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
6135
Attachments
Submission date and time
30.05.2017 18:54:52
Content of announcement in Estonian
Title
Skano Group AS 2017. aasta I kvartali vahearuanne
Message
KOKKUVÕTE
Skano Group AS kontserni põhitegevuseks on ehitusmaterjalide ja mööbli tootmine
ning mööbli ja sisustuskaupade jaekaubandus. Skano Group AS on valdusettevõte,
mis omab 100%-liselt alljärgnevaid tütarettevõtteid:
Tütarettevõte Asukoht
Tegevusala
Skano Fibreboard OÜ Eesti
Kiudplaatide tootmine ja müük
Suomen Tuulileijona Oy Soome
Kiudplaatide müük
Skano Furniture Factory OÜ Eesti Mööbli
tootmine ja müük
Skano Furniture OÜ Eesti
Mööbli jaemüük
SIA Skano Läti
Mööbli jaemüük
UAB Skano LT Leedu
Mööbli jaemüük
2017. aasta märtsikuus müüdi Ukraina tütarettevõte, mis tegeles mööbli
jaemüügiga.
Skano Fibreboard OÜ toodab ja müüb kahte pehmetel puitkiudplaatidel baseeruvat
tootekategooriat: soojus- ja heliisolatsiooni otstarbel kasutatavaid
üldehitusplaate ning seinte ja lagede siseviimistlusplaate. Suomen
Tuulielijona OY on puitkiudplaatide edasimüüja Soomes.
Skano Furniture Factory OÜ toodab täispuidust omanäolist keskmisest kallima
hinnaklassi kodusisustusmööblit. Skano Furniture OÜ on jaekaubandusettevõte
mööblikauplustega Baltikumis ja Ukrainas.
Kontserni peamisteks turgudeks on Skandinaavia, Venemaa, Suurbritannia,
Portugal ning Baltikum. Skano Group ASi kliendid ja koostööpartnerid on oma
ala tunnustatud esindajad, keda seovad ettevõttega pikaajalised koostöösuhted.
Skano Group AS on noteeritud Tallinna Börsil alates 5. juunist 1997.
Skano Group AS tuumikomanik on OÜ Trigon Wood. Seisuga 30.09.2016 on suuremad
OÜ Trigon Wood omanikud ja Kontserni üle olulist mõju omavateks isikuteks AS
Trigon Capital, Veikko Laine Oy, Hermitage Eesti OÜ, Thominvest Oy ja SEB Soome
kliendid.
Seisuga 31.03.2017 töötas grupis 237 inimest (31.03.2016: 310 inimest).
Skano Group AS I kvartali puhaskasum oli 88 tuhat eurot (I kvartal 2016:
puhaskahjum 355 tuhat eurot). Tulemusele avaldas mõju Ukraina jaekaubanduse
ettevõtte ühekordne kasum summas 48 tuhat eurot.
Skano Group AS’i 2017. aasta I kvartali konsolideeritud müügitulu oli 4,46 mln
eurot, mis on 2% vähem kui 2016. aasta samal perioodil (4,55 mln eurot).
Kontserni 2017. aasta I kvartali EBITDA oli 366 tuhat eurot (I kvartal 2016:
-50 tuhat eurot), mis moodustas 8% müügitulust.
Kiudplaadi tootmise ja müügi ärisegmendi müügitulu oli 2017. aasta I kvartalis
3,26 mln eurot, mis on 2% vähem kui 2016. aasta samal perioodil. 2017. aasta I
kvartali ärikasum oli 157 tuhat eurot (I kvartal 2016: 16 tuhat eurot). Oleme
kokku hoidnud kulusid ja kohandanud tootmist vastavalt kahanevale nõudlusele.
Mööbli tootmise ja müügi ärisegmendi müügitulu 2017. aasta I kvartalis oli 0,96
mln eurot, millest 0,26 mln eurot oli müük kontserni jaekaubandusele (I kvartal
2016: vastavalt 1,05 mln eurot ja 0,25 mln eurot). Müük kahanes eelmise aasta
sama perioodiga võrreldes 9%. 2017. aasta I kvartali ärikahjum oli 55 tuhat
eurot (I kvartalis 2016 ärikahjum 211 tuhat eurot). Kaks põhilist tegurit
parema tulemuse saavutamisel olid tootluse parandamine vähendatud
personalikuludega, mis suurendas tootmise efektiivsust ning üldkulude
vähendamine.
Skano jaemüügiketi käive oli 2017. aasta I kvartalis 0,55 mln eurot, mis on 12%
enam kui I kvartalis 2016. 2017. aasta I kvartali ärikasum oli 61 tuhat eurot
(2016 I kvartal: ärikahjum 157 tuhat eurot). Tulemused on paranenud tänu müügi
kasvule ning kahjumlike kaupluste sulgemisele alates 2016. aasta I kvartalist.
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 31.03.2017 seisuga 12,7 mln eurot (31.03.2016:
14,6 mln eurot) ning ettevõtte kohustused moodustasid 31.03.2017 seisuga 8,8
mln eurot (31.03.2016: 10,0 mln eurot).
Nõuded ja ettemaksud olid seisuga 31.03.2017 2,1 mln eurot (31.03.2016: 2,3 mln
eurot). Varud on seisuga 31.03.2017 2,6 mln eurot 31.03.2016 (3,7 mln eurot).
Materiaalne ja immateriaalne põhivara seisuga 31.03.2017 oli 7,9 mln eurot
(31.03.2016: 8,4 mln eurot).
Kohustused kokku moodustasid 8,8 mln eurot seisuga 31.03.2017 (31.03.2016: 8.3
mln eurot).
VÄLJAVAATED TULEVIKUKS
Skano grupi käive aprillikuus vähenes 13% võrrelduna 2016. aasta aprilliga,
kiudplaadi müük vähens 11%, mööbli müük 15%. Üldine müügi languse trend Skano
grupis on üheks suuremaks murekohaks tänasel päeval. Meie kahe suurema turu -
Soome ja Venemaa jätkuv nõrkus mõjutab jätkuvalt negatiivselt kiudplaadi
tootmise ja müügi arengut. Samuti on mööbli müügi sõltuvus Soome turust viinud
kogu mööbli müügi kahanemisele.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES:
----------------------------
tuh EUR % käibest
-----------------------------------
3k 2017 3k 2016 3k 2017 3k 2016
---------------------------------------------------------------
Kiudplaadi tootmine ja müük 3 264 3 315 73,2% 73,0%
---------------------------------------------------------------
Mööbli tootmine ja müük 959 1 052 21,5% 23,1%
---------------------------------------------------------------
Mööbli jaemüük 548 490 12,3% 10,8%
---------------------------------------------------------------
Grupi tehingud (309) (312) (7%) (6,9%)
---------------------------------------------------------------
KOKKU 4 462 4 545 100,0% 100,0%
---------------------------------------------------------------
Kiudplaadi müük on vähesel määral vähenenud, samas on mööbli müük vähenenud I
kvartalis 2017 9% võrreldes eelmise aasta sama perioodiga seoses suurima Soome
kliendi äriliste raskustega. Mööbli jaemüük on alustanud aastat 12%-lise
müügikasvuga võrrelduna eelmise aasta sama perioodiga.
MÜÜK RIIKIDE LÕIKES:
--------------
tuh EUR % käibest
-----------------------------------
3k 2017 3K 2016 3k 2017 3K 2016
-------------------------------------------------
Soome 1 785 1 898 40% 41.8%
-------------------------------------------------
Eesti 802 654 17.9% 14.4%
-------------------------------------------------
Venemaa 576 579 12.9% 12.7%
-------------------------------------------------
Rootsi 209 139 4.7% 3,0%
-------------------------------------------------
Portugal 163 263 3.7% 5.8%
-------------------------------------------------
LAV 132 99 2.9% 2.2%
-------------------------------------------------
Läti 126 187 2.8% 4.1%
-------------------------------------------------
Tai 87 - 1.9% -
-------------------------------------------------
Ukraina 84 61 1.9% 1.3%
-------------------------------------------------
Holland 77 16 1.7% 0.3%
-------------------------------------------------
Leedu 63 93 1.4% 2.3%
-------------------------------------------------
Suurbritannia 61 324 1.4% 7.1%
-------------------------------------------------
Kasahstan 47 - 1.3% -
-------------------------------------------------
Taani 43 48 0.9% 1.0%
-------------------------------------------------
Teised riigid 207 184 4.6% 4.0%
-------------------------------------------------
KOKKU 4 462 4 545 100.0% 100.0%
-------------------------------------------------
Skano põhiturud Soome, Eesti ja Venemaa on suurendanud oma osa kogu grupi
müügis 68,9%-lt 70,8%-ni 2017. aasta I kvartalis võrrelduna eelmise aasta sama
perioodiga. Uuteks turgudeks on Kashstan (mööbel) ja Tai (kiudplaat).
KASUM SEGMENTIDE LÕIKES:
tuh EUR 3k 2017 3k 2016
---------------------------------------------
Kiudplaadi tootmine ja müük 157 16
---------------------------------------------
Mööbli tootmine (55) (211)
---------------------------------------------
Mööbli jaemüük 61 (157)
---------------------------------------------
Elimineerimine (5) 84
---------------------------------------------
KOKKU ÄRIKASUM/-KAHJUM 158 (268)
---------------------------------------------
Neto finantskulud (70) (86)
---------------------------------------------
Tulumaksukulu - (1)
---------------------------------------------
PUHASKASUM 88 (355)
---------------------------------------------
Kiudplaadi tootmise ja müügi äriüksuse kasumit aitas suurendada keskendumine
paksemate plaatide tootmisele, mis on kasumlikumad. Mööblivabriku kahjum on
vähenenud, kuid endiselt vajab ärisegmendi tulemus edasist paranemist.
Ühekordne kasum Ukraina tütarettevõte müügilt toetas jaekaubanduse äriüksuse
2017. aasta I kvartali kasumit.
KIUDPLAADI TOOTMINE JA MÜÜK
Skano Fibreboard müügitulu oli 2017 aasta I kvartalis 3,26 mln eurot, mis on
veidi vähem kui eelmisel aastal samal perioodil (3,32 mln eurot). Samas on
ärikasum 2017. aasta I kvartalis oluliselt suurem kui 2016. aasta I kvartalis
kasvades 16 tuhandelt eurolt 157 tuhande euroni.
Müügitulu vähenemine võrreldes eelmise aasta sama perioodiga oli tingitud
müügimahtude langusega Portugalis ja Suurbritannias, samas on müük suurenenud
Rootsi turu.
KIUDPLAADI MÜÜK RIIKIDE LÕIKES:
--------------
tuh EUR % käibest
-----------------------------------
3k 2017 3k 2016 3k 2017 3k 2016
-------------------------------------------------
Soome 1 519 1 453 47.2% 44.6%
-------------------------------------------------
eesti 389 430 10.6% 11.4%
-------------------------------------------------
Venemaa 260 251 8.1% 7.7%
-------------------------------------------------
Rootsi 209 139 6.5% 4.3%
-------------------------------------------------
Portugal 163 263 5.1% 8.1%
-------------------------------------------------
LAV 132 99 4.1% 3,00%
-------------------------------------------------
Läti 88 84 2.7% 2.6%
-------------------------------------------------
Tai 87 - 2.7% -
-------------------------------------------------
Holland 77 16 2.4% 0.5%
-------------------------------------------------
Suurbritannia 51 318 1.6% 9.7%
-------------------------------------------------
Taani 43 48 1.4% 1.5%
-------------------------------------------------
Ukraina 42 20 1.3% 0.6%
-------------------------------------------------
Teised riigid 204 194 6.3% 6,0%
-------------------------------------------------
KOKKU 3 264 3 315 100.0% 100.0%
-------------------------------------------------
MÖÖBLI TOOTMINE JA MÜÜK
MÖÖBLI TOOTMINE
Müük on vähenenud 0,96 mln euroni I kvartalis 2017 võrrelduna 1,05 mln euroga I
kvartalis 2016. Suurim langus on tingitud Soome turuga, kus meie olulisimal
ostjal on äriliselt rasked ajad. Venemaa müük oli veidi väiksem kui eelmisel
aastal samal ajal, samas müük Kasahstani ja Saksamaale aitas suurendada müüki
väljapoole seniseid põhiturge Soomes ja Venemaal.
Müük jaemüügi äriüksusele oli kergelt tõusus ning aitas suurendada mööbli müüki
grupis.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES:
---------------------------
tuh EUR % käibest
-----------------------------------
3k 2017 3k 2016 3k 2017 3k 2016
--------------------------------------------------------------
Soome 266 445 27.7% 31.8%
--------------------------------------------------------------
Venemaa 316 328 32.9% 23.4%
--------------------------------------------------------------
Teised riigid 117 25 12.2% 1.8%
--------------------------------------------------------------
Müük grupi jaekaubandusele 260 254 27.2% 43%
--------------------------------------------------------------
KOKKU 959 1 400 100.0% 100.0%
--------------------------------------------------------------
MÖÖBLI JAEMÜÜK
Mööbli jaemüük on võrreldes eelmise aasta sama perioodiga oluliselt suurenenud
0,49 mln eurolt I kvartalis 2016 0,55 mln euroni I kvartalis 2017. Eesti
jäemüük on oluliselt kasvanud aasta alguses (kokku 4 kauplust: kaks Tallinnas,
üks Tartus ja üks Pärnus). Leedu ja Läti jaemüük ei ole näidanud 2017. aasta I
kvartalis oodatud tulemust. Märtsikuus müüdi Ukraina jaemüügi tütarettevõte.
JAEMÜÜK RIIKIDE LÕIKES:
----------
tuh EUR % käibest Kaupluste arv
-----------------------------------------------------------
3k 2017 3k 2016 3k 2017 3k 2016 31.03.2017 31.03.2016
---------------------------------------------------------------------
Eesti* 444 277 81.0% 56.5% 4 5
---------------------------------------------------------------------
Läti 38 103 6.9% 21.0% 1 1
---------------------------------------------------------------------
Ukraina** 42 41 7.7% 8.3% 0 3
---------------------------------------------------------------------
Leedu 24 69 4.4% 14.2% 1 1
---------------------------------------------------------------------
KOKKU 548 490 100.0% 100.0% 6 10
---------------------------------------------------------------------
PROGNOOS JA ARENG
KIUDPLAADI TOOTMINE JA MÜÜK
2017. aasta on alanud müügi kasvuga suurimal turul Soomes, samas on Soome
majandus endiselt nõrk ning edasisi arenguid aasta lõpuni sealsel turul on
raske prognoosida. Müük Rootsis ja Lõuna Aafrikas on oluliselt kasvanud. Lõuna
Aafrikas on kasvu toetanud sealse kohaliku turu ainsa tootja raskused. Samuti
oleme leidnud uue ehituspartneri Tais, samas oleme kaotanud senise partneri
Suurbritannias ning seetõttu on müük sinna oluliselt langenud. Meie kaks
põhilist kiudplaadi klienti Portugalis ja Hollandis on käimas erinevaid radu,
kui Portugali klient kaotab turuosa, siis Hollandi klient suurendab seda. Püssi
tehase neljanda vahetuse sulgemine aprillikuus võimaldab tootmist vastavalt
nõudmisele paremini korraldada. Aprillis sulgesime ka Soomes asuva lao ning
Soome klientide varustamine toimub nüüd Püssi ja Pärnu tehastest otse.
MÖÖBLI TOOTMINE JA MÜÜK
Eelmisel sügisel läbiviidud kulude vähendamine mööblivabrikus on teinud
tootmise kuluefektiivsemaks. Jätkuv kulude kontroll võimaldab järk-järgult
vähendada äriüksuse kahjumlikkust. Käesoleva aasta suurimaks väljakutseks on
langeva müügitrendi pööramine vastupidisesse suunda.
MÖÖBLI JAEMÜÜK
Baltikumis ootame stabiilset müüki. Kahjumlike kaupluste sulgemine ja üldkulude
vähendamine tugevdab äriüksuse kasumlikkust käesoleval aastal.
FINANTSSUHTARVUD
tuh EUR 3k 2017 3k 2016 3k 2015
-------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------
Müügitulu 4 4692 4 545 5 108
-------------------------------------------------------------------
EBITDA 366 (50) 258
-------------------------------------------------------------------
EBITDA rentaablus 8,2% (1,1%) 5,0%
-------------------------------------------------------------------
Ärikasum 158 (268) 36
-------------------------------------------------------------------
Ärirentaablus 3,54% (5,9%) 0,7%
-------------------------------------------------------------------
Puhaskasum 88 (355) (9)
-------------------------------------------------------------------
Puhasrentaablus 1,97% (7,8%) (0,8%)
-------------------------------------------------------------------
--------------------------------------------------------------------
Bilanss (31.03)
-------------------------------------------------------------------
Koguvarad 12 705 14 591 14 989
-------------------------------------------------------------------
Koguvarade puhasrentaablus 0,69% (2,4%) (0,3%)
-------------------------------------------------------------------
Omakapital 3 948 3 900 5 212
-------------------------------------------------------------------
Omakapitali puhasrentaablus 2,23% (7,8%) (0,7%)
-------------------------------------------------------------------
Võlakordaja 68,9% 68,0% 65,2%
-------------------------------------------------------------------
--------------------------------------------------------------------
Aktsia (31.03)
-------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,520 0,726 0845
-------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) 0,02 (0,08) (0,01)
-------------------------------------------------------------------
Hind-tulu (PE) suhtarv 26,0 (9,08) (84,5)
-------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,88 1,01 1,16
-------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,59 0,72 0,73
-------------------------------------------------------------------
Turukapitalisatsioon 2 340 3 266 3 802
-------------------------------------------------------------------
EBITDA = ärikasum + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum / müügitulu
Puhasrentaablus = puhaskasum / müügitulu
Koguvarade puhasrentaablus = puhaskasum / koguvarad
Omakapitali puhasrentaablus = puhaskasum / omakapital
Võlakordaja = kohustused / koguvarad
Puhaskasum aktsia kohta = puhaskasum / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia sulgemishind / puhaskasum aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia sulgemishind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia sulgemishind * aktsiate arv
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR 31.03.2017 31.12.2016 31.03.2016
-----------------------------------------------------------------------
Raha ja raha ekvivalendid 152 184 278
-----------------------------------------------------------------------
Nõuded ja ettemaksed 2 068 965 2 252
-----------------------------------------------------------------------
Varud 2 627 2 760 3 681
-----------------------------------------------------------------------
Käibevara kokku 4 847 3 909 6 211
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Kinnisvarainvesteeringud 405 405 406
-----------------------------------------------------------------------
Materiaalne põhivara 7 392 7 584 7 955
-----------------------------------------------------------------------
Immateriaalne põhivara 61 66 19
-----------------------------------------------------------------------
Põhivara kokku 7 858 8 055 8 380
-----------------------------------------------------------------------
-----------------------------------------------------------------------
AKTIVA (vara) KOKKU 12 705 11 964 14 591
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Võlakohustused 1 639 1 176 2 237
-----------------------------------------------------------------------
Võlad ja ettemaksed 2 729 2 497 3 422
-----------------------------------------------------------------------
Lühiajalised eraldised 13 15 12
-----------------------------------------------------------------------
Lühiajalised kohustused kokku 4 381 3 688 5 671
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Pikaajalised võlakohustused 4 163 4 163 4 163
-----------------------------------------------------------------------
Pikaajalised eraldised 213 213 228
-----------------------------------------------------------------------
Pikaajalised kohustused kokku 4 376 4 376 4 391
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Kohustused kokku 8 757 8 064 10 062
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) 2 699 2 699 2 699
-----------------------------------------------------------------------
Ülekurss 364 364 364
-----------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
-----------------------------------------------------------------------
Muud reservid 2 2 6
-----------------------------------------------------------------------
Ümberhindluse kursivahed 0 40 (25)
-----------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 507 1 552 1 552
-----------------------------------------------------------------------
Aruandeaasta kasum (kahjum) 88 (1 045) (355)
-----------------------------------------------------------------------
Omakapital kokku 3 948 3 900 4 529
-----------------------------------------------------------------------
PASSIVA (kohustused ja omakapital)
-----------------------------------------------------------------------
KOKKU 12 705 11 964 14 591
-----------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR I kv 2017 I kv 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 4 462 4 545
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 425) (3 728)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 1 037 817
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (602) (874)
--------------------------------------------------------------------------------
Üldhalduskulud (235) (145)
--------------------------------------------------------------------------------
Muud äritulud 51 8
--------------------------------------------------------------------------------
Muud ärikulud (93) (74)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (-kahjum) 158 (268)
--------------------------------------------------------------------------------
Neto finantskulu (70) (86)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum (kahjum) enne tulumaksu 88 (354)
--------------------------------------------------------------------------------
Tulumaksukulu - (1)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) 88 (355)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju konsolideerimisel - (32)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) 88 (387)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia kohta (lisa 10) 0,02 (0,08)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) aktsia kohta (lisa 0,02 (0,08)
10)
--------------------------------------------------------------------------------
2017. aasta teise kvartali vahearuande planeeritav avalikustamise aeg on nädal
35 2017. aastal (30.-31. august 2017)
Torfinn Losvik
Juhatuse liige
+372 569 90 988
[email protected]
Content of announcement in English
Title
Skano Group AS interim report 1st quarter 2017
Message
THE 1st QUARTER 2017 IN SHORT
Skano Group is engaged in the manufacture and distribution of building
materials and furniture as well as retail trade of furniture and furnishings.
Skano Group is a holding company consisting of the following companies, all
100% owned:
Subsidiary Location Activity
Skano Fibreboard OÜ Estonia Production and
Distribution
Suomen Tuulileijona OY Finland Distribution
Skano Furniture Factory OÜ Estonia Production and
Distribution
Skano Furniture OÜ Estonia Retail
SIA Skano Latvia Retail
UAB Skano LT Lithuania Retail
Skano Group sold its Ukrainian retail subsidiary TOV Skano Ukraine in March
2017.
Skano Fibreboard OÜ produces and distributes softboard products for use in many
different applications, the main category being within construction
(insulation, soundproofing, and interior finishing panels for walls and
ceilings). Suomen Tuulileijona OY is the distributor of Skano’s fibreboard
products in Finland.
Skano Furniture Factory OÜ produces original, premium price level home
furniture made of timber. Skano Furniture OÜ consists of a furniture retail
store chain operating in Estonia, Latvia, Lithuania and Ukraine (the Ukrainian
retail chain was sold in March 2017).
The principal markets of the company are all Nordic countries, Russia, Great
Britain, Portugal and the Baltics.
The shares of Skano Group AS are listed on the Nasdaq Tallinn Stock Exchange.
As at 31 March 2017 the Group employed 237 people (31 March 2016: 310 people).
Skano Group recorded net profit for first quarter of 2017 of 88 thousand euros
(1Q 2016: loss of 355 thousand euros). The results were influenced by a one-off
gain of 48 thousand euros due to the disposal of Skano’s Ukrainian retail
subsidiary.
Consolidated net sales of 1Q 2017 were 4.46 mil. euros, representing a 2%
decrease compared to the same period in 2016 (4.55 mil. euros). Consolidated
EBITDA amounted to 366 thousand euros (in 1Q 2016 EBITDA was negative 50
thousand euros), which equates to 8% of sales.
The turnover of fibreboards production and sales in 1Q 2017 was 3.26 mil.
euros, which is 2% less sales than for same period in 2016. The operating
profit in 1Q 2017 was 157 thousand euros (in 1Q 2016 16 thousand euros). We
have made cost cuts and realigned production capacity to reflect reduced
demand.
The turnover of furniture production and sales was 0.96 mil. euros, including
the amount of 0.26 mil. euros sales to group retail companies (1Q 2016
respectively 1.05 mil. euros and 0.25 mil. euros). The sales decreased in 1Q
2017 by 9% compared to 1Q 2016. The operating loss in 1Q 2017 was 55 thousand
euros (1Q 2016 had operating loss of 211 thousand euros). The two main reasons
for the improved performance comes from reduced staffing in production, which
has led to higher production efficiency, as well as overhead cost cutting.
The turnover from retail sales was 0.55 mil. euros, which is 12% higher than
recorded in 1Q 2016. The operating profit in 1Q 2017 was 61 thousand euros (in
1Q 2016 operating loss of 157 thousand euros). The improvement comes from
improved cumulative sales from the group’s existing six shops and closure of
loss-making shops since first quarter of 2016.
POSITION OF FINANCIAL STATEMENT
As of 31.03.2017 the total assets of Skano Group AS were 12.7 mil. euros
(31.03.2016: 14.6 mil. euros). The liabilities of the company as of 31.3.2017
were 8.8 mil. euros (31.03.2016: 10.0 mil. euros).
Receivables and prepayments amounted 2.1 mil. euros (31.03.2016: 2.3 mil.
euros). Inventories were 2.6 mil. euros as of 31.3.2017 (31.03.2016: 3.7 mil.
euros). Property, plant and intangibles were to 7.9 mil. euros as of 31.03.2017
(8,4 mil. euros as of 31.03.2016).
Total liabilities were 8.8 mil. euros as of 31.3.2017 (31.03.2016: 8.3 mil.
euros).
OUTLOOK
Skano Group’s sales in April this year declined by 13% compared to sales in
April 2016, Fibreboard were down 11% while Furniture were down 15%. The general
downward trend of total sales which has been seen during the last few years for
Skano Group is our main cause for concern at this stage. The ongoing weakness
in our two largest markets, Finland and Russia, continues to hurt Skano’s
fibreboard sales development while our furniture business dependency on the
Finnish market in particular has led to shrinking of Skano’s total furniture
sales.
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS:
---------------------------------
th EUR % of net sales
-----------------------------------
1Q 2017 1Q 2016 1Q 2017 1Q 2016
--------------------------------------------------------------------
Fibreboards production and sales 3,264 3,315 73.2% 73.0%
--------------------------------------------------------------------
Furniture production and sales 959 1,052 21.5% 23.1%
--------------------------------------------------------------------
Furniture retail 548 490 12.3% 10.8%
--------------------------------------------------------------------
Group transactions (309) (312) (7%) (6.9%)
--------------------------------------------------------------------
TOTAL 4,462 4,545 100.0% 100.0%
--------------------------------------------------------------------
Fibreboard sales declined by 2% while furniture sales in Finland has
experienced a sales decline of 9% in 1Q 2017 compared to 1Q 2016, this being
the result of continuous difficult trading conditions in Finland. Our retail
furniture business in the Baltics has had a good start to the year with a sales
increase of 12% compared to similar period last year.
NET SALES BY GEOGRAPHICAL SEGMENTS:
----------------
th EUR % of net sales
-----------------------------------
1Q 2017 1Q 2016 1Q 2017 1Q 2016
---------------------------------------------------
Finland 1,785 1,898 40.0% 41.8%
---------------------------------------------------
Estonia 802 654 17.9% 14.4%
---------------------------------------------------
Russia 576 579 12.9% 12.7%
---------------------------------------------------
Sweden 209 139 4.7% 3.0%
---------------------------------------------------
Portugal 163 263 3.7% 5.8%
---------------------------------------------------
South Africa 132 99 2.9% 2.2%
---------------------------------------------------
Latvia 126 187 2.8% 4.1%
---------------------------------------------------
Thailand 87 - 1.9% -
---------------------------------------------------
Ukraine 84 61 1.9% 1.3%
---------------------------------------------------
Netherland 77 16 1.7% 0.3%
---------------------------------------------------
Lithuania 63 93 1.4% 2.3%
---------------------------------------------------
Great Britain 61 324 1.4% 7.1%
---------------------------------------------------
Kazakhstan 47 - 1.3% -
---------------------------------------------------
Denmark 43 48 0.9% 1.0%
---------------------------------------------------
Other countries 207 184 4.6% 4.0%
---------------------------------------------------
TOTAL 4,462 4,545 100.0% 100.0%
---------------------------------------------------
Skano’s three main markets of Finland, Estonia and Russia together increased
their share of total sale of the group, up from 68.9% of total group sales in
1Q 2016 to being 70.8% of group sales in 1Q 2017. We have also gained entry
into two new markets, Kazakhstan (furniture) and Thailand (construction).
PROFIT BY BUSINESS SEGMENTS:
th EUR 1Q 2017 1Q 2016
--------------------------------------------------
Fibreboards production and sales 157 16
--------------------------------------------------
Furniture production and sales (55) (211)
--------------------------------------------------
Furniture retail 61 (157)
--------------------------------------------------
Elimination (5) 84
--------------------------------------------------
TOTAL 158 (268)
--------------------------------------------------
Net financial costs (70) (86)
--------------------------------------------------
Income tax - (1)
--------------------------------------------------
NET PROFIT 88 (355)
--------------------------------------------------
Fibreboard profit was helped by further production concentration to thicker
boards, which are more profitable for Skano. Furniture losses declined, however
this business unit needs to further improve. Profit from sale of Ukraine retail
operations helped to make Furniture Retail profitable for the 1st Quarter of
2017.
FIBREBOARDS production and sales
The total sales of fibreboards in 1Q 2017 amounted to 3.26 mil. euros, down
from sales of 3.32 mil. euros in 1Q 2016. However, we recorded a strong
increase in operating profit up from 16 thousand euros in 1Q 2016 to 157
thousand euros in 1Q 2017.
The largest sales decline came from the Portuguese and British market, while
Sweden showed the strongest sales growth compared to last year.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS:
----------------
th EUR % of net sales
-----------------------------------
1Q 2017 1Q 2016 1Q 2017 1Q 2016
---------------------------------------------------
Finland 1,519 1,453 47.2% 44.6%
---------------------------------------------------
Estonia 389 430 10.6% 11.4%
---------------------------------------------------
Russia 260 251 8.1% 7.7%
---------------------------------------------------
Sweden 209 139 6.5% 4.3%
---------------------------------------------------
Portugal 163 263 5.1% 8.1%
---------------------------------------------------
SAR 132 99 4.1% 3,00%
---------------------------------------------------
Latvia 88 84 2.7% 2.6%
---------------------------------------------------
Thailand 87 - 2.7% -
---------------------------------------------------
Netherland 77 16 2.4% 0.5%
---------------------------------------------------
Great Britain 51 318 1.6% 9.7%
---------------------------------------------------
Denmark 43 48 1.4% 1.5%
---------------------------------------------------
Ukraine 42 20 1.3% 0.6%
---------------------------------------------------
Other countries 204 194 6.3% 6,0%
---------------------------------------------------
TOTAL 3,264 3,315 100.0% 100.0%
---------------------------------------------------
FURNITURE production and sales
FURNITURE PRODUCTION
Sales dropped to 0.96 mil. euros in 1Q 2017, from 1.05 mil. euros in 1Q 2016.
The largest sales decline came from the Finnish market reflecting continuous
weak economic environment in our biggest market. Our Russian market was
slightly down while deliveries to Kazakhstan and Germany helped us grow our
sales outside of our two main markets Finland and Russia. Sales to Skano retail
units held up well, and increased its share of total furniture sales within the
Group.
FURNITURE WHOLESALE SALES BY COUNTRIES:
-----------------------
th EUR % of net sales
-----------------------------------
1Q 2017 1Q 2016 1Q 2017 1Q 2016
----------------------------------------------------------
Finland 266 445 27.7% 42.3%
----------------------------------------------------------
Russia 316 328 32.9% 31.2%
----------------------------------------------------------
Other countries 117 25 12.2% 2.4%
----------------------------------------------------------
Group retail companies 260 254 27.2% 24.1%
----------------------------------------------------------
TOTAL 959 1,052 100.0% 100.0%
----------------------------------------------------------
FURNITURE RETAIL SALES
Skano group retail business recorded increased sales, up from 0.49 mil. euros
in 1Q2016 to 0.55 mil. euros in 1Q 2017. Estonia experienced strong growth at
the start of the year (we have 4 shops; Tallinn two, Tartu one and we have a
factory shop in Pärnu). Both our Riga and Vilnius stores had a poor start this
year, while we managed to sell in March our loss-making Ukrainian subsidiary.
RETAIL SALES BY COUNTRIES:
----------
th EUR % of net sales Number of stores
-----------------------------------------------------------
1Q 2017 1Q 2016 1Q 2017 1Q 2016 31.03.2017 31.03.2016
---------------------------------------------------------------------
Estonia 444 277 81.0% 56.5% 4 5
---------------------------------------------------------------------
Latvia 38 103 6.9% 21.0% 1 1
---------------------------------------------------------------------
Ukraine 42 41 7.7% 8.3% 0 3
---------------------------------------------------------------------
Lithuania 24 69 4.4% 14.2% 1 1
---------------------------------------------------------------------
TOTAL 548 490 100.0% 100.0% 6 10
---------------------------------------------------------------------
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. Sales in our largest market Finland started well this year,
however the Finnish economy is still weak thus difficult to forecast the
development for the rest of the year. We are seeing good sales increase in
Sweden and South Africa, the latter due to the labour difficulties experienced
by our competitor, the only local fibreboard producer in southern Africa. We
have also secured a new construction customer from Thailand, while we lost the
largest UK customer, thus the decline in sales to the UK. Our two main
pin-board customers in Portugal and Netherland are on divergent paths, the
Portuguese customer losing some market share while the Dutch competitor is
gaining market share. The closure of the fourth shift in our Püssi fibreboard
factory in April should help to adjust capacity better to demand. We also
closed in April our Finnish warehouse and will be supplying the Finnish
customers directly from our factories in Püssi and Pärnu.
SKANO FURNITURE FACTORY. Last autumn’s reduction of capacity in the furniture
factory have made our production much more cost efficient. Further pruning of
costs this year also contributed to substantially reducing this unit’s ongoing
losses. The key challenge this year will be try to turn around declining sales
trend for this unit.
SKANO FURNITURE RETAIL SALES. We expect steady sales from our Baltic shops this
year. The closure of loss-making shops and overhead cost reductions should
strengthen this unit’s profitability compared to last year.
FINANCIAL HIGHLIGHTS
th EUR 1Q 2017 1Q 2016 1Q 2015
------------------------------------------------
Income statement
------------------------------------------------
Revenue 4,462 4,545 5,108
------------------------------------------------
EBITDA 366 (50) 258
------------------------------------------------
EBITDA margin 8.2% (1.1%) 5.0%
------------------------------------------------
Operating profit 158 (268) 36
------------------------------------------------
Operating margin 3.5% (5.9%) 0.7%
------------------------------------------------
Net profit 88 (355) (9)
------------------------------------------------
Net margin 2.0% (7.8%) (0.8%)
------------------------------------------------
-------------------------------------------------
Balance sheet (31.03)
------------------------------------------------
Total assets 12,705 14,591 14,989
------------------------------------------------
Return on assets 0.7% (2.4%) (0.3%)
------------------------------------------------
Equity 3,948 4,529 5,212
------------------------------------------------
Return on equity 2.2% (7.8%) (0.7%)
------------------------------------------------
Debt-to-equity ratio 68.9% 68.0% 65.2%
------------------------------------------------
-------------------------------------------------
Share (31.03)
------------------------------------------------
Closing price 0.520 0.726 0.845
------------------------------------------------
Earnings per share 0.02 (0.08) (0.01)
------------------------------------------------
Price-earnings ratio 26.0 (9.08) (84.5)
------------------------------------------------
Book value of a share 0.88 1.01 1.16
------------------------------------------------
Market to book ratio 0.59 0.72 0.73
------------------------------------------------
Market capitalization 2,340 3,266 3,802
------------------------------------------------
EBITDA = Earnings before interest. taxes. depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Closing price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Closing price / Book value of a share
Market capitalization = Closing price * Total shares
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
th EUR 31.03.2017 31.12.2016 31.03.2016
------------------------------------------------------------------
------------------------------------------------------------------
Cash and bank 152 184 278
------------------------------------------------------------------
Receivables and prepayments 2,068 965 2,252
------------------------------------------------------------------
Inventories 2,627 2,760 3,681
------------------------------------------------------------------
Total current assets 4,847 3,909 6,211
------------------------------------------------------------------
------------------------------------------------------------------
Investment property 405 405 406
------------------------------------------------------------------
Tangible fixed assets 7,392 7,584 7,955
------------------------------------------------------------------
Intangible fixed assets 61 66 19
------------------------------------------------------------------
Total fixed assets 7,858 8,055 8,380
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL ASSETS 12,705 11,964 14,591
------------------------------------------------------------------
------------------------------------------------------------------
------------------------------------------------------------------
Debt obligations 1,639 1,176 2,237
------------------------------------------------------------------
Payables and prepayments 2,729 2,497 3,422
------------------------------------------------------------------
Short-term provisions 13 15 12
------------------------------------------------------------------
Total current liabilities 4,381 3,688 5,671
------------------------------------------------------------------
------------------------------------------------------------------
Non-current debt obligations 4,163 4,163 4,163
------------------------------------------------------------------
Non-current provisions 213 213 228
------------------------------------------------------------------
Total non-current liabilities 4,376 4,376 4,391
------------------------------------------------------------------
------------------------------------------------------------------
Total liabilities 8,757 8,064 10,062
------------------------------------------------------------------
------------------------------------------------------------------
Share capital at nominal value 2,699 2,699 2,699
------------------------------------------------------------------
Issue premium 364 364 364
------------------------------------------------------------------
Statutory capital reserve 288 288 288
------------------------------------------------------------------
Other reserves 2 2 6
------------------------------------------------------------------
Currency translation 0 40 (25)
------------------------------------------------------------------
Retained profits 507 1,552 1,552
------------------------------------------------------------------
Net profit (loss) for the year 88 (1,045) (355)
------------------------------------------------------------------
Total equity 3,948 3,957 4,529
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 12,705 11,964 14,591
------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 1Q 2017 1Q 2016
---------------------------------------------------------
---------------------------------------------------------
---------------------------------------------------------
SALES 4,462 4,545
---------------------------------------------------------
---------------------------------------------------------
Cost of production sold (3,425) (3,728)
---------------------------------------------------------
---------------------------------------------------------
Gross profit 1,037 817
---------------------------------------------------------
---------------------------------------------------------
Marketing expenses (602) (874)
---------------------------------------------------------
General administrative expenses (235) (145)
---------------------------------------------------------
Other income 51 8
---------------------------------------------------------
Other expenses (93) (74)
---------------------------------------------------------
---------------------------------------------------------
Operating profit (loss) 158 (268)
---------------------------------------------------------
Financial income and financial expenses (70) (86)
---------------------------------------------------------
---------------------------------------------------------
Profit (loss) before taxes 88 (354)
---------------------------------------------------------
Prepaid income tax 0 (1)
---------------------------------------------------------
---------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD 88 (355)
---------------------------------------------------------
---------------------------------------------------------
Basic earnings per share 0,02 (0.08)
---------------------------------------------------------
Diluted earnings per share 0,02 (0.08)
---------------------------------------------------------
---------------------------------------------------------
Other income:
---------------------------------------------------------
Currency translation differences 0 (32)
---------------------------------------------------------
---------------------------------------------------------
TOTAL CONSOLIDATED INCOME 88 (387)
---------------------------------------------------------
The planned time of publishing of interim report of the first quarter of 2017
is week 35 in 2017 (30-31th of August 2017)
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]