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
6852
Attachments
Submission date and time
29.08.2018 16:34:05
Content of announcement in Estonian
Title
Skano Group Vahearuanne 2. kvartal 2018
Message
JUHTKONNA ARUANNE
Skano Group AS auditeerimata 2018 teise kvartali tulemused
Konsolideetritud müügitulu 2018 2. kvartalis oli 3,95 miljonit eurot, mis on 2%
langust võrreldes sama perioodiga 2017. aastal. Skano Group AS'i EBITDA oli 2.
kvartalis 2018 positiivne 238 tuhat eurot, mis on 19% väiksem 2017 2. kvartaliga
võrreldes. Madalama EBITDA peamiseks põhjuseks 2018 2. kvartalis olid madalam
müügitulu ning kõrgemad toormaterjali, puidulaastu, hinnad kiudplaadi üksuses.
Puhaskahjum 2018 2. kvartalis oli 22 tuhat eurot (2. kvartal 2017: puhaskasum
15 tuhat eurot).
Ärisegmentide ülevaade 2018 2. kvartali kohta
Kiudplaadi müügitulu 2018 2. kvartalis oli 2,96 miljon eurot, mis on 4% rohkem
võrreldes sama perioodiga 2017. aastal. Märikimisväärseim kasv tuli Portugalist,
Venemaalt ja Taist. Kiudplaadi EBITDA 2018 2. kvartalis oli 171 tuhat eurot (1.
kvartal 2017 oli EBITDA 186 tuhat eurot).
Mööbli hulgimüügi müügitulu oli 2018 2. kvartalis 778 tuhat eurot, mis on 15%
langust võrreldes sama perioodiga 2017. aastal. Mõlemad, nii Venemaa kui ka
Soome kogesid müügi aeglustumist, samas kui müügid teistel turgudel nagu
Kasahstan ja Ukraina näitasid kasvu. Skano oma jaeketti müügitulu langes 14%
võrreldes möödunud aasta sama perioodiga (2. kvartal 2017: 248 tuhat eurot).
Vaatamata müügitulu vähenemisele, oli 2. kvartali EBITDA positiivne 78 tuhat
eurot (2. kvartal 2017: EBITDA positiivne 75 tuhat eurot), viidates kasumlikkuse
kasvu saavutamisele läbi enda kuivatite kasutamise lõpetamise ning nende
asendamise kuiva ja lõigatud materjali sisseostuga.
Mööbli jaemüügi müügitulu oli 2018 2. kvartalis 430 tuhat eurot, 18% madalam
eelmise aasta sama perioodiga võrreldes. Mööbli jaemüügi EBITDA oli 2018 2.
kvartalis neatiivne 11 tuhat eurot (2. kvartalis 2017 oli EBITDA positiivne 40
tuhat eurot), peegeldades 2. kvartali nõrga müügitulu mõju.
Skano mööbliäri (hulgi- ja jaemüük) EBITDA oli 2018 teises kvartalis positiivne
67 tuhat eurot.
Bilanss
Kontserni koguvara maht oli 30.06.2018 seisuga 11,3 miljonit eurot (30.06.2017:
12,2 miljonit eurot). Kontserni kohustised moodustasid 30.06.2018 seisuga 7,9
miljonit eurot (30.06.2017: 8,2 miljonit eurot), milledest Skanol on
laenukohustusi 5,1 miljonit eurot seisuga 30.06.2018 (30.06.2017: 5,5 miljonit
eurot).
Nõuded ja ettemaksud olid 1,7 miljonit eurot 30.06.2018 seisuga (30.06.2017:
1,4 miljonit eurot). Varud 30.06.2018 seisuga 2,6 miljonit eurot (30.06.2017:
2,9 miljonit eurot). Materiaalne ja immateriaalne põhivara seisuga
30.06.2018 6,9 miljonit eurot (7,6 miljonit seisuga 30.06.2017).
Tuleviku väljavaade
Vaatamata aeglaselt alanud 2018. aastale oleme kogenud nõudluse paranemist
kiudplaadi segmendis teise kvartali jooksul, mis peegeldub ka kõremas müügitulus
juulis, mõõdunud aasta juuliga võrreldes. Samas tekitab hiljutine puiduhakke
hinnatõus mõningast muret. Müügi- ja turundustegevused keskenduvad enam
kiudplaatide erinevatele toote-eelistele, näiteks puidu kiust plaatide
positiivsed hüved tervisele ja keskkonnale konkureerivate sünteetiliste
materjalidega võrreldes.
Mööbliäris eeldame jaekaubanduse tulemuslikkuse paranemist läbi uue poe-
kontseptsiooni tutvustamise meie suurima müügiga poes Järve keskuses, hiljuti
avatud veebipoe ning planeeritud uue poe avamisega Riias Decco keskuses. Lisaks
näeme ka meie kollektsioonide hulgimüügi positiivset arengut Suurbritannias.
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR |
---------+--------+-------+-------+
II kv| II kv |
2018| 2017 6k 2018|6k 2017
---------------------------------------+--------+-------+-------+
Kiudplaadi tootmine ja müük 2 957 |2 848 |5 680 |6 113 |
---------------------------------------+--------+-------+-------+
Mööbli tootmine ja müük 778 | 917 |1 578 |1 876 |
---------------------------------------+--------+-------+-------+
Mööbli jaemüük 430 | 522 | 762 |1 071 |
---------------------------------------+--------+-------+-------+
sis. mööbli jaemüük Ukraina 0 | 0 | 0 | 64 |
---------------------------------------+--------+-------+-------+
Elimineerimine (215 ) | (261 ) | (360 )| (573 )|
---------------------------------------+--------+-------+-------+
Kokku 3 949 |4 025 |7 660 |8 487 |
Kasum ärisegmentide lõikes
| --------+
II kv| II kv |
tuh EUR 2018| 2017 6k 2018|6k 2017
---------------------------------------------+----------------+-------
EBITDA ärisegmentide lõikes | |
---------------------------------------------+----------------+-------
Kiudplaadi tootmine ja müük 171 |186 208 | 500
---------------------------------------------+----------------+-------
Mööbli tootmine ja müük 78 | 75 45 | 70
---------------------------------------------+----------------+-------
Mööbli jaemüük (11 ) | 40 (30 ) | 103
---------------------------------------------+----------------+-------
sisaldab mööbli jaemüüki Ukrainas 0 | 0 0 | 1
---------------------------------------------+----------------+-------
Elimineerimine (0 ) | (7 ) (8 ) | (12 )
---------------------------------------------+----------------+-------
Kokku EBITDA 238 |295 214 | 661
---------------------------------------------+----------------+-------
Põhivara kulum ja amortisatsioon 182 |209 373 | 417
---------------------------------------------+----------------+-------
Kokku ÄRIKASUM/-KAHJUM 55 | 86 (159 ) | 244
---------------------------------------------+----------------+-------
Neto finantskulud (77 ) |(72 ) (138 ) |(142 )
---------------------------------------------+----------------+-------
Tulumaksukulu 0 | 0 0 | 0
---------------------------------------------+----------------+-------
PUHASKASUM/-KAHJUM (22 ) | 15 (297 ) | 103
Kiudplaadi müük
Kiudplaadi müük oli 2018 2. kvartalis 2,96 miljonit eurot, mis on 4% rohkem
võrreldes müügitulu tasemega 2. kvartalis 2017 (2,85 miljonit eurot). Korraliku
müügitulu kasvu tegid Portugal, Venemaa ja Tai, samass kui müügitulu väheneb
Soomes ja Lõuna-Aafrikas.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR |
| +---------+ |
II kv 2018 | II kv 2017 6k 2018 | 6k 2017
----------------------------+------------+---------+---------+
Euroopa Liit 2 165 | 2 078 | 4 363 | 4 709 |
----------------------------+------------+---------+---------+
Venemaa 423 | 360 | 721 | 619 |
----------------------------+------------+---------+---------+
Aasia 143 | 55 | 190 | 173 |
----------------------------+------------+---------+---------+
Lähis-Ida 100 | 28 | 173 | 110 |
----------------------------+------------+---------+---------+
Teised 93 | 96 | 158 | 139 |
----------------------------+------------+---------+---------+
Aafrika 33 | 231 | 75 | 363 |
----------------------------+------------+---------+---------+
Kokku 2 957 | 2 848 | 5 680 | 6 113 |
MÖÖBLI HULGIMÜÜK
Müügitulud langesid 778 tuhandele eurole 2018 2. kvartalis, langus võrreldes
917 tuhande euroga 2. kvartalis 2017. Venemaa klientide kindlustunne on endiselt
negatiivselt mõjutatud Venemaale rakendatud skantsioondest tulenevalt - samas
kui meie eksklusiivõigustega edasimüüja Soomes jätkab restruktureerimist. Skano
jaeketi poed Baltikumis taastusid veidi nõrgast 1. kvartalist, samas müügitulu
endiselt madalam 2017 2. kvartaliga võrreldes. Heaks uudiseks on müügitellimused
Kasahstanist ja Ukrainast.
Mööbli hulgimüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR |
-------------+------------+---------+---------+
II kv 2018 | II kv 2017 6k 2018 | 6k 2017
----------------+------------+------------+---------+---------+
Venemaa | 277 | 320 | 638 | 635 |
----------------+------------+------------+---------+---------+
Soome | 213 | 316 | 448 | 582 |
----------------+------------+------------+---------+---------+
Skano jae | 213 | 248 | 354 | 507 |
----------------+------------+------------+---------+---------+
Teised riigid 75 | 33 | 139 | 151 |
----------------+------------+------------+---------+---------+
Kokku | 778 | 917 | 1 578 | 1 876 |
Mööbli jaemüük
Skano Kontserni jaeäri müügitulu oli 2018 2. kvartalis 430 tuhat eurot, mis on
18% vähenemist 2017 2. kvarataliga võrreldes. Eesti müügid on olnud laisad,
mistõttu suuremamahulised turundustegevused koos uue veebipoe avamisega aitavad
Eesti müügitulu paranemisele kaasa. Leedu uus müügijuht on oma silmapaistvate
tegevustega suutnud kasvatada Leedu müüki kahekordselt 2018 2. kvartalis eelmise
aasta sama perioodiga võrreldes. Läti müügid olid 2. kvartalis kehvad ning Skano
plaanib avada Riias septembri kuus uue poe, mis aitab parandada Läti müügitulu.
Mööbli jaemüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR | Kaupluste arv |
-----------+---------+-------+----------+----------+----------+
| II kv | | |
II kv 2018| 2017 6k 2017|II kv 2017|30.06.2018|30.06.2017
-----------------+----------+-----------------+----------+----------+-----------
Eesti | 263| 367 467| 689| 4| 4
-----------------+----------+-----------------+----------+----------+-----------
Läti | 65| 111 139| 198| 1| 1
-----------------+----------+-----------------+----------+----------+-----------
Leedu | 102| 44 155| 119| 1| 1
-----------------+----------+-----------------+----------+----------+-----------
Ukraina* | 0| 0 0| 64| 0| 0
-----------------+----------+-----------------+----------+----------+-----------
Kokku (toimivad | | | | |
kauplused) | 430| 522 762| 1 071| 6| 6
*Ukraina jaekett müüdi märtsis 2017.
Töötajad
Seisuga 30.06.2018 töötas Kontsernis 214 inimest (võrrelsed 218 inimesega
seisuga 30.06.2017). Töötajate keskmine arv oli 2018 2. kvartalis 210 (2.
kvartalis 2017: 219).
Kõnealuse, 2018., aasta esimese kuue kuu jooksul olid tööjõukulud koos
maksukuludega kokku 1,8 miljonit eurot (esimesed kuus kuud 2017 2,0 miljonit).
Kõigi kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud
tasud koos maksukuludega olid kokku 84 tuhat eurot 2018 kuue kuu jooksul 2018,
ning 128 tuhat eurot kuue kuu jooksul 2017.
Finantssuhtarvud
tuh EUR
| | |
Kasumiaruanne | II kv 2018| II kv 2017 6k 2018| 6k 2017
-------------------------+-------------+------------+-------------+------------
Müügitulu | 3 949 | 4 025 | 7 660 | 8 487
-------------------------+-------------+------------+-------------+------------
EBITDA | 238 | 295 | 214 | 661
-------------------------+-------------+------------+-------------+------------
EBITDA rentaablus | 6 % | 7 %| 3 % | 8 %
-------------------------+-------------+------------+-------------+------------
Ärikasum/-kahjum | 55 | 86 | (159 ) | 244
-------------------------+-------------+------------+-------------+------------
Ärirentaablus | 1 % | 2 %| (2 %)| 3 %
-------------------------+-------------+------------+-------------+------------
Puhaskasum/-kahjum | (22 ) | 15 | (297 ) | 103
-------------------------+-------------+------------+-------------+------------
Puhasrentaablus | (1 %)| 0 %| (4 %)| 1 %
| | | |
| | | |
Bilanss |30.06.2018 |31.12.2017 |30.06.2017 |31.12.2016
-------------------------+-------------+------------+-------------+------------
Koguvarad | 11 331 | 10 937 | 12 205 | 11 965
-------------------------+-------------+------------+-------------+------------
Koguvarade | | | |
puhasrentaablus | (0 %)| 0 %| (2 %)| 1 %
-------------------------+-------------+------------+-------------+------------
Omakapital | 3 475 | 3 753 | 3 963 | 3 901
-------------------------+-------------+------------+-------------+------------
Omakapitali | | | |
puhasrentaablus | (0 %)| 0 %| (7 %)| 3 %
-------------------------+-------------+------------+-------------+------------
Võlakordaja | 69 % | 66 %| 68 % | 67 %
| | | |
| | | |
Aktsia |30.06.2018 |31.12.2017 |30.06.2017 |31.12.2016
-------------------------+-------------+------------+-------------+------------
Aktsia viimane hind | | | |
(EUR)* | 0,49 | 0,62 | 0,58 | 0,46
-------------------------+-------------+------------+-------------+------------
Puhaskasum aktsia kohta | | | |
(EUR) | (0 %)| 0 %| (7 %)| 2 %
-------------------------+-------------+------------+-------------+------------
Hind-tulu (PE) suhtarv | (100,81 ) | 190,60 | (8,85 ) | 20,18
-------------------------+-------------+------------+-------------+------------
Aktsia | | | |
raamatupidamisväärtus | | | |
(EUR) | 0,77 | 0,83 | 0,88 | 0,87
-------------------------+-------------+------------+-------------+------------
Turuhinna ja| | | |
raamatupidamisväärtuse | | | |
suhe | 0,63 | 0,74 | 0,66 | 0,53
-------------------------+-------------+------------+-------------+------------
Turukapitalisatsioon tuh| | | |
EUR | 2 205 | 2 771 | 2 627 | 2 070
-------------------------+-------------+------------+-------------+------------
Aktsiate arv tk | 4 499 061 | 4 499 061 | 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/market/?instrument=EE3100092503&list=3&pg=details&t
ab=historical&lang=en
Konsolideeritud finantsseisundi aruanne
tuh EUR |30.06.2018|31.12.2017|30.06.2017
--------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 54| 74| 190
--------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 736| 1 215| 1 448
--------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 2 595| 2 336| 2 903
--------------------------------------------+----------+----------+----------
Kokku käibevarad | 4 385| 3 624| 4 541
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 170| 170| 405
--------------------------------------------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 177| 182| 0
--------------------------------------------+----------+----------+----------
Muud aktsiad ja osad | 0| 6| 0
--------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 6 560| 6 908| 7 202
--------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 39| 47| 56
--------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 946| 7 313| 7 663
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku varad | 11 331| 10 937| 12 205
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Võlakohustused (Lisas 9) | 653| 593| 651
--------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 576| 1 956| 2 556
--------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 6| 13| 8
--------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustused | 3 235| 2 562| 3 215
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Pikaajalised võlakohustused (Lisas 9) | 4 421| 4 422| 4 813
--------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 200| 200| 213
--------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustused | 4 621| 4 622| 5 026
--------------------------------------------+----------+----------+----------
Kokku kohustused | 7 856| 7 184| 8 241
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12)| 2 699| 2 699| 2 699
--------------------------------------------+----------+----------+----------
Ülekurss | 364| 364| 364
--------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 288| 288| 288
--------------------------------------------+----------+----------+----------
Muud reservid | 28| 9| 2
--------------------------------------------+----------+----------+----------
Realiseerimata kursivahed | 0| 0| 0
--------------------------------------------+----------+----------+----------
Retained earnings | 96| 393| 610
--------------------------------------------+----------+----------+----------
Kokku omakapital | 3 475| 3 753| 3 963
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku kohustused ja omakapital | 11 331| 10 937| 12 205
Konsolideeritud kasumi- ja muu koondkasumiaruanne
| II kv| II kv |
tuh EUR | 2018| 2017 6k 2018|6k 2017
--------------------------------------------+--------+--------+--------+-------
Müügitulu (Lisa 14) |3 949 |4 025 |7 660 |8 487
--------------------------------------------+--------+--------+--------+-------
Müüdud toodangu kulu (Lisa 15) |3 183 |3 218 |6 477 |6 643
--------------------------------------------+--------+--------+--------+-------
Brutokasum | 766 | 808 |1 183 |1 844
--------------------------------------------+--------+--------+--------+-------
| | | |
--------------------------------------------+--------+--------+--------+-------
Turustuskulud (Lisa 16) | 527 | 471 | 981 |1 073
--------------------------------------------+--------+--------+--------+-------
Üldhalduskulud (Lisa 17) | 144 | 186 | 294 | 421
--------------------------------------------+--------+--------+--------+-------
Muud äritulud (Lisa 19) | 9 | 0 | 12 | 51
--------------------------------------------+--------+--------+--------+-------
Muud ärikulud (Lisa 19) | 49 | 64 | 78 | 157
--------------------------------------------+--------+--------+--------+-------
Ärikasum (-kahjum) | | | |
--------------------------------------------+--------+--------+--------+-------
| | | |
--------------------------------------------+--------+--------+--------+-------
Finantstulud (Lisa 20) | 0 | 0 | 1 | 4
--------------------------------------------+--------+--------+--------+-------
Finantskulud (Lisa 20) | 77 | 72 | 139 | 145
--------------------------------------------+--------+--------+--------+-------
KASUM ENNE TULUMAKSUSTAMIST | (22 ) | 15 | (297 ) | 103
--------------------------------------------+--------+--------+--------+-------
Ettevõtte tulumaks | 0 | 0 | 0 | 0
--------------------------------------------+--------+--------+--------+-------
| | | |
--------------------------------------------+--------+--------+--------+-------
ARUANDEAASTA PUHASKAHJUM | (22 ) | 15 | (297 ) | 103
--------------------------------------------+--------+--------+--------+-------
| | | |
--------------------------------------------+--------+--------+--------+-------
Muu koondkasum (-kahjum) | | | |
--------------------------------------------+--------+--------+--------+-------
Muu koondkasum (-kahjum), | | | |
mida võib teatud juhtudel | | | |
reklassifitseerida kasumiaruandesse | | | |
--------------------------------------------+--------+--------+--------+-------
Valuutakursi muutuste mõju | 0 | 0 | 0 | (40 )
--------------------------------------------+--------+--------+--------+-------
Kokku aruandeaasta koondkahjum | (22 ) | 15 | (297 ) | 63
--------------------------------------------+--------+--------+--------+-------
| | | |
--------------------------------------------+--------+--------+--------+-------
Tava perioodi puhaskahjum aktsia kohta | | | |
(Lisa 13) | (0 %)| 0 % | (7 %)| 2 %
--------------------------------------------+--------+--------+--------+-------
Lahustatud perioodi puhaskahjum aktsia | | | |
kohta (Lisa 13) | (0 %)| 0 % | (7 %)| 1 %
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Manus
* Skano Vahearuanne 2018 Q2 (https://prlibrary-
eu.nasdaq.com/Resource/Download/c4f064ca-fb21-41dd-a206-fd1378c0b6b8)
Content of announcement in English
Title
Skano Group Interim Report 2nd Quarter 2018
Message
Management report
SKANO GROUP AS unaudited second quarter 2018 results
Consolidated net sales for Q2 2018 were EUR 3.95 million, being a 2% decrease
compared to the same period in 2017. Skano Group recorded EBITDA of positive EUR
238 thousand for Q2 2018, which is 19% down compared to Q2 2017. Main reasons
for lower EBITDA in Q2 2018 were lower sales revenue as well as higher prices of
raw material woodchip in the fibreboard division. Net loss for Q2 2018 was EUR 22
thousand (Q2 2017: profit of EUR 15 thousand).
divisional review of second quarter 2018
Fibreboard sales in Q2 2018 were EUR 2.96 million, which is 4% more than same
period in 2017. Most significant increase was from Portugal, Russia and
Thailand. EBITDA for Fibreboard Q2 2018 was EUR 171 thousand (Q2 2017 EBITDA was EUR
186 thousand).
Furniture wholesale sales in Q2 2018 were EUR 778 thousand, 15% down on same
period last year. Both Russia and Finland experienced sales slowdown, while
sales in other markets such as Kazakhstan and Ukraine showed an increase.
Skano's own retail chain sales decreased by 14% compared to same period last
year (Q2 2017: EUR 248 thousand). Despite the sales slowdown, EBITDA for furniture
wholesale for Q2 2018 was positive EUR 78 thousand (Q2 2017 EBITDA was positive EUR
75 thousand), reflecting the increased profitability achieved by ending our own
kiln operations and instead source dried and cut material.
Furniture retail sales in Q2 2018 were EUR 430 thousand, down 18% from same period
last year. EBITDA for furniture retail for Q2 2018 was negative EUR 11 thousand
(Q2 2017 EBITDA was positive EUR 40 thousand), reflecting the weak sales in Q2.
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2018
second quarter were positive EUR 67 thousand.
Balance Sheet
As of 30.06.2018 the total assets of Skano Group AS were EUR 11.3 million
(30.06.2017: EUR 12.2 million). The liabilities of the company as of 30.06.2018
were EUR 7.9 million (30.06.2017: EUR 8.2 million), of which Skano has borrowings of
EUR 5.1 million as at 30.06.2018 (30.06.2017: EUR 5.5 million).
Receivables and prepayments amounted to EUR 1.7 million as at 30.06.2018
(30.06.2017: EUR 1.4 million). Inventories were EUR 2.6 million as of 30.06.2018
(30.06.2017: EUR 2.9 million). Property, plant and intangibles were EUR 6.9 million
as of 30.06.2018 (EUR 7.6 million as of 30.06.2017).
Outlook
Despite slow start for 2018 we have experienced good improvement in demand for
fibreboard during second quarter, as also reflected in higher sales in July
month compared to July last year. However, the recent woodchip price increase is
causing some concern. Sales and marketing activities are focusing more on the
various product applications of our fibreboards, such as the positive health and
environmental benefits of using wood fibre boards compared to competing
synthetic materials.
In Furniture, we expect improved retail performance linked to the forthcoming
launch of new shop concept for our best selling shop in Järve centre, the recent
launch of Skano web-shop, and the scheduled opening of a new shop in Decco
centre in Riga. We also see positive wholesale development in the UK market with
our collections.
Divisional review
Net Revenue by business segments
EUR thousand | EUR thousand |
--------+-------+-------+-------+
Q2 2018|Q2 2017 6M 2018|6M 2017
-----------------------------------------+-------+-------+-------+
Fibreboards production and sales 2,957 |2,848 |5,680 |6,113 |
-----------------------------------------+-------+-------+-------+
Furniture production and sales 778 | 917 |1,578 |1,876 |
-----------------------------------------+-------+-------+-------+
Furniture retail 430 | 522 | 762 |1,071 |
-----------------------------------------+-------+-------+-------+
incl. furniture retail Ukraine 0 | 0 | 0 | 64 |
-----------------------------------------+-------+-------+-------+
Group transactions (215 )| (261 )| (360 )| (573 )|
-----------------------------------------+-------+-------+-------+
TOTAL 3,949 |4,025 |7,660 |8,487 |
Net Profit by business segments
EUR thousand Q2 2018 | Q2 2017 6M 2018 | 6M 2017
-----------------------------------------------+--------------------+----------
EBITDA by business units: | |
-----------------------------------------------+--------------------+----------
Fibreboards production and sales 171 | 186 208 | 500
-----------------------------------------------+--------------------+----------
Furniture production and wholesale 78 | 75 45 | 70
-----------------------------------------------+--------------------+----------
Furniture retail (11 ) | 40 (30 ) | 103
-----------------------------------------------+--------------------+----------
incl. furniture retail Ukraine 0 | 0 0 | 1
-----------------------------------------------+--------------------+----------
Group transactions (0 ) | (7 ) (8 ) | (12 )
-----------------------------------------------+--------------------+----------
TOTAL EBITDA 238 | 295 214 | 661
-----------------------------------------------+--------------------+----------
Depreciation 182 | 209 373 | 417
-----------------------------------------------+--------------------+----------
TOTAL OPERATING PROFIT/ LOSS 55 | 86 (159 ) | 244
-----------------------------------------------+--------------------+----------
Net financial costs (77 ) | (72 ) (138 ) | (142 )
-----------------------------------------------+--------------------+----------
Income tax 0 | 0 0 | 0
-----------------------------------------------+--------------------+----------
NET PROFIT/ LOSS (22 ) | 15 (297 ) | 103
FIBREBOARD sales
The total sales of fibreboards for Q2 2018 were EUR 2.96 million, which are 4% up
from Q2 2017 sales level (EUR 2.85 million). We recorded solid sales increase in
markets such as Portugal, Russia and Thailand while sales were dropping in
Finland and South Africa.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand |
| +---------+ |
Q2 2018 | Q2 2017 6M 2018 | 6M 2017
---------------------------+---------+---------+---------+
European Union 2,165 | 2,078 | 4,363 | 4,709 |
---------------------------+---------+---------+---------+
Russia 423 | 360 | 721 | 619 |
---------------------------+---------+---------+---------+
Asia 143 | 55 | 190 | 173 |
---------------------------+---------+---------+---------+
Middle East 100 | 28 | 173 | 110 |
---------------------------+---------+---------+---------+
Other 93 | 96 | 158 | 139 |
---------------------------+---------+---------+---------+
Africa 33 | 231 | 75 | 363 |
---------------------------+---------+---------+---------+
TOTAL 2,957 | 2,848 | 5,680 | 6,113 |
FURNITURE wholesale sales
Sales dropped to EUR 778 thousand in Q2 2018, down from EUR 917 thousand in Q2
2017. Russian consumer confidence is still negatively influenced by the
sanctions imposed on Russia while in Finland our exclusive distributor is
continuing with their restructuring. Skano's retail shops in the Baltics
recovered slightly from a very weak Q1, however still less sales compared to Q2
2017. Good news is the orders received from Kazakhstan and Ukraine.
FURNITURE WHOLESALE SALES BY COUNTRIES
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q2 2018 | Q2 2017 6M 2018 | 6M 2017
------------------+---------+---------+---------+---------+
Russia | 277 | 320 | 638 | 635 |
------------------+---------+---------+---------+---------+
Finland | 213 | 316 | 448 | 582 |
------------------+---------+---------+---------+---------+
Skano Retail | 213 | 248 | 354 | 507 |
------------------+---------+---------+---------+---------+
Other countries 75 | 33 | 139 | 151 |
------------------+---------+---------+---------+---------+
TOTAL | 778 | 917 | 1,578 | 1,876 |
FURNITURE RETAIL SALES
Skano Group retail business recorded sales of EUR 430 thousand in Q2 2018, which
is 18% decline from Q2 2017. Estonian sales have been sluggish and more
marketing efforts as well as the recent opening of a web shop should help
improve Estonian sales performance. The new sales manager in Lithuania has with
her good activities managed to raise sales in Lithuania with sales more than
doubling in Q2 2018 compared to same period last year. Latvia sales were poor in
Q2, and Skano will open a new shop in Riga in September which will help improve
the Latvian sales.
RETAIL SALES BY COUNTRIES
| EUR thousand | EUR thousand | Number of stores |
------------+---------+---------+---------+---------+------------+------------+
Q2 2018 | Q2 2017 | 6M 2018 | 6M 2017 | 30.06.2018 | 30.06.2017
------------+---------+---------+---------+---------+------------+-------------
Estonia | 263 | 367 | 467 | 689 | 4 | 4
------------+---------+---------+---------+---------+------------+-------------
Latvia | 65 | 111 | 139 | 198 | 1 | 1
------------+---------+---------+---------+---------+------------+-------------
Lithuania | 102 | 44 | 155 | 119 | 1 | 1
------------+---------+---------+---------+---------+------------+-------------
Ukraine* | 0 | 0 | 0 | 64 | 0 | 0
------------+---------+---------+---------+---------+------------+-------------
| 430 | 522 | 762 | 1,071 | 6 | 6
*Ukraine retail operations divested in March 2017.
PEOPLE
On the 30th of June 2018, the Group employed 214 people (compared to 218 people
as of 30.06.2017). The average number of personnel in Q2 2018 was 210 (Q2
2017: 219).
During first six months of 2018, wages and salaries with taxes amounted to EUR
1.8 million (first six months 2017: EUR 2.0 million). Payments made to management
board members of all group companies including all subsidiaries with relevant
taxes were EUR 84 thousand in six months 2018 and EUR 128 thousand in six months
2017.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q2 2018| Q2 2017 6M 2018| 6M 2017
-------------------------+-------------+------------+-------------+------------
Revenue | 3,949 | 4,025 | 7,660 | 8,487
-------------------------+-------------+------------+-------------+------------
EBITDA | 238 | 295 | 214 | 661
-------------------------+-------------+------------+-------------+------------
EBITDA margin | 6 % | 7 %| 3 % | 8 %
-------------------------+-------------+------------+-------------+------------
Operating profit | 55 | 86 | (159 ) | 244
-------------------------+-------------+------------+-------------+------------
Operating margin | 1 % | 2 %| (2 %)| 3 %
-------------------------+-------------+------------+-------------+------------
Net profit | (22 ) | 15 | (297 ) | 103
-------------------------+-------------+------------+-------------+------------
Net margin | (1 %)| 0 %| (4 %)| 1 %
| | | |
| | | |
Statement of financial | | | |
position |30.06.2018 |31.12.2017 |30.06.2017 |31.12.2016
-------------------------+-------------+------------+-------------+------------
Total assets | 11,331 | 10,937 | 12,205 | 11,965
-------------------------+-------------+------------+-------------+------------
Return on assets | (0 %)| 0 %| (2 %)| 1 %
-------------------------+-------------+------------+-------------+------------
Equity | 3,475 | 3,753 | 3,963 | 3,901
-------------------------+-------------+------------+-------------+------------
Return on equity | (0 %)| 0 %| (7 %)| 3 %
-------------------------+-------------+------------+-------------+------------
Debt-to-equity ratio | 69 % | 66 %| 68 % | 67 %
| | | |
| | | |
Share |30.06.2018 |31.12.2017 |30.06.2017 |31.12.2016
-------------------------+-------------+------------+-------------+------------
Last Price* | 0.49 | 0.62 | 0.58 | 0.46
-------------------------+-------------+------------+-------------+------------
Earnings per share | (0 %)| 0 %| (7 %)| 2 %
-------------------------+-------------+------------+-------------+------------
Price-earnings ratio | (100.81 ) | 190.60 | (8.85 ) | 20.18
-------------------------+-------------+------------+-------------+------------
Book value of a share | 0.77 | 0.83 | 0.88 | 0.87
-------------------------+-------------+------------+-------------+------------
Market to book ratio | 0.63 | 0.74 | 0.66 | 0.53
-------------------------+-------------+------------+-------------+------------
Market capitalization, EUR| | | |
thousand | 2,205 | 2,771 | 2,627 | 2,070
-------------------------+-------------+------------+-------------+------------
Number of shares, piece | 4,499,061 | 4,499,061 | 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 |30.06.2018|31.12.2017|30.06.2017
---------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 54| 74| 190
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 1,736| 1,215| 1,448
---------------------------------------------+----------+----------+----------
Inventories (Note 4) | 2,595| 2,336| 2,903
---------------------------------------------+----------+----------+----------
Total current assets | 4,385| 3,624| 4,541
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 5) | 170| 170| 405
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 8)| 177| 182| 0
---------------------------------------------+----------+----------+----------
Other shares and issues | 0| 6| 0
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 6) | 6,560| 6,908| 7,202
---------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 39| 47| 56
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,946| 7,313| 7,663
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 11,331| 10,937| 12,205
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 653| 593| 651
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 2,576| 1,956| 2,556
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 6| 13| 8
---------------------------------------------+----------+----------+----------
Total current liabilities | 3,235| 2,562| 3,215
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 4,421| 4,422| 4,813
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 200| 200| 213
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 4,621| 4,622| 5,026
---------------------------------------------+----------+----------+----------
Total liabilities | 7,856| 7,184| 8,241
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
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 (Notes 8; 12) | 28| 9| 2
---------------------------------------------+----------+----------+----------
Unrealised currency differences | 0| 0| 0
---------------------------------------------+----------+----------+----------
Retained earnings | 96| 393| 610
---------------------------------------------+----------+----------+----------
Total equity (Note 13) | 3,475| 3,753| 3,963
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 11,331| 10,937| 12,205
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | Q2 2018|Q2 2017 6M 2018|6M 2017
---------------------------------------------+--------+-------+--------+-------
Revenue (Note 14) |3,949 |4,025 |7,660 |8,487
---------------------------------------------+--------+-------+--------+-------
Cost of goods sold (Note 15) |3,183 |3,218 |6,477 |6,643
---------------------------------------------+--------+-------+--------+-------
Gross profit | 766 | 808 |1,183 |1,844
---------------------------------------------+--------+-------+--------+-------
| | | |
---------------------------------------------+--------+-------+--------+-------
Distribution costs (Note 16) | 527 | 471 | 981 |1,073
---------------------------------------------+--------+-------+--------+-------
Administrative expenses (Note 17) | 144 | 186 | 294 | 421
---------------------------------------------+--------+-------+--------+-------
Other operating income (Note 19) | 9 | 0 | 12 | 51
---------------------------------------------+--------+-------+--------+-------
Other operating expenses (Note 19) | 49 | 64 | 78 | 157
---------------------------------------------+--------+-------+--------+-------
Operating profit (loss) (Note 11) | 55 | 86 | (159 ) | 244
---------------------------------------------+--------+-------+--------+-------
| | | |
---------------------------------------------+--------+-------+--------+-------
Finance income (Note 20) | 0 | 0 | 1 | 4
---------------------------------------------+--------+-------+--------+-------
Finance costs (Note 20) | 77 | 72 | 139 | 145
---------------------------------------------+--------+-------+--------+-------
LOSS BEFORE INCOME TAX | (22 ) | 15 | (297 ) | 103
---------------------------------------------+--------+-------+--------+-------
Corporate income tax | 0 | 0 | 0 | 0
---------------------------------------------+--------+-------+--------+-------
| | | |
---------------------------------------------+--------+-------+--------+-------
NET LOSS FOR THE FINANCIAL YEAR | (22 ) | 15 | (297 ) | 103
---------------------------------------------+--------+-------+--------+-------
| | | |
---------------------------------------------+--------+-------+--------+-------
Other comprehensive income (loss) | | | |
---------------------------------------------+--------+-------+--------+-------
Other comprehensive income (loss) | | | |
that can in certain cases be reclassified | | | |
to the income statement | | | |
---------------------------------------------+--------+-------+--------+-------
Currency translation differences | 0 | 0 | 0 | (40 )
---------------------------------------------+--------+-------+--------+-------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL | | | |
YEAR | (22 ) | 15 | (297 ) | 63
---------------------------------------------+--------+-------+--------+-------
| | | |
---------------------------------------------+--------+-------+--------+-------
Basic earnings per share (Note 13) | (0 %)| 0 %| (7 %)| 2 %
---------------------------------------------+--------+-------+--------+-------
Diluted earnings per share (Note 13) | (0 %)| 0 %| (7 %)| 1 %
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]
Attachment
* Skano interim report 2018 Q2_ENG (https://prlibrary-
eu.nasdaq.com/Resource/Download/43d27bed-7af6-4a58-973b-39e45931fc0f)