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Ettevõte Nordic Fibreboard AS
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Avaldamise aeg 05 sept 2019 21:14:11 +0300
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Pealkiri Sale of Skano Furniture Factory OU (wholesale and production of furniture)
Tekst
Sale of Skano Furniture Factory OU (wholesale and production of furniture)



Based on the resolution of the supervisory board, Skano Group AS today sold its
fully owned furniture subsidiary Skano Furniture Factory OÜ, a furniture company
focusing on production and wholesale of furniture. The buyer of Skano Furniture
Factory OÜ is Wood Export OÜ, a company which for many years has been a supplier
to Skano Furniture Factory OÜ. The purchase price for buying 100% of the share
capital of Skano Furniture Factory OU is EUR 100,000. However, after adjustments
between the sale price and the liabilities of Skano Furniture Factory OU,  there
is no monetary payment to be made by the buyer . There are no connections
between members of Skano Group's supervisory board and management board to the
buyer.

Skano Group AS will after the divestiture of Skano Furniture Factory OÜ consist
of the following legal subsidiaries: Skano Fibreboard OÜ (sale and production of
fibreboards), Skano Property OÜ (owning the real estate located at Suur-Jõe 48,
Pärnu), and Skano Furniture OÜ (an Estonian based furniture retail chain, with
3 shops). Skano Fibreboard OÜ in turn owns 100% its Finnish subsidiary Suomen
Tuulileijona OY, a fibreboard marketing company in Finland. Skano Furniture OÜ
in turn owns 100% its Latvian subsidiary SIA Skano and its Lithuanian subsidiary
UAB Skano LT. As announced on Friday 30 August, the operations of the Latvian
and Lithuanian operations will cease end of September 2019.

Skano's financial performance after the sale of its furniture business will rely
on the daily performance of its business unit Skano Fibreboard, retail sale of
furniture in Estonia, and rental income from its property in Suur-Jõe 48, Pärnu.

Skano Furniture Factory OÜ has during the last three financial years recorded
net loss as follows: EUR 677 thousand in year 2016, EUR 284 thousand in year 2017,
and EUR 532 thousand in year 2018.

Sales during three last three years declined as follows: EUR 4.2 million in 2016,
EUR 3.6 million in 2017, and EUR 3.0 million in 2018.


 Skano Furniture Factory OÜ Audited Annual Report
 Financials (thousand EUR)                                 2016    2017    2018
-------------------------------------------------------------------------------
 Revenue from external customers                          3,228   2,678   2,270

 Inter-segment revenue                                    1,007     900     736

 Operating profit/-loss                                   (658)   (254)   (206)

 Amortisation/ depreciation                                 210     197     172

 Net profit/loss                                          (677)   (284)   (532)

 Assets                                                   4,201   3,950   2,319

 Non-current assets                                       1,170     996     832

 Liabilities                                              2,321   2,354     979

 Additions to non-current assets                              7      18      10

 Interest expenses                                           76      80      34

Skano Furniture Factory OÜ transferred earlier this week its bank loan and
overdraft facilities to Skano Group AS. It also transferred to Skano Group AS
all obligations related to the company's ex-workers disability claims. After
that all other liabilities in Skano Furniture Factory OU will be transferred to
the buyer, except for those adjusted as part of purchase payment (as referred to
 as part of the share transaction.

There has not been any substantial change in Skano Furniture Factory OÜ's
business so far this year. Neither has Skano Furniture Factory OÜ been involved
in any legal disputes.

The sale of Skano Furniture Factory OÜ is not a transaction with connected
persons and any members of Skano Group AS supervisory board and management board
are not otherwise personally interested in the transaction.

For more information, please contact:

Torfinn Losvik,
Member of Management Board,
Skano Group AS

Telephone: 56990988,
email: torfinn.losvik@skano.com