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VSN: Financial result, 3 months 2012

Spekuliantai.lt | 2012-05-18 | NASDAQ OMX biržų naujienos | perskaitė: 1541
Raktiniai žodžiai: AS Viisnurk, VSN
VSN: Financial result, 3 months 2012

Viisnurk Quarterly report 18.05.2012

Financial result, 3 months 2012

Pärnu, Estonia, 2012-05-18 15:13 CEST (GLOBE NEWSWIRE) --

First quarter in short

Consolidated net sales of the first quarter 2012 increased 13% compared to the
same period 2011, and was 4.6 mil. euros. At the same time, consolidated EBITDA
decreased from 275 thousand euros in first quarter 2011 to 147 thousand euros
in first quarter 2012.

Relatively weak result of the first quarter was expected and the management
estimated that in the report of the fourth quarter. The sales growth came
basically from the sales of natural softboards products of Püssi factory and
from Skano retail chain, which grew 30% compared to the same period last year.

At the same time, net sales of the comparable business units of the company
(Pärnu softboard factory and Isotex unit, furniture factory and retail chain
Skano), decreased 8% compared to the first quarter of 2011. Sales into Finland
was 46% of total sales of the company in the first quarter of 2011, but at the
beginning of this year an unexpectedly big decrease of demand occurred and
sales into Finland dropped to 29% in the first quarter of this year. At the
same time sales into other markets has not decreased, but has moderate growth
and operating profit of comparable business units increased 7% and amounted to
138 thousand euros.

Despite of the decrease of sales, the profit of furniture factory increased by
2.6% and reached to 159 thousand euros. Factory works effectively and makes
profit; the profit margin of factory was 9% in the first quarter.

Retail sale made a 30% growth and was 553 thousand euros in the first quarter
of 2012, the result was 5 thousand euros loss caused by the change of exchange
rate of Ukrainian hryvnia in the amount of 24 thousand euros. The relevant
revenue of the sales of Skano is continuously furniture produced in Pärnu
furniture factory and it allows to operate the furniture factory more
profitable as without Skano retail sales.

The net sales of the Püssi factory in first quarter amounted to 733 thousand
euros and loss to 237 thousand euros. The sales of Püssi factory was operated
at half capacity due to the low sales volume.

As a positive trend it is possible to report the monthly sales of building
materials division during the first quarter of 2012: 674 thousand euros in
January, 761 thousand euros in February and 1,049 thousand euros in March. That
trend influenced positively the result of the group and it reached the profit
side in March. The monthly growth of sales was caused by increasing demand,
seasonality and better sales of Püssi factory.



Income statement

Consolidated net sales of first quarter 2012 was 4.6 mil. euros (4.0 mil. euros
in same period of 2011) representing a 13% increase on the first quarter
compared to Q1 2011. The Group’s gross margin in the first quarter of 2012 was
13.7% compared to 21.0% in the first quarter of 2011. Consolidated operating
loss amounted to 0.1 mil. euros (0.1 mil. euros profit in same period 2011).
The consolidated operating margin of net sales was -2.2% (3.2% in Q1 2011).

Consolidated EBITDA amounted to 147 thousand euros, compared to 275 thousand
euros in Q1 2011. Consolidated net loss amounted to 173 thousand euros,
compared to net profit of 102 thousand euros in Q1 2011, and the net margin was
-3.8% (2.5% in Q1 2011).

Position of financial statement

As of 31.3.2012 the total assets of Viisnurk amounted to 16.3 mil. euros
(31.12.2011: 16.0 mil. euros). The liabilities of the company accounted for
53.9% (31.12.2011: 51.8%) thereof, i.e. 8.8 mil. euros (31.12.2011: 8.3 mil.
euros).

Receivables and prepayments have increased by 0.5 mil. euros i.e. 27% increase
with 3 months. The reason of increase of receivables is small sales in December
2011, which essentially lowered the amount of receivables at the end of
December.

Inventories increased by 0.1 mil. euros to reach 3.3 mil. euros on 31.3.2012.
(31.12.2011: 3.2 mil. euros). Property, plant and intangibles decreased by 0.2
mil. euros mainly as a result of depreciation.

Short-term loans decreased by 0.1 mil. euros and amounted to 1.5 mil. euros in
31.3.2012 (31.12.2011: 1.4 mil. euros). Supplier payables, tax liabilities,
other payables, including payables to employees, and provisions amounted to 2.6
mil. euros (31.12.2011: 2.1 mil. euros). Current and non-current liabilities
increased by 0.5 mil. euros to 8.8 mil. euros (31.12.2011: 8.3 mil. euros).



Divisional review

Net sales by business segments

th. EUR % of net sales
Q1 2012 Q1 2011 Q1 2012 Q1 2011
---------------------------------------------------------------
Building Materials Division 2,485 1,980 54.5% 49.2%
Furniture Factory 1,757 1,854 38.5% 46.1%
Retail sales 553 426 12.1% 10.6%
Elimination (236) (236) (5.2)% (5.9)%
---------------------------------------------------------------
TOTAL 4,559 4,024 100.0% 100.0%



Net sales by geographical segments

th. EUR % of net sales
Q1 2012 Q1 2011 Q1 2012 Q1 2011
---------------------------------------------------
---------------------------------------------------
Finland 1,342 1,837 29.4% 45.7%
Russia 1,267 990 27.8% 24.6%
Estonia 564 437 12.4% 10.9%
Great Britain 455 8 10.0% 0.2%
Ukraine 204 162 4.5% 4.0%
Latvia 141 77 3.1% 1.9%
Lithuania 133 92 2.9% 2.3%
Nederland 133 0 2.9% 0.0%
Sweden 126 116 2.8% 2.9%
Denmark 48 52 1.1% 1.3%
Germany 32 15 0.7% 0.4%
China 21 0 0.5% 0.0%
India 18 71 0.4% 1.8%
Other countries 75 167 1.6% 4.2%
---------------------------------------------------
---------------------------------------------------
TOTAL 4,559 4,024 100.0% 100.0%

Regarding the markets, turnover has increased in Russia, Great Britain and
Nederland. The percentage of turnover has decreased in most in Finland and
India.



Profit by business segments

---------------------------------------------
th. EUR
Q1 2012 Q1 2012
---------------------------------------------
Furniture Factory 159 155
Skano (5) (112)
Building Materials Division (264) 74
Elimination 11 12
---------------------------------------------
TOTAL (99) 129
---------------------------------------------
Net financial costs (67) (25)
Income tax (7) (2)
---------------------------------------------
---------------------------------------------
NET PROFIT (173) 102





Building Materials Division

The net sales of the Building Materials Division in the first quarter of 2012
amounted to 2.5 mil. euros and loss to 264 thousand euros. In the same period
last year, the turnover of the division totalled to 2.0 mil. euros and the
profit 74 thousand euros. As compared to the previous year the turnover of the
division has increased by 505 thousand euros (26%). The growth of sales came
from production of Püssi softboard factory.


Net sales by geographical segments

th. EUR % of net sales
Q1 2012 Q1 2012 Q1 2012 Q1 2012
---------------------------------------------------
Finland 680 1,045 27.4% 52.8%
Great Britain 455 8 18.3% 0.4%
Russia 427 256 17.2% 12.9%
Estonia 362 267 14.6% 13.5%
Nederland 133 0 5.4% 0.0%
Sweden 126 116 5.1% 5.9%
Latvia 68 42 2.7% 2.1%
Denmark 48 52 1.9% 2.6%
Germany 32 15 1.3% 0.8%
Ukraine 27 13 1.1% 0.7%
Lithuania 21 6 0.8% 0.3%
China 21 0 0.8% 0.0%
India 18 71 0.7% 3.6%
Other countries 67 89 2.7% 4.5%
---------------------------------------------------
---------------------------------------------------
TOTAL 2,485 1,980 100.0% 100.0%

The biggest growth has been in sales to Great Britain and Russia. The
percentage of sales into Finland decreased remarkably. Despite of the growth of
sales the profit of the segment has decreased. Despite of the remarkable growth
of sales, profit of division decreased. Instead of one softboard production
unit the company operates now with two.



th EUR Net sales Profit
Q1 2012 Q1 2011 Q1 2012 Q1 2011
-----------------------------------------------------------------
Pärnu softboard factory 1,142 1,388 (88) 42
Pärnu interior boards factory 521 549 49 71
Püssi softboard factory 733 0 (237) 0
Not allocated 89 43 14 (39)
-----------------------------------------------------------------
TOTAL 2,485 1,980 (264) 74

The net sales of the Pärnu softboard factory and interiors boards line
decreased 16% in the first quarter of 2012 compared to the same quarter of 2011
and amounted to 1.7 mil. euros. As the result of decrease of sales and
stoppages, loss of these units amounted to 39 thousand euros. The loss is
connected with the decreasing sales volumes in Finland, where the activity of
construction sector was remarkably smaller in the first months of the year. As
for the weak demand, the factory did not work at full load. The production at
lowered capacity caused additional costs. Due to weak demand, the factory did
not work at full capacity during the first quarter.

The net sales of the Püssi factory in the first quarter amounted to 733
thousand euros and loss to 237 thousand euros. The sales of Püssi factory were
much smaller than expected. Company succeeded to conclude sales contracts with
several big costumers, but sales volumes are not sufficient to run the factory
at full load. The company continues with several negotiations, but
unfortunately the sales activity is inert and the conclusion of bigger
contracts takes time.

Although Püssi factory has reached, in the fourth quarter of the previous year,
a position to guarantee a sufficient volume, security of supply and quality for
corporate clients, without taking disproportionate risks, the attainment of
actual greater amounts of supplies have been taken longer than expected due to
the decreased demand in Finland, general uncertainty in the economic
environment in Europe, as well as a relatively lengthy procurement processes of
bigger retail chains. Whereas the existing customer base of Viisnurk prefers
keeping of low level reserves in the today’s environment and in the today’s
environment we do not expect an increase in the number of orders from the same
clients, then practically a total production volume of the Püssi factory shall
be sold to new clients. We are also continuously and substantially contributing
in dispersion of the customer base outside of Europe, especially to Asia.

Today the Püssi factory is operating at approximately of 50% of its capacity,
but we hope to significantly increase this percentage by the end of the second
quarter. It is also important to note that due to high fixed costs, the factory
shall, for a profitable outcome, be operated at as high capacity as possible,
which shall ensure a lower average cost price of the product. We are still
confident that purchasing of the Püssi was a very good decision in the medium
term and after introducing of significant technological and procedural changes
we have succeeded to reduce the cost price more than we had expected before the
purchase of the factory.



Furniture Division

Furniture Retail – Skano

AS Viisnurk retail business is operated by a private limited company OÜ Skano
Furniture and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has
totally 10 stores: two in Tallinn, Pärnu, Riga, Vilnius, two in Kiev, Donetsk,
Kharkiv and Dnipropetrovs’k. There was closed one store in Dnipropetrovs’k.



Retail sales by countries

th. EUR % of net sales Number of stores
Q1 2012 Q1 2011 Q1 2012 Q1 2011 31.03.12 31.03.11
-----------------------------------------------------------------
-----------------------------------------------------------------
Estonia 191 156 34.5% 36.6% 3 3
Latvia 73 35 13.2% 8.2% 1 1
Lithuania 112 86 20.3% 20.2% 1 2
Ukraine 177 149 32.0% 35.0% 5 7
-----------------------------------------------------------------
-----------------------------------------------------------------
TOTAL 553 426 100.0% 100.0% 10 13

The retail sale increased, but the Skano ended with small loss. The main
reasons for the result was loss from exchange rate of hryvnia (24 thousand
euros).

Furniture Factory

The Furniture Factory’s sales in the first quarter in one of the company’s
basic target market in Russia has increased and on other – in Finland,
decreased. Our clients estimate small increase of sales on second quarter (5-8%
compared to the last year).

The net sales of the Furniture Factory in the first quarter amounted to 1.8
mil. euros and profit to 159 thousand euros. In the same period last year, the
turnover of the factory totalled to 1.9 mil. euros and the profit 155 thousand
euros. As compared to the previous year the turnover of the factory has
decreased by 97 thousand euros and the profit has increased by 7 thousand
euros.



Furniture Factory sales by countries

th EUR % of net sales
Q1 2012 Q1 2011 Q1 2012 Q1 2011
---------------------------------------------------
---------------------------------------------------
Finland 662 792 37.7% 42.7%
Russia 840 734 47.8% 39.6%
Kazakhstan 0 78 0.0% 4.2%
Estonia 11 14 0.6% 0.8%
Other countries 8 0 0.5% 0.0%
Subsidiaries 236 236 13.4% 12.7%
---------------------------------------------------
---------------------------------------------------
TOTAL 1,757 1,854 100.0% 100.0%




Forecast and development

Building Materials Division. On the main production line the production is
performed in full capacity at Pärnu softboard factory. According to orders
list, factory fill produce in full capacity again in second quarter. Isotex
lines are used one or two shifts accordingly the demand of clients.

Due to the low demand Püssi softboard factory shall operate about 50% of
capacity in the second quarter 2012. The growth of production we estimate to
the end of second quarter 2012.

In connection with the decreasing sales volumes in Finland we have continued
the search of customers from other areas, especially the Asian countries.

Skano. We do not expect growth of retail sale in the first quarter of 2012.
Therefore we shall continue to save the costs and do not plan any extension of
the retail chain.

Furniture Factory. In the second quarter of 2012 we expect 10% sales growth
compared to first quarter 2012 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.



Financial highlights

th EUR Q1 2012 Q1 2011 Q1 2010
Income statement
------------------------------------------------------
------------------------------------------------------
Revenue 4,559 4,024 3,132
EBITDA 147 275 343
EBITDA margin 3.2% 6.8% 10.9%
Operating profit (99) 129 219
Operating margin (2.2%) 3.2% 7.0%
Net profit (173) 102 191
Net margin (3.8%) 2.5% 6.1%

Balance sheet (31.3)
------------------------------------------------------
------------------------------------------------------
Total assets 16,337 9,568 8,634
Return on assets (1.1%) 1.1% 2.2%
Equity 7,529 5,448 4,755
Return on equity (2.3%) 1.9% 4.0%
Debt-to-equity ratio 53.9% 43.1% 44.9%

Share (31.3)
------------------------------------------------------
------------------------------------------------------
Closing price (EUR) 1.57 1.50 1.14
Earnings per share (EUR) (0.04) 0.02 0.04
Price-earnings ratio - 75.00 28.50
Book value of a share (EUR) 1.67 1.21 1.06
Market to book ratio 0.94 1.24 1.08
Market capitalization 7,064 6,749 5,129



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



Consolidated statement of financial position

Th EUR 31.3.2012 31.12.2011 31.03.2011
-----------------------------------------------------------------
-----------------------------------------------------------------

Cash and bank 204 206 478
Receivables and prepayments 2,126 1,674 1,990
Inventories 3,336 3,177 2,723
Total current assets 5,666 5,057 5,191

Investment property 185 185 185
Tangible fixed assets 10,471 10,692 4,173
Intangible fixed assets 15 16 19
Total fixed assets 10,671 10,893 4,377

TOTAL ASSETS 16,337 15,950 9,568


Debt obligations 1,519 1,380 556
Payables and prepayments 2,552 2,137 1,978
Short-term provisions 8 11 6
Total current liabilities 4,079 3,528 2,540

Non-current debt obligations 4,490 4,490 1,382
Non-current provisions 239 239 198
Total non-current liabilities 4,729 4,729 1,580

Total liabilities 8,808 8,257 4,120

Share capital at nominal value 2,699 2,699 2,875
Issue premium 364 364 364
Statutory capital reserve 288 288 288
Currency translation reserve (2) (11) 31
Retained profits 4,353 1,788 1,788
Net profit for the year (173) 2,565 102
Total equity 7,529 7,693 5,448

TOTAL LIABILITIES AND EQUITY 16,337 15,950 9,568



Consolidated statement of comprehensive income

Th EUR 1st quarter 2012 1st quarter 2011
---------------------------------------------------------------------------

RETURN ON SALES 4,559 4,024
Cost of production sold (3,934) (3,179)
Gross profit 625 845
Marketing expenses (600) (581)
General administrative expenses (110) (99)
Other income 36 3
Other expenses (50) (39)
Operating profit (loss) (99) 129
Financial income and financial expenses (67) (25)
Profit (loss) before taxes (166) 104
Prepaid income tax (7) (2)
NET PROFIT (LOSS) FOR THE PERIOD (173) 102

Basic earnings per share (0.04) 0.02
Diluted earnings per share (0.04) 0.02

Currency translation differences 9 15

TOTAL COMPREHENSIVE INCOME (LOSS) (164) 117



The planned time of publishing of interim report of first quarter 2012 is week
33 (13. - 17. August 2012).


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


1. Viisnurk 2012 Q1 vahearuanne ENG.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=393159)

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