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The net sales of Viisnurk AS for the 1st quarter of 2005 were 61.9 mil. kroons (4 mil. euros) and the net profit 3.9 mil. kroons (246 thou. euros). In the same period of the last year, the net sales totalled 105.4 mil. kroons (6.7 mil. euros) and the net profit 1.3 mil. kroons (82 thou. euros). The reason for the difference in the net sales of the company for 2004 in comparison to the previous periods can be explained by the fact that the Sports Goods and Wood Divisions were closed down in 2004, but they still operated in the 1st quarter of that year.
The total assets of Viisnurk amounted to 209.1 mil. kroons (13.4 mil euros) at 31.3.2005. At the end of the accounting period, the total liabilities of Viisnurk amounted to 147.9 mil kroons and the debt to equity ratio to 71%. The liabilities of the company have decreased by 3.3 mil. kroons (211 thou. euros) and the debt to equity ratio by 1.5% compared to the beginning of the year.
The cash flow from operations was positive with 2.2 mil. kroons (140 thou. euros) in the 1st quarter of the accounting year.
Divisional Review
The net sales of the Furniture Division of Viisnurk for the three months were 32.6 mil. kroons (2.1 mil. euros) and the profit 2.4 mil. kroons (152 thou. euros). Last year the net sales of the Furniture Division for the three months totalled 42.3 mil. kroons (2.7 mil. euros) and the profit 1 mil. kroons (62 thou. euros).
The decrease in sales is, on the one hand, relating to the strategy devised in 2004 to terminate sales of some technically complicated and unprofitable product lines. On the other hand, the furniture sale on the main target markets (Finland, Germany) decreased, thereby influencing the customers of Viisnurk.
Measures to increase the net sales will be taken in the coming periods. We aim at optimising division related product development process thereby that would result in the increase in sales of corporate brands.
The Building Materials Division earned 5.2 mil. kroons (334 mil. euros) profit at the net sales of 29.3 mil. kroons (1.9 mil. euros) in three months. In the same period of the last year, the turnover of the division totalled 26.8 mil. kroons (1.7 mil. euros) and the net profit 5.6 mil. kroons (359 mil. euros). The sales of the division were clearly growing in the 1st quarter. The market situation and economic indicators for the business unit are very good and better than expected.
The two divisions of Viisnurk AS, which were closed in 2004, brought about the loss of 963 thou. kroons (62 thou. euros) in the 1st quarter. The main costs included sale process costs and were also related with the keeping of assets in order for sale. The disposal of the Sports Goods and Wood Divisions is finally completed by now.
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INCOME STATEMENT
|
|
|
|
|
|
consolidated
|
Thou. Kr.
|
Thou. Kr.
|
Thou. eur
|
Thou. eur
|
|
|
1st quarter
|
1st quarter
|
1st quarter
|
1st quarter
|
|
|
2004
|
2003
|
2004
|
2003
|
|
|
|
|
|
|
|
RETURN ON SALES
|
61,909
|
105,441
|
3,957
|
6,739
|
|
|
|
|
|
|
|
Cost of production sold
|
(50,930)
|
(95,292)
|
(3,255)
|
(6,090)
|
|
|
|
|
|
|
|
Gross profit
|
10,979
|
10,149
|
702
|
649
|
|
|
|
|
|
|
|
Marketing expenses
|
(5,463)
|
(7,388)
|
(349)
|
(472)
|
|
|
|
|
|
|
|
General administrative expenses
|
(1,623)
|
(2,327)
|
(104)
|
(149)
|
|
|
|
|
|
|
|
Other income
|
1,466
|
3,251
|
94
|
207
|
|
|
|
|
|
|
|
Other expenses
|
(335)
|
(521)
|
(21)
|
(33)
|
|
|
|
|
|
|
|
Operating profit
|
5,024
|
3,164
|
321
|
202
|
|
|
|
|
|
|
|
Financial income and financial expenses
|
(1,172)
|
(1,876)
|
(75)
|
(120)
|
|
|
|
|
|
|
|
NET PROFIT FOR THE PERIOD
|
3,852
|
1,288
|
246
|
82
|
|
|
|
|
|
|
|
Basic earnings per share
|
0,86
|
0,29
|
0,05
|
0,02
|
|
Diluted earnings per share
|
0,86
|
0,29
|
0,05
|
0,02
|
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BALANCE SHEET
|
|
|
|
|
|
consolidated
|
Thou. croons
|
Thou. croons
|
Thou. euros
|
Thou. euros
|
|
|
31.03.2005
|
31.12.2004
|
31.03.2005
|
31.12.2004
|
|
|
|
|
|
|
|
Cash and bank
|
1,585
|
3,870
|
101
|
247
|
|
Customer receivables
|
32,424
|
27,645
|
2,072
|
1,767
|
|
Other receivables
|
9
|
85
|
1
|
5
|
|
Prepayments
|
3,264
|
2,576
|
209
|
165
|
|
Inventories
|
41,163
|
40,419
|
2,631
|
2,583
|
|
Tangible fixed assets for sell
|
50,943
|
50,943
|
3,256
|
3,256
|
|
Total current assets
|
129,388
|
125,538
|
8,270
|
8,023
|
|
|
|
|
|
|
|
Long-term financial investments
|
1
|
1
|
0
|
0
|
|
Investment property
|
15,371
|
15,636
|
982
|
999
|
|
Tangible fixed assets
|
61,731
|
64,466
|
3,945
|
4,120
|
|
Intangible fixed assets
|
2,612
|
2,884
|
167
|
185
|
|
Total fixed assets
|
79,715
|
82,987
|
5,094
|
5,304
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
209,103
|
208,525
|
13,364
|
13,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt obligations
|
70,084
|
76,061
|
4,479
|
4,861
|
|
Customer prepayments
|
11,235
|
11,187
|
718
|
715
|
|
Supplier payables
|
23,667
|
20,998
|
1,513
|
1,342
|
|
Taxes payable
|
2,947
|
3,443
|
188
|
220
|
|
Accrued expenses
|
9,238
|
8,756
|
591
|
560
|
|
Short-term provisions
|
445
|
445
|
28
|
28
|
|
Total current liabilities
|
117,616
|
120,890
|
7,517
|
7,726
|
|
|
|
|
|
|
|
Non-current debt obligations
|
30,279
|
30,279
|
1,935
|
1,935
|
|
Total non-current liabilities
|
30,279
|
30,279
|
1,935
|
1,935
|
|
|
|
|
|
|
|
Total liabilities
|
147,895
|
151,169
|
9,452
|
9,661
|
|
|
|
|
|
|
|
Share capital (nominal value)
|
44,991
|
44,991
|
2,875
|
2,875
|
|
Issue premium
|
11,332
|
11,332
|
724
|
724
|
|
Mandatory capital reserve
|
4,499
|
4,499
|
288
|
288
|
|
Retained profits
|
(3,466)
|
13,383
|
(221)
|
856
|
|
Net profit for the year
|
3,852
|
(16,849)
|
246
|
(1,077)
|
|
Total equity
|
61,208
|
57,356
|
3,912
|
3,666
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
209,103
|
208,525
|
13,364
|
13,327
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