Börsiteade
Nordic Fibreboard AS
LEI kood
54930002HOIXBD15OM06
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
4750
Manused
Esitamise kuupäev ja aeg
28.11.2014 16:39:12
Teate sisu eesti keeles
Pealkiri
Majandustulemused 9 kuud 2014
Teade
Pärnu, 2014-11-28 15:39 CET (GLOBE NEWSWIRE) --
KOKKUVÕTE
Skano Group ASi 2014 aasta kolmanda kvartali konsolideeritud müügitulu kahanes
2013 aasta kolmanda kvartaliga võrreldes 5% ja oli 4,97 mln eurot. Kontserni
EBITDA oli kolmandas kvartalis 165 tuhat eurot, 2013 aasta kolmandas kvartalis
oli EBITDA vastavalt 354 tuhat eurot.
Skano Fibreboard OÜ Pärnu tehaste müük (sh. Isotex) kolmandas kvartalis oli 2,0
mln eurot kahanedes eelmise aasta sama perioodiga võrreldes 17%. 2014 aasta
kolmanda kvartali ärikasum oli 48 tuhat eurot võrreldes 134 tuhade eurose
ärikasumiga eelmise aasta samal perioodil.
Skano Fibreboard OÜ Püssi kiudplaaditehase käive oli 1,4 mln eurot kasvades 27%
võrreldes eelmise aasta sama perioodiga. 2014 aasta kolmanda kvartali ärikahjum
oli 24 tuhat eurot võrrelduna 118 tuhande eurose ärikahjumiga eelmise aasta
samal perioodil.
Skano Fibreboard OÜ müük vähenes peamiselt Venemaa halvenenud majandusolukorra
pärast, kus müük langes 26% võrra. Meie põhiliste välisturgude nõudlus on olnud
jätkuvalt nõrk. Seoses sellega oleme pidevalt laiendamas oma sihtturgude
nimekirja ja teinud märkimisväärseid kulutusi erinevate toodete arendamiseks ja
sertifitseerimiseks. Kolmandas kvartalis teostasime jätkuvalt mõlemas tehases
mitmeid tootekatsetusi ja protsesside jätkuvat efektiivistamist omahinna
alandamiseks.
Ettevõtte juhtkonna prioriteediks on jätkuvalt tehaste toodangule müügi
kindlustamine maksimaalse tootmisvõimsuse tagamiseks, tootmisportfelli
optimieerimine ning tootmisprotsesside efektiivistamine.
Käesoleva aasta juulis omandas Skano Fibreboard OÜ kontrolli Suomen
Tuulileijona OY üle. Suomen Tuulileijona OY on Skano kiudplaadi edasimüüja
Soomes ning antud tehing ei avalda olulist mõju kiudplaadi hulgimüügimahtudele
Soomes, vaid pigem kindlustab Skano Fibreboard OÜ toodete jätkuva müügi.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2014 aasta kolmanda kvartali
käive kahanes eelmise aasta sama perioodiga võrreldes 21 % ja oli 1,1 mln
eurot. Kolmanda kvartali ärikahjum oli 65 tuhat eurot võrrelduna 112 tuhande
eurose ärikasumiga 2013 aasta kolmandas kvartalis. Kasumlikkusele mõjus
negatiivselt väike müügimaht. Müük Venemaale vähenes 34% võrrelduna 2013 sama
perioodiga tulenevalt nõrgast nõudlusest, samuti vähenes müük Soome 7% võrra.
2014 aasta kolmanda kvartali müük tütarettevõttele kasvas 14% võrreldes 2013
aasta sama perioodiga. Lisaks olemasolevatel turgudel uute müügivõimaluste
otsimisele on ettevõtte jaoks oluline suund ka müük uutele turgudele, kuhu
oleme endiselt panustamas olulisi ajalisi ja rahalisi ressursse. Täna ei kata
uutele turgudele müük langust meie põhiturgudelt.
Skano Furniture OÜ jaemüügiketi käive kasvas eelmise aasta sama perioodiga
võrreldes 2% ja oli 556 tuhat eurot ning ärikahjum oli 14 tuhat eurot
võrrelduna 24 tuhande eurose ärikahjumiga 2013 aasta kolmandas kvartalis. 2014
aasta kolmanda kvartali ärikahjum 14 tuhat eurot sisaldas ka kursikahjumit
grivna kursimuutusest 20 tuhat eurot ning 2013 aasta sama perioodi ärikahjum
sisaldas kursikahjumit 32 tuhat eurot. Mööbli jaemüük kasvas kõikjal
Balitikumis, kuid kahanes oluliselt Ukrainas põhjustatuna süvenenud konfliktist
Ida-Ukrainas. Jaemüügist moodustab Skano Group ASi enda toodetud mööbli müük
jätkuvalt olulise osa ning see võimaldab mööblivabrikul opereerida tunduvalt
kasumlikumalt, kui see ilma oma jaemüügiketita võimalik oleks.
KASUMIARUANNE
Aruandeaasta kolmanda kvartali müügitulu oli 4,97 mln eurot (2013 aastal 5,23
mln eurot), mis tähendab 2013 aasta kolmanda kvartaliga võrreldes 5%-list
kahenemist. Kontserni müügikäibe brutorentaablus oli 2014 aasta kolmandas
kvartalis 18,4% (võrrelduna 2013 aasta kolmanda kvartali 19,3%-ga).
Konsolideeritud ärikahjum oli 58 tuhat eurot (2013 aasta samal perioodil
põhitegevuse ärikasum 128 tuhat eurot). Konsolideeritud müügikäibe
ärirentaablus oli -1,2% (võrrelduna 2013 aasta kolmanda kvartali põhitegevuse
ärirentaabluse 2,4% -ga).
Konsolideeritud puhaskahjum oli 135 tuhat eurot (2013 aasta kolmandas kvartalis
oli põhitegevuse puhaskasum 71 tuhat eurot) ja puhasrentaablus oli -2,7%
(võrrelduna 2013 aasta kolmanda kvartali 1,4%-ga).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 30.09.2014 seisuga 15,5 mln eurot (30.09.2013:
14,9 mln eurot), millest ettevõtte kohustused moodustasid 30.09.2014 seisuga
8,9 mln eurot (30.09.2013: 7,8 mln eurot) ehk 57,5% (30.09.2013: 53,1%).
Nõuded ja ettemaksud on kasvanud 0,1 mln eurot, suurenedes 12 kuuga 6%.
Varud on kasvanud 12 kuuga 0,2 mln eurot, moodustades 30.09.2014 seisuga 3,5
mln eurot. Seisuga 30.09.2013 oli varude maht 3,3 mln eurot. Materiaalne ja
immateriaalne põhivara vähenes 0,3 mln eurot peamiselt kulumi tõttu.
Lühiajalised laenukohustused olid seisuga 30.09.2014 1,65 mln eurot (30.09.2013
0,7 mln eurot) ja suurenesid 12 kuuga kokku 0,95 mln eurot, mis tulenes Souomen
Tuulileijona OY omandamisel kaasa tulnud faktooringukohutusest ning
arvelduskrediidi jooksvast kasutusest. Võlad hankijatele, maksukohustused, muud
võlad, sh võlad töötajatele ja eraldised moodustasid 2,9 mln eurot (seisuga
30.09.2013 2,6 mln eurot).
Pikajalised laenukohustused vähenesid 0,2 mln eurot moodustades 30.09.2014
seisuga 4,1 mln eurot (seisuga 30.09.2013 vastavalt 4,3 mln eurot). Vähemine
oli põhjustatud laenu tagasimaksetest 0,2 mln euro ulatuses.
Lühi- ja pikaajalised kohustused kokku suurenesid 1,1 mln eurot 8,9 mln euroni
(30.09.2013 7,8 mln eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
III kv. 2014 III kv. 2013 III kv. III kv. 2013
2014
--------------------------------------------------------------------------------
Skano Fibreboard OÜ 3 369 3 514 67,8% 67,2%
--------------------------------------------------------------------------------
Skano Furniture Factory 1 119 1 419 22,5% 27,1%
OÜ
--------------------------------------------------------------------------------
Skano Furniture OÜ 556 547 11,2% 10,5%
jaemüük
--------------------------------------------------------------------------------
Suomen Tuulielijona OÜ 1 376 0 27,7% 0,0%
--------------------------------------------------------------------------------
Elimineerimine (1 452) (249) (29,2%) (4,8%)
--------------------------------------------------------------------------------
KOKKU 4 968 5 231 100,0% 100,0%
--------------------------------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
----------------------------------------------------------------------
III kv. 2014 III kv. 2013 III kv. 2014 III kv. 2013
----------------------------------------------------------------------
Soome 1 867 1 730 37,5% 33,1%
----------------------------------------------------------------------
Venemaa 1 061 1 506 21,4% 28,8%
----------------------------------------------------------------------
Eesti 806 841 16,2% 16,1%
----------------------------------------------------------------------
Suurbitannia 286 219 5,8% 4,2%
----------------------------------------------------------------------
Läti 168 179 3,4% 3,4%
----------------------------------------------------------------------
Rootsi 158 110 3,2% 2,1%
----------------------------------------------------------------------
Leedu 143 96 2,9% 1,8%
----------------------------------------------------------------------
Ukraina 92 201 1,9% 3,8%
----------------------------------------------------------------------
LAV 62 0 1,2% 0,0%
----------------------------------------------------------------------
Araabia ÜE 45 0 0,9% 0,0%
----------------------------------------------------------------------
Singapur 42 0 0,8% 0,0%
----------------------------------------------------------------------
Saudia-Araabia 34 0 0,7% 0,0%
----------------------------------------------------------------------
Teised riigid 204 349 4,1% 6,7%
----------------------------------------------------------------------
KOKKU 4 968 5 231 100,0% 100,0%
----------------------------------------------------------------------
Turgude lõikes on käive kasvanud Soomes, Suurbritannias, Rootsis ja Leedus.
Enim on vähenenud Venemaal ja Ukrainas.
KASUM SEGMENTIDE LÕIKES
tuh EUR III kv. 2014 III kv. 2013
------------------------------------------------------
Skano Furniture Factory OÜ (65) 112
------------------------------------------------------
Skano Furniture OÜ jaemüük (14) (24)
------------------------------------------------------
Skano Fibreboard OÜ 24 16
------------------------------------------------------
Suomen Tuulileijona OY (12) 0
------------------------------------------------------
Elimineerimine 9 24
------------------------------------------------------
KOKKU (58) 128
------------------------------------------------------
Neto finantskulud (77) (57)
------------------------------------------------------
Tulumaksukulu 0 0
------------------------------------------------------
PUHASKASUM (135) 71
------------------------------------------------------
SKANO FIBREBOARD
Skano Fibreboard müügitulu oli 2014 aasta kolmandas kvartalis 3,4 mln eurot ja
ärikasum 24 tuhat eurot. Eelmise aasta samal perioodil oli üksuse käive 3,5 mln
eurot ja ärikasum 16 tuhat eurot. Soome edasimüüja Suomen Tuulileijona OY
soetamisega on eesmärk kindlustada hulgimüügipositsiooni Soomes, mis on meie
jaoks väga oluline turg.
Suurim müügilangus eelmise aasta sama perioodiga võrreldes toimus Venemaal, kus
müük langes 26% võrra ja seda tulenevalt üldisest poliitilisest olukorrast ning
sealse importkauba ostujõu vähenemisest.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------------------------------
III kv. III kv. III kv. III kv.
2014 2013 2014 2013
--------------------------------------------------------------------------------
Soome (sh müük Suomen 1 298 1 339 38,5% 38,2%
Tuulileijona OY-le)
--------------------------------------------------------------------------------
Venemaa 623 841 18,5% 23,9%
--------------------------------------------------------------------------------
Eesti 476 581 14,2% 16,5%
--------------------------------------------------------------------------------
Suurbritannia 250 194 7,4% 5,5%
--------------------------------------------------------------------------------
Rootsi 158 110 4,7% 3,1%
--------------------------------------------------------------------------------
Läti 83 100 2,5% 2,8%
--------------------------------------------------------------------------------
LAV 62 0 1,8% 0,0%
--------------------------------------------------------------------------------
Leedu 45 17 1,3% 0,5%
--------------------------------------------------------------------------------
Araabia ÜE 45 0 1,3% 0,0%
--------------------------------------------------------------------------------
Ukraina 42 46 1,2% 1,3%
--------------------------------------------------------------------------------
Singapur 42 0 1,2% 0,0%
--------------------------------------------------------------------------------
Teised riigid 245 286 7,4% 8,2%
--------------------------------------------------------------------------------
KOKKU 3 369 3 514 100,0% 100,0%
--------------------------------------------------------------------------------
tuh EUR Müük Ärikasum
--------------------------------------------------------------------------------
III kv. III kv. III kv. III kv.
2014 2013 2014 2013
--------------------------------------------------------------------------------
Pärnu kiudplaadivabrik 1 421 1 685 36 63
--------------------------------------------------------------------------------
Püssi kiudplaadivabrik 1 395 1 104 (24) (118)
--------------------------------------------------------------------------------
Pärnu vääristamisüksus 553 725 12 71
(Isotex)
--------------------------------------------------------------------------------
Allokeerimata 0 0 0 0
--------------------------------------------------------------------------------
KOKKU 3 369 3 514 24 16
--------------------------------------------------------------------------------
Pärnu kiudplaadivabriku ja siseviimistlusplaatide liini käive kahanes eelmise
aasta kolmanda kvartaliga võrreldes 17% ja oli 2,0 miljonit eurot.
Püssis asuva kiudplaaditehase käive oli 1,4 mln eurot kasvades eelmise aasta
kolmanda kvartaliga võrreldes 27% ning ärikahjum 24 tuhat eurot (2013 kolmandas
kvartalis oli müük 1,1 mln eurot ja ärikahjum 118 tuhat eurot). Püssi tehase
müük küll kasvas, kuid jätkuvalt on väljakutseks tootmispotfelli optimeerimine
ning tootmisefektiivsus, millega parandamisega tegeletakse jooksvalt.
SKANO FURNITURE
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 30.09.2014 on
mööblikaupluste ketis kokku 10 kauplust: kaks Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, kaks Kiievis, üks Harkovis ja Dnepropetrovskis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
--------------------------------------------------------------------------------
III kv. 2014 III kv. III kv. III kv. 30.09.14 30.09.13
2013 2014 2013
--------------------------------------------------------------------------------
Eesti 323 234 58,1% 42,8% 4 4
--------------------------------------------------------------------------------
Läti 85 79 15,3% 14,4% 1 1
--------------------------------------------------------------------------------
Leedu 98 79 17,6% 14,4% 1 1
--------------------------------------------------------------------------------
Ukraina 50 155 9,0% 28,4% 4 4
--------------------------------------------------------------------------------
Kokku 556 547 100,0% 100,0% 10 10
--------------------------------------------------------------------------------
Mööbli jaemüük 2014 aasta kolmandas kvartalis moodustas 556 tuhat eurot,
kasvades eelmise aasta sama perioodiga 2%. Ärikahjum oli kolmandas kvartalis 14
tuhat eurot (2013 kolmanda kvartali müük oli 547 tuhat eurot ning ärikahjum 24
tuhat eurot). 2014 aasta kolmanda kvartali ärikahjum sisaldas ka kursikahjumit
20 tuhat eurot ning 2013 aasta ärikahjum grivna kursimuutusest tulenevat
kursikahjumit 32 tuhat eurot.
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2014 aasta kolmanda
kvartali müügitulu 1,1 mln eurot ja ärikahjum 65 tuhat eurot. Eelmise aasta
samal perioodil oli mööblivabriku käive 1,4 mln eurot ja ärikasum 112 tuhat
eurot. Võrreldes eelmise aastaga kahanes vabriku käive 21%. Tulenevalt Venemaa
üldisest poliitilisest olukorrast ning sealse importkauba ostujõu vähenemisest
langes müük Venemaale kolmandas kvartalis 34%. Soome üldisest jahenenud
majanduskeskkonnast ja nõrgast nõudlusest kestvuskaupadele vähenes müük Soome
7%.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
-----------------------------------------------------------------------
III kv. 2014 III kv. 2013 III kv. 2014 III kv. 2013
-----------------------------------------------------------------------
Venemaa 438 665 39,1% 46,9%
-----------------------------------------------------------------------
Soome 362 391 32,4% 27,6%
-----------------------------------------------------------------------
Teised riigid 35 114 3,1% 8,0%
-----------------------------------------------------------------------
Tütarettevõtted 284 249 25,4% 17,5%
-----------------------------------------------------------------------
Kokku 1 119 1 419 100,0% 100,0%
-----------------------------------------------------------------------
PROGNOOS JA ARENG
SKANO FIBREBOARD. Skano Fibrebordi käive 2014 aasta neljandas kvartalis jääb
natuke alla eelmise aasta sama perioodi käibele. Peamine põhjus on 17.novembril
aset leidnud tuleõnnetus Pärnu kiudplaadivabrikus, mille tagajärgede
likvideerimise tulemusena saame tehase taaskäivitada 2015 aasta jaanuri
alguses. Vahepealne tööseisak põhjustab osaliselt Pärnus toodetava kauba
defitsiidi ning realiseerimata jääva müügi. Tuleõnnetuse otsene kahju
seadmetele ja ehitistele jääb hetkehinnangul alla 100 tuhande euro, kuid
kindlustusandjale koostatakse täpsemat kahjuhinnangut. Sõlmitud
kindlustuslepingu järgi on meie omavastutuse määr 10 % kahjust, kuid
minimaalselt 10 tuhat eurot.
Lisaks tooteportfelli parandamisele on juhtkonna prioriteet endiselt suunatud
ka tootmisprotsessi energiaefektiivsuse parandamisele, kuhu on suunatud 2014
viimase kvartali investeeringute ja parenduste programm.
Ukraina konflikti edasine eskaleerumine mõjub negatiivselt puitkiudplaadi
müügile meie põhiturgudel Soomes ja Venemaal. Olenemata geopoliitilistest
arengutest tegeleme aktiivselt uutele eksporditurgudele sisenemisega.
SKANO MÖÖBLI JAEMÜÜK. Prognoosime, et 2014 aasta neljanda kvartali jaemüük
Baltikumis ja Ukrainas jääb veidi alla eelmise aasta sama perioodi müügile.
Tagasilööki müügile prognoosime neljandas kvartalis just Ukrainast tulenevalt
sealsest poliitilisest ja majanduslikust ebastabiilusest.
SKANO MÖÖBLIVABRIK. 2014 aasta neljandas kvartalis prognoosime mööblivabrikus
eelmise aastaga võrreldes oluliselt väiksemat käivet tulenevalt üldisest
halvenenud majanduskeskkonnast lähiturgudel. Soomes avaldab mõju halvenenud
majanduskeskkond ning Venemaal Ukraina konflikt, millel on oluline negatiivne
mõju just importkauba ostujõule kui ka üldisele kaubavahetusele.
Uute turgude müük ei ületa 2014 viimases kvartalis põhiturgudelt tekkinud
mahajäämust. 2015 on eesmärk uute turgude müügiga osaliselt katta müügi
vähenemine meie tänastel põhiturgudel Soomes ja Venemaal. Lisaks uute turgude
müügimahu kasvatamisele, mis on olnud juhtkonna prioriteet, tegeleme veel
tootesarjade värskendamise ja alternatiivsete müügikanalite arendamisega.
FINANTSSUHTARVUD
tuh EUR 9 kuud 2014 9 kuud 2013 9 kuud 2012
-------------------------------------------------------------------------------
Kasumiaruanne
-------------------------------------------------------------------------------
Müügitulu 15 669 14 329 14 148
-------------------------------------------------------------------------------
EBITDA 696 440 862
-------------------------------------------------------------------------------
EBITDA rentaablus 4,4% 3,1% 6,1%
-------------------------------------------------------------------------------
Ärikasum 29 (242) 119
-------------------------------------------------------------------------------
Ärirentaablus 0,2% (1,7%) 0,8%
-------------------------------------------------------------------------------
Puhaskasum (179) (415) (90)
-------------------------------------------------------------------------------
Puhasrentaablus (1,1%) (2,9%) (0,6%)
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Bilanss (30.09)
-------------------------------------------------------------------------------
Koguvarad 15 503 14 916 16 201
-------------------------------------------------------------------------------
Koguvarade puhasrentaablus (1,2%) (2,8%) (0,6%)
-------------------------------------------------------------------------------
Omakapital 6 586 7 090 7 602
-------------------------------------------------------------------------------
Omakapitali puhasrentaablus (2,7%) (5,9%) (1,2%)
-------------------------------------------------------------------------------
Võlakordaja 57,5% 52,5% 53,1%
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia (30.09)
-------------------------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,93 1,30 1,37
-------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) (0,04) (0,09) (0,02)
-------------------------------------------------------------------------------
Hind-tulu (PE) suhtarv (23,25) (14,44) (68,50)
-------------------------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 1,46 1,58 1,69
-------------------------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,64 0,82 0,81
-------------------------------------------------------------------------------
Turukapitalisatsioon 4 184 5 849 6 164
-------------------------------------------------------------------------------
EBITDA = ärikasum + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum / müügitulu
Puhasrentaablus = puhaskasum / müügitulu
Koguvarade puhasrentaablus = puhaskasum / koguvarad
Omakapitali puhasrentaablus = puhaskasum / omakapital
Võlakordaja = kohustused / koguvarad
Puhaskasum aktsia kohta = puhaskasum / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia sulgemishind / puhaskasum aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia sulgemishind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia sulgemishind * aktsiate arv
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR 30.09.2014 31.12.2013 30.09.2013
----------------------------------------------------------------------------
Raha ja raha ekvivalendid 509 355 165
----------------------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 761 1 368 1 672
----------------------------------------------------------------------------
Varud (lisa 2) 3 487 2 974 3 249
----------------------------------------------------------------------------
Käibevara kokku 5 757 4 697 5 086
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 407 408 185
----------------------------------------------------------------------------
Materiaalne põhivara (lisa 4) 9 309 9 505 9 627
----------------------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 30 26 18
----------------------------------------------------------------------------
Põhivara kokku 9 746 9 939 9 830
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AKTIVA (vara) KOKKU 15 503 14 636 14 916
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Võlakohustused (lisa 6) 1 651 1 919 694
----------------------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 2 897 2 255 2 557
----------------------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 3 14 3
----------------------------------------------------------------------------
Lühiajalised kohustused kokku 4 551 4 188 3 254
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 127 3 413 4 328
----------------------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 239 230 244
----------------------------------------------------------------------------
Pikaajalised kohustused kokku 4 366 3 643 4 572
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kohustused kokku 8 917 7 831 7 826
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699 2 699
----------------------------------------------------------------------------
Ülekurss 364 364 364
----------------------------------------------------------------------------
Kohustuslik reservkapital 288 288 288
----------------------------------------------------------------------------
Ümberhindluse kursivahed (32) 8 2
----------------------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 3 446 4 152 4 152
----------------------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (179) (706) (415)
----------------------------------------------------------------------------
Omakapital kokku 6 586 6 805 7 090
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 15 503 14 636 14 916
----------------------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR III kv III kv 9 k 9 k
2014 2013 2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 4 968 5 231 15 669 14 329
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (4 053) (4 223) (12 (12
772) 064)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 915 1 008 2 897 2 265
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (785) (660) (2 237) (1 889)
--------------------------------------------------------------------------------
Üldhalduskulud (141) (169) (472) (556)
--------------------------------------------------------------------------------
Muud äritulud 21 37 44 98
--------------------------------------------------------------------------------
Muud ärikulud (68) (88) (203) (160)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (lisa 11) (58) 128 29 (242)
--------------------------------------------------------------------------------
Neto finantskulu (77) (57) (208) (172)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (135) 71 (179) (414)
--------------------------------------------------------------------------------
Tulumaksukulu 0 0 0 (1)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (135) 71 (179) (415)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju (16) 10 (40) 23
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (151) 81 (219) (392)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia (0,03) 0,02 (0,04) (0,09)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,03) 0,02 (0,04) (0,09)
aktsia kohta (lisa 10)
--------------------------------------------------------------------------------
2014. aasta neljanda kvartali vahearuande planeeritav avalikustamise aeg on
nädal 9 (23.-27. veebruar 2015)
Martin Kalle
CEO
+372 4478 331
[email protected]
Teate sisu inglise keeles
Pealkiri
Financial results, 9 months 2014
Teade
Pärnu, 2014-11-28 15:39 CET (GLOBE NEWSWIRE) --
THE THIRD QUARTER IN SHORT
Consolidated net sales of the third quarter of 2014 was 4.97 mil. euros,
representing a 5% decrease on the third quarter compared to the same period in
2013. At the same time, consolidated EBITDA amounted to 165 thousand euros
(EBITDA 354 thousand euros in Q3 2013).
The sales in Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 2.0 mil.
euros, decreased as compared to the respective period last year by 17%, the
operating profit of the third quarter was 48 thousand euros compared with the
operating profit 134 thousand euros last year.
The turnover of Skano Fibreboard OÜ Püssi factory was 1.4 mil. euros,
representing 27% increase in the third quarter compared to the same period in
2013. Operating loss amounted to 24 thousand euros compared with the operating
loss 118 thousand euros last year.
Sales mainly decreased in Russia by 26% due to deteriorated economic and
political situation. Our main foreign markets are still weak due to the general
economic situation in Europe. We have continuously expanded the list of our
target markets and made considerable efforts in product development to obtain
certificates necessary for different markets. In the third quarter we also
conducted product testing and tuning of production process in both factories in
order to achieve a lower production cost.
The priority of the management of the company is continuously to ensure the
sales of the production of both factories in order to guarantee the maximum
production capacity and efforts are taken in this direction on an on-going
basis.
In July 2014 Skano Fibreboard OÜ acquired full control over Suomen Tuulileijona
OY. Suomen Tuulieleijona OY is the wholesaler of Skano fibreboard products in
Finland. The acquisition has no significant impact to our position in the
Finnish wholesale market but was done to secure our ongoing sales in Finland.
The turnover of Skano Furniture Factory OÜ in Pärnu decreased in the third
quarter by 21% and amounted to 1,1 mil. euros. The operating loss of the third
quarter was 65 thousand euros as in 2013 the operating profit of the same
period was 112 thousand euros. Profitability was impacted by low sales volumes.
Sales in the third quarter of 2014 decreased mostly in Russia due to weak
demand by 34% as compared to 2013, also sales to Finland decreased 7%. Sales to
the subsidiary (Baltics and Ukraine) increased by 14% as compared to the same
period in 2013. In addition to seeking new sales possibilities in the current
markets the company has made considerable effort to enter into totally new
markets. Today sale in new markets is not covering the gap from our main
markets.
The turnover of Skano Furniture OÜ retail chain increased 2% as compared to the
same period last year being 556 thousand euros, operating loss was 14 thousand
euros compared with the sales 547 thousand and operating loss 24 thousand euros
in the third quarter of 2013. Current year third quarter operating loss
contains also a loss from a drop of currency exchange rate of hryvnia 20
thousand euros (realized loss from currency exchange rate 32 thousand euros in
the same period of 2013). Retail sale increased everywhere in Baltics but
decreased in Ukraine due to escalated conflict. The sales of Skano Furniture
Factory OÜ own furniture still forms a considerable part of the retail sale and
it enables the furniture factory to operate much more profitably than it would
be possible without its own retail chain.
INCOME STATEMENT
Consolidated net sales of the third quarter in 2014 was 4.97 mil. euros (5.23
mil. euros in same period of 2013) representing a 5% decrease compared to Q3
2013. The Group’s gross margin in the third quarter of 2014 was 18.4% compared
to 19.3% in the third quarter of 2013. Consolidated operating loss amounted to
58 thousand euros (operating profit 128 thousand euros from main activities in
same period 2013). The consolidated operating margin of net sales was -1.2%
(2.4% from main activities in Q3 2013).
Consolidated net loss amounted to 135 thousand euros (compared to net profit 71
thousand euros in Q3 2013), and the net margin was -2.7% (1.4% in Q3 2013).
POSITION OF FINANCIAL STATEMENT
As of 30.09.2014 the total assets of Skano Group AS amounted to 15.5 mil. euros
(30.09.2013: 14.9 mil. euros). The liabilities of the company accounted for
57.5% (30.09.2013: 53.1%) thereof, i.e. 8.9 mil. euros (30.09.2013: 7.8 mil.
euros).
Receivables and prepayments have increased by 0.1 mil. euros i.e. 6% increase
with 12 months.
Inventories have increased with 12 months by 0,2 mil. euros compared to last
year, amounting to 3.5 mil. euros on 30.09.2014. (30.09.2013: 3.3 mil. euros).
Property, plant and intangibles decreased by 0.3 mil. euros mainly as a result
of depreciation.
Short-term loans have increased by 0.95 mil. euros and amounted to 1.65 mil.
euros in 30.09.2014 which was result of increase of factoring liabilities of
Suomen Tuulileijona OY recently acquired and usage of bank overdraft
(30.09.2013: 0.7 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 2.9 mil.
euros (30.09.2013: 2.6 mil. euros).
Long-term loans have decreased by 0.2 mil euros and amounted to 4.1 mil. euros
in 30.09.2014 (30.09.2013: 4.3 mil. euros). The decrease was due to principal
payments mounted to 0.2 mil. euros.
Current and non-current liabilities increased by 1.1 mil. euros to 8.9 mil.
euros (30.09.2013: 7.8 mil. euros).
DIVISIONAL REVIEW
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
--------------------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013
--------------------------------------------------------------
Skano Fibreboard OÜ 3,369 3,514 67.8% 67.2%
--------------------------------------------------------------
Skano Furniture Factory OÜ 1,119 1,419 22.5% 27.1%
--------------------------------------------------------------
Skano Furniture OÜ retail 556 547 11.2% 10.5%
--------------------------------------------------------------
Suomen Tuulileijona OY 1,376 0 27.7% 0.0%
--------------------------------------------------------------
Elimination (1,452) (249) (29.2%) (4.8%)
--------------------------------------------------------------
TOTAL 4,986 5,231 100.0% 100.0%
--------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
--------------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013
--------------------------------------------------------
Finland 1,867 1,730 37.5% 33.1%
--------------------------------------------------------
Russia 1,061 1,506 21.4% 28.8%
--------------------------------------------------------
Estonia 806 841 16.2% 16.1%
--------------------------------------------------------
Great Britain 286 219 5.8% 4.2%
--------------------------------------------------------
Latvia 168 179 3.4% 3.4%
--------------------------------------------------------
Sweden 158 110 3.2% 2.1%
--------------------------------------------------------
Lithuania 143 96 2.9% 1.8%
--------------------------------------------------------
Ukraine 92 201 1.9% 3.8%
--------------------------------------------------------
SAR 62 0 1.2% 0.0%
--------------------------------------------------------
United Arab Emirates 45 0 0.9% 0.0%
--------------------------------------------------------
Singapore 42 0 0.8% 0.0%
--------------------------------------------------------
Saudi Arabia 34 0 0.7% 0.0%
--------------------------------------------------------
Other countries 204 349 4.1% 6.7%
--------------------------------------------------------
TOTAL 4,968 5,231 100.0% 100.0%
--------------------------------------------------------
Regarding the markets, turnover has increased in Finland, Great Britain, Sweden
and Lithuania. The turnover has decreased in most in Russia and Ukraine.
PROFIT BY BUSINESS SEGMENTS
th EUR Q3 2014 Q3 2013
-----------------------------------------
Skano Furniture factory (65) 112
-----------------------------------------
Skano Furniture retail (14) (24)
-----------------------------------------
Skano Fibreboard 24 16
-----------------------------------------
Suomen Tuulileijona OY (12) 0
-----------------------------------------
Elimination 9 24
-----------------------------------------
TOTAL (58) 128
-----------------------------------------
Net financial costs (77) (57)
-----------------------------------------
Income tax 0 0
-----------------------------------------
NET PROFIT (135) 71
-----------------------------------------
SKANO FIBREBOARD
The net sales of Skano Fibreboard in the third quarter of 2014 amounted to 3.4
mil. euros and operating profit to 24 thousand euros. In the same period last
year, the turnover of Skano Fibreboard totaled to 3.5 mil. euros and the
operating profit from main activities 16 thousand euros. The aim of acquisition
of Suomen Tuulileijona OY (distributer of our production in Finland) was to
secure our position in Finland, which is one of our core markets.
The biggest drop in sales in the third quarter compare to last year took place
in Russia, 26% respectively due to general political situation and weakened
purchase power in Russia for import goods.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013
-----------------------------------------------------------------------------
Finland (incl. to Suomen Tuulileijona OY) 1,298 1,339 38.5% 38.2%
-----------------------------------------------------------------------------
Russia 623 841 18.5% 23.9%
-----------------------------------------------------------------------------
Estonia 476 581 14.2% 16.5%
-----------------------------------------------------------------------------
Great Britain 250 194 7.4% 5.5%
-----------------------------------------------------------------------------
Sweden 158 110 4.7% 3.1%
-----------------------------------------------------------------------------
Latvia 83 100 2.5% 2.8%
-----------------------------------------------------------------------------
SAR 62 0 1.8% 0.0%
-----------------------------------------------------------------------------
Lithuania 45 17 1.3% 0.5%
-----------------------------------------------------------------------------
United Arab Emirates 45 0 1.3% 0.0%
-----------------------------------------------------------------------------
Ukraine 42 46 1.2% 1.3%
-----------------------------------------------------------------------------
Singapore 42 0 1.2% 0.0%
-----------------------------------------------------------------------------
Other countries 245 286 7.4% 8.2%
-----------------------------------------------------------------------------
TOTAL 3,369 3,514 100.0% 100.0%
-----------------------------------------------------------------------------
th EUR Net sales Operating Profit
--------------------------------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,421 1,685 36 63
--------------------------------------------------------------------------
Püssi Fibreboard factory 1,395 1,104 (24) (118)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 553 725 12 71
--------------------------------------------------------------------------
Not allocated 0 0 0 0
--------------------------------------------------------------------------
TOTAL 3,369 3,514 24 16
--------------------------------------------------------------------------
The net sales of the Pärnu fibreboard factory and interior board’s line
decreased 17% in the third quarter of 2014 compared to the same quarter of 2013
and amounted to 2.0 mil. euros.
The turnover of Püssi fibreboard factory amounted to 1.4 mil. euros growing 27%
compared to the same quarter in 2013 and operating loss amounted to 24 thousand
euros (turnover 1.1 mil. euros and operating loss 118 thousand euros in Q3
2013). Output of Püssi Fibreboard factory grew in the third quarter but the
main challenge is still to secure Püssi Fibreboard factory with sufficient
sales volumes and optimizing production portfolio and efficiency.
SKANO FURNITURE
FURNITURE RETAIL SALES
Skano Group AS retail business is operated by a private limited company Skano
Furniture OÜ and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has
totally 10 stores in Tallinn (2), Tartu, Pärnu, Riga, Vilnius, Kiev (2),
Kharkiv and Dnipropetrovs’k at the end of the third quarter in 2014.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013 30.09.14 30.09.13
-----------------------------------------------------------------
Estonia 323 234 58.1% 42.8% 4 4
-----------------------------------------------------------------
Latvia 85 79 15.3% 14.4% 1 1
-----------------------------------------------------------------
Lithuania 98 79 17.6% 14.4% 1 1
-----------------------------------------------------------------
Ukraine 50 155 9.0% 28.4% 4 4
-----------------------------------------------------------------
TOTAL 556 547 100.0% 100.0% 10 10
-----------------------------------------------------------------
The furniture retail sale amounted to 556 thousand euros in the third quarter
of 2014 and operating loss 14 thousand euros (sales 547 thousand euros and
operating loss 24 thousand euros in Q3 2013). Current year third quarter
operating loss 14 thousand euros contains also loss from drop of currency
exchange rate of hryvnia 20 thousand euros (realized loss from currency
exchange rate 32 thousand euros in the same period of 2013).
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in the third quarter amounted to
1.1 mil. euros and operating loss to 65 thousand euros. In the same period last
year, the turnover of the factory amounted to 1.4 mil. euros and the profit to
112 thousand euros. As compared to the previous year the turnover of the
factory has decreased 21%. In the third quarter the sales decreased especially
in Russia by 34% and in Finland by 7% due to colder economic and political
environment and weaker demand for durable goods.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
---------------------------------------------------
Q3 2014 Q3 2013 Q3 2014 Q3 2013
---------------------------------------------------
Russia 438 665 39.1% 46.9%
---------------------------------------------------
Finland 362 391 32.4% 27.6%
---------------------------------------------------
Other countries 35 114 3.1% 8.0%
---------------------------------------------------
Subsidiaries 284 249 25.4% 17.5%
---------------------------------------------------
TOTAL 1,119 1,419 100.0% 100.0%
---------------------------------------------------
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. Sales of Skano Fibreboard in Q4 2014 will slightly decrease
compared to sales of the same period last year. The main reason behind decrease
is a fire in Pärnu fibreboard factory on the 17th of November, which we can
restart at the beginning of January 2015. Current production break will cause a
partial deficit in sale of Pärnu factory’s production. Total direct fire
damage to buildings and equipment is estimated to amount less than 100 thousand
euros but exact damage report for insurance company is being prepared.
According to our insurance agreement our own responsibility is 10% but 10
thousand euros as minimum.
In addition to production portfolio the management’s priority is to improve
energy efficiency in the production process, where 2014 last quarter investment
and improvement program is aimed.
Further escalation of conflict in Ukraine impacts negatively to fibreboard
sales in our main markets Finland and Russia. Despite of geopolitical
developments we are taking actions to enter into new export markets.
SKANO FURNITURE RETAIL SALES. We expect total retail sale in Q4 2014 to
decrease slightly compared to the sale of the same period last year as we
expect bigger negative impact to sales from Ukraine due to political and
economic instability.
SKANO FURNITURE FACTORY. In the fourth quarter of 2014 we expect significantly
smaller sales of the furniture factory compared to the same period in 2013
because of the deteriorated economic situation in the near regions, in Finland
due to general economic situation and in Russia due to conflict in Ukraine,
which has material impact on local purchasing power and general trade with EU.
Sales to new markets in Q4 2014 are not covering the lag from our main markets.
In 2015 our goal is to compensate with sales in new markets the gap from our
main markets in Russia and Finland. In addition to seeking sales possibilities
in new markets, we are refreshing our furniture series and developing
alternative sales channels.
FINANCIAL HIGHLIGHTS
th EUR 9 m 2014 9 m 2013 9 m 2012
---------------------------------------------------
Income statement
---------------------------------------------------
Revenue 15,669 14,329 14,148
---------------------------------------------------
EBITDA 696 440 862
---------------------------------------------------
EBITDA margin 4.4% 3.1% 6.1%
---------------------------------------------------
Operating profit 29 (242) 119
---------------------------------------------------
Operating margin 0.2% (1.7%) 0.8%
---------------------------------------------------
Net profit (179) (415) (90)
---------------------------------------------------
Net margin (1.1%) (2.9%) (0.6%)
---------------------------------------------------
----------------------------------------------------
Balance sheet (30.09)
---------------------------------------------------
Total assets 15,503 14,916 16,201
---------------------------------------------------
Return on assets (1.2%) (2.8%) (0.6%)
---------------------------------------------------
Equity 6 586 7 090 7 602
---------------------------------------------------
Return on equity (2.7%) (5.9%) (1.2%)
---------------------------------------------------
Debt-to-equity ratio 57.5% 52.5% 53.1%
---------------------------------------------------
----------------------------------------------------
Share (30.09)
---------------------------------------------------
Closing price 0.93 1.30 1.37
---------------------------------------------------
Earnings per share (0.04) (0.09) (0.02)
---------------------------------------------------
Price-earnings ratio (23.25) (14.44) (68.50)
---------------------------------------------------
Book value of a share 1.46 1.58 1.69
---------------------------------------------------
Market to book ratio 0.64 0.82 0.81
---------------------------------------------------
Market capitalization 4 184 5 849 6 164
---------------------------------------------------
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Closing price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Closing price / Book value of a share
Market capitalization = Closing price * Total shares
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
th EUR 30.09.2014 31.12.2013 30.09.2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and bank 509 355 165
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,761 1,368 1,672
----------------------------------------------------------------------------
Inventories (Note 2) 3,487 2,974 3,249
----------------------------------------------------------------------------
Total current assets 5,757 4,697 5,086
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investment property (Note 3) 407 408 185
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 9,309 9,505 9,627
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 30 26 18
----------------------------------------------------------------------------
Total fixed assets 9,746 9,939 9,830
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ASSETS 15,503 14,636 14,916
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt obligations (Note 6) 1,651 1,919 694
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,897 2,255 2,557
----------------------------------------------------------------------------
Short-term provisions (Note 8) 3 14 3
----------------------------------------------------------------------------
Total current liabilities 4,551 4,188 3,254
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,127 3,413 4,328
----------------------------------------------------------------------------
Non-current provisions (Note 8) 239 230 244
----------------------------------------------------------------------------
Total non-current liabilities 4,366 3,643 4,572
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities 8,917 7,831 7,826
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699 2,699
----------------------------------------------------------------------------
Issue premium 364 364 364
----------------------------------------------------------------------------
Statutory capital reserve 288 288 288
----------------------------------------------------------------------------
Currency translation (32) 8 2
----------------------------------------------------------------------------
Retained profits 3,446 4,152 4,152
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (179) (706) (415)
----------------------------------------------------------------------------
Total equity 6,586 6,805 7,090
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 15,503 14,636 14,916
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 3rd Q 3rd Q 2013 9 m 2014 9 m 2013
2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RETURN ON SALES (Note 11) 4,968 5,231 15,669 14,329
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of production sold (4,053) (4,223) (12,772) (12,064)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross profit 915 1,008 2,897 2,265
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Marketing expenses (785) (660) (2,237) (1,889)
--------------------------------------------------------------------------------
General administrative expenses (141) (169) (472) (556)
--------------------------------------------------------------------------------
Other income 21 37 44 98
--------------------------------------------------------------------------------
Other expenses (68) (88) (203) (160)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit (loss) (Note 11) (58) 128 29 (242)
--------------------------------------------------------------------------------
Financial income and financial (77) (57) (208) (172)
expenses
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit (loss) before taxes (135) 71 (179) (414)
--------------------------------------------------------------------------------
Prepaid income tax 0 0 0 (1)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (135) 71 (179) (415)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic earnings per share (Note 10) (0.03) 0.02 (0.04) (0.09)
--------------------------------------------------------------------------------
Diluted earnings per share (Note 10) (0.03) 0.02 (0.04) (0.09)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Currency translation differences (16) 10 (40) 23
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (151) 81 (219) (392)
--------------------------------------------------------------------------------
The planned time of publishing of interim report of the fourth quarter of 2014
is week 9 (23-27 February 2015)
Martin Kalle
CEO
+372 4478 331
[email protected]