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
Half-yearly financial report
Unique data record identifier
5670
Attachments
Submission date and time
30.08.2016 18:24:17
Content of announcement in Estonian
Title
Majandustulemused 6 kuud 2016
Message
KOKKUVÕTE
Skano Group AS’i 2016. aasta esimese poolaasta konsolideeritud müügitulu oli
9,0 mln eurot, mis on 8% vähem kui 2015. aasta samal perioodil (2015 esimese
poolaasta müügitulu oli 9,8 mln eurot). Kontserni 2016 esimese poolaasta EBITDA
oli -23 tuhat eurot (2015 esimese poolaasta EBITDA 524 tuhat eurot). 2016.
aasta esimese poolasta EBITDA-le avaldas negatiivset mõju valmistoodangu
laoseisu vähendamine, mis läbi varude jääkide muutuse mõjutas negatiivselt
kasumiaruannet 466 tuhande euro ulatuses (2015. aasta esimese poolaasta
positiivne mõju kasumiaruandele 324 tuhat eurot seoses valmistoodangu laovarude
suurenemisega).
Skano Fibreboard OÜ Pärnu tehase müügitulu (sh. Isotex) oli esimesel poolaastal
3,8 mln eurot (samal tasemel võrreldes eelmise aasta sama perioodiga). 2016.
aasta esimese poolaasta ärikasum oli 116 tuhat eurot, 2015. aasta sama perioodi
ärikasum oli 332 tuhat eurot.
Skano Fibreboard OÜ Püssi kiudplaaditehase müügitulu oli 2,4 mln eurot
kahanedes 8,3% võrreldes eelmise aasta sama perioodiga. 2016. aasta esimese
poolaasta ärikahjum oli 148 tuhat eurot võrrelduna 113 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 2016. aasta esimesel poolaastal 2,6 mln eurot,
mis on 12,4% vähem kui eelmise aasta samal perioodil (2,9 mln eurot). Suomen
Tuulileijona OY on Skano kiudplaadi edasimüüja Soomes.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2016. aasta esimese poolaasta
käive kahanes eelmise aasta sama perioodiga võrreldes 15,4 % ja oli 2,1 mln
eurot. Esimese poolaasta ärikahjum oli 293 tuhat eurot võrrelduna 147 tuhande
eurose ärikahjumiga 2015. aasta esimesel poolaastal. Kasumlikkusele mõjus
negatiivselt müügimahu vähenemine ja laovarude vähendamine. Müük senisel
põhiturul Soomes vähenes 14,5% võrrelduna 2015. aasta sama perioodiga. Lisaks
olemasolevatel turgudel uute müügivõimaluste otsimisele on ettevõtte jaoks
oluline müük uutele turgudele sh. USA, Suurbritannia ja Prantsusmaa, ja uute
tooteseeriate laiendamine ja müük.
Skano Furniture OÜ jaemüügiketi käive kahanes eelmise aasta sama perioodiga
võrreldes 16,1% ja oli 1,1 mln eurot. Müük vähenes kõikidel turgudel 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.
KASUMIARUANNE
Aruandeaasta esimese poolaasta müügitulu oli 9,0 mln eurot (2015. aastal 9,8
mln eurot), mis tähendab 2015. aasta esimese poolaastaga võrreldes 8%-list
kahanemist. Konsolideeritud ärikahjum esimesel poolaastal oli 455 tuhat eurot
(2015. aasta samal perioodil ärikasum 104 tuhat eurot). Konsolideeritud
ärirentaablus oli -5,1% (2015. aasta esimese poolaasta ärirentaablus 1,1%).
Konsolideeritud puhaskahjum oli 624 tuhat eurot (2015. aasta esimesel
poolaastal oli puhaskahjum 51 tuhat eurot) ja puhasrentaablus oli -6,9%
(võrrelduna 2015. aasta esimese poolaasta puhasrentaablusega -0,5%).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 30.06.2016 seisuga 13,0 mln eurot (30.06.2015:
14,0 mln eurot) ning ettevõtte kohustused moodustasid 30.06.2016 seisuga 8,7
mln eurot (30.06.2015: 8,9 mln eurot) moodustades 67% varadest (30.06.2015:
63%).
Nõuded ja ettemaksud olid 1,5 mln eurot, mis on võrreldes eelmise aastaga 0,3
mln euro võrra vähem (30.06.2015: 1,8 mln eurot). Varud on võrreldes eelmise
aastaga vähenenud 0,3 mln euro võrra 1,8 mln eurolt seisuga 30.06.2015 1,5 mln
euroni seisuga 30.06.2016. Materiaalne ja immateriaalne põhivara seisuga
30.06.2016 oli 8,3 mln eurot (30.06.2015: 8,6 mln eurot).
Lühiajalised laenukohustused olid seisuga 30.06.2016 1,6 mln eurot (30.06.2015
1,9 mln eurot) vähenedes 12 kuuga kokku 0,3 mln eurot, mis tulenes
arvelduskrediidi ja faktooringu jooksvast kasutusest ja laenu
restruktureerimisest pika- ja lühiajalise maksete osas. Võlad hankijatele,
maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 2,7
mln eurot (seisuga 30.06.2015 2,7 mln eurot).
Pikaajalised laenukohustused suurenesid 0,15 mln eurot moodustades 30.06.2016
seisuga 4,2 mln eurot (seisuga 30.06.2015 vastavalt 4,0 mln eurot). Suurenemine
oli põhjustatud laenu restruktureerimisest pika- ja lühiajalise maksete osas.
Lühi- ja pikaajalised kohustused kokku vähenesid 0,2 mln eurot 8,7 mln euroni
(30.06.2015 8,9 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------
I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015
--------------------------------------------------------------------------
Skano Fibreboard OÜ 6 265 6 494 69,8% 66,5%
--------------------------------------------------------------------------
Skano Furniture Factory OÜ 2 137 2 525 23,8% 25,9%
--------------------------------------------------------------------------
Skano Furniture OÜ jaemüük 1 074 1 287 12,0% 13,2%
--------------------------------------------------------------------------
Suomen Tuulielijona OY 2 573 2 937 28,7% 30,1%
--------------------------------------------------------------------------
Elimineerimine -3 072 -3 482 -34,2% -35,7%
--------------------------------------------------------------------------
KOKKU 8 977 9 761 100,0% 100,0%
--------------------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-------------------------------------------------------------
I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015
-------------------------------------------------------------
Soome 3 529 3 968 39,3% 40,7%
-------------------------------------------------------------
Eesti 1 461 1 574 16,3% 16,1%
-------------------------------------------------------------
Venemaa 1 297 1 551 14,4% 15,9%
-------------------------------------------------------------
Suurbritannia 560 515 6,2% 5,3%
-------------------------------------------------------------
Portugal 429 6 4,8% 0,1%
-------------------------------------------------------------
Läti 374 379 4,2% 3,9%
-------------------------------------------------------------
Rootsi 324 333 3,6% 3,4%
-------------------------------------------------------------
LAV 172 423 1,9% 4,3%
-------------------------------------------------------------
Leedu 162 202 1,8% 2,1%
-------------------------------------------------------------
Ukraina 163 178 1,8% 1,8%
-------------------------------------------------------------
Taani 79 91 0,9% 0,9%
-------------------------------------------------------------
Saksamaa 73 83 0,8% 0,9%
-------------------------------------------------------------
Teised riigid 354 458 3,9% 4,7%
-------------------------------------------------------------
KOKKU 8 977 9 761 100,0% 100,0%
-------------------------------------------------------------
Turgude lõikes on käive kasvanud Suurbritannias ja uuel turul Portugalis.
Müügimahu vähenemine on põhiliselt tingitud seniste põhiturgude Venemaa ja
Soome müügimahtude vähenemisest.
ÄRIKASUM/-KAHJUM SEGMENTIDE LÕIKES
tuh EUR I pa. 2016 I pa. 2015
--------------------------------------------------
Skano Furniture Factory OÜ -293 -147
--------------------------------------------------
Skano Furniture OÜ jaemüük -100 -160
--------------------------------------------------
Skano Fibreboard OÜ -31 219
--------------------------------------------------
Suomen Tuulileijona OY -54 35
--------------------------------------------------
Elimineerimine 23 157
--------------------------------------------------
KOKKU -455 104
--------------------------------------------------
Neto finantskulud -166 -152
--------------------------------------------------
Tulumaksukulu -3 -3
--------------------------------------------------
PUHASKASUM -624 -51
--------------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu koos tütarettevõtte Suomen Tuulileijona OY-ga oli
2016 aasta esimesel poolaastal 6,3 mln eurot ja ärikahjum 85 tuhat eurot.
Eelmise aasta samal perioodil oli üksuse käive 6,6 mln eurot ja ärikasum 254
tuhat eurot. 2016. aasta esimese poolaasta ärikahjumi tekkimisele avaldas
olulist mõju valmistoodangu laovarude vähendamine.
Eelmise aasta sama perioodiga võrreldes kahanes müük enim senistel põhiturgudel
Soomes ja Venamaal ning LAVis. Müük kasvas uutel turgudel Suurbritannias ja
Portugalis, kuid uute turgude müügikasv ei kata veel täielikult müükide langust
senistel põhiturgudel.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
I pa. I pa. I pa. I pa.
2016 2015 2016 2015
--------------------------------------------------------------------------------
Soome (sh müük Suomen Tuulileijona 2 707 3 041 43,5% 46,3%
OY-le)
--------------------------------------------------------------------------------
Eesti 802 820 12,7% 12,5%
--------------------------------------------------------------------------------
Venemaa 584 800 9,3% 12,2%
--------------------------------------------------------------------------------
Suurbritannia 546 496 8,7% 7,6%
--------------------------------------------------------------------------------
Portugal 429 6 6,8% 0,1%
--------------------------------------------------------------------------------
Rootsi 324 333 5,1% 5,1%
--------------------------------------------------------------------------------
LAV 172 423 2,7% 6,4%
--------------------------------------------------------------------------------
Läti 175 132 2,8% 2,0%
--------------------------------------------------------------------------------
Taani 79 91 1,3% 1,4%
--------------------------------------------------------------------------------
Saksamaa 73 83 1,2% 1,3%
--------------------------------------------------------------------------------
Teised riigid 373 337 5,9% 5,1%
--------------------------------------------------------------------------------
KOKKU 6 264 6 562 100,0% 100,0%
--------------------------------------------------------------------------------
tuh EUR Müük Ärikasum
-------------------------------------------------------------------------------
I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015
-------------------------------------------------------------------------------
Pärnu kiudplaadivabrik 3 058 2 837 185 338
-------------------------------------------------------------------------------
Püssi kiudplaadivabrik 2 446 2 667 -148 -113
-------------------------------------------------------------------------------
Pärnu vääristamisüksus (Isotex) 760 990 -69 -6
-------------------------------------------------------------------------------
KOKKU 6 264 6 494 -32 219
-------------------------------------------------------------------------------
Pärnu kiudplaadivabriku käive 2016. aasta esimesel poolaastal oli 3,1 mln eurot
ja kasvas 7,8% võrreldes eelmise aasta esimese poolaastaga.
Püssis asuva kiudplaaditehase käive oli 2,4 mln eurot kahanedes eelmise aasta
esimese kvartaliga võrreldes 8,3%.
SKANO FURNITURE FACTORY
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2016 aasta esimese
poolaasta müügitulu 2,1 mln eurot ja ärikahjum 293 tuhat eurot. Eelmise aasta
samal perioodil oli mööblivabriku käive 2,5 mln eurot ja ärikahjum 147 tuhat
eurot. Võrreldes eelmise aastaga kahanes vabriku käive 15,4%. Olulist mõju
käibe langusele avaldas Soome müügi langus.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------------------------
I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015
---------------------------------------------------------------
Soome 786 919 36,8% 36,4%
---------------------------------------------------------------
Venemaa 713 751 33,4% 29,7%
---------------------------------------------------------------
Teised riigid 104 242 4,9% 9,6%
---------------------------------------------------------------
Tütarettevõtted 534 613 25,0% 24,3%
---------------------------------------------------------------
Kokku 2 137 2 525 100,0% 100,0%
---------------------------------------------------------------
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 30.06.2016 on
mööblikaupluste ketis kokku 10 kauplust: kolm Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, kaks Kiievis ja üks Harkovis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
-------------------------------------------------------------------------------
I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015 I pa. 2016 I pa. 2015
-------------------------------------------------------------------------------
Eesti 650 729 60,6% 57,0% 5 5
-------------------------------------------------------------------------------
Läti 199 247 18,5% 19,3% 1 1
-------------------------------------------------------------------------------
Leedu 109 172 10,2% 13,4% 1 1
-------------------------------------------------------------------------------
Ukraina 115 131 10,7% 10,2% 3 4
-------------------------------------------------------------------------------
Kokku 1 073 1 279 100,0% 100,0% 10 11
-------------------------------------------------------------------------------
Mööbli jaemüük 2016. aasta esimesel poolaastal moodustas 1,0 mln. eurot, mis on
16% vähem kui eelmise aasta samal perioodil (2015. aasta esimesel poolaastal
1,3 ml. eurot). Ärikahjum oli 2016. aasta esimeses kvartalis 100 tuhat eurot
(2015. aasta samal perioodil oli ärikahjum 160 tuhat eurot). 2016 aasta esimese
poolaasta ärikahjum sisaldas kursikahjumit grivna kursimuutusest 38 tuhat eurot
(2015. aasta esimesel poolaastal 243 tuhat eurot).
PROGNOOS JA ARENG
SKANO FIBREBOARD. Skano Fibrebordi käive 2016. aasta teisel poolaastal jääb
samale tasemele võrreldes 2015. aasta teise poolaastaga. Väiksemat müügimahtu
põhiturgudel kompenseerib müük uutel turgudel. Samuti annavad positiivseid
tulemusi tootmisprotsesside ja seadmete efektiivistamine, mis võimaldab
kasumlikku tootmist ka oluliselt väiksemate müügimahtude korral ning senisest
tõhusam kulude kontroll.
Juulis 2016 sai Skano Fibreboard OÜ Sintef sertifikaadi, mis võimaldab
tuuletõkkeplaadi müüki Norra turul.
SKANO MÖÖBLIVABRIK. Mööblivabriku 2016. aasta teise poolaasta käive näitab
tõusutendentsi, kuna lisandunud on uusi ostjaid. Mööblivabrik on laiendanud oma
toodete sortimenti, mööblile on lisandunud on uusi puidust alternatiivseid
tooteid. Samuti annab kulude kokkuhoid positiivset mõju teise poolaasta
tulemustele.
SKANO MÖÖBLI JAEMÜÜK. Baltikumi müügi osas ootame stabiilsust, samas näitavad
Ukraina müügimahud vähenemise tendentsi tulenevalt sealsest poliitilisest ja
majanduslikust ebastabiilsusest.
FINANTSSUHTARVUD
tuh EUR 1pa. 2016 1pa. 2015 1pa. 2014
-------------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------------
Müügitulu 8 977 9 761 10 701
-------------------------------------------------------------------------
EBITDA -23 524 531
-------------------------------------------------------------------------
EBITDA rentaablus -0,3% 5,4% 5,0%
-------------------------------------------------------------------------
Ärikasum -455 104 87
-------------------------------------------------------------------------
Ärirentaablus -5,1% 1,1% 0,8%
-------------------------------------------------------------------------
Puhaskasum -624 -51 -44
-------------------------------------------------------------------------
Puhasrentaablus -6,9% -0,5% -0,4%
-------------------------------------------------------------------------
--------------------------------------------------------------------------
Bilanss (30.06)
-------------------------------------------------------------------------
Koguvarad 13 005 14 032 15 133
-------------------------------------------------------------------------
Koguvarade puhasrentaablus -2,8% -0,4% -0,3%
-------------------------------------------------------------------------
Omakapital 4 293 5 136 6 737
-------------------------------------------------------------------------
Omakapitali puhasrentaablus -8,5% -1,0% -0,7%
-------------------------------------------------------------------------
Võlakordaja 67,0% 63,4% 55,5%
-------------------------------------------------------------------------
--------------------------------------------------------------------------
Aktsia (30.06)
-------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,556 0,805 1,000
-------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) -0,08 -0,01 -0,01
-------------------------------------------------------------------------
Hind-tulu (PE) suhtarv -6,95 -80,50 -100,00
-------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,95 1,14 1,50
-------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,59 0,71 0,67
-------------------------------------------------------------------------
Turukapitalisatsioon 2 501 3 622 4 499
-------------------------------------------------------------------------
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 30.06.2016 31.12.2015 30.06.2015
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 106 292 306
----------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 510 997 1 806
----------------------------------------------------------------------------
Varud (lisa 2) 3 085 3 426 3 355
----------------------------------------------------------------------------
Käibevara kokku 4 701 4 715 5 467
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 406 406 407
----------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 7 849 8 120 8 133
----------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 49 21 25
----------------------------------------------------------------------------
Põhivara kokku 8 304 8 547 8 565
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 13 005 13 262 14 032
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused (lisa 6) 1 641 1 253 1 932
----------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 2 672 2 684 2 708
----------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 8 15 8
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 4 321 3 952 4 648
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 163 4 163 4 013
----------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 228 228 235
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 391 4 391 4 248
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 8 712 8 343 8 896
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Muud reservid 5 7 2
----------------------------------------------------------------------------
Ümberhindluse kursivahed 9 7 (129)
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 1 552 1 965 1 963
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (624) (411) (51)
----------------------------------------------------------------------------
Omakapital kokku 4 293 4 919 5 136
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 13 005 13 262 14 032
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR II kv II kv 6 k 6 k
2016 2015 2016 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 4 432 4 653 8 977 9 761
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 710) (3 652) (7 438) (7 574)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 722 1 001 1 539 2 187
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (765) (793) (1 638) (1 627)
--------------------------------------------------------------------------------
Üldhalduskulud (155) (179) (301) (353)
--------------------------------------------------------------------------------
Muud äritulud 61 200 69 266
--------------------------------------------------------------------------------
Muud ärikulud (50) (161) (124) (369)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (lisa 11) (187) 68 (455) 104
--------------------------------------------------------------------------------
Neto finantskulu (80) (80) (166) (152)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (267) (12) (621) (48)
--------------------------------------------------------------------------------
Tulumaksukulu (1) 0 (3) (3)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (268) (12) (624) (51)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju 34 (64) 2 (113)
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (234) (76) (622) (164)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia (0,06) (0,00) (0,14) (0,01)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,06) (0,00) (0,14) (0,01)
aktsia kohta (lisa 10)
--------------------------------------------------------------------------------
2016. aasta kolmanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 48 (28-30. november 2016)
Gregory Devine Grace
CEO
+372 4478 338
[email protected]
Content of announcement in English
Title
Financial results, 6 months 2016
Message
THE FIRST HALF IN SHORT
Consolidated net sales of the first half of 2016 were 9.0 mil. euros,
representing an 8% decrease compared to the same period in 2015 (net sales 9.8
mil. euros in H1 2015). At the same time, consolidated EBITDA amounted to -23
thousand euros (EBITDA 524 thousand euros in H1 2015). Reducing the stock
volumes of own produced goods negatively influenced the EBITDA of the first
half of 2016 through changes in inventories in the amount of 466 thousand euros
(In H1 2015 the increase in stock had a positive effect to EBITDA in the amount
of 324 thousand euros).
The turnover Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 3.8 mil.
euros, what was in the same level as in H1 2015, the operating profit of the
first half was 116 thousand euros compared with the operating profit 332
thousand euros last year.
The turnover of Skano Fibreboard OÜ Püssi factory was 2.4 mil. euros,
representing 8,3% decrease in the first half compared to the same period in
2015. Operating loss amounted to 148 thousand euros compared with the operating
loss 113 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 H1 2016 decreased 12.4% compared to last
year, which amounted to 2.6 mil. euros (2.9 mil euros in H1 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 15.4% and amounted to 2.1 mil. euros. The operating loss of the
first quarter was 293 thousand euros as in 2015 the operating loss of the same
period was 147 thousand euros. In the first half of 2016 sales to Finland
decreased due to very weak demand by 14.5% 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 and to
extend the product ranges.
The turnover of Skano Furniture OÜ retail chain decreased 16,1% as compared to
the same period last year being 1.1 mln. 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 half in 2016 was 9.0 mil. euros (9.8 mil.
euros in same period of 2015) representing an 8% decrease compared to H1 2015.
Consolidated operating loss amounted to 455 thousand euros (operating profit
104 thousand euros in same period 2015). The consolidated operating margin was
-5.1% (1.1% in H1 2015). Consolidated net loss amounted to 624 thousand euros
(compared to net loss 51 thousand euros in H1 2015), and the net margin was
-6.9% (-0.5% in H1 2015).
POSITION OF FINANCIAL STATEMENT
As of 30.06.2016 the total assets of Skano Group AS amounted to 13.0 mil. euros
(30.06.2015: 14.0 mil. euros). The liabilities of the company accounted for 67%
(30.06.2015: 63%) thereof, i.e. 8.7 mil. euros (30.06.2015: 8.9 mil. euros).
Receivables and prepayments amounted 1.5 mil. euros what is 0.3 mil. euros less
than in H1 2015 (30.06.2015: 1.8 mil. euros). Inventories have decreased 0.3
mil euros with 12 months, amounting to 1.5 mil. euros on 30.06.2016.
(30.06.2015: 1.8 mil. euros). Property, plant and intangibles amounted to 8.3
mil euros decreased by 0.3 mil. euros mainly as a result of depreciation.
Short-term loans have decreased by 0.3 mil. euros and amounted to 1.6 mil.
euros in 30.06.2016 which was a result of usage of bank overdraft and factoring
and restructuring of the loan between short- and long-term payment schedule
(30.06.2015: 1.9 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 2.7 mil.
euros (30.06.2015: 2.7 mil. euros).
Long-term loans have increased by 0.2 mil euros and amounted to 4.2 mil. euros
in 30.06.2016 (31.03.2015: 4.0 mil. euros). The increase was caused by
restructuring of the loan between short- and long-term payment schedule.
Current and non-current liabilities have decreased by 0.2 mil. euros to 8.7
mil. euros (30.06.2015: 8.9 mil. euros).
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015
--------------------------------------------------------------
Skano Fibreboard OÜ 6,265 6,494 69.8% 66.5%
--------------------------------------------------------------
Skano Furniture Factory OÜ 2,137 2,525 23.8% 25.9%
--------------------------------------------------------------
Skano Furniture OÜ retail 1,074 1,287 12.0% 13.2%
--------------------------------------------------------------
Suomen Tuulileijona OY 2,573 2,937 28.7% 30.1%
--------------------------------------------------------------
Elimination -3,072 -3,482 -34.2% -35.7%
--------------------------------------------------------------
TOTAL 8,977 9,761 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015
---------------------------------------------------
Finland 3,529 3,968 39.3% 40.7%
---------------------------------------------------
Estonia 1,461 1,574 16.3% 16.1%
---------------------------------------------------
Russia 1,297 1,551 14.4% 15.9%
---------------------------------------------------
Great Britain 560 515 6.2% 5.3%
---------------------------------------------------
Portugal 429 6 4.8% 0.1%
---------------------------------------------------
Latvia 374 379 4.2% 3.9%
---------------------------------------------------
Sweden 324 333 3.6% 3.4%
---------------------------------------------------
South Africa 172 423 1.9% 4.3%
---------------------------------------------------
Lithuania 162 202 1.8% 2.1%
---------------------------------------------------
Ukraine 163 178 1.8% 1.8%
---------------------------------------------------
Denmark 79 91 0.9% 0.9%
---------------------------------------------------
Germany 73 83 0.8% 0.9%
---------------------------------------------------
Other countries 354 458 3.9% 4.7%
---------------------------------------------------
TOTAL 8,977 9,761 100.0% 100.0%
---------------------------------------------------
Regarding the markets, turnover has increased in Great Britain and in new
market Portugal. The total turnover has decreased due to decrease in main
markets in Finland and Russia.
OPERATING PROFIT(LOSS) BY BUSINESS SEGMENTS
th EUR H1 2016 H1 2015
-----------------------------------------
Skano Furniture Factory -293 -147
-----------------------------------------
Skano Furniture retail -100 -160
-----------------------------------------
Skano Fibreboard -31 219
-----------------------------------------
Suomen Tuulileijona OY -54 35
-----------------------------------------
Elimination 23 157
-----------------------------------------
TOTAL -455 104
-----------------------------------------
Net financial costs -166 -152
-----------------------------------------
Income tax -3 -3
-----------------------------------------
NET PROFIT -624 -51
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard (together with daughter company Suomen
Tuulileijona OY) in the first half of 2016 amounted to 6.3 mil. euros and
operating loss to 85 thousand euros. In the same period last year, the turnover
of Skano Fibreboard totaled to 6.6 mil. euros and the operating profit 254
thousand euros. In 2016 the decrease in the stock of own produced goods
affected the operating loss through changes in inventories.
The decrease in sales in the first half compare to last year took place in our
main markets in Finland and Russia. Sales increased most in Great Britain and
Portugal. The increase in sales does not cover in full the decrease in main
markets
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015
-----------------------------------------------------------------------------
Finland (incl. to Suomen Tuulileijona OY) 2,707 3,041 43.5% 46.3%
-----------------------------------------------------------------------------
Estonia 802 820 12.7% 12.5%
-----------------------------------------------------------------------------
Russia 584 800 9.3% 12.2%
-----------------------------------------------------------------------------
Great Britain 546 496 8.7% 7.6%
-----------------------------------------------------------------------------
Portugal 429 6 6.8% 0.1%
-----------------------------------------------------------------------------
Sweden 324 333 5.1% 5.1%
-----------------------------------------------------------------------------
South Africa 172 423 2.7% 6.4%
-----------------------------------------------------------------------------
Latvia 175 132 2.8% 2.0%
-----------------------------------------------------------------------------
Denmark 79 91 1.3% 1.4%
-----------------------------------------------------------------------------
Germany 73 83 1.2% 1.3%
-----------------------------------------------------------------------------
Other countries 373 337 5.9% 5.1%
-----------------------------------------------------------------------------
TOTAL 6,264 6,562 100.0% 100.0%
-----------------------------------------------------------------------------
th EUR Net sales Operating Profit
--------------------------------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015
--------------------------------------------------------------------------
Pärnu fibreborad factory 3,058 2,837 185 338
--------------------------------------------------------------------------
Püssi fibreboard factory 2,446 2,667 -148 -113
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 760 990 -69 -6
--------------------------------------------------------------------------
TOTAL 6,264 6,494 -32 219
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory increased 7.8 % in the first half
of 2016 compared to the same period of 2015 and amounted to 3.1 mil. euros.
The turnover of Püssi fibreboard factory amounted to 2.4 mil. euros decreasing
8.3% compared to the same period in 2015 (turnover 2.7 mil. euros in H1 2015).
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in the first half amounted to 2.1
mil. euros and operating loss to 293 thousand euros. In the same period last
year, the turnover of the factory amounted to 2.5 mil. euros and the operating
loss to 147 thousand euros. As compared to the previous year the turnover of
the factory has decreased 15.4%. The sales decrease was mainly due to sales
decrease in Finland.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015
---------------------------------------------------
Finland 786 919 36.8% 36.4%
---------------------------------------------------
Russia 713 751 33.4% 29.7%
---------------------------------------------------
Other countries 104 242 4.9% 9.6%
---------------------------------------------------
Subsidiaries 534 613 25.0% 24.3%
---------------------------------------------------
TOTAL 2,137 2,525 100.0% 100.0%
---------------------------------------------------
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 half in 2016.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
-----------------------------------------------------------------
H1 2016 H1 2015 H1 2016 H1 2015 30.06.16 30.06.15
-----------------------------------------------------------------
Estonia 650 729 60.6% 57.0% 5 5
-----------------------------------------------------------------
Latvia 199 247 18.5% 19.3% 1 1
-----------------------------------------------------------------
Lithuania 109 172 10.2% 13.4% 1 1
-----------------------------------------------------------------
Ukraine 115 131 10.7% 10.2% 3 4
-----------------------------------------------------------------
TOTAL 1,073 1,279 100.0% 100.0% 10 11
-----------------------------------------------------------------
Retail sale amounted to 1,1 mil. euros in the first half of 2016 and operating
loss 100 thousand euros (sales 1,3 mil. euros and operating loss 160 thousand
euros in H1 2015). Operating loss contains also a loss from a drop of currency
exchange rate of hryvnia 38 thousand euros (in H1 2015: exchange rate loss 243
thousand euros).
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. Skano Fibreboard sales in H2 2016 will 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. Also the cost control gives better results.
In July 2016 we received Sintef Certification, which has no opened the doors to
sell our wind barrier boards on the Norwegian market.
SKANO FURNITURE FACTORY. In H2 2016 the sales of the furniture factory are
showing uptrend compared to the same period in 2015 because of new buyers. Also
new product ranges and alternative products made of wood will give the
additional sales. Cost savings will give the positive effect to the results of
H2
SKANO FURNITURE RETAIL SALES. We expect steady sales in the Baltics but
decrease in Ukraine due to political and economic instability.
FINANCIAL HIGHLIGHTS
th EUR H1 2016 H1 2015 H1 2014
------------------------------------------------
Income statement
------------------------------------------------
Revenue 8,977 9,761 10,701
------------------------------------------------
EBITDA -23 524 531
------------------------------------------------
EBITDA margin -0.3% 5.4% 5.0%
------------------------------------------------
Operating profit -455 104 87
------------------------------------------------
Operating margin -5.1% 1.1% 0.8%
------------------------------------------------
Net profit -624 -51 -44
------------------------------------------------
Net margin -6.9% -0.5% -0.4%
------------------------------------------------
-------------------------------------------------
Balance sheet (30.06)
------------------------------------------------
Total assets 13,005 14,032 15,133
------------------------------------------------
Return on assets -2.8% -0.4% -0.3%
------------------------------------------------
Equity 4,293 5,136 6,737
------------------------------------------------
Return on equity -8.5% -1.0% -0.7%
------------------------------------------------
Debt-to-equity ratio 67.0% 63.4% 55.5%
------------------------------------------------
-------------------------------------------------
Share (30.06)
------------------------------------------------
Closing price 0.556 0.805 1.000
------------------------------------------------
Earnings per share -0.08 -0.01 -0.01
------------------------------------------------
Price-earnings ratio -6.95 -80.50 -100.00
------------------------------------------------
Book value of a share 0.95 1.14 1.50
------------------------------------------------
Market to book ratio 0.59 0.71 0.67
------------------------------------------------
Market capitalization 2,501 3,622 4,499
------------------------------------------------
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 30.06.2016 31.12.2015 30.06.2015
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and bank 106 292 306
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,510 997 1,806
----------------------------------------------------------------------------
Inventories (Note 2) 3,085 3,426 3,355
----------------------------------------------------------------------------
Total current assets 4,701 4,715 5,467
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investment property (Note 3) 406 406 407
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 7,849 8,120 8,133
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 49 21 25
----------------------------------------------------------------------------
Total fixed assets 8,304 8,547 8,565
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ASSETS 13,005 13,262 14,032
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt obligations (Note 6) 1,641 1,253 1,932
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,672 2,684 2,708
----------------------------------------------------------------------------
Short-term provisions (Note 8) 8 15 8
----------------------------------------------------------------------------
Total current liabilities 4,321 3,952 4,648
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,163 4,163 4,013
----------------------------------------------------------------------------
Non-current provisions (Note 8) 228 228 235
----------------------------------------------------------------------------
Total non-current liabilities 4,391 4,391 4,248
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities 8,712 8,343 8,896
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 5 7 2
----------------------------------------------------------------------------
Currency translation 9 7 (129)
----------------------------------------------------------------------------
Retained profits 1,552 1,965 1,963
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (624) (411) (51)
----------------------------------------------------------------------------
Total equity 4,293 4,919 5,136
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 13,005 13,262 14,032
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR Q2 2016 Q2 2015 H1 2016 H1 2015
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
RETURN ON SALES (Note 11) 4,432 4,653 8,977 9,761
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Cost of production sold (3,710) (3,652) (7,438) (7,574)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Gross profit 722 1,001 1,539 2,187
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Marketing expenses (765) (793) (1,638) (1,627)
-----------------------------------------------------------------------------
General administrative expenses (155) (179) (301) (353)
-----------------------------------------------------------------------------
Other income 61 200 69 266
-----------------------------------------------------------------------------
Other expenses (50) (161) (124) (369)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Operating profit (loss) (Note 11) (187) 68 (455) 104
-----------------------------------------------------------------------------
Financial income and financial expenses (80) (80) (166) (152)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Profit (loss) before taxes (267) (12) (621) (48)
-----------------------------------------------------------------------------
Prepaid income tax (1) 0 (3) (3)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (268) (12) (624) (51)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Basic earnings per share (Note 10) (0.06) (0.00) (0.14) (0.01)
-----------------------------------------------------------------------------
Diluted earnings per share (Note 10) (0.06) (0.00) (0.14) (0.01)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Other comprehensive income:
-----------------------------------------------------------------------------
Currency translation differences 34 (64) 2 (113)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (234) (76) (622) (164)
-----------------------------------------------------------------------------
The planned time of publishing of interim report of the third quarter of 2016
is week 48 (28-30th of November 2016)
Gregory Devine Grace
CEO
+372 4478 338
[email protected]