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
5962
Manused
Esitamise kuupäev ja aeg
28.02.2017 08:15:00
Teate sisu eesti keeles
Pealkiri
Majandustulemused 12 kuud 2016
Teade
KOKKUVÕTE
Skano Group AS’i 2016. aasta konsolideeritud müügitulu oli 17,5 mln eurot, mis
on 6,8% vähem kui 2015. aastal (2015: 18,8 mln eurot). Kontserni 2016. aasta
EBITDA oli 100 tuhat eurot (2015. aastal: 739 tuhat eurot), mida mõjutas
negatiivselt valmistoodangu laoseisu vähendamine läbi varude jääkide muutuse
summas 529 tuhat eurot (2015. aasta positiivne mõju oli 477 tuhat eurot seoses
valmistoodangu laovarude suurenemisega).
Skano Fibreboard OÜ müügitulu koos Soome tütarettevõttega oli 2016. aastal 12,1
mln eurot (2015: 12,6 mln eurot). 2016. aasta ärikahjum oli 96 tuhat eurot
(2015: ärikasum 268 tuhat eurot).
Kiudplaadi müügi vähenemine oli põhiliselt tingitud meie põhiturgude Venemaa ja
Soome jätkuvalt nõrgast majandusolukorrast. Olukorra parandamiseks oleme
laiendamas oma sihtturgude nimekirja ja teinud olulisi jõupingutusi
tootearenduses.
Ettevõtte juhtkonna prioriteediks on jätkuvalt uute turgude otsimine müügivõrgu
laiendamiseks ning tootmisprotsesside efektiivistamine kulude alandamise
eesmärgil.
Skano Furniture Factory OÜ Pärnu mööblivabriku 2016. aasta käive oli 4,2 mln
eurot, millest 1,0 mln eurot oli müük kontserni jaekaubandusele (2015:
vastavalt 4,8 mln eurot ja 1,2 mln eurot. Müük kahanes eelmise aasta sama
perioodiga võrreldes 11,8%. 2016. aasta neljandas kvartalis näitas müük
kasvutendentsi. 2016. aasta ärikahjum oli 658 tuhat eurot võrrelduna 634
tuhande eurose ärikahjumiga 2015. aastal. Ärikahjum sisaldas ka tütarettevõtete
nõuete allahindlusi vastavalt 202 tuhat eurot 2016. aastal ja 265 tuhat eurot
2015. aastal. Lisaks märgitud allahindlustele mõjutas kahjumi tekkimist
müügimahtude vähenemine ja laovarude vähendamisest tingitud valmistoodangu
laovarude muutus kasumiaruandes.
Samuti toimus 2016. aastal oluline kulude kokkuhoid, mis täiendavate
koondamistasudena suurendas kahjumit, kuid samas andis tugeva stardipositsiooni
2017. aastaks. Müük senisel põhiturul Soomes vähenes 17,3% võrrelduna 2015.
aastaga. Lisaks olemasolevatel turgudel uute müügivõimaluste otsimisele on
ettevõtte jaoks oluline müük uutele turgudele ja tootmiskulude vähendamine läbi
tootmise efektiivistamise.
Skano jaemüügiketi käive oli 2016. aastal 2,2 mln eurot, kahanedes eelmise
aasta sama perioodiga võrreldes 13,2%, neljandas kvartalis näitas jaemüük
tõusutendentsi. Skano grupis toodetud mööbli müük moodustab suurema osa
jaemüügist.
KASUMIARUANNE
Kontserni aruandeaasta müügitulu oli 17,5 mln eurot (2015. aastal: 18,8 mln
eurot), mis näitab 6,8%-list kahanemist. Konsolideeritud ärikahjum oli 730
tuhat eurot (2015. aastal 101 tuhat eurot). Konsolideeritud ärirentaablus oli
-4,2% (2015. aastal: -0,5%).
Konsolideeritud puhaskahjum oli 1,0 mln eurot (2015. aastal: 0,4 mln eurot) ja
puhasrentaablus oli -3,8% (2015. aastal -0,2%).
FINANTSSEISUNDI ARUANNE
Kontserni koguvarade maht oli 31.12.2016 seisuga 12,0 mln eurot (31.12.2015:
13,3 mln eurot) ning ettevõtte kohustused moodustasid 31.12.2016 seisuga 8,1
mln eurot (31.12.2015: 8,3 mln eurot) moodustades 67,4% varadest (31.12.2015:
62,9%).
Nõuded ja ettemaksud olid 1,0 mln eurot, mis on samal tasemel võrreldes eelmise
aastaga (31.12.2015: 1,0 mln eurot). Varud on võrreldes eelmise aastaga
vähenenud 0,6 mln euro võrra 3,4 mln eurolt seisuga 31.12.2015 2,8 mln euroni
seisuga 31.12.2016. Materiaalne ja immateriaalne põhivara seisuga 31.12.2016
oli 8,1 mln eurot (31.12.2015: 8,5 mln eurot).
Kohustused kokku vähenesid 0,2 mln eurot 8,1 mln euroni (31.12.2015: 8,3 mln
eurot).
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK SEGMENTIDE LÕIKES
tuh EUR % käibest
-----------------------------------------------------------
2016 2015 2016 2015
-----------------------------------------------------------
Kiudplaadi tootmine ja müük 12 170 12 696 69,5% 67,6%
-----------------------------------------------------------
Mööbli tootmine 4 235 4 801 24,2% 25,6%
-----------------------------------------------------------
Mööbli jaemüük 2 203 2 537 12,6% 13,5%
-----------------------------------------------------------
Grupi tehingud -1 106 -1 245 -6,3% -6,6%
-----------------------------------------------------------
KOKKU 17 502 18 789 100,0% 100,0%
-----------------------------------------------------------
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------
2016 2015 2016 2015
---------------------------------------------
Soome 6 060 6 912 34,6% 36,8%
---------------------------------------------
Eesti 3 129 3 256 17,9% 17,3%
---------------------------------------------
Venemaa 2 878 3 351 16,4% 17,8%
---------------------------------------------
Suurbritannia 1 244 1 206 7,1% 6,4%
---------------------------------------------
Läti 760 774 4,3% 4,1%
---------------------------------------------
Portugal 717 235 4,1% 1,3%
---------------------------------------------
Rootsi 596 574 3,4% 3,1%
---------------------------------------------
Ukraina 394 400 2,3% 2,1%
---------------------------------------------
Leedu 406 434 2,3% 2,3%
---------------------------------------------
LAV 288 493 1,6% 2,6%
---------------------------------------------
Saksamaa 206 160 1,2% 0,9%
---------------------------------------------
Taani 123 158 0,7% 0,8%
---------------------------------------------
Teised riigid 701 836 4,0% 4,4%
---------------------------------------------
KOKKU 17 502 18 789 100,0% 100,0%
---------------------------------------------
Turgude lõikes on käive kasvanud uuel turul Portugalis ja Suurbritannias.
Müügimahu vähenemine on tingitud seniste põhiturgude Venemaa ja Soome
müügimahtude vähenemisest.
KASUM SEGMENTIDE LÕIKES
tuh EUR 2016 2015
-----------------------------------------
Kiudplaadi tootmine ja müük -96 268
-----------------------------------------
Mööbli tootmine -658 -634
-----------------------------------------
Mööbli jaemüük -83 -352
-----------------------------------------
Elimineerimine 107 617
-----------------------------------------
KOKKU ÄRIKASUM/-KAHJUM -730 -101
-----------------------------------------
Neto finantskulud -310 -301
-----------------------------------------
Tulumaksukulu -5 -9
-----------------------------------------
PUHASKASUM -1 045 -411
-----------------------------------------
SKANO FIBREBOARD (koos SUOMEN TUULILEIJONA Oy’ga)
Skano Fibreboard müügitulu oli 2016 aastal 12,1 mln eurot ja ärikahjum 96 tuhat
eurot. Eelmise aasta samal perioodil oli käive 12,6 mln eurot ja ärikasum 268
tuhat eurot. 2016. aasta tulemustele avaldas olulist negatiivset mõju läbi
valmistoodangu jääkide muutuse valmistoodangu lao vähendamine.
Müügitulu vähenemine võrreldes eelmise aasta sama perioodiga oli tingitud
müügimahtude langusega Soome ja Venemaa turgudel kokku 860 tuhat eurot, mis
2015. aastal moodustas 57,7% kogu müügimahust ning 2016. aastal on kahanenud
52,8%-ni. Müük kasvas enim Portugalis.
MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
---------------------------------------------
2016 2015 2016 2015
---------------------------------------------
Soome 4 597 5 134 41,3% 44,6%
---------------------------------------------
Eesti 1 682 1 752 13,8% 13,7%
---------------------------------------------
Venemaa 1 527 1 850 11,5% 13,1%
---------------------------------------------
Suurbritannia 1 146 1 163 9,1% 8,3%
---------------------------------------------
Portugal 717 235 5,6% 0,8%
---------------------------------------------
Rootsi 596 573 4,8% 4,6%
---------------------------------------------
Läti 397 305 2,7% 2,2%
---------------------------------------------
LAV 288 493 2,4% 4,4%
---------------------------------------------
Leedu 175 102 1,3% 0,7%
---------------------------------------------
Taani 123 158 1,2% 1,4%
---------------------------------------------
Saksamaa 140 160 1,2% 1,2%
---------------------------------------------
Teised riigid 682 683 5,2% 4,9%
---------------------------------------------
KOKKU 12 070 12 608 100,0% 100,0%
---------------------------------------------
SKANO FURNITURE
MÖÖBLI TOOTMINE
Skano Furniture Factory OÜ Pärnu mööblivabrikus oli 2016 aasta müügitulu kokku
4,2 mln eurot, millest müük jaekaubanduse divisionile 1,0 mln eurot, ärikahjum
oli 658 tuhat eurot. 2015. aastal oli käive 4,8 mln eurot, millest müük
jaekaubandusele 1,2 mln eurot, ärikahjum oli 634 tuhat eurot. Võrreldes eelmise
aastaga kahanes vabriku käive 11,8%. Olulist mõju käibe langusele avaldas Soome
müügi langus ja ärikahjumit suurendas valmistoodangu varude vähendamine.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
--------------------------------------------------------
2016 2015 2016 2015
--------------------------------------------------------
Soome 1 463 1 770 35,5% 36,5%
--------------------------------------------------------
Venemaa 1 349 1 501 32,7% 31,2%
--------------------------------------------------------
Teised riigid 417 373 8,2% 8,1%
--------------------------------------------------------
Müük grupi jaekaubandusele 1 007 1 157 23,6% 24,2%
--------------------------------------------------------
Kokku 4 236 4 801 100,0% 100,0%
--------------------------------------------------------
MÖÖBLI JAEMÜÜK
Skano Group ASi mööbli jaeäri opereerivad tütarfirma Skano Furniture OÜ ja
selle tütarfirmad Lätis, Leedus ja Ukrainas. Seisuga 31.12.2016 on
mööblikaupluste ketis kokku 8 kauplust: kaks Tallinnas, üks Tartus ja üks
Pärnus, Riias, Vilniuses, üks Kiievis ja üks Harkovis. 2016. aasta oktoobris
suleti Tallinnas Rocca al Mare keskuse kauplus ja samas laiendati Pärnu maantee
kauplust. Samuti suleti üks kauplus Kiievis.
JAEMÜÜK RIIKIDE LÕIKES
tuh EUR % käibest Kaupluste arv
------------------------------------------------------
2016 2015 2016 2015 2016 2015
------------------------------------------------------
Eesti* 1 330 1 472 60,4% 58,0% 4 5
------------------------------------------------------
Läti 363 469 16,5% 18,5% 1 1
------------------------------------------------------
Ukraina** 278 264 12,6% 10,4% 2 4
------------------------------------------------------
Leedu 231 332 10,5% 13,1% 1 1
------------------------------------------------------
Kokku 2 202 2 537 100,0% 100,0% 8 11
------------------------------------------------------
*2016. aasta oktoobris suleti Tallinnas Rocca al Mare keskuses asuv pood,
pärast mida on Eestis kokku 4 kauplust (Tallinnas kaks, Pärnus ja Tartus).
** 2016. aasta oktoobris suleti Kiievis Arax keskuses asuv pood, pärast mida on
Ukrainas kokku 2 kauplust (Kiievis ja Harkovis).
Mööbli jaemüük 2016. aastal oli 2,2 mln eurot, mis on 13,2% vähem kui eelmisel
aastal (2015. aastal 2,5 ml eurot). Ärikahjum oli 2016. aastal 83 tuhat eurot
(2015. aasta samal perioodil 352 tuhat eurot). 2015. aasta ärikahjum sisaldas
tütarettevõtete nõuete allahindlust 125 tuhat eurot ja kahjumit grivna
kursimuutusest 243 tuhat eurot.
PROGNOOS JA ARENG
SKANO FIBREBOARD 2017. aasta on alanud müügi kasvuga suurimal turul Soomes.
Saksamaa kiudplaaditurule, mis on Euroopa suurim, sisenemiseks oleme alustamas
koostööd kohalike müügiagentidega. Tegeleme aktiivselt müügitööga, et
kompenseerida väiksemat müügimahtu senistel põhiturgudel müügiga uutel
turgudel. Samuti jätkame tegevust tootmisprotsesside ja seadmete
efektiivistamisega eesmärgiga alandada tootmiskulusid.
Juulis 2016 sai Skano Fibreboard OÜ Sintef sertifikaadi, mis võimaldab
tuuletõkkeplaadi müüki Norra turul. Hetkel tegeleme aktiivse müügitööga Norra
turule sisenemiseks.
SKANO MÖÖBLIVABRIK 2016. aastal läbiviidud kulude kokkuhoiu programm võimaldab
2017. aastat alustada oluliselt paremate tulemustega ning ka väiksemate
müügimahtudega jõuda kasumisse. Lisaks tegeleme aktiivse müügitööga ning selle
raames tugevdame koostööd Suurbritannia agentidega ning oleme alustamas
koostööd Norra agentidega.
SKANO MÖÖBLI JAEMÜÜK Baltikumi müügi osas ootame stabiilsust ning kulude
kokkuhoiuga parandame kasumlikkust. 2017. aasta esimeses kvartalis on plaanis
müüa Ukraina äriüksus, mis vähendab oluliselt sealse poliitilise ja
majandusliku ebastabiilsuse riski. Samas loodame jätkata müüki Ukrainasse läbi
koostööpartnerite.
FINANTSSUHTARVUD
tuh EUR 2016 2015 2014
----------------------------------------------------------------
Kasumiaruanne
----------------------------------------------------------------
Müügitulu 17 502 18 789 20 330
----------------------------------------------------------------
EBITDA 100 739 -312
----------------------------------------------------------------
EBITDA rentaablus 0,6% 3,9% -1,5%
----------------------------------------------------------------
Ärikasum -730 -101 -1 199
----------------------------------------------------------------
Ärirentaablus -4,2% -0,5% -5,9%
----------------------------------------------------------------
Puhaskasum -1 045 -411 -1 481
----------------------------------------------------------------
Puhasrentaablus -6,0% -2,2% -7,3%
----------------------------------------------------------------
-----------------------------------------------------------------
Bilanss (31.12)
----------------------------------------------------------------
Koguvarad 11 964 13 262 13 329
----------------------------------------------------------------
Koguvarade puhasrentaablus -8,7% -3,1% -11,1%
----------------------------------------------------------------
Omakapital 3 900 4 919 5 300
----------------------------------------------------------------
Omakapitali puhasrentaablus -26,8% -8,4% -27,9%
----------------------------------------------------------------
Võlakordaja 67,4% 63,8% 57,5%
----------------------------------------------------------------
-----------------------------------------------------------------
Aktsia (31.12)
----------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,460 0,730 0,850
----------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) -0,23 -0,09 -0,33
----------------------------------------------------------------
Hind-tulu (PE) suhtarv -2,00 -8,11 -2,58
----------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,87 1,09 1,18
----------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,53 0,67 0,72
----------------------------------------------------------------
Turukapitalisatsioon 2 070 3 284 3 824
----------------------------------------------------------------
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 31.12.2016 31.12.2015
----------------------------------------------------------------
Raha ja raha ekvivalendid 184 292
----------------------------------------------------------------
Nõuded ja ettemaksed 965 997
----------------------------------------------------------------
Varud 2 760 3 426
----------------------------------------------------------------
Käibevara kokku 3 909 4 715
----------------------------------------------------------------
----------------------------------------------------------------
Kinnisvarainvesteeringud 405 406
----------------------------------------------------------------
Materiaalne põhivara 7 584 8 120
----------------------------------------------------------------
Immateriaalne põhivara 66 21
----------------------------------------------------------------
Põhivara kokku 8 055 8 547
----------------------------------------------------------------
----------------------------------------------------------------
AKTIVA (vara) KOKKU 11 964 13 262
----------------------------------------------------------------
----------------------------------------------------------------
Võlakohustused 1 176 1 253
----------------------------------------------------------------
Võlad ja ettemaksed 2 497 2 684
----------------------------------------------------------------
Lühiajalised eraldised 15 15
----------------------------------------------------------------
Lühiajalised kohustused kokku 3 688 3 952
----------------------------------------------------------------
----------------------------------------------------------------
Pikaajalised võlakohustused 4 163 4 163
----------------------------------------------------------------
Pikaajalised eraldised 213 228
----------------------------------------------------------------
Pikaajalised kohustused kokku 4 376 4 391
----------------------------------------------------------------
----------------------------------------------------------------
Kohustused kokku 8 064 8 343
----------------------------------------------------------------
----------------------------------------------------------------
Aktsiakapital (nimiväärtuses) 2 699 2 699
----------------------------------------------------------------
Ülekurss 364 364
----------------------------------------------------------------
Kohustuslik reservkapital 288 288
----------------------------------------------------------------
Muud reservid 2 7
----------------------------------------------------------------
Ümberhindluse kursivahed 40 7
----------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 1 552 1 965
----------------------------------------------------------------
Aruandeaasta kahjum -1 045 -411
----------------------------------------------------------------
Omakapital kokku 3 900 4 919
----------------------------------------------------------------
----------------------------------------------------------------
PASSIVA (kohustused ja omakapital) KOKKU 11 964 13 262
----------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR IV kv IV kv 2016 2015
2016 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 3 872 4 225 17 502 18 789
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 350) (3 543) (14 425) (14 870)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 522 682 3 077 3 919
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (589) (807) (2 939) (3 203)
--------------------------------------------------------------------------------
Üldhalduskulud (136) (183) (595) (705)
--------------------------------------------------------------------------------
Muud äritulud 27 61 98 342
--------------------------------------------------------------------------------
Muud ärikulud (131) (34) (371) (454)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (kahjum) (307) (281) (730) (101)
--------------------------------------------------------------------------------
Neto finantskulu (69) (75) (309) (301)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum(kahjum) enne tulumaksu (376) (356) (1 039) (402)
--------------------------------------------------------------------------------
Tulumaksukulu (2) (5) (6) (9)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (378) (361) (1 045) (411)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju 23 97 33 23
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM(KAHJUM) (355) (264) (1 012) (388)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia (0,08) (0,08) (0,23) (0,09)
kohta
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,08) (0,07) (0,23) (0,09)
aktsia kohta
--------------------------------------------------------------------------------
2017. aasta esimese kvartali vahearuande planeeritav avalikustamise aeg on
nädal 22 2017. aastal (30.-31. mai 2017)
Torfinn Losvik
Juhatuse liige
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Financial results 12 months 2016
Teade
THE 4th QUARTER 2016 IN SHORT
Consolidated net sales of the 2016 were 17.5 mil. euros, representing an 9,3%
decrease compared to the same period in 2015 (18.6 mil. euros in 2015).
Consolidated EBITDA amounted to 100 thousand euros (EBITDA 739 thousand euros
in 2015). Reducing the stock volumes of own produced goods negatively
influenced the EBITDA of 2016 through changes in inventories in the amount of
529 thousand euros (In 2015 the increase in stock had a positive effect to
EBITDA in the amount of 477 thousand euros).
The turnover of Skano Fibreboard OÜ together with its Finnish subsidiary in
2016 was 12.1 mil. euros (2015: 12.6 mil. euros). The operating loss in 2016
was 96 thousand euros (in 2015 operating profit 268 thousand euros).
Sales mainly decreased in our core markets. As our main foreign markets, Russia
and Finland are still very weak due to the general economic situation, we have
been continuously expanding the list of our target markets and made significant
efforts in product development and in making the production process more
effective with the aim to reduce costs.
The turnover of Skano Furniture Factory OÜ was 4.2 mil. euros, including the
amount of 1.0 mil. euros sales to group retail companies (2015 respectively 4.8
mil. euros and 1.2 mil. euros). The sales decreased in 2016 by 11.8% and
amounted. The decrease in sales has turned to small increase during 4Q 2016.
The operating loss in 2016 was 658 thousand euros compare to the operating loss
in the amount of 634 thousand euros in 2015.The operating loss includes the
write-offs of the receivables from subsidiaries respectively 202 thousand euros
in 2016 and 265 thousand euros in 2015. The operating loss was also affected by
decrease of inventories through changes in inventory of finished goods. 2016
costs were higher also due to one-off redundancy cots what will give the good
start for the year 2017. In 2016 sales to Finland decreased by 17.3% due to
very weak demand as compared to the same period in 2015. In addition to seeking
new sales possibilities in the current markets the company has made
considerable effort to enter into new markets and to lower the production
costs.
The priority of the management of the company is continuously to ensure the
sales quantity of the produced goods from both factories in order to maximize
production efficiency and efforts are taken in this direction on an on-going
basis.
The turnover of Skano Furniture OÜ retail chain was 2,2 mil. euros what is
13.2% lower than in 2015. The trend turned to positive side in 4Q 2016. The
sales of Skano Furniture Factory OÜ own furniture still forms a considerable
part of the retail sales.
INCOME STATEMENT
Consolidated net sales in 2016 was 17.5 mil. euros (18.8 mil. euros in 2015)
representing an 6.8% decrease compared to 2015. Consolidated operating loss
amounted to 730 thousand euros (101 thousand euros in 2015). The consolidated
operating margin was -4.21% (-0,5% in 2015).
Consolidated net loss in 2016 amounted to 1.0 mi. euros (compared to net loss
0.4 mil. euros in 2015), and the net margin was -3.8% (-0.2% in 2015).
POSITION OF FINANCIAL STATEMENT
As of 31.12.2016 the total assets of Skano Group AS amounted to 12.0 mil. euros
(31.12.2015: 13.3 mil. euros). The liabilities of the company accounted for
67.4% from the total assets (31.12.2015: 62.9%), amounted of 8.1 mil. euros
(31.12.2015: 8.3 mil. euros).
Receivables and prepayments amounted 1.0 mil. euros and were on the same level
as of 31.12.2015 (31.12.2015: 1.0 mil. euros). Inventories have decreased for
the amount of 0.6 mil euros with 12 months, amounting to 2.8 mil. euros on
31.12.2016. (31.12.2015: 3.4 mil. euros). Property, plant and intangibles
amounted to 8.1 mil. euros as of 31.12.2016 (8,5 mil. euros as of 31.12.2015).
Current and non-current liabilities have decreased by 0.2 mil. euros to 8.1
mil. euros (31.12.2015: 8.3 mil. euros).
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS
th EUR % of net sales
------------------------------------------------------------------
2016 2015 2016 2015
------------------------------------------------------------------
Fibreboards production and sales 12,170 12,696 69.5% 67.6%
------------------------------------------------------------------
Furniture production and sales 4,235 4,801 24.2% 25.6%
------------------------------------------------------------------
Furniture retail 2,203 2,537 12.6% 13.5%
------------------------------------------------------------------
Group transactions (1,106) (1,245) (6.3%) (6.6%)
------------------------------------------------------------------
TOTAL 17,502 18,789 100.0% 100.0%
------------------------------------------------------------------
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------
2016 2015 2016 2015
-----------------------------------------------
Finland 6,060 6,912 34.6% 36.8%
-----------------------------------------------
Estonia 3,129 3,256 17.9% 17.3%
-----------------------------------------------
Russia 2,878 3,351 16.4% 17.8%
-----------------------------------------------
Great Britain 1,244 1,206 7.1% 6.4%
-----------------------------------------------
Latvia 760 774 4.3% 4.1%
-----------------------------------------------
Portugal 717 235 4.1% 1.3%
-----------------------------------------------
Sweden 596 574 3.4% 3.1%
-----------------------------------------------
Ukraine 394 400 2.3% 2.1%
-----------------------------------------------
Lithuania 406 434 2.3% 2.3%
-----------------------------------------------
SAR 288 493 1.6% 2.6%
-----------------------------------------------
Germany 206 160 1.2% 0.9%
-----------------------------------------------
Denmark 123 158 0.7% 0.8%
-----------------------------------------------
Other countries 701 836 4.0% 4.4%
-----------------------------------------------
TOTAL 17,502 18,789 100.0% 100.0%
-----------------------------------------------
Regarding the markets. turnover has increased in our new market Portugal and in
Great Britain. The decrease in turnover was mainly because of lower sales in
Russia and Finland.
PROFIT BY BUSINESS SEGMENTS
th EUR 2016 2015
------------------------------------------------
Fibreboards production and sales (96) 268
------------------------------------------------
Furniture production and sales (658) (634)
------------------------------------------------
Furniture retail (83) (352)
------------------------------------------------
Elimination 107 617
------------------------------------------------
TOTAL (730) (101)
------------------------------------------------
Net financial costs (310) (301)
------------------------------------------------
Income tax (5) (9)
------------------------------------------------
NET PROFIT (1,045) (411)
------------------------------------------------
SKANO FIBREBOARD including SUOMEN TUULILEIJONA
The net sales of Skano Fibreboard in 2016 amounted to 12.1 mil. euros and
operating loss to 96 thousand euros. In the same period 2015 the turnover of
Skano Fibreboard totalled 12.6 mil. euros and the operating profit totalled 268
thousand euros. The decrease in the stock of finished production affected
negatively the operating result trough changes in inventories of finished
goods.
The decrease in sales in 2016 compare to last year was mainly because of
decrease of sales in Finland and Russia, total decrease in these markets was
860 thousand euros. In 2015 Finnish and Russian market was 57.7% from the total
sales, in 2016 the share was 52,8%. Sales increased most in Portugal.
NET SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
-----------------------------------------------
2016 2015 2016 2015
-----------------------------------------------
Finland 4,597 5,134 41.3% 44.6%
-----------------------------------------------
Estonia 1,682 1,752 13.8% 13.7%
-----------------------------------------------
Russia 1,527 1,850 11.5% 13.1%
-----------------------------------------------
Great Britain 1,146 1,163 9.1% 8.3%
-----------------------------------------------
Portugal 717 235 5.6% 0.8%
-----------------------------------------------
Sweden 596 573 4.8% 4.6%
-----------------------------------------------
Latvia 397 305 2.7% 2.2%
-----------------------------------------------
SAR 288 493 2.4% 4.4%
-----------------------------------------------
Lithuania 175 102 1.3% 0.7%
-----------------------------------------------
Denmark 123 158 1.2% 1.4%
-----------------------------------------------
Germany 140 160 1.2% 1.2%
-----------------------------------------------
Other countries 682 683 5.2% 4.9%
-----------------------------------------------
TOTAL 12,070 12,608 100.0% 100.0%
-----------------------------------------------
SKANO FURNITURE
FURNITURE PRODUCTION
The net sales of the Skano Furniture Factory in 2016 amounted to 4.2 mil. euros
including sales to group retail operations 1.0 mil. euros. Operating loss was
658 thousand euros. In 2015 the turnover of the factory amounted to 4.8 mil.
euros and the operating loss to 634 thousand euros. The decrease in sales was
11.8% mainly due to sales decrease in Finland. The operating loss was
negatively affected by decrease in inventories through changes in finished
goods inventories.
FURNITURE FACTORY SALES BY COUNTRIES
th EUR % of net sales
----------------------------------------------------
2016 2015 2016 2015
----------------------------------------------------
Finland 1,463 1,770 35.5% 36.5%
----------------------------------------------------
Russia 1,349 1,501 32.7% 31.2%
----------------------------------------------------
Other countries 417 373 8.2% 8.1%
----------------------------------------------------
Group retail companies 1,007 1,157 23.6% 24.2%
----------------------------------------------------
TOTAL 4,236 4,801 100.0% 100.0%
----------------------------------------------------
FURNITURE RETAIL SALES
Skano group retail business is operated by a private limited daughter company
Skano Furniture OÜ and its subsidiaries in Latvia, Lithuania and Ukraine. As of
31.12.2016 Skano has totally 8 stores: two stores in Tallinn, one store in
Tartu, one store in Pärnu, one store in Riga, one store in Vilnius, one store
in Kiev and one store in Kharkiv. In October 2016, the shop in Tallinn Rocca al
Mare was closed and the shop in Pärnu Road was enlarged. Also, one shop in Kiev
was closed in October 2016.
RETAIL SALES BY COUNTRIES
th EUR % of net sales Number of stores
---------------------------------------------------------
2016 2015 2016 2015 2016 2015
---------------------------------------------------------
Estonia* 1,330 1,472 60.4% 58.0% 4 5
---------------------------------------------------------
Latvia 363 469 16.5% 18.5% 1 1
---------------------------------------------------------
Ukraine** 278 264 12.6% 10.4% 2 4
---------------------------------------------------------
Lithuania 231 332 10.5% 13.1% 1 1
---------------------------------------------------------
TOTAL 2,202 2,537 100.0% 100.0% 8 11
---------------------------------------------------------
* In October 2016, the shop in Tallinn Rocca al Mare centre was closed and the
amount of shops in Estonia remained 4.
** In October 2016, the shop in Kiev Arax centre was closed and the 2 shops
remain in Ukraine.
Retail sale amounted to 2.2 mil. euros in 2016 (2015: 2.5 mil. euros) what is
13.2% less than in 2015. Operating loss in 2016 was 83 thousand euros (2015:
352 thousand euros). Operating loss in 2015 contains a loss from a drop of
currency exchange rate of hryvnia in the amount of 243 thousand euros and
inter-company receivable write-offs in the amount of 125 thousand euros.
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD. 2017 has started with the bigger sales in our core market in
Finland. We are planning to enter to European biggest fibreboard market in
Germany and the negotiations with the local sales agents are in process. We
expect to compensate the lower sales in our core markets with sales in new
markets. The improvement program of our production process is in work and the
aim is to lower the production costs.
In July 2016, Skano Fibreboard OÜ received Sintef Certification, which has now
opened the doors to sell our wind barrier boards on the Norwegian market, the
negotiations are in process.
SKANO FURNITURE FACTORY. The cost cut program in 2016 gives a better start to
2017 and even with the lower sales volumes to earn profit. At the same time the
cooperation with Great Britain and Norwegian agents are under negotiations to
increase the sales in Great Britain and to enter into Norwegian market.
SKANO FURNITURE RETAIL SALES. We expect steady sales in the Baltics in 2017.
The cost savings improve the profitability of the business unit. The Ukrainian
subsidiary is planned to sell during 1Q 2017 to minimise the risk of the
political and economic instability. At the same time, we expect to continue the
sales to Ukraine in cooperation with the partners.
FINANCIAL HIGHLIGHTS
th EUR 2016 2015 2014
---------------------------------------------
Income statement
---------------------------------------------
Revenue 17 502 18 789 20 330
---------------------------------------------
EBITDA 100 739 -312
---------------------------------------------
EBITDA margin 0,6% 3,9% -1,5%
---------------------------------------------
Operating profit -730 -101 -1 199
---------------------------------------------
Operating margin -4,2% -0,5% -5,9%
---------------------------------------------
Net profit -1 045 -411 -1 481
---------------------------------------------
Net margin -6,0% -2,2% -7,3%
---------------------------------------------
----------------------------------------------
Balance sheet (30.09)
---------------------------------------------
Total assets 11 964 13 262 13 329
---------------------------------------------
Return on assets -8,7% -3,1% -11,1%
---------------------------------------------
Equity 3 900 4 919 5 300
---------------------------------------------
Return on equity -26,8% -8,4% -27,9%
---------------------------------------------
Debt-to-equity ratio 67,4% 63,8% 57,5%
---------------------------------------------
----------------------------------------------
Share (30.09)
---------------------------------------------
Closing price 0,460 0,730 0,850
---------------------------------------------
Earnings per share -0,23 -0,09 -0,33
---------------------------------------------
Price-earnings ratio -2,00 -8,11 -2,58
---------------------------------------------
Book value of a share 0,87 1,09 1,18
---------------------------------------------
Market to book ratio 0,53 0,67 0,72
---------------------------------------------
Market capitalization 2 070 3 284 3 824
---------------------------------------------
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 31.12.2016 31.12.2015
------------------------------------------------------
------------------------------------------------------
Cash and bank 184 292
------------------------------------------------------
Receivables and prepayments 965 997
------------------------------------------------------
Inventories 2,760 3,426
------------------------------------------------------
Total current assets 3,909 4,715
------------------------------------------------------
------------------------------------------------------
Investment property 405 406
------------------------------------------------------
Tangible fixed assets 7,584 8,120
------------------------------------------------------
Intangible fixed assets 66 21
------------------------------------------------------
Total fixed assets 8,055 8,547
------------------------------------------------------
------------------------------------------------------
TOTAL ASSETS 11,964 13,262
------------------------------------------------------
------------------------------------------------------
Debt obligations 1,176 1,253
------------------------------------------------------
Payables and prepayments 2,497 2,684
------------------------------------------------------
Short-term provisions 15 15
------------------------------------------------------
Total current liabilities 3,688 3,952
------------------------------------------------------
------------------------------------------------------
Non-current debt obligations 4,163 4,163
------------------------------------------------------
Non-current provisions 213 228
------------------------------------------------------
Total non-current liabilities 4,376 4,391
------------------------------------------------------
------------------------------------------------------
Total liabilities 8,064 8,343
------------------------------------------------------
------------------------------------------------------
Share capital at nominal value 2,699 2,699
------------------------------------------------------
Issue premium 364 364
------------------------------------------------------
Statutory capital reserve 288 288
------------------------------------------------------
Other reserves 2 7
------------------------------------------------------
Currency translation 40 7
------------------------------------------------------
Retained profits 1,552 1,965
------------------------------------------------------
Net profit (loss) for the year (1,045) (411)
------------------------------------------------------
Total equity 3,957 4,919
------------------------------------------------------
------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 11,964 13,262
------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 4Q 2016 4Q 2015 2016 2015
------------------------------------------------------------------------------
------------------------------------------------------------------------------
RETURN ON SALES 3,873 4,225 17,502 18,789
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Cost of production sold (3,350) (3,543) (14,425) (14,870)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Gross profit 522 682 3,077 3,919
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Marketing expenses (589) (807) (2,939) (3,203)
------------------------------------------------------------------------------
General administrative expenses (136) (183) (595) (705)
------------------------------------------------------------------------------
Other income 27 61 98 342
------------------------------------------------------------------------------
Other expenses (131) (34) (371) (454)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Operating profit (loss) (307) (281) (730) (101)
------------------------------------------------------------------------------
Financial income and financial expenses (69) (75) (309) (301)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profit (loss) before taxes (376) (356) (1,039) (402)
------------------------------------------------------------------------------
Prepaid income tax (2) (5) (6) (9)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (378) (361) (1,045) (411)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Basic earnings per share (0.08) (0.08) (0.23) (0.09)
------------------------------------------------------------------------------
Diluted earnings per share (0.08) (0.07) (0.23) (0.09)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Other comprehensive income:
------------------------------------------------------------------------------
Currency translation differences 23 97 33 23
------------------------------------------------------------------------------
------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (355) (264) (1,012) (388)
------------------------------------------------------------------------------
The planned time of publishing of interim report of the first quarter of 2017
is week 22 in 2017 (30-31th of May 2017)
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]