | 4 302 | 6 006 | 275 | 384 |
--------------------------------------------------------------------------------
| Nõuded ja ettemaksud | 37 211 | 29 859 | 2 378 | 1 908 |
--------------------------------------------------------------------------------
| Varud | 69 585 | 54 742 | 4 449 | 3 499 |
--------------------------------------------------------------------------------
| Käibevara kokku | 111 098 | 90 607 | 7 102 | 5 791 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 2 893 | 2 893 | 185 | 185 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 67 315 | 63 727 | 4 301 | 4 073 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 22 | 220 | 1 | 14 |
--------------------------------------------------------------------------------
| Põhivara kokku | 70 230 | 66 840 | 4 487 | 4 272 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AKTIVA KOKKU | 181 328 | 157 447 | 11 589 | 10 063 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Laenukohustused | 12 144 | 8 782 | 776 | 561 |
--------------------------------------------------------------------------------
| Võlad ja ettemaksed | 53 394 | 37 488 | 3 412 | 2 396 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 102 | 264 | 7 | 16 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | 65 640 | 46 534 | 4 195 | 2 973 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pikaajalised | 37 678 | 36 734 | 2 408 | 2 348 |
| laenukohustused | | | | |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | 2 936 | 2 936 | 188 | 188 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | 40 614 | 39 670 | 2 596 | 2 536 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kohustused kokku | 106 254 | 86 204 | 6 791 | 5 509 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 |
| nimiväärtuses | | | | |
--------------------------------------------------------------------------------
| Ülekurss | 5 698 | 5 698 | 364 | 364 |
--------------------------------------------------------------------------------
| Kohustuslik | 4 499 | 4 499 | 288 | 288 |
| reservkapital | | | | |
--------------------------------------------------------------------------------
| Muud reservid | (262) | 39 | (17) | 3 |
--------------------------------------------------------------------------------
| Eelmiste perioodide | 9 717 | 3 359 | 621 | 215 |
| jaotamata kasum | | | | |
--------------------------------------------------------------------------------
| Aruandeaasta kasum | 10 431 | 12 657 | 667 | 809 |
--------------------------------------------------------------------------------
| Omakapital kokku | 75 074 | 71 243 | 4 798 | 4 554 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PASSIVA KOKKU | 181 328 | 157 447 | 11 589 | 10 063 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| tuh EEK | III kvartal| III kvartal| 9 kuud | 9 kuud |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 65 994 | 51 004 | 218 022 | 180 505 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | (51 866) | (41 519) | (169 267) | (142 517) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Brutokasum | 14 128 | 9 485 | 48 755 | 37 988 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | (10 097) | (6 501) | (31 044) | (21 175) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Üldhalduskulud | (1 309) | (1 270) | (3 787) | (2 530) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | 1 260 | 7 | 2 518 | 125 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud ärikulud | (491) | (327) | (1 427) | (570) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum | 3 491 | 1 394 | 15 015 | 13 838 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Neto finantskulu | (1 192) | (726) | (2 910) | (1 963) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | 2 299 | 668 | 12 105 | 11 875 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividendide tulumaks | 0 | 0 | (1 674) | (475) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 2 299 | 668 | 10 431 | 11 400 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia | 0,51 | 0,15 | 2,32 | 2,53 |
| kohta | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | 0,51 | 0,15 | 2,32 | 2,53 |
| aktsia kohta | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| tuh EUR | III kvartal| III kvartal| 9 kuud | 9 kuud |
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 4 218 | 3 260 | 13 934 | 11 536 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | (3 315) | (2 654) | (10 819) | (9 109) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Brutokasum | 903 | 606 | 3 115 | 2 427 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | (645) | (415) | (1 983) | (1 353) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Üldhalduskulud | (84) | (81) | (242) | (162) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | 80 | 0 | 160 | 8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud ärikulud | (31) | (21) | (91) | (36) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum | 223 | 89 | 959 | 884 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Neto finantskulu | (76) | (46) | (185) | (125) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | 147 | 43 | 774 | 759 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividendide tulumaks | 0 | 0 | (107) | (30) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 147 | 43 | 667 | 729 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia | 0,03 | 0,01 | 0,15 | 0,16 |
| kohta | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | 0,03 | 0,01 | 0,15 | 0,16 |
| aktsia kohta | | | | |
--------------------------------------------------------------------------------
Einar Pähkel
Finantsdirektor
447 8331
einar.pahkel@viisnurk.ee
Pealkiri
AS Viisnurk financial result, Q3 2008
Teade
Profits
Consolidated net sales of third quarter 2008 was 66.0 mil. kroons/4.2 mil. euros
(51.0 mil. kroons/3.3 mil. euros in same period of 2007) representing a 29.4%
increase on the third quarter compared to Q3 2007. The Group's gross margin in
the third quarter of 2008 reached 21.4% compared to 18.6% in the third quarter
of 2007. Consolidated operating profit amounted to 3.5 mil. kroons/223 thousand
euros (1.4 mil. kroons/89 thousand euros in 2007), representing a 150.6%
progress compared to Q3 2007. The consolidated operating margin of net sales
reached 5.3% (up from 2.7% in Q3 2007). Profit before tax amounted to 2.3 mil.
kroons/147 thousand euros in Q3 2008 (0.7 mil. kroons/43 thousand euros in Q3
2007).
Consolidated net profit amounted to 2.3 mil. kroons/147 thousand euros, compared
to 0.7 mil. kroons/43 thousand euros in Q3 2007), and the net margin was 3.5%
(up from 1.3% in Q3 2007). In Q3 2008, the Group's return on equity was 3.1% (up
from 0.9% in Q3 2007) and return on assets was 1.3% (up from 0.4% in Q3 2007).
The increase of turnover has helped to increase margins and net profit in
comparison with the previous year.
Balance sheet
As of the end of September 2008 the total assets of Viisnurk amounted to 181.3
mil. kroons/11.6 mil. euros (31.12.2007: 157.4 mil. kroons/10.1 mil. euros). The
liabilities of the company accounted for 59% (31.12.2007: 55%) thereof, i.e.
106.3 mil. kroons/6.8 mil. euros (31.12.2007: 86.2 mil. kroons/5.5 mil. euros).
Receivables and prepayments have increased by 7.4 mil. kroons/0.5 mil. euros
i.e. 25% increase with 9 months.
Inventories increased by 14.8 mil. kroons/1.0 mil. euros to reach 69.6 mil.
kroons/4.4 mil. euros at 30 September 2008. (31.12.2007: 54.7 mil. kroons/3.5
mil. euros). The growth in inventory results primarily from the retail expansion
and preparation for autumn season in furniture factory. Property, plant and
intangibles increased by 3.4 mil. kroons/0.2 mil. euros.
Short-term loans increased by 3.4 mil. kroons/0.2 mil. euros and amounted in 30
September 2008 12.1 mil. kroons/0.9 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 53.5 mil. kroons/3.4 mil.
euros (31.12.2007: 37.5 mil. kroons/2.4 mil. euros). Current and non-current
liabilities increased by 20.0 mil. kroons/1.3 mil. euros to 106.3 mil.
kroons/6.8 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 |
--------------------------------------------------------------------------------
| | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 |
--------------------------------------------------------------------------------
| Furniture | 37,293 | 27,051 | 2,384 | 1,729 | 56.5% | 53.0% |
| Division | | | | | | |
--------------------------------------------------------------------------------
| incl. retail | 9,654 | 4,843 | 617 | 310 | 14.6% | 9.5% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Building | 28,701 | 23,953 | 1,834 | 1,531 | 43.5% | 47.0% |
| Materials | | | | | | |
| Division | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 65,994 | 51,004 | 4,218 | 3,260 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Net sales by geographical segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales |
--------------------------------------------------------------------------------
| | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 |
--------------------------------------------------------------------------------
| Russia, Ukraine, | 16,952 | 8,648 | 1,083 | 554 | 25.7% | 17.0% |
| Belorusian | | | | | | |
--------------------------------------------------------------------------------
| Estonia | 14,447 | 12,310 | 924 | 788 | 21.9% | 24.1% |
--------------------------------------------------------------------------------
| Latvia, | 4,904 | 2,661 | 313 | 170 | 7.4% | 5.2% |
| Lithuania | | | | | | |
--------------------------------------------------------------------------------
| Sweden | 1,148 | 383 | 74 | 24 | 1.7% | 0.8% |
--------------------------------------------------------------------------------
| Germany | 544 | 1,118 | 35 | 71 | 0.8% | 2.2% |
--------------------------------------------------------------------------------
| Other countries | 1,611 | 622 | 103 | 39 | 2.4% | 1.2% |
--------------------------------------------------------------------------------
| Total | 65,994 | 51,004 | 4,218 | 3,260 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Concerning the markets, turnover has been increased in all areas. Relatively
smaller share of the turnover goes to Estonia whereas the share of Russia,
Ukraine, Byelorussia, Latvia and Lithuania has increased the most. The chief
reasons in Latvia and Lithuania were the stores opened in Lithuania in May 2007
which in the III quarter of 2007 were still in the start-up phase. Moreover, the
store in Latvia moved to a more attractive location in November 2007.
Gross profit by business segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | Gross margin |
--------------------------------------------------------------------------------
| | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 |
--------------------------------------------------------------------------------
| Furniture | 9,160 | 2,891 | 585 | 185 | 24.6% | 10.7% |
| Division | | | | | | |
--------------------------------------------------------------------------------
| incl. retail | 5,271 | 2,218 | 337 | 142 | 54.6% | 45.8% |
| (Skano) | | | | | | |
--------------------------------------------------------------------------------
| Building | 4,968 | 5,763 | 318 | 368 | 17.3% | 24.1% |
| Materials | | | | | | |
| Division | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 14,128 | 8,654 | 903 | 553 | 21.4% | 17.0% |
--------------------------------------------------------------------------------
The reason for decreased gross margin in Building Material Division are changes
in product portfolio and cost for energy (electricity and steam), which
increased 20% compared to Q3 2007.
Profit by business segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR |
--------------------------------------------------------------------------------
| | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2007 |
--------------------------------------------------------------------------------
| incl. retail (Skano) | (337) | (436) | (21) | (28) |
--------------------------------------------------------------------------------
| Building Materials | 1,692 | 1,131 | 109 | 73 |
| Division | | | | |
--------------------------------------------------------------------------------
| TOTAL | 3,953 | 1,773 | 252 | 114 |
--------------------------------------------------------------------------------
| Unallocated expenses | (462) | (379) | (29) | (25) |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 3,491 | 1,394 | 223 | 89 |
--------------------------------------------------------------------------------
| Net financial costs | (1,192) | (726) | (76) | (46) |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 2,299 | 668 | 147 | 43 |
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| NET PROFIT | 2,299 | 668 | 147 | 43 |
--------------------------------------------------------------------------------
Furniture Division
The net sales of AS Viisnurk Furniture Division in third quarter amounted to
37.3 mil. kroons/2.4 mil. euros (2007: 27.1 mil. kroons/1.7 mil. euros) and the
economic result 2.3 mil. kroons/143 thousand euros as a profit (2007 0.6 mil.
kroons/41 thousand euros). As compared to the previous year the turnover of the
division has increased by 10.2 mil. kroons/655 thousand euros (37.9%).
Furniture Retail - Skano
Concerning the retail trade of the Furniture Division, the company continued its
strategic activities in the 3rd 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.
Retail sales by countries
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales | Number of stores |
--------------------------------------------------------------------------------
| | Q3 | Q3 | Q3 | Q3 | Q3 | Q3 |30.9.08 | 30.9.07 |
| | 2008 | 2007 | 2008 | 2008 | 2007 | 2008 | | |
--------------------------------------------------------------------------------
| Eston | 2,814 | 3,139 | 179 | 201 | 29.2% | 64.8% | 2 | 2 |
| ia | | | | | | | | |
--------------------------------------------------------------------------------
| Latvi | 2,257 | 697 | 146 | 45 | 23.4% | 14.4% | 1 | 1 |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Lithu | 1,848 | 1,007 | 118 | 64 | 19.1% | 20.8% | 3 | 3 |
| ania | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrai | 2,735 | - | 174 | - | 28.3% | - | 5 | 1 |
| ne | | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 9,654 | 4,843 | 617 | 310 | 100.0% | 100.0% | 11 | 7 |
--------------------------------------------------------------------------------
The retail sale of the Furniture Division shows a rising tendency. Within third
quarter this year the retail sale has increased by 99% as compared to the same
period last year. At the same time, the sales of third quarter of the stores
opened before 30.9.2008 (Tallinn, Riga, Pärnu, Vilnius, Kaunas, Klaipeda,
Kharkiv) have increased 53% compared to the same period in 2007.
The opening of new stores in Ukraine is slightly behind the initial schedule and
as a result of unexpectable economical situation management decided temporarily
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 at least 1st quarter 2009.
Furniture Production
The Furniture Division's sales in 3rd quarter in the company's basic target
market in Russia and Finland have proceeded good and compared to same period in
2007 sales has increased.
Building Materials Division
The net sales of the Building Materials Division in third quarter amounted to
28.7 mil. kroons/1.8 mil. euros and profit to 1.7 mil. kroons/109 thousand
euros. In the same period of the last year, the turnover of the division
totalled 24.0mil. kroons/1.5 mil. euros and the net profit 1.1 mil. kroons/73
thousand euros. As compared to the previous year the turnover of the division
has increased by 4.7 mil. kroons/303 thousand euros and the profit has increased
by 0.6 mil. kroons/36 thousand euros.
Net sales by geographical segments
--------------------------------------------------------------------------------
| | th. EEK | th. EUR | % of net sales |
--------------------------------------------------------------------------------
| | Q3 2008 | Q3 2007 | Q3 2008 | Q3 2008 | Q3 2007 | Q3 2008 |
--------------------------------------------------------------------------------
| Estonia | 11,083 | 8,876 | 708 | 567 | 38.6% | 37.1% |
--------------------------------------------------------------------------------
| Russia, Ukraine, | 1,852 | 1,323 | 118 | 85 | 6.5% | 5.5% |
| Belorusian | | | | | | |
--------------------------------------------------------------------------------
| Sweden | 1,148 | 383 | 73 | 24 | 4.0% | 1.6% |
--------------------------------------------------------------------------------
| Latvia, | 946 | 960 | 61 | 61 | 3.3% | 4.0% |
| Lithuania | | | | | | |
--------------------------------------------------------------------------------
| Germany | 229 | 259 | 15 | 17 | 0.8% | 1.1% |
--------------------------------------------------------------------------------
| Other countries | 470 | 0 | 30 | 0 | 1.6% | 0.0% |
--------------------------------------------------------------------------------
| TOTAL | 28,701 | 23,953 | 1,834 | 1,531 | 100.0% | 100.0% |
--------------------------------------------------------------------------------
Building Boards
The product group making up 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 3rd
quarter, where 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 started in order to find new markets. Above all, the company sees potential
in the eastern markets such as Russia, Ukraine and other former countries of the
eastern block.
The sales volume of ceiling boards makes up 81% of the sale of Isotex plates
(respectively 80% in 2007).
Forecast and development
One store 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. AS
Viisnurk needs to minimize risks related to expanding in cooling economical
situation, keep sufficient liquidity, and will not plan new openings in 2009.
Upon creating the retail unit, AS Viisnurk entered the business area of the
retail of furniture and furnishing goods that is operated by a private limited
company Skano, registered on September 1, 2003 and its subsidiaries in Latvia,
Lithuania and Ukraine. AS Viisnurk holds 100% of the shares of OÜ Skano.
For 2009 management forecasts decreasing of sales also in markets not related in
company's retail markets, and it will decrease the production volume in
furniture factory.
Based on relatively cold economical situation and low demand for building
materials in target markets management plans to decrease production volume of
both production group in 4th quarter.
Although the result of 9 months of 2008 is weaker compared to the same period of
2007, the results of 9 months of 2008 are on the level of expectations. The
profit of 3rd quarter exceeds the result of the same period of 2007 by 1.6 mil.
kroons (104 thousand euros) i.e. 2.4 times, partly for the reason of a great
demand and sale in 1st quarter of 2007, when almost the whole stock was sold out
and company did not have enough goods to sell in summer period 2007 (3rd
quarter). Demand is decreased essentially in 4th quarter and management
estimates a small profit for last quarter 2008.The net profit of 2008 probably
will be smaller than 2007.
Investments
Concerning the retail trade of the furniture division, the company continued its
strategic activities in the third 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 9 months 2008 investments into technology totalled 7.3 mil. kroons/469
thousand euros and into buildings 2.7 mil. kroons/169 thousand euros. At the
same period of 2007 investments into technology totalled 3.4 mil. kroons/215
thousand euros and into buildings 10.6 mil. kroons/678 thousand euros.
Consolidated balance sheet
--------------------------------------------------------------------------------
| | Th EEK | Th EEK | Th EUR | Th EUR |
--------------------------------------------------------------------------------
| | 30.9.2008 | 31.12.2007| 30.9.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and bank | 4 ,302 | 6,006 | 275 | 384 |
--------------------------------------------------------------------------------
| Receivables and | 37,211 | 29,859 | 2,378 | 1,908 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Inventories | 69,585 | 54,742 | 4,449 | 3,499 |
--------------------------------------------------------------------------------
| Total current assets | 111,098 | 90,607 | 7,102 | 5,791 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investment property | 2,893 | 2,893 | 185 | 185 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 67,315 | 63,727 | 4,301 | 4,073 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 22 | 220 | 1 | 14 |
--------------------------------------------------------------------------------
| Total fixed assets | 70,230 | 66,840 | 4,487 | 4,272 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 181,328 | 157,447 | 11,589 | 10,063 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debt obligations | 12,144 | 8,782 | 776 | 561 |
--------------------------------------------------------------------------------
| Payables and prepayments | 53,394 | 37,488 | 3,412 | 2,396 |
--------------------------------------------------------------------------------
| Short-term provisions | 102 | 264 | 7 | 16 |
--------------------------------------------------------------------------------
| Total current liabilities | 65,640 | 46,534 | 4,195 | 2,973 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current debt | 37,678 | 36,734 | 2,408 | 2,348 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Non-current provisions | 2,936 | 2,936 | 188 | 188 |
--------------------------------------------------------------------------------
| Total non-current | 40,614 | 39,670 | 2,596 | 2,536 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 106,254 | 86,204 | 6,791 | 5,509 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 |
| value | | | | |
--------------------------------------------------------------------------------
| Issue premium | 5,698 | 5,698 | 364 | 364 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 4,499 | 4,499 | 288 | 288 |
--------------------------------------------------------------------------------
| Currency translation | (262) | 39 | (17) | 3 |
| reserve | | | | |
--------------------------------------------------------------------------------
| Retained profits | 9,717 | 3,359 | 621 | 215 |
--------------------------------------------------------------------------------
| Net profit for the year | 10,431 | 12,657 | 667 | 809 |
--------------------------------------------------------------------------------
| Total equity | 75,074 | 71,243 | 4,798 | 4,554 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | 181,328 | 157,447 | 11,589 | 10,063 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
Consolidated income statement
--------------------------------------------------------------------------------
| Th EEK | Q3 2008 | Q3 2007 | 9 m 2008 | 9 m 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RETURN ON SALES | 65,994 | 51,004 | 218,022 | 180,505 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of production sold | (51,866) | (41,519) | (169,267) | (142,517) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 14,128 | 9,485 | 48,755 | 37,988 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | (10,097) | (6,501) | (31,044) | (21,175) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| General administrative | (1,309) | (1,270) | (3,787) | (2,530) |
| expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other income | 1,260 | 7 | 2,518 | 125 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other expenses | (491) | (327) | (1,427) | (570) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 3,491 | 1,394 | 15,015 | 13,838 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | (1,192) | (726) | (2,910) | (1,963) |
| financial expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before tax | 2,299 | 668 | 12,105 | 11,875 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | (1,674) | (475) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | 2,299 | 668 | 10,431 | 11,400 |
| PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | 0.51 | 0.15 | 2.32 | 2.53 |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.51 | 0.15 | 2.32 | 2.53 |
| share | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Th EUR | Q3 2008 | Q3 2007 | 9 m 2008 | 9 m 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RETURN ON SALES | 4,218 | 3,260 | 13,934 | 11,536 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of production sold | (3,315) | (2,654) | (10,819) | (9,109) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 903 | 606 | 3,115 | 2,427 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | (645) | (415) | (1,983) | (1,353) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| General administrative | (84) | (81) | (242) | (162) |
| expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other income | 80 | 0 | 160 | 8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other expenses | (31) | (21) | (91) | (36) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 223 | 89 | 959 | 884 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | (76) | (46) | (185) | (125) |
| financial expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before tax | 147 | 43 | 774 | 759 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | (107) | (30) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | 147 | 43 | 667 | 729 |
| PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | 0.03 | 0.01 | 0.15 | 0.16 |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.03 | 0.01 | 0.15 | 0.16 |
| share | | | | |
--------------------------------------------------------------------------------
Einar Pähkel
CFO
+372 447 8331
einar.pahkel@viisnurk.ee