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
7611
Attachments
Submission date and time
29.11.2019 17:46:43
Content of announcement in Estonian
Title
SKANO GROUP AS 2019. majandusaasta kolmanda kvartali vahearuanne
Message
JUHTKONNA ARUANNE
Skano Group AS auditeerimata 2019. majandusaasta KOLMANDA kvartali tulemused
Konsolideetritud müügitulu jätkuvatelt tegevustelt (kiudplaadi toomine ja müük,
mööbli jaemüük ning hiljuti alustatud kinnisvara haldamine ja müük) 2019.
majandusaasta 3. kvartalis oli 3,25 miljonit eurot, mis tähendab 6%-list kasvu
võrrelduna 2018. aasta sama perioodiga.
Puitkiudplaadi müügitulu oli 2019. aasta 3. kvartalis 3,06 miljonit eurot, mis
on 5% rohkem eelmise aasta sama perioodiga võrreldes. See on tingitud peamiselt
uute klientide juurde saamises põhiliste tootesegmentide osas. Ülejäänud
kontserni müük jätkuvatelt tegevustelt ehk mööbli jaemüügist, ruumide üüri- ja
haldustegevuselt ning kontsernisisestelt tehingutelt oli 0,19 miljonit eurot
(versus 0,16 miljonit eurot 2018. aasta 3. kvartalis). Müügitulu kokku koos
lõpetatud tegevusega, milleks on mööbli tootmine ja hulgimüük, oli 2019. aasta
3. kvartalis 3,61 miljonit eurot, mis oli 3% väiksem võrreldes 2018. aasta 3.
kvartaliga.
Skano Group EBITDA oli 2019. aasta 3. kvartalis 81 tuhat eurot, mis on 76%
kõrgem võrreldes eelmise aasta sama perioodiga (EBITDA 3. kvartal 2018 oli 46
tuhat eurot). Kiudplaadi tootmise ja müügi segmendi EBITDA oli 125 tuh eurot,
mis on 16 tuhat eurot vähem kui 2018. aasta 3. kvartalis. EBITDA Suur-Jõe tn 48
peahoone haldus- ja üüritegevuselt oli 14 tuhat eurot, ülejäänud
mööblisegmendiga seotud tegevuste (sealhulgas lõpetatud tegevuste) EBITDA oli
-59 tuhat eurot. 2019. aasta 3. kvartali puhaskahjum oli 700 tuhat eurot,
millest 540 tuhat eurot on erakorraline kahjum tütarettevõtte Skano Furniture
Factory OÜ müügist (2018. aasta 3. kvartali puhaskahjum 211 tuhat eurot).
Ärisegmentide ülevaade 2019. majandusaasta KOLMANDA kvartali kohta
Puitkiudplaadi müügitulu 2019. aasta 3. kvartalis oli 3,06 miljonit eurot, mis
on 5% rohkem võrreldes 2018. aasta sama perioodiga. Müügitulu kasvu põhjuseks
oli tööstussegmendi ja märkmetahvlite segmentide turuosa suurendamine uute
Euroopa ja Aasia klientide näol. Kiudplaadi tootmise brutomarginaal on olnud
2019. aastal iga kvartali lõikes jätkuvalt suurenev: 1. kvartal 13%, 2. kvartal
15%, 3. kvartal 18% (2018. aasta 3. kvartali brutomarginaal oli 20%). 2019.
aasta 3. kvartali muud tegevuskulud (sh üldkulud) olid 415 tuhat eurot, mis on
3,5% väiksemad kui eelmise aasta samal perioodil (2018. aasta 3. kvartal 430
tuhat eurot), mille tulemusena oli 2019. aasta 3. kvartali EBITDA 125 tuhat
eurot (141 tuhat eurot 2018. aasta 3. kvartalis).
Mööbli hulgimüügi, kuni selle segmendi müügihetkeni 05.09.2019, müügitulu oli
2019. aasta 3. kvartalis 353 tuhat eurot (2018. aasta 3. kvartalis 630 tuhat
eurot). Mööbli jaemüügi müügitulu 2019. aasta 3. kvartalis oli 265 tuhat eurot,
üle 20% väiksem kui eelmisel aastal samal perioodil (2018. aasta 3. kvartalis
333 tuhat eurot). Mööbli hulgi- ja jaemüügi EBITDA 2019. aasta 3. kvartalis olid
mõlema ärisegmendi puhul negatiivne, hulgimüük -12 tuhat eurot ja jaemüük -95
tuhat eurot (2018. Aasta 3 kvartalis samuti negatiivsed, vastavalt -31 tuhat ja
-50 tuhat eurot).
FINANTSSEISUNDI ARUANNE
Kontserni koguvara maht oli seisuga 30.09.2019 9,2 miljonit eurot (30.09.2018:
11,0 miljonit eurot). Kontserni kohustised moodustasid 30.09.2019 seisuga 7,6
miljonit eurot (30.09.2018: 7,7 miljonit eurot), milledest Skanol on
laenukohustisi seisuga 30.09.2019 4,6 miljonit eurot (30.09.2018: 4,9 miljonit
eurot).
Nõuded ja ettemaksud olid 30.09.2019 seisuga 1,8 miljonit eurot (30.09.2018:
1,6 miljonit eurot). Varud 30.09.2019 seisuga 1,1 miljonit eurot (30.09.2018:
2,4 miljonit eurot). Materiaalne ja immateriaalne põhivara seisuga
30.09.2019 6,3 miljonit eurot (7,0 miljonit seisuga 30.09.2018).
Ärisegmendi tulevikuväljavaade
Puitkiudplaadi ärisegmendi müügitulu on kasvanud tänu sellele, et kiudplaadi
toodete kasutusvõimalus on suurenenud eri rakendusvaldkondades, millel on
laialdasem ülemaailmne haare, kui traditsioonilisel tuuletõkke- ja
isolatisooniplaadi müügil Skano tradistioonilistel turgudel Soomes, Venemaal ja
Eestis. Tööstuslik segment pakub rohkem võimalusi, kuna kliendid väärtustavad
üha enam keskkonnasõbralikke materjale nagu seda on meie puitkiudplaat. Me näeme
potensiaali märkmetahvlite segmendis, eriti Aasia turgudel.
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR |
------------+-----------+-------+-------+
III kv 2019|III kv 2018 9k 2019|9k 2018
------------------------------+-----------+-------------------+--------
Jätkuvad tegevused | | |
------------------------------+ | | | |
Kiudplaadi tootmine ja müük 3 064| 2 924| 8 970| 8 603|
------------------------------------------+-----------+-------+-------+
Mööbli jaemüük 265| 333| 1 126| 1 095|
------------------------------------------+-----------+-------+-------+
Kinnisvara haldamine 32| 0| 48| 0|
------------------------------------------+-----------+-------+-------+
Elimineerimine (109)| (177)| (525)| (537)|
------------------------------------------+-----------+-------+-------+
Kokku jätkuvatelt tegevustelt 3 253| 3 080| 9 620| 9 162|
| | | |
Lõpetatud tegevus
------------------------------- +-----------+-------+-------+
Mööbli tootmine ja müük 353| 630| 1 703| 2 207|
------------------------------------------+-----------+-------+-------+
------------------------------------------+-------------------+--------
Kokku 3 606| 3 709 11 323| 11 369
------------------------------------------+-------------------+--------
Kasum ärisegmentide lõikes
------------+ --------+
tuh EUR III kv 2019|III kv 2018 9k 2019|9k 2018
---------------------------------------------+-------------------+-------
EBITDA ärisegmentide lõikes | |
---------------------------------------------+-------------------+-------
Kiudplaadi tootmine ja müük 125| 141 117| 349
---------------------------------------------+-------------------+-------
Mööbli tootmine ja müük* (12)| (31) (176)| 15
---------------------------------------------+-------------------+-------
Mööbli jaemüük (95)| (50) (134)| (80)
---------------------------------------------+-------------------+-------
Kinnisvara haldamine 14| 0 30| 0
---------------------------------------------+-------------------+-------
Elimineerimine 49| (14) 100| (22)
---------------------------------------------+-------------------+-------
Kokku EBITDA 81| 46 (63)| 261
---------------------------------------------+-------------------+-------
Põhivara kulum ja amortisatsioon 163| 181 501| 554
---------------------------------------------+-------------------+-------
Kokku ÄRIKASUM/-KAHJUM (82)| (135) (564)| (294)
---------------------------------------------+-------------------+-------
Neto finantskulud 618| 77 759| 212
---------------------------------------------+-------------------+-------
PUHASKASUM/-KAHJUM (700)| (211) (1 322)| (505)
* Lõpetatud tegevus, tütarettevõte müüdi 05.09.2019
** Neto finatskulud sisaldavad erakorralist kulu, kahjum Skano Furniture factory
OÜ müügist 540 tuhat eurot
Kiudplaadi müük
Puitkiudplaadi müügitulu oli 3. kvartalis 2019 3,06 miljonit eurot, mis on 5%
suurem 2018. aasta 3. kvartali müügitulu tasemest (2,92 miljonit eurot).
Müügitulu kasvas Euroopa Liidu, Aasia ja Aafrika turgudel, langes aga Venemaa ja
Lähis-Ida turgudel, mis peegeldab nende piirkondade majanduskeskkondades
toimuvat olukorda.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR |
------------+ +-------+ |
III kv 2019|III kv 2018 9k 2019|9k 2018
---------------------------------------------------+-----------+-------+-------+
Euroopa Liit (sh Suomen Tuulileijona | | | |
müük) 2 291| 2 093| 6 620| 6 455|
---------------------------------------------------+-----------+-------+-------+
Venemaa 417| 448| 1 169| 1 169|
---------------------------------------------------+-----------+-------+-------+
Aasia 157| 128| 400| 318|
---------------------------------------------------+-----------+-------+-------+
Lähis-Ida 34| 74| 160| 248|
---------------------------------------------------+-----------+-------+-------+
Aafrika 122| 62| 421| 137|
---------------------------------------------------+-----------+-------+-------+
Teised 43| 118| 200| 276|
---------------------------------------------------+-----------+-------+-------+
Kokku 3 064| 2 923| 8 970| 8 603|
MÖÖBLI HULGIMÜÜK*
Kuni mööbli hulgimüügiga tegeleva tütarettevõtte Skano Furniture Factory OÜ
müügini 05.09.2019 oli mööbli hulgimüügi 2019. aasta 3. kvartali müügitulu 353
tuhat eurot (2018. aasta kogu 3. kvartali müügitulu oli 630 tuhat eurot.
Mööbli hulgimüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR |
--------------+-------------+---------+---------+
III kv 2019 | III kv 2018 9k 2019 | 9k 2018
----------------+-------------+-------------+---------+---------+
Venemaa | 170 | 254 | 627 | 892 |
----------------+-------------+-------------+---------+---------+
Soome | 38 | 148 | 335 | 596 |
----------------+-------------+-------------+---------+---------+
Skano jae | 91 | 177 | 476 | 530 |
----------------+-------------+-------------+---------+---------+
Teised riigid 54 | 51 | 265 | 189 |
----------------+-------------+-------------+---------+---------+
Kokku | 353 | 630 | 1 703 | 2 207 |
* Lõpetatud tegevus, tütarettevõtte müüdi 05.09.2019.
Mööbli jaemüük
Skano kontserni jaeäri müügitulu oli 3. kvartalis 2019. aastal 265 tuhat eurot,
mis on 20% madalam 2018. aasta 3. kvartaliga võrreldes. Me alustasime Septembri
alguses Läti ja Leedu salongides tühjendusmüüki ning salongid lõpetasid tegevuse
30.09.2019.
Mööbli jaemüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR | Kaupluste arv |
------------+----------+-------+-------+----------+----------+
| III kv | | |
III kv 2019| 2018 9k 2019|9k 2018|30.09.2019|30.09.2018
------------------+-----------+----------+-------+-------+----------+-----------
Eesti | 162| 234| 783| 603| 3| 4
------------------+-----------+----------+-------+-------+----------+-----------
Läti* | 40| 56| 125| 250| 0| 1
------------------+-----------+----------+-------+-------+----------+-----------
Leedu* | 63| 43| 218| 242| 0| 1
------------------+-----------+----------+-------+-------+----------+-----------
Kokku (toimivad | | | | | |
kauplused) | 265| 333| 1 126| 1 095| 3| 6
* Läti ja Leedu salongid suleti 30.09.2019
Konsolideeritud finantsseisundi ja rahavoogude aruanne
Kontserni koguvara maht oli seisuga 30.09.2019 9,2 miljonit eurot (30.09.2018:
11,0 miljonit eurot). Kontserni kohustised moodustasid 30.09.2019 seisuga 7,6
miljonit eurot (30.09.2018: 7,7 miljonit eurot), milledest Skanol on
laenukohustisi seisuga 30.09.2019 4,6 miljonit eurot (30.09.2018: 4,9 miljonit
eurot).
Nõuded ja ettemaksud olid 30.09.2019 seisuga 1,8 miljonit eurot (30.09.2018:
1,6 miljonit eurot). Varud 30.09.2019 seisuga 1,1 miljonit eurot (30.09.2018:
2,4 miljonit eurot). Finantsinvesteeringute (st Trigon Property Development
aktsiate) väärtus oli 378 tuhat eurot 30.09.2019 (seisuga 399 tuhat eurot
30.06.2019 seisuga). Põhivara kokku seisuga 30.09.2019 oli 6,3 miljonit eurot
(7,0 miljonit seisuga 30.09.2018).
2019. aasta 9 kuu sissetulev rahavoog äritegevusest oli 279 tuhat eurot (2018.
aasta 9 kuu jooksul 295 tuhat eurot). Investeerimistegevusest oli 2019 aasta 9
kuu raha väljavoog 117 tuhat eurot (2018. aasta 9 kuu jooksul 197 tuhat eurot).
Finantseerimistegevusest oli 2019. aasta 9 kuu raha väljavoog 172 tuhat eurot
(2018. aasta 9 kuu jooksul 129 tuhat eurot). Netorahavoo tulemuseks oli 2019.
aasta 9 kuu jooksul -10 tuhat eurot, mis on parem kui 2018. aastal kui sama
perioodi -31 tuhat eurot.
TULEVIKU VÄLJAVAADE
SKANO FIBREBOARD
Ootame puitkiudplaadi müügitulu kasvu kiudplaadi toodete kasutusvõimaluse
suurenemise tõttu eri rakendusvaldkondades ning ehitussektoris. Soome ja
Venemaa ehitussektor on hetkel langevas trendis, mistõttu ei ole nendelt kahelt
ajalooliselt oluliselt turult Skano jaoks erilist müügikasvu oodata.
Elektrihinna tõus peaks olema väiksem kui puiduhakke ja gaasi hindade langus.
Lisaks oleme vähendanud oma tootevalikut, lõpetades madala varude
käibekiirusega toodete tootmise, mis peaks parandama ettevõtte kasumlikkust.
SKANO FURNITURE RETAIL SALES
Me jätkame mööbli jaemüügi sulgemistegevustega, Tartu salong suletakse 2019.
aasta novembri lõpus ning me oleme alustanud tühjendusmüügiga Tallinna salongis.
Me planeerime Tallinna salongi ja Pärnu vabrikupoe sulgemist 2020. aasta
alguses, millega loeme mööbli jaemüügi tegevuse lõpetatuks.
Töötajad
Seisuga 30.09.2019 töötas Kontsernis 128 inimest (võrdluseks 213 inimest seisuga
30.09.2019). Töötajate keskmine arv oli 2019 3. kvartalis 123 (3. kvartalis
2018: 213). Töötajate vähenemise põhjuseks on tütarettevõtte müük.
2019. aasta esimese üheksa kuu jooksul olid tööjõukulud koos maksukuludega kokku
2,7 miljonit eurot (2,7 miljonit eurot esimesed üheksa kuud 2018). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 103 tuhat eurot 2019. aasta üheksa kuu jooksul,
ning 136 tuhat eurot 2018 üheksa kuu jooksul.
Finantssuhtarvud
tuh EUR
| | |
Kasumiaruanne |III kv 2019*|III kv 2018* 9k 2019*| 9k 2018*
-------------------------------+------------+------------+----------+----------
Müügitulu | 3 606| 3 709| 11 323| 11 369
-------------------------------+------------+------------+----------+----------
EBITDA | 81| 46| (63)| 261
-------------------------------+------------+------------+----------+----------
EBITDA rentaablus | 2%| 1%| (1%)| 2%
-------------------------------+------------+------------+----------+----------
Ärikasum/-kahjum | (82)| (135)| (564)| (294)
-------------------------------+------------+------------+----------+----------
Ärirentaablus | (2%)| (4%)| (5%)| (3%)
-------------------------------+------------+------------+----------+----------
Puhaskasum/-kahjum jätkuvatelt| | | |
tegevustelt | (700)| (211)| (1 322)| (505)
-------------------------------+------------+------------+----------+----------
Puhasrentaablus jätkuvatelt | | | |
tegevustelt | (19%)| (6%)| (12%)| (4%)
| | | |
* Sisaldab lõpetatud tegevusi
| | | |
Bilanss | 30.09.2019| 31.12.2018|30.09.2018|31.12.2017
-------------------------------+------------+------------+----------+----------
Koguvarad | 9 213| 10 307| 11 012| 10 937
-------------------------------+------------+------------+----------+----------
Koguvarade puhasrentaablus | (14%)| (9%)| (5%)| (1%)
-------------------------------+------------+------------+----------+----------
Omakapital | 1 608| 2 901| 3 277| 3 753
-------------------------------+------------+------------+----------+----------
Omakapitali puhasrentaablus | (82%)| (31%)| (15%)| (3%)
-------------------------------+------------+------------+----------+----------
Võlakordaja | 83%| 72%| 70%| 66%
| | | |
| | | |
Aktsia | 30.09.2019| 31.12.2018|30.09.2018|31.12.2017
-------------------------------+------------+------------+----------+----------
Aktsia viimane hind (EUR)* | 0,41| 0,36| 0,49| 0,62
-------------------------------+------------+------------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,29)| (0,20)| (0,11)| (0,03)
-------------------------------+------------+------------+----------+----------
Hind-tulu (PE) suhtarv | (1,38)| (1,82)| (4,36)| (21,83)
-------------------------------+------------+------------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 0,36| 0,64| 0,73| 0,83
-------------------------------+------------+------------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 1,14| 0,56| 0,67| 0,74
-------------------------------+------------+------------+----------+----------
Turukapitalisatsioon tuh EUR | 1 827| 1 620| 2 205| 2 771
-------------------------------+------------+------------+----------+----------
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 = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
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/finantsriskid
Intressirisk
Skano Group AS intressimäärade risk sõltub EURIBORi (Euro Interbank Offered
Rate) võimalikust muutusest, kuna Kontserni laenude intressid on seotud
EURIBORiga. Seisuga 30.09.2019 oli 6-kuu EURIBOR (0,394)% (30.09.2018 6-kuu
EURIBOR (0,268)%. Kuna EURIBOR on negatiivne ning laenulepingus on see 0%, siis
EURIBORi langus ei oma intressikuludele vähenevat mõju. Kuna laenukohustised on
tähtajaga kuni 2 aastat või vähem, hindab juhtkond, et ujuv intressimäär ei oma
märkimisväärset mõju Kontserni rahavoogudele.
Intressimäärad kinnitatakse EURIBORi muutusest lähtuvalt iga kuu igal 30-ndal
päeval faktooringu puhul ning iga kuue kuu möödumisel pangalaenude puhul.
Intressirisk sõltub ka üldisest majanduslikust olukorrast Eestis ja eurotsoonis.
Skano Group AS-l on intressiriskist tulenev rahavoogude risk, kuna tema laenud
on ujuva intressimääraga. Juhtkond usub, et rahavoo risk ei ole oluline,
seetõttu riskimaandamisinstrumente ei kasutata.
Valuutarisk
Valuutarisk on Kontserni risk saada olulist kahjumit valuutakursside kõikumise
tõttu. Samas ei oma Skano Group ärisid väljaspool Euroala ning enamus meie
eksport-import lepingutest väljaspool Euroala on nomineeritud EURis. Tootmiseks
vajalik toormaterjal ning edasimüügi eesmärgil ostetud kaubad on enamasti EURis.
Majanduskeskkonna risk
Majanduskeskkonna risk sõltub ehitusmaterjalide divisjoni üldistest ehitusturu
arengutest ning mööblidivisjoni tarbijate tulevikuootustest majandusliku heaolu
suhtes.
Õiglane väärtus
Juhtkond hindab et raha, kohustised hankijatele, lühiajalised laenukohutised ja
võlakohustised ei erine oluliselt nende raamatpiamisväärtusest. Pikaajaliste
laenude ja võlakohustiste õiglane väärtus ei erine oluliselt nende
raamatupidamisväärtusest, kuna intressimäärad vastavad turu oodatavatele
intressimääradele.
JUHATUSE DEKLARATSIOON
Juhatus on koostanud Skano Group AS tegevusaruande ning konsolideeritud
raamatupidamise vahearuande Skano Group AS kolmanda kvartali 2019 tarvis.
Juhatus kinnitab, et lehekülgedel 4 kuni 9 esitatud Skano Group AS
tegevusaruanne annab õige ja õiglase ülevaate emaettevõtte ja konsolideerimisse
kaasatud ettevõtete kui terviku äritegevuse arengust, tulemustest ja
finantsseisundist.
Juhatus kinnitab, et lehekülgedel 11 kuni 31 esitatud konsolideeritud
raamatupidamise vahearuanne annab juhatuse parima teadmise kohaselt õige ja
õiglase ülevaate emitendi ja konsolideerimisse kaasatud ettevõtete kui terviku
varadest, kohustistest, finantsseisundist ja tulemustest vastavalt
rahvusvaheliste finantsaruandluse standarditele, nagu need on vastu võetud
Euroopa Liidu poolt ning sisaldab peamiste riskide kirjeldust.
Torfinn Losvik
Juhatuse esimees
Pärnu, 29. november, 2019
Content of announcement in English
Title
Skano Group Interim Report 3rd Quarter 2019
Message
MANAGEMENT REPORTS
SKANO GROUP AS UNAUDITED THIRD QUARTER 2019 RESULTS
Consolidated net sales for the continuing operations of fibreboard, furniture
retail and the recently commenced operations of renting out space in our
property unit, for Q3 2019 were EUR 3.25 million, a 6% increase compared to the
same period in 2018.
Fibreboard sales increased with 5% during Q3 2019 to EUR 3.06 million compared to
the same period last year, this being mainly a result of securing new customers
across the main application segments. The remaining group sales of continuous
operations, consisting of furniture retail and rental operations less group
transactions, were EUR 0.19 million (versus EUR 0.16 million in Q3 2018). Total
sales of Skano Group, including the discontinued business of Skano Furniture
Factory, were EUR 3.61 million, down 3% from Q3 2018.
Skano Group recorded EBITDA of positive EUR 81 thousand for Q3 2019, a 76%
increase compared to EBITDA of EUR 46 thousand in Q3 2018. Fibreboard EBITDA of EUR
125 thousand was EUR 16 thousand less than recorded in Q3 2018. Rental income from
renting out part of our head office building in Suur-Jõe 48 in Pärnu showed
positive EBITDA of EUR 14 thousand while total furniture operations had negative
EBITDA of EUR 59 thousand. Net loss for Q3 2019 was EUR 700 thousand, which included
loss of EUR 540 thousand from the sale of Skano Furniture Factory OÜ (Q3 2018: net
loss EUR 211 thousand).
Divisional review of third quarter 2019
Fibreboard sales in Q3 2019 were EUR 3.06 million, which is 5% up from the same
period in 2018. Sales growth came from securing new customers in Europe and Asia
within industrial and display board segments. Gross margin in Fibreboard has
continued to improve every quarter this year. We recorded gross margin of 18% in
Q3, up from 15% and 13% respectively in Q2 and Q1 this year (gross margin was
20% in Q3 2018). Other operating expenses (including overhead costs) were EUR 415
thousand, down 3.5% from same period last year, which resulted in EBITDA being EUR
125 thousand (Q3 2018: EUR 141 thousand).
Furniture wholesale in Q3, up to when it was divested on 5 September, was EUR 353
thousand (Q3 2018: EUR 630 thousand), while furniture retail sales in Q3 2019 were
EUR 265 thousand, down 20% from same period last year. EBITDA for furniture
wholesale were showing loss of EUR 12 thousand, while furniture retail showed loss
of EUR 95 thousand (2018 Q3: loss EUR 50 thousand).
Balance Sheet
As of 30.09.2019 the total assets of Skano Group AS were EUR 9.2 million
(30.09.2018: EUR 11.0 million). The change in total assets is mainly related to
exiting furniture business. The liabilities of the company as of 30.09.2019 were
EUR 7.6 million (30.09.2018: EUR 7.7 million), of which Skano has borrowings of EUR
4.6 million as at 30.09.2019 (30.09.2018: EUR 4.9 million).
Receivables and prepayments amounted to EUR 1.8 million as at 30.09.2019
(30.09.2018: EUR 1.6 million). Inventories were EUR 1.1 million as of 30.09.2019
(30.09.2018: EUR 2.4 million). Property, plant and intangibles were EUR 6.3 million
as of 30.09.2019 (EUR 7.0 million as of 30.09.2018).
Outlook
Fibreboard sales have grown due to our successful push into 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. The industrial segment offers more potential as customers are becoming
more conscious of using environmentally friendly materials, such as our
fibreboards. We see further upside potential in sales growth of display boards,
especially in the dynamic Asian market.
Divisional review
Revenue by business segments
EUR thousand | EUR thousand |
--------+-------+-------+-------+
Q3 2019|Q3 2018 9M 2019|9M 2018
-----------------------------------------------+-------+---------------+--------
Continued operations | | |
-----------------------------------------------+-------+-------+-------+-------+
Fibreboards production and sales 3,064| 2,924| 8,970| 8,603|
-------------------------------------------------------+-------+-------+-------+
Furniture retail 265| 333| 1,126| 1,095|
-------------------------------------------------------+-------+-------+-------+
Rental and operating of own or leased real | | | |
estate 32| 0| 48| 0|
-------------------------------------------------------+-------+-------+-------+
Group transactions (109)| (177)| (525)| (537)|
-------------------------------------------------------+-------+-------+-------+
TOTAL from continued operations 3,253| 3,080| 9,620| 9,162|
| | | |
Discontinued operations
-------------------------------------------------------+-------+-------+-------+
Furniture production and sales 353| 630| 1,703| 2,207|
-------------------------------------------------------+-------+-------+-------+
-------------------------------------------------------+---------------+--------
TOTAL 3,606| 3,709 11,323| 11,369
-------------------------------------------------------+---------------+--------
Profit by business segments
--------+ --------+
Q3 2019|Q3 2018 9M 2019|9M 2018
-------------------------------------------------------+-------+-------+-------
EBITDA by business units: | | |
-------------------------------------------------------+-------+-------+-------
Fibreboards production and sales 125| 141 117| 349
-------------------------------------------------------+---------------+-------
Furniture production and wholesale* (12)| (31) (176)| 15
-------------------------------------------------------+---------------+-------
Furniture retail (95)| (50) (134)| (80)
-------------------------------------------------------+---------------+-------
Rental and operating of own or leased real | |
estate 14| 0 30| 0
-------------------------------------------------------+---------------+-------
Group transactions 49| (14) 100| (22)
-------------------------------------------------------+---------------+-------
TOTAL EBITDA 81| 46 (63)| 261
-------------------------------------------------------+---------------+-------
Depreciation 163| 181 501| 554
-------------------------------------------------------+---------------+-------
TOTAL OPERATING PROFIT/ LOSS (82)| (135) (564)| (294)
-------------------------------------------------------+---------------+-------
Net financial costs 618| 77 759| 212
-------------------------------------------------------+---------------+-------
NET PROFIT/ LOSS (700)| (211) (1,322)| (505)
* Discontinued operations, the subsidiary has been sold on 05.09.2019
**We incurred a loss of EUR 540 thousand on sale of Skano Furniture Factory
FIBREBOARD sales
The total sales of fibreboards for Q3 2019 were EUR 3.06 million, which are 5% up
from Q3 2018 sales level (EUR 2.92 million). We recorded sales increase in EU,
Asia and Africa while sales were dropping in Russia and Middle East, reflecting
the subdued economic environment in both regions.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand |
| +-------+ |
Q3 2019|Q3 2018 9M 2019|9M 2018
-------------------------------------------------------+-------+-------+-------+
European Union (including Suomen Tuulileijona | | | |
sales) 2,291| 2,093| 6,620| 6,455|
-------------------------------------------------------+-------+-------+-------+
Russia 417| 448| 1,169| 1,169|
-------------------------------------------------------+-------+-------+-------+
Asia 157| 128| 400| 318|
-------------------------------------------------------+-------+-------+-------+
Middle East 34| 74| 160| 248|
-------------------------------------------------------+-------+-------+-------+
Africa 122| 62| 421| 137|
-------------------------------------------------------+-------+-------+-------+
Other 43| 118| 200| 276|
-------------------------------------------------------+-------+-------+-------+
TOTAL 3,064| 2,923| 8,970| 8,603|
FURNITURE wholesale sales*
Prior to the sale on 5 September 2019 of our furniture wholesale company Skano
Furniture Factory, sales in this unit were EUR 353 thousand, compared to the full
Q3 2018 sales of EUR 630 thousand.
FURNITURE WHOLESALE SALES BY COUNTRIES *
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q3 2019 | Q3 2018 9M 2019 | 9M 2018
------------------+---------+---------+---------+---------+
Russia | 170 | 254 | 627 | 892 |
------------------+---------+---------+---------+---------+
Finland | 38 | 148 | 335 | 596 |
------------------+---------+---------+---------+---------+
Skano Retail | 91 | 177 | 476 | 530 |
------------------+---------+---------+---------+---------+
Other countries 54 | 51 | 265 | 189 |
------------------+---------+---------+---------+---------+
TOTAL | 353 | 630 | 1,703 | 2,207 |
* Discontinued operations, the subsidiary was sold on 05.09.2019
FURNITURE RETAIL SALES
Furniture retail operations recorded sales of EUR 265 thousand in Q3 2019, a
decline of 20% from Q3 2018. We initiated closing down sales of our shops in
Vilnius and Riga in early September, and these shops ended their operations last
day in September.
RETAIL SALES BY COUNTRIES
| EUR thousand | EUR thousand | Number of stores |
-------------+---------+---------+---------+---------+------------+------------+
Q3 2019 | Q3 2018 9M 2019 | 9M 2018 | 30.09.2019 | 30.09.2018
-------------+---------+---------+---------+---------+------------+-------------
Estonia | 162 | 234 | 783 | 603 | 3 | 4
-------------+---------+---------+---------+---------+------------+-------------
Latvia* | 40 | 56 | 125 | 250 | 0 | 1
-------------+---------+---------+---------+---------+------------+-------------
Lithuania* | 63 | 43 | 218 | 242 | 0 | 1
-------------+---------+---------+---------+---------+------------+-------------
TOTAL | 265 | 333 | 1,126 | 1,095 | 3 | 6
* Latvian and Lithuanian stores were closed on 30.09.2019
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 30.09.2019 the total assets of Skano Group AS were EUR 9.2 million
(30.09.2018: EUR 11.0 million). The liabilities of the company as of 30.09.2019
were EUR 7.6 million (30.09.2018: EUR 7.7 million), of which Skano has borrowings of
EUR 4.6 million as at 30.09.2019 (30.09.2018: EUR 4.9 million).
Receivables and prepayments amounted to EUR 1.8 million as at 30.09.2019
(30.09.2018: EUR 1.6 million). Inventories were EUR 1.1 million as of 30.09.2019
(30.09.2018: EUR 2.4 million). Financial investments (i.e. Trigon Property
Development shares) were EUR 378 thousand as at 30.09.2019, down from EUR 399
thousand as at 30.06.2019. Total non-current assets were EUR 6.3 million as of
30.09.2019 (EUR 7.0 million as of 30.09.2018).
During 2019 9M, the Group's cash flows from operating activities totalled cash
inflow of EUR 279 thousand (2018 9M: cash inflow EUR 295 thousand). Investment
activities resulted in cash outflows in amount of EUR 117 thousand during
2019 9M, compared to outflows in amount EUR 197 thousand during 9M 2018. Financing
activities also resulted in cash outflows of EUR 172 thousand during 9M 2019 (2018
9M: cash outflow EUR 129 thousand). Net cash effect during 2019 9M showed cash
outflows of EUR 10 thousand, (2018 9M: cash outflows EUR 31 thousand).
Outlook
SKANO FIBREBOARD
We expect the trend to continue with growing sales of our various applications
outside of our historic focus on the construction sector in our nearby markets.
The construction sector in Finland and Russia is subdued, thus no sales growth
in these two historically important markets are expected. Increased electricity
prices should be more than offset with the decline of the woodchip and gas
prices. In addition we have reduced our product mix by ending the production of
some of the slow moving products, which should also help profitability.
SKANO FURNITURE RETAIL SALES
We will continue our process of exiting from the furniture retail segment. Our
Tartu shop will cease operations at end of November, and we have also commenced
closing down sales in our Tallinn shop. We expect to close the Tallinn shop and
Pärnu factory outlet shop in early 2020, which will mark the total exit of Skano
Group's furniture operations.
PEOPLE
On the 30th of September 2019, the Group employed 128 people (compared to 213
people as of 30.09.2018). The average number of personnel in Q3 2019 was 123 (Q3
2018: 213). The drop in the number of employees is related to the sale of
subsidiaries.
During first nine months of 2019, wages and salaries with taxes amounted to EUR
2,7 million (first nine months 2018: EUR 2.7 million). Payments made to management
board members of all group companies including all subsidiaries with relevant
taxes were EUR 103 thousand in nine months 2019 and EUR 136 thousand in nine months
2018.
FINANCIAL HIGHLIGHTS
* Including discontinued operations
EUR thousand
| | |
Income statement | Q3 2019*| Q3 2018* 9M 2019*| 9M 2018*
-----------------------------------+----------+----------+----------+----------
Revenue | 3,606| 3,709| 11,323| 11,369
-----------------------------------+----------+----------+----------+----------
EBITDA | 81| 46| (63)| 261
-----------------------------------+----------+----------+----------+----------
EBITDA margin | 2%| 1%| (1%)| 2%
-----------------------------------+----------+----------+----------+----------
Operating profit | (82)| (135)| (564)| (294)
-----------------------------------+----------+----------+----------+----------
Operating margin | (2%)| (4%)| (5%)| (3%)
-----------------------------------+----------+----------+----------+----------
Net profit | (700)| (211)| (1,322)| (505)
-----------------------------------+----------+----------+----------+----------
Net margin | (19%)| (6%)| (12%)| (4%)
| | | |
* Including discontinued
operations
|
|
-----------------------------------+
| | | |
Statement of financial position |30.09.2019|31.12.2018|30.09.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Total assets | 9,213| 10,307| 11,012| 10,937
-----------------------------------+----------+----------+----------+----------
Return on assets | (14%)| (9%)| (5%)| (1%)
-----------------------------------+----------+----------+----------+----------
Equity | 1,608| 2,901| 3,277| 3,753
-----------------------------------+----------+----------+----------+----------
Return on equity | (82%)| (31%)| (15%)| (3%)
-----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 83%| 72%| 70%| 66%
| | | |
| | | |
Share |30.09.2019|31.12.2018|30.09.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Last Price* | 0.41| 0.36| 0.49| 0.62
-----------------------------------+----------+----------+----------+----------
Earnings per share | (0.29)| (0.20)| (0.11)| (0.03)
-----------------------------------+----------+----------+----------+----------
Price-earnings ratio | (1.38)| (1.82)| (4.36)| (21.83)
-----------------------------------+----------+----------+----------+----------
Book value of a share | 0.36| 0.64| 0.73| 0.83
-----------------------------------+----------+----------+----------+----------
Market to book ratio | 1.14| 0.56| 0.67| 0.74
-----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand | 1,827| 1,620| 2,205| 2,771
-----------------------------------+----------+----------+----------+----------
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/
FINANCIAL RISKS
INTEREST RATE RISK
Skano Group AS's interest rate risk relates to changes in EURIBOR (Euro
Interbank Offered Rate) since our loans are linked to EURIBOR. At 30.09.2019 six
months' EURIBOR rate was (0,394)% and at 30.09.2018 six months' EURIBOR rate was
(0.268)%. As EURIBOR is negative and in the loan agreements it is set to 0%, the
continued negative rate of EURIBOR does not have interest expense reducing
effect. As the borrowing have a maturity of up to 2 years or less, management is
in opinion that the floating interest rate will not bear significant impact to
Group's cash flows.
The dates for fixing interest rates on the basis of changes in EURIBOR are the
30th day of every six months for its bank loans.
The interest rate risk also depends on the overall economic situation in Estonia
and in the eurozone. Skano Group AS has a cash flow risk arising from the
interest rate risk because its loans have a floating interest rate. Management
believes that the cash flow risk is not significant, therefore no hedging
instruments are used.
CURRENCY RISK
The foreign exchange risk is the risk that the company may have significant loss
because of fluctuating foreign exchange rates. However, Skano Group has no
operations outside of the euro zone and most of our export-import contracts to
customers outside of the euro zone are nominated in euros. Raw materials for
production and goods purchased for resale in our retail operations are mainly in
euros.
RISK OF THE ECONOMIC ENVIRONMENT
The risk of the economic environment for the fibreboard division depends on
general developments in the construction and industrial segments; the risk for
the furniture division depends on the expectations of the customers towards
economic welfare in future.
FAIR VALUE
The management estimates that the fair values of cash, accounts payable, short-
term loans and borrowings do not materially differ from their carrying amounts.
The fair values of long-term loans do not materially differ from their carrying
amounts because their interest rates correspond to the interest rate risks
prevailing on the market.
DECLARATION OF THE MANAGEMENT BOARD
The management board has prepared the management report and the consolidated
financial interim statements of Skano Group AS for the third quarter 2019.
The management board confirms that the management report on pages 4-9 provides a
true and fair view of the business operations, financial results and financial
condition of the parent company and the entities included in consolidation.
The management board confirms that according to their best knowledge the
consolidated financial interim report on pages 11-32 presents a fair view of the
assets, liabilities, financial position and profit or loss of the issuer and the
entities involved in the consolidation as a whole according to the International
Financial Reporting Standards as they are adopted by the European Union and
contains a description of the main risks.
Torfinn Losvik
Chairman of the Management Board
Pärnu, November 29, 2019