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
5139
Attachments
Submission date and time
28.08.2015 16:16:58
Content of announcement in Estonian
Title
Majandustulemused 6 kuud 2015
Message
Pärnu, 2015-08-28 15:16 CEST (GLOBE NEWSWIRE) --
KOKKUVÕTE
Skano Group ASi 2015 aasta teise kvartali konsolideeritud müügitulu kahanes
2014 aasta teise kvartaliga võrreldes 13% ja oli 4,7 mln eurot. Kontserni
EBITDA oli teises kvartalis 271 tuhat eurot, 2014 aasta teises kvartalis oli
EBITDA vastavalt 431 tuhat eurot. 2015. I poolaasta kogukäive ulatus 9,7 mln
euroni, vähenedes aastaga 8,8% (2014 I poolaasta käive: 10,7 mln eurot).
Käesoleva aasta esimese 6 kuu EBITDA oli 524 tuhat eurot, jäädes eelmise
aastaga samale tasemele (2014 I p.a. EBITDA: 531 tuhat eurot). Kuigi ettevõtte
käive on aastaga märgatavalt langenud, eelkõige nõrga nõudluse tõttu Soomes ja
Venemaal, on suudetud EBITDA marginaali parandada ning hoida see kogunumbrina
eelmise aasta tasemel. Eelkõige on selle põhjuseks edukad parendustööd
kiudplaadi tootmises, mis on võimaldanud vähendada toote omahinda ning toota
kasumlikult varasemast tunduvalt madalamate mahtude juures.
Skano Fibreboard OÜ Pärnu tehaste müük (sh. Isotex) teises kvartalis oli 2,0
mln eurot kahanedes eelmise aasta sama perioodiga võrreldes 9%. 2015 aasta
teise kvartali ärikasum oli 220 tuhat eurot võrreldes 126 tuhade eurose
ärikasumiga eelmise aasta samal perioodil.
Skano Fibreboard OÜ Püssi kiudplaaditehase käive oli 1,1 mln eurot kahanedes
12% võrreldes eelmise aasta sama perioodiga. 2015 aasta teise kvartali
ärikahjum oli 104 tuhat eurot võrrelduna 25 tuhande eurose ärikahjumiga eelmise
aasta samal perioodil.
Skano Fibreboard OÜ müük kahanes põhiturgude arvelt. Tulenevalt meie
põhiturgude Venemaa ja Soome jätkuvalt nõrgast majandusolukorrast oleme
laiendamas oma sihtturgude nimekirja ja teinud olulisi kulutusi erinevate
toodete arendamiseks. Teises kvartalis teostasime jätkuvalt mõlemas tehases
mitmeid tootmisprotsesside parendusi, et tagada madalam toote omahind ning
kasumilävi.
Ettevõtte juhtkonna prioriteediks on jätkuvalt tehaste toodangule müügi
kindlustamine maksimaalse tootmisvõimsuse tagamiseks ning tootmisprotsesside
efektiivistamine.
Suomen Tuulileijona OY müük vähenes 2015 aasta teises kvartalis 17% võrrelduna
eelmise aasta sama perioodiga, mis oli 1,3 mln eurot. Suomen Tuulileijona OY on
Skano kiudplaadi edasimüüja Soomes, mis soetati 2014 juulis. 2014 teises
kvartalis Suomen Tuulileijona OY müüki kontsernis veel kajastunud ning müük
Soomes sisaldus Skano Fibreboard OÜ all.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2015 aasta teise kvartali käive
kahanes eelmise aasta sama perioodiga võrreldes 29 % ja oli 1,2 mln eurot.
Teise kvartali ärikahjum oli 58 tuhat eurot võrrelduna 141 tuhande eurose
ärikasumiga 2014 aasta teises kvartalis. Kasumlikkusele mõjus negatiivselt
väike müügimaht. Müük Venemaale vähenes 59% võrrelduna 2014 sama perioodiga
tulenevalt nõrgast nõudlusest. Müük Soome kasvas vähesel määral ning müük
Baltikumis jäi samale tasemele. Lisaks olemasolevatel turgudel uute
müügivõimaluste otsimisele on ettevõtte jaoks oluline suund ka müük uutele
turgudele sh. USA, Suurbritannia ja Prantsusmaa, kuhu oleme endiselt panustamas
olulisi ajalisi ja rahalisi ressursse.
Skano Furniture OÜ jaemüügiketi käive kasvas eelmise aasta sama perioodiga
võrreldes 17% ja oli 634 tuhat eurot ning ärikasum oli 80 tuhat eurot
võrrelduna 49 tuhande eurose ärikahjumiga 2014 aasta teiseses kvartalis. 2015
aasta teise kvartali ärikasum 80 tuhat eurot sisaldas ka kursikasumit grivna
kursimuutusest summas 67 tuhat. 2014 aasta sama perioodi ärikahjum 49 tuhat
eurot sisaldas kursikahjumit vastavalt 55 tuhat eurot.
Mööbli jaemüük kasvas Eestis ja Lätis, kuid kahanes vähesel määral Leedus ja
oluliselt Ukrainas põhjustatuna konfliktist Ida-Ukrainas ning riigi raskest
majanduslikust olukorrast. 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 teise kvartali müügitulu oli 4,7 mln eurot (2014 aastal 5,4 mln
eurot), mis tähendab 2014 aasta teise kvartaliga võrreldes 13%-list kahanemist.
Kontserni müügikäibe brutorentaablus oli 2015 aasta teises kvartalis 22%
(võrrelduna 2014 aasta teise kvartali 22%-ga). Konsolideeritud ärikasum oli
teises kvartalis 68 tuhat eurot (2014 aasta samal perioodil põhitegevuse
ärikasum oli 212 tuhat eurot). Konsolideeritud müügikäibe ärirentaablus oli
1,5% (võrrelduna 2014 aasta teise kvartali põhitegevuse ärirentaabluse 4,0%
-ga).
Konsolideeritud puhaskahjum oli 12 tuhat eurot (2014 aasta teises kvartalis oli
põhitegevuse puhaskasum 142 tuhat eurot) ja puhasrentaablus oli -0,3%
(võrrelduna 2014 aasta teise kvartali 2,7%-ga).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 30.06.2015 seisuga 14,0 mln eurot (30.06.2014:
15,1 mln eurot), millest ettevõtte kohustused moodustasid 30.06.2015 seisuga
8,9 mln eurot (30.06.2014: 8,4 mln eurot) ehk 64% (30.06.2014: 56%).
Nõuded ja ettemaksud on kasvanud 0,2 mln eurot, suurenedes 12 kuuga 13% ning
mis tulenes Suomen Tuulileijona OY omandamisel kaasa tulnud nõuete mahust.
Varud on vähenesid 12 kuuga 0,1 mln eurot, moodustades 30.06.2014 seisuga 3,4
mln eurot. Seisuga 30.06.2014 oli varude maht 3,5 mln eurot. Materiaalne ja
immateriaalne põhivara vähenes 1,2 mln euro võrra sisaldades Püssi varade
ühekordset allahindlust summas 0,9 mln eurot. Ülejäänud vähenemine tulenes
amortisatsioonist.
Lühiajalised laenukohustused olid seisuga 30.06.2015 1,9 mln eurot (30.06.2014
1,4 mln eurot) ja suurenesid 12 kuuga kokku 0,5 mln eurot, mis tulenes Suomen
Tuulileijona OY omandamisel kaasa tulnud faktooringukohustusest ning
arvelduskrediidi jooksvast kasutusest. Võlad hankijatele, maksukohustused, muud
võlad, sh võlad töötajatele ja eraldised moodustasid 2,7 mln eurot (seisuga
30.06.2014 2,6 mln eurot).
Pikajalised laenukohustused vähenesid 0,1 mln eurot moodustades 30.06.2015
seisuga 4,0 mln eurot (seisuga 30.06.2014 vastavalt 4,1 mln eurot). Vähenemine
oli põhjustatud laenu restruktureerimisest pika- ja lühiajalise maksete osas.
Lühi- ja pikaajalised kohustused kokku suurenesid 0,5 mln eurot 8,9 mln euroni
(30.06.2014 8,4 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
------------------------------------------------------------------------------
II kv. 2015 II kv. 2014 II kv. 2015 II kv. 2014
------------------------------------------------------------------------------
Skano Fibreboard OÜ 3 049 3 397 65,5% 63,5%
------------------------------------------------------------------------------
Skano Furniture Factory OÜ 1 200 1 694 25,8% 31,7%
------------------------------------------------------------------------------
Skano Furniture OÜ jaemüük 634 543 13,6% 10,1%
------------------------------------------------------------------------------
Suomen Tuulielijona OÜ 1 333 0 28,6% 0,0%
------------------------------------------------------------------------------
Elimineerimine (1 563) (284) (33,6%) (5,3%)
------------------------------------------------------------------------------
KOKKU 4 653 5 350 100,0% 100,0%
------------------------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-----------------------------------------------------------------
II kv. 2015 II kv. 2014 II kv. 2015 II kv. 2014
-----------------------------------------------------------------
Soome 1 892 2 113 40,7% 39,5%
-----------------------------------------------------------------
Eesti 782 872 16,7% 16,3%
-----------------------------------------------------------------
Venemaa 778 1 358 16,7% 25,4%
-----------------------------------------------------------------
Suurbritannia 309 252 6,6% 4,7%
-----------------------------------------------------------------
Läti 198 117 4,3% 2,2%
-----------------------------------------------------------------
Rootsi 134 99 2,9% 1,9%
-----------------------------------------------------------------
Ukraina 92 135 2,0% 2,5%
-----------------------------------------------------------------
Leedu 77 108 1,7% 2,0%
-----------------------------------------------------------------
LAV 63 0 1,4% 0,0%
-----------------------------------------------------------------
Saksamaa 45 45 1,0% 0,8%
-----------------------------------------------------------------
Kasahtsan 43 43 0,9% 0,8%
-----------------------------------------------------------------
S-Araabia 35 0 0,8% 0,0%
-----------------------------------------------------------------
Teised riigid 205 208 4,4% 3,9%
-----------------------------------------------------------------
KOKKU 4 653 5 350 100,0% 100,0%
-----------------------------------------------------------------
Turgude lõikes on käive kasvanud Lätis ja Suurbritannias. Enim on müük
vähenenud Venemaal, Ukrainas ja Soomes.
KASUM SEGMENTIDE LÕIKES
tuh EUR II kv. 2015 II kv. 2014
----------------------------------------------------
Skano Furniture Factory OÜ (58) 141
----------------------------------------------------
Skano Furniture OÜ jaemüük 80 (49)
----------------------------------------------------
Skano Fibreboard OÜ 114 101
----------------------------------------------------
Suomen Tuulileijona OY (6) 0
----------------------------------------------------
Elimineerimine (62) 19
----------------------------------------------------
KOKKU 68 212
----------------------------------------------------
Neto finantskulud (80) (70)
----------------------------------------------------
Tulumaksukulu 0 0
----------------------------------------------------
PUHASKASUM (12) 142
----------------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu oli 2015 aasta teises kvartalis 3,0 mln eurot ja
ärikasum 114 tuhat eurot. Eelmise aasta samal perioodil oli üksuse käive 3,4
mln eurot ja ärikasum 101 tuhat eurot.
Eelmise aasta sama perioodiga võrreldes toimus müügi kahanemine kõigil
suurematel põhiturgudel. Müük kasvas Rootsis ja Suurbritannias.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
II kv. II kv. II kv. II kv.
2015 2014 2015 2014
--------------------------------------------------------------------------------
Soome (sh müük Suomen 1 361 1 651 44,6% 48,6%
Tuulileijona OY-le)
--------------------------------------------------------------------------------
Venemaa 432 509 14,2% 15,0%
--------------------------------------------------------------------------------
Eesti 405 552 13,3% 16,2%
--------------------------------------------------------------------------------
Suurbritannia 297 262 9,7% 7,7%
--------------------------------------------------------------------------------
Rootsi 134 99 4,4% 2,9%
--------------------------------------------------------------------------------
Läti 75 68 2,5% 2,0%
--------------------------------------------------------------------------------
LAV 63 0 2,1% 0,0%
--------------------------------------------------------------------------------
Saksamaa 45 45 1,5% 1,3%
--------------------------------------------------------------------------------
Ukraina 37 28 1,2% 0,8%
--------------------------------------------------------------------------------
Taani 35 17 1,1% 0,5%
--------------------------------------------------------------------------------
Teised riigid 165 166 5,4% 4,9%
--------------------------------------------------------------------------------
KOKKU 3 049 3 397 100,0% 100,0%
--------------------------------------------------------------------------------
tuh EUR Müük Ärikasum
--------------------------------------------------------------------------------
II kv. 2015 II kv. 2014 II kv. II kv. 2014
2015
--------------------------------------------------------------------------------
Pärnu kiudplaadivabrik 1 527 1 564 246 111
--------------------------------------------------------------------------------
Püssi kiudplaadivabrik 1 090 1 233 (104) (25)
--------------------------------------------------------------------------------
Pärnu vääristamisüksus 432 594 (26) 15
(Isotex)
--------------------------------------------------------------------------------
Allokeerimata 0 6 0 0
--------------------------------------------------------------------------------
KOKKU 3 049 3 397 114 101
--------------------------------------------------------------------------------
Pärnu kiudplaadivabriku ja siseviimistlusplaatide liini käive kahanes eelmise
aasta teise kvartaliga võrreldes 9% ja oli 2,0 miljonit eurot.
Püssis asuva kiudplaaditehase käive oli 1,1 mln eurot kahanedes eelmise aasta
teise kvartaliga võrreldes 12% (2014 tesies kvartalis oli müük 1,2 mln eurot).
SKANO FURNITURE
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 30.06.2015 on
mööblikaupluste ketis kokku 11 kauplust: kolm Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, kaks Kiievis, üks Harkovis ja Dnepropetrovskis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
-------------------------------------------------------------------------------
II kv. 2015 II kv. 2014 II kv. 2015 II kv. 2014 30.06.15 30.06.14
-------------------------------------------------------------------------------
Eesti 368 294 58,0% 54,1% 4 5
-------------------------------------------------------------------------------
Läti 123 49 19,4% 9,0% 1 1
-------------------------------------------------------------------------------
Leedu 88 93 13,9% 17,1% 1 1
-------------------------------------------------------------------------------
Ukraina 55 107 8,7% 19,7% 4 4
-------------------------------------------------------------------------------
Kokku 634 543 100,0% 100,0% 10 11
-------------------------------------------------------------------------------
Mööbli jaemüük 2015 aasta teises kvartalis moodustas 634 tuhat eurot, kasvades
eelmise aasta sama perioodiga 17%. Ärikasum oli teises kvartalis 80 tuhat eurot
(2014 teise kvartali müük oli 543 tuhat eurot ning ärikahjum 49 tuhat eurot).
2015 aasta teise kvartali ärikasum 80 tuhat eurot sisaldas ka kursikasumit
grivna kursimuutusest 67 tuhat eurot. 2014 aasta teises kvartalis oli grivna
kursimuutusest tulenev kursikahjum 55 tuhat eurot. Teises kvartalis avati uus
Skano mööblisalong Tallinnas Estconde majas aadressil Pärnu mnt 158/1.
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2015 aasta teise kvartali
müügitulu 1,2 mln eurot ja ärikahjum 58 tuhat eurot. Eelmise aasta samal
perioodil oli mööblivabriku käive 1,7 mln eurot ja ärikasum 141 tuhat eurot.
Võrreldes eelmise aastaga kahanes vabriku käive 29%. Tulenevalt Venemaa
üldisest majanduslikust olukorrast ning sealse importkauba ostujõu vähenemisest
langes müük Venemaale teises kvartalis 59%. Müük Soome kasvas vähasel määral
ning müük Baltikumis jäi samale tasemele.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-------------------------------------------------------------------
II kv. 2015 II kv. 2014 II kv. 2015 II kv. 2014
-------------------------------------------------------------------
Soome 486 462 40,5% 27,3%
-------------------------------------------------------------------
Venemaa 346 849 28,8% 50,1%
-------------------------------------------------------------------
Teised riigid 96 105 8,0% 6,2%
-------------------------------------------------------------------
Tütarettevõtted 272 278 22,7% 16,4%
-------------------------------------------------------------------
Kokku 1 200 1 694 100,0% 100,0%
-------------------------------------------------------------------
PROGNOOS JA ARENG
SKANO FIBREBOARD. Prognoosime, et Skano Fibrebordi käive 2015 aasta kolmandas
kvartalis jääb mõnevõrra väiksemaks võrreldes eelmise aasta sama perioodi
käibega. Eelkõige on väiksem müügimaht põhjustatud põhiturgude nõrgast
nõudlusest. Samas näeme juba täna tulemusi, mida on toonud tootmisprotsesside
ja seadmete efektiivistamine, mis võimaldab kasumlikku tootmist ka oluliselt
väiksemate müügimahtude korral kui varem.
Juhtkonna prioriteet on suunatud tehastele piisava müügimahu kindlustamisele ja
tootmisprotsessi energiaefektiivsuse parandamisele, kuhu on suunatud 2015
investeeringute ja parenduste programm. Kuigi juba 2014. aastal saavutati
tootmise omahinnas oluline edasiminek võrreldes varasemaga, prognoosime ka
2015. aastaks kõrgemat tootmisefektiivsust võrrelduna 2014. aastaga.
Efektiivsuse tõus saavutatakse eelkõige väiksema energiakulu ning
tehnoloogiliste parenduste tõttu vähenenud praaktoodangu ning tootmisseisakute
osakaalu näol.
SKANO MÖÖBLI JAEMÜÜK. Prognoosime, et 2015 aasta kolmanda kvartali jaemüük jääb
samale tasemele võrreldes eelmise aasta sama perioodi müügiga. Kuigi ootame
teises kvartalis müügi kasvu Baltikumis, siis tagasilööki müügile prognoosime
Ukrainast tulenevalt sealsest poliitilisest ja majanduslikust ebastabiilusest.
SKANO MÖÖBLIVABRIK. 2015 aasta kolmandas kvartalis prognoosime mööblivabrikus
eelmise aastaga võrreldes väiksemat käivet tulenevalt üldisest halvenenud
majanduskeskkonnast lähiturgudel ja seda eriti Venemaa osas. Venemaal on müügi
vähenemine põhjustatud eelkõige nõrgast valuutast ning laiapõhjalisest
majanduslangusest ning madalamast tarbijakindlusest.
Uute turgude müük ei ületa 2015 põhiturgudelt tekkinud mahajäämust, kuid
eesmärk on uute turgude müügiga osaliselt katta müügi vähenemine meie tänastel
põhiturgudel Soomes ja Venemaal. Lisaks uute turgude müügimahu kasvatamisele,
mis on olnud juhtkonna prioriteet, tegeleme veel olemasolevate tootesarjade
värskendamise, uute tootesarjade väljatöötamise ja alternatiivsete
müügikanalite arendamisega.
FINANTSSUHTARVUD
tuh EUR 6 kuud 2015 6 kuud 2014 6 kuud 2013
-------------------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------------------
Müügitulu 9 761 10 701 9 098
-------------------------------------------------------------------------------
EBITDA 524 531 86
-------------------------------------------------------------------------------
EBITDA rentaablus 5,4% 5,0% 0,9%
-------------------------------------------------------------------------------
Ärikasum 104 87 (370)
-------------------------------------------------------------------------------
Ärirentaablus 1,1% 0,8% (4,1%)
-------------------------------------------------------------------------------
Puhaskasum (51) (44) (486)
-------------------------------------------------------------------------------
Puhasrentaablus (0,5%) (0,4%) (5,3%)
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Bilanss (30.06)
-------------------------------------------------------------------------------
Koguvarad 14 032 15 133 15 256
-------------------------------------------------------------------------------
Koguvarade puhasrentaablus (0,4%) (0,3%) (3,2%)
-------------------------------------------------------------------------------
Omakapital 5 136 6 737 7 009
-------------------------------------------------------------------------------
Omakapitali puhasrentaablus (1,0%) (0,7%) (6,9%)
-------------------------------------------------------------------------------
Võlakordaja 63,4% 55,5% 54,1%
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia (30.06)
-------------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,805 1,000 1,060
-------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) (0,01) (0,01) (0,11)
-------------------------------------------------------------------------------
Hind-tulu (PE) suhtarv (80,50) (100,00) (9,64)
-------------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 1,14 1,50 1,56
-------------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,71 0,67 0,68
-------------------------------------------------------------------------------
Turukapitalisatsioon 3 622 4 499 4 769
-------------------------------------------------------------------------------
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 30.06.2015 31.12.2014 30.06.2014
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 306 432 264
----------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 806 1 232 1 601
----------------------------------------------------------------------------
Varud (lisa 2) 3 355 2 962 3 512
----------------------------------------------------------------------------
Käibevara kokku 5 467 4 626 5 377
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 407 407 408
----------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 8 133 8 267 9 322
----------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 25 29 26
----------------------------------------------------------------------------
Põhivara kokku 8 565 8 703 9 756
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 14 032 13 329 15 133
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused (lisa 6) 1 932 2 030 1 406
----------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 2 708 2 198 2 617
----------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 8 15 7
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 4 648 4 243 4 030
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 013 3 563 4 127
----------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 235 223 239
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 248 3 786 4 366
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 8 896 8 029 8 396
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Muud reservid 2 0 0
----------------------------------------------------------------------------
Ümberhindluse kursivahed (129) (16) (16)
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 1 963 3 446 3 446
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (51) (1 481) (44)
----------------------------------------------------------------------------
Omakapital kokku 5 136 5 300 6 737
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 14 032 13 329 15 133
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR II kv II kv 6 k 6 k
2015 2014 2015 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 4 653 5 350 9 761 10 701
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 652) (4 181) (7 574) (8 719)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 1 001 1 169 2 187 1 982
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (793) (729) (1 627) (1 451)
--------------------------------------------------------------------------------
Üldhalduskulud (179) (159) (353) (332)
--------------------------------------------------------------------------------
Muud äritulud 200 6 266 23
--------------------------------------------------------------------------------
Muud ärikulud (161) (75) (369) (135)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (lisa 11) 68 212 104 87
--------------------------------------------------------------------------------
Neto finantskulu (80) (70) (152) (131)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (12) 142 (48) (44)
--------------------------------------------------------------------------------
Tulumaksukulu 0 0 (3) 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (12) 142 (51) (44)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju (64) 21 (113) (24)
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (76) 163 (164) (68)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia (0,00) 0,03 (0,01) (0,01)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,00) 0,03 (0,01) (0,01)
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2015. aasta kolmanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 48 (23.-27. november 2015)
Martin Kalle
CEO
+372 4478 331
[email protected]
Content of announcement in English
Title
Financial results, 6 months 2015
Message
Pärnu, 2015-08-28 15:16 CEST (GLOBE NEWSWIRE) --
THE SECOND QUARTER IN SHORT
Consolidated net sales of the second quarter of 2015 were 4.7 mil. euros,
representing a 13% decrease on the second quarter compared to the same period
in 2014. At the same time, consolidated EBITDA amounted to 271 thousand euros
(EBITDA 431 thousand euros in Q2 2014). Net sales in 2015 H1 amounted to 9.7
mil. euros, representing 9% decrease (2014 H1 net sales: 10.7 mil. euros).
First 6 months EBITDA in 2015 was 524 thousand euros staying at the same level
as last year (2014 6 months EBITDA: 531 thousand euros). Although consolidated
net sales have decreased mainly due to weak demand in Finland and Russia, the
company has managed to improve EBITDA margin. The main reasons behind it are
improvements of fibreboard production process allowing to reduce production
cost and keep profitability at much lower production volumes.
The sale in Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 2.0 mil.
euros, decreased as compared to the respective period last year by 9%, the
operating profit of the second quarter was 220 thousand euros compared with the
operating profit 126 thousand euros last year.
The turnover of Skano Fibreboard OÜ Püssi factory was 1.1 mil. euros,
representing 12% decrease in the second quarter compared to the same period in
2014. Operating loss amounted to 104 thousand euros compared with the operating
loss 25 thousand euros last year.
Sales mainly decreased in our core markets. As our main foreign markets Russia
and Finland are still very weak due to the general economic situation we have
been continuously expanding the list of our target markets and made significant
efforts in product development. In the second quarter we also conducted product
testing and tuning of production process in both factories in order to achieve
a lower production cost and break-even point.
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.
Sales of Suomen Tuulielijona OY in Q2 2015 decreased 17% compared to last year,
which amounted to 1.3 mil. euros. Suomen Tuulileijona OY is the wholesaler of
Skano fibreboard products in Finland, which was acquired in July 2014. In Q2
2014 sale of Suomen Tuulielijona OY was not consolidated yet and was recorded
under Skano Fibreboard OÜ sales to Finland.
The turnover of Skano Furniture Factory OÜ in Pärnu decreased in the second
quarter by 29% and amounted to 1.2 mil. euros. The operating loss of the second
quarter was 58 thousand euros as in 2014 the operating profit of the same
period was 141 thousand euros. Profitability was impacted by low sales volumes.
In the second quarter of 2015 sales to Russia decreased heavily due to very
weak demand by 59% as compared to 2014. Sales to Finland increased slightly and
remained at the same level in the Baltics. In addition to seeking new sales
possibilities in the current markets the company has made considerable effort
to enter into new markets like UK, France and USA.
The turnover of Skano Furniture OÜ retail chain increased 17% as compared to
the same period last year being 634 thousand euros, operating profit was 80
thousand euros compared with the sales 543 thousand and operating loss 49
thousand euros in the second quarter of 2014. 2015 second quarter operating
profit 80 thousand euros contains also a profit from a drop of currency
exchange rate of hryvnia 67 thousand euros (realized loss from currency
exchange rate 55 thousand euros in the same period of 2014).
Retail sale increased in Estonia and Latvia but decreased slightly in Lithuania
and remarkably in Ukraine due to the conflict and difficult economic situation.
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 second quarter in 2015 was 4.7 mil. euros (5.4
mil. euros in same period of 2014) representing a 13% decrease compared to Q2
2014. The Group’s gross margin in the second quarter of 2015 was 22% compared
to 22% in the second quarter of 2014. Consolidated operating profit amounted to
68 thousand euros (operating profit 212 thousand euros from main activities in
same period 2014). The consolidated operating margin of net sales was 1.5%
(4.0% from main activities in Q2 2014).
Consolidated net loss amounted to 12 thousand euros (compared to net profit 142
thousand euros in Q2 2014), and the net margin was -0.3% (2.7% in Q2 2014).
POSITION OF FINANCIAL STATEMENT
As of 30.06.2015 the total assets of Skano Group AS amounted to 14.0 mil. euros
(30.06.2014: 15.1 mil. euros). The liabilities of the company accounted for 64%
(30.06.2014: 56%) thereof, i.e. 8.9 mil. euros (30.06.2014: 8.4 mil. euros).
Receivables and prepayments have increased by 0.2 mil. euros i.e. 13% increase
within 12 months due to new receivables of Suomen Tuulileijona OY recently
acquired.
Inventories have slightly decreased with 12 months, amounting to 3.4 mil. euros
on 30.06.2015. (30.06.2014: 3.5 mil. euros). Property, plant and intangibles
decreased by 1.2 mil. euros mainly due to one-off write-down of Püssi factory
assets by 0.9 mil. euros, the rest was as a result of depreciation.
Short-term loans have increased by 0.5 mil. euros and amounted to 1.9 mil.
euros in 30.06.2015 which was a result of increase of factoring liabilities of
Suomen Tuulileijona OY recently acquired and usage of bank overdraft
(30.06.2014: 1.4 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 2.7 mil.
euros (30.06.2014: 2.6 mil. euros).
Long-term loans have decreased by 0.1 mil euros and amounted to 4.0 mil. euros
in 30.06.2015 (30.06.2014: 4.1 mil. euros). The increase was caused by
restructuring of the loan between short- and long-term payment schedule.
Current and non-current liabilities have increased by 0.5 mil. euros to 8.9
mil. euros (30.06.2014: 8.4 mil. euros).
DIVISIONAL REVIEW
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014
--------------------------------------------------------------
Skano Fibreboard OÜ 3,049 3,397 65.5% 63.5%
--------------------------------------------------------------
Skano Furniture Factory OÜ 1,200 1,694 25.8% 31.7%
--------------------------------------------------------------
Skano Furniture OÜ retail 634 543 13.6% 10.1%
--------------------------------------------------------------
Suomen Tuulileijona OY 1,333 0 28.6% 0.0%
--------------------------------------------------------------
Elimination (1,563) (284) (33.6%) (5.3%)
--------------------------------------------------------------
TOTAL 4,653 5,350 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014
---------------------------------------------------
Finland 1,892 2,113 40.7% 39.5%
---------------------------------------------------
Estonia 782 872 16.7% 16.3%
---------------------------------------------------
Russia 778 1,358 16.7% 25.4%
---------------------------------------------------
Great Britain 309 252 6.6% 4.7%
---------------------------------------------------
Latvia 198 117 4.3% 2.2%
---------------------------------------------------
Sweden 134 99 2.9% 1.9%
---------------------------------------------------
Ukraine 92 135 2.0% 2.5%
---------------------------------------------------
Lithuania 77 108 1.7% 2.0%
---------------------------------------------------
SAR 63 0 1.4% 0.0%
---------------------------------------------------
Germany 45 45 1.0% 0.8%
---------------------------------------------------
Kazakhstan 43 43 0.9% 0.8%
---------------------------------------------------
Saudia Arabia 35 0 0.8% 0.0%
---------------------------------------------------
Other countries 205 208 4.4% 3.9%
---------------------------------------------------
TOTAL 4,653 5,350 100.0% 100.0%
---------------------------------------------------
Regarding the markets, turnover has increased in Latvia and Great Britain. The
turnover has decreased most in Russia, Finland and Ukraine.
PROFIT BY BUSINESS SEGMENTS
th EUR Q2 2015 Q2 2014
-----------------------------------------
Skano Furniture factory (58) 141
-----------------------------------------
Skano Furniture retail 80 (49)
-----------------------------------------
Skano Fibreboard 114 101
-----------------------------------------
Suomen Tuulileijona OY (6) 0
-----------------------------------------
Elimination (62) 19
-----------------------------------------
TOTAL 68 212
-----------------------------------------
Net financial costs (80) (70)
-----------------------------------------
Income tax 0 0
-----------------------------------------
NET PROFIT (12) 142
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard in the second quarter of 2015 amounted to 3.0
mil. euros and operating profit to 114 thousand euros. In the same period last
year, the turnover of Skano Fibreboard totaled to 3.4 mil. euros and the
operating profit from main activities 101 thousand euros.
The decrease in sales in the second quarter compare to last year took place in
all core markets. Sales increased in Sweden and Great Britain.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014
-----------------------------------------------------------------------------
Finland (incl. to Suomen Tuulileijona OY) 1,361 1,651 44.6% 48.6%
-----------------------------------------------------------------------------
Russia 432 509 14.2% 15.0%
-----------------------------------------------------------------------------
Estonia 405 552 13.3% 16.2%
-----------------------------------------------------------------------------
Great Britain 297 262 9.7% 7.7%
-----------------------------------------------------------------------------
Sweden 134 99 4.4% 2.9%
-----------------------------------------------------------------------------
Latvia 75 68 2.5% 2.0%
-----------------------------------------------------------------------------
SAR 63 0 2.1% 0.0%
-----------------------------------------------------------------------------
Germany 45 45 1.5% 1.3%
-----------------------------------------------------------------------------
Ukraine 37 28 1.2% 0.8%
-----------------------------------------------------------------------------
Denmark 35 17 1.1% 0.5&
-----------------------------------------------------------------------------
Other countries 165 166 5.4% 4.9%
-----------------------------------------------------------------------------
TOTAL 3,049 3,397 100.0% 100.0%
-----------------------------------------------------------------------------
th EUR Net sales Operating Profit
--------------------------------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,527 1,564 246 111
--------------------------------------------------------------------------
Püssi Fibreboard factory 1,090 1,233 (104) (25)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 432 594 (26) 15
--------------------------------------------------------------------------
Not allocated 0 6 0 0
--------------------------------------------------------------------------
TOTAL 3,049 3,397 114 101
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory and interior board’s line
decreased 9% in the second quarter of 2015 compared to the same quarter of 2014
and amounted to 2.0 mil. euros.
The turnover of Püssi fibreboard factory amounted to 1.1 mil. euros declining
12% compared to the same quarter in 2014 (turnover 1.2 mil. euros in Q2 2014).
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 11 stores in Tallinn (3), Tartu, Pärnu, Riga, Vilnius, Kiev (2),
Kharkiv and Dnipropetrovs’k at the end of the second quarter in 2015.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014 30.06.15 30.06.14
-----------------------------------------------------------------
Estonia 368 294 58.0% 54.1% 4 5
-----------------------------------------------------------------
Latvia 123 49 19.4% 9.0% 1 1
-----------------------------------------------------------------
Lithuania 88 93 13.9% 17.1% 1 1
-----------------------------------------------------------------
Ukraine 55 107 8.7% 19.7% 4 4
-----------------------------------------------------------------
TOTAL 634 543 100.0% 100.0% 10 11
-----------------------------------------------------------------
Retail sale amounted to 634 thousand euros in the second quarter of 2015 and
operating profit 80 thousand euros (sales 543 thousand euros and operating loss
49 thousand euros in Q2 2014). Current year second quarter operating profit 80
thousand euros contains also loss profit of currency exchange rate of hryvnia
67 thousand euros (realized loss from currency exchange rate 55 thousand euros
in the same period of 2014). In the second quarter a new shop was opened in
Tallinn in Estconde building in Pärnu mnt 158/1.
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in the second quarter amounted to
1.2 mil. euros and operating loss to 58 thousand euros. In the same period last
year, the turnover of the factory amounted to 1.7 mil. euros and the profit to
141 thousand euros. As compared to the previous year the turnover of the
factory has decreased 29%. In the second quarter the sales decreased in Russia
by 59% due to colder economic environment and weaker purchasing power for
imported durable goods. Sales in Finland and the Baltics remained at the same
level.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
Q2 2015 Q2 2014 Q2 2015 Q2 2014
---------------------------------------------------
Finland 486 462 40.5% 27.3%
---------------------------------------------------
Russia 346 849 28.8% 50.1%
---------------------------------------------------
Other countries 96 105 8.0% 6.2%
---------------------------------------------------
Subsidiaries 272 278 22.7% 16.4%
---------------------------------------------------
TOTAL 1,200 1,694 100.0% 100.0%
---------------------------------------------------
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. We expect sales of Skano Fibreboard in Q3 2015 to be slightly
lower compared to sales of the same period last year due to weak demand in our
core markets. On the other hand we see already better results in efficiency
even with lower production volumes compared to last year as a result of the
recent production improvement plan.
The management’s priority is to secure the factories with sufficient sales
volumes and to improve energy efficiency in the production process, where 2015
investment and improvement program is aimed. Although we have achieved in 2014
significant progress in the production cost compared to prior year, we expect
also higher production efficiency in 2015 compared to 2014. Further progress in
production efficiency is achieved primarily due to lower energy consumption and
technological improvements as a result of which amount of poor quality products
and production outage would decrease.
SKANO FURNITURE RETAIL SALES. We expect total retail sale in Q3 2015 to remain
at the same level compared to sales of the same period last year. We expect
sale increase in the Baltics but decrease in Ukraine due to political and
economic instability.
SKANO FURNITURE FACTORY. In Q3 2015 we expect smaller sales of the furniture
factory compared to the same period in 2014 because of the deteriorated
economic situation in the near regions, especially in Russia. In Russia sales
are down due to weak currency, broad-based economic downturn and low consumer
confidence.
Sales to new markets in Q3 2015 are not covering the lag from our main markets
but our goal is to compensate with sales in new markets partly the gap from our
main markets in Russia and Finland. In addition to seeking sales possibilities
in new markets, we are refreshing our existing furniture series, developing new
furniture series and alternative sales channels.
FINANCIAL HIGHLIGHTS
th EUR 6 m 2015 6 m 2014 6 m 2013
---------------------------------------------------
Income statement
---------------------------------------------------
Revenue 9,761 10,701 9,098
---------------------------------------------------
EBITDA 524 531 86
---------------------------------------------------
EBITDA margin 5.4% 5.0% 0.9%
---------------------------------------------------
Operating profit 104 87 (370)
---------------------------------------------------
Operating margin 1.1% 0.8% (4.1%)
---------------------------------------------------
Net profit (51) (44) (486)
---------------------------------------------------
Net margin (0.5%) (0.4%) (5.3%)
---------------------------------------------------
----------------------------------------------------
Balance sheet (30.06)
---------------------------------------------------
Total assets 14,032 15,133 15,256
---------------------------------------------------
Return on assets (0.4%) (0.3%) (3.2%)
---------------------------------------------------
Equity 5,136 6,737 7,009
---------------------------------------------------
Return on equity (1.0%) (0.7%) (6.9%)
---------------------------------------------------
Debt-to-equity ratio 63.4% 55.5% 54.1%
---------------------------------------------------
----------------------------------------------------
Share (30.06)
---------------------------------------------------
Closing price 0.805 1.000 1.060
---------------------------------------------------
Earnings per share (0.01) (0.01) (0.11)
---------------------------------------------------
Price-earnings ratio (80.50) (100.00) (9.64)
---------------------------------------------------
Book value of a share 1.14 1.50 1.56
---------------------------------------------------
Market to book ratio 0.71 0.67 0.68
---------------------------------------------------
Market capitalization 3,622 4,499 4,769
---------------------------------------------------
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 30.06.2015 31.12.2014 30.06.2014
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and bank 306 432 264
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,806 1,232 1,601
----------------------------------------------------------------------------
Inventories (Note 2) 3,355 2,962 3,512
----------------------------------------------------------------------------
Total current assets 5,467 4,626 5,377
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investment property (Note 3) 407 407 408
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 8,133 8,267 9,322
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 25 29 26
----------------------------------------------------------------------------
Total fixed assets 8,565 8,703 9,756
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ASSETS 14,032 13,329 15,133
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt obligations (Note 6) 1,932 2,030 1,406
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,708 2,198 2,617
----------------------------------------------------------------------------
Short-term provisions (Note 8) 8 15 7
----------------------------------------------------------------------------
Total current liabilities 4,648 4,243 4,030
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,013 3,563 4,127
----------------------------------------------------------------------------
Non-current provisions (Note 8) 235 223 239
----------------------------------------------------------------------------
Total non-current liabilities 4,248 3,786 4,366
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities 8,896 8,029 8,396
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699 2,699
----------------------------------------------------------------------------
Issue premium 364 364 364
----------------------------------------------------------------------------
Statutory capital reserve 288 288 288
----------------------------------------------------------------------------
Other reserves 2 0 0
----------------------------------------------------------------------------
Currency translation (129) (16) (16)
----------------------------------------------------------------------------
Retained profits 1,963 3,446 3,446
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (51) (1,481) (44)
----------------------------------------------------------------------------
Total equity 5,136 5,300 6,737
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 14,032 13,329 15,133
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 2nd Q 2nd Q 2014 6 m 2015 6 m 2014
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RETURN ON SALES (Note 11) 4,653 5,350 9,761 10,701
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of production sold (3,652) (4,181) (7,574) (8,719)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross profit 1,001 1,169 2,187 1,982
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Marketing expenses (793) (729) (1,627) (1,451)
--------------------------------------------------------------------------------
General administrative expenses (179) (159) (353) (332)
--------------------------------------------------------------------------------
Other income 200 6 266 23
--------------------------------------------------------------------------------
Other expenses (161) (75) (369) (135)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit (loss) (Note 11) 68 212 104 87
--------------------------------------------------------------------------------
Financial income and financial (80) (70) (152) (131)
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit (loss) before taxes (12) 142 (48) (44)
--------------------------------------------------------------------------------
Prepaid income tax 0 0 (3) 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (12) 142 (51) (44)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic earnings per share (Note 10) (0.00) 0.03 (0.01) (0.01)
--------------------------------------------------------------------------------
Diluted earnings per share (Note 10) (0.00) 0.03 (0.01) (0.01)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Currency translation differences (64) 21 (113) (24)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (76) 163 (164) (68)
--------------------------------------------------------------------------------
The planned time of publishing of interim report of the third quarter of 2015
is week 48 (23-27 November 2015)
Martin Kalle
CEO
+372 4478 331
[email protected]