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
6390
Attachments
Submission date and time
29.11.2017 18:11:56
Content of announcement in Estonian
Title
Skano Group AS 3 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, Lõuna Aafrika
Vabariik, Portugal ning Baltikum.
Skano Group AS on noteeritud Tallinna Börsil alates 5. juunist 1997.
Seisuga 30.09.2017 töötas grupis 226 inimest (30.09.2016: 283 inimest).
Skano Group AS III kvartali EBITDA oli 289 tuhat eurot. 2017. aasta 9 kuu
EBITDA oli 942 tuhat eurot (7,5% müügitulust), mis on oluliselt suurem kui
2016. aasta 9 kuu EBITDA 219 tuhat eurot (1,6% müügitulust). 2017. aasta 9 kuu
tulemustele avaldasid mõju Ukraina jaekaubanduse ettevõtte müügist saadud
ühekordne kasum summas 48 tuhat eurot märtsikuus ja kinnisvara müügist saadud
ühekordne kasum summas 142 tuhat eurot septembris.
2017. aasta III kvartali puhaskasum oli 14 tuhat eurot ja 9 kuu puhaskasum 117
tuhat eurot (2016. aasta 9 kuuga puhaskahjum 667 tuhat eurot). Skano Group AS’i
2017. aasta III kvartali konsolideeritud müügitulu oli 4,08 mln eurot, 9 kuu
müügitulu 12,57 mln eurot, mis on 7,7% vähem kui 2016. aasta samal perioodil.
Kiudplaadi tootmise ja müügi ärisegmendi müügitulu oli 2017. aasta III
kvartalis 3,17 mln eurot. 2017. aasta 9 kuu müügitulu oli 9,29 mln eurot, mis
on 3,7% vähem kui 2016. aasta samal perioodil. Kui välja arvata Soome
(vähenenud nõudlus kiudplaadi järele) ja Suurbritannia (kahjumliku lepingu
lõpetamine ühe suurkliendiga), oli kiudplaadi müük 2017. aasta 9 kuuga 18%
suurem kui eelmise aasta samal perioodil. Suurim müügi kasv toimus Rootsi, Läti
Vabariiki, Lõuna Aafrikasse, Taisse ja Ukrainasse. 2017. aasta 9 kuu kiudplaadi
äriüksuse EBITDA oli 0,87 mln eurot (2016. aasta 9 kuu EBITDA 0,5 mln eurot).
Mööbli tootmise ja hulgimüügi ärisegmendi müügitulu 2017. aasta III kvartalis
oli 0,72 mln eurot. 2017. aasta 9 kuu müügitulu kokku oli 2,59 mln eurot, mis
on 18,5% vähem kui eelmise aasta samal perioodil. Venemaa on Skano suurim
hulgimüügi turg ning meie kahe olulisema ostja tellimused liikusid erinevates
suundades, üks klient suurendas Skano mööbli müüki, samas kui teise kliendi
müük vähenes. Meie suuruselt teise turg on Soome, kus meie ainus ostja seisab
silmitsi raskustega, mille tulemusel on Skano mööbli müük Soome vähenenud 30%.
Mööbli tootmise ja müügi äriüksuse 2017. aasta 9 kuu EBITDA oli negatiivne 10
tuhat eurot (2016. aasta 9 kuud: negatiivne 169 tuhat eurot).
Skano jaemüügi käive oli 2017. aasta III kvartalis 0,37 mln eurot. Müügikäive
2017. aasta 9 kuuga kokku oli 1.38 mln eurot. Täna opereerivate Baltikumi
kaupluste (ilma Ukraina ärita, mis müüdi 2017. aasta I kvartalis ja 2016.
aastal suletud Tallinna kolmanda poeta) müük 2017. aasta 9 kuuga näitas
16%-list kasvu võrreldes 2016. aasta sama perioodiga.
2017. aasta 9 kuu EBITDA oli 96 tuhat eurot (2016 9 kuud: negatiivne 174 tuhat
eurot).
Kokku mööbli hulgi- ja jaemüügi EBITDA 2017. aasta 9 kuuga oli positiivne
summas 86 tuhat eurot (2016. aasta 9 kuud: negatiivne 343 tuhat eurot).
Finantsseisundi aruanne
Kontserni koguvarade maht oli 30.09.2017 seisuga 11,9 mln eurot (30.09.2016:
13,1 mln eurot). Kohustused moodustasid 30.09.2017 seisuga 7,9 mln eurot
(30.09.2016: 8,8 mln eurot), sealhulgas pangalaenud (ka. arvelduskrediit ja
faktooring) 5,3 mln eurot.
Nõuded ja ettemaksud olid seisuga 30.09.2017 1,8 mln eurot (30.09.2016: 1,8 mln
eurot). Varud on seisuga 30.09.2017 2,6 mln eurot (30.09.2016: 2,8 mln eurot).
Materiaalne ja immateriaalne põhivara seisuga 30.09.2017 oli 7,3 mln eurot
(30.09.2016: 8,2 mln eurot).
VÄLJAVAATED TULEVIKUKS
Üldine nõudlus kiudplaadi järele on jätkuvalt suur, mida näitab ka 18%-line
müügi kasv müües klientidele 32 riiki (välja arvatud Soome ja Suurbritannia).
Soome olukord tekitab siiski teatud kahtlusi.
Skano mööbli jaemüügi hea tulemus katab hulgimüügi vähenemise ning mööbli äri
kokku näitab positiivset EBITDA tulemust. Oleme jätkuvalt positiivsed mööbliäri
osas tervikuna, kuigi jaemüügi väljavaated on jätkuvalt nõrgad.
Mööbli hulgimüügi väljakutseks on laiendada müüki väljaspool seniseid põhiturge
Soomes ja Venemaal. Mööbli jaemüük on alustanud aastat hästi ja loodame, et
ostjate positiivne ostutrend Balti turgudel jätkub, mis kindlustab meie kuue
kaupluse arengu kolmes Balti riigis.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK ÄRISEGMENTIDE LÕIKES:
----------------------------------
tuh EUR % käibest
-----------------------------------
9k 2017 9k 2016 9k 2017 9k 2016
---------------------------------------------------------------------
Kiudplaadi tootmine ja müük 9 285 9 650 73,9% 70,8%
---------------------------------------------------------------------
Mööbli tootmine ja müük 2 591 3 181 20,6% 23,3%
---------------------------------------------------------------------
Mööbli jaemüük Baltikum 1 380 1,225 11,0% 9,0%
---------------------------------------------------------------------
Mööbli jaemüük Baltikum (suletud) - 201 - 1,4%
---------------------------------------------------------------------
Mööbli jaemüük Ukraina 64 186 0,4% 1,5%
---------------------------------------------------------------------
Grupi tehingud (748) (812) (5,9%) (6,0%)
---------------------------------------------------------------------
KOKKU 12 572 13 629 100,0% 100.0%
---------------------------------------------------------------------
KASUM ÄRISEGMENTIDE LÕIKES:
tuh EUR 9k 2017 9k 2016
----------------------------------------------
EBITDA ärisegmentide lõikes:
----------------------------------------------
Kiudplaadi tootmine ja müük 873 502
----------------------------------------------
Mööbli tootmine (10) (167)
----------------------------------------------
Mööbli jaemüük Baltikum 45 (70)
----------------------------------------------
Mööbli jaemüük Ukraina 51 (104)
----------------------------------------------
Grupi tehingud (17) 58
----------------------------------------------
KOKKU EBITDA 942 219
----------------------------------------------
Kulum (614) (642)
----------------------------------------------
KOKKU ÄRIKASUM/-KAHJUM 328 (423)
----------------------------------------------
Neto finantskulud (211) (240)
----------------------------------------------
Tulumaksukulu - (4)
----------------------------------------------
PUHASKASUM/-KAHJUM 117 (667)
----------------------------------------------
Kiudplaadi tootmise ja müügi äriüksuse kasumit aitas suurendada keskendumine
paksemate plaatide tootmisele, mis on kasumlikumad.
Mööbli tootmine ja müük (koos jaemüügiga) näitavad positiivset EBITDA tulemust
kokku 86 tuhat eurot.
KIUDPLAADI TOOTMINE JA MÜÜK
Skano Fibreboard müügitulu oli 2017 aasta 9 kuuga 9,29 mln eurot, mis vähem kui
eelmisel aastal samal perioodil 9,65 mln eurot. Samas on saavutati oluliselt
suurem EBITDA 2017. aasta 9 kuuga kasvades 502 tuhandest eurost 2016. aasta
9kuuga 873 tuhande euroni 2017. aasta 9 kuuga.
Olulist müügi kasvu näitas müük Lõuna Aafrika Vabariiki, Rootsi ja Taisse,
samas kui suurim langus oli müügis Soome ja Suurbritanniasse. Soome
tütarettevõtte Suomen Tuulileijona Oy osas on märgata oluliselt nõrgenenud
nõudlust võrreldes 2016. aasta sama perioodiga. 2016. aastal koosnes müük
Suurbritanniasse peamiselt väga õhukesest alusplaadist, mille tõttu oli müük
kahjumlik, kuna selles tootesegmendis on tugev hinnakonkurents. Suurbritannia
turult väljumine õhukeste plaatide müügi osas parandas oluliselt kiudplaadi
äriüksuse kasumlikkust.
KIUDPLAADI MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-------------------------------------------------
9k 2017 9k 2016 9k 2017 9k 2016
-------------------------------------------------
Soome 3 393 3 958 36,5% 41,0%
-------------------------------------------------
Eesti 1 266 1 379 13,6% 14,3%
-------------------------------------------------
Venemaa 1 173 1 104 12,6% 11,4%
-------------------------------------------------
Rootsi 605 463 6,5% 4,8%
-------------------------------------------------
LAV 564 230 6,1% 2,4%
-------------------------------------------------
Portugal 515 538 5,5% 5,6%
-------------------------------------------------
Läti 341 262 3,7% 2,7%
-------------------------------------------------
Suurbritannia 222 869 2,4% 9,0%
-------------------------------------------------
Ukraina 164 91 1,8% 0,9%
-------------------------------------------------
Tai 164 - 1,8% 0,0%
-------------------------------------------------
Holland 146 48 1,6% 0,5%
-------------------------------------------------
Leedu 141 124 1,5% 1,3%
-------------------------------------------------
Araabia ÜE 93 70 1,0% 0,7%
-------------------------------------------------
Taani 85 112 0,9% 1,2%
-------------------------------------------------
Saksamaa 67 111 0,7% 1,2%
-------------------------------------------------
Ungari 50 - 0,5% 0,0%
-------------------------------------------------
Saudi Araabia 46 36 0,5% 0,4%
-------------------------------------------------
Austraalia 33 - 0,4% 0,0%
-------------------------------------------------
Teised riigid 217 253 2,6% 2,6%
-------------------------------------------------
TOTAL 9 285 9 648 100% 100%
-------------------------------------------------
MÖÖBLI TOOTMINE JA MÜÜK
MÖÖBLI TOOTMINE
Müük on vähenenud 2,59 mln euroni 2017. aasta 9 kuuga võrrelduna 3,18 mln
euroga 2016. aasta 9 kuuga. Suurim langus on seotud Soome turuga, kus meie
olulisimal ostjal on äriliselt rasked ajad. Venemaa müük oli veidi väiksem kui
eelmisel aastal samal ajal, kuigi üks meie ostjatest on 2017. aastal
suurendanud Skano mööbli oste, paraku teise ostja puhul on mahud vähenenud.
Müük jaemüügi äriüksusele suurendas oma osatähtsust kogu grupi müügis.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
---------------------------
tuh EUR % käibest
-----------------------------------
9k 2017 9k 2016 9k 2017 9k 2016
--------------------------------------------------------------
Venemaa 915 1 039 35,3% 32,7%
--------------------------------------------------------------
Soome 788 1 129 30,4% 35,5%
--------------------------------------------------------------
Müük grupi jaekaubandusele 669 750 25,8% 23,6%
--------------------------------------------------------------
Teised riigid 219 263 8,5% 8,2%
--------------------------------------------------------------
KOKKU 2 591 3 181 100% 100%
--------------------------------------------------------------
MÖÖBLI JAEMÜÜK
Mööbli jaemüügi käive oli 2017. aasta 9 kuuga 1,44 mln eurot. Skanol on 4
kauplust Eestis: Tallinnas 2, Tartus 1 ja vabrikupood Pärnus. Vilnius kaupluse
müük oli 2017. aasta 9 kuuga 22% suurem kui eelmise aasta samal perioodil,
samuti paranes kaupluse netotulu. Riia kaupluse müügikäive oli eelmise aasta
tasemel, kuid neto tulemus oli parem, kuna püsikulud olid madalamad.
JAEMÜÜK RIIKIDE LÕIKES
----------------------
tuh EUR % käibest Kaupluste arv
----------------------------------------------------------
9k 2017 9k 2016 9k 9k 2016 30.09.2017 30.09.2016
2017
--------------------------------------------------------------------------------
Eesti* 939 789 65,0% 49,0% 4 5
--------------------------------------------------------------------------------
Läti 258 277 17,9% 17,2% 1 1
--------------------------------------------------------------------------------
Ukraina** 64 185 4,4% 11,5% - 3
--------------------------------------------------------------------------------
Leedu 183 150 12,7% 9,3% 1 1
--------------------------------------------------------------------------------
Eesti (suletud - 201 0,0% 12,5% - 1
kauplused)
--------------------------------------------------------------------------------
Teised riigid - 8 0,0% 0,5% - -
--------------------------------------------------------------------------------
KOKKU 1 444 1 610 100% 100% 6 10
--------------------------------------------------------------------------------
*Tegutsevad kauplused
**Äritegevus Ukrainas müüdi märtsis 2017
FINANTSSUHTARVUD
Kasumiaruanne III kv 2017 III kv 2016 III kv 2015
-------------------------------------------------------------------------------
Müügitulu 4 085 4 652 4 803
-------------------------------------------------------------------------------
EBITDA 289 183 287
-------------------------------------------------------------------------------
EBITDA rentaablus 7,07% 3,93% 5,98%
-------------------------------------------------------------------------------
Ärikasum 83 32 79
-------------------------------------------------------------------------------
Ärirentaablus 2,03% 0,69% 1,64%
-------------------------------------------------------------------------------
Puhaskasum 14 (42) 5
-------------------------------------------------------------------------------
Puhasrentaablus 0,34% (0,90%) 0,10%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Kasumiaruanne 9k 2017 9k 2016 9k 2015
-------------------------------------------------------------------------------
Müügitulu 12 572 13 629 14 564
-------------------------------------------------------------------------------
EBITDA 942 219 811
-------------------------------------------------------------------------------
EBITDA rentaablus 7,49% 1,61% 5,57%
-------------------------------------------------------------------------------
Ärikasum 328 (423) 183
-------------------------------------------------------------------------------
Ärirentaablus 2,61% (3,10%) 1,26%
-------------------------------------------------------------------------------
Puhaskasum 117 (667) (46)
-------------------------------------------------------------------------------
Puhasrentaablus 0,93% (4,89%) (0,32%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Bilanss 30.09.2017 30.09.2016 30.09.2015
-------------------------------------------------------------------------------
Koguvarad 11 916 13 074 14 291
-------------------------------------------------------------------------------
Koguvarade puhasrentaablus 0,98% (5,10%) (0,32%)
-------------------------------------------------------------------------------
Omakapital 3 977 4 259 5 180
-------------------------------------------------------------------------------
Omakapitali puhasrentaablus 2,94% (15,66%) (0,89%)
-------------------------------------------------------------------------------
Võlakordaja 66,6% 67,4% 63,8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aktsia 30.09.2017 30.09.2016 30.09.2015
-------------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,555 0,493 0,70
-------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) 0,03 (0,15) (0,01)
-------------------------------------------------------------------------------
Hind-tulu (PE) suhtarv 18,50 (3,29) (68,46)
-------------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,88 0,95 1,15
-------------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,63 0,52 0,61
-------------------------------------------------------------------------------
Turukapitalisatsioon 2 497 2 218 3 149
-------------------------------------------------------------------------------
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 30.09.2017 31.12.2016 30.09.2016
--------------------------------------------------------------------------
Raha ja raha ekvivalendid 312 184 248
--------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 773 965 1 790
--------------------------------------------------------------------------
Varud (lisa 2) 2 554 2 760 2 839
--------------------------------------------------------------------------
Käibevara kokku 4 639 3 909 4 877
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 170 405 406
--------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 7 055 7 584 7 720
--------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 52 66 72
--------------------------------------------------------------------------
Põhivara kokku 7 277 8 055 8 197
--------------------------------------------------------------------------
--------------------------------------------------------------------------
AKTIVA (vara) KOKKU 11 916 11 964 13 074
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Võlakohustused (lisa 6) 708 1 176 1 649
--------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 2 400 2 497 2 770
--------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 5 15 5
--------------------------------------------------------------------------
Lühiajalised kohustused kokku 3 113 3 688 4 424
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 613 4 163 4 163
--------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 213 213 228
--------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 826 4 376 4 391
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Kohustused kokku 7 939 8 064 8 815
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
--------------------------------------------------------------------------
Ülekurss 365 364 364
--------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
--------------------------------------------------------------------------
Muud reservid 2 2 6
--------------------------------------------------------------------------
Ümberhindluse kursivahed - 40 17
--------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 507 1 552 1 552
--------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) 117 (1 045) (667)
--------------------------------------------------------------------------
Omakapital kokku 3 977 3 900 4 259
--------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital)
--------------------------------------------------------------------------
KOKKU 11 916 11 964 13 074
--------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR III kv III kv 9k 9k
2017 2016 2017 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 4 085 4 652 12 572 13 629
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 457) (3 656) (10 (11
100) 075)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 628 1 016 2 472 2 554
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (501) (712) (1 (2
573) 350)
--------------------------------------------------------------------------------
Üldhalduskulud (110) (159) (531) (459)
--------------------------------------------------------------------------------
Muud äritulud 187 3 238 71
--------------------------------------------------------------------------------
Muud ärikulud (121) (116) (278) (239)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (-kahjum) (lisa 11) 83 32 328 (423)
--------------------------------------------------------------------------------
Neto finantskulu (69) (74) (211) (240)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum (kahjum) enne tulumaksu 14 (42) 117 (663)
--------------------------------------------------------------------------------
Tulumaksukulu - (1) - (4)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) 14 (43) 117 (667)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju - 8 - 10
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM (KAHJUM) 14 (35) 117 (657)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia 0,00 0,01 0,03 (0,15)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) 0,00 0,01 0,03 (0,15)
aktsia kohta (lisa 10)
--------------------------------------------------------------------------------
2017. aasta neljanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 9 2018. aastal (27.-28. veebruar 2018)
Torfinn Losvik
Juhatuse liige
+372 569 90 988
[email protected]
Content of announcement in English
Title
Skano Group AS 2017 3Q interim report
Message
THE 3rd 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, South
Africa, Portugal and the Baltics.
The shares of Skano Group AS are listed on the Nasdaq Tallinn Stock Exchange.
As at 30 September 2017 the Group employed 226 people (30 September 2016: 283
people).
Skano Group recorded EBITDA of € 289 thousand for 3Q 2017, which resulted in
EBITDA for the first 9 months of 2017 being € 942 thousand (which equates to
7.5% of sales), which compares favourably with 2016 where EBITDA for the first
9 months were € 219 thousand (1.6% of sales). It should be noted that nine
months 2017 results were influenced by one-off gains of 48 thousand euros due
to the disposal of Skano’s Ukrainian retail subsidiary in March and 142
thousand euros from property sale in September.
Net profit for 3Q 2017 was € 14 thousand and for the first 9 months 2017 was €
117 thousand (9M 2016: loss of € 667 thousand).
Consolidated net sales for 3Q 2017 were € 4.08 million, making net sales for 9
months 2017 of € 12.57 million, being a 7.7% decrease compared to the same
period in 2016.
Fibreboard sales in 3Q 2017 were € 3.17 million, and total sales for 9 months
2017 were € 9.29 million, which is 3.7% less than same period in 2016.
Excluding sales to Finland (subdued demand for fibreboards) and UK (cancelling
of contract with one large loss-making customer), Fibreboard sales for the
first 9 months 2017 increased by 18% compared to same period last year.
Strongest sales growth came from sales to Sweden, Latvia, South Africa,
Thailand and Ukraine. EBITDA for fibreboard for first 9 months 2017 was € 0.87
million (in 9 months 2016 EBITDA were € 0.50 million).
Furniture wholesale sales in 3Q 2017 were € 0.72 million, and total sales for 9
months 2017 were € 2.59 million, which is 18.5% down on same period last year.
Russia is our largest wholesale market, and our two Russian importers recorded
different fortunes, one increasing sales of Skano furniture this year while the
other decreased sales of Skano furniture. Our second largest market is Finland
where our sole importer continues to struggle which resulted in 30% sales drop
in Finland for first 9 months in 2017. EBITDA for furniture wholesale for first
nine months 2017 was negative € 10 thousand (9M 2016 EBITDA was negative € 169
thousand).
Furniture retail sales in third quarter 2017 were € 0.37 million, and total
sales for nine months 2017 were € 1.38 million. When excluding the discontinued
shop operations in Ukraine and last year closure of the third Tallinn shop,
sales of our existing six shops in the Baltics showed sales growth of 16%
compared to same period in 2016. EBITDA for furniture retail for first nine
months 2017 was € 96 thousand (9M 2016 EBITDA was negative € 174 thousand).
Total Furniture operations of Skano (wholesale+retail) EBITDA for the first 9
months of 2017 were therefore positive € 86 thousand (9M 2016 result was EBITDA
negative of € 343 thousand).
Balance Sheet
As of 30.09.2017 the total assets of Skano Group AS were € 11.9 million
(30.09.2016: € 13.1 million). The liabilities of the company as of 30.09.2017
were € 7.9 million (30.09.2016: € 8.8 million), of which Skano has bank loans
(including overdraft facilities and factoring) of € 5.3 million.
Receivables and prepayments amounted to € 1.8 mil. (30.09.2016: € 1.8 mil.).
Inventories were € 2.6 mil. as of 30.09.2017 (30.09.2016: € 2.8 mil.).
Property, plant and intangibles were to € 7.3 mil. as of 30.09.2017 (€ 8.2 mil.
as of 30.09.2016).
Outlook
The overall global demand for Fibreboard remains strong, as we can see from our
overall 18% sales growth in selling to customers located in 32 countries
(excluding sales to Finland and UK). The Finnish situation is however still
cause for some concern.
The good performance of Skano’s own retail furniture operations has made up for
wholesale sales decline, thus enabling Skano to record a positive EBITDA result
for our total furniture activities. We remain bullish on the outlook for our
own furniture chain, while our wholesale sales outlook to Finland continues to
look weak.
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
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9M 2017 9M 2016 9M 2017 9M 2016
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Fibreboards production and sales 9,285 9,648 73.9% 70.8%
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Furniture production and sales 2,591 3,181 20.6% 23.3%
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Furniture retail Baltics: today shops 1,380 1,225 11.0% 9.0%
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Furniture retail Baltics: closed shops 0 201 0 1.4%
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Furniture retail Ukraine: closed shops 64 186 0.4% 1.5%
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Group transactions (748) (812) (5.9%) (6.0%)
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TOTAL 12,572 13,629 100,0% 100.0%
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PROFIT BY BUSINESS SEGMENTS
th EUR 9M 2017 9M 2016
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EBITDA by business units:
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Fibreboards production and sales 873 502
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Furniture production and sales (10) (167)
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Furniture retail Baltics 45 (70)
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Furniture retail Ukraine 51 (104)
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Group transactions (17) 58
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TOTAL EBITDA 942 219
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Depreciation (614) (642)
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TOTAL OPERATING PROFIT/ LOSS 328 (423)
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Net financial costs (211) (240)
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Income tax 0 (4)
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NET PROFIT/ LOSS 117 (667)
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Fibreboard profit was helped by further production concentration to thicker
boards, which are more profitable for Skano.
Furniture production and sales (wholesale and retail) in total made positive
EBITDA in the total amount of € 86 thousand.
FIBREBOARDS production and sales
The total sales of fibreboards in 9 months 2017 amounted to € 9.29 mil., down
from sales of € 9,65 mil. in 9 months 2016. However, we recorded a good
increase in operating earnings before depreciation, amortisation and interest
(ie EBITDA) up from € 502 thousand in 9 months 2016 to € 873 thousand in 9
months 2017.
Strong sales growth was recorded in South Africa, Sweden and Thailand while
largest sales decline was recorded in Finland and Great Britain. In Finland our
sales subsidiary Suomen Tuulileijona is experiencing weaker demand compared to
last year. Sales to Great Britain last year consisted mostly of selling very
thin boards as underlay, and our sales was heavily loss-making due to the
extensive price competition in this segment. The exit from this market has
improved our total fibreboard profitability.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
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9M 2017 9M 2016 9M 2017 9M 2016
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Finland 3,393 3,958 36.6% 41.0%
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Estonia 1,266 1,379 13.6% 14.3%
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Russia 1,173 1,104 12.6% 11.4%
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Sweden 605 463 6.5% 4.8%
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South-Afrika 564 230 6.1% 2.4%
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Portugal 515 538 5.5% 5.6%
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Latvia 341 262 3.7% 2.7%
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Great Britain 222 869 2.4% 9.0%
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Ukraine 164 91 1.8% 0.9%
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Thailand 164 0 1.8% 0.0%
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Netherlands 146 48 1.6% 0.5%
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Lithuania 141 124 1.5% 1.3%
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United Arab Emirates 93 70 1.0% 0.7%
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Denmark 85 112 0.9% 1.2%
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Germany 67 111 0.7% 1.2%
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Hungary 50 0 0.5% 0.0%
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Saudi Arabia 46 36 0.5% 0.4%
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Australia 33 0 0.4% 0.0%
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Other countries 217 253 2.3% 2.6%
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TOTAL 9,285 9,648 100.0% 100.0%
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FURNITURE production and sales
FURNITURE PRODUCTION
Sales dropped to € 2.59 mil. in 9 months 2017, from € 3.18 mil. in 9 months
2016. The largest sales decline came from the Finnish market reflecting the
current difficulties experienced by Skano’s large Finnish wholesale customer.
Our Russian market was down, however one of our two importers recorded sales
increase of Skano furniture this year while the other one recorded a sales
decline. Sales to Skano retail units increased its share of total furniture
sales within the Group.
FURNITURE WHOLESALE SALES BY COUNTRIES
th EUR % of net sales
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9M 2017 9M 2016 9M 2017 9M 2016
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Russia 915 1,039 35.3% 32.7%
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Finland 788 1,129 30.4% 35.5%
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Skano Retail 669 750 25.8% 23.6%
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Other countries 219 263 8.1% 8.2%
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TOTAL 2,591 3,181 100.0% 100.0%
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FURNITURE RETAIL SALES
Skano group retail business recorded sales € 1.44 mil. in 9 months 2017. Skano
has 4 shops in Estonia: Tallinn two, Tartu one and a factory shop in Pärnu.
Vilnius recorded sales growth of 22 % this year compared to same period last
year, as well as improving its net result. Riga shop sales were slightly at
same level as last year but improved its net result due to better gross margin
and less fixed costs.
RETAIL SALES BY COUNTRIES
---------------------
th EUR % of net sales Number of stores
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9M 2017 9M 2016 9M 2017 9M 2016 30.09.2017 30.09.2016
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Estonia* 939 789 65.0% 49.0% 4 4
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Latvia 258 278 17.9% 17.2% 1 1
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Lithuania 183 150 12.7% 9.3% 1 1
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Ukraine** 64 186 4.4% 11.5% 0 3
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Estonia (closed 0 201 0.0% 12.5% 0 1
shop)
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Other countries 0 8 0.0% 0.5% 0 0
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TOTAL 1,444 1,612 100.0% 100.0% 6 10
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* Ongoing shops
** Ukraine business was sold in March 2017
FINANCIAL HIGHLIGHTS
Income statement 2Q 2017 2Q 2016 2Q 2015
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Revenue 4,025 4,432 4,653
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EBITDA 294 (27) 267
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EBITDA margin 7.3% (0.6%) 5.7%
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Operating profit 86 (187) 68
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Operating margin 2.1% (4.2%) 1.5%
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Net profit 15 (268) (42)
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Net margin 0.4% (6.1%) (0.9%)
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Income statement 1H 2017 1H 2016 1H 2015
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Revenue 8,487 8,977 9,761
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EBITDA 660 (23) 524
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EBITDA margin 7.7% (0.3%) 5.4%
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Operating profit 244 (455) 104
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Operating margin 2.9% (5.1%) 1.1%
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Net profit 103 (624) (51)
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Net margin 1.2% (6.9%) (0.5%)
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Balance sheet 30.06.2017 30.06.2016 30.06.2015
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Total assets 12,204 13,005 14,032
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Return on assets 0.8% (4.8%) (0.4%)
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Equity 3,963 4,293 5,136
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Return on equity 2.6% (14.5%) (1.0%)
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Debt-to-equity ratio 67.5% 67.0% 63.4%
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Share 30.06.2017 30.06.2016 30.06.2015
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Closing price 0.533 0.540 0.805
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Earnings per share 0.02 (0.14) (0.01)
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Price-earnings ratio 26.65 (3.86) (80.50)
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Book value of a share 0.88 0.95 1.14
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Market to book ratio 0.60 0.57 0.71
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Market capitalization 2,398 2,429 3,622
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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 30.09.2017 31.12.2016 30.09.2016
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Cash and bank accounts 312 184 248
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Receivables and prepayments (Note 1) 1,773 965 1,790
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Inventories (Note 2) 2,554 2,760 2,839
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Total current assets 4,639 3,909 4,877
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Investment property (Note 3) 170 405 405
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Tangible fixed assets (Note 4) 7,055 7,584 7,720
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Intangible fixed assets (Note 5) 52 66 72
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Total fixed assets 7,277 8,055 8,197
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TOTAL ASSETS 11,916 11,964 13,074
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Debt obligations (Note 6) 708 1,176 1,649
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Payables and prepayments (Note 7) 2,400 2,497 2,770
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Short-term provisions (Note 8) 5 15 5
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Total current liabilities 3,113 3,688 4,424
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Non-current debt obligations (Note 6) 4,613 4,163 4,163
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Non-current provisions (Note 8) 213 213 228
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Total non-current liabilities 4,826 4,376 4,391
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Total liabilities 7,939 8,064 8,815
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Share capital at nominal value (Note 9) 2,699 2,699 2,699
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Share premium 364 364 364
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Statutory capital reserve 288 288 288
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Other reserves 2 2 6
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Currency translation reserve - 40 17
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Retained earnings 507 1,552 1,552
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Net profit (loss) for the period (Note 10) 117 (1,045) (667)
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Total equity 3,977 3,957 4,259
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TOTAL LIABILITIES AND EQUITY 11,916 11,964 13,074
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 3Q 2017 3Q 2016 9M 2017 9M 2016
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SALES (Note 11) 4,085 4,652 12,572 13,629
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Cost of production sold (3,457) (3,636) (10,100) (11,075)
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Gross profit 628 1,016 2,472 2,554
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Marketing expenses (501) (712) (1,573) (2,350)
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General administrative expenses (110) (159) (531) (459)
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Other income 187 3 238 71
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Other expenses (121) (116) (278) (239)
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Operating profit (loss) (Note 11) 83 32 328 (423)
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Financial income and financial expenses (69) (74) (211) (240)
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Profit (loss) before taxes 14 (42) 117 (663)
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Prepaid income tax - (1) - (4)
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NET PROFIT (LOSS) FOR THE PERIOD 14 (43) 117 (667)
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Basic earnings per share (Note 10) 0.00 0.01 0.03 (0.15)
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Diluted earnings per share (Note 10) 0.00 0.01 0.03 (0.15)
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Other comprehensive income:
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Currency translation differences - 8 - 10
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TOTAL COMPREHENSIVE INCOME (LOSS) 14 (35) 117 (657)
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The planned time of publishing of interim report of the fourth quarter of 2017
is week 9 in 2018 (27-28th of February 2018).
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]