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
6700
Submission date and time
31.05.2018 18:13:00
Content of announcement in Estonian
Title
Skano Group Vahearuanne 1. kvartal 2018
Message
JUHTKONNA ARUANNE
Skano Group AS auditeerimata 2018 esimese kvartali tulemused ja teise kvartali
väljavaade
Konsolideetritud müügitulu 2018 1. kvartalis oli 3,71 miljonit eurot, mis on
17% langust võrreldes sama perioodiga 2017. aastal (1. kvartal 2017: 4,46
miljonit eurot). Skano Group AS'i EBITDA oli 1. kvaratlis 2018 negatiivne 23
tuhat eurot, mis on vähenemine 2017 1. kvartaliga võrreldes, kus EBITDA oli 366
tuhat eurot. Negatiivse 2018 1. kvartali EBITDA põhjuseks on peamiselt madalam
müügitulu ning kõrgemad puiduhakke toormaterjali sisseostuhinnad kiudplaadi
üksuses. Tasub märkida, et 2017. aasta 1. kvartali tulemused on mõjutatud
ühekordse mõjuga tehingutest, milleks olid märtsis Skano Ukraina jaeketi müügist
saadud tulu 48 tuhat eurot. Puhaskahjum 1. kvartalis 2018 oli 281 tuhat eurot
(1. kvartal 2017: puhaskasum 88 tuhat eurot).
Juba aprillis 2018 trend pöördus, nimelt kiudplaadi ärisegmendi müügitulu
edestas 2017 aprilli müügi-tulu ning mööbliäri kasumlikkus tugevens oluliselt
tootmisprotsessis 1. kvartalis ellu viidud muudatustest tulenevalt. Kontserni
EBITDA 2018 aprillis oli 110 tuhat eurot, seega ületab 2017 aprilli EBITDA-d (96
tuhat eurot). Mai kuu ja ülejäänud 2. kvartali väljavaated müügitulule ja müügi-
tellimustele on head.
Ärisegmentide ülevaade 2018 1. kvartali kohta
Kiudplaadi müügitulu 2018 1. kvartalis oli 2,72 miljon eurot, mis on 17% langust
võrreldes sama perioodiga 2017. aastal. Suurim langus oli Soomes (vähenenud
vajadus puitkiudplaatide järele), kuid ka aeglane start muudes regioonides.
Kiudplaadi EBITDA 2018 1. kvartalis oli 30 tuhat eurot (1. kvartal 2017 oli
EBITDA 313 tuhat eurot).
Mööbli hulgimüügi tulu oli 2018 1. kvartalis 800 tuhat eurot, mis on 17% langust
võrreldes sama perioodiga 2017. aastal. Venemaa, mis möödus eelmisel
majandusaastal Soomest kogu müügitulu vaates on jätkanud oma head trendi
ningsuurendanud tulu eelmise aasta sama perioodiga 14% võrra (1. kvartal
2018 361 tuhat eurot). Meie ainsa Soome importija tulemused näitasid müügitulu
langust 12% 1. kvartalis 2018 (234 tuhat eurot) võrreldes 1. kvartaliga 2017.
Suurim müügitulu langus tuli aga Skano enda jaeketist, müügitulu Skano
hulgimüügiettevõttest Skano jaemüügiettevõttele 46% 2018 1. kvartalis eelmise
aasta sama perioodiga võrreldes. Mööbli hulgimüügi EBITDA 2018 1. kvartalis oli
negatiivne 32 tuhat eurot (1. kvartalis 2017 oli EBITDA ngatiivne EUR 5 tuhat
eurot).
Mööbli jaemüügi müügitulu oli 2018 1. kvartalis 332 tuhat eurot (1. kvartalis
2017 549 tuhat eurot). Mööbli jaemüügi EBITDA oli 2018 1. kvartalis neatiivne20
tuhat eurot (1. kvartalis 2017 oli EBITDA positiivne 63 tuhat eurot). 2017 1.
kvartali EBITDA tulemus sisaldab ühekordset müügitulu 48 tuhat eurot Ukraina
jaeäri müügist.
Skano mööbliäri (hulgi- ja jaemüük) EBITDA oli 2018 esimeses kvartalis
negatiivne 52 tuhat eurot (2017 esimeses kvartalis oli EBITDA positiivne 57
tuhat eurot).
Bilanss
Kontserni koguvara maht oli 31.003.2018 seisuga 11,9 miljonit eurot (31.03.2017:
12,7 miljonit eurot). Kontserni kohustised moodustasid 31.03.2018 seisuga 8,4
miljonit eurot (31.12.2017: 8,8 miljonit eurot), milledest Skanol on
laenukohustusi 5,7 miljonit eurot (31.03.2017: 5,8 miljonit eurot).
Nõuded ja ettemaksud olid 2,3 miljonit eurot (31.03.2017: 2,1 miljonit eurot).
Varud 31.03.2018 seisuga 2,4 miljonit eurot (31.03.2017: 2,6 miljonit eurot).
Materiaalne ja immateriaalne põhivara seisuga 31.03.2018 7,1 miljonit eurot
(7,9 miljonit seisuga 31.03.2017).
Tuleviku väljavaade
Vaatamata 2018 aeglasele stardile näeme kiudplaadi segmendis nõudluses
paranemist ning eeldame 2. kvartali jooksul müügitulu ning EBITDA taastumist.
Lisaks sellele, on käivitatud fokuseeritud müügi- ja turundustegevused mitmetele
tooteaplikatsioonidele kiudplaadi portfellis, nagu näiteks paisuvuugi täited,
märkmetahvlid, heliisolatsioon ja teised.
Mööbliäris eeldame nii müügitulu kui ka EBITDA mõningast taastumist, seda seoses
nii Skano jaeketi parema tulemuslikkusega kui ka tulenevalt madalamatest
tootmiskuludest, seoses kuivatite kasutamise lõpetamisega ning selle asemel
kuivatatud ning mõõtu lõigatud toormaterjali kasutusele-võtuga tootmises.
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | % müügitulust |
------------+-----------+----------+----------+
I kv 2018 | I kv 2017 | Q1 2018 | Q1 2017
--------------------------------------------+-----------+----------+-----------
Kiudplaadi tootmine ja müük 2 723 | 3 265 | 73 % | 73 %
--------------------------------------------+-----------+----------+-----------
Mööbli tootmine ja müük 800 | 959 | 22 % | 22 %
--------------------------------------------+-----------+----------+-----------
Mööbli jaemüük 332 | 549 | 9 % | 12 %
--------------------------------------------+-----------+----------+-----------
sis. mööbli jaemüük Ukraina 0 | 64 | 0 % | 1 %
--------------------------------------------+-----------+----------+-----------
Elimineerimine (144 ) | (311 ) | (4 %) | (7 %)
--------------------------------------------+-----------+----------+-----------
Kokku 3 711 | 4 462 | 100 % | 100 %
Kasum ärisegmentide lõikes
tuh EUR I kv 2018 | I kv 2017
--------------------------------------------------+-----------
EBITDA ärisegmentide lõikes |
--------------------------------------------------+-----------
Kiudplaadi tootmine ja müük 37 | 313
--------------------------------------------------+-----------
Mööbli tootmine ja müük (32 ) | (5 )
--------------------------------------------------+-----------
Mööbli jaemüük (20 ) | 63
--------------------------------------------------+-----------
sisaldab mööbli jaemüüki Ukrainas 0 | 1
--------------------------------------------------+-----------
Elimineerimine (1 ) | (5 )
--------------------------------------------------+-----------
Kokku EBITDA (17 ) | 366
--------------------------------------------------+-----------
Põhivara kulum ja amortisatsioon 191 | 208
--------------------------------------------------+-----------
Kokku ÄRIKASUM/-KAHJUM (208 ) | 158
--------------------------------------------------+-----------
Neto finantskulud (66 ) | (70 )
--------------------------------------------------+-----------
Tulumaksukulu 0 | 0
--------------------------------------------------+-----------
PUHASKASUM/-KAHJUM (274 ) | 88
Kiudplaadi müük
Kiudplaadi müük oli 2018 1. kvartalis Kokku 2,72 miljonit eurot, mis on 17%
vähem võrreldes 1. kvartaliga 2017 (3,27 miljonit eurot). Langust näitasid kõik
regioonid (vt tabel allpool), ainsa erandina olid müügid Venemaale, mis näitasid
mõningast kasvu. Teistelt turgudelt eeldame 2. kvartali jooksul mõningast
taastumist, välja arvata Soome, tulenevalt selle ehitussektori struktuuri
muudatustest.
Kiudplaadi müügitulu geograafiliselt
tuh EUR |% müügitulust |
| | | |
| | I kv| I kv
I kv 2018|I kv 2017| 2018| 2017
-----------------------------------------------------+---------+-------+--------
Euroopa Liit (sh Suomen Tuulileijona müük) 2 198| 2 630| 81 % | 81 %
-----------------------------------------------------+---------+-------+--------
Venemaa 298| 259| 11 % | 8 %
-----------------------------------------------------+---------+-------+--------
Aafrika 42| 132| 2 % | 4 %
-----------------------------------------------------+---------+-------+--------
Lähis-Ida 73| 82| 3 % | 3 %
-----------------------------------------------------+---------+-------+--------
Aasia 47| 118| 2 % | 4 %
-----------------------------------------------------+---------+-------+--------
Teised 65| 43| 2 % | 1 %
-----------------------------------------------------+---------+-------+--------
Kokku 2 723| 3 265|100 % |100 %
Mööbli hulgimüük
Müügitulud langesid 800 tuhandele eurole 2018 1. kvartalis, võrreldes 959
tuhande euroga 1. kvartalis 2017. Sellele vaatamata, suutis meie suurim turg
Venemaa näidata kasvu 14% 2018 1. kvartalis eelmise (2017) aasta 1. kvartaliga
võrreldes ,samas kui meie ainuimportöör Soomes näitas müügitulu langust 12%
samas perioodis. Müügid Skano jaeüksusele vähenesi esimeses kvartalis möödunud
aasta sama perioodiga võrreldes, kuid rohkem turundustegevusi peaks andma parema
koondtulemsue 2. kvartali jooksul. Müügitulud teistesse riikidesse said
negatiivselt mõjutatud Kasahstani tõttu, kes lükkas oma tavapärase 1. kvartali
tellimuse edasi.
Mööbli hulgimüügitulu geograafiliselt
| tuh EUR | % müügitulust |
----------------+-----------+-----------+-----------+-----------+
| I kv 2018 | I kv 2017 I kv 2018 | I kv 2017
----------------+-----------+-----------+-----------+------------
Venemaa | 361 | 316 | 45 % | 33 %
----------------+-----------+-----------+-----------+------------
Soome | 234 | 266 | 29 % | 28 %
----------------+-----------+-----------+-----------+------------
Skano jae | 141 | 259 | 18 % | 27 %
----------------+-----------+-----------+-----------+------------
Teised riigid | 64 | 118 | 8 % | 12 %
----------------+-----------+-----------+-----------+------------
Kokku | 800 | 959 | 100 % | 100 %
mööbli jaemüük
Skano Kontserni jaeäri müügitulu oli 2018 1. kvartalis 332 tuhat eurot, mis on
46% vähenemist 2017 1. kvarataliga võrreldes. Hiljutine turundusseptsialisti
värbamine jaeäri meeskonna liikmeks tagab paremini fokuseeritud turunduse ning
müügikampaaniad, mis peaksid aitama kaasa müügitulu paranemisele.
Mööbli jaemüügitulu geograafiliselt
| tuh EUR | % mügitulust | Kaupluste arv |
+-------+-------+-------+-------+----------+----------+
|1Q 2018|1Q 2017 1Q 2018|1Q 2017|31.03.2018|31.03.2017
-------------------------+-------+-------+-------+-------+----------+-----------
Eesti | 204| 322| 61 % | 59 % | 4| 4
-------------------------+-------+-------+-------+-------+----------+-----------
Läti | 74| 88| 22 % | 16 % | 1| 1
-------------------------+-------+-------+-------+-------+----------+-----------
Leedu | 54| 74| 16 % | 14 % | 1| 1
-------------------------+-------+-------+-------+-------+----------+-----------
Ukraina* | 0| 64| 0 % | 12 % | 0| 3
-------------------------+-------+-------+-------+-------+----------+-----------
Kokku (toimivad | | | | | |
kauplused) | 332| 549|100 % |100 % | 6| 9
Töötajad
Seisuga 31.03.2018 töötas Kontsernis 221 inimest (vähenemine võrrelsed 237
inimesega seisuga 31.03.2017). Töötajate keskmine arv oli 2018 1. kvartalis 222
(1. kvartalis 2017: 244).
Kõnealuse, 2018., aasta esimese kolme kuu jooksul olid tööjõukulud koos
maksukuludega kokku 0,90 miljonit eurot (esimesed kolm kuud 2017 1,03 miljonit).
Kõigi kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud
tasud koos maksukuludega olid Kokku 40 tuhat eurot 2018 1. kvartalis 103 tuhat
eurot 2017 1. kvartalis.
Finantssuhtarvud
tuh EUR | I kv 2018 | I kv 2017
-------------------------------------------+-----------------+----------------
Kasumiaruanne | |
-------------------------------------------+-----------------+----------------
Müügitulu | 3 711 | 4 462
-------------------------------------------+-----------------+----------------
EBITDA | (23 ) | 366
-------------------------------------------+-----------------+----------------
EBITDA rentaablus | (1 %) | 8 %
-------------------------------------------+-----------------+----------------
Ärikasum/-kahjum | (214 ) | 158
-------------------------------------------+-----------------+----------------
Ärirentaablus | (6 %) | 4 %
-------------------------------------------+-----------------+----------------
Puhaskasum/-kahjum | (281 ) | 88
-------------------------------------------+-----------------+----------------
Puhasrentaablus | (8 %) | 2 %
| |
| |
Bilanss | 31.03.2018 | 31.03.2017
-------------------------------------------+-----------------+----------------
Koguvarad | 11 846 | 12 705
-------------------------------------------+-----------------+----------------
Koguvarade puhasrentaablus | (2 %) | 1 %
-------------------------------------------+-----------------+----------------
Omakapital | 3 487 | 3 949
-------------------------------------------+-----------------+----------------
Omakapitali puhasrentaablus | (8 %) | 2 %
-------------------------------------------+-----------------+----------------
Võlakordaja | 71 % | 69 %
| |
| |
Aktsia | 31.03.2018 | 31.03.2017
-------------------------------------------+-----------------+----------------
Aktsia viimane hind (EUR)* | 0,54 | 0,57
-------------------------------------------+-----------------+----------------
Puhaskasum aktsia kohta (EUR) | (6 %) | 2 %
-------------------------------------------+-----------------+----------------
Hind-tulu (PE) suhtarv | (8,66 ) | 29,09
-------------------------------------------+-----------------+----------------
Aktsia raamatupidamisväärtus (EUR) | 0,78 | 0,88
-------------------------------------------+-----------------+----------------
Turuhinna ja raamatupidamisväärtuse suhe | 0,70 | 0,65
-------------------------------------------+-----------------+----------------
Turukapitalisatsioon tuh EUR | 2 429 | 2 429
-------------------------------------------+-----------------+----------------
Aktsiate arv tk | 4 499 061 | 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustused / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
Lahustatud puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
+ tingimuslikud aktsiad
Hind-tulu (PE) suhtarv = aktsia viimane hind / puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
Konsolideeritud finantsseisundi aruanne
tuh EUR |31.03.2018|31.12.2017|31.03.2017
--------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 60| 74| 152
--------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 2 318| 1 215| 2 068
--------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 2 343| 2 336| 2 627
--------------------------------------------+----------+----------+----------
Kokku käibevarad | 4 721| 3 624| 4 847
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 170| 170| 405
--------------------------------------------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 187| 182| 0
--------------------------------------------+----------+----------+----------
Muud aktsiad ja osad | 0| 7| 0
--------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 6 724| 6 908| 7 391
--------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 43| 47| 61
--------------------------------------------+----------+----------+----------
Kokku põhivarad | 7 124| 7 313| 7 858
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku varad | 11 845| 10 937| 12 705
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Võlakohustused (Lisas 9) | 1 240| 593| 1 638
--------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 486| 1 956| 2 729
--------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 10| 13| 13
--------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustused | 3 736| 2 562| 4 380
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Pikaajalised võlakohustused (Lisas 9) | 4 421| 4 422| 4 163
--------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 200| 200| 213
--------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustused | 4 621| 4 622| 4 376
--------------------------------------------+----------+----------+----------
Kokku kohustused | 8 358| 7 184| 8 756
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12)| 2 699| 2 699| 2 699
--------------------------------------------+----------+----------+----------
Ülekurss | 364| 364| 364
--------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 288| 288| 288
--------------------------------------------+----------+----------+----------
Muud reservid | 24| 9| 2
--------------------------------------------+----------+----------+----------
Realiseerimata kursivahed | 0| 0| 0
--------------------------------------------+----------+----------+----------
Retained earnings | 113| 393| 596
--------------------------------------------+----------+----------+----------
Kokku omakapital | 3 487| 3 753| 3 949
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku kohustused ja omakapital | 11 845| 10 937| 12 705
Konsolideeritud kasumi- ja muu koondkasumiaruanne
| I kv| I kv
tuh EUR | 2018| 2017
---------------------------------------------------------------+-------+-------
Müügitulu (Lisa 14) |3 711 |4 462
---------------------------------------------------------------+-------+-------
Müüdud toodangu kulu (Lisa 15) |3 294 |3 425
---------------------------------------------------------------+-------+-------
Brutokasum | 416 |1 036
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Turustuskulud (Lisa 16) | 454 | 602
---------------------------------------------------------------+-------+-------
Üldhalduskulud (Lisa 17) | 150 | 235
---------------------------------------------------------------+-------+-------
Muud äritulud (Lisa 19) | 3 | 51
---------------------------------------------------------------+-------+-------
Muud ärikulud (Lisa 19) | 30 | 93
---------------------------------------------------------------+-------+-------
Ärikasum (-kahjum) | (214 )| 158
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Finantstulud (Lisa 20) | 1 | 4
---------------------------------------------------------------+-------+-------
Finantskulud (Lisa 20) | 67 | 73
---------------------------------------------------------------+-------+-------
KASUM ENNE TULUMAKSUSTAMIST | (281 )| 88
---------------------------------------------------------------+-------+-------
Ettevõtte tulumaks | 0 | 0
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
ARUANDEAASTA PUHASKAHJUM | (281 )| 88
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Muu koondkasum (-kahjum) | |
---------------------------------------------------------------+-------+-------
Muu koondkasum (-kahjum), mida võib teatud juhtudel | |
reklassifitseerida kasumiaruandesse | |
---------------------------------------------------------------+-------+-------
Valuutakursi muutuste mõju | 0 | (40 )
---------------------------------------------------------------+-------+-------
Kokku aruandeaasta koondkahjum | (281 )| 48
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Tava perioodi puhaskahjum aktsia kohta (Lisa 13) |(0,06 )|(0,02 )
---------------------------------------------------------------+-------+-------
Lahustatud perioodi puhaskahjum aktsia kohta (Lisa 13) |(0,06 )|(0,01 )
Torfinn Losvik
Juhatuse esimees
Telefon: + 372 56 99 09 88
E-mail: [email protected]
Content of announcement in English
Title
Skano Group Interim Report 1st Quarter 2018
Message
Management report
Skano Group AS unaudited first quarter 2018 results and second quarter outlook
Consolidated net sales for Q1 2018 were EUR 3.71 million, being a 17% decrease
compared to the same period in 2017 (Q1 2017: EUR 4.46 million). Skano Group
recorded EBITDA of negative EUR 17 thousand for Q1 2018, which compare poorly with
EBITDA of EUR 366 thousand for Q1 2017. Main reasons for negative EBITDA in Q1
2018 were lower sales revenue as well as higher prices of raw material woodchip
in the fibreboard division. It should be noted that Q1 2017 results were
positively influenced by one-off gains of EUR 48 thousand due to the disposal of
Skano's Ukrainian retail subsidiary in Q1 2017. Net loss for 1Q 2018 was EUR 274
thousand (Q1 2017: profit of EUR 88 thousand).
Already in April 2018 the trend turned, with Fibreboard sales ahead of April
2017 sales, and Furniture profitability greatly strengthened due to the change
in the production process implemented in Q1. Group EBITDA for April 2018 of EUR
110 thousand was thus ahead of April 2017 EBITDA (EUR 96 thousand). Sales and
order development in May, and outlook for rest of Q2, is looking good.
Divisional review of first quarter 2018
Fibreboard sales in Q1 2018 were EUR 2.72 million, which is 17% less than same
period in 2017. Most significant drop was from Finland (subdued demand for
fibreboards) but also slow start in other regions. EBITDA for Fibreboard Q1
2018 was EUR 30 thousand (Q1 2017 EBITDA was EUR 313 thousand).
Furniture wholesale sales in Q1 2018 were EUR 800 thousand, 17% down on same
period last year. Russia, who overtook Finland last year in total sales revenue
has continued it´s good trend and increased revenues compared to last year same
period by 14% (Q1 2018 EUR 361 thousand). In Finland our sole importer recorded
sales drop of 12% during Q1 2018 (EUR 234 thousand) compared to Q1 2017. Largest
sales decline however came from Skano's own retail chain, sale from Skano
furniture wholesale to Skano furniture retail dropped by 46% in Q1 2018 compared
to same period last year. EBITDA for furniture wholesale for Q1 2018 was
negative EUR 32 thousand (Q1 2017 EBITDA was negative EUR 5 thousand).
Furniture retail sales in Q1 2018 were EUR 332 thousand (Q1 2017 EUR 549 thousand).
EBITDA for furniture retail for Q1 2018 was negative EUR 20 thousand (Q1 2017
EBITDA was positive EUR 63 thousand). Q1 2017 EBITDA results include 48 thousand
one-off gains from disposal of Ukraine retail store chain.
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2018 first
quarter were negative EUR 52 thousand (2017 first quarter result was positive
EBITDA of EUR 57 thousand).
Balance Sheet
As of 31.03.2018 the total assets of Skano Group AS were EUR 11.9 million
(31.03.2017: EUR 12.7 million). The liabilities of the company as of 31.03.2018
were EUR 8.4 million (31.12.2017: EUR 8.8 million), of which Skano has borrowings of
EUR 5.7 million (31.03.2017: EUR 5.8 million).
Receivables and prepayments amounted to EUR 2.3 million (31.03.2017: EUR 2.1
million). Inventories were EUR 2.4 million as of 31.03.2018 (31.03.2017: EUR 2.6
million). Property, plant and intangibles were EUR 7.1 million as of 31.03.2018 (EUR
7.9 million as of 31.03.2017).
Outlook
Despite slow start for 2018 we see improved demand for fibreboard and we expect
sales revenue as well as EBITDA to recover during Q2. In addition, more focused
sales and marketing activities have been started where we focus on the various
product applications of our fibreboards, such as expansion joint filler boards,
pin and notice boards, sound insulation and other.
In Furniture, we expect both sales revenue and EBITDA to recover somewhat, this
being linked to better performance of Skano's retail unit as well as lower
costing in production as a result of ending our kiln operations and instead
buying in dried and cut material for our production.
Divisional review
Net Revenue by business segments
| % of net |
EUR thousand | sales |
--------+-------+------+------+
| | Q1| Q1
Q1 2018|Q1 2017| 2018| 2017
-----------------------------------------+-------+------+-------
Fibreboards production and sales 2,723 |3,265 | 73 % | 73 %
-----------------------------------------+-------+------+-------
Furniture production and sales 800 | 959 | 22 % | 22 %
-----------------------------------------+-------+------+-------
Furniture retail 332 | 549 | 9 % | 12 %
-----------------------------------------+-------+------+-------
incl. furniture retail Ukraine 0 | 64 | 0 % | 1 %
-----------------------------------------+-------+------+-------
Group transactions (144 )| (311 )| (4 %)| (7 %)
-----------------------------------------+-------+------+-------
TOTAL 3,711 |4,462 |100 % |100 %
Net Profit by business segments
EUR thousand Q1 2018 | Q1 2017
------------------------------------------------+---------
EBITDA by business units: |
------------------------------------------------+---------
Fibreboards production and sales 30 | 313
------------------------------------------------+---------
Furniture production and wholesale (32 ) | (5 )
------------------------------------------------+---------
Furniture retail (20 ) | 63
------------------------------------------------+---------
incl. furniture retail Ukraine 0 | 1
------------------------------------------------+---------
Group transactions (1 ) | (5 )
------------------------------------------------+---------
TOTAL EBITDA (23 ) | 366
------------------------------------------------+---------
Depreciation 191 | 208
------------------------------------------------+---------
TOTAL OPERATING PROFIT/ LOSS (214 ) | 158
------------------------------------------------+---------
Net financial costs (66 ) | (70 )
------------------------------------------------+---------
Income tax 0 | 0
------------------------------------------------+---------
NET PROFIT/ LOSS (281 ) | 88
Fibreboard sales
The total sales of fibreboards for Q1 2018 were EUR 2.72 million, which are 17%
down from Q1 2017 sales level (EUR 3.27 million). All regions (see table below)
showed decline, the only exception was our sales to Russia which showed some
increase. Apart from the structural changes in the Finnish construction sector,
we expect the other markets to somewhat recover during Q2.
Fibreboard sales by geographical segment
| % of net |
EUR thousand | sales |
| | | |
| Q1| Q1
Q1 2018|Q1 2017 2018| 2017
-----------------------------------------------------------+-------+-----+------
European Union (including Suomen Tuulileijona | | |
sales) 2,198| 2,630| 81 %| 81 %
-----------------------------------------------------------+-------+-----+------
Russia 298| 259| 11 %| 8 %
-----------------------------------------------------------+-------+-----+------
Africa 42| 132| 2 %| 4 %
-----------------------------------------------------------+-------+-----+------
Middle East 73| 82| 3 %| 3 %
-----------------------------------------------------------+-------+-----+------
Asia 47| 118| 2 %| 4 %
-----------------------------------------------------------+-------+-----+------
Other 65| 43| 2 %| 1 %
-----------------------------------------------------------+-------+-----+------
TOTAL 2,723| 3,265|100 %|100 %
Furniture wholesale sales
Sales dropped to EUR 800 thousand in Q1 2018, down from EUR 959 thousand in Q1
2017. However, our largest market Russia experienced sales growth of 14% in Q1
2018 compared to Q1 2017, while our sole importer in Finland recorded sales
decline of 12% for same period. Sales to Skano retail units decreased in first
quarter compared to same period last year, however more marketing activities
should yield better performance in Q2. Other countries sales were negatively
influenced by the delay of the usual Q1 order from our Kazakhstan importer.
Furniture wholesale sales by countries
EUR thousand | % of net sales
----------+---------+---------+---------
Q1 2018 | Q1 2017 Q1 2018 | Q1 2017
------------------+---------+---------+---------+---------
Russia | 361 | 316 | 45 % | 33 %
------------------+---------+---------+---------+---------
Finland | 234 | 266 | 29 % | 28 %
------------------+---------+---------+---------+---------
Skano Retail | 141 | 259 | 18 % | 27 %
------------------+---------+---------+---------+---------
Other countries 64 | 118 | 8 % | 12 %
------------------+---------+---------+---------+---------
TOTAL | 800 | 959 | 100 % | 100 %
Furniture retail sales
Skano Group retail business recorded sales of EUR 332 thousand in Q1 2018, which
is 46% decline from Q1 2017. The recent appointment of a marketing specialist
into our retail unit will result in more focused marketing and sales campaigns
which should help improve sales.
Reteail sales by country
| | % of net | |
| EUR thousand | sales | Number of stores |
----------------------+-------+-------+-----+-----+----------+----------+
| Q1| Q1| |
Q1 2018|Q1 2017 2018| 2017|31.03.2018|31.03.2017
----------------------+-------+-------+-----+-----+----------+-----------
Estonia | 204| 322| 61 %| 59 %| 4| 4
----------------------+-------+-------+-----+-----+----------+-----------
Latvia | 74| 88| 22 %| 16 %| 1| 1
----------------------+-------+-------+-----+-----+----------+-----------
Lithuania | 54| 74| 16 %| 14 %| 1| 1
----------------------+-------+-------+-----+-----+----------+-----------
Ukraine* | 0| 64| 0 %| 12 %| 0| 3
----------------------+-------+-------+-----+-----+----------+-----------
TOTAL (ongoing shops)| 332| 549|100 %|100 %| 6| 9
People
On the 31st of March 2018, the group employed 221 people (down from 237 people
as of 31.03.2017). The average number of personnel in Q1 2018 was 222 (Q1
2017: 244).
During first three months of 2018, wages and salaries with taxes amounted to EUR
0.90 million (first three months 2017: EUR 1.03 million). Payments made to
management board members of all group companies including all subsidiaries with
relevant taxes were EUR 40 thousand in Q1 2018 and EUR 103 thousand in Q1 2017.
Financial highlights
EUR thousand | Q1 2018 | Q1 2017
------------------------------------+-----------------+----------------
Income statement | |
------------------------------------+-----------------+----------------
Revenue | 3,711 | 4,462
------------------------------------+-----------------+----------------
EBITDA | (23 ) | 366
------------------------------------+-----------------+----------------
EBITDA margin | (1 %) | 8 %
------------------------------------+-----------------+----------------
Operating profit | (214 ) | 158
------------------------------------+-----------------+----------------
Operating margin | (6 %) | 4 %
------------------------------------+-----------------+----------------
Net profit | (281 ) | 88
------------------------------------+-----------------+----------------
Net margin | (8 %) | 2 %
| |
| |
Statement of financial position | 31.03.2018 | 31.03.2017
------------------------------------+-----------------+----------------
Total assets | 11,846 | 12,705
------------------------------------+-----------------+----------------
Return on assets | (2 %) | 1 %
------------------------------------+-----------------+----------------
Equity | 3,487 | 3,949
------------------------------------+-----------------+----------------
Return on equity | (8 %) | 2 %
------------------------------------+-----------------+----------------
Debt-to-equity ratio | 71 % | 69 %
| |
| |
Share | 31.03.2018 | 31.03.2017
------------------------------------+-----------------+----------------
Last Price* | 0.54 | 0.57
------------------------------------+-----------------+----------------
Earnings per share | (6 %) | 2 %
------------------------------------+-----------------+----------------
Price-earnings ratio | (8.66 ) | 29.09
------------------------------------+-----------------+----------------
Book value of a share | 0.78 | 0.88
------------------------------------+-----------------+----------------
Market to book ratio | 0.70 | 0.65
------------------------------------+-----------------+----------------
Market capitalization, EUR thousand | 2,429 | 2,429
------------------------------------+-----------------+----------------
Number of shares | 4,499,061 | 4,499,061
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 = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial positions
EUR thousand |31.03.2018|31.12.2017|31.03.2017
---------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 60| 74| 152
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 2,318| 1,215| 2,068
---------------------------------------------+----------+----------+----------
Inventories (Note 4) | 2,343| 2,336| 2,627
---------------------------------------------+----------+----------+----------
Total current assets | 4,721| 3,624| 4,847
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 5) | 170| 170| 405
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 8)| 187| 182| 0
---------------------------------------------+----------+----------+----------
Other shares and issues | 0| 7| 0
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 6) | 6,724| 6,908| 7,391
---------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 43| 47| 61
---------------------------------------------+----------+----------+----------
Total non-current assets | 7,124| 7,313| 7,858
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 11,845| 10,937| 12,705
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 1,240| 593| 1,638
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 2,486| 1,956| 2,729
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 10| 13| 13
---------------------------------------------+----------+----------+----------
Total current liabilities | 3,736| 2,562| 4,380
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 4,421| 4,422| 4,163
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 200| 200| 213
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 4,621| 4,622| 4,376
---------------------------------------------+----------+----------+----------
Total liabilities | 8,358| 7,184| 8,756
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 12) | 2,699| 2,699| 2,699
---------------------------------------------+----------+----------+----------
Share premium | 364| 364| 364
---------------------------------------------+----------+----------+----------
Statutory reserve capital | 288| 288| 288
---------------------------------------------+----------+----------+----------
Other reserves | 24| 9| 2
---------------------------------------------+----------+----------+----------
Unrealised currency differences | 0| 0| 0
---------------------------------------------+----------+----------+----------
Retained earnings | 113| 393| 596
---------------------------------------------+----------+----------+----------
Total equity | 3,487| 3,753| 3,949
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 11,845| 10,937| 12,705
Consolidated statement of profit or loss and other comprehensive income
EUR thousand |Q1 2018|Q1 2017
---------------------------------------------------------------+-------+-------
Revenue (Note 14) |3,711 |4,462
---------------------------------------------------------------+-------+-------
Cost of goods sold (Note 15) |3,294 |3,425
---------------------------------------------------------------+-------+-------
Gross profit | 416 |1,036
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Distribution costs (Note 16) | 454 | 602
---------------------------------------------------------------+-------+-------
Administrative expenses (Note 17) | 150 | 235
---------------------------------------------------------------+-------+-------
Other operating income (Note 19) | 3 | 51
---------------------------------------------------------------+-------+-------
Other operating expenses (Note 19) | 30 | 93
---------------------------------------------------------------+-------+-------
Operating profit (loss) | (214 )| 158
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Finance income (Note 20) | 1 | 4
---------------------------------------------------------------+-------+-------
Finance costs (Note 20) | 67 | 73
---------------------------------------------------------------+-------+-------
LOSS BEFORE INCOME TAX | (281 )| 88
---------------------------------------------------------------+-------+-------
Corporate income tax | 0 | 0
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
NET LOSS FOR THE FINANCIAL YEAR | (281 )| 88
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Other comprehensive income (loss) | |
---------------------------------------------------------------+-------+-------
Other comprehensive income (loss) that can in certain cases be| |
reclassified to the income statement | |
---------------------------------------------------------------+-------+-------
Currency translation differences | 0 | (40 )
---------------------------------------------------------------+-------+-------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR | (281 )| 48
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Basic earnings per share (Note 13) |(0.06 )|(0.02 )
---------------------------------------------------------------+-------+-------
Diluted earnings per share (Note 13) |(0.06 )|(0.01 )
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]