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
7129
Attachments
Submission date and time
26.02.2019 15:52:58
Content of announcement in Estonian
Title
2018. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
SKANO GROUP AS AUDITEERIMATA 2018. MAJANDUSAASTA NELJANDA KVARTALI JA 12 KUU
TULEMUSED
Skano Group AS konsolideeritud müügitulu oli 2018. aasta 4. kvartalis 3,43
miljonit eurot, mis on 9% langust 2017. aasta sama perioodiga võrreldes.
Puitkiudplaadi müügitulu langes 6%, mille kaks peamist põhjust olid
ehitusmaterjalide nõudluse vähenemine Venemaa turul (geopoliitilistest
põhjustest tulenev kindluse vähenemine) ning planeeritust madalam müügitulu
Lõuna-Aafrikasse (kohalik konkurent väljus pankrotiolukorrast ning müüb tooteid
väga odava hinnaga). Mööbli hulgimüügi müügitulu vähenes 19%, mille peamiseks
põhjuseks oli nõudluse langus Venemaal. Meie sealsed edasimüüjad on avaldanud,
et kohalikus tarbijaskonnas on märgata geopoliitilistest põhjustest tulenevalt
kindlustunde vähenemist ostuotsuse tegemisel. Mööbli jaemüügi müügitulu vähenes
10%, peamiseks põhjuseks oli Riia poe sulgemine (uus pood Riias on avatud, kuid
vajab aega sisseseadmiseks) ning Tallinna teise poe nõrk tulemus (suletakse
2019. aasta 1. kvartalis).
Skano Group EBITDA oli 2018. aasta 4. kvartalis negatiivne 172 tuhat eurot
(2017. aasta 4. kvartalis positiivne 21 tuhat eurot). 2018. aasta 4. kvartali
EBITDA tulemus sisaldab ühekordseid kulusid nagu hüviste reservi suurendamine
25 tuhande euro võrra. 2017. aasta 4. kvartali EBITDA sisaldas põhivara müügist
tulenenud ühekordseid tulusid summas 9 tuhat eurot. Kiudplaadi kasumlikkus oli
märkimisväärselt madalam ning selle põhjustas oluliselt kasvanud puiduhakke
sisseostuhind. Jätkame protsessiga kasvanud kulu edasikandmiseks turule läbi
hinnatõusu. Mööbli hulgimüügi kasumlikkust mõjutas negatiivselt müügitulu langus
2018. aasta 4. kvartalis 2017. aasta 4. kvartaliga võrreldes. 2018. aasta 4.
kvartali puhaskahjum oli 389 tuhat eurot (2017 4. kvartal: kahjum 243 tuhat
eurot).
Skano Group AS konsolideeritud müügitulu oli 2018. aastal kokku 14,80 miljonit
eurot, mis on 9% langust 2017. aasta sama perioodiga võrreldes (2017: 16,36
miljonit eurot). Puitkiudplaadi müügitulu 7% langus oli tingitud kahest
peamisest põhjusest - esiteks kahanenud nõudlus ühepereelamute suurimal turul,
Soomes (müügitulu 3,45 miljonit, mi on 0,51 miljonit eurot langust 2017. aastaga
võrreldes); teiseks madalam müügitulu Lõuna-Aafrikasse, tulenevalt asjaolust, et
kohalik konkurent on väljunud pankrotist ning jätkab turul väga odava hinnaga
müüki. Müügitulu ülejäänud 30-sse riiki kasvas 2018. aastal 2% eelmise aasta
sama perioodiga võrreldes. Mööbli hulgimüügi müügitulu langes 16% võrreldes
aastaga 2017 (0,57 miljonit eurot langust 3,58 miljonilt eurolt aastal
2017 3,01 miljonile eurole aastal 2018). Languse põhjustas peamiselt
müügimahtude vähenemine Venemaale 0,19 miljonit eurot, peegeldades nõrgenenud
tarbija kindlustunnet mida eelpool mainitud. Teiseks põhjuseks 0,20 miljonit
eurot müügitulu langust Soome edasimüüjale, kes sulges mõned Soome müügisalongid
ning vähendas ekspordi osakaalu eesmärgiga vähendada ettevõtluse haaret ning
parandada kasumlikkust. Mööbli jaemüügi müügitulu vähenes aastaga 2017 20%
(langus 0,39 miljonit eurot, olles 1,93 miljonit eurot aastal 2017 ja 1,54
miljonit eurot aastal 2018). Müügitulu langes Eestis (vähenenud nõudlus tingis
uue kaupluse kontseptsiooni väljatöötamise ja lansseerimise) Lätis (sulgesime
senise Riia poe, kuna ostukeskuse tulemuslikkus vähenes ning avasime uue poe
Novembris), samas kui müügitulu kasvas Leedus.
Skano Group EBITDA oli 2018. aastal kokku positiivne 87 tuhat eurot (2017: 974
tuhat eurot). 2018. aasta EBITDA sisaldab ühekordseid kulusid nagu hüviste
reservi suurendamine 25 tuhat eurot, samas kui 2017. aasta EBITDA sisaldab
ühekordseid tulusid kinnisvara investeeringu müügist 186 tuhat eurot, kulusid
kinnisvarainvesteeringu mahakandmisest summas 44 tuhat eurot ning tulu põhivara
müügist 9 tuhat eurot. Mööbli hulgimüügi kahjum sai 2018. aastal mõningast
leevendust kuivatite kasutamise lõpetamisega seotud positiivsest kulusäästu
efektist. Samas Mööbli jaemüügis langes müügitulu vähenemise tõttu kasumist
kahjumisse. Kiudplaadi kasumlikkuse vähenemise taga oli peamiselt toormaterjali
, puiduhakke, märkimisväärne hinnatõus. Oleme alustanud ning jätkame protsessiga
tekkinud kulu kasv turule läbi hinnatõusude edasi kandmiseks. Puhaskahjum aastal
2018 897 tuhat eurot (2017: kahjum 127 tuhat eurot).
ÄRISEGMENTIDE ÜLEVAADE 2018. MAJANDUSAASTA NELJANDA KVARTALI JA 12 KUU KOHTA
Puitkiudplaadi müügitulu langes 2018. aasta 4. kvartalis 6%, olles 2,40 miljonit
eurot väiksem 2017. aasta sama perioodiga võrreldes (2017:2,55 miljonit eurot).
2018. aasta 4. kvartali jooksul müüsime oma toodangut klientidele 23-s riigis.
Müügitulu languse kaks peamist põhjust olid ehitusmaterjalide nõudluse
vähenemine Venemaa turul (geopoliitilistest põhjustest tulenev kindluse
vähenemine) ning planeeritust madalam müügitulu Lõuna-Aafrikasse (kohalik
konkurent väljus pankrotiolukorrast ning müüb tooteid väga odava hinnaga).
Puitkiudplaadi brutomarginaali mõjutas negatiivselt kõrgem toormaterjali,
puiduhakke, sisseostuhind. Seega EBITDA tulemuseks 2018. aasta 4. kvartalis
negatiivne 63 tuhat eurot (2017 4. kvartalis EBITDA positiivne 39 tuhat eurot).
Puitkiudplaadi müügitulu 2018. aastal kokku vähenes 7% eelmise aasta (2017) sama
perioodiga võrreldes, olles 11,01 miljonit (2017: 11,84 miljonit eurot). Müüsime
oma toodangut 2018. aastal 32-e erinevasse riiki. 2018. aastal langes müügitulu
peamiselt Soomes ja Lõuna-Aafrikas, samas kui ülejäänud 32 kliendi juures kasvas
müügitulu kokku 2%. Brutomarginaali languse peamine põhjus oli kogu aasta
jooksul toormaterjali, puiduhakke, sisseostuhinna tõus. Seega EBITDA tulemuseks
2018. aastal positiivne 284 tuhat eurot (2017. aastal EBITDA positiivne 913
tuhat eurot).
Mööbli hulgimüügi müügitulu oli 2018. aasta 4. kvartalis 799 tuhat eurot, mis on
19% langust 2017. aasta sama perioodiga võrreldes (2017 4. kvartal 987 tuhat
eurot). Müügitulu languse peamiseks põhjuseks oli nõudluse vähenemine Venemaal,
kus meie edasimüüjad on täheldanud kohaliku tarbija kindlustunde vähenemist
tulenevalt geopoliitilistest põhjustest, mis omakorda mõjutab lõpptarbija
ostuotsust. Mööbli jaemüügi müügitulu oli 2018. aasta 4. kvartalis 10% madalam
võrreldes sama perioodiga aastal 2017. Peamiselt tulenes müügitulu langis Riia
poe sulgemisest (suletud pood asus Riias Spice Centeris, mis näitab populaarsuse
vähenemise märke) ning Tallinna teise kaupluse nõrgast tulemusest (Pärnu mnt
kauplus suletakse 2019 1. kvartalis). Avasime novembris 2018 uue kaupluse Riias
Decco Centrs keskuses mis on rohkem mööbli kontseptsioonile orienteeritud. Leedu
on samas näidanud müügitulu kasvu peamiselt tänu turundustegevustele ning uue
kaupluse juhataja tegevusele. Mööbli hulgimüügi EBITDA 4. kvartalis 2018 oli
negatiivne 62 tuhat eurot (2017. aasta 4. kvartalis negatiivne 53 tuhat eurot).
Tasub märkida, et 2018 4. kvartali EBITDA tulemus sisaldab ühekordset kulu 21
tuhat eurot, mis tuleneb hüviste reservi suurendamisest.
Mööbli hulgimüügi müügitulu 2018. aastal kokku vähenes 6% 2017 aasta sama
perioodiga võrreldes (vähenedes 0,57 miljonit eurot 3,58 miljonilt eurolt 3,01
miljonile eurole). Langusest 0,19 miljonit eurot põhjustas müügitulu vähenemine
Venemaale seoses nõrgenenud kindlustundega kohalikes tarbijates nagu eelpool
märgitud. Langusest 0,20 miljonit eurot põhjustas müügitulu langus Soome
edasimüüja juures, kes sulges mõned kauplused ning vähendas eksporti eesmärgiga
ettevõtte haaret vähendada ja parandada kasumlikkust. 2018. aastal mööbli
hulgimüügi EBITDA tulemuseks negatiivne 47 tuhat eurot (2017. aastal negatiivne
57 tuhat eurot).
Mööbli jaemüügi müügitulu oli 2018. aasta 4. kvartalis 441 tuhat eurot, mis on
10% madalam võrreldes sama perioodiga aastal 2017 (2017. aasta 4. kvartalis 488
tuhat eurot). Peamiselt tulenes müügitulu langis Riia poe sulgemisest (suletud
pood asus Riias Spice Centeris, mis näitab populaarsuse vähenemise märke) ning
Tallinna teise kaupluse nõrgast tulemusest (Pärnu mnt kauplus suletakse 2019 1.
kvartalis). Me näeme et külastajate arv on stabiilne kuid tellimuste hulk näitab
vähenevat trendi, mis peegeldab tarbijate käitumises asjaolu, et võetakse rohkem
aega mõtlemaks ja kaalumaks alternatiive ning konkurentide või oodatakse
turunduskampaaniaid. Mööbli jaemüügi EBITA oli 2017. aasta 4. kvartalis
negatiivne 22 tuhat eurot (2017. aasta 4. kvartalis positiivnme 18 tuhat eurot),
peegeldades 4. kvartali nõrka müügitulu tulemust.
Mööbli jaemüügi müügitulu oli 2018. aastal kokku 1,54 miljonit eurot, mis on
19% madalam (vähenemine 0,39 miljonit eurot) võrreldes sama perioodiga aastal
2017 (2017: 1,93 miljonit eurot). Müügitulu langes Eestis (vähenenud nõudlus
tingis uue kaupluse kontseptsiooni väljatöötamise ja lansseerimise) Lätis
(sulgesime senise Riia poe, kuna ostukeskuse tulemuslikkus vähenes ning avasime
uue poe novembris), samas kui müügitulu kasvas Leedus. 2018. aasta EBITDA kokku
negatiivne 103 tuhat eurot (2017: positiivne 119 tuhat eurot).
Mööbliäri (hulgi ja jaemüük kokku) EBITDA oli 2018. aasta 4. kvartalis
negatiivne 84 tuhat eurot (2017. aasta 4. kvartalis negatiivne 35 tuhat eurot).
Mööbliäri EBITDA 2018 aastal kokku negatiivne 150 tuhat eurot (2017. aastal
positiivne 62 tuhat eurot).
BILANSS
Seisuga 31.12.2018 olid Skano Group AS varad kokku 10,3 miljonit eurot
(31.12.2017: 10,9 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.12.2018 7,4 miljonit eurot (31.12.2017: 7,2 miljonit eurot), milledest Skanol
oli laenukohustisi 4,8 miljonit eurot seisuga 31.12.2018 (31.12.2017: 5,0
miljonit).
Nõuded ja ettemaksed olid kokku 1,1 miljonit eurot seisuga 31.12.2018
(31.12.2017: 1,2 miljonit eurot). Varud seisuga 31.12.2018 2,3 miljonit eurot
(31.12.2017 2,3 miljonit eurot). Materiaalne ja immateriaalne põhivara kokku
seisuga 31.12.6,9 miljonit eurot (7,3 miljonit seisuga of 31.12.2017).
TULEVIKU VÄLJAVAADE
Kiudplaadi segmendis tegeleme erinevate aplikatsioonipõhiste toodete müügi
edendamisega, milledel on rahvusvahelisem haare kui senistel tuuletõkke ja
isolatsiooniplaatidel senistel traditsioonilistel turgudel nagu Soome, Venemaa
ja Eesti. Oleme juurutanud iga-aastase hinnatõusu poliitika, eesmärgiga
allokeerida 2018. aastal toormaterjali, puidu hakke, sisendhindade tõusust
tulenev kulude kasvu mõju edasi turule. Meie turundus tegevused on suunatud meie
toodete eeliste teavitusele, mis tulenevad loodusliku kuusepuidu kasutamisest
toorainena võrreldes konkurentide sünteetiliste materjalidega.
Mööbliäris ootame jaemüügi tulemuslikkuse paranemist läbi uue kaupluste
kontseptsiooni tutvustamise. Uut kontseptsiooni on juba rakendatud meie parima
müügiga Tallinna kaupluses ning vastavatud Riia kaupluses Decco keskuses.
Järgnevalt implementeerime uue kontseptsiooni Vilniuse ja Tartu kauplustes.
Kehva kasumlikkuse tõttu otsime väljundeid sulgemaks Tallinna teist kauplust.
Mööbli hulgimüügis oleme allkirjastanud senise Soome edasimüüjaga lepingu, mille
alusel võtame üle osade tema ekspordiklientide halduse, mis peaks laiendama meie
kliendibaasi ning annaks suuremat potentsiaali mööbli müügitulude
kindlustamisel.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR |tuh EUR |
---------+--------+--------+--------+
IV kv |IV kv |
2018 |2017 12k 2018|12k 2017
---------------------------------------+--------+--------+--------+
Kiudplaadi tootmine ja müük 2 404 |2 552 |11 006 |11 836 |
---------------------------------------+--------+--------+--------+
Mööbli tootmine ja müük 799 | 987 | 3 006 | 3 578 |
---------------------------------------+--------+--------+--------+
Mööbli jaemüük 441 | 488 | 1 536 | 1 932 |
---------------------------------------+--------+--------+--------+
sis. mööbli jaemüük Ukraina 0 | 0 | 0 | 64 |
---------------------------------------+--------+--------+--------+
Elimineerimine (215 ) | (242 ) | (750 )| (990 )|
---------------------------------------+--------+--------+--------+
Kokku 3 429 |3 785 |14 798 |16 357 |
KASUM ÄRISEGMENTIDE LÕIKES
| ---------+
IV kv |IV kv |
tuh EUR 2018 |2017 12k 2018|12k 2017
---------------------------------------------+-----------------+--------
EBITDA ärisegmentide lõikes 0 | 0 0 | 0
---------------------------------------------+-----------------+--------
Kiudplaadi tootmine ja müük (63 ) | 39 284 | 913
---------------------------------------------+-----------------+--------
Mööbli tootmine ja müük (62 ) | (53 ) (47 ) | (57 )
---------------------------------------------+-----------------+--------
Mööbli jaemüük (22 ) | 18 (103 ) | 118
---------------------------------------------+-----------------+--------
sisaldab mööbli jaemüüki Ukrainas 0 | 0 0 | 1
---------------------------------------------+-----------------+--------
Elimineerimine (25 ) | 17 (47 ) | 1
---------------------------------------------+-----------------+--------
Kokku EBITDA (172 ) | 21 87 | 974
---------------------------------------------+-----------------+--------
Põhivara kulum ja amortisatsioon 176 | 201 730 | 825
---------------------------------------------+-----------------+--------
Kokku ÄRIKASUM/-KAHJUM (348 ) |(179 ) (643 ) | 149
---------------------------------------------+-----------------+--------
Neto finantskulud 41 | 64 252 | 275
---------------------------------------------+-----------------+--------
Tulumaksukulu 0 | 0 0 | 0
---------------------------------------------+-----------------+--------
PUHASKASUM/-KAHJUM (389 ) |(243 ) (896 ) |(126 )
KIUDPLAADI MÜÜK
Puitkiudplaadi müügitulu langes 2018. aasta 4. kvartalis 6%, olles 2,40 miljonit
eurot väiksem 2017. aasta sama perioodiga võrreldes (2017:2,55 miljonit eurot).
Korralik müügitulu kasv tuli turgudelt nagu Eesti, Läti, Norra ja Ukraina, samas
kui müügitulud langesid Venemaal, Lõuna-Aafrikas ja Hollandis.
Puitkiudplaadi müügitulu 2018. aastal kokku vähenes 7% eelmise aasta (2017) sama
perioodiga võrreldes, olles 11,01 miljonit (2017: 11,84 miljonit eurot).
Korralik müügitulu kasv tuli turgudelt nagu Portugal, Aasia, Läti, Norra ja
Lähis-Ida, samas kui müügitulud langesid Soomes, Lõuna-Aafrikas, Venemaal,
Hollandis ja Ühendkuningriikides.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR |tuh EUR |
| +--------+ |
IV kv 2018|IV kv 2017 12k 2018|12k 2017
--------------------------------------------------+----------+--------+--------+
Euroopa Liit (sh Suomen Tuulileijona | | | |
müük) 1 843 |1 824 |8 297 |8 700 |
--------------------------------------------------+----------+--------+--------+
Venemaa 362 |459 |1 531 |1 631 |
--------------------------------------------------+----------+--------+--------+
Aasia 64 |81 |312 |260 |
--------------------------------------------------+----------+--------+--------+
Lähis-Ida 8 |25 |294 |241 |
--------------------------------------------------+----------+--------+--------+
Aafrika 31 |115 |168 |679 |
--------------------------------------------------+----------+--------+--------+
Teised 95 |48 |404 |325 |
--------------------------------------------------+----------+--------+--------+
Kokku 2 404 |2 552 |11 006 |11 836 |
MÖÖBLI HULGIMÜÜK
Mööbli hulgimüügi müügitulu oli 2018. aasta 4. kvartalis 799 tuhat eurot, mis on
19% langust 2017. aasta sama perioodiga võrreldes (2017 4. kvartal 987 tuhat
eurot). Müügitulu languse põhjustasid peamiselt Venemaa klientide nõudluse
langus ja Skano Jae (kaupluse sulgemine ja kaupluse ümberehitus).
Mööbli hulgimüügi müügitulu 2018. aastal kokku vähenes 6% 2017 aasta sama
perioodiga võrreldes (vähenedes 0,57 miljonit eurot 3,58 miljonilt eurolt 3,01
miljonile eurole). Müügitulu langusest 0,19 miljonit eurot põhjustas müügitulu
vähenemine Venemaale seoses nõrgenenud kindlustundega kohalikes tarbijates nagu
eelpool märgitud. Langusest 0,20 miljonit eurot põhjustas müügitulu langus Soome
edasimüüja juures, kes sulges mõned kauplused ning vähendas eksporti eesmärgiga
ettevõtte haaret vähendada ja parandada kasumlikkust.
MÖÖBLI HULGIMÜÜGITULU GEOGRAAFILISELT
tuh EUR tuh EUR | tuh EUR |
-------------+------------+----------+----------+
IV kv 2018 | IV kv 2017 12k 2018 | 12k 2017
----------------+------------+------------+----------+----------+
Venemaa | 325 | 490 | 1 217 | 1 406 |
----------------+------------+------------+----------+----------+
Soome | 202 | 207 | 798 | 995 |
----------------+------------+------------+----------+----------+
Skano jae | 203 | 230 | 733 | 900 |
----------------+------------+------------+----------+----------+
Teised riigid 69 | 60 | 258 | 278 |
----------------+------------+------------+----------+----------+
Kokku | 799 | 987 | 3 006 | 3 579 |
MÖÖBLI JAEMÜÜK
Mööbli jaemüügi müügitulu oli 2018. aasta 4. kvartalis 441 tuhat eurot, mis on
10% madalam võrreldes sama perioodiga aastal 2017 (2017. aasta 4. kvartalis 488
tuhat eurot). Peamiselt tulenes müügitulu langis Riia poe sulgemisest (suletud
pood asus Riias Spice Centeris, mis näitab populaarsuse vähenemise märke) ning
Tallinna teise kaupluse nõrgast tulemusest (Pärnu mnt kauplus suletakse 2019 1.
kvartalis). Me näeme et külastajate arv on stabiilne kuid tellimuste hulk näitab
vähenevat trendi, mis peegeldab tarbijate käitumises asjaolu, et võetakse rohkem
aega mõtlemaks ja kaalumaks alternatiive ning konkurentide või oodatakse
turunduskampaaniaid
Mööbli jaemüügi müügitulu oli 2018. aastal kokku 1,54 miljonit eurot, mis on
19% madalam (vähenemine 0,39 miljonit eurot) võrreldes sama perioodiga aastal
2017 (2017: 1,93 miljonit eurot). Müügitulu langes Eestis (vähenenud nõudlus
tingis uue kaupluse kontseptsiooni väljatöötamise ja lansseerimise) Lätis
(sulgesime senise Riia poe, kuna ostukeskuse tulemuslikkus vähenes ning avasime
uue poe novembris), samas kui müügitulu kasvas Leedus.
MÖÖBLI JAEMÜÜGITULU GEOGRAAFILISELT
tuh EUR |tuh EUR |Kaupluste arv |
-----------+----------+--------+--------+----------+----------+
IV kv 2018|IV kv 2017 12k 2018|12k 2017 31.12.2018|31.12.2017
---------+----------+----------+--------+--------+----------+-----------
Eesti |260 |327 |962 |1 266 |4 |4
---------+----------+----------+--------+--------+----------+-----------
Läti |77 |98 |272 |356 |1 |1
---------+----------+----------+--------+--------+----------+-----------
Leedu |104 |62 |302 |246 |1 |1
---------+----------+----------+--------+--------+----------+-----------
Ukraina*|0 |0 |0 |64 |0 |0
---------+----------+----------+--------+--------+----------+-----------
Kokku |441 |488 |1 536 |1 932 |6 |6
*Ukraina jae-kett müüdi märtsis 2017.
TÖÖTAJAD
Seisuga 31.12.2018 töötas Kontsernis 216 inimest (võrreldes 223 inimesega
seisuga 31.12.2017). Töötajate keskmine arv oli 2018 4. kvartalis 212 (4.
kvartalis 2017: 229).
Kõnealuse, 2018., aasta kaheteistkümne kuu jooksul olid tööjõukulud koos
maksukuludega kokku 3,6 miljonit eurot (kaksteist kuud 2017 3,8 miljonit eurot).
Kõigi kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud
tasud koos maksukuludega olid kokku 187 tuhat eurot 2018 kaheteist kümne kuu
jooksul 2018, ning 176 tuhat eurot kaheteistkümne kuu jooksul 2017.
FINANTSSUHTARVUD
Kasumiaruanne |IV kv 2018 |IV kv 2017 12k 2018 |12k 2017
-----------------------+-------------+-------------+-------------+-------------
Müügitulu | 3 429 | 3 785 | 14 798 | 16 357
-----------------------+-------------+-------------+-------------+-------------
EBITDA | (172 ) | 21 | 87 | 974
-----------------------+-------------+-------------+-------------+-------------
EBITDA rentaablus | (5 %)| 1 % | 1 % | 6 %
-----------------------+-------------+-------------+-------------+-------------
Ärikasum/-kahjum | (348 ) | (179 ) | (643 ) | 149
-----------------------+-------------+-------------+-------------+-------------
Ärirentaablus | (10 %)| (5 %)| (4 %)| 1 %
-----------------------+-------------+-------------+-------------+-------------
Puhaskasum/-kahjum | (389 ) | (243 ) | (896 ) | (126 )
-----------------------+-------------+-------------+-------------+-------------
Puhasrentaablus | (11 %)| (6 %)| (6 %)| (1 %)
| | | |
| | | |
Bilanss |31.12.2018 |31.12.2017 |31.12.2018 |31.12.2017
-----------------------+-------------+-------------+-------------+-------------
Koguvarad | 10 302 | 10 937 | 10 302 | 10 937
-----------------------+-------------+-------------+-------------+-------------
Koguvarade | | | |
puhasrentaablus | (4 %)| (2 %)| (9 %)| (1 %)
-----------------------+-------------+-------------+-------------+-------------
Omakapital | 2 895 | 3 753 | 2 895 | 3 753
-----------------------+-------------+-------------+-------------+-------------
Omakapitali | | | |
puhasrentaablus | (13 %)| (6 %)| (31 %)| (3 %)
-----------------------+-------------+-------------+-------------+-------------
Võlakordaja | 72 % | 66 % | 72 % | 66 %
| | | |
| | | |
Aktsia |31.12.2018 |31.12.2017 |31.12.2018 |31.12.2017
-----------------------+-------------+-------------+-------------+-------------
Aktsia viimane hind | | | |
(EUR)* | 0,36 | 0,62 | 0,36 | 0,62
-----------------------+-------------+-------------+-------------+-------------
Puhaskasum aktsia | | | |
kohta (EUR) | (0,09 ) | (0,05 ) | (0,20 ) | (0,03 )
-----------------------+-------------+-------------+-------------+-------------
Hind-tulu (PE) suhtarv| (4,14 ) | (11,40 ) | (1,80 ) | (21,92 )
-----------------------+-------------+-------------+-------------+-------------
Aktsia | | | |
raamatupidamisväärtus | | | |
(EUR) | 0,64 | 0,83 | 0,64 | 0,83
-----------------------+-------------+-------------+-------------+-------------
Turuhinna ja | | | |
raamatupidamisväärtuse| | | |
suhe | 0,56 | 0,74 | 0,56 | 0,74
-----------------------+-------------+-------------+-------------+-------------
Turukapitalisatsioon | | | |
tuh EUR | 1 611 | 2 771 | 1 611 | 2 771
-----------------------+-------------+-------------+-------------+-------------
Aktsiate arv tk | 4 499 061 | 4 499 061 | 4 499 061 | 4 499 061
-----------------------+-------------+-------------+-------------+-------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |31.12.2018 |31.12.2017|31.12.2016
--------------------------------------------+------------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 54 |74 |184
--------------------------------------------+------------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 141 |1 215 |965
--------------------------------------------+------------+----------+----------
Varud (Lisa 4) | 2 252 |2 336 |2 760
--------------------------------------------+------------+----------+----------
Kokku käibevarad | 3 447 |3 624 |3 909
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 175 |170 |405
--------------------------------------------+------------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 422 |182 |0
--------------------------------------------+------------+----------+----------
Muud aktsiad ja osad | 0 |7 |0
--------------------------------------------+------------+----------+----------
Materiaalne põhivara (Lisa 6) | 6 223 |6 908 |7 584
--------------------------------------------+------------+----------+----------
Immateriaalne põhivara (Lisa 7) | 34 |47 |66
--------------------------------------------+------------+----------+----------
Kokku põhivarad | 6 855 |7 313 |8 055
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Kokku varad | 10 302 |10 937 |11 964
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Võlakohustised (Lisas 9) | 650 |593 |1 176
--------------------------------------------+------------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 420 |1 956 |2 497
--------------------------------------------+------------+----------+----------
Lühiajalised eraldised (Lisa 11) | 23 |13 |15
--------------------------------------------+------------+----------+----------
Kokku lühiajalised kohustised | 3 094 |2 562 |3 688
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Pikaajalised võlakohustised (Lisas 9) | 4 113 |4 422 |4 163
--------------------------------------------+------------+----------+----------
Pikaajalised eraldised (Lisa 11) | 200 |200 |213
--------------------------------------------+------------+----------+----------
Kokku pikaajalised kohustised | 4 313 |4 622 |4 376
--------------------------------------------+------------+----------+----------
Kokku kohustised | 7 407 |7 184 |8 064
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12)| 2 699 |2 699 |2 699
--------------------------------------------+------------+----------+----------
Ülekurss | 364 |364 |364
--------------------------------------------+------------+----------+----------
kohustuslik reservkapital | 288 |288 |288
--------------------------------------------+------------+----------+----------
Muud reservid | 46 |9 |42
--------------------------------------------+------------+----------+----------
Realiseerimata kursivahed | 0 |0 |0
--------------------------------------------+------------+----------+----------
Jaotamata kasum (kahjum) | (501 )|393 |507
--------------------------------------------+------------+----------+----------
Kokku omakapital | 2 895 |3 753 |3 900
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Kokku kohustised ja omakapital | 10 302 |10 937 |11 964
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMIARUANNE
|IV kv |IV kv |
tuh EUR |2018 |2017 12k 2018|12k 2017
-------------------------------------------+--------+--------+--------+--------
Müügitulu (Lisa 14) |3 429 |3 785 |14 798 |16 357
-------------------------------------------+--------+--------+--------+--------
Müüdud toodangu kulu (Lisa 15) |3 073 |3 319 |12 753 |13 419
-------------------------------------------+--------+--------+--------+--------
Brutokasum | 356 | 466 | 2 045 | 2 938
-------------------------------------------+--------+--------+--------+--------
| | | |
-------------------------------------------+--------+--------+--------+--------
Turustuskulud (Lisa 16) | 492 | 467 | 1 953 | 2 040
-------------------------------------------+--------+--------+--------+--------
Üldhalduskulud (Lisa 17) | 179 | 172 | 627 | 703
-------------------------------------------+--------+--------+--------+--------
Muud äritulud (Lisa 19) | 1 | 17 | 14 | 255
-------------------------------------------+--------+--------+--------+--------
Muud ärikulud (Lisa 19) | 34 | 23 | 122 | 301
-------------------------------------------+--------+--------+--------+--------
Ärikasum (-kahjum) (Lisa 11) | (348 ) | (179 ) | (643 )| 149
-------------------------------------------+--------+--------+--------+--------
| | | |
-------------------------------------------+--------+--------+--------+--------
Finantstulud (Lisa 20) | 22 | 0 | 22 | 4
-------------------------------------------+--------+--------+--------+--------
Finantskulud (Lisa 20) | 62 | 64 | 275 | 279
-------------------------------------------+--------+--------+--------+--------
KASUM ENNE TULUMAKSUSTAMIST | (389 ) | (243 ) | (896 )| (126 )
-------------------------------------------+--------+--------+--------+--------
Ettevõtte tulumaks | 0 | 0 | 0 | 0
-------------------------------------------+--------+--------+--------+--------
| | | |
-------------------------------------------+--------+--------+--------+--------
ARUANDEAASTA PUHASKAHJUM | (389 ) | (243 ) | (896 )| (126 )
-------------------------------------------+--------+--------+--------+--------
| | | |
-------------------------------------------+--------+--------+--------+--------
Muu koondkasum (-kahjum) | 0 | 0 | 0 | (40 )
-------------------------------------------+--------+--------+--------+--------
Muu koondkasum (-kahjum), mida võib teatud| | | |
juhtudel reklassifitseerida | | | |
kasumiaruandesse | 0 | 0 | 0 | 0
-------------------------------------------+--------+--------+--------+--------
Valuutakursi muutuste mõju | 0 | 0 | 0 | (40 )
-------------------------------------------+--------+--------+--------+--------
Kokku aruandeaasta koondkahjum | (389 ) | (243 ) | (896 )| (166 )
-------------------------------------------+--------+--------+--------+--------
| | | |
-------------------------------------------+--------+--------+--------+--------
Tava perioodi puhaskahjum aktsia kohta | | | |
(Lisa 13) |(0,09 ) |(0,05 ) | (0,20 )| (0,03 )
-------------------------------------------+--------+--------+--------+--------
Lahustatud perioodi puhaskahjum aktsia | | | |
kohta (Lisa 13) |(0,09 ) |(0,05 ) | (0,20 )| (0,04 )
+--------+--------+--------+--------
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Manus
* Skano 2018 4. kvartali ja 12 kuu vahearuanne (https://ml-
eu.globenewswire.com/Resource/Download/34836156-b1db-4f56-94b6-9e20f0128e94)
Content of announcement in English
Title
Unaudited consolidated interim report for the fourth quarter and twelve months of 2018
Message
MANAGEMENT REPORT
SKANO GROUP AS UNAUDITED RESULTS FOR FOURTH QUARTER AND 12 MONTHS OF 2018
Consolidated net sales for Q4 2018 were EUR 3.43 million, being a 9% decrease
compared to the same period in 2017. Fibreboard sales declined with 6%, the two
main reasons being a drop in demand for building materials in Russia (declining
confidence due to geopolitical reasons) and lower sales than planned in South
Africa (local competitor emerged from bankruptcy, and is now selling boards at
very low prices). Furniture wholesale sales dropped by 19%, of which the main
reason was the reduced demand experienced in Russia, where our two distributors
cited the declining consumer confidence affecting purchasing behaviour due to
geopolitical reasons. Furniture retail sales were down 10%, mainly due to
closure of old Riga shop (new shop opened in Riga but needs time to get
established) and weak performance of our second Tallinn shop (to be closed in Q1
2019).
Skano Group recorded EBITDA of negative EUR 172 thousand for Q4 2018 (vs positive
EUR 21 thousand Q4 2017). The Q4 EBITDA result for 2018 includes one-off expenses
like increase of provision reserves by EUR 25 thousand. 2017 Q4 EBITDA included
one-off profit from sale of fixed assets by EUR 9 thousand. Fibreboard
profitability was substantially reduced due to the much higher cost of its main
raw material, woodchips. We are continuing the process of passing on this cost
increase to our customers. Furniture profitability was negatively influenced by
the reduction in sales during Q4 2018 compared to Q4 2017. Net loss for Q4 2018
was EUR 389 thousand (Q4 2017: loss of EUR 243 thousand).
Consolidated net sales for 12 months 2018 were EUR 14.80 million, being a 10%
decrease compared to the same period in 2017 (2017: EUR 16.36 million). The 7%
decline in sales of fibreboards from EUR 11.84 million down to EUR 11.01 million was
mainly due to two reasons, one being reduced demand for single family dwellings
in Fibreboard´s largest market, Finland (sales down with EUR 0.51 million from
2017, to EUR 3.45 million) and second being drop in sales to South Africa (sales
down EUR 0.51 million from 2017, to EUR 0.17 million), such drop being caused by the
local competitor being brought back from bankruptcy proceedings and now selling
at very low prices. Sales to customers in our other 30 countries were up by 2%
in 2018 compared to 2017. Furniture wholesale sales decreased by 16% compared to
2017 (from EUR 3.58 million to EUR 3.01 million, a drop of EUR 0.57 million). The drop
was caused mainly by loss of sales of EUR 0.19 million to Russia, reflecting the
weakened consumer confidence as described above, and loss of sales of EUR 0.20
million to our Finnish distributor, who closed some of their Finnish retail
shops and reduced their export sales in the process of slimming down their
operations in order to improve their profitability. Furniture retail sales
decreased by 20% compared to 2017 (from EUR 1.93 million to EUR 1.54 million, a drop
of EUR 0.39 million). Sales dropped in Estonia (reduced demand which has led us to
start rolling out new shop concept) and in Latvia (we closed one Riga shop due
to the furniture centre's declining performance, and opened a new shop in
November), while sales growth was recorded in Lithuania.
Skano Group recorded EBITDA of positive EUR 87 thousand for full year 2018 (vs
positive EUR 974 thousand in 2017). 2018 full year EBITDA includes one-off
expenses like increase of provision reserves by EUR 25 thousand whereas 2017
EBITDA included one-off profit from sale of real estate investments of EUR 186
thousand, loss from write down of real estate investment of EUR44 thousand and
profit from sale of fixed assets by EUR 9 thousand. Furniture wholesale loss for
2018 was somewhat dampened due to the positive effect of closing its kiln
operations earlier in 2018 while furniture retail went from being profitable in
2017 to becoming loss making in 2018 due to the drop in sales. Fibreboard
profitability was substantially reduced due to the higher cost of its main raw
material, woodchips. We started and are continuing the process of passing on
this cost increase to our customers. Net loss for full-year 2018 was EUR 896
thousand (2017: loss of EUR 127 thousand).
DIVISIONAL REVIEW OF FOURTH QUARTER AND 12 MONTHS OF 2018
Fibreboard sales in Q4 2018 were EUR 2.40 million, which is 6% less than same
period in 2017 (2017: EUR 2.55 million). We sold our products to customers in 23
countries during Q4 2018. The two main reasons for reduced sales in Q4 2018 from
Q4 2017 were a drop in demand for building materials in Russia (declining
confidence due to geopolitical reasons) and lower sales than planned in South
Africa (local competitor emerged from bankruptcy, and is now selling boards at
very low prices). Gross margin in Fibreboard were negatively impacted by the
higher woodchip prices. EBITDA therefore ending up being negative EUR 63 thousand
for Q4 2018 (Q4 2017 EBITDA was positive EUR 39 thousand).
Fibreboard sales for 12 months 2018 were EUR 11.01 million, which is 7% less than
same period in 2017 (2017: EUR 11.84 million). We sold our products to customers
in 32 countries during the year 2018. For the full year 2018 we experienced
sales decline mainly in Finland and South Africa, while we recorded a 2% sales
growth to customers in the other 30 countries. Gross margin in Fibreboard were
negatively impacted by the higher woodchip prices. EBITDA therefore ending up
being positive EUR 284 thousand for 12 months 2018 (12 months 2017 EBITDA was
positive EUR 913 thousand).
Furniture wholesale sales in Q4 2018 were EUR 799 thousand, 19% down on same
period last year (Q4 2017: EUR 987 thousand). The main reason for this decline in
sales was due to the reduced demand experienced in Russia, where our two
distributors cited the declining consumer confidence affecting purchasing
behaviour due to geopolitical reasons. Furniture retail sales were down 10%,
mainly due to closure of old Riga shop (located in Spice Center in Riga, who is
declining in popularity among Riga consumers) and weak performance of our second
Tallinn shop (to be closed in Q1 2019). We opened a new shop in Riga in November
in the more furniture concept driven Decco Centrs. Lithuania however has shown
sales revenue increase mainly due to increased marketing activity and new shop
manager. EBITDA for furniture wholesale for Q4 2018 was negative EUR 62 thousand
(Q4 2017 EBITDA was negative EUR 53 thousand). It should be considered that due to
increase of provisions reserve, there are one-off expenses accounted at a value
of EUR 21 thousand inside Q4 2018 EBITDA.
Furniture wholesale sales for full year 2018 decreased by 16% compared to 2017
(from EUR 3.58 million to EUR 3.01 million, a drop of EUR 0.57 million). The drop was
caused mainly by loss of sales of EUR 0.19 million to Russia, reflecting the
weakened consumer confidence as described above, and loss of sales of EUR 0.20
million to our Finnish distributor, who closed some of their Finnish retail
shops and reduced their export sales in the process of slimming down their
operations in order to improve their profitability. EBITDA for 12 months 2018
was negative EUR 47 thousand (negative EUR 57 thousand for 12 months 2017).
Furniture retail sales in Q4 2018 were EUR 441 thousand, down 10% (2017 Q4 EUR 488
thousand) from same period last year. The sales decline was mainly due to
closure of old Riga shop (new shop opened in Riga but needs time to get
established) and weak performance of our second Tallinn shop (to be closed in Q1
2019). We see that number of visitors being steady but amount of orders
decreasing, this reflects the customer takes more time to consider and weighs
alternatives by competitors or waits for marketing campaigns. EBITDA for
furniture retail for Q4 2018 was negative EUR 22 thousand (Q4 2017 EBITDA was
positive EUR 18 thousand), reflecting the weak sales in Q4.
Furniture retail sales for full year 2018 decreased by 19% compared to 2017
(from EUR 1.93 million to EUR 1.54 million, a drop of EUR 0.39 million). Sales dropped
in Estonia (reduced demand which has led us to start rolling out new shop
concept) and in Latvia (we closed one Riga shop due to the furniture centre's
declining performance, and opened a new shop in November), while sales growth
was recorded in Lithuania. EBITDA for 12 months 2018 was negative EUR 103 thousand
(positive 119 thousand for 12 months 2017).
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2018 Q4
were negative EUR 84 thousand (Q4 2017 EBITDA was negative EUR 35 thousand). Total
Furniture operations EBITDA for full year 2018 was negative EUR 150 thousand (in
2017 positive EUR 62 thousand).
BALANCE SHEET
As of 31.12.2018 the total assets of Skano Group AS were EUR 10.3 million
(31.12.2017: EUR 10.9 million). The liabilities of the company as of 31.12.2018
were EUR 7.4 million (31.12.2017: EUR 7.2 million), of which Skano has borrowings of
EUR 4.8 million as at 31.12.2018 (31.12.2017: EUR 5.0 million).
Receivables and prepayments amounted to EUR 1.1 million as at 31.12.2018
(31.12.2017: EUR 1.2 million). Inventories were EUR 2.3 million as of 31.12.2018
(31.12.2017: EUR 2.3 million). Property, plant and intangibles were EUR 6.9 million
as of 31.12.2018 (EUR 7.3 million as of 31.12.2017).
OUTLOOK
In Fibreboard, we are pushing for sales of our various applications which have
more global reach than our traditional sales of windboards and insulation boards
sold mainly in our traditional markets of Finland, Russia and Estonia. We have
implemented annual price increases, thus aiming to alleviate the negative impact
experienced from the higher cost of woodchips in 2018, our main raw material.
Our marketing activities are focusing on the positive aspects of using our
boards, made from virgin woodchips from spruce, compared to competing synthetic
materials.
In Furniture, we expect improved retail performance with the introduction of the
new shop concept. This has been rolled out in our best-selling shop in Tallinn
as well as in our newly opened shop in the Decco centre in Riga and will next be
rolled out in our Vilnius and Tartu shops. We are looking to end our shop
operations of our second shop in Tallinn due to its poor profitability. In
wholesale we have signed a deal with our Finnish distributor to take over some
of their export customers in Europe, which should expand our customer base and
have potential to secure more sales of our furniture.
DIVISIONAL REVIEW
REVENUE BY BUSINESS SEGMENTS
EUR thousand |EUR thousand |
--------+-------+--------+--------+
Q4 2018|Q4 2017 12M 2018|12M 2017
-----------------------------------------+-------+--------+--------+
Fibreboards production and sales 2,404 |2,552 |11,006 |11,836 |
-----------------------------------------+-------+--------+--------+
Furniture production and sales 799 | 987 | 3,006 | 3,578 |
-----------------------------------------+-------+--------+--------+
Furniture retail 441 | 488 | 1,536 | 1,932 |
-----------------------------------------+-------+--------+--------+
incl. furniture retail Ukraine 0 | 0 | 0 | 64 |
-----------------------------------------+-------+--------+--------+
Group transactions (215 )| (242 )| (750 )| (990 )|
-----------------------------------------+-------+--------+--------+
TOTAL 3,429 |3,785 |14,798 |16,357 |
PROFIT BY BUSINESS SEGMENTS
| ---------+
Q4 |Q4 |
EUR thousand 2018 |2017 12M 2018|12M 2017
------------------------------------------+---------------+--------
EBITDA by business units: | |
------------------------------------------+---------------+--------
Fibreboards production and sales (63 )| 39 284 | 913
------------------------------------------+---------------+--------
Furniture production and wholesale (62 )| (53 ) (47 ) | (57 )
------------------------------------------+---------------+--------
Furniture retail (22 )| 18 (103 ) | 118
------------------------------------------+---------------+--------
incl. furniture retail Ukraine 0 | 0 0 | 1
------------------------------------------+---------------+--------
Group transactions (25 )| 17 (47 ) | 1
------------------------------------------+---------------+--------
TOTAL EBITDA (172 )| 21 87 | 974
------------------------------------------+---------------+--------
Depreciation 176 | 201 730 | 825
------------------------------------------+---------------+--------
TOTAL OPERATING PROFIT/ LOSS (348 )|(179 ) (643 ) | 149
------------------------------------------+---------------+--------
Net financial costs 41 | 64 252 | 275
------------------------------------------+---------------+--------
Income tax 0 | 0 0 | 0
------------------------------------------+---------------+--------
NET PROFIT/ LOSS (389 )|(243 ) (896 ) |(126 )
FIBREBOARD SALES
Fibreboard sales in Q4 2018 were EUR 2.40 million, which is 6% less than same
period in 2017 (2017: EUR 2.55 million). We recorded solid sales increase in
markets such as Estonia, Latvia, Norway, and Ukraine while sales were dropping
mainly in Russia, South Africa and Netherlands.
Fibreboard sales for 12 months 2018 were EUR 11.01 million, which is 7% less than
same period in 2017 (2017: EUR 11.84 million). We recorded solid sales increase in
markets such as Portugal, Asia, Latvia, Norway and Middle East while sales were
dropping in Finland, South Africa, Russia, Netherlands and United Kingdom.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand |EUR thousand |
| +--------+ |
Q4 2018|Q4 2017 12M 2018|12M 2017
-----------------------------------------------------+-------+--------+--------+
European Union (including Suomen | | | |
Tuulileijona sales) 1,843 |1,824 |8,297 |8,700 |
-----------------------------------------------------+-------+--------+--------+
Russia 362 |459 |1,531 |1,631 |
-----------------------------------------------------+-------+--------+--------+
Middle East 64 |81 |312 |260 |
-----------------------------------------------------+-------+--------+--------+
Asia 8 |25 |294 |241 |
-----------------------------------------------------+-------+--------+--------+
Africa 31 |115 |168 |679 |
-----------------------------------------------------+-------+--------+--------+
Other 95 |48 |404 |325 |
-----------------------------------------------------+-------+--------+--------+
TOTAL 2,404 |2,552 |11,006 |11,836 |
FURNITURE WHOLESALE SALES
Furniture wholesale sales in Q4 2018 were EUR 799 thousand, 19% down on same
period last year (Q4 2017: EUR 987 thousand). Sales decrease was caused mainly by
weak consumer demand in Russia and weakened sales to Skano retail (shop closure
and shop refurbishments).
Furniture wholesale sales for full year 2018 decreased by 16% compared to 2017
(from EUR 3.58 million to EUR 3.01 million, a drop of EUR 0.57 million). The drop was
caused mainly by loss of sales of EUR 0.19 million to Russia, reflecting the
weakened consumer confidence as described above, and loss of sales of EUR 0.20
million to our Finnish distributor, who closed some of their Finnish retail
shops and reduced their export sales in the process of slimming down their
operations in order to improve their profitability.
FURNITURE WHOLESALE SALES BY COUNTRIES
EUR thousand | EUR thousand |
----------+---------+----------+----------+
Q4 2018 | Q4 2017 12M 2018 | 12M 2017
------------------+---------+---------+----------+----------+
Russia | 325 | 490 | 1,217 | 1,406 |
------------------+---------+---------+----------+----------+
Finland | 202 | 207 | 798 | 995 |
------------------+---------+---------+----------+----------+
Skano Retail | 203 | 230 | 733 | 900 |
------------------+---------+---------+----------+----------+
Other countries 69 | 60 | 258 | 278 |
------------------+---------+---------+----------+----------+
TOTAL | 799 | 987 | 3,006 | 3,579 |
FURNITURE RETAIL SALES
Furniture retail sales in Q4 2018 were EUR 441 thousand, down 10% (2017 Q4 EUR 488
thousand) from same period last year. The sales decline was mainly due to
closure of old Riga shop (new shop opened in Riga but needs time to get
established) and weak performance of our second Tallinn shop (to be closed in Q1
2019). We see that number of visitors being steady but amount of orders
decreasing, this reflects the customer takes more time to consider and weighs
alternatives by competitors or waits for marketing campaigns.
Furniture retail sales for full year 2018 decreased by 19% compared to 2017
(from EUR 1.93 million to EUR 1.52 million, a drop of EUR 0.41 million). Sales dropped
in Estonia (reduced demand which has led us to start rolling out new shop
concept) and in Latvia (we closed one Riga shop due to the furniture centre's
declining performance, and opened a new shop in November), while sales growth
was recorded in Lithuania due to the efficiency of the new Lithuania shop
manager.
RETAIL SALES BY COUNTRIES
EUR thousand |EUR thousand |Number of stores |
--------+-------+--------+--------+----------+----------+
Q4 2018|Q4 2017 12M 2018|12M 2017 31.12.2018|31.12.2017
----------+-------+-------+--------+--------+----------+-----------
Estonia |260 |327 |962 |1,266 |4 |4
----------+-------+-------+--------+--------+----------+-----------
Latvia |77 |98 |272 |356 |1 |1
----------+-------+-------+--------+--------+----------+-----------
Lithuania|104 |62 |302 |246 |1 |1
----------+-------+-------+--------+--------+----------+-----------
Ukraine* |0 |0 |0 |64 |0 |0
----------+-------+-------+--------+--------+----------+-----------
TOTAL |441 |488 |1,536 |1,932 |6 |6
*Ukraine retail operations divested in March 2017.
PEOPLE
On the 31st of December 2018, the Group employed 216 people (compared to 223
people as of 31.12.2017). The average number of personnel in Q4 2018 was 212 (Q4
2017: 229).
For twelve months of 2018, wages and salaries with taxes amounted to EUR 3.6
million (twelve months 2017: EUR 3.8 million). Payments made to management board
members of all group companies including all subsidiaries with relevant taxes
were EUR 187 thousand in twelve months 2018 and EUR 176 thousand in twelve months
2017.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement |Q4 2018 |Q4 2017 12M 2018 |12M 2017
-----------------------+-------------+-------------+-------------+-------------
Revenue | 3,429 | 3,785 | 14,798 | 16,357
-----------------------+-------------+-------------+-------------+-------------
EBITDA | (172 ) | 21 | 87 | 974
-----------------------+-------------+-------------+-------------+-------------
EBITDA margin | (5 %)| 1 % | 1 % | 6 %
-----------------------+-------------+-------------+-------------+-------------
Operating profit | (348 ) | (179 ) | (643 ) | 149
-----------------------+-------------+-------------+-------------+-------------
Operating margin | (10 %)| (5 %)| (4 %)| 1 %
-----------------------+-------------+-------------+-------------+-------------
Net profit | (389 ) | (243 ) | (896 ) | (126 )
-----------------------+-------------+-------------+-------------+-------------
Net margin | (11 %)| (6 %)| (6 %)| (1 %)
| | | |
| | | |
Statement of financial| | | |
position |31.12.2018 |31.12.2017 |31.12.2018 |31.12.2017
-----------------------+-------------+-------------+-------------+-------------
Total assets | 10,302 | 10,937 | 10,302 | 10,937
-----------------------+-------------+-------------+-------------+-------------
Return on assets | (4 %)| (2 %)| (9 %)| (1 %)
-----------------------+-------------+-------------+-------------+-------------
Equity | 2,895 | 3,753 | 2,895 | 3,753
-----------------------+-------------+-------------+-------------+-------------
Return on equity | (13 %)| (6 %)| (31 %)| (3 %)
-----------------------+-------------+-------------+-------------+-------------
Debt-to-equity ratio | 72 % | 66 % | 72 % | 66 %
| | | |
| | | |
Share |31.12.2018 |31.12.2017 |31.12.2018 |31.12.2017
-----------------------+-------------+-------------+-------------+-------------
Last Price* | 0.36 | 0.62 | 0.36 | 0.62
-----------------------+-------------+-------------+-------------+-------------
Earnings per share | (0.09 ) | (0.05 ) | (0.20 ) | (0.03 )
-----------------------+-------------+-------------+-------------+-------------
Price-earnings ratio | (4.14 ) | (11.40 ) | (1.80 ) | (21.92 )
-----------------------+-------------+-------------+-------------+-------------
Book value of a share | 0.64 | 0.83 | 0.64 | 0.83
-----------------------+-------------+-------------+-------------+-------------
Market to book ratio | 0.56 | 0.74 | 0.56 | 0.74
-----------------------+-------------+-------------+-------------+-------------
Market capitalization,| | | |
EUR thousand | 1,611 | 2,771 | 1,611 | 2,771
-----------------------+-------------+-------------+-------------+-------------
Number of shares, | | | |
piece | 4,499,061 | 4,499,061 | 4,499,061 | 4,499,061
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |31.12.2018 |31.12.2017|31.12.2016
--------------------------------------------+------------+----------+----------
Cash and cash equivalents (Note 2) | 54 |74 |184
--------------------------------------------+------------+----------+----------
Receivables and prepayments (Note 3) | 1,141 |1,215 |965
--------------------------------------------+------------+----------+----------
Inventories (Note 4) | 2,252 |2,336 |2,760
--------------------------------------------+------------+----------+----------
Total current assets | 3,447 |3,624 |3,909
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Investment property (Note 5) | 175 |170 |405
--------------------------------------------+------------+----------+----------
Available-for-sale financial assets (Note | | |
8) | 422 |182 |0
--------------------------------------------+------------+----------+----------
Other shares and issues | 0 |7 |0
--------------------------------------------+------------+----------+----------
Property, plant and equipment (Note 6) | 6,223 |6,908 |7,584
--------------------------------------------+------------+----------+----------
Intangible assets (Note 7) | 34 |47 |66
--------------------------------------------+------------+----------+----------
Total non-current assets | 6,855 |7,313 |8,055
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
TOTAL ASSETS | 10,302 |10,937 |11,964
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Borrowings (Notes 9) | 650 |593 |1,176
--------------------------------------------+------------+----------+----------
Payables and prepayments (Notes 10) | 2,420 |1,956 |2,497
--------------------------------------------+------------+----------+----------
Short-term provisions (Note 11) | 23 |13 |15
--------------------------------------------+------------+----------+----------
Total current liabilities | 3,094 |2,562 |3,688
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
Long-term borrowings (Notes 9) | 4,113 |4,422 |4,163
--------------------------------------------+------------+----------+----------
Long-term provisions (Note 11) | 200 |200 |213
--------------------------------------------+------------+----------+----------
Total non-current liabilities | 4,313 |4,622 |4,376
--------------------------------------------+------------+----------+----------
Total liabilities | 7,407 |7,184 |8,064
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
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) | 46 |9 |42
--------------------------------------------+------------+----------+----------
Unrealised currency differences | 0 |0 |0
--------------------------------------------+------------+----------+----------
Retained earnings (loss) | (501 )|393 |507
--------------------------------------------+------------+----------+----------
Total equity (Note 13) | 2,895 |3,753 |3,900
--------------------------------------------+------------+----------+----------
| | |
--------------------------------------------+------------+----------+----------
TOTAL LIABILITIES AND EQUITY | 10,302 |10,937 |11,964
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand |Q4 2018|Q4 2017 12M 2018|12M 2017
---------------------------------------------+-------+-------+--------+--------
Revenue (Note 14) |3,429 |3,785 |14,798 |16,357
---------------------------------------------+-------+-------+--------+--------
Cost of goods sold (Note 15) |3,073 |3,319 |12,753 |13,419
---------------------------------------------+-------+-------+--------+--------
Gross profit | 356 | 466 | 2,045 | 2,938
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Distribution costs (Note 16) | 492 | 467 | 1,953 | 2,040
---------------------------------------------+-------+-------+--------+--------
Administrative expenses (Note 17) | 179 | 172 | 627 | 703
---------------------------------------------+-------+-------+--------+--------
Other operating income (Note 19) | 1 | 17 | 14 | 255
---------------------------------------------+-------+-------+--------+--------
Other operating expenses (Note 19) | 34 | 23 | 122 | 301
---------------------------------------------+-------+-------+--------+--------
Operating profit (loss) (Note 11) | (348 )| (179 )| (643 )| 149
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Finance income (Note 20) | 22 | 0 | 22 | 4
---------------------------------------------+-------+-------+--------+--------
Finance costs (Note 20) | 62 | 64 | 275 | 279
---------------------------------------------+-------+-------+--------+--------
LOSS BEFORE INCOME TAX | (389 )| (243 )| (896 )| (126 )
---------------------------------------------+-------+-------+--------+--------
Corporate income tax | 0 | 0 | 0 | 0
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
NET LOSS FOR THE FINANCIAL YEAR | (389 )| (243 )| (896 )| (126 )
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Other comprehensive income (loss) | 0 | 0 | 0 | (40 )
---------------------------------------------+-------+-------+--------+--------
Other comprehensive income (loss) that can | | | |
in certain cases be reclassified to the | | | |
income statement | 0 | 0 | 0 | 0
---------------------------------------------+-------+-------+--------+--------
Currency translation differences | 0 | 0 | 0 | (40 )
---------------------------------------------+-------+-------+--------+--------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL | | | |
YEAR | (389 )| (243 )| (896 )| (166 )
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Basic earnings per share (Note 13) |(0.09 )|(0.05 )| (0.20 )| (0.03 )
---------------------------------------------+-------+-------+--------+--------
Diluted earnings per share (Note 13) |(0.09 )|(0.05 )| (0.20 )| (0.04 )
+-------+-------+--------+--------
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Attachment
* Skano 2018 interim report for 4th quarter and 12 months (https://ml-
eu.globenewswire.com/Resource/Download/b2c487bd-16ec-48f8-ab05-afeb8bdd7cad)