Market announcement
Nordic Fibreboard AS
LEI code
54930002HOIXBD15OM06
Size of the entity
Small group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
4239
Attachments
Submission date and time
29.11.2013 16:35:27
Content of announcement in Estonian
Title
Majandustulemused 9 kuud 2013
Message
Pärnu, 2013-11-29 15:35 CET (GLOBE NEWSWIRE) --
KOKKUVÕTE
Skano Group ASi 2013 aasta kolmanda kvartali konsolideeritud müügitulu kasvas
2012 aasta kolmanda kvartaliga võrreldes 11% ja oli 5,2 mln eurot. Kontserni
EBITDA oli kolmandas kvartalis 354 tuhat eurot, 2012 aasta kolmandas kvartalis
oli EBITDA vastavalt 351 tuhat eurot.
Skano Fibreboard OÜ Pärnu tehaste müük (sh. Isotex) kolmandas kvartalis oli 2,4
mln eurot kasvades eelmise aasta sama perioodiga võrreldes 13%. 2013 aasta
kolmanda kvartali ärikasum oli 16 tuhat eurot võrreldes 25 tuhade eurose
ärikasumiga eelmise aasta samal perioodil.
Skano Fibreboard OÜ Püssi kiudplaaditehase käive oli 1,1 mln eurot kasvades 38%
võrreldes eelmise aasta sama perioodiga. 2013 aasta kolmanda kvartali ärikahjum
oli 118 tuhat eurot võrrelduna 230 tuhande eurose ärikahjumiga eelmise aasta
samal perioodil.
Müügi kasv tuli suures osas Soome turu arvelt. Vaatamata müügikasvule Soomes on
teiste välisturgude nõudlus olnud pigem nõrk. Seoses sellega oleme jätkuvalt
laiendamas oma sihtturgude nimekirja ja teinud märkimisväärseid kulutusi
erinevate toodete arendamiseks ja sertifitseerimiseks. Lisaks on kasumlikkusele
negatiivset mõju avaldanud optimaalsemast suuremad müügikulud Soomes. Nimetatud
faktorid mõjutavad ettevõtte tulemust ka IV kvartalis, mil teostame mõlemas
tehases ka mitmeid tootekatsetusi ja protsesside jätkuvat efektiivistamist
omahinna alandamiseks.
Ettevõtte juhtkonna prioriteediks on jätkuvalt tehaste toodangule müügi
kindlustamine maksimaalse tootmisvõimsuse tagamiseks ja tootmisportfelli
optimieerimine.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2013 aasta kolmanda kvartali
käive kasvas eelmise aasta sama perioodiga võrreldes 1% ja oli 1 419 tuhat
eurot. Kolmanda kvartali ärikasum oli 112 tuhat eurot võrrelduna 58 tuhande
eurose ärikasumiga 2012 aasta kolmandas kvartalis. Müük Soome vähenes
tulenevalt nõrgast välisnõudlusest, kuid müük läbi tütarettevõtete Baltikumi
kasvas. Lisaks olemasolevatel turgudel uute müügivõimaluste otsimisele on
ettevõtte jaoks oluline suund ka müük uutele turgudele, kuhu oleme endiselt
panustamas olulisi ajalisi ja rahalisi ressursse.
Skano Furniture OÜ jaemüügiketi käive kahanes eelmise aasta sama perioodiga
võrreldes 1% ja oli 547 tuhat eurot ning ärikahjum oli 24 tuhat eurot
võrrelduna 3 tuhande eurose ärikasumiga 2012 aasta kolmandas kvartalis. 2013
aasta kolmanda kvartali ärikahjum sisaldas Ukraina grivna kursimuutusest
tekkinud kahjumit summas 32 tuhat eurot, 2012 samal perioodil moodustas kahjum
grivna kursimuutusest 25 tuhat eurot. Mööbli jaemüük kasvas Eesti ja Lätis,
kuid kahanes Ukrainas ja Leedus. Jaemüügist moodustab Skano Group ASi enda
toodetud mööbli müük jätkuvalt olulise osa ning see võimaldab mööblivabrikul
opereerida tunduvalt kasumlikumalt, kui see ilma oma jaemüügiketita võimalik
oleks.
KASUMIARUANNE
Aruandeaasta kolmanda kvartali müügitulu oli 5,2 mln eurot (2012 aastal 4,7 mln
eurot) mis tähendab 2012 aasta kolmanda kvartaliga võrreldes 11%-list
kasvamist. Kontserni müügikäibe brutorentaablus oli 2013 aasta kolmandas
kvartalis 19,3% (võrrelduna 2012 aasta kolmanda kvartali 15,9%-ga).
Konsolideeritud ärikasum oli 128 tuhat eurot (2012 aasta samal perioodil
põhitegevuse ärikasum 109 tuhat eurot). Konsolideeritud müügikäibe
ärirentaablus oli 2,4% (võrrelduna 2012 aasta kolmanda kvartali põhitegevuse
ärirentaabluse 2,3%-ga).
Konsolideeritud puhaskasum oli 71 tuhat eurot (2012 aasta kolmandas kvartalis
oli põhitegevuse puhaskasum 44 tuhat eurot) ja puhasrentaablus oli 1,3%
(võrrelduna 2012 aasta kolmanda kvartali 0,9%-ga).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 30.09.2013 seisuga 14,9 mln eurot (30.09.2012:
16,2 mln eurot), millest ettevõtte kohustused moodustasid 30.09.2013 seisuga
7,8 mln eurot (30.09.2012: 8,6 mln eurot) ehk 52,5% (30.09.2012: 53,1%).
Nõuded ja ettemaksud on kahanenud 0,5 mln eurot, vähenedes 12 kuuga 25%. Nõuete
vähenemise põhjuseks on faktooringu kasutuselevõtt.
Varud vähenesid 12 kuuga 0,2 mln euro võrra, moodustades 30.09.2013 seisuga 3,2
mln eurot. Seisuga 30.09.2012 oli varude maht 3,4 mln eurot. Materiaalne ja
immateriaalne põhivara vähenes 0,5 mln eurot peamiselt kulumi tõttu.
Lühiajalised laenukohustused olid seisuga 30.09.2013 0,7 mln eurot (30.09.2012
0,9 mln eurot) ja vähenesid 12 kuuga kokku 0,2 mln eurot. Võlad hankijatele,
maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 2,6
mln eurot (seisuga 30.09.2012 samuti 2,6 mln eurot).
Pikajalised laenukohustused vähenesid 0,6 mln eurot moodustades 30.09.2013
seisuga 4,3 mln eurot (seisuga 30.09.2012 vastavalt 4,9 mln eurot)
Lühi- ja pikaajalised kohustused kokku kahanesid 0,8 mln eurot 7,8 mln euroni
(30.09.2012 8,6 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
III kv. 2013 III kv. 2012 III kv. III kv. 2012
2013
--------------------------------------------------------------------------------
Skano Fibreboard OÜ 3 514 2 964 67,2% 63,0%
--------------------------------------------------------------------------------
Skano Furniture Factory 1 419 1 399 27,1% 29,7%
OÜ
--------------------------------------------------------------------------------
Skano Furniture OÜ 549 553 10,5% 11,8%
jaemüük
--------------------------------------------------------------------------------
Elimineerimine (326) (236) (4,8%) (4,5%)
--------------------------------------------------------------------------------
KOKKU 5 231 4 708 100,0% 100,0%
--------------------------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------------------------------
III kv. 2013 III kv. 2012 III kv. 2013 III kv. 2012
---------------------------------------------------------------------
Soome 1 730 1 046 33,1% 22,2%
---------------------------------------------------------------------
Venemaa 1 506 1 487 28,8% 31,6%
---------------------------------------------------------------------
Eesti 841 754 16,1% 16,0%
---------------------------------------------------------------------
Suurbitannia 219 334 4,2% 7,1%
---------------------------------------------------------------------
Ukraina 201 229 3,8% 4,9%
---------------------------------------------------------------------
Läti 179 207 3,4% 4,4%
---------------------------------------------------------------------
Rootsi 110 143 2,1% 3,0%
---------------------------------------------------------------------
Saksamaa 106 34 2,0% 0,7%
---------------------------------------------------------------------
Leedu 96 146 1,8% 3,1%
---------------------------------------------------------------------
Kasahstan 47 36 0,9% 0,8%
---------------------------------------------------------------------
Holland 39 165 0,7% 3,5%
---------------------------------------------------------------------
Jaapan 32 0 0,6% 0,0%
---------------------------------------------------------------------
Kreeka 15 14 0,3% 0,3%
---------------------------------------------------------------------
Teised riigid 110 113 2,2% 2,4%
---------------------------------------------------------------------
KOKKU 5 231 4 708 100,0% 100,0%
---------------------------------------------------------------------
Turgude lõikes on käive kasvanud Soomes, Venemaal ja Eestis. Enim on vähenenud
Hollandis ja Suubritannia osatähtsus käibes.
KASUM SEGMENTIDE LÕIKES
tuh EUR III kv. 2013 III kv. 2012
------------------------------------------------------
Skano Furniture Factory OÜ 112 58
------------------------------------------------------
Skano Furniture OÜ jaemüük (24) 3
------------------------------------------------------
Skano Fibreboard OÜ 16 25
------------------------------------------------------
Elimineerimine 24 23
------------------------------------------------------
KOKKU 128 109
------------------------------------------------------
Neto finantskulud (57) (62)
------------------------------------------------------
Tulumaksukulu 0 (3)
------------------------------------------------------
PUHASKASUM 71 44
------------------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu oli 2013 aasta kolmandas kvartalis 3,51 mln eurot ja
ärikasum 16 tuhat eurot. Eelmise aasta samal perioodil oli üksuse käive 2,96
mln eurot ja ärikasum 25 tuhat eurot. Tulenevalt Euroopa majanduse üldisest
olukorrast on müük ühtlaselt nõrk kõigis regioonides ja kliendisektorites v.a.
Soome, kus uue edasimüüja tõttu on õnnestunud müüki oluliselt kasvatada. Müük
Soome kasvas 122%. Samas põhjustab uue müügistruktuuri implementeerimine 6-9
kuu jooksul optimaalsest oluliselt kõrgemaid müügikulusid Soomes, mistõttu pole
suurenenud müük toonud olulist kasumlikkuse paranemist seni.
Suurim müügilangus eelmise aasta sama perioodiga võrreldes toimus
Suurbritannias ja Hollandis vastavalt langus 42% ja 78%. Eelkõige tulenes see
kõige väiksema marginaaliga toodetest ja klientidest loobumist, et fokuseerida
toote –ja kliendiportfelli ja parandada efektiivsust.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-----------------------------------------------------------------------
III kv. 2013 III kv. 2012 III kv. 2013 III kv. 2012
-----------------------------------------------------------------------
Soome 1 339 602 38,1% 20,3%
-----------------------------------------------------------------------
Venemaa 841 804 24,0% 27,1%
-----------------------------------------------------------------------
Eesti 581 544 16,5% 18,4%
-----------------------------------------------------------------------
Suurbritannia 194 334 5,5% 11,3%
-----------------------------------------------------------------------
Rootsi 110 143 3,1% 4,8%
-----------------------------------------------------------------------
Saksamaa 106 34 3,0% 1,1%
-----------------------------------------------------------------------
Läti 100 144 2,8% 4,9%
-----------------------------------------------------------------------
Ukraina 46 34 1,3% 1,1%
-----------------------------------------------------------------------
Holland 39 176 1,1% 5,9%
-----------------------------------------------------------------------
Jaapan 32 0 0,9% 0,0%
-----------------------------------------------------------------------
Leedu 17 50 0,5% 1,7%
-----------------------------------------------------------------------
Teised riigid 109 99 3.1% 3,4%
-----------------------------------------------------------------------
Kontsernisisene 0 0 0,0% 0,0%
-----------------------------------------------------------------------
KOKKU 3 514 2 964 100,0% 100,0%
-----------------------------------------------------------------------
tuh EUR Müük Ärikasum
--------------------------------------------------------------------------------
III kv. III kv. III kv. III kv.
2013 2012 2013 2012
--------------------------------------------------------------------------------
Pärnu kiudplaadivabrik 1 685 1 457 63 149
--------------------------------------------------------------------------------
Püssi kiudplaadivabrik 1 104 799 (118) (230)
--------------------------------------------------------------------------------
Pärnu vääristamisüksus 725 673 71 103
(Isotex)
--------------------------------------------------------------------------------
Allokeerimata 0 0 0 3
--------------------------------------------------------------------------------
KOKKU 3 514 2 964 16 25
--------------------------------------------------------------------------------
Pärnu kiudplaadivabriku ja siseviimistlusplaatide liini käive kasvas eelmise
aasta kolmanda kvartaliga võrreldes 13% ja oli 2,4 miljonit eurot. Tulenevalt
suurematest müügikuludest Soomes, tootekatsetustest ja parendustöödest, samuti
endiselt liiga killustatud müügitellimustest oli tehase tootmisefektiivsus
kolmandas kvartalis madal.
Püssis asuva kiudplaaditehase käive oli 1,1 mln eurot kasvades eelmise aasta
kolmanda kvartaliga võrreldes 38% ning ärikahjum 118 tuhat eurot (2012
kolmandas kvartalis oli müük 0,8 mln eurot ja ärikahjum 230 tuhat eurot). Püssi
tehase müük küll kasvas, kuid jätkuvalt on väljakutseks Püssi tehase toodangule
müügivõimaluse leidmine.
Oluline on märkida, et tänu suurtele püsikuludele tuleb tehase kasumlikuks
opereerimiseks käitada seda võimalikult suurel võimsusel, mis tagab madalama
toote keskmise omahinna. Liigselt fragmenteeritud tooteportfell ja töötsükkel
võib toote omahinda tõsta kuni paarikümne protsendi võrra.
SKANO FURNITURE
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 30.09.2013 on
mööblikaupluste ketis kokku 9 kauplust: kaks Tallinnas ja üks Pärnus, Riias,
Vilniuses, kaks Kiievis, üks Harkovis ja Dnepropetrovskis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
--------------------------------------------------------------------------------
III kv. 2013 III kv. III kv. III kv. 30.09.13 30.09.12
2012 2013 2012
--------------------------------------------------------------------------------
Eesti 234 201 42,8% 36,2% 3 3
--------------------------------------------------------------------------------
Läti 79 63 14,4% 11,4% 1 1
--------------------------------------------------------------------------------
Leedu 79 96 14,4% 17,3% 1 1
--------------------------------------------------------------------------------
Ukraina 155 195 28,4% 35,1% 4 4
--------------------------------------------------------------------------------
Kokku 547 555 100,0% 100,0% 9 9
--------------------------------------------------------------------------------
Mööbli jaemüük 2013 aasta kolmandas kvartalis moodustas 547 tuhat eurot,
kahanedes eelmise aasta sama perioodiga 1%. Ärikahjum oli kolmandas kvartalis
24 tuhat eurot (2012 kolmanda kvartali müük oli 555 tuhat eurot ning ärikasum 3
tuhat eurot). 2013 aasta kolmanda kvartali ärikahjum sisaldas ka kulusid
Ukraina grivna kursi muutusest summas 32 tuhat eurot (2012 komanda kvartali
kurikahjum 25 tuhat eurot). Mööbli jaemüük kasvas Eestis ja Lätis, kuid kahanes
Ukrainas ja Leedus.
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2013 aasta kolmanda
kvartali müügitulu 1,4 mln eurot ja ärikasum 112 tuhat eurot. Eelmise aasta
samal perioodil oli mööblivabriku käive 1,4 mln eurot ja ärikasum 58 tuhat
eurot. Võrreldes eelmise aastaga kasvas vabriku käive 1% ja ärikasum suurenes
54 tuhat eurot. Suurenes müük tütarettevõttele ja Suurbritanniasse. Müük
vähenes Soomes ja Venemaal tulenevalt nõrgast välisnõudlusest.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-----------------------------------------------------------------------
III kv. 2013 III kv. 2012 III kv. 2013 III kv. 2012
-----------------------------------------------------------------------
Venemaa 665 683 46,9% 48,8%
-----------------------------------------------------------------------
Soome 391 444 27,6% 31,7%
-----------------------------------------------------------------------
Kasahstan 47 36 3,3% 2,6%
-----------------------------------------------------------------------
Eesti 26 9 1,8% 0,6%
-----------------------------------------------------------------------
Teised riigid 41 17 2,9% 1,2%
-----------------------------------------------------------------------
Tütarettevõtted 249 210 17,5% 15,0%
-----------------------------------------------------------------------
Kokku 1 419 1 399 100,0% 100,0%
-----------------------------------------------------------------------
PROGNOOS JA ARENG
SKANO FIBREBOARD. Skano Fibrebordi käive käesoleva aasta viimases kvartalis
jääb samale tasemele eelmise aastaga. Viimases kvartalis tegeleme jätkuvalt
tootearenduse ja parendustöödega parandamaks tehase efektiivsust. Samuti oleme
IV kvartalisse plaaninud tehaste kollektiivpuhkuse ja korralised
hooldusremondid. Nimetatud faktorid omavad ettevõtte tulemusele IV kvartalis
negatiivset mõju, aga on olulised võimaldamaks jätkuvat omahinna alandamist ja
efektiivse ning kasumliku tooteportfelli saavutamist.
Vaatamata välisturgude nõrgale nõudlusele ja Euroopa majanduse seisukorrale
oleme mõõdukalt optimistlikud müügi kasvu osas 2014 aastal, seda eelkõige Soome
arvelt. Soomes sõlmitud strateegilise koostöölepingu käivitumisel prognoosime
tehaste tootmismahu kasvu ka 2014 aastal.
SKANO MÖÖBLI JAEMÜÜK. Prognoosime, et 2013 aasta viimase kvartali jaemüük
Baltikumis ja Ukrainas langeb veidi võrreldes eelmise aastasama perioodi
käibega.
SKANO MÖÖBLIVABRIK. 2013 aasta viimases kvartalis prognoosime mööblivabrikus
eelmise aastaga võrreldes langevat käivet tulenevalt üldisest halvenenud
majanduskeskkonnast lähiturgudel, eriti Soomes. Uute turgude müük (sh
Suurbritannia) ei ületa täna veel põhiturgudelt tekkinud mahajäämust.
FINANTSSUHTARVUD
tuh EUR 9 kuud 2013 9 kuud 2012 9 kuud 2011
-------------------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------------------
Müügitulu 14 329 14 148 12 513
-------------------------------------------------------------------------------
EBITDA 440 862 3 353
-------------------------------------------------------------------------------
EBITDA rentaablus 3,1% 6,1% 26,8%
-------------------------------------------------------------------------------
Ärikasum (242) 119 2 893
-------------------------------------------------------------------------------
Ärirentaablus (1,7%) 0,8% 23,1%
-------------------------------------------------------------------------------
Puhaskasum (415) (90) 2 775
-------------------------------------------------------------------------------
Puhasrentaablus (2,9%) (0,6%) 22,2%
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Bilanss (30.09)
-------------------------------------------------------------------------------
Koguvarad 14 916 16 201 16 538
-------------------------------------------------------------------------------
Koguvarade puhasrentaablus (2,8%) (0,6%) 16,8%
-------------------------------------------------------------------------------
Omakapital 7 090 7 602 7 693
-------------------------------------------------------------------------------
Omakapitali puhasrentaablus (5,9%) (1,2%) 36,1%
-------------------------------------------------------------------------------
Võlakordaja 52,5% 53,1% 53,5%
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia (30.09)
-------------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 1,30 1,37 1,50
-------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) (0,09) (0,02) 0,62
-------------------------------------------------------------------------------
Hind-tulu (PE) suhtarv (14,4) (68,5) 2,42
-------------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 1,58 1,69 1,76
-------------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,82 0,81 0,85
-------------------------------------------------------------------------------
Turukapitalisatsioon 5 849 6 164 6 749
-------------------------------------------------------------------------------
EBITDA = ärikasum + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum / müügitulu
Puhasrentaablus = puhaskasum / müügitulu
Koguvarade puhasrentaablus = puhaskasum / koguvarad
Omakapitali puhasrentaablus = puhaskasum / omakapital
Võlakordaja = kohustused / koguvarad
Puhaskasum aktsia kohta = puhaskasum / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia sulgemishind / puhaskasum aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia sulgemishind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia sulgemishind * aktsiate arv
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR 30.09.2013 31.12.2012 30.09.2012
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 165 158 179
----------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 672 1 792 2 219
----------------------------------------------------------------------------
Varud (lisa 2) 3 249 3 303 3 448
----------------------------------------------------------------------------
Käibevara kokku 5 086 5 253 5 846
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 185 185 185
----------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 9 627 10 010 10 158
----------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 18 23 12
----------------------------------------------------------------------------
Põhivara kokku 9 830 10 218 10 355
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 14 916 15 471 16 201
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused (lisa 6) 694 1 845 880
----------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 2 557 1 923 2 579
----------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 3 12 3
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 3 254 3 780 3 462
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 328 3 973 4 898
----------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 244 236 239
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 572 4 209 5 137
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 7 826 7 989 8 599
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Ümberhindluse kursivahed 2 (21) (11)
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 4 152 4 353 4 353
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (415) (201) (91)
----------------------------------------------------------------------------
Omakapital kokku 7 090 7 482 7 602
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 14 916 15 471 16 201
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR III kv III kv 9 k 9 k
2013 2012 2013 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 5 231 4 708 14 329 14 148
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (4 223) (3 961) (12 (11
064) 901)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 1 008 747 2 265 2 247
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (660) (559) (1 889) (1 752)
--------------------------------------------------------------------------------
Üldhalduskulud (169) (76) (556) (385)
--------------------------------------------------------------------------------
Muud äritulud 37 40 98 131
--------------------------------------------------------------------------------
Muud ärikulud (88) (43) (160) (122)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (lisa 11) 128 109 (242) 119
--------------------------------------------------------------------------------
Neto finantskulu (57) (62) (172) (197)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu 71 47 (414) (78)
--------------------------------------------------------------------------------
Tulumaksukulu 0 (3) (1) (13)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) 71 44 (415) (91)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju 10 27 23 0
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) 81 71 (392) (91)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia 0,02 0,01 (0,09) (0,02)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) 0,02 0,01 (0,09) (0,02)
aktsia kohta (lisa 10)
--------------------------------------------------------------------------------
2013. aasta neljanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 9 (25.-28. veebruar 2014)
Martin Kalle
Finantsdirektor
+372 4478 331
[email protected]
www.skano.com
Content of announcement in English
Title
Financial results, 9 months 2013
Message
Pärnu, 2013-11-29 15:35 CET (GLOBE NEWSWIRE) --
THE THIRD QUARTER IN SHORT
Consolidated net sales of the third quarter of 2013 was 5.2 mil. euros,
representing a 11% increase on the third quarter compared to the same period in
2012. At the same time, consolidated EBITDA amounted to 354 thousand euros (351
thousand euros in Q3 2012).
The sales in Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 2.4 mil.
euros, increased as compared to the respective period last year by 13%, the
operating profit of the third quarter was 16 thousand euros compared with the
operating profit 25 thousand euros last year.
The turnover of Skano Fibreboard OÜ Püssi factory was 1.1 mil. euros,
representing 38% increase in the third quarter compared to the same period in
2012. Operating loss amounted to 118 thousand euros compared with the operating
loss 230 thousand euros last year.
Sales growth came from Finland but despite of that other foreign markets
remained weak due to general economic situation in Europe. We have continuously
expanded list of our target markets and made considerable efforts in product
development to obtain certificates necessary for different markets.
Profitability has suffered also due to higher sales costs in Finland. The same
factors will probably impact also Q4 results, when we also conduct product
testing and tuning of production process in order to achieve a lower production
cost.
The priority of the management of the company is continuously to ensure the
sales of the production of both factories in order to guarantee the maximum
production capacity and efforts are taken in this direction on an on-going
basis.
The turnover of Skano Furniture Factory OÜ factory in Pärnu decreased in the
third quarter by 1% and amounted to 1 419 thousand euros. The operating profit
of the third quarter was 122 thousand euros as in 2012 the operating profit of
the same period was 58 thousand euros. Sales in the third quarter of 2013
decreased in Finland but sales to the Baltics (through the subsidiary) grew.
The company is seeking new sale’s possibilities in the current markets but
going into totally new markets is a substantial direction for us.
The turnover of Skano Furniture OÜ retail chain decreased 1% as compared to the
same period last year being 547 thousand euros, operating loss was 24 thousand
euros compared with the sales 555 thousand and operating profit 3 thousand
euros in the third quarter of 2012. Current year operating loss contains also
loss from currency exchange rate of hryvnia 32 thousand euros in the third
quarter (loss from currency exchange rate 25 thousand euros in the same period
of 2012). Retail sale increased in Estonia and Latvia but decreased in
Lithuania and Ukraine. The sales of Skano Furniture Factory OÜ own furniture
still forms a considerable part of the retail sale and it enables the furniture
factory to operate much more profitably than it would be possible without its
own retail chain.
INCOME STATEMENT
Consolidated net sales of the third quarter in 2013 was 5.2 mil. euros (4.7
mil. euros in same period of 2012) representing a 11% increase on the third
quarter compared to Q3 2012. The Group’s gross margin in the third quarter of
2013 was 19.3% compared to 15.9% in the third quarter of 2012. Consolidated
operating profit amounted to 128 thousand euros (operating profit 109 thousand
euros from main activities in same period 2012). The consolidated operating
margin of net sales was 2.4% (2.3% from main activities in Q2 2012).
Consolidated net profit amounted to 71 thousand euros (compared to net profit
44 thousand euros in Q3 2012), and the net margin was 1.3% (0.9% in Q3 2012).
POSITION OF FINANCIAL STATEMENT
As of 30.09.2013 the total assets of Skano Group AS amounted to 14.9 mil. euros
(30.09.2012: 16.2 mil. euros). The liabilities of the company accounted for
52.5% (30.09.2012: 53.1%) thereof, i.e. 7.8 mil. euros (30.09.2012: 8.6 mil.
euros).
Receivables and prepayments have decreased by 0.5 mil. euros i.e. 25% decrease
with 12 months. The reason of decrease of receivables was implementation of
factoring instrument.
Inventories have decreased by 0.2 mil. euros compared to last year, amounting
to 3.2 mil. euros on 30.09.2013. (30.09.2012: 3.4 mil. euros). Property, plant
and intangibles decreased by 0.5 mil. euros mainly as a result of depreciation.
Short-term loans have decreased by 0.2 mil. euros and amounted to 0.7 mil.
euros in 30.09.2013 (30.09.2012: 0.9 mil. euros). Supplier payables, tax
liabilities, other payables, including payables to employees, and provisions
amounted to 2.6 mil. euros (30.09.2012: 2.6 mil. euros).
Long-term loans have decreased by 0.6 mil euros and amounted to 4.3 mil. euros
in 30.09.2013 (30.09.2012: 4.9 mil. euros).
Current and non-current liabilities decreased by 0.8 mil. euros to 7.8 mil.
euros (30.09.2012: 8.6 mil. euros).
DIVISIONAL REVIEW
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012
--------------------------------------------------------------
Skano Fibreboard OÜ 3,514 2,964 67.2% 63.0%
--------------------------------------------------------------
Skano Furniture Factory OÜ 1,419 1,399 27.1% 29.7%
--------------------------------------------------------------
Skano Furniture OÜ retail 549 553 10.5% 11.8%
--------------------------------------------------------------
Elimination (326) (236) (4.8%) (4.5%)
--------------------------------------------------------------
TOTAL 5,231 4,708 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012
---------------------------------------------------
Finalnd 1,730 1,046 33.1% 22.2%
---------------------------------------------------
Russia 1,506 1,487 28.8% 31.6%
---------------------------------------------------
Estonia 841 754 16.1% 16.0%
---------------------------------------------------
Great Britain 219 334 4.2% 7.1%
---------------------------------------------------
Ukraine 201 229 3.8% 4.9%
---------------------------------------------------
Latvia 179 207 3.4% 4.4%
---------------------------------------------------
Sweden 110 143 2.1% 3.0%
---------------------------------------------------
Germany 106 34 2.0% 0.7%
---------------------------------------------------
Lithuania 96 146 1.8% 3.1%
---------------------------------------------------
Kazakhstan 47 36 0.9% 0.8%
---------------------------------------------------
Netherlands 39 165 0.7% 3.5%
---------------------------------------------------
Japan 32 0 0.6% 0.0%
---------------------------------------------------
Greece 15 14 0.3% 0.3%
---------------------------------------------------
Other countries 110 113 2.2% 2.4%
---------------------------------------------------
TOTAL 5,231 4,708 100.0% 100.0%
---------------------------------------------------
Regarding the markets, turnover has increased in Finland, Russia and Estonia.
The percentage of turnover has decreased in most in the Great Britain and the
Netherlands.
PROFIT BY BUSINESS SEGMENTS
th EUR Q3 2013 Q3 2012
-----------------------------------------
Skano Furniture factory 112 58
-----------------------------------------
Skano Furniture retail (24) 3
-----------------------------------------
Skano Fibreboard 16 25
-----------------------------------------
Elimination 24 23
-----------------------------------------
TOTAL 128 109
-----------------------------------------
Net financial costs (57) (62)
-----------------------------------------
Income tax 0 (3)
-----------------------------------------
NET PROFIT 71 44
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard in the third quarter of 2013 amounted to 3.51
mil. euros and operating profit to 16 thousand euros. In the same period last
year, the turnover of Skano Fibreboard totaled to 2.96 mil. euros and the
operating profit from main activities 25 thousand euros. Sales are weak in all
regions due to weak economic situation in Europe except for Finland, where due
to a new distribution partner we have managed to increase sales considerably.
Sales to Finland grew by 122%. Implementing the new sales structure in Finland
has and will cause higher sales costs that is optimal during 6-9 months period.
Due to that increased sales to Finland have brought along bigger costs and
profitability hasn’t improved yet.
The biggest drop in sales in the third quarter compare to last year took place
in the Great Britain and the Netherlands, 42% and 78% respectively. The latter
was due to review of our client portfolio, where we want to replace clients
with low profitability and to improve our efficiency.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012
---------------------------------------------------
Finland 1,339 602 38.1% 20.3%
---------------------------------------------------
Russia 841 804 24.0% 27.1%
---------------------------------------------------
Estonia 581 544 16.5% 18.4%
---------------------------------------------------
Great Britain 194 334 5.5% 11.3%
---------------------------------------------------
Sweden 110 143 3.1% 4.8%
---------------------------------------------------
Germany 106 34 3.0% 1.1%
---------------------------------------------------
Latvia 100 144 2.8% 4.9%
---------------------------------------------------
Ukraine 46 34 1.3% 1.1%
---------------------------------------------------
Netherlands 39 176 1.1% 5.9%
---------------------------------------------------
Japan 32 0 0.9% 0.0%
---------------------------------------------------
Lithuania 17 50 0.5% 1.7%
---------------------------------------------------
Other countries 109 99 3.1% 3.4%
---------------------------------------------------
Intragroup 0 0 0.0% 0.0%
---------------------------------------------------
TOTAL 3,514 2,964 100.0% 100.0%
---------------------------------------------------
th EUR Net sales Profit
--------------------------------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,685 1,457 63 149
--------------------------------------------------------------------------
Püssi Fibreboard factory 1,104 799 (118) (230)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 725 673 71 103
--------------------------------------------------------------------------
Not allocated 0 0 0 0
--------------------------------------------------------------------------
TOTAL 3,514 2,964 16 25
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory and interior board’s line
increased 13% in the third quarter of 2013 compared to the same quarter of 2012
and amounted to 2.4 mil. euros. Due to higher sales cost in Finland, production
testing and too fragmented production portfolio the production efficiency was
low in the third quarter.
The turnover of Püssi fibreboard factory amounted to 1.1 mil. euros growing 38%
compared to the same quarter in 2012 and operating loss amounted to 118
thousand euros (turnover 799 thousand euros and operating loss 230 thousand
euros in Q3 2012). Output of Püssi Fibreboard factory grew in the third quarter
but the main challenge is still to secure Püssi Fibreboard factory with
sufficient sales volumes.
It is also important to note that due to high fixed costs, the factory must be,
for a profitable outcome, operated at as high capacity as possible, which shall
ensure a lower average cost of the product. Too fragmented production portfolio
could increase the production cost by 10-20%.
SKANO FURNITURE
FURNITURE RETAIL SALES
Skano Group AS retail business is operated by a private limited company Skano
Furniture OÜ and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has
totally 9 stores in Tallinn (2), Pärnu, Riga, Vilnius, Kiev (2), Kharkiv and
Dnipropetrovs’k at the end of the third quarter in 2013.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012 30.09.13 30.09.12
-----------------------------------------------------------------
Estonia 234 201 42.8% 36.2% 3 3
-----------------------------------------------------------------
Latvia 79 63 14.4% 11.4% 1 1
-----------------------------------------------------------------
Lithuania 79 96 14.4% 17.3% 1 1
-----------------------------------------------------------------
Ukraine 155 195 28.4% 35.1% 4 4
-----------------------------------------------------------------
TOTAL 547 555 100.0% 100.0% 9 9
-----------------------------------------------------------------
The furniture retail sale amounted to 547 thousand euros in the third quarter
of 2013 and operating loss 24 thousand euros (sales 555 thousand euros and
operating profit 3 thousand euros in Q3 2012). The 3rd quarter operating loss
contains also loss from currency exchange rate of hryvnia 32 thousand euros
(loss from currency exchange rate 25 thousand euros in the same period last
year. Retail sale increased in Estonia and Latvia but decreased in Lithuania
and Ukraine.
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in the third quarter amounted to
1.4 mil. euros and operating profit to 112 thousand euros. In the same period
last year, the turnover of the factory amounted to 1.4 mil. euros and the
profit to 58 thousand euros. As compared to the previous year the turnover of
the factory has increased 1% and the operating profit has increased by 54
thousand euros. Sales in the third quarter of 2013 increased to the Great
Britain and our subsidiary. In the third quarter the sales decreased in Finland
and Russia due to weak demand of foreign markets.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
Q3 2013 Q3 2012 Q3 2013 Q3 2012
---------------------------------------------------
Russia 665 683 46.9% 48.8%
---------------------------------------------------
Finland 391 444 27.6% 31.7%
---------------------------------------------------
Kazakhstan 47 36 3.3% 2.6%
---------------------------------------------------
Estonia 26 9 1.8% 0.6%
---------------------------------------------------
Other countries 41 17 2.9% 1.2%
---------------------------------------------------
Subsidiaries 249 210 17.5% 15.0%
---------------------------------------------------
TOTAL 1,419 1,399 100.0% 100.0%
---------------------------------------------------
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. Sales of Skano Fibreboard will remain at the same level
compare to the same period last year. In Q4 we will carry out production
testing, development and tuning of production process in order to achieve a
lower production cost. In December we have 2-weeks collective vacation and
planned small maintenance repair. Those factors will impact negatively
Fibreboard Q4 results, but are important in order to achieve lower production
cost and efficient production portfolio.
In spite of weak demand of foreign markets and economic situation in Europe we
are moderately optimistic about sales growth in 2014, mostly from Finland. We
predict that the strategic agreement with a new distribution partner in Finland
allows us to increase our production capacity in 2014.
SKANO FURNITURE RETAIL SALES. We expect retail sale in the fourth quarter of
2013 to decrease compare to the sale of the same period in last year.
SKANO FURNITURE FACTORY. In the fourth quarter of 2013 we expect smaller sales
of the furniture factory compared to the same period in 2012 because of the
deteriorated economic situation in the near region and especially in Finland.
Sales to new markets (incl. the Great Britain) are not yet exceeding the lag
from our main markets.
FINANCIAL HIGHLIGHTS
th EUR 9 m 2013 9 m 2012 9 m 2011
---------------------------------------------------
Income statement
---------------------------------------------------
Revenue 14,329 14,148 12,513
---------------------------------------------------
EBITDA 440 862 3,353
---------------------------------------------------
EBITDA margin 3.1% 6.1% 26.8%
---------------------------------------------------
Operating profit (242) 119 2,893
---------------------------------------------------
Operating margin (1.7%) 0.8% 23.1%
---------------------------------------------------
Net profit (415) (90) 2,775
---------------------------------------------------
Net margin (2.9%) (0.6%) 22.2%
---------------------------------------------------
----------------------------------------------------
Balance sheet (30.06)
---------------------------------------------------
Total assets 14,916 16,201 16,538
---------------------------------------------------
Return on assets (2.8%) (0.6%) 16.8%
---------------------------------------------------
Equity 7,090 7,602 7,693
---------------------------------------------------
Return on equity (5.9%) (1.2%) 36.1%
---------------------------------------------------
Debt-to-equity ratio 52.5% 53.1% 53.5%
---------------------------------------------------
----------------------------------------------------
Share (30.06)
---------------------------------------------------
Closing price 1.30 1.37 1.50
---------------------------------------------------
Earnings per share (0.09) (0.02) 0.62
---------------------------------------------------
Price-earnings ratio (14.4) (68.5) 2.42
---------------------------------------------------
Book value of a share 1.58 1.69 1.76
---------------------------------------------------
Market to book ratio 0.82 0.81 0.85
---------------------------------------------------
Market capitalization 5,849 6,164 6,749
---------------------------------------------------
EBITDA = Earnings before interest, taxes, depreciation and amortization
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 30.09.2013 31.12.2012 30.09.2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and bank 165 158 179
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,672 1,792 2,219
----------------------------------------------------------------------------
Inventories (Note 2) 3,249 3,303 3,448
----------------------------------------------------------------------------
Total current assets 5,086 5,253 5,846
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investment property (Note 3) 185 185 185
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 9,627 10,010 10,158
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 18 23 12
----------------------------------------------------------------------------
Total fixed assets 9,830 10,218 10,355
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ASSETS 14,916 15,471 16,201
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt obligations (Note 6) 694 1,845 880
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,557 1,923 2,579
----------------------------------------------------------------------------
Short-term provisions (Note 8) 3 12 3
----------------------------------------------------------------------------
Total current liabilities 3,254 3,780 3,462
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,328 3,973 4,898
----------------------------------------------------------------------------
Non-current provisions (Note 8) 244 236 239
----------------------------------------------------------------------------
Total non-current liabilities 4,572 4,209 5,137
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities 7,826 7,989 8,599
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699 2,699
----------------------------------------------------------------------------
Issue premium 364 364 364
----------------------------------------------------------------------------
Statutory capital reserve 288 288 288
----------------------------------------------------------------------------
Currency translation 2 (21) (11)
----------------------------------------------------------------------------
Retained profits 4,152 4,353 4,353
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (415) (201) (91)
----------------------------------------------------------------------------
Total equity 7,090 7,482 7,602
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 14,916 15,471 16,201
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 3rd Q 3rd Q 2012 9 m 2013 9 m 2012
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RETURN ON SALES (Note 11) 5,231 4,708 14,329 14,148
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of production sold (4,223) (3,961) (12,064) (11,901)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross profit 1,008 747 2,265 2,247
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Marketing expenses (660) (559) (1,889) (1,752)
--------------------------------------------------------------------------------
General administrative expenses (169) (76) (556) (385)
--------------------------------------------------------------------------------
Other income 37 40 98 131
--------------------------------------------------------------------------------
Other expenses (88) (43) (160) (122)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit (loss) (Note 11) 128 109 (242) 119
--------------------------------------------------------------------------------
Financial income and financial expenses (57) (62) (172) (197)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit (loss) before taxes 71 47 (414) (78)
--------------------------------------------------------------------------------
Prepaid income tax 0 (3) (1) (13)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD 71 44 (415) (91)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic earnings per share (Note 10) 0.02 0.01 (0.09) (0.02)
--------------------------------------------------------------------------------
Diluted earnings per share (Note 10) 0.02 0.01 (0.09) (0.02)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Currency translation differences 10 27 23 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME 81 71 (392) (91)
--------------------------------------------------------------------------------
The planned time of publishing of interim report of the fourth quarter 2014 is
week 9 (25-28 February 2014)
Martin Kalle
CFO
+372 4478 331
[email protected]
www.skano.com