Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

VSN: Financial result, 9 month 2011

Spekuliantai.lt | 2011-11-30 | NASDAQ OMX biržų naujienos | perskaitė: 835
Raktiniai žodžiai: AS Viisnurk, VSN
VSN: Financial result, 9 month 2011

Viisnurk Quarterly report 30.11.2011

Financial result, 9 month 2011

Pärnu, Estonia, 2011-11-30 15:05 CET (GLOBE NEWSWIRE) --

Consolidated net sales of third quarter 2011 was 4.2 mil. euros representing a
19% increase on the third quarter compared to third quarter 2010. The
comparable business units of the company (Pärnu softboard factory, Pärnu
furniture factory and retail chain Skano) exhibited the total increase of
business revenue of 122%, increasing from 172 thousand euros in 2010 to 381
thousand euros in the third quarter of 2011. Nevertheless, the single start-up
costs of recently acquired Püssi softboard factory brought a business loss to
the unit in the amount of 364 thousand euros.

According to IFRS interim report must comply the same accounting principles as
described in last published annual report. On 25. May 2011 AS Viisnurk acquired
bankruptcy assets as Püssi softboard factory, main activity production of
softboards, and paid for the business entity 4 mil. euros. The group applied
the acquisition method to account for business combinations and compiled
acquisition analysis. According to that, identifiable assets acquired (no
liabilities were transferred) in a business combination were measured initially
at their fair values at the amount 6.64 mil. euros. The fair value of land and
buildings is 0.72 mil. euros and fair value of machinery and equipment is 5.92
mil. euros. During the process of valuation, the help of external experts were
used – at bigger subjects the production line was valued by Põyry Management
Consulting Oy and real estate by Uus Maa real estate office. Due to the sales
of bankruptcy assets at the situation, where the potential buyers had
difficulties to find financing, Viisnurk had opportunity to aquire the assets
cheaper than the fair value. The consideration transferred, 4.19 mil. euros,
was less than the fair value of the net assets of the unit – 6.64 mil. euros,
and the difference was recognized directly in the income statement in the
amount of 2.46 mil. euros. The total land plot area is 16.23 ha and buildings
area 7684 m2.

Due to the given circumstances the Concern’s consolidated net profit of the
third quarter was 2.4 mil. euros. The management wishes to emphasize once again
that the given result has been considerably influenced by single revenues and
expenditures and therefore has no significant meaning as a reference base.

By business units, Pärnu furniture factory exhibited 23% increase of revenue in
the third quarter and extended up to 1.6 mil. euros. Compared to the third
quarter of the previous year, the profit increased twice and reached 129
thousand euros.

Turnover in Skano retail chain in the third quarter increased 14% compared to
the previous year and made 448 thousand euros. As a result, the net loss of
Skano in the third quarter was 1 thousand euros compared to the loss of 92
thousand euros in 2010. The results of Skano are also considerably influenced
by currency movements which brought exchange gains in the amount of 45 thousand
euros in the third quarter of this year compared to the exchange losses of the
previous year in the amount of 80 thousand euros. Although as an independent
unit Skano is still far from the objectives established by the management then
from the standpoint of the enterprise it has yet brought positive receipts to
the group throughout the crisis as the furniture factory sells its production
to Skano upon market conditions and profitably. With the past 9 months of 2011
the sales of the furniture factory to Skano have made up the total of 663
thousand euros by bringing gross profit to the furniture factory and sales
margin for covering the general expenses of the division to a considerably
larger extent compared to the net loss of Skano division in the same period.
The results of Skano retail chain have remained below the expectations in
connection with the extremely low demand for durable goods caused by the
economic environment in Ukraine and the Baltic countries.

The turnover of Pärnu softboard factory and interior finishing panels’ line
decreased 2% compared to the third quarter of the previous year and made up 1.9
million euros. Decrease in turnover was caused by the selling out of the stock
and by a demand which was bigger than the production, which last year was
covered from the stock. Notwithstanding the small decrease in turnover, the
profit of Pärnu factory increased 25% and was 253 thousand euros. In connection
with the start-up of Püssi factory, the management expects approximately 15%
increase in the maximum production capacity of Pärnu factory starting from the
next year. This can be achieved on the account of a shorter standstill which so
far was spent on the adjustment of machinery for different products and the
more favourable product portfolio for the factory (transfer of floor panels’
production to Püssi factory).

Püssi softboard factory has started the first test production in the beginning
of August. Generally the launching has proceeded according to the planned
schedule but during the period of launching several standstills have occurred
related to adjusting and repair of equipment, which could be considered
natural. The company has considerably adjusted the parameters of the Püssi
production line as compared to the production before the purchase in order to
allow more efficient production process and lower risks. By October the cost
price of the product had decreased as compared to August by 48% and in the last
week of October the factory achieved the capacity that enables us to produce ca
4,500 m3 a month and the total sales of which would be ca 500 thousand Euros.
At the same time the launching of the factory on full capacity is continuing
step by step and based on the purchase orders received. Currently ca 70% of the
full capacity of the factory is used and the factory works in three shifts.
Taking into consideration the general cooling down of the economic environment
the management prefers to keep the stock low and maintain the liquidity reserve
in current situation. At the same time the company concentrates more than ever
on dispersing sales volumes outside Europe (primarily in Asia), which in longer
perspective would offer better protection against regional economic crises and
guarantee higher margins. Presuming that the economic environment in target
markets will not sharply deteriorate, the management shall expect the Püssi
softboard factory to achieve its full capacity during the second quarter in
2012. With the support of additional investments it is also possible to
increase the production capacity in future.



Financial highlights

th EUR 9 m 2011 9 m 2010 9 m 2009
Income statement
---------------------------------------------------
---------------------------------------------------
Revenue 12,513 9,875 9,693
EBITDA 3,334 1,017 364
EBITDA margin 26.6% 10.3% 3.8%
Operating profit 2,893 644 16
Operating margin 23.1% 6.5% 0.2%
Net profit 2,775 562 (134)
Net margin 22.2% 5.7% (1.4%)

Balance sheet (30.09)
---------------------------------------------------
---------------------------------------------------
Total assets 16,538 9,104 9,122
Return on assets 16.8% 6.2% (1.5%)
Equity 7,921 5,129 4,447
Return on equity 35.0% 11.0% (3.0%)
Debt-to-equity ratio 52.1% 43.7% 51.2%

Share (30.09)
---------------------------------------------------
---------------------------------------------------
Closing price 1.50 1.15 0.93
Earnings per share 0.62 0.12 (0.03)
Price-earnings ratio 2.42 9.21 -
Book value of a share 1.76 1.14 0.99
Market to book ratio 0.85 1.01 0.94
Market capitalization 6,749 5,174 4,184



EBITDA = Earnings before interest, taxes, deprecation and amortisation

EBITDA margin = EBITDA / Revenue

Operating margin = Operating profit / Revenue

Net margin = Net profit / Revenue

Return on assets = Net profit / Total assets

Return on equity = Net profit / Equity

Debt-to-equity ratio = Liabilities / Total assets

Earnings per share = Net profit / Total shares

Price-earnings ratio = Closing price / Earnings per share

Book value of a share = Equity / Total shares

Market to book ratio = Closing price / Book value of a share

Market capitalization = Closing price * Total shares



Divisional review

Net sales by business segments

th EUR sales growth % of net sales
Q3 2011 Q3 2010 % Q3 2011 Q3 2010
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Building Materials Division 2.309 2.017 14.5% 55.3% 57.3%
Furniture Factory 1.626 1.317 23.5% 38.9% 37.5%
Retail sales 448 392 14.3% 10.7% 11.2%
Elimination -206 -211 (4.9)% (6.0)%
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
TOTAL 4.177 3.515 18.8% 100.0% 100.0%



After the aquisition of Püssi softboard factory the main activity will change
to manufacturing of building materials.



Net sales by geographical segments

th EUR % of net sales
Q3 2011 Q3 2010 Q3 2011 Q3 2010
---------------------------------------------------
---------------------------------------------------
Finland 1,518 1,371 36.3% 39.0%
Russia 1,158 637 27.7% 18.1%
Estonia 734 759 17.6% 21.6%
Great Britain 173 22 4.1% 0.6%
Ukraine 149 155 3.6% 4.4%
Sweden 103 100 2.5% 2.8%
Lithuania 101 72 2.4% 2.0%
Latvia 97 122 2.3% 3.5%
Germany 31 8 0.7% 0.2%
Israel 24 21 0.6% 0.6%
Denmark 23 12 0.6% 0.3%
Kazakhstan 9 69 0.2% 2.0%
Other countries 57 167 1.4% 4.9%
---------------------------------------------------
Total 4,177 3,515 100.0% 100.0%

Regarding the markets, turnover has increased into Russia, Finland and Great
Britain. The percentage of turnover has decreased most in Estonia, Sweden,
Ukraine and Latvia.



Profit by business segments

th EUR Q3 2011 Q3 2010
---------------------------------------------
Building Materials Division 2,357 196
Furniture Factory 129 67
Skano (1) (92)
Elimination (19) 30
---------------------------------------------
TOTAL 2,466 201
---------------------------------------------
---------------------------------------------
Net financial costs (64) (29)
---------------------------------------------
NET PROFIT 2,402 172



Building Materials Division

The net sales of the Building Materials Division in third quarter amounted to
2.3 mil. euros and profit to 2,4 mil. euros. In the same period of the last
year, the turnover of the division totaled to 2.0 mil. euros and the profit 196
thousand euros. As compared to the previous year the turnover of the division
has increased by 236 thousand euros and the profit has increased by 2,2 mil.
euros.


Net sales by geographical segments

th EUR % of net sales
Q3 2011 Q3 2010 Q3 2011 Q3 2010
---------------------------------------------------
---------------------------------------------------
Finland 848 788 36.7% 39.1%
Estonia 537 619 23.3% 30.7%
Russia 426 213 18.4% 10.6%
Great Britain 173 54 7.5% 2.7%
Sweden 103 100 4.5% 5.0%
Latvia 43 64 1.9% 3.2%
Germany 31 8 1.3% 0.4%
Ukraine 26 10 1.1% 0.5%
Denamrk 23 12 1.0% 0.6%
India 0 24 0.0% 1.2%
Other countries 99 124 4.3% 6.2%
---------------------------------------------------
---------------------------------------------------
Total 2,309 2,016 100.0% 100.0%

Regarding the markets, turnover has increased into Finland, Russia and Great
Britain and decreased into Estonia and Latvia.



Net sales Profit
th EUR Q3 2011 Q3 2010 Q3 2011 Q3 2010
-----------------------------------------------------------------
-----------------------------------------------------------------
Pärnu softboard factory 1,359 1,464 198 140
Pärnu interior boards factory 551 484 55 61
Püssi softboard factory 323 - 2,091 -
Not allocated 76 68 13 (5)
-----------------------------------------------------------------
Total 2,309 2,016 2,357 196

Püssi softboard factory started the first test production in the beginning of
August. Generally the launching has proceeded according to the planned schedule
but during the period of launching several standstills have occurred related to
adjusting and repair of equipment. By now the problems have mostly been solved.
The production capacity of the Püssi softboard factory was 1,200 m3 in August,
2,600 m3 in September and 3,150 m3 in October. In the last week of October the
factory achieved a level where it is possible to produce around 4,500 m3 and
the potential total sales of which would be about 500 thousand euros per month.
The production cost of the product has decreased by 48% as compared to August.

In future it is planned to improve the production line and increase the speed
of the line and achieve a monthly production capacity of 5,500-6,000 m3. The
project related to the increase of production capacity can be processed, if the
existing capacity is in use and we see increasing demand. Currently our
construction material customers have given signals that their orders could
decrease. Therefore we have decided that during the fourth quarter of 2011 the
Püssi factory is going to work in three shifts and use around 70% of its
capacity. The above production capacity is currently covered with orders and
there is no intention to create large stocks.



Furniture Division

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 11
stores – two in Tallinn, Pärnu, Riga, Vilnius, two in Kiev, Donetsk, Kharkiv
and two in Dnipropetrovs’k at the end of the third quarter. The stores in
Kaunas and Kiev were closed on third quarter. The reason for closing in Kaunas
was continuously negative result and in Kiev significant rise of rent price,
which could cause negative result.



Retail sales by countries

th EUR % of net sales Number of stores
Q3 2011 Q3 2010 Q3 2011 Q3 2010 30.9.2011 30.9.2010
-------------------------------------------------------------------
-------------------------------------------------------------------
Estonia 179 120 40.0% 30.6% 3 2
Latvia 54 58 12.1% 14.8% 1 1
Lithuania 92 69 20.5% 17.6% 1 2
Ukraine 123 145 27.5% 37.0% 6 7
-------------------------------------------------------------------
-------------------------------------------------------------------
TOTAL 448 392 100.0% 100.0% 11 12





Furniture Production

The Furniture Factory’s sales in the third quarter in the company’s basic
target markets in Russia and Finland have increased. Our clients do not
estimate increase of demand in near future. Rather, a decrease in the
consumers’ certainty can be expected in the conditions of the European debt
crisis and therefore also a decrease in the sales turnover as a result.

The net sales of the Furniture Factory in third quarter amounted to 1.6 mil.
euros and profit to 129 thousand euros. In the same period of the last year,
the turnover of the division totalled 1.3 mil. euros and the profit 67 thousand
euros. As compared to the previous year the turnover of the division has
increased by 309 thousand euros and the profit has increased by 62 thousand
euros.



Furniture factory sales by countries

th EUR % of net sales
Q3 2011 Q3 2010 Q3 2011 Q3 2010
---------------------------------------------------
Russia 732 424 45.0% 32.2%
Finland 670 583 41.2% 44.3%
Estonia 18 20 1.1% 1.5%
Kazakhstan 0 69 0.0% 5.2%
Other countries 0 10 0.0% 0.8%
Skano 206 211 12.7% 16.0%
---------------------------------------------------
---------------------------------------------------
TOTAL 1,626 1,317 100.0% 100.0%



Forecast and development

As the outlook of Europe’s economy is unpredictable, our view of the future is
cautious. We believe that in connection with cooling of economics, demand may
decrease in the nearest future; we contribute to maintaining liquidity and not
creating an excess stock reserve. We will continue production only proceeding
from orders and according to the forecasts of our reliable partners. If the
production volume should decrease there is a danger that the enterprise’s
profitability will decrease as well.

Building Materials Division. On the main production line the production is
performed in four shifts round the clock in Pärnu softboard factory. If the
orders should decrease it is possible that that three shifts instead of four
shall be applied on the production line in the fourth quarter. In Isotex line
are used one or two shifts accordingly the demand of clients. Püssi softboard
factory shall operate in three shifts in the fourth quarter and according to
the preliminary evaluation this production is covered by orders. At the same
time management’s priority is raising the effectiveness and profitability
primarily in Püssi softboard factory.

In connection with the risk of decreasing sales volumes in Scandinavia we have
continued the search of customers from other areas, especially the Asian
countries as well as Russia. Despite the fact that Pärnu softboard factory
worked with full capacity we were not able to satisfy the demand for softboards
in the nearest countries in the second quarter of 2011 and therefore could not
offer goods to Asia. Presently we are continuing active sales work towards
Asia.

Skano. We do not expect significant growth of retail sale in the fourth quarter
of 2011. Therefore we shall continue to save the costs and do not plan any
extension of the retail chain.

Furniture Factory. In the third quarter of 2011 we expect similar turnover as
in the preceding quarters in the furniture factory, but the volume will still
remain lower than the production capabilities would allow. Therefore the
workload is continuously low in the furniture factory. Agreements have been
concluded with the employees for application of undertime until 31.03.2012.
From April 1, 2011 the business hours were extended, however for most of the
employees the weekly number of business hours will remain below 40.



Consolidated statement of financial position

th EUR 30.9.2011 31.12.2010 30.9.2010
----------------------------------------------------------------
----------------------------------------------------------------

Cash and bank 160 1,011 322
Receivables and prepayments 2,261 1,198 1,592
Inventories 3,100 2,484 2,783
Total current assets 5,521 4,693 4,697

Investment property 185 185 185
Tangible fixed assets 10,815 4,217 4,201
Intangible fixed assets 17 20 21
Total fixed assets 11,017 4,422 4,407

TOTAL ASSETS 16,538 9,115 9,104


Debt obligations 659 1,383 177
Payables and prepayments 2,692 1,462 1,550
Short-term provisions 1 8 2
Total current liabilities 3,352 2,853 1,729

Non-current debt obligations 5,067 733 2,040
Non-current provisions 198 198 206
Total non-current liabilities 5,265 931 2,246

Total liabilities 8,617 3,784 3,975

Share capital at nominal value 2,699 2,875 2,875
Issue premium 5,698 364 364
Statutory capital reserve 288 288 288
Currency translation 7 16 23
Retained profits 1,788 1,017 1,017
Net profit(loss) for the year 2,775 771 562
Total equity 7,921 5,331 5,129

TOTAL LIABILITIES AND EQUITY 16,538 9,115 9,104



Consolidated statement of comprehensive income

th EUR 3rd q 2011 3rd q 2010 9 m 2011 9 m 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RETURN ON SALES 4,176 3,515 12,513 9,875

Cost of production sold (3,573) (2,714) (10,022) (7,507)

Gross profit 603 801 2,491 2,368

Marketing expenses (516) (520) (1,700) (1,461)
General administrative expenses (102) (37) (349) (260)
Other income* 2,500 42 2,562 120
Other expenses (19) (85) (111) (123)

Operating profit 2,466 201 2,893 644

Financial income and financial (64) (29) (114) (82)
expenses

Profit(loss) before taxes 2,402 172 2,779 562
Prepaid income tax 0 0 (4) 0

NET PROFIT(LOSS) FOR THE PERIOD 2,402 172 2,775 562
Currency translation differences (21) 23 (9) (3)

TOTAL COMPREHENSIVE INCOME 2,381 195 2,766 559
Basic earnings per share 0.53 0.04 0.62 0.12
Diluted earnings per share 0.53 0.04 0.62 0.12

*The other income includes the gain from a bargain purchase 2,455 thousand euros


Einar Pähkel
CFO
+372 447 8331
[email protected]
http://www.viisnurk.ee


1. Viisnurk 2011 Q3 vahearuanne ENG.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=370584)

Taip pat skaitykite

DPK: Decisions of the regular meeting of shareholders dated 27.05.2013

VLN: NEW MUTUAL FUND TO THE BALTIC FUND CENTER

VLN: The results of the primary placement auction of Lithuanian Government securities

VLN: VVP pirminio platinimo aukciono rezultatai

2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

Komentarai



Ekonominis kalendorius

Prekybos statistika realiu laiku

Techninės analizės įrankis

Privatumo politika Reklama Kontaktai Paskolos RSS RSS
© 2006-2024 UAB All Media Digital