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
5818
Attachments
Submission date and time
29.11.2016 18:00:00
Content of announcement in Estonian
Title
Majandustulemused 9 kuud 2016
Message
Majandustulemused 9 kuud 2016
KOKKUVÕTE
Skano Group AS’i 2016. aasta üheksa kuu konsolideeritud müügitulu oli 13,6 mln
eurot, mis on 6,4% vähem kui 2015. aasta samal perioodil (2015 9 kuud: 14,6 mln
eurot). Kontserni 2016 üheksa kuu EBITDA oli 207 tuhat eurot (2015 9 kuud: 811
tuhat eurot), mida mõjutas negatiivselt valmistoodangu laoseisu vähendamine
läbi varude jääkide muutuse summas 576 tuhat eurot (2015. aasta 9 kuu
positiivne mõju oli 354 tuhat eurot seoses valmistoodangu laovarude
suurenemisega).
Skano Fibreboard OÜ müügitulu oli 2016. aasta üheksa kuuga 9,1 mln eurot (2015
9 kuud: 9,5 mln eurot), millest Pärnu tehase müügitulu (sh. Isotex) oli 5,3 mln
eurot (2015 9 kuud: 5,5 mln eurot) ja Püssi tehase müügitulu oli 3,8 mln eurot
(2015 9 kuud: 4,0 mln eurot). 2016. aasta 9 kuu ärikahjum oli 104 tuhat eurot
(2015 9 kuud: ärikasum 315 tuhat eurot), millest Pärnu vabriku ärikasum oli 55
tuhat eurot (2015 9kuud: 423 tuhat eurot) ja Püssi vabriku ärikahjum 159 tuhat
eurot (2015 9 kuud: ärikahjum 108 tuhat eurot).
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 uute turgude otsimine müügivõrgu
laiendamiseks ning tootmisprotsesside efektiivistamine kulude alandamise
eesmärgil.
Suomen Tuulileijona OY müük oli 2016. aasta üheksa kuuga 3,7 mln eurot, mis on
13% vähem kui eelmise aasta samal perioodil (4,3 mln eurot). Suomen
Tuulileijona OY on Skano kiudplaadi edasimüüja Soomes.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2016. aasta üheksa kuu käive
kahanes eelmise aasta sama perioodiga võrreldes 12,2% ja oli 3,2 mln eurot
(2015 9 kuud: 3,6 mln eurot). 2016. aasta üheksa kuu ärikahjum oli 325 tuhat
eurot võrrelduna 235 tuhande eurose ärikahjumiga 2015. aasta sama perioodiga.
Kahjumi suurenemisele mõjus negatiivselt müügimahtude vähenemine ja laovarude
vähendamisest tingitud valmistoodangu laovarude muutus kasumiaruandes. Müük
senisel põhiturul Soomes vähenes 14,7% võrrelduna 2015. aasta sama perioodiga.
Lisaks olemasolevatel turgudel uute müügivõimaluste otsimisele on ettevõtte
jaoks oluline müük uutele turgudele ja tootmiskulude vähendamine läbi tootmise
efektiivistamise.
Skano Furniture OÜ jaemüügiketi käive kahanes eelmise aasta sama perioodiga
võrreldes 14,8% ja oli 1,6 mln eurot (2015 9 kuud: 1,9 mln eurot). Müük vähenes
kõikidel turgudel. Jaemüügist moodustab Skano Group AS’i enda toodetud mööbli
müük jätkuvalt olulise osa.
KASUMIARUANNE
Aruandeaasta üheksa kuu müügitulu oli 13,6 mln eurot (2015. aasta 9 kuud: 14,6
mln eurot), mis näitab 6,4%-list kahanemist. Konsolideeritud ärikahjum üheksa
kuuga oli 423 tuhat eurot (2015. aasta samal perioodil ärikasum 183 tuhat
eurot). Konsolideeritud ärirentaablus oli -3,1% (2015. aasta 9 kuud:
ärirentaablus 1,3%).
Konsolideeritud puhaskahjum oli 667 tuhat eurot (2015. aasta 9 kuud: 46 tuhat
eurot) ja puhasrentaablus oli -4,9% (2015. aasta 9 kuu puhasrentaablus -0,3%).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 30.09.2016 seisuga 13,1 mln eurot (30.09.2015:
14,3 mln eurot) ning ettevõtte kohustused moodustasid 30.09.2016 seisuga 8,8
mln eurot (30.09.2015: 9,1 mln eurot) moodustades 67,4% varadest (30.09.2015:
63,8%).
Nõuded ja ettemaksud olid 1,8 mln eurot, mis on võrreldes eelmise aastaga 0,1
mln euro võrra suuremad (30.09.2015: 1,7 mln eurot). Varud on võrreldes eelmise
aastaga vähenenud 0,6 mln euro võrra 3,4 mln eurolt seisuga 30.09.2015 2,8 mln
euroni seisuga 30.09.2016. Materiaalne ja immateriaalne põhivara seisuga
30.09.2016 oli 8,2 mln eurot (30.09.2015: 8,5 mln eurot).
Lühiajalised laenukohustused olid seisuga 30.09.2016 1,6 mln eurot (30.09.2015:
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 30.09.2015: 2,9 mln eurot).
Pikaajalised laenukohustused suurenesid 0,15 mln eurot moodustades 30.09.2016
seisuga 4,2 mln eurot (seisuga 30.09.2015 vastavalt 4,0 mln eurot). Suurenemine
oli põhjustatud laenu restruktureerimisest pika- ja lühiajalise maksete osas.
Lühi- ja pikaajalised kohustused kokku vähenesid 0,3 mln eurot 8,8 mln euroni
(30.09.2015: 9,1 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015
--------------------------------------------------------------
Skano Fibreboard OÜ 9 407 9 767 69,0% 67,1%
--------------------------------------------------------------
Skano Furniture Factory OÜ 3 181 3 622 23,3% 24,9%
--------------------------------------------------------------
Skano Furniture OÜ jaemüük 1 610 1 889 11,8% 13,0%
--------------------------------------------------------------
Suomen Tuulielijona OY 3 725 4 283 27,3% 29,4%
--------------------------------------------------------------
Elimineerimine -4 294 -4 997 -31,5% -34,3%
--------------------------------------------------------------
KOKKU 13 629 14 564 100,0% 100,0%
--------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015
-------------------------------------------------
Soome 5 087 5 762 37,3% 39,6%
-------------------------------------------------
Eesti 2 395 2 468 17,6% 16,9%
-------------------------------------------------
Venemaa 2 145 2 433 15,7% 16,7%
-------------------------------------------------
Suurbritannia 890 864 6,5% 5,9%
-------------------------------------------------
Läti 539 575 4,0% 3,9%
-------------------------------------------------
Portugal 538 75 3,9% 0,5%
-------------------------------------------------
Rootsi 463 454 3,4% 3,1%
-------------------------------------------------
Ukraina 276 293 2,0% 2,0%
-------------------------------------------------
Leedu 274 320 2,0% 2,2%
-------------------------------------------------
LAV 230 440 1,7% 3,0%
-------------------------------------------------
Saksamaa 164 120 1,2% 0,8%
-------------------------------------------------
Taani 112 138 0,8% 0,9%
-------------------------------------------------
Teised riigid 516 622 3,8% 4,3%
-------------------------------------------------
KOKKU 13 629 14 564 100,0% 100,0%
-------------------------------------------------
Turgude lõikes on käive kasvanud Suurbritannias ja uuel turul Portugalis.
Müügimahu vähenemine on tingitud seniste põhiturgude Venemaa ja Soome
müügimahtude vähenemisest.
KASUM SEGMENTIDE LÕIKES
tuh EUR 9k 2016 9k 2015
--------------------------------------------
Skano Furniture Factory OÜ -325 -235
--------------------------------------------
Skano Furniture OÜ jaemüük -180 -154
--------------------------------------------
Skano Fibreboard OÜ -7 364
--------------------------------------------
Suomen Tuulileijona OY 31 39
--------------------------------------------
Elimineerimine 58 169
--------------------------------------------
KOKKU -423 183
--------------------------------------------
Neto finantskulud -240 -226
--------------------------------------------
Tulumaksukulu -4 -3
--------------------------------------------
PUHASKASUM -667 -46
--------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu oli 2016 aasta 9 kuuga oli 9,6 mln eurot ja
ärikahjum 7 tuhat eurot. Eelmise aasta samal perioodil oli käive 9,9 mln eurot
ja ärikasum 364 tuhat eurot. 2016. aasta 9 kuu tulemustele avaldas olulist
negatiivset mõju valmistoodangu lao vähendamine.
Müügitulu vähenemine võrreldes eelmise aasta sama perioodiga oli tingitud
müügimahtude langusega Soome ja Venemaa turgudel, mis 2015. aasta 9 kuuga
moodutas 58,0% kogu müügimahust ning 2016. aasta 9 kuuga on nende turgude
osakaal kahanenud 52,8%-ni. Müük kasvas enim Suurbritannias ja Portugalis.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
----------------------------------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015
----------------------------------------------------------------------------
Soome (sh Suomen Tuulileijona Oy) )müük) 3 958 4 431 41,3% 44,6%
----------------------------------------------------------------------------
Eesti 1 320 1 362 13,8% 13,7%
----------------------------------------------------------------------------
Venemaa 1 104 1 302 11,5% 13,1%
----------------------------------------------------------------------------
Suurbritannia 869 827 9,1% 8,3%
----------------------------------------------------------------------------
Portugal 538 75 5,6% 0,8%
----------------------------------------------------------------------------
Rootsi 463 454 4,8% 4,6%
----------------------------------------------------------------------------
Läti 262 219 2,7% 2,2%
----------------------------------------------------------------------------
LAV 230 440 2,4% 4,4%
----------------------------------------------------------------------------
Leedu 124 73 1,3% 0,7%
----------------------------------------------------------------------------
Taani 112 138 1,2% 1,4%
----------------------------------------------------------------------------
Saksamaa 111 120 1,2% 1,2%
----------------------------------------------------------------------------
Teised riigid 498 487 5,2% 4,9%
----------------------------------------------------------------------------
KOKKU 9 589 9 928 100,0% 100,0%
----------------------------------------------------------------------------
tuh EUR Müük Ärikasum
-------------------------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015
-------------------------------------------------------------------
Pärnu kiudplaadivabrik 3 960 3 952 100 425
-------------------------------------------------------------------
Püssi kiudplaadivabrik 3 818 3 986 -159 -108
-------------------------------------------------------------------
Pärnu vääristamisüksus (Isotex) 1 304 1 519 -45 -2
-------------------------------------------------------------------
KOKKU 9 082 9 457 -104 315
-------------------------------------------------------------------
Pärnu kiudplaadivabriku ja siseviimistlusplaatide liini käive 2016. aasta 9
kuuga oli 5,3 mln eurot, mis on 3,8% vähem kui 2015. aasta samal perioodil (9
kuud 2015 5,5 mln eurot).
Püssi kiudplaaditehase käive oli 2016. aasta 9 kuuga 3,8 mln eurot kahanedes
eelmise aasta sama perioodiga võrreldes 29,3% (9 kuud 2015 4,0 mln eurot).
SKANO FURNITURE
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2016 aasta 9 kuu müügitulu
3,2 mln eurot ja ärikahjum 325 tuhat eurot. Eelmise aasta samal perioodil oli
käive 3,6 mln eurot ja ärikahjum 235 tuhat eurot. Võrreldes eelmise aastaga
kahanes vabriku käive 12,2%. Olulist mõju käibe langusele avaldas Soome müügi
langus ja ärikahjumit suurendas valmistoodangu varude vähendamine.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015
---------------------------------------------------
Soome 1 129 1 323 35,5% 36,5%
---------------------------------------------------
Venemaa 1 039 1 131 32,7% 31,2%
---------------------------------------------------
Teised riigid 262 293 8,2% 8,1%
---------------------------------------------------
Tütarettevõtted 751 875 23,6% 24,2%
---------------------------------------------------
Kokku 3 181 3 622 100,0% 100,0%
---------------------------------------------------
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 30.09.2016 on
mööblikaupluste ketis kokku 10 kauplust: kolm Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, kaks Kiievis ja üks Harkovis. 2016. aasta oktoobris
suleti Tallinnas üks kauplus Rocca al Mare keskuses ja samas laiendati Pärnu
maantee kauplust. Samuti suleti üks kauplus Kiievis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
---------------------------------------------------------------
9k 2016 9k 2015 9k 2016 9k 2015 9k 2016 9k 2015
---------------------------------------------------------------
Eesti* 998 1 081 62,0% 57,2% 5 5
---------------------------------------------------------------
Läti 277 356 17,2% 18,8% 1 1
---------------------------------------------------------------
Ukraina** 185 205 11,5% 10,9% 3 4
---------------------------------------------------------------
Leedu 150 247 9,3% 13,1% 1 1
---------------------------------------------------------------
Kokku 1 610 1 889 100,0% 100,0% 10 11
---------------------------------------------------------------
*2016. aasta oktoobris suleti Tallinnas Rocca al Mare keskuses asuv pood,
pärast mida on Eestis kokku 4 kauplust (Tallinnas kaks, Pärnus ja Tartus).
** 2016. aasta oktoobris suleti Kiievis Arax keskuses asuv pood, pärast mida on
Ukrainas kokku 2 kauplust (Kiievis ja Harkovis).
Mööbli jaemüük 2016. aasta 9 kuuga moodustas 1,6 mln eurot, mis on 14,8% vähem
kui eelmise aasta samal perioodil (2015. aasta 9 kuuga 1,9 ml eurot). Ärikahjum
oli 2016. aasta 9 kuuga 180 tuhat eurot (2015. aasta samal perioodil 154 tuhat
eurot). 2016 aasta 9 kuu ärikahjum sisaldas kursikahjumit grivna kursimuutusest
77 tuhat eurot (2015. aasta 9 kuuga 187 tuhat eurot).
PROGNOOS JA ARENG
SKANO FIBREBOARD Skano Fibreboard’i käive 2016. aasta viimases kvartalis jääb
samale tasemele võrreldes 2015. aasta neljanda kvartaliga. Tegeleme aktiivselt
müügitööga, et kompenseerida väiksemat müügimahtu senistel põhiturgudel müügiga
uutel turgudel. Samuti jätkame tegevust tootmisprotsesside ja seadmete
efektiivistamisega, mis võimaldab tulevikus tootmiskulude alandamist.
Juulis 2016 sai Skano Fibreboard OÜ Sintef sertifikaadi, mis võimaldab
tuuletõkkeplaadi müüki Norra turul. Hetkel tegeleme aktiivse müügitööga Norra
turule sisenemiseks.
SKANO MÖÖBLIVABRIK Mööblivabriku 2016. aasta neljanda kvartali käibeks ootame
sarnaselt kogu senise aastaga käibe langust. Keskendume kulude kokkuhoiule, mis
annab hea stardipositsiooni järgmiseks aastaks.
SKANO MÖÖBLI JAEMÜÜK Baltikumi müügi osas ootame stabiilsust. Ukraina tulemusi
mõjutab oluliselt sealne poliitiline ja majanduslik ebastabiilsus.
FINANTSSUHTARVUD
tuh EUR 9k 2016 9k 2015 9k 2014
-------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------
Müügitulu 13 629 14 564 15 668
-------------------------------------------------------------------
EBITDA 206 811 696
-------------------------------------------------------------------
EBITDA rentaablus 1,5% 5,6% 4,4%
-------------------------------------------------------------------
Ärikasum -423 183 29
-------------------------------------------------------------------
Ärirentaablus -3,1% 1,3% 0,2%
-------------------------------------------------------------------
Puhaskasum -667 -46 -179
-------------------------------------------------------------------
Puhasrentaablus -4,9% -0,3% -1,1%
-------------------------------------------------------------------
--------------------------------------------------------------------
Bilanss (30.09)
-------------------------------------------------------------------
Koguvarad 13 074 14 291 15 503
-------------------------------------------------------------------
Koguvarade puhasrentaablus -5,1% -0,3% -1,2%
-------------------------------------------------------------------
Omakapital 4 259 5 180 6 586
-------------------------------------------------------------------
Omakapitali puhasrentaablus -15,6% -0,9% -2,7%
-------------------------------------------------------------------
Võlakordaja 67,4% 63,8% 57,5%
-------------------------------------------------------------------
--------------------------------------------------------------------
Aktsia (30.09)
-------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,493 0,700 0,930
-------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) -0,15 -0,01 -0,04
-------------------------------------------------------------------
Hind-tulu (PE) suhtarv -3,29 -70,00 -23,25
-------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,95 1,15 1,46
-------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,52 0,61 0,64
-------------------------------------------------------------------
Turukapitalisatsioon 2 218 3 149 4 184
-------------------------------------------------------------------
EBITDA = ärikasum + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum / müügitulu
Puhasrentaablus = puhaskasum / müügitulu
Koguvarade puhasrentaablus = puhaskasum / koguvarad
Omakapitali puhasrentaablus = puhaskasum / omakapital
Võlakordaja = kohustused / koguvarad
Puhaskasum aktsia kohta = puhaskasum / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia sulgemishind / puhaskasum aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia sulgemishind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia sulgemishind * aktsiate arv
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR 30.09.2016 31.12.2015 30.09.2015
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 248 292 624
----------------------------------------------------------------------------
Nõuded ja ettemaksed 1 790 997 1 735
----------------------------------------------------------------------------
Varud 2 839 3 426 3 439
----------------------------------------------------------------------------
Käibevara kokku 4 877 4 715 5 798
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud 405 406 406
----------------------------------------------------------------------------
Materiaalne põhivara 7 720 8 120 8 064
----------------------------------------------------------------------------
Immateriaalne põhivara 72 21 23
----------------------------------------------------------------------------
Põhivara kokku 8 197 8 547 8 493
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 13 074 13 262 14 291
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused 1 649 1 253 1 908
----------------------------------------------------------------------------
Võlad ja ettemaksed 2 770 2 684 2 942
----------------------------------------------------------------------------
Lühiajalised eraldised 5 15 4
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 4 424 3 952 4 854
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused 4 163 4 163 4 013
----------------------------------------------------------------------------
Pikaajalised eraldised 228 228 244
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 391 4 391 4 257
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 8 815 8 343 9 111
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Muud reservid 6 7 2
----------------------------------------------------------------------------
Ümberhindluse kursivahed 17 7 (90)
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 1 552 1 965 1 961
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (667) (411) (46)
----------------------------------------------------------------------------
Omakapital kokku 4 259 4 919 5 180
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 13 074 13 262 14 291
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR III kv III kv 9k 2016 9k 2015
2016 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 4 652 4 803 13 629 14 564
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 636) (3 753) (11 075) (11 327)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 1 016 1 050 2 554 3 237
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (712) (768) (2 350) (2 395)
--------------------------------------------------------------------------------
Üldhalduskulud (159) (168) (459) (521)
--------------------------------------------------------------------------------
Muud äritulud 3 63 71 329
--------------------------------------------------------------------------------
Muud ärikulud (116) (98) (239) (467)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) 32 79 (423) 183
--------------------------------------------------------------------------------
Neto finantskulu (74) (74) (240) (226)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (42) 5 (663) (43)
--------------------------------------------------------------------------------
Tulumaksukulu (1) - (4) (3)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (43) 5 (667) (46)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju 8 39 10 (74)
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (35) 44 (657) (120)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) (0,01) (0,00) (0,15) (0,01)
aktsia kohta
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,01) (0,00) (0,15) (0,01)
aktsia kohta
--------------------------------------------------------------------------------
2016. aasta neljanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 9 2017. aastal (27.-28. veebruar 2017)
Lauri Treimann
Juhatuse liige
+372 51 12 602
[email protected]
Content of announcement in English
Title
Financial results, 9 months 2016
Message
THE 3rd QUARTER AND NINE MONTHS IN SHORT
Consolidated net sales of the 9M of 2016 were 13.6 mil. euros, representing an
6,4% decrease compared to the same period in 2015 (14.6 mil. euros in 9M 2015).
Consolidated EBITDA amounted to 207 thousand euros (EBITDA 811 thousand euros
in 9M 2015). Reducing the stock volumes of own produced goods negatively
influenced the EBITDA of 9M 2016 through changes in inventories in the amount
of 576 thousand euros (In 9M 2015 the increase in stock had a positive effect
to EBITDA in the amount of 354 thousand euros).
The turnover of Skano Fibreboard OÜ for 9M 2016 was 9.1 mil. euros (9M 2015 9.5
mil. euros), out of which Pärnu factory (including Isotex) sales was 5.3 mi.
euros (9M 2015 5.5 mil. euros) and Püssi factory sales was 3.8 mil. euros (9M
2015 4.0 mil. euros). The operating loss of 9M 2016 was 104 (9M 2015 operating
profit 315 thousand euros). The operating profit from Pärnu factory was 55
thousand euros (9M 2015 423 thousand euros) and Püssi factory has made an
operating loss in the amount of 159 thousand euros (9M 2015 operating loss 108
thousand euros).
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.
Sales of Suomen Tuulielijona OY in 9M 2016 decreased 13% compared to last year,
which amounted to 3.7 mil. euros (4.3 mil euros in 9M 2015). Suomen
Tuulileijona OY is the wholesaler of Skano fibreboard products in Finland.
The turnover of Skano Furniture Factory OÜ decreased in 9M 2016 by 12.2% and
amounted to 3.2 mil. euros (9M 2015 3.6 mil. euros). The operating loss in 9M
2016 was 325 thousand euros and in 9M 2015 the operating loss was 235 thousand
euros. The operating loss was affected by lower sales and decrease of inventory
through changes in inventory of finished goods. In 9M 2016 sales to Finland
decreased by 14.7% due to very weak demand as compared to the same period in
2015. In addition to seeking new sales possibilities in the current markets the
company has made considerable effort to enter into new markets and to lower the
production costs.
The priority of the management of the company is continuously to ensure the
sales quantity of the produced goods from both factories in order to maximize
production efficiency and efforts are taken in this direction on an on-going
basis.
The turnover of Skano Furniture OÜ retail chain decreased 14.8% as compared to
the same period last year and amounted to 1.6 mil. euros (9M 2015 1.9 mil.
euros). Retail sales decreased in all markets. The sales of Skano Furniture
Factory OÜ own furniture still forms a considerable part of the retail sales.
INCOME STATEMENT
Consolidated net sales in 9M 2016 was 13.6 mil. euros (14.6 mil. euros in same
period of 2015) representing an 6.4% decrease compared to 9M 2015. Consolidated
operating loss amounted to 423 thousand euros (operating profit 183 thousand
euros in same period 2015). The consolidated operating margin was -3.1% (1.3%
in 9M 2015).
Consolidated net loss for 9M 2016 amounted to 667 thousand euros (compared to
net loss 46 thousand euros in 9M 2015), and the net margin was -4.9% (-0.3% in
H1 2015).
POSITION OF FINANCIAL STATEMENT
As of 30.09.2016 the total assets of Skano Group AS amounted to 13.1 mil. euros
(30.09.2015: 14.3 mil. euros). The liabilities of the company accounted for
67.4% (30.09.2015: 63.8%) thereof, i.e. 8.8 mil. euros (30.06.2015: 9.1 mil.
euros).
Receivables and prepayments amounted 1.8 mil. euros what is 0.1 mil. euros more
than in 9M 2015 (30.06.2015: 1.7 mil. euros). Inventories have decreased for
the amount of 0.6 mil euros with 12 months, amounting to 2.8 mil. euros on
30.09.2016. (30.09.2015: 3.4 mil. euros). Property, plant and intangibles
amounted to 8.2 mil. euros as of 30.09.2016 (8,5 mil. euros as of 30.09.2015).
Short-term loans have decreased by 0.3 mil. euros and amounted to 1.6 mil.
euros in 30.09.2016 which was a result of usage of bank overdraft and factoring
and restructuring of the loan between short- and long-term payment schedule
(30.09.2015: 1.9 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 2.7 mil.
euros (30.09.2015: 2.9 mil. euros).
Long-term loans have increased by 0.15 mil euros and amounted to 4.2 mil. euros
in 30.09.2016 (31.09.2015: 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 0.3 mil. euros to 8.8
mil. euros (30.09.2015: 9.1 mil. euros).
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015
--------------------------------------------------------------
Skano Fibreboard OÜ 9,407 9,767 69.0% 67.1%
--------------------------------------------------------------
Skano Furniture Factory OÜ 3,181 3,622 23.3% 24.9%
--------------------------------------------------------------
Skano Furniture OÜ retail 1,610 1,889 11.8% 13.0%
--------------------------------------------------------------
Suomen Tuulileijona OY 3,725 4,283 27.3% 29.4%
--------------------------------------------------------------
Elimination (4,294) (4,997) (31.5%) (34.3%)
--------------------------------------------------------------
TOTAL 13,629 14,564 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
---------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015
---------------------------------------------------
Finland 5,087 5,762 37.3% 39.6%
---------------------------------------------------
Estonia 2,395 2,468 17.6% 16.9%
---------------------------------------------------
Russia 2,145 2,433 15.7% 16.7%
---------------------------------------------------
Great Britain 890 864 6.5% 5.9%
---------------------------------------------------
Latvia 539 575 4.0% 3.9%
---------------------------------------------------
Portugal 538 75 3.9% 0.5%
---------------------------------------------------
Sweden 463 454 3.4% 3.1%
---------------------------------------------------
Ukraine 276 293 2.0% 2.0%
---------------------------------------------------
Lithuania 274 320 2.0% 2.2%
---------------------------------------------------
SAR 230 440 1.7% 3.0%
---------------------------------------------------
Germany 164 120 1.2% 0.8%
---------------------------------------------------
Denmark 112 138 0.8% 0.9%
---------------------------------------------------
Other countries 516 622 3.8% 4.3%
---------------------------------------------------
TOTAL 13,629 14,564 100.0% 100.0%
---------------------------------------------------
Regarding the markets. turnover has increased in Great Britain and in new
market Portugal. The decrease in turnover was mainly because of lower sales in
Russia and Finland.
PROFIT BY BUSINESS SEGMENTS
th EUR 9M 2016 9M 2015
-----------------------------------------
Skano Furniture factory (325) (235)
-----------------------------------------
Skano Furniture retail (180) (154)
-----------------------------------------
Skano Fibreboard (7) 364
-----------------------------------------
Suomen Tuulileijona OY 31 39
-----------------------------------------
Elimination 58 169
-----------------------------------------
TOTAL (423) 183
-----------------------------------------
Net financial costs (240) (226)
-----------------------------------------
Income tax (4) (3)
-----------------------------------------
NET PROFIT (667) (46)
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard in 9M 2016 amounted to 9.6 mil. euros and
operating loss to 7 thousand euros. In the same period 2015. the turnover of
Skano Fibreboard totalled to 9.9 mil. euros and the operating profit from main
activities 364 thousand euros.
The decrease in sales in 9M 2016 compare to last year was mainly because of
decrease of sales in Finland and Russia. what was 58.0% from total sales in 9M
2015 and has decreased to 52.8% in 9M 2016. Sales increased most in Great
Britain and Portugal.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-------------------------------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015
-------------------------------------------------------------------------
Finland (incl. Suomen Tuulileijona OY 3,958 4,431 41.3% 44.6%
-------------------------------------------------------------------------
Estonia 1,320 1,362 13.8% 13.7%
-------------------------------------------------------------------------
Russia 1,104 1,302 11.5% 13.1%
-------------------------------------------------------------------------
Great Britain 869 827 9.1% 8.3%
-------------------------------------------------------------------------
Portugal 538 75 5.6% 0.8%
-------------------------------------------------------------------------
Sweden 463 454 4.8% 4.6%
-------------------------------------------------------------------------
Latvia 262 219 2.7% 2.2%
-------------------------------------------------------------------------
SAR 230 440 2.4% 4.4%
-------------------------------------------------------------------------
Lithuania 124 73 1.3% 0.7%
-------------------------------------------------------------------------
Denmark 112 138 1.2% 1.4%
-------------------------------------------------------------------------
Germany 111 120 1.2% 1.2%
-------------------------------------------------------------------------
Other countries 498 487 5.2% 4.9%
-------------------------------------------------------------------------
TOTAL 9,589 9,928 100.0% 100.0%
-------------------------------------------------------------------------
th EUR Net sales Operating Profit
--------------------------------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015
--------------------------------------------------------------------------
Pärnu Fibreborad factory 3,960 3,952 100 425
--------------------------------------------------------------------------
Püssi Fibreboard factory 3,818 3,986 (159) (108)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 1,304 1,519 (45) (2)
--------------------------------------------------------------------------
TOTAL 9,082 9,457 (104) 315
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory together with interior boards
factory in 9M 2016 was 5.3 mil. euros, what is 3.8 % less that in 9M 2015
amounted in 5.5 mil. euros.
The turnover of Püssi fibreboard factory in 9M 2016 amounted to 3.8 mil. euros
decreasing 5.0% compared to the same period in 2015 (turnover 4.0 mil. euros in
9M 2015).
SKANO FURNITURE
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in 9M 2016 amounted to 3.2 mil.
euros and operating loss to 325 thousand euros. In the same period last year,
the turnover of the factory amounted to 3.6 mil. euros and the operating loss
to 235 thousand euros. The sales decrease was mainly due to sales decrease in
Finland. The operating loss was affected by decrease in inventories through
changes in finished goods inventories.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015
---------------------------------------------------
Finland 1,129 1,323 35.5% 36.5%
---------------------------------------------------
Russia 1,039 1,131 32.7% 31.2%
---------------------------------------------------
Other countries 262 293 8.2% 8.1%
---------------------------------------------------
Subsidiaries 751 875 23.6% 24.2%
---------------------------------------------------
TOTAL 3,181 3,622 100.0% 100.0%
---------------------------------------------------
FURNITURE RETAIL SALES
Skano Group AS retail business is operated by a private limited daughter
company Skano Furniture OÜ and its subsidiaries in Latvia, Lithuania and
Ukraine. As of 30.09.2016 Skano has totally 10 stores in Tallinn (3), Tartu,
Pärnu, Riga, Vilnius, Kiev (2) and Kharkiv. In October 2016 the shop in Tallinn
Rocca al Mare was closed and the shop in Pärnu Road was enlarged. Also one shop
in Kiev was closed in October 2016.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
---------------------------------------------------------------
9M 2016 9M 2015 9M 2016 9M 2015 9M 2016 9M 2015
---------------------------------------------------------------
Estonia* 998 1,081 62.0% 57.2% 5 5
---------------------------------------------------------------
Latvia 277 356 17.2% 18.8% 1 1
---------------------------------------------------------------
Ukraine** 185 205 11.5% 10.9% 3 4
---------------------------------------------------------------
Lithuania 150 247 9.3% 13.1% 1 1
---------------------------------------------------------------
TOTAL 1,610 1,889 100.0% 100.0% 10 11
---------------------------------------------------------------
* In October 2016 the shop in Tallinn Rocca al Mare center was closed and the
amount of shops in Estonia remained 4.
** In October 2016 the shop in Kiev Arax center was closed and the 2 shops
remain in Ukraine.
Retail sale amounted to 1.6 mil. euros in 9M 2016 and operating loss 180
thousand euros (sales 1.9 mil. euros and operating loss 154 thousand euros in
9M 2015). Operating loss contains also a loss from a drop of currency exchange
rate of hryvnia in the amount of 77 thousand euros (in 9M 2015: exchange rate
loss 187 thousand euros).
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. Skano Fibreboard sales in 4Q 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 4Q 2016 the sales of the furniture factory will
show a small decrease compare to 4Q 2015. The management is concentrating on
cost savings what will give the positive start to the next year.
SKANO FURNITURE RETAIL SALES. We expect steady sales in the Baltics. Ukraine
results are affected by the political and economic instability.
FINANCIAL HIGHLIGHTS
th EUR 9M 2016 9M 2015 9M 2014
------------------------------------------------
Income statement
------------------------------------------------
Revenue 13,629 14,564 15,668
------------------------------------------------
EBITDA 206 811 696
------------------------------------------------
EBITDA margin 1.5% 5.6% 4.4%
------------------------------------------------
Operating profit (423) 183 29
------------------------------------------------
Operating margin (3.1%) 1.3% 0.2%
------------------------------------------------
Net profit (667) (46) (179)
------------------------------------------------
Net margin (4.9%) (0.3%) (1.1%)
------------------------------------------------
-------------------------------------------------
Balance sheet (30.09)
------------------------------------------------
Total assets 13,074 14,291 15,503
------------------------------------------------
Return on assets (5.1%) (0.3%) (1.2%)
------------------------------------------------
Equity 4,259 5,180 6,586
------------------------------------------------
Return on equity (15.6%) (0.9%) (2.7%)
------------------------------------------------
Debt-to-equity ratio 67.4% 63.8% 57.5%
------------------------------------------------
-------------------------------------------------
Share (30.09)
------------------------------------------------
Closing price 0.493 0.700 0.930
------------------------------------------------
Earnings per share (0.15) (0.01) (0.04)
------------------------------------------------
Price-earnings ratio (3.29) (70.00) (23.25)
------------------------------------------------
Book value of a share 0.95 1.15 1.46
------------------------------------------------
Market to book ratio 0.52 0.61 0.64
------------------------------------------------
Market capitalization 2,218 3,149 4,184
------------------------------------------------
EBITDA = Earnings before interest. taxes. depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Closing price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Closing price / Book value of a share
Market capitalization = Closing price * Total shares
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
th EUR 30.09.2016 31.12.2015 30.09.2015
------------------------------------------------------------------
------------------------------------------------------------------
Cash and bank 248 292 624
------------------------------------------------------------------
Receivables and prepayments 1,790 997 1,735
------------------------------------------------------------------
Inventories 2,839 3,426 3,439
------------------------------------------------------------------
Total current assets 4,877 4,715 5,798
------------------------------------------------------------------
------------------------------------------------------------------
Investment property 405 406 406
------------------------------------------------------------------
Tangible fixed assets 7,720 8,120 8,064
------------------------------------------------------------------
Intangible fixed assets 72 21 23
------------------------------------------------------------------
Total fixed assets 8,197 8,547 8,493
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL ASSETS 13,074 13,262 14,291
------------------------------------------------------------------
------------------------------------------------------------------
------------------------------------------------------------------
Debt obligations 1,649 1,253 1,908
------------------------------------------------------------------
Payables and prepayments 2,770 2,684 2,942
------------------------------------------------------------------
Short-term provisions 5 15 4
------------------------------------------------------------------
Total current liabilities 4,424 3,952 4,854
------------------------------------------------------------------
------------------------------------------------------------------
Non-current debt obligations 4,163 4,163 4,013
------------------------------------------------------------------
Non-current provisions 228 228 244
------------------------------------------------------------------
Total non-current liabilities 4,391 4,391 4,257
------------------------------------------------------------------
------------------------------------------------------------------
Total liabilities 8,815 8,343 9,111
------------------------------------------------------------------
------------------------------------------------------------------
Share capital at nominal value 2,699 2,699 2,699
------------------------------------------------------------------
Issue premium 364 364 364
------------------------------------------------------------------
Statutory capital reserve 288 288 288
------------------------------------------------------------------
Other reserves 6 7 2
------------------------------------------------------------------
Currency translation 17 7 (90)
------------------------------------------------------------------
Retained profits 1,552 1,965 1,961
------------------------------------------------------------------
Net profit (loss) for the year (667) (411) (46)
------------------------------------------------------------------
Total equity 4,259 4,919 5,180
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 13,074 13,262 14,291
------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 3Q 2016 3Q 2015 9 m 2016 9 m 2015
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
RETURN ON SALES 4,652 4,803 13,629 14,564
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Cost of production sold (3,636) (3,753) (11,075) (11,327)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Gross profit 1,016 1,050 2,554 3,237
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Marketing expenses (712) (768) (2,350) (2,395)
------------------------------------------------------------------------------
General administrative expenses (159) (168) (459) (521)
------------------------------------------------------------------------------
Other income 3 63 71 329
------------------------------------------------------------------------------
Other expenses (116) (98) (239) (467)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Operating profit (loss) 32 79 (423) 183
------------------------------------------------------------------------------
Financial income and financial expenses (74) (74) (240) (226)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profit (loss) before taxes (42) 5 (663) (43)
------------------------------------------------------------------------------
Prepaid income tax (1) - (4) (3)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (43) 5 (667) (46)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Basic earnings per share (0.01) (0.00) (0.15) (0.01)
------------------------------------------------------------------------------
Diluted earnings per share (0.01) (0.00) (0.15) (0.01)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Other comprehensive income:
------------------------------------------------------------------------------
Currency translation differences 8 39 10 (74)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (35) 44 (657) (120)
------------------------------------------------------------------------------
The planned time of publishing of interim report of the fourth quarter of 2016
is week 9 in 2017 (27-28th of February 2017)
Lauri Treimann
Member of the Management Board
+372 51 12 602
[email protected]