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
6515
Manused
Esitamise kuupäev ja aeg
27.02.2018 17:00:00
Teate sisu eesti keeles
Pealkiri
Skano Group AS 2017 4 kvartali vahearuanne
Teade
2017 4 KVARTALI KOKKUVÕTE
2017 4 KVARTALI KOKKUVÕTE
Skano Group AS kontserni põhitegevuseks on ehitusmaterjalide ja mööbli tootmine
ning mööbli ja sisustuskaupade jaekaubandus. Skano Group AS on valdusettevõte,
mis omab 100%-liselt alljärgnevaid tütarettevõtteid:
Tütarettevõte Asukoht
Tegevusala
Skano Fibreboard OÜ Eesti
Kiudplaatide tootmine ja müük
Suomen Tuulileijona Oy Soome
Kiudplaatide müük
Skano Furniture Factory OÜ Eesti Mööbli
tootmine ja müük
Skano Furniture OÜ Eesti
Mööbli jaemüük
SIA Skano Läti
Mööbli jaemüük
UAB Skano LT Leedu
Mööbli jaemüük
2017. aasta märtsikuus müüdi Ukraina tütarettevõte, mis tegeles mööbli
jaemüügiga.
Skano Fibreboard OÜ toodab ja müüb kahte pehmetel puitkiudplaatidel baseeruvat
tootekategooriat: soojus- ja heliisolatsiooni otstarbel kasutatavaid
üldehitusplaate ning seinte ja lagede siseviimistlusplaate. Suomen
Tuulielijona OY on puitkiudplaatide edasimüüja Soomes.
Skano Furniture Factory OÜ toodab täispuidust omanäolist keskmisest kallima
hinnaklassi kodusisustusmööblit. Skano Furniture OÜ on jaekaubandusettevõte
mööblikauplustega Baltikumis ja Ukrainas.
Kontserni peamisteks turgudeks on Skandinaavia, Venemaa, Lõuna Aafrika
Vabariik, Portugal ning Baltikum.
Skano Group AS on noteeritud Tallinna Börsil alates 5. juunist 1997.
Seisuga 31.12.2017 töötas grupis 223 inimest (31.12.2016: 266 inimest).
Skano Group AS IV kvartali EBITDA (kasum enne intresse, makse, põhivara kulumit
ja amortisatsiooni) oli 21 tuhat eurot, mille tulemusena 12 kuu EBITDA oli 974
tuhat eurot (6% müügitulust), mis on oluliselt suurem kui 2016. aasta 12 kuu
EBITDA 117 tuhat eurot (1% müügitulust). 2017. aasta 12 kuu tulemustele
avaldasid mõju Ukraina jaekaubanduse ettevõtte müügist saadud ühekordne kasum
summas 48 tuhat eurot märtsikuus ja kinnisvara müügist saadud ühekordne kasum
summas 142 tuhat eurot septembris.
Kiudplaadi tootmise ja müügi ärisegmendi müügitulu oli 2017. aasta IV kvartalis
2,55 mln eurot. 2017. aasta 12 kuu müügitulu oli 11,84 mln eurot, mis on 3%
vähem kui 2016. aasta samal perioodil. Kui välja arvata Soome (vähenenud
nõudlus kiudplaadi järele) ja Suurbritannia (kahjumliku lepingu lõpetamine ühe
suurkliendiga), oli kiudplaadi müük 2017. aasta 12 kuuga 19% suurem kui eelmise
aasta samal perioodil. Suurim müügi kasv toimus Lõuna Aafrikasse, Portugali ja
Rootsi. 2017. aasta 12 kuu kiudplaadi äriüksuse EBITDA oli 0,91 mln eurot
(2016. aasta 12 kuu EBITDA 0,53 mln eurot).
Mööbli tootmise ja hulgimüügi ärisegmendi müügitulu 2017. aasta IV kvartalis
oli 0,99 mln eurot ning 2017. aasta 12 kuu müügitulu kokku oli 3,58 mln eurot,
mis on 15% vähem kui eelmise aasta samal perioodil. Venemaa möödus Soomest ning
on nüüd meie suurim hulgimüügi turg - müügikäibe kasv 2017-l aastal 4%
võrreldes aastaga 2016. Soomes kahanes meie ainsa ostja müügikäive 32% võrra,
kuid sellele vaatamata lubavad aasta jooksul tehtud märkimisväärsed
ümberkorraldused stabiilsemat tulemust aastaks 2018. Mööbli tootmise ja müügi
äriüksuse 2017. aasta 12 kuu EBITDA oli negatiivne 57 tuhat eurot (2016. aasta
12 kuud: negatiivne 448 tuhat eurot).
Skano jaemüügi käive oli 2017. aasta IV kvartalis 0,48 mln eurot ning
müügikäive 2017. aasta 12 kuuga kokku 1.93 mln eurot. Täna opereerivate
Baltikumi kaupluste (ilma Ukraina ärita, mis müüdi 2017. aasta I kvartalis ja
2016. aastal suletud Tallinna kolmanda poeta) müük näitas 2017. aasta 12 kuuga
11%-list kasvu võrreldes 2016. aasta sama perioodiga. 2017. aasta 12 kuu EBITDA
oli 118 tuhat eurot (2016 12 kuud: negatiivne 140 tuhat eurot).
Kokku mööbli hulgi- ja jaemüügi EBITDA 2017. aasta 12 kuuga oli positiivne
summas 60 tuhat eurot (2016. aasta 12 kuud: negatiivne 588 tuhat eurot).
Finantsseisundi aruanne
Kontserni koguvarade maht oli 31.12.2017 seisuga 10,9 mln eurot (31.12.2016:
12,0 mln eurot). Kohustused moodustasid 31.12.2017 seisuga 7,2 mln eurot
(31.12.2016: 8,1 mln eurot), sealhulgas pangalaenud (ka. arvelduskrediit ja
faktooring) 4,6 mln eurot.
Nõuded ja ettemaksud olid seisuga 31.12.2017 1,2 mln eurot (31.12.2016: 1,0 mln
eurot). Varud on seisuga 31.12.2017 2,3 mln eurot (31.12.2016: 2,8 mln eurot).
Materiaalne ja immateriaalne põhivara seisuga 31.12.2017 oli 7,3 mln eurot
(31.12.2016: 8,1 mln eurot).
VÄLJAVAATED TULEVIKUKS
Üldine nõudlus kiudplaadi järele on jätkuvalt suur, mida näitab ka 19%-line
müügi kasv müües klientidele 32 riiki (välja arvatud Soome ja Suurbritannia).
Skano mööbli jaemüügi hea tulemus katab hulgimüügi vähenemise ning mööbli äri
kokku näitab positiivset EBITDA tulemust. Oleme jätkuvalt positiivsed mööbliäri
osas tervikuna, kuna hulgimüügi väljavaated Soomes viitavad paranemisele
möödunud aastaga võrreldes.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜK ÄRISEGMENTIDE LÕIKES:
----------------------------------
tuh EUR % käibest
----------------------------
2017 2016 2017 2016
--------------------------------------------------------------
Kiudplaadi tootmine ja müük 11 836 12 170 72% 70%
--------------------------------------------------------------
Mööbli tootmine ja müük 3 579 4 235 22% 24%
--------------------------------------------------------------
Mööbli jaemüük Baltikum 1 868 1 692 11% 10%
--------------------------------------------------------------
Mööbli jaemüük Baltikum (suletud) - 233 - 1%
--------------------------------------------------------------
Mööbli jaemüük Ukraina 64 278 0% 2%
--------------------------------------------------------------
Grupi tehingud (990) (1 106) (6%) (6%)
--------------------------------------------------------------
KOKKU 16 357 17 502 100% 100%
--------------------------------------------------------------
KASUM ÄRISEGMENTIDE LÕIKES:
tuh EUR 2017 2016
--------------------------------------------
EBITDA ärisegmentide lõikes:
--------------------------------------------
Kiudplaadi tootmine ja müük 912 533
--------------------------------------------
Mööbli tootmine (57) (448)
--------------------------------------------
Mööbli jaemüük Baltikum 67 (83)
--------------------------------------------
Mööbli jaemüük Ukraina 51 (57)
--------------------------------------------
Grupi tehingud - 172
--------------------------------------------
KOKKU EBITDA 974 117
--------------------------------------------
Kulum (825) (848)
--------------------------------------------
KOKKU ÄRIKASUM/-KAHJUM 149 (731)
--------------------------------------------
Neto finantskulud (275) (309)
--------------------------------------------
Tulumaksukulu - (5)
--------------------------------------------
PUHASKASUM/-KAHJUM (127) (1 045)
--------------------------------------------
Kiudplaadi tootmise ja müügi äriüksuse kasumit aitas suurendada keskendumine
paksemate plaatide tootmisele, mis on kasumlikumad.
Mööbli tootmise ja müügi kasumlikkus paranes oluliselt aastal 2017, seda
allüksuse kulustruktuuri põhjalikust läbivaatamisest tulenevalt.
KIUDPLAADI TOOTMINE JA MÜÜK
Skano Fibreboard müügitulu oli aastal 2017 11,836 mln eurot, mis on 3% eelmise
aasta sama perioodiga võrreldes. Samas saavutati oluliselt suurem EBITDA 2017.
aasta 12 kuuga, mis kasvas 533-lt tuhandelt eurolt 913-le tuhandele eurole.
Tugevat müügikasvu näitasid Lõuna Aafrika Vabariik, Portugal ja Rootsi, samas
kui suurim langus oli müügis Soome ja Suurbritanniasse..
KIUDPLAADI MÜÜK RIIKIDE LÕIKES
tuh EUR % käibest
------------------------------------------------
2017 2016 2017 2016
------------------------------------------------
Euroopa Liidu riigid 8 700 9 822 74% 81%
------------------------------------------------
Venemaa 1 631 1 527 14% 13%
------------------------------------------------
Aafrika riigid 679 288 6% 2%
------------------------------------------------
Lähis-Ida riigid 260 197 2% 2%
------------------------------------------------
Aasia riigid 241 39 2% 0%
------------------------------------------------
Teised riigid 325 297 3% 2%
------------------------------------------------
KOKKU 11 836 12 170 100% 100%
------------------------------------------------
MÖÖBLI TOOTMINE JA MÜÜK
MÖÖBLI TOOTMINE
Müük on vähenenud 3,58 mln euroni 2017. aasta 12 kuuga võrrelduna 4,24 mln
euroga 2016. aasta 12 kuuga. Sellele vaatamata on meie suurim turg, Venemaa,
kasvatanud müügikäivet 4% 2016nda aastaga võrreldes. Seevastu meie ainsa
kliendi müügikäive Soomes vähenes 32%. Müük jaemüügi äriüksusele suurendas oma
osatähtsust kogu grupi müügis ning edaspidine fookus jaekaubanduse tegevustele
peaks jätkuma, et tagada suuremat müügi stabiilsust.
MÖÖBLIVABRIKU MÜÜK RIIKIDE LÕIKES
---------------------------
tuh EUR % käibest
-------------------------
2017 2016 2017 2016
----------------------------------------------------
Venemaa 1 406 1 349 39% 32%
----------------------------------------------------
Soome 995 1 463 28% 35%
----------------------------------------------------
Müük grupi jaekaubandusele 900 1 007 25% 24%
----------------------------------------------------
Teised riigid 278 416 8% 10%
----------------------------------------------------
KOKKU 3 579 4 235 100% 100%
----------------------------------------------------
MÖÖBLI JAEMÜÜK
Mööbli jaemüügi käive oli 2017-l aastal 1,93 mln eurot, mis on 12% madalam
möödunud aasta sama perioodiga võrreldes. Seevastu Baltikumis tegutseva kuue
poe müügikäive kasvas 11% aastal 2017 võrreldes aastaga 2016.
JAEMÜÜK RIIKIDE LÕIKES
--------------------------
tuh EUR % käibest Kaupluste arv
-------------------------------------------------
2017 2016 2017 2016 31.12.2017 31.12.2016
---------------------------------------------------------------------------
Eesti* 1 266 1 089 71% 49% 4 4
---------------------------------------------------------------------------
Läti 356 363 15% 16% 1 1
---------------------------------------------------------------------------
Leedu 246 231 11% 10% 1 1
---------------------------------------------------------------------------
Ukraina** 64 278 3% 13% - 3
---------------------------------------------------------------------------
Eesti (suletud kauplused) - 233 0% 11% - 1
---------------------------------------------------------------------------
Teised riigid - 8 0% 0% - -
---------------------------------------------------------------------------
KOKKU 1 932 2 202 100% 100% 6 10
---------------------------------------------------------------------------
*Tegutsevad kauplused
**Äritegevus Ukrainas müüdi märtsis 2017
FINANTSSUHTARVUD
Kasumiaruanne IV kv 2017 IV kv 2016
----------------------------------------------------------------
Müügitulu 3 785 3 873
----------------------------------------------------------------
EBITDA 21 (102)
----------------------------------------------------------------
EBITDA rentaablus 1% -3%
----------------------------------------------------------------
Ärikasum (179) (307)
----------------------------------------------------------------
Ärirentaablus -5% -8%
----------------------------------------------------------------
Puhaskasum (243) (378)
----------------------------------------------------------------
Puhasrentaablus -6% -10%
----------------------------------------------------------------
----------------------------------------------------------------
Kasumiaruanne 2017 2016
----------------------------------------------------------------
Müügitulu 16 357 17 502
----------------------------------------------------------------
EBITDA 980 117
----------------------------------------------------------------
EBITDA rentaablus 6% 1%
----------------------------------------------------------------
Ärikasum 149 (730)
----------------------------------------------------------------
Ärirentaablus 1% -4%
----------------------------------------------------------------
Puhaskasum (127) (1 045)
----------------------------------------------------------------
Puhasrentaablus -1% -6%
----------------------------------------------------------------
----------------------------------------------------------------
Bilanss 31.12.2017 31.12.2016
----------------------------------------------------------------
Koguvarad 10 937 11 964
----------------------------------------------------------------
Koguvarade puhasrentaablus -1% -9%
----------------------------------------------------------------
Omakapital 3 753 3 957
----------------------------------------------------------------
Omakapitali puhasrentaablus -3% -26%
----------------------------------------------------------------
Võlakordaja 66% 67%
----------------------------------------------------------------
----------------------------------------------------------------
Aktsia 31.12.2017 31.12.2016
----------------------------------------------------------------
Aktsia sulgemishind (EUR) 0,608 0,46
----------------------------------------------------------------
Puhaskasum aktsia kohta (EUR) (0,03) (0,23)
----------------------------------------------------------------
Hind-tulu (PE) suhtarv (21,55) (1,98)
----------------------------------------------------------------
Aktsia raamatupidamisväärtus (EUR) 0,83 0,88
----------------------------------------------------------------
Turuhinna ja raamatupidamisväärtuse suhe 0,73 0,52
----------------------------------------------------------------
Turukapitalisatsioon 2 735 2 070
----------------------------------------------------------------
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 31.12.2017 31.12.2016
--------------------------------------------------------------
Raha ja raha ekvivalendid 74 184
--------------------------------------------------------------
Nõuded ja ettemaksed (lisa 1) 1 215 965
--------------------------------------------------------------
Varud (lisa 2) 2 335 2 760
--------------------------------------------------------------
Käibevara kokku 3 624 3 909
--------------------------------------------------------------
--------------------------------------------------------------
Kinnisvarainvesteeringud (lisa 3) 170 405
--------------------------------------------------------------
Muud aktsiad ja väärtpaberid 189 -
--------------------------------------------------------------
Materiaalne põhivara (lisa 4) 6 908 7 584
--------------------------------------------------------------
Immateriaalne põhivara (lisa 5) 47 66
--------------------------------------------------------------
Põhivara kokku 7 313 8 055
--------------------------------------------------------------
--------------------------------------------------------------
AKTIVA (vara) KOKKU 10 937 11 964
--------------------------------------------------------------
--------------------------------------------------------------
Võlakohustused (lisa 6) 593 1 176
--------------------------------------------------------------
Võlad ja ettemaksed (lisa 7) 1 956 2 497
--------------------------------------------------------------
Lühiajalised eraldised (lisa 8) 13 15
--------------------------------------------------------------
Lühiajalised kohustused kokku 2 562 3 688
--------------------------------------------------------------
--------------------------------------------------------------
Pikaajalised võlakohustused (lisa 6) 4 422 4 163
--------------------------------------------------------------
Pikaajalised eraldised (lisa 8) 200 213
--------------------------------------------------------------
Pikaajalised kohustused kokku 4 622 4 376
--------------------------------------------------------------
--------------------------------------------------------------
Kohustused kokku 7 184 8 064
--------------------------------------------------------------
--------------------------------------------------------------
Aktsiakapital (nimiväärtuses) (lisa 9) 2 699 2 699
--------------------------------------------------------------
Ülekurss 364 364
--------------------------------------------------------------
Kohustuslik reservkapital 288 288
--------------------------------------------------------------
Muud reservid 9 2
--------------------------------------------------------------
Ümberhindluse kursivahed - 40
--------------------------------------------------------------
Eelmiste perioodide jaotamata kasum 520 1 552
--------------------------------------------------------------
Aruandeaasta kasum (kahjum) (lisa 10) (127) (1 045)
--------------------------------------------------------------
Omakapital kokku 3 753 3 900
--------------------------------------------------------------
PASSIVA (kohustused ja omakapital)
--------------------------------------------------------------
KOKKU 10 937 11 964
--------------------------------------------------------------
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
tuh EUR IV kv IV kv 2017 2016
2017 2016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu (lisa 11) 3 785 3 873 16 357 17 502
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu (3 319) (3 350) (13 419) (14 425)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasum 466 522 2 938 3 077
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Turustuskulud (467) (589) (2 040) (2 939)
--------------------------------------------------------------------------------
Üldhalduskulud (172) (136) (703) (595)
--------------------------------------------------------------------------------
Muud äritulud 17 27 255 98
--------------------------------------------------------------------------------
Muud ärikulud (23) (131) (301) (371)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (-kahjum) (lisa 11) (179) (307) 149 (730)
--------------------------------------------------------------------------------
Neto finantskulu (64) (69) (275) (309)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum (kahjum) enne tulumaksu (243) (376) (127) (1 039)
--------------------------------------------------------------------------------
Tulumaksukulu - (2) - (6)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI PUHASKASUM (KAHJUM) (243) (378) (127) (1 045)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursside muutuste mõju - 23 - 33
konsolideerimisel
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PERIOODI KOONDKASUM (KAHJUM) (243) (355) (127) (1 012)
--------------------------------------------------------------------------------
Tava perioodi puhaskasum(kahjum) aktsia (0,05) (0,08) (0,03) (0,23)
kohta (lisa 10)
--------------------------------------------------------------------------------
Lahustatud perioodi puhaskasum(kahjum) (0,05) (0,08) (0,03) (0,23)
aktsia kohta (lisa 10)
--------------------------------------------------------------------------------
2018. aasta esimese kvartali vahearuande planeeritav avalikustamise aeg on
nädal 22 2018. aastal (30.-31. mai 2018)
Torfinn Losvik
Juhatuse liige
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Skano Group AS 2017 4Q interim report
Teade
THE 4th QUARTER 2017 IN SHORT
THE 4TH QUARTER 2017 IN SHORT
Skano Group is engaged in the manufacture and distribution of building
materials and furniture as well as retail trade of furniture and furnishings.
Skano Group is a holding company consisting of the following companies, all
100% owned:
Subsidiary Location Activity
Skano Fibreboard OÜ Estonia Production and
Distribution
Suomen Tuulileijona OY Finland Distribution
Skano Furniture Factory OÜ Estonia Production and
Distribution
Skano Furniture OÜ Estonia Retail
SIA Skano Latvia Retail
UAB Skano LT Lithuania Retail
Skano Group sold its Ukrainian retail subsidiary TOV Skano Ukraine in March
2017.
Skano Fibreboard OÜ produces and distributes softboard products for use in many
different applications, the main category being within construction
(insulation, soundproofing, and interior finishing panels for walls and
ceilings). Suomen Tuulileijona OY is the distributor of Skano’s fibreboard
products in Finland.
Skano Furniture Factory OÜ produces original, premium price level home
furniture made of timber. Skano Furniture OÜ consists of a furniture retail
store chain operating in Estonia, Latvia, Lithuania and Ukraine (the Ukrainian
retail chain was sold in March 2017).
The principal markets of the company are all Nordic countries, Russia, South
Africa, Portugal and the Baltics.
The shares of Skano Group AS are listed on the Nasdaq Tallinn Stock Exchange.
As at 31 December 2017 the Group employed 223 people (31 December 2016: 266
people).
Skano Group recorded EBITDA of € 21 thousand for 4Q 2017, which resulted in
EBITDA for full year 2017 being € 974 thousand (which equates to 6% of sales),
which compares favourably with 2016 where EBITDA for 12 months was € 117
thousand (1% of sales). It should be noted that 2017 results were influenced by
one-off gains of 48 thousand euros due to the disposal of Skano’s Ukrainian
retail subsidiary in March and 142 thousand euros from property sale in
September.
Net loss for 4Q 2017 was € 243 thousand and for 12 months 2017 was € 127
thousand (12M 2016: loss of € 1 045 thousand).
Consolidated net sales for 4Q 2017 were € 3.78 million, making net sales 12
months 2017 of € 16.36 million, being a 7% decrease compared to the same period
in 2016.
Fibreboard sales in 4Q 2017 were € 2.55 million, and total sales for 12 months
2017 were € 11.84 million, which is 3% less than same period in 2016. Excluding
sales to Finland (subdued demand for fibreboards) and UK (cancelling of
contract with one large loss-making customer), Fibreboard sales for 12 months
2017 increased by 19% compared to same period last year. Strongest sales growth
came from sales to South Africa, Portugal and Sweden. EBITDA for Fibreboard
full year 2017 was € 0.91 million (in 2016 EBITDA was € 0.53 million).
Furniture wholesale sales in 4Q 2017 were € 0.99 million, and total sales for
full year 2017 were € 3.58 million, which is 15% down on same period last year.
Russia overtook Finland to become our largest wholesale market, and increased
sales with 4% from 2016 to 2017. In Finland our sole importer recorded sales
drop of 32%, however substantial restructuring during the year bode well for
more stable performance in year 2018. EBITDA for furniture wholesale for full
year 2017 was negative € 57 thousand (2016 EBITDA was negative € 448 thousand).
Furniture retail sales in fourth quarter 2017 were € 0.48 million, and total
sales for twelve months 2017 were € 1.93 million. When excluding the
discontinued shop operations in Ukraine and the closure in 2016 of the third
Tallinn shop, sales of our existing six shops in the Baltics showed sales
growth of 11% in 2017 compared to 2016. EBITDA for furniture retail for full
year 2017 was € 118 thousand (2016 EBITDA was negative € 140 thousand).
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2017 were
therefore positive € 60 thousand (2016 result was EBITDA negative of € 588
thousand).
Balance Sheet
As of 31.12.2017 the total assets of Skano Group AS were € 10.9 million
(31.12.2016: € 12.0 million). The liabilities of the company as of 31.12.2017
were € 7.2 million (31.12.2016: € 8.1 million), of which Skano has bank loans
of € 4.6 million.
Receivables and prepayments amounted to € 1.2 million (31.12.2016: € 1.0
million). Inventories were € 2.3 million as of 31.12.2017 (31.12.2016: € 2.8
million). Property, plant and intangibles were € 7.3 million as of 31.12.2017
(€ 8.1 million as of 31.12.2016).
Outlook
The overall global demand for Fibreboard remains strong, as we can see from our
overall 19% sales growth in selling to customers located in 32 countries
(excluding sales to Finland and UK).
The good performance of Skano’s own retail furniture operations has made up for
wholesale sales decline, thus enabling Skano to record a positive EBITDA result
for our total furniture activities. We remain bullish on the outlook for our
own furniture chain, while our wholesale sales outlook to Finland has improved
compared to last year.
DIVISIONAL REVIEW:
NET SALES BY BUSINESS SEGMENTS
---------------------------------------
th EUR % of net sales
--------------------------------
2017 2016 2017 2016
-----------------------------------------------------------------------
Fibreboards production and sales 11,836 12,170 72% 70%
-----------------------------------------------------------------------
Furniture production and sales 3,579 4,235 22% 24%
-----------------------------------------------------------------------
Furniture retail Baltics: todays shops 1,868 1,692 11% 10%
-----------------------------------------------------------------------
Furniture retail Baltics: closed shops - 233 0% 1%
-----------------------------------------------------------------------
Furniture retail Ukraine: closed shops 64 278 0% 2%
-----------------------------------------------------------------------
Group transactions (990) (1,106) -6% -6%
-----------------------------------------------------------------------
TOTAL 16,357 17,502 100% 100%
-----------------------------------------------------------------------
PROFIT BY BUSINESS SEGMENTS
th EUR 2017 2016
------------------------------------------------
EBITDA by business units:
------------------------------------------------
Fibreboards production and sales 912 533
------------------------------------------------
Furniture production and sales (57) (448)
------------------------------------------------
Furniture retail Baltics 67 (83)
------------------------------------------------
Furniture retail Ukraine 51 (57)
------------------------------------------------
Group transactions - 172
------------------------------------------------
TOTAL EBITDA 974 117
------------------------------------------------
Depreciation (825) (848)
------------------------------------------------
TOTAL OPERATING PROFIT/ LOSS 149 (731)
------------------------------------------------
Net financial costs (275) (309)
------------------------------------------------
Income tax - (5)
------------------------------------------------
NET PROFIT/ LOSS (127) (1,045)
------------------------------------------------
Fibreboard profit was helped by further production concentration to thicker
boards, which are more profitable for Skano.
Furniture profitability was much improved in 2017 due to extensive streamlining
of this unit’s cost structure.
FIBREBOARDS production and sales
The total sales of fibreboards for 2017 were € 11.836 million, which are 3%
down from year 2016 sales level. We recorded good increase in operating
earnings before depreciation, amortisation and interest (ie EBITDA), up from €
533 thousand in 2016 to € 913 thousand in 2017.
Strong sales growth was recorded in South Africa, Portugal and Sweden while
largest sales decline was recorded in Finland (weak demand) and Great Britain
(cancelling of one large loss-making customer).
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
th EUR % of net sales
----------------------------------------------
2017 2016 2017 2016
----------------------------------------------
European Union 8,700 9,822 74% 81%
----------------------------------------------
Russia 1,631 1,527 14% 13%
----------------------------------------------
Africa 679 288 6% 2%
----------------------------------------------
Middle East 260 197 2% 2%
----------------------------------------------
Asia 241 39 2% 0%
----------------------------------------------
Other 325 297 3% 2%
----------------------------------------------
TOTAL 11,836 12,170 100% 100%
----------------------------------------------
FURNITURE production and sales
FURNITURE PRODUCTION
Sales dropped to € 3.58 million in 2017, down from € 4.24 million in 2016.
However, our largest market Russia experienced sales growth of 4% up from year
2016, while our sole importer in Finland recorded sales decline of 32%. Sales
to Skano retail units increased its share of total furniture sales within the
Group, and further focus on retail activities should continue to provide more
sales stability.
FURNITURE WHOLESALE SALES BY COUNTRIES
----------------
th EUR % of net sales
-----------------------------
2017 2016 2017 2016
---------------------------------------------
Russia 1,406 1,349 39% 32%
---------------------------------------------
Finland 995 1,463 28% 35%
---------------------------------------------
Skano Retail 900 1,007 25% 24%
---------------------------------------------
Other countries 278 416 8% 10%
---------------------------------------------
TOTAL 3,579 4,235 100% 100%
---------------------------------------------
FURNITURE RETAIL SALES
Skano group retail business recorded sales of € 1.93 million in 2017, which is
12% decline from year 2016. However, the 6 ongoing shops in the Baltics
increased sales in 2017 with 11% up from 2016.
RETAIL SALES BY COUNTRIES
----------------------
th EUR % of net sales Number of stores
-----------------------------------------------------
2017 2016 2017 2016 31.12.2017 31.12.2016
---------------------------------------------------------------------------
Estonia* 1,266 1,089 71% 49% 4 4
---------------------------------------------------------------------------
Latvia 356 363 15% 16% 1 1
---------------------------------------------------------------------------
Lithuania 246 231 11% 10% 1 1
---------------------------------------------------------------------------
Ukraine** 64 278 3% 13% - 3
---------------------------------------------------------------------------
Estonia (closed shop) - 233 0% 11% - 1
---------------------------------------------------------------------------
Other countries - 8 0% 0% - -
---------------------------------------------------------------------------
TOTAL 1,932 2,202 100% 100% 6 10
---------------------------------------------------------------------------
* Ongoing shops
** Ukraine business was sold in March 2017
FINANCIAL HIGHLIGHTS
th EUR 4Q 2017 4Q 2016
---------------------------------------------
Income statement
---------------------------------------------
Revenue 3,785 3,873
---------------------------------------------
EBITDA 21 (102)
---------------------------------------------
EBITDA margin 1% -3%
---------------------------------------------
Operating profit (179) (307)
---------------------------------------------
Operating margin -5% -8%
---------------------------------------------
Net profit (243) (378)
---------------------------------------------
Net margin -6% -10%
---------------------------------------------
---------------------------------------------
Income statement 2017 2016
---------------------------------------------
Revenue 16,357 17,502
---------------------------------------------
EBITDA 980 117
---------------------------------------------
EBITDA margin 6% 1%
---------------------------------------------
Operating profit 149 (730)
---------------------------------------------
Operating margin 1% -4%
---------------------------------------------
Net profit (127) (1,045)
---------------------------------------------
Net margin -1% -6%
---------------------------------------------
---------------------------------------------
Balance sheet 31.12.2017 31.12.2016
---------------------------------------------
Total assets 10,937 11,964
---------------------------------------------
Return on assets -1% -9%
---------------------------------------------
Equity 3,753 3,957
---------------------------------------------
Return on equity -3% -26%
---------------------------------------------
Debt-to-equity ratio 66% 67%
---------------------------------------------
---------------------------------------------
Share 31.12.2017 31.12.2016
---------------------------------------------
Closing price 0,608 0,46
---------------------------------------------
Earnings per share (0,03) (0,23)
---------------------------------------------
Price-earnings ratio (21,55) (1,98)
---------------------------------------------
Book value of a share 0,83 0,88
---------------------------------------------
Market to book ratio 0,73 0,52
---------------------------------------------
Market capitalization 2,735 2,070
---------------------------------------------
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 31.12.2017 31.12.2016
------------------------------------------------------------------
------------------------------------------------------------------
Cash and bank accounts 74 184
------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,215 965
------------------------------------------------------------------
Inventories (Note 2) 2,335 2,760
------------------------------------------------------------------
Total current assets 3,624 3,909
------------------------------------------------------------------
------------------------------------------------------------------
Investment property (Note 3) 170 405
------------------------------------------------------------------
Other shares and issues 189 -
------------------------------------------------------------------
Tangible fixed assets (Note 4) 6,908 7,584
------------------------------------------------------------------
Intangible fixed assets (Note 5) 47 66
------------------------------------------------------------------
Total fixed assets 7,313 8,055
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL ASSETS 10,937 11,964
------------------------------------------------------------------
------------------------------------------------------------------
------------------------------------------------------------------
Debt obligations (Note 6) 593 1,176
------------------------------------------------------------------
Payables and prepayments (Note 7) 1,956 2,497
------------------------------------------------------------------
Short-term provisions (Note 8) 13 15
------------------------------------------------------------------
Total current liabilities 2,562 3,688
------------------------------------------------------------------
------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,422 4,163
------------------------------------------------------------------
Non-current provisions (Note 8) 200 213
------------------------------------------------------------------
Total non-current liabilities 4,622 4,376
------------------------------------------------------------------
------------------------------------------------------------------
Total liabilities 7,184 8,064
------------------------------------------------------------------
------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699
------------------------------------------------------------------
Share premium 364 364
------------------------------------------------------------------
Statutory capital reserve 288 288
------------------------------------------------------------------
Other reserves 9 2
------------------------------------------------------------------
Currency translation reserve - 40
------------------------------------------------------------------
Retained earnings 520 1,552
------------------------------------------------------------------
Net profit (loss) for the period (Note 10) (127) (1,045)
------------------------------------------------------------------
Total equity 3,753 3,900
------------------------------------------------------------------
------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 10,937 11,964
------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
th EUR 4Q 2017 4Q 2016 2017 2016
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SALES (Note 11) 3,785 3,873 16,357 17,502
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Cost of production sold (3,319) (3,350) (13,419) (14,425)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Gross profit 466 522 2,938 3,077
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Marketing expenses (467) (589) (2,040) (2,939)
-----------------------------------------------------------------------------
General administrative expenses (172) (136) (703) (595)
-----------------------------------------------------------------------------
Other income 17 27 255 98
-----------------------------------------------------------------------------
Other expenses (23) (131) (301) (371)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Operating profit (loss) (Note 11) (179) (307) 149 (730)
-----------------------------------------------------------------------------
Financial income and financial expenses (64) (69) (275) (309)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Profit (loss) before taxes (243) (376) (127) (1,039)
-----------------------------------------------------------------------------
Prepaid income tax - (2) - (6)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (243) (378) (127) (1,045)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Basic earnings per share (Note 10) (0.05) (0.08) (0.03) (0.23)
-----------------------------------------------------------------------------
Diluted earnings per share (Note 10) (0.05) (0.08) (0.03) (0.23)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Other comprehensive income:
-----------------------------------------------------------------------------
Currency translation differences - 23 - 33
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (LOSS) (243) (355) (127) (1,012)
-----------------------------------------------------------------------------
The planned time of publishing of interim report of the first quarter of 2018
is week 22 in 2018 (30-31th of May 2018).
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]