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
5557
Attachments
Submission date and time
27.05.2016 16:05:00
Content of announcement in Estonian
Title
Majandustulemused 3 kuud 2016
Message
KOKKUVÕTE
Skano Group AS’i 2016. aasta esimese kvartali konsolideeritud müügitulu oli 4,5
mln eurot, mis on 11% vähem kui 2015. aasta samal perioodil (2015 esimese
kvartali müügitulu oli 5,1 mln eurot). Kontserni 2016 esimese kvaratali EBITDA
oli -50 tuhat eurot (2015 esimese kvartali EBITDA 247 tuhat eurot).
Skano Fibreboard OÜ Pärnu tehase müügitulu (sh. Isotex) oli esimeses kvartalis
2,1 mln eurot kasvades eelmise aasta sama perioodiga võrreldes 12%. 2016. aasta
esimese kvartali ärikasum oli 76 tuhat eurot, 2015. aasta sama perioodi
ärikasum oli 114 tuhat eurot.
Skano Fibreboard OÜ Püssi kiudplaaditehase müügitulu oli 1,2 mln eurot
kahanedes 25% võrreldes eelmise aasta sama perioodiga. 2016. aasta esimese
kvartali ärikahjum oli 41 tuhat eurot võrrelduna 9 tuhande eurose ärikahjumiga
eelmise aasta samal perioodil.
Skano Fibreboard OÜ müügi vähenemine oli põhiliselt tingitud meie põhiturgude
Venemaa ja Soome jätkuvalt nõrgast majandusolukorrast. Olukorra parandamiseks
oleme laiendamas oma sihtturgude nimekirja ja teinud olulisi jõupingutusi
tootearenduses.
Ettevõtte juhtkonna prioriteediks on jätkuvalt müügivõrgu laiendamine
maksimaalse tootmisvõimsuse kasutamiseks ning tootmisprotsesside
efektiivistamine.
Suomen Tuulileijona OY müük oli 1,4 mln eurot vähenes 2016. aasta esimeses
kvartalis 14% võrrelduna eelmise aasta sama perioodiga (1,6 mln eurot). Suomen
Tuulileijona OY on Skano kiudplaadi edasimüüja Soomes.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2016. aasta esimese kvartali
käive kahanes eelmise aasta sama perioodiga võrreldes 21 % ja oli 1,1 mln
eurot. Esimese kvartali ärikahjum oli 211 tuhat eurot võrrelduna 89 tuhande
eurose ärikahjumiga 2015. aasta esimeses kvartalis. Kasumlikkusele mõjus
negatiivselt väike müügimaht. Müük Venemaale vähenes 19% võrrelduna 2015 sama
perioodiga tulenevalt nõrgast nõudlusest. Lisaks olemasolevatel turgudel uute
müügivõimaluste otsimisele on ettevõtte jaoks oluline müük uutele turgudele sh.
USA, Suurbritannia ja Prantsusmaa, kuhu oleme endiselt panustamas olulisi
ajalisi ja rahalisi ressursse.
Skano Furniture OÜ jaemüügiketi käive kahanes eelmise aasta sama perioodiga
võrreldes 25% ja oli 490 tuhat eurot ning ärikahjum oli 157 tuhat eurot
võrrelduna 240 tuhande eurose ärikahjumiga 2015 aasta esimeses kvartalis. 2016
aasta esimese kvartali ärikahjum 157 tuhat eurot sisaldas ka kursikahjumit
grivna kursimuutusest 116 tuhat eurot. Samuti sisaldas 2015. aasta esimese
kvartali ärikahjum 240 tuhat eurot kursikahjumit grivna kursimuutusest 268
tuhat eurot.
Mööbli jaemüük kahanes kõikjal ja on jätkuvalt nõrk Ukrainas põhjustatuna
konfliktist Ida-Ukrainas ning riigi raskest majanduslikust olukorrast.
Jaemüügist moodustab Skano Group AS’i enda toodetud mööbli müük jätkuvalt
olulise osa ning see võimaldab mööblivabrikul opereerida kasumlikumalt, kui see
ilma oma jaemüügiketita võimalik oleks.
KASUMIARUANNE
Aruandeaasta esimese kvartali müügitulu oli 4,5 mln eurot (2015. aastal 5,1 mln
eurot), mis tähendab 2015. aasta esimese kvartaliga võrreldes 11%-list
kahanemist. Kontserni müügikäibe brutorentaablus oli 2016. aasta esimese
kvartalis 18% (võrrelduna 2015 aasta esimese kvartali 23%-ga). Konsolideeritud
ärikahjum oli esimeses kvartalis 268 tuhat eurot (2015. aasta samal perioodil
põhitegevuse ärikasum oli 36 tuhat eurot. Konsolideeritud müügikäibe
ärirentaablus oli -5,9% (võrrelduna 2015. aasta esimese kvartali põhitegevuse
ärirentaablusega 0,7%).
Konsolideeritud puhaskahjum oli 355 tuhat eurot (2015. aasta esimeses kvartalis
oli põhitegevuse puhaskahjum 39 tuhat eurot) ja puhasrentaablus oli -7,8%
(võrrelduna 2015. aasta esimese kvartali puhasrentaablusega -0,8%).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 31.03.2016 seisuga 14,6 mln eurot (31.03.2015:
15,0 mln eurot) ning ettevõtte kohustused moodustasid 31.03.2016 seisuga 10,0
mln eurot (31.03.2015: 9,8 mln eurot) ehk 68% varadest (31.03.2015: 65%).
Nõuded ja ettemaksud on jäänud samale tasemele võrreldes eelmise aastaga
moodustades 2,3 mln eurot. Varud suurenesid 12 kuuga 0,4 mln eurot, moodustades
31.03.2016 seisuga 3,7 mln eurot. Seisuga 31.03.2015 oli varude maht 3,3 mln
eurot. Materiaalne ja immateriaalne põhivara seisuga 31.03.2016 oli 8,0 mln
eurot (31.03.2015: 8,2 mln eurot).
Lühiajalised laenukohustused olid seisuga 31.03.2016 2,2 mln eurot (31.03.2015
2,8 mln eurot) vähenedes 12 kuuga kokku 0,6 mln eurot, mis tulenes
arvelduskrediidi jooksvast kasutusest ja laenu restruktureerimisest pika- ja
lühiajalise maksete osas. Võlad hankijatele, maksukohustused, muud võlad, sh
võlad töötajatele ja eraldised moodustasid 3,4 mln eurot suurendes 12 kuuga 0,2
mln euro võrra (seisuga 31.03.2015 3,2 mln eurot).
Pikajalised laenukohustused suurenesid 0,6 mln eurot moodustades 31.03.2016
seisuga 4,2 mln eurot (seisuga 31.03.2015 vastavalt 3,6 mln eurot). Suurenemine
oli põhjustatud laenu restruktureerimisest pika- ja lühiajalise maksete osas.
Lühi- ja pikaajalised kohustused kokku suurenesid 0,2 mln eurot 10,0 mln euroni
(31.03.2015 9,8 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------
I kv. 2016 I kv. 2015 I kv. 2016 I kv. 2015
--------------------------------------------------------------------------
Skano Fibreboard OÜ 3 273 3 445 72,0% 67,4%
--------------------------------------------------------------------------
Skano Furniture Factory OÜ 1 052 1 325 23,1% 25,9%
--------------------------------------------------------------------------
Skano Furniture OÜ jaemüük 490 653 10,8% 12,8%
--------------------------------------------------------------------------
Suomen Tuulielijona OY 1 379 1 604 30,3% 31,4%
--------------------------------------------------------------------------
Elimineerimine (1 649) (1 919) (36,3%) (37,6%)
--------------------------------------------------------------------------
KOKKU 4 545 5 108 100,0% 100,0%
--------------------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-------------------------------------------------------------
I kv. 2016 I kv. 2015 I kv. 2016 I kv. 2015
-------------------------------------------------------------
Soome 1 898 2 076 41,8% 40,6%
-------------------------------------------------------------
Eesti 654 792 14,4% 15,5%
-------------------------------------------------------------
Venemaa 579 773 12,7% 15,1%
-------------------------------------------------------------
Suurbritannia 324 206 7,1% 4,0%
-------------------------------------------------------------
Portugal 263 0 5,8% 0,0%
-------------------------------------------------------------
Läti 187 181 4,1% 3,5%
-------------------------------------------------------------
Rootsi 139 199 3,1% 3,9%
-------------------------------------------------------------
LAV 99 360 2,2% 7,0%
-------------------------------------------------------------
Leedu 93 101 2,0% 2,0%
-------------------------------------------------------------
Ukraina 61 86 1,3% 1,7%
-------------------------------------------------------------
Taani 48 56 1,1% 1,1%
-------------------------------------------------------------
Saksamaa 27 38 0,6% 0,7%
-------------------------------------------------------------
Teised riigid 173 240 3,8% 4,7%
-------------------------------------------------------------
KOKKU 4 545 5 108 100,0% 100,0%
-------------------------------------------------------------
Turgude lõikes on käive kasvanud Suurbritannias ja uuel turul Portugalis. Enim
on müük vähenenud Venemaal ja LAVis.
KASUM SEGMENTIDE LÕIKES
tuh EUR I kv. 2016 I kv. 2015
--------------------------------------------------
Skano Furniture Factory OÜ (211) (89)
--------------------------------------------------
Skano Furniture OÜ jaemüük (157) (240)
--------------------------------------------------
Skano Fibreboard OÜ 35 105
--------------------------------------------------
Suomen Tuulileijona OY (19) 41
--------------------------------------------------
Elimineerimine 84 219
--------------------------------------------------
KOKKU (268) 36
--------------------------------------------------
Neto finantskulud (86) (72)
--------------------------------------------------
Tulumaksukulu (1) (3)
--------------------------------------------------
PUHASKASUM (355) (39)
--------------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu oli 2016. aasta esimeses kvartalis 3,3 mln eurot ja
ärikasum 35 tuhat eurot. Eelmise aasta samal perioodil oli üksuse käive 3,4 mln
eurot ja ärikasum 105 tuhat eurot.
Eelmise aasta sama perioodiga võrreldes kahanes müük emin Venamaal ja LAVis.
Müük kasvas enim Suurbritannias ja Portugalis.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
I kv. I kv. I kv. I kv.
2016 2015 2016 2015
--------------------------------------------------------------------------------
Soome (sh müük Suomen Tuulileijona 1 469 1 612 44,9% 46,8%
OY-le)
--------------------------------------------------------------------------------
Eesti 372 415 11,4% 12,0%
--------------------------------------------------------------------------------
Suurbritannia 318 199 9,7% 5,8%
--------------------------------------------------------------------------------
Portugal 263 0 8,0% 0,0%
--------------------------------------------------------------------------------
Venemaa 251 368 7,7% 10,7%
--------------------------------------------------------------------------------
Rootsi 139 199 4,2% 5,8%
--------------------------------------------------------------------------------
LAV 99 360 3,0% 10,4%
--------------------------------------------------------------------------------
Läti 84 57 2,6% 1,7%
--------------------------------------------------------------------------------
Taani 48 56 1,5% 1,6%
--------------------------------------------------------------------------------
Saksamaa 27 38 0,8% 1,1%
--------------------------------------------------------------------------------
Teised riigid 203 141 6,2% 4,1%
--------------------------------------------------------------------------------
KOKKU 3 273 3 445 100,0% 100,0%
--------------------------------------------------------------------------------
tuh EUR Müük Ärikasum
-------------------------------------------------------------------------------
I kv. 2016 I kv. 2015 I kv. 2016 I kv. 2015
-------------------------------------------------------------------------------
Pärnu kiudplaadivabrik 1 712 1 310 126 77
-------------------------------------------------------------------------------
Püssi kiudplaadivabrik 1 182 1 577 (41) (9)
-------------------------------------------------------------------------------
Pärnu vääristamisüksus (Isotex) 379 558 (50) 37
-------------------------------------------------------------------------------
KOKKU 3 273 3 445 35 105
-------------------------------------------------------------------------------
Pärnu kiudplaadivabriku ja siseviimistlusplaatide liini käive kasvnes 12%
võrreldes eelmise aasta esimese kvartaliga ja oli 2,1 miljonit eurot.
Püssis asuva kiudplaaditehase käive oli 1,2 mln eurot kahanedes eelmise aasta
esimese kvartaliga võrreldes 25% (2015 esimeses kvartalis oli müük 1,6 mln
eurot).
SKANO FURNITURE
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 31.03.2016 on
mööblikaupluste ketis kokku 10 kauplust: kolm Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, kaks Kiievis ja üks Harkovis. Dnepropetrovskis asuv
kauplus anti aasta lõpus frantsiisilepingu alusel üle kohalikule diilerile.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
---------------------------------------------------------------------------
I kv. 2016 I kv. 2015 I kv. 2016 I kv. 2015 31.03.16 31.03.15
---------------------------------------------------------------------------
Eesti 277 369 56,5% 56,5% 5 4
---------------------------------------------------------------------------
Läti 103 124 21,0% 19,0% 1 1
---------------------------------------------------------------------------
Leedu 69 84 14,1% 12,9% 1 1
---------------------------------------------------------------------------
Ukraina 41 76 8,4% 11,6% 3 4
---------------------------------------------------------------------------
Kokku 490 653 100,0% 100,0% 10 10
---------------------------------------------------------------------------
Mööbli jaemüük 2016 aasta esimeses kvartalis moodustas 490 tuhat eurot,
kahanedes eelmise aasta sama perioodiga 25%. Ärikahjum oli esimeses kvartalis
157 tuhat eurot (2015 esimese kvartali müük oli 653 tuhat eurot ning ärikahjum
240 tuhat eurot). 2016 aasta esimese kvartali ärikahjum 157 tuhat eurot
sisaldas kursikahjumit grivna kursimuutusest 116 tuhat eurot (2015 268 tuhat
eurot).
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2016 aasta esimese kvartali
müügitulu 1,1 mln eurot ja ärikahjum 211 tuhat eurot. Eelmise aasta samal
perioodil oli mööblivabriku käive 1,3 mln eurot ja ärikahjum 89 tuhat eurot.
Võrreldes eelmise aastaga kahanes vabriku käive 21%. Tulenevalt Venemaa
üldisest majanduslikust olukorrast ning sealse importkauba ostujõu vähenemisest
langes müük Venemaale esimeses kvartalis 19%.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------------------------
I kv. 2016 I kv. 2015 I kv. 2016 I kv. 2015
---------------------------------------------------------------
Soome 445 433 42,3% 32,7%
---------------------------------------------------------------
Venemaa 328 405 31,2% 30,6%
---------------------------------------------------------------
Teised riigid 25 146 2,4% 11,0%
---------------------------------------------------------------
Tütarettevõtted 254 341 24,1% 25,7%
---------------------------------------------------------------
Kokku 1 052 1 325 100,0% 100,0%
---------------------------------------------------------------
PROGNOOS JA ARENG
SKANO FIBREBOARD. Prognoosime, et Skano Fibrebordi käive 2016 aasta tesies
kvartalis jääb samale tasemele võrreldes eelmise aasta sama perioodi käibega.
Väiksemat müügimahtu põhiturgudelt põhjustatuna nõrgast nõudlusest proovime
kompenseerida müügiga uutele turgudele. Samas näeme juba täna tulemusi, mida on
toonud tootmisprotsesside ja seadmete efektiivistamine, mis võimaldab
kasumlikku tootmist ka oluliselt väiksemate müügimahtude korral kui varem.
SKANO MÖÖBLI JAEMÜÜK. Prognoosime, et 2016 aasta teises kvartali jaemüük
kahaneb võrreldes eelmise aasta sama perioodi müügiga. Kuigi ootame müügi
stabiilsust Baltikumis, siis tagasilööki müügile prognoosime Ukrainast
tulenevalt sealsest poliitilisest ja majanduslikust ebastabiilusest.
SKANO MÖÖBLIVABRIK. 2016 aasta teises 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.
FINANTSSUHTARVUD
tuh EUR 3 kuud 2016 3 kuud 2015 3 kuud 2014
-------------------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------------------
Müügitulu 4 545 5 108 5 351
-------------------------------------------------------------------------------
EBITDA (50) 257 100
-------------------------------------------------------------------------------
EBITDA rentaablus (1,1%) 5,0% 1,9%
-------------------------------------------------------------------------------
Ärikasum (268) 36 (125)
-------------------------------------------------------------------------------
Ärirentaablus (5,9%) 0,7% (2,3%)
-------------------------------------------------------------------------------
Puhaskasum (355) (39) (186)
-------------------------------------------------------------------------------
Puhasrentaablus (7,8%) (0,8%) (3,5%)
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Bilanss (31.03)
-------------------------------------------------------------------------------
Koguvarad 14 591 14 989 14 980
-------------------------------------------------------------------------------
Koguvarade puhasrentaablus (2,4%) (0,3%) (1,2%)
-------------------------------------------------------------------------------
Omakapital 4 529 5 212 6 574
-------------------------------------------------------------------------------
Omakapitali puhasrentaablus (7,8%) (0,7%) (2,8%)
-------------------------------------------------------------------------------
Võlakordaja 68,0% 65,2% 56,1%
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia (31.03)
-------------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,726 0,845 0,995
-------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) (0,08) (0,01) (0,04)
-------------------------------------------------------------------------------
Hind-tulu (PE) suhtarv (9,08) (84,5) (24,9%)
-------------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 1,01 1,16 1,46
-------------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,72 0,73 0,68
-------------------------------------------------------------------------------
Turukapitalisatsioon 3 266 3 802 4 477
-------------------------------------------------------------------------------
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 31.03.2016 31.12.2015 31.03.2015
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 278 292 691
----------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 2 252 997 2 326
----------------------------------------------------------------------------
Varud (lisa 2) 3 681 3 426 3 347
----------------------------------------------------------------------------
Käibevara kokku 6 211 4 715 6 364
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 406 406 407
----------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 7 955 8 120 8 189
----------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 19 21 29
----------------------------------------------------------------------------
Põhivara kokku 8 380 8 547 8 625
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 14 591 13 262 14 989
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused (lisa 6) 2 237 1 253 2 795
----------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 3 422 2 684 3 185
----------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 12 15 11
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 5 671 3 952 5 991
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 163 4 163 3 563
----------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 228 228 223
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 391 4 391 3 786
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 10 062 8 343 9 777
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Muud reservid 6 7 0
----------------------------------------------------------------------------
Ümberhindluse kursivahed (25) 7 (65)
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 1 552 1 965 1 965
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (355) (411) (39)
----------------------------------------------------------------------------
Omakapital kokku 4 529 4 919 5 212
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 14 591 13 262 14 989
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR I kv 2016 I kv 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 4 545 5 108
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 728) (3 922)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 817 1 186
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (874) (833)
--------------------------------------------------------------------------------
Üldhalduskulud (145) (174)
--------------------------------------------------------------------------------
Muud äritulud 8 65
--------------------------------------------------------------------------------
Muud ärikulud (74) (208)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (lisa 11) (268) 36
--------------------------------------------------------------------------------
Neto finantskulu (86) (72)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (354) (36)
--------------------------------------------------------------------------------
Tulumaksukulu (1) (3)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (355) (39)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju konsolideerimisel (32) (49)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (387) (88)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia kohta (lisa 10) (0,08) (0,01)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) aktsia kohta (lisa (0,08) (0,01)
10)
--------------------------------------------------------------------------------
2016. aasta teise kvartali vahearuande planeeritav avalikustamise aeg on nädal
35 (29-31.august 2016)
Gregory Devine Grace
CEO
+372 4478 338
[email protected]
Content of announcement in English
Title
Financial results, 3 months 2016
Message
THE FIRST QUARTER IN SHORT
Consolidated net sales of the first quarter of 2016 were 4.5 mil. euros,
representing a 11% decrease on the first quarter compared to the same period in
2015 (net sales 5.1 mil. euros in Q1 2015). At the same time, consolidated
EBITDA amounted to -50 thousand euros (EBITDA 257 thousand euros in Q1 2015).
The turnover of Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 2.1 mil.
euros, increasing 12% as compared to the respective period last year, the
operating profit of the first quarter was 76 thousand euros compared with the
operating profit 114 thousand euros last year.
The turnover of Skano Fibreboard OÜ Püssi factory was 1.2 mil. euros,
representing 25% decrease in the first quarter compared to the same period in
2015. Operating loss amounted to 41 thousand euros compared with the operating
loss 9 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.
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 Q1 2016 decreased 14% compared to last year,
which amounted to 1.4 mil. euros (1,6 mil euros in Q1 2015). Suomen
Tuulileijona OY is the wholesaler of Skano fibreboard products in Finland.
The turnover of Skano Furniture Factory OÜ in Pärnu decreased in the first
quarter by 21% and amounted to 1.1 mil. euros. The operating loss of the first
quarter was 211 thousand euros as in 2015 the operating loss of the same period
was 89 thousand euros. In the first quarter of 2016 sales to Russia decreased
due to very weak demand by 19% as compared to 2015. 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 decreased 25% as compared to
the same period last year being 490 thousand euros, operating loss was 157
thousand euros compared with the sales 653 thousand and operating loss 240
thousand euros in the first quarter of 2015. 2016 first quarter operating loss
157 thousand euros (in Q1 2015: operating loss 240 thousand euros) contains
also a loss from a drop of currency exchange rate of hryvnia 116 thousand euros
(in Q1 2015: exchange rate loss 268 thousand euros).
Retail sale decreased in all markets and is still very weak 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 more profitably than it would be
possible without its own retail chain.
INCOME STATEMENT
Consolidated net sales of the first quarter in 2016 was 4.5 mil. euros (5.1
mil. euros in same period of 2015) representing a 11% decrease compared to Q1
2015. The Group’s gross margin in the first quarter of 2016 was 18% compared to
23% in the first quarter of 2015. Consolidated operating loss amounted to 268
thousand euros (operating profit 36 thousand euros from main activities in same
period 2015. The consolidated operating margin of net sales was -5.9% (0.7%
from main activities in Q1 2015). Consolidated net loss amounted to 355
thousand euros (compared to net loss 39 thousand euros in Q1 2015), and the net
margin was -7.8% (-0.8% in Q1 2015).
POSITION OF FINANCIAL STATEMENT
As of 31.03.2016 the total assets of Skano Group AS amounted to 14.6 mil. euros
(31.03.2015: 15.0 mil. euros). The liabilities of the company accounted for 68%
(31.03.2015: 65%) thereof, i.e. 10.0 mil. euros (31.03.2015: 9.8 mil. euros).
Receivables and prepayments have remained at the same level, 2.3 mil. euros
within 12 months. Inventories have increased 0.3 mil euros with 12 months,
amounting to 3.7 mil. euros on 31.03.2016. (31.03.2015: 3.3 mil. euros).
Property, plant and intangibles amounted to 8,0 mil euros decreased by 0.2 mil.
euros mainly as a result of depreciation.
Short-term loans have decreased by 0.6 mil. euros and amounted to 2.2 mil.
euros in 31.03.2016 which was a result of usage of bank overdraft and
restructuring of the loan between short- and long-term payment schedule
(31.03.2015: 2.8 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 3.4 mil.
euros (31.03.2015: 3.2 mil. euros).
Long-term loans have increased by 0.6 mil euros and amounted to 4.2 mil. euros
in 31.03.2016 (31.03.2015: 3.6 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 0.2 mil. euros to 10.0
mil. euros (31.03.2015: 9.8 mil. euros).
DIVISIONAL REVIEW
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015
--------------------------------------------------------------
Skano Fibreboard OÜ 3,273 3,445 72.0% 67.4%
--------------------------------------------------------------
Skano Furniture Factory OÜ 1,052 1,325 23.1% 25.9%
--------------------------------------------------------------
Skano Furniture OÜ retail 490 653 10.8% 12.8%
--------------------------------------------------------------
Suomen Tuulileijona OY 1,379 1,604 30.3% 31.4%
--------------------------------------------------------------
Elimination (1,649) (1,919) (36.3%) (37.6%)
--------------------------------------------------------------
TOTAL 4,545 5,108 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015
---------------------------------------------------
Finland 1,898 2,076 41.8% 40.6%
---------------------------------------------------
Estonia 654 792 14.4% 15.5%
---------------------------------------------------
Russia 579 773 12.7% 15.1%
---------------------------------------------------
Great Britain 324 206 7.1% 4.0%
---------------------------------------------------
Portugal 263 0 5.8% 0.0%
---------------------------------------------------
Latvia 187 181 4.1% 3.5%
---------------------------------------------------
Sweden 139 199 3.1% 3.9%
---------------------------------------------------
South Africa 99 360 2.2% 7.0%
---------------------------------------------------
Lithuania 93 101 2.0% 2.0%
---------------------------------------------------
Ukraine 61 86 1.3% 1.7%
---------------------------------------------------
Denmark 48 56 1.1% 1.1%
---------------------------------------------------
Germany 27 38 0.6% 0.7%
---------------------------------------------------
Other countries 173 240 3.8% 4.7%
---------------------------------------------------
TOTAL 4,545 5,108 100.0% 100.0%
---------------------------------------------------
Regarding the markets, turnover has increased in Great Britain and in new
market Portugal. The turnover has decreased most in Russia and South Africa.
PROFIT BY BUSINESS SEGMENTS
th EUR Q1 2016 Q1 2015
-----------------------------------------
Skano Furniture factory (211) (89)
-----------------------------------------
Skano Furniture retail (157) (240)
-----------------------------------------
Skano Fibreboard 35 105
-----------------------------------------
Suomen Tuulileijona OY (19) 41
-----------------------------------------
Elimination 84 219
-----------------------------------------
TOTAL (268) 36
-----------------------------------------
Net financial costs (86) (72)
-----------------------------------------
Income tax (1) (3)
-----------------------------------------
NET PROFIT (355) (39)
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard in the first quarter of 2016 amounted to 3.3
mil. euros and operating profit to 35 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 105 thousand euros.
The decrease in sales in the first quarter compare to last year took place in
Russia and South Africa. Sales increased most in Great Britain and Portugal.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015
-----------------------------------------------------------------------------
Finland (incl. to Suomen Tuulileijona OY) 1,469 1,612 44.9% 46.8%
-----------------------------------------------------------------------------
Estonia 372 415 11.4% 12.0%
-----------------------------------------------------------------------------
Great Britain 318 199 9.7% 5.8%
-----------------------------------------------------------------------------
Portugal 263 0 8.0% 0.0%
-----------------------------------------------------------------------------
Russia 251 368 7.7% 10.7%
-----------------------------------------------------------------------------
Sweden 139 199 4.2% 5.8%
-----------------------------------------------------------------------------
South Africa 99 360 3.0% 10.4%
-----------------------------------------------------------------------------
Latvia 84 57 2.6% 1.7%
-----------------------------------------------------------------------------
Denmark 48 56 1.5% 1.6%
-----------------------------------------------------------------------------
Germany 27 38 0.8% 1.1%
-----------------------------------------------------------------------------
Other countries 203 141 6.2% 4.1%
-----------------------------------------------------------------------------
TOTAL 3,273 3,445 100.0% 100.0%
-----------------------------------------------------------------------------
th EUR Net sales Operating Profit
--------------------------------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,712 1,310 126 77
--------------------------------------------------------------------------
Püssi Fibreboard factory 1,182 1,577 (41) (9)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 379 558 (50) 37
--------------------------------------------------------------------------
TOTAL 3,273 3,445 35 105
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory and interior board’s line
increased 12 % in the first quarter of 2016 compared to the same quarter of
2015 and amounted to 2.1 mil. euros.
The turnover of Püssi fibreboard factory amounted to 1.2 mil. euros decreasing
25% compared to the same quarter in 2015 (turnover 1.6 mil. euros in Q1 2015).
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 10 stores in Tallinn (3), Tartu, Pärnu, Riga, Vilnius, Kiev (2) and
Kharkiv at the end of the first quarter in 2016. A shop in Dnipropetrovsk was
handed over to a local dealer based on franchise agreement.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015 31.03.16 31.03.15
-----------------------------------------------------------------
Estonia 277 369 56.5% 56.5% 5 4
-----------------------------------------------------------------
Latvia 103 124 21.0% 19.0% 1 1
-----------------------------------------------------------------
Lithuania 69 84 14.1% 12.9% 1 1
-----------------------------------------------------------------
Ukraine 41 76 8.4% 11.6% 3 4
-----------------------------------------------------------------
TOTAL 490 653 100.0% 100.0% 10 10
-----------------------------------------------------------------
Retail sale amounted to 490 thousand euros in the first quarter of 2016 and
operating loss 157 thousand euros (sales 653 thousand euros and operating loss
240 thousand euros in Q1 2015). Current year first quarter operating loss 157
thousand euros (in Q1 2015: operating loss 240 thousand euros) contains also a
loss from a drop of currency exchange rate of hryvnia 116 thousand euros (in Q1
2015: exchange rate loss 268 thousand euros).
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in the first quarter amounted to
1.1 mil. euros and operating loss to 211 thousand euros. In the same period
last year, the turnover of the factory amounted also to 1.3 mil. euros and the
operating loss to 89 thousand euros. As compared to the previous year the
turnover of the factory has decreased 21%. In the first quarter the sales
decreased in Russia by 19% due to colder economic environment and weaker
purchasing power for imported durable goods.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
Q1 2016 Q1 2015 Q1 2016 Q1 2015
---------------------------------------------------
Finland 445 433 42.3% 32.7%
---------------------------------------------------
Russia 328 405 31.2% 30.6%
---------------------------------------------------
Other countries 25 146 2.4% 11.0%
---------------------------------------------------
Subsidiaries 254 341 24.1% 25.7%
---------------------------------------------------
TOTAL 1,052 1,325 100.0% 100.0%
---------------------------------------------------
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. We expect sales of Skano Fibreboard in Q2 2016 to be similar
compared to sales of the same period last year. Sales in our core markets are
lower due to weak demand which we expect to compensate with sales in new
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.
SKANO FURNITURE RETAIL SALES. We expect total retail sale in Q2 2016 to be
lower compared to sales of the same period last year. We expect steady sales in
the Baltics but decrease in Ukraine due to political and economic instability.
SKANO FURNITURE FACTORY. In Q2 2016 we expect smaller sales of the furniture
factory compared to the same period in 2015 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.
FINANCIAL HIGHLIGHTS
th EUR 3 m 2016 3 m 2015 3 m 2014
---------------------------------------------------
Income statement
---------------------------------------------------
Revenue 4,545 5,108 5,351
---------------------------------------------------
EBITDA (50) 257 100
---------------------------------------------------
EBITDA margin (1.1%) 5.0% 1.9%
---------------------------------------------------
Operating profit (268) 36 (125)
---------------------------------------------------
Operating margin (5.9%) 0.7% (2.3%)
---------------------------------------------------
Net profit (355) (39) (186)
---------------------------------------------------
Net margin (7.8%) (0.8%) (3.5%)
---------------------------------------------------
----------------------------------------------------
Balance sheet (31.03)
---------------------------------------------------
Total assets 14,591 14,989 14,980
---------------------------------------------------
Return on assets (2.4%) (0.3%) (1.2%)
---------------------------------------------------
Equity 4,529 5,212 6,574
---------------------------------------------------
Return on equity (7.8%) (0.7%) (2.8%)
---------------------------------------------------
Debt-to-equity ratio 68.0% 65.2% 56.1%
---------------------------------------------------
----------------------------------------------------
Share (31.03)
---------------------------------------------------
Closing price 0.726 0.845 0.995
---------------------------------------------------
Earnings per share (0.08) (0.01) (0.04)
---------------------------------------------------
Price-earnings ratio (9.08) (84.5) (24.9%)
---------------------------------------------------
Book value of a share 1.01 1.16 1.46
---------------------------------------------------
Market to book ratio 0.72 0.73 0.68
---------------------------------------------------
Market capitalization 3,266 3,802 4,477
---------------------------------------------------
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 31.03.2016 31.12.2015 31.03.2015
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and bank 278 292 691
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 2,252 997 2,326
----------------------------------------------------------------------------
Inventories (Note 2) 3,681 3,426 3,347
----------------------------------------------------------------------------
Total current assets 6,211 4,715 6,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investment property (Note 3) 406 406 407
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 7,955 8,120 8,189
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 19 21 29
----------------------------------------------------------------------------
Total fixed assets 8,380 8,547 8,625
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ASSETS 14,591 13,262 14,989
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt obligations (Note 6) 2,237 1,253 2,795
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 3,422 2,684 3,185
----------------------------------------------------------------------------
Short-term provisions (Note 8) 12 15 11
----------------------------------------------------------------------------
Total current liabilities 5,671 3,952 5,991
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,163 4,163 3,563
----------------------------------------------------------------------------
Non-current provisions (Note 8) 228 228 223
----------------------------------------------------------------------------
Total non-current liabilities 4,391 4,391 3,786
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities 10,062 8,343 9,777
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 6 7 0
----------------------------------------------------------------------------
Currency translation (25) 7 (65)
----------------------------------------------------------------------------
Retained profits 1,552 1,965 1,965
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (355) (411) (39)
----------------------------------------------------------------------------
Total equity 4,529 4,919 5,212
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 14,591 13,262 14,989
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 1st Q 2016 1st Q 2015
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
RETURN ON SALES (Note 11) 4,545 5,108
---------------------------------------------------------------
---------------------------------------------------------------
Cost of production sold (3,728) (3,922)
---------------------------------------------------------------
---------------------------------------------------------------
Gross profit 817 1,186
---------------------------------------------------------------
---------------------------------------------------------------
Marketing expenses (874) (833)
---------------------------------------------------------------
General administrative expenses (145) (174)
---------------------------------------------------------------
Other income 8 65
---------------------------------------------------------------
Other expenses (74) (208)
---------------------------------------------------------------
---------------------------------------------------------------
Operating profit (loss) (Note 11) (268) 36
---------------------------------------------------------------
Financial income and financial expenses (86) (72)
---------------------------------------------------------------
---------------------------------------------------------------
Profit (loss) before taxes (354) (36)
---------------------------------------------------------------
Prepaid income tax (1) (3)
---------------------------------------------------------------
---------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (355) (39)
---------------------------------------------------------------
---------------------------------------------------------------
Basic earnings per share (Note 10) (0.08) (0.01)
---------------------------------------------------------------
Diluted earnings per share (Note 10) (0.08) (0.01)
---------------------------------------------------------------
---------------------------------------------------------------
Other comprehensive income:
---------------------------------------------------------------
Currency translation differences (32) (49)
---------------------------------------------------------------
---------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (387) (88)
---------------------------------------------------------------
The planned time of publishing of interim report of the second quarter of 2016
is week 35 (29-31st of August 2016)
Gregory Devine Grace
CEO
+372 4478 338
[email protected]