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
6984
Manused
Esitamise kuupäev ja aeg
29.11.2018 13:41:45
Teate sisu eesti keeles
Pealkiri
Skano Group Vahearuanne 3. kvartal 2018
Teade
JUHTKONNA ARUANNE
SKANO GROUP AS AUDITEERIMATA 2018. MAJANDUSAASTA KOLMANDA KVARTALI TULEMUSED
Konsolideetritud müügitulu 2018. majandusaasta 3. kvartalis oli 3,71 miljonit
eurot, mis on 9% langust 2017 aasta sama perioodiga võrreldes. Puitkiudplaadi
müügitulu languse põhjustas Skano Fibreboardi jaoks kahanenud nõudlus
ühepereelamute suurimal turul, Soomes. Müügitulud teiste turgude klientidele
näitasid mõningast kasvu. Mööbli hulgimüügi müügitulu mõjutas kolmandas
kvartalis negatiivselt neljast võtmekliendist kolme nõrk tegevus. Töötame selle
kallal, et leida juurde uusi hulgimüügi kliente. Ka mööbli jaemüügi müügitulu
näitas 3. kvartalis langust, peamiselt suurima müügituluga poe ajutisest
sulgemisest tingituna, et see täielikult taas-sisustada tutvustamaks Skano uut
jaekaubanduse kontseptsiooni.
Skano Group EBITDA oli 2018 3. kvartalis positiivne 46 tuhat eurot (3. kvartal
2017 292 tuhat eurot). Mööbliäri kasumlikkus oli samaväärne 2017. aasta 3.
kvartali tulemusega, samas kui puitkiudplaadi kasumlikkus vähenes oluliselt
sisseostuhindade, puiduhakke, kallinemise tõttu. Hetkel on käsil protsess
kasvanud kulu edasikandmiseks turule läbi hinnatõusu. Kolmanda kvartali
puhaskahjum 2018. aastal oli 211 tuhat eurot (3. kvartalis 2017 puhaskasum 14
tuhat eurot).
ÄRISEGMENTIDE ÜLEVAADE 2018. MAJANDUSAASTA KOLMANDA KVARTALI KOHTA
Puitkiudplaadi müügitulu 2018. aasta 3. kvartalis oli 2,92 miljonit eurot, mis
on 8% vähem võrreldes 2017. aasta sama perioodiga. Müüsime tooteid 29 riigi
klientidele. Müügitulu langus Soomes kaalus üles teiste turgude kasvu, päädides
kogumüügitulu langusega 3. kvartalis. AC Nielsen poolt edastatava turustatistika
kohaselt on meie turuosa Soome puitkiudplaadi turusegmendis stabiilselt 72%,
seega müügikäibe languse põhjustab eluasemeturu muutus, kus tarbijad kolivad
pigem elama linnadesse, korterelamutesse, selle asemel, et järgida
traditsioonilisemat, oma maja ehitamise, trendi. Skano Fibreboardi
brutomarginaali mõjutas negatiivselt puiduhakke sisseostuhindade tõus.
Üldkulusid vähendati, mis pehmendas negatiivset mõju EBITDA tulemusele,
tulemuseks EBITDA 141 tuhat eurot 2018. aasta 3. kvartalis (374 tuhat eurot
2017. aasta 3. kvartalis).
Mööbli hulgimüügi müügitulu oli 2018. aasta 3. kvartalis 630 tuhat eurot, mis on
12% langust eelmise aasta sama perioodiga võrreldes. Müügitulu kahel põhiturul,
Venemaal ja Soomes, oli 402 tuhat eurot (91 tuhat eurot madalam 2017. aasta 3.
kvartaliga võrreldes). Müügitulu Skano oma jaeketile kasvas 12% eelmise aasta
sama perioodiga võrreldes, olles 177 tuhat eurot (3. kvartal 2017 158 tuhat
eurot). Mööbli jaemüügi EBITDA oli 3. kvartalis 2018 negatiivne 31 tuhat eurot
(negatiivne 74 tuhat eurot 3. kvartalis 2017), peegeldades saavutatud
kasumlikkuse tõusu läbi kuivatite kasutamise lõpetamise tootmisprotsessis ning
nende asendamise kuivatatud ning eelsaetud materiali sisseostuga.
Mööbli jaeäri müügitulu oli 2018. aasta 3. kvartalis 333 tuhat eurot, mis on
11% (41 tuhat eurot) madalam möödunud aasta sama perioodiga võrreldes. Kõiki
Baltikumi kaupluseid tabas müügitulu aeglustumine, eriti meie suurima
müügituluga kauplust Tallinnas, mis oli ajutiselt suletud seoses suure-mahuliste
ümberehitustega, tutvustamaks Skano uut jaekaubanduse kontseptsiooni. Mööbli
jaemüügi EBITDA oli 3. kvartalis 2018 negatiivne 50 tuhat eurot (3. kvartalis
2017 negatiivne 3 tuhat eurot), peegeledades 3. kvartali nõrka müügitulemust.
Mööbliäri (hulgi- ja jaemüük kokku) EBITDA oli 3. kvartalis 2018 negatiivne 81
tuhat eurot (3. kvartalis 207 negatiivne 77 tuhat eurot).
BILANSS
Kontserni koguvara maht oli seisuga 30.09.2018 11,0 miljonit eurot (30.09.2017:
11,9 miljonit eurot). Kontserni kohustised moodustasid 30.09.2018 seisuga 7,7
miljonit eurot (30.09.2017: 7,9 miljonit eurot), milledest Skanol on
laenukohustisi seisuga 30.09.2018 4,9 miljonit eurot (30.09.2017: 5,3 miljonit
eurot).
Nõuded ja ettemaksud olid 30.09.2018 seisuga1,6 miljonit eurot (30.09.2017: 1,8
miljonit eurot). Varud 30.09.2018 seisuga 2,4 miljonit eurot (30.09.2017: 2,5
miljonit eurot). Materiaalne ja immateriaalne põhivara seisuga 30.09.2018 7,0
miljonit eurot (7,3 miljonit seisuga 30.09.2017).
TULEVIKU VÄLJAVAADE
Puidkiudplaadi ärisegmendis tegeleme müügitulu suurendamisega muudes
rakendusvaldkondades, millel on laialdasem ülemaailmne haare, kui
traditsioonilisel tuuletõkkeplaadi ja isolatisooniplaadi müügil meie
tradistioonilistel turgudel Soomes, Venemaal ja Eestis. Me oleme juurutamas iga-
aastast hinnatõusu protseduuri, leevendamaks puiduhakke, tootmisprotsessi
põhilise toormaterjali, sisseostuhinna tõsustust tulenevat negatiivset mõju.
Turustustegevused on fokuseeritud meie poolt toodetud plaadi positiivsete
omaduste kajastamisele, et see on toodetud värskest kuusepuu hakkest, samas kui
konkurendid kasutavad sünteetilisi materjale.
Mööbliäris, ootame jaekaubanduse tulemuslikkuse paranemist seoses uue
jaekaupluse kontseptsiooni esitlemisega, mis on juba ellu viidud meie suurima
müügituluga Tallinna kaupluses ning ka äsja-avatud Decco keskuse kaupluses
Riias. Järgnevalt viiakse kontseptisoon ellu Vilniuse ja Tartu kauplustes.
Väljume Riias asuvast teisest kauplusest novembri lõpus ning plaanime loobuda
Tallinnas asuvast teisest kauplusest selle madala kasumlikkuse tõttu. Mööbli
hulgimüügi äris on käimas läbirääkimised Soome ainuesindajaga, eesmärgiga võtta
osaliselt üle tema tänased Euroopa kliendid, mis peaks aitama laiendada
kliendibaasi ning potensiaalselt suurendama mööbliäri müügitulusid.
ÄRIVALDKONDADE ÜLEVAADE
MÜÜGITULU ÄRISEGMENTIDE LÕIKES
tuh EUR | tuh EUR |
------------+-----------+-------+-------+
III kv 2018|III kv 2017 9k 2018|9k 2017
------------------------------------------+-----------+-------+-------+
Kiudplaadi tootmine ja müük 2 924| 3 172| 8 603| 9 285|
------------------------------------------+-----------+-------+-------+
Mööbli tootmine ja müük 630| 715| 2 207| 2 591|
------------------------------------------+-----------+-------+-------+
Mööbli jaemüük 333| 374| 1 095| 1 445|
------------------------------------------+-----------+-------+-------+
sis. mööbli jaemüük Ukraina 0| 0| 0| 64|
------------------------------------------+-----------+-------+-------+
Elimineerimine (177)| (176)| (537)| (748)|
------------------------------------------+-----------+-------+-------+
Kokku 3 709| 4 085| 11 369| 12 572|
KASUM ÄRISEGMENTIDE LÕIKES
| --------+
tuh EUR III kv 2018|III kv 2017 9k 2018|9k 2017
------------------------------------------------+-------------------+-------
EBITDA ärisegmentide lõikes 0| 0 0| 0
------------------------------------------------+-------------------+-------
Kiudplaadi tootmine ja müük 141| 374 349| 874
------------------------------------------------+-------------------+-------
Mööbli tootmine ja müük (31)| (74) 15| (5)
------------------------------------------------+-------------------+-------
Mööbli jaemüük (50)| (3) (80)| 100
------------------------------------------------+-------------------+-------
sisaldab mööbli jaemüüki Ukrainas 0| 0 0| 1
------------------------------------------------+-------------------+-------
Elimineerimine (14)| (5) (22)| (17)
------------------------------------------------+-------------------+-------
Kokku EBITDA 46| 292 261| 952
------------------------------------------------+-------------------+-------
Põhivara kulum ja amortisatsioon 181| 208 554| 625
------------------------------------------------+-------------------+-------
Kokku ÄRIKASUM/-KAHJUM (135)| 84 (294)| 328
------------------------------------------------+-------------------+-------
Neto finantskulud 77| 70 212| 211
------------------------------------------------+-------------------+-------
Tulumaksukulu 0| 0 0| 0
------------------------------------------------+-------------------+-------
PUHASKASUM/-KAHJUM (211)| 14 (505)| 117
KIUDPLAADI MÜÜK
Puitkiudplaadi mõõgitulu oli 3. kvartalis 2018 2,92 miljonit eurot, mis on 8%
madalam 2017. aasta 3. kvartali müügitulu tasemest (3,17 miljonit eurot).
Müügitulu kasvas soliidselt turgudel nagu Portugal, Aasia ja Lähis-Ida, samas
kui müügitulu langes Soomes ja Lõuna-Aafrikas.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR |
| +-------+ |
III kv 2018|III kv 2017 9k 2018|9k 2017
---------------------------------------------------+-----------+-------+-------+
Euroopa Liit (sh Suomen Tuulileijona | | | |
müük) 2 093| 2 202| 6 455| 6 911|
---------------------------------------------------+-----------+-------+-------+
Venemaa 448| 554| 1 169| 1 173|
---------------------------------------------------+-----------+-------+-------+
Aasia 128| 50| 318| 223|
---------------------------------------------------+-----------+-------+-------+
Lähis-Ida 74| 94| 248| 204|
---------------------------------------------------+-----------+-------+-------+
Aafrika 62| 201| 137| 564|
---------------------------------------------------+-----------+-------+-------+
Teised 118| 70| 276| 209|
---------------------------------------------------+-----------+-------+-------+
Kokku 2 923| 3 172| 8 603| 9 284|
MÖÖBLI HULGIMÜÜK
Müügitulu langes 630 tuhandele eurole 3. kvartalis 2018, jäädes alla 2017. aasta
kolmanda kvartali 715 tuhandele eurole. Vene tarbijate kindlustunne on endiselt
negatiivselt mõjutatud Venemaale rakendatud sanktsioonidest, samas kui Soomes
meie ainuesindaja jätkab oma äriliste ümber-korraldustega. Skano oma
jaekauplused Baltikumis taastusid veidi väga nõrgast 1. poolaastast, näidates
suuremat müügitulu 2017. aasta 3. kvartaliga võrreldes.
MÖÖBLI HULGIMÜÜGITULU GEOGRAAFILISELT
tuh EUR tuh EUR | tuh EUR |
--------------+-------------+---------+---------+
III kv 2018 | III kv 2017 9k 2018 | 9k 2017
----------------+-------------+-------------+---------+---------+
Venemaa | 254 | 280 | 892 | 915 |
----------------+-------------+-------------+---------+---------+
Soome | 148 | 213 | 596 | 795 |
----------------+-------------+-------------+---------+---------+
Skano jae | 177 | 158 | 530 | 665 |
----------------+-------------+-------------+---------+---------+
Teised riigid 51 | 65 | 189 | 216 |
----------------+-------------+-------------+---------+---------+
Kokku | 630 | 715 | 2 207 | 2 591 |
MÖÖBLI JAEMÜÜK
Skano kontserni jaeäri müügitulu oli 3. kvartalis 2018. aastal 333 tuhat eurot,
mis on 11% madalam 2017. aasta 3. kvartaliga võrreldes. Alustasime 3. kvartalis
moodsama kaupluste kontseptsiooni esitlemisega, mis pakub mööblilahendusi
leibkonna kogu elamispinna ulatuses, laiendades meie mööbli kasutamise
sortimenti senise ajalooliselt kitsa raamaturiiuli-lahendusega võrreldes. Uut
kontseptsioni esmaesitleti Tallinna põhikaupluses augusti lõpus, mis tõi endaga
kaasa kaupluse ajutise sulgemise ehitustööde ajaks suuremal osal augusti kuust.
Uue kontseptsiooni rakendamine toimus ka uues Riia kaupluses, Decco keskuses,
mis avati oktoobri teises pooles ning rakendatakse järgnevalt ka Vilniuse ja
Tartu kaupliustes. Me loobume novembris Riias asuvast teisest kauplusest Spice
keskuses ning plaanime loobuda teisest kaupluse pinnast Tallinnas.
MÖÖBLI JAEMÜÜGITULU GEOGRAAFILISELT
| tuh EUR | tuh EUR | Kaupluste arv |
---------+-----------+-----------+-------+-------+----------+----------+
III kv 2018|III kv 2017 9k 2018|9k 2017|30.09.2018|30.09.2017
---------+-----------+-----------+-------+-------+----------+-----------
Eesti | 234| 250| 603| 815| 4| 4
---------+-----------+-----------+-------+-------+----------+-----------
Läti | 56| 59| 250| 317| 1| 1
---------+-----------+-----------+-------+-------+----------+-----------
Leedu | 43| 65| 242| 248| 1| 1
---------+-----------+-----------+-------+-------+----------+-----------
Ukraina*| 0| 0| 0| 64| 0| 0
---------+-----------+-----------+-------+-------+----------+-----------
TOTAL | 333| 374| 1 095| 1 445| 6| 6
*Ukraina jaekett müüdi märtsis 2017.
TÖÖTAJAD
Seisuga 30.09.2018 töötas Kontsernis 213 inimest (võrrelsed 226 inimesega
seisuga 30.09.2017). Töötajate keskmine arv oli 2018 3. kvartalis 213 (3.
kvartalis 2017: 231).
Kõnealuse, 2018., aasta esimese üheksa kuu jooksul olid tööjõukulud koos
maksukuludega kokku 2,7 miljonit eurot (esimesed üheksa kuud 2017 2,9 miljonit
eurot). Kõigi kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele
arvestatud tasud koos maksukuludega olid kokku 136 tuhat eurot 2018 üheksa kuu
jooksul 2018, ning 152 tuhat eurot üheksa kuu jooksul 2017.
FINANTSSUHTARVUD
tuh EUR
| | |
Kasumiaruanne |III kv 2018|III kv 2017 9k 2018| 9k 2017
---------------------------------+-----------+-----------+----------+----------
Müügitulu | 3 709| 4 085| 11 369| 12 572
---------------------------------+-----------+-----------+----------+----------
EBITDA | 46| 292| 261| 952
---------------------------------+-----------+-----------+----------+----------
EBITDA rentaablus | 1%| 7%| 2%| 8%
---------------------------------+-----------+-----------+----------+----------
Ärikasum/-kahjum | (135)| 84| (294)| 328
---------------------------------+-----------+-----------+----------+----------
Ärirentaablus | (4%)| 2%| (3%)| 3%
---------------------------------+-----------+-----------+----------+----------
Puhaskasum/-kahjum | (211)| 14| (505)| 117
---------------------------------+-----------+-----------+----------+----------
Puhasrentaablus | (6%)| 0%| (4%)| 1%
| | | |
| | | |
Bilanss | 30.09.2018| 31.12.2017|30.09.2017|31.12.2016
---------------------------------+-----------+-----------+----------+----------
Koguvarad | 11 012| 10 937| 11 917| 11 965
---------------------------------+-----------+-----------+----------+----------
Koguvarade puhasrentaablus | (2%)| 0%| (4%)| 1%
---------------------------------+-----------+-----------+----------+----------
Omakapital | 3 277| 3 753| 3 978| 3 901
---------------------------------+-----------+-----------+----------+----------
Omakapitali puhasrentaablus | (6%)| 0%| (13%)| 3%
---------------------------------+-----------+-----------+----------+----------
Võlakordaja | 70%| 66%| 67%| 67%
| | | |
| | | |
Aktsia | 30.09.2018| 31.12.2017|30.09.2017|31.12.2016
---------------------------------+-----------+-----------+----------+----------
Aktsia viimane hind (EUR)* | 0,49| 0,62| 0,56| 0,46
---------------------------------+-----------+-----------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,05)| 0,00| (0,11)| 0,03%
---------------------------------+-----------+-----------+----------+----------
Hind-tulu (PE) suhtarv | (10,35)| 195,86| (4,94)| 17,54
---------------------------------+-----------+-----------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 0,73| 0,83| 0,88| 0,87
---------------------------------+-----------+-----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 0,67| 0,74| 0,63| 0,52
---------------------------------+-----------+-----------+----------+----------
Turukapitalisatsioon tuh EUR | 2 187| 2 771| 2 497| 2 047
---------------------------------+-----------+-----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
---------------------------------+-----------+-----------+----------+----------
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = puhaskasum(-kahjum) / aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |30.09.2018|31.12.2017|30.09.2017
--------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 42| 74| 312
--------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 611| 1 215| 1 773
--------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 2 409| 2 336| 2 554
--------------------------------------------+----------+----------+----------
Kokku käibevarad | 4 062| 3 624| 4 640
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 170| 170| 170
--------------------------------------------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 351| 182| 0
--------------------------------------------+----------+----------+----------
Muud aktsiad ja osad | 0| 6| 0
--------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 6 391| 6 908| 7 055
--------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 38| 47| 52
--------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 950| 7 313| 7 277
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku varad | 11 012| 10 937| 11 917
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Võlakohustised (Lisas 9) | 464| 593| 708
--------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 647| 1 956| 2 400
--------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 2| 13| 5
--------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 3 114| 2 562| 3 113
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisas 9) | 4 421| 4 422| 4 613
--------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 200| 200| 213
--------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 4 621| 4 622| 4 826
--------------------------------------------+----------+----------+----------
Kokku kohustised | 7 735| 7 184| 7 939
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12)| 2 699| 2 699| 2 699
--------------------------------------------+----------+----------+----------
Ülekurss | 364| 364| 364
--------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 288| 288| 288
--------------------------------------------+----------+----------+----------
Muud reservid | 38| 9| 2
--------------------------------------------+----------+----------+----------
Realiseerimata kursivahed | 0| 0| 0
--------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | (112)| 393| 624
--------------------------------------------+----------+----------+----------
Kokku omakapital | 3 277| 3 753| 3 978
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 11 012| 10 937| 11 917
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMIARUANNE
tuh EUR |III kv 2018|III kv 2017 9k 2018|9k 2017
---------------------------------------+-----------+-----------+-------+-------
Müügitulu (Lisa 14) | 3 709| 4 085| 11 369| 12 572
---------------------------------------+-----------+-----------+-------+-------
Müüdud toodangu kulu (Lisa 15) | 3 206| 3 457| 9 683| 10 100
---------------------------------------+-----------+-----------+-------+-------
Brutokasum | 503| 628| 1 686| 2 472
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Turustuskulud (Lisa 16) | 479| 501| 1 460| 1 574
---------------------------------------+-----------+-----------+-------+-------
Üldhalduskulud (Lisa 17) | 150| 110| 444| 531
---------------------------------------+-----------+-----------+-------+-------
Muud äritulud (Lisa 19) | 2| 187| 13| 238
---------------------------------------+-----------+-----------+-------+-------
Muud ärikulud (Lisa 19) | 10| 121| 89| 278
---------------------------------------+-----------+-----------+-------+-------
Ärikasum (-kahjum) | (135)| 84 | (294) | 328
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Finantstulud (Lisa 20) | 0| (0)| 1| 4
---------------------------------------+-----------+-----------+-------+-------
Finantskulud (Lisa 20) | 77| 70| 212| 215
---------------------------------------+-----------+-----------+-------+-------
KASUM ENNE TULUMAKSUSTAMIST | (211)| 14| (505)| 117
---------------------------------------+-----------+-----------+-------+-------
Ettevõtte tulumaks | 0| 0| 0| 0
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
ARUANDEAASTA PUHASKAHJUM | (211)| 14| (505)| 117
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Muu koondkasum (-kahjum) | 0 | 0 | 0 | (40)
---------------------------------------+-----------+-----------+-------+-------
Valuutakursi muutuste mõju | 0| 0| 0| (40)
---------------------------------------+-----------+-----------+-------+-------
Kokku aruandeaasta koondkahjum | (211)| 14| (505)| 77
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Tava perioodi puhaskahjum aktsia kohta| | | |
(Lisa 13) | (0,05)| 0,00| (0,11)| 0,03
---------------------------------------+-----------+-----------+-------+-------
Lahustatud perioodi puhaskahjum aktsia| | | |
kohta (Lisa 13) | (0,05)| 0,00| (0,11)| 0,02
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Manus
* Skano 2018 3. kvartali vahearuanne (https://prlibrary-
eu.nasdaq.com/Resource/Download/34923d7d-32c4-4d4c-a70b-179308d441ae)
Teate sisu inglise keeles
Pealkiri
Skano Group Interim Report 3rd Quarter 2018
Teade
MANAGEMENT REPORT
SKANO GROUP AS UNAUDITED THIRD QUARTER 2018 RESULTS
Consolidated net sales for Q3 2018 were EUR 3.71 million, being a 9% decrease
compared to the same period in 2017. The decline in sales of fibreboards was
mainly caused by reduced demand for single family dwellings in Fibreboard's
largest market, Finland. Sales to customers in our other markets showed a slight
increase. Furniture wholesale sales were negatively impacted due to weak
performance by three of the four key furniture customers. We are working to
secure more customers. Furniture retail sales also showed contraction, mainly
due to the temporary closure of our best performing shop for total refurbishment
caused by the introduction of Skano's new retail concept.
Skano Group recorded EBITDA of positive EUR 46 thousand for Q3 2018 (vs EUR 292
thousand Q3 2017). Total furniture profitability was in line with Q3 2017
profitability, while Fibreboard profitability was substantially reduced due to
the higher cost of its main raw material, woodchips. We are now in the process
of passing on this cost increase to our customers. Net loss for Q3 2018 was EUR
211 thousand (Q3 2017: profit of EUR 14 thousand).
DIVISIONAL REVIEW OF THIRD QUARTER 2018
Fibreboard sales in Q3 2018 were EUR 2.92 million, which is 8% less than same
period in 2017. We sold our products to customers in 29 countries. The sales
decline in Finland outweighed the growth from the other countries, thus
resulting in sales decline for Q3. Market statistics from AC Nielsen shows us
having a steady market share of about 72% in the Finnish fibreboard market, thus
the sales decline is due to a change in the housing industry in Finland with
consumers moving into cities to live in apartments, instead of following the
traditional way of building their own houses. Gross margin in Fibreboard were
negatively impacted by the higher woodchip prices. Overhead costs were reduced,
thus softening the negative impact on EBITDA, which ended up being EUR 141
thousand for Q3 2018 (Q3 2017 EBITDA was EUR 374 thousand).
Furniture wholesale sales in Q3 2018 were EUR 630 thousand, 12% down on same
period last year. Total sales to our two main markets, Russia and Finland, were
EUR 402 thousand (down EUR 91 thousand from Q3 2017). Sales to Skano's own retail
chain increased by 12% up to EUR 177 thousand compared to same period last year
(Q3 2017: EUR 158 thousand). EBITDA for furniture wholesale for Q3 2018 was
negative EUR 31 thousand (Q3 2017 EBITDA was negative EUR 74 thousand), reflecting
the increased profitability achieved by ending our own kiln operations last
Spring and instead now sourcing dried and cut material.
Furniture retail sales in Q3 2018 were EUR 333 thousand, down 11% (EUR 41 thousand)
from same period last year. Shops in all three Baltic markets experienced sales
slowdown, and especially our best-selling shop in Tallinn which was temporarily
closed due to extensive refurbishing as a result of introducing Skano's new
retail concept. EBITDA for furniture retail for Q3 2018 was negative EUR 50
thousand (Q3 2017 EBITDA was negative EUR 3 thousand), reflecting the weak sales
in Q3.
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2018 third
quarter were negative EUR 81 thousand (Q3 2017 EBITDA was negative EUR 77 thousand).
BALANCE SHEET
As of 30.09.2018 the total assets of Skano Group AS were EUR 11.0 million
(30.09.2017: EUR 11.9 million). The liabilities of the company as of 30.09.2018
were EUR 7.7 million (30.09.2017: EUR 7.9 million), of which Skano has borrowings of
EUR 4.9 million as at 30.09.2018 (30.09.2017: EUR 5.3 million).
Receivables and prepayments amounted to EUR 1.6 million as at 30.09.2018
(30.09.2017: EUR 1.8 million). Inventories were EUR 2.4 million as of 30.09.2018
(30.09.2017: EUR 2.5 million). Property, plant and intangibles were EUR 7.0 million
as of 30.09.2018 (EUR 7.3 million as of 30.09.2017).
OUTLOOK
In Fibreboard, we are pushing for sales of our various applications which have
more global reach than our traditional sales of windboards and insulation boards
sold mainly in our traditional markets of Finland, Russia and Estonia. We are in
process of implementing the annual price increases, thus aiming to alleviate the
negative impact experienced from the higher cost of woodchips, our main raw
material. Our marketing activities are focusing on the positive aspects of using
our boards, made from fresh woodchips from spruce, compared to competing
synthetic materials.
In Furniture, we expect improved retail performance with the introduction of the
new shop concept. This has been rolled out in our best-selling shop in Tallinn
as well as in our newly opened shop in the Decco centre in Riga and will next be
rolled out in our Vilnius and Tartu shops. We are exiting our other Riga shop
end of November, and also look to divest of our second shop in Tallinn due to
its poor profitability. In wholesale we are in negotiations to take over certain
European customers from our Finnish distributor, which should help expand our
customer base and have potential to secure more sales of our furniture.
DIVISIONAL REVIEW
REVENUE BY BUSINESS SEGMENTS
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q3 2018 | Q3 2017 9M 2018 | 9M 2017
---------------------------------------------+---------+---------+---------+
Fibreboards production and sales 2,924 | 3,172 | 8,603 | 9,285 |
---------------------------------------------+---------+---------+---------+
Furniture production and sales 630 | 715 | 2,207 | 2,591 |
---------------------------------------------+---------+---------+---------+
Furniture retail 333 | 374 | 1,095 | 1,445 |
---------------------------------------------+---------+---------+---------+
incl. furniture retail Ukraine 0 | 0 | 0 | 64 |
---------------------------------------------+---------+---------+---------+
Group transactions (177) | (176) | (537) | (748) |
---------------------------------------------+---------+---------+---------+
TOTAL 3,709 | 4,085 | 11,369 | 12,572 |
PROFIT BY BUSINESS SEGMENTS
| ----------+
EUR thousand Q3 2018 | Q3 2017 9M 2018 | 9M 2017
-----------------------------------------------+-------------------+---------
EBITDA by business units: | |
-----------------------------------------------+-------------------+---------
Fibreboards production and sales 141 | 374 349 | 874
-----------------------------------------------+-------------------+---------
Furniture production and wholesale (31) | (74) 15 | (5)
-----------------------------------------------+-------------------+---------
Furniture retail (50) | (3) (80) | 100
-----------------------------------------------+-------------------+---------
incl. furniture retail Ukraine 0 | 0 0 | 1
-----------------------------------------------+-------------------+---------
Group transactions (14) | (5) (22) | (17)
-----------------------------------------------+-------------------+---------
TOTAL EBITDA 46 | 292 261 | 952
-----------------------------------------------+-------------------+---------
Depreciation 181 | 208 554 | 625
-----------------------------------------------+-------------------+---------
TOTAL OPERATING PROFIT/ LOSS (135) | 84 (294) | 328
-----------------------------------------------+-------------------+---------
Net financial costs 77 | 70 212 | 211
-----------------------------------------------+-------------------+---------
Income tax 0 | 0 0 | 0
-----------------------------------------------+-------------------+---------
NET PROFIT/ LOSS (211) | 14 (505) | 117
FIBREBOARD SALES
The total sales of fibreboards for Q3 2018 were EUR 2.92 million, which are 8%
down from Q3 2017 sales level (EUR 3.17 million). We recorded solid sales increase
in markets such as Portugal, Asia and Middle-East while sales were dropping in
Finland and South Africa.
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand | EUR thousand |
| +---------+ |
Q3 2018 | Q3 2017 9M 2018 | 9M 2017
---------------------------+---------+---------+---------+
European Union 2,093 | 2,202 | 6,455 | 6,911 |
---------------------------+---------+---------+---------+
Russia 448 | 554 | 1,169 | 1,173 |
---------------------------+---------+---------+---------+
Asia 128 | 50 | 318 | 223 |
---------------------------+---------+---------+---------+
Middle East 74 | 94 | 248 | 204 |
---------------------------+---------+---------+---------+
Africa 62 | 201 | 137 | 564 |
---------------------------+---------+---------+---------+
Other 118 | 70 | 276 | 209 |
---------------------------+---------+---------+---------+
TOTAL 2,923 | 3,172 | 8,603 | 9,284 |
FURNITURE WHOLESALE SALES
Sales dropped to EUR 630 thousand in Q3 2018, down from EUR 715 thousand in Q3
2017. Russian consumer confidence is still negatively influenced by the
sanctions imposed on Russia while in Finland our exclusive distributor is
continuing with their restructuring. Skano's retail shops in the Baltics
recovered slightly from a very weak 1(st) half of year, with more sales compared
to Q3 2017.
FURNITURE WHOLESALE SALES BY COUNTRIES
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q3 2018 | Q3 2017 9M 2018 | 9M 2017
------------------+---------+---------+---------+---------+
Russia | 254 | 280 | 892 | 915 |
------------------+---------+---------+---------+---------+
Finland | 148 | 213 | 596 | 795 |
------------------+---------+---------+---------+---------+
Skano Retail | 177 | 158 | 530 | 665 |
------------------+---------+---------+---------+---------+
Other countries 51 | 65 | 189 | 216 |
------------------+---------+---------+---------+---------+
TOTAL | 630 | 715 | 2,207 | 2,591 |
FURNITURE RETAIL SALES
Skano Group retail business recorded sales of EUR 333 thousand in Q3 2018, which
is 11% decline from Q3 2017. We started work in Q3 by introducing a more modern
retail concept which provides furniture solutions for a family's total living
space, thus widening our furniture appeal from the historical more narrow focus
on mainly bookshelves. The new retail concept was rolled out in our main Tallinn
shop end of August, which meant closure of the shop for most of August due to
the required refurbishment of the shop. The implementation of the new retail
concept took place in our new shop in Decco centre in Riga, opened late October,
and will be rolled out in our Vilnius and Tartu shops early next year. We will
close our shop in the Spice centre in Riga end of November, and we are also
seeking to exit our second Tallinn shop.
RETAIL SALES BY COUNTRIES
| EUR thousand | EUR thousand | Number of stores |
------------+---------+---------+---------+---------+------------+------------+
Q3 2018 | Q3 2017 9M 2018 | 9M 2017 | 30.09.2018 | 30.09.2017
------------+---------+---------+---------+---------+------------+-------------
Estonia | 234 | 250 | 603 | 815 | 4 | 4
------------+---------+---------+---------+---------+------------+-------------
Latvia | 56 | 59 | 250 | 317 | 1 | 1
------------+---------+---------+---------+---------+------------+-------------
Lithuania | 43 | 65 | 242 | 248 | 1 | 1
------------+---------+---------+---------+---------+------------+-------------
Ukraine* | 0 | 0 | 0 | 64 | 0 | 0
------------+---------+---------+---------+---------+------------+-------------
TOTAL | 333 | 374 | 1,095 | 1,445 | 6 | 6
*Ukraine retail operations divested in March 2017.
PEOPLE
On the 30th of September 2018, the Group employed 213 people (compared to 226
people as of 30.09.2017). The average number of personnel in Q3 2018 was 213 (Q3
2017: 231).
During first nine months of 2018, wages and salaries with taxes amounted to EUR
2.7 million (first nine months 2017: EUR 2.9 million). Payments made to management
board members of all group companies including all subsidiaries with relevant
taxes were EUR 136 thousand in nine months 2018 and EUR 152 thousand in nine months
2017.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q3 2018| Q3 2017 9M 2018| 9M 2017
----------------------------------+----------+----------+----------+----------
Revenue | 3,709| 4,085| 11,369| 12,572
----------------------------------+----------+----------+----------+----------
EBITDA | 46| 292| 261| 952
----------------------------------+----------+----------+----------+----------
EBITDA margin | 1%| 7%| 2%| 8%
----------------------------------+----------+----------+----------+----------
Operating profit | (135)| 84| (294)| 328
----------------------------------+----------+----------+----------+----------
Operating margin | (4%)| 2%| (3%)| 3%
----------------------------------+----------+----------+----------+----------
Net profit | (211)| 14| (505)| 117
----------------------------------+----------+----------+----------+----------
Net margin | (6%)| 0%| (4%)| 1%
| | | |
| | | |
Statement of financial position |30.09.2018|31.12.2017|30.09.2017|31.12.2016
----------------------------------+----------+----------+----------+----------
Total assets | 11,012| 10,937| 11,917| 11,965
----------------------------------+----------+----------+----------+----------
Return on assets | (2%)| 0%| (4%)| 1%
----------------------------------+----------+----------+----------+----------
Equity | 3,277| 3,753| 3,978| 3,901
----------------------------------+----------+----------+----------+----------
Return on equity | (6%)| 0%| (13%)| 3%
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 70%| 66%| 67%| 67%
| | | |
| | | |
Share |30.09.2018|31.12.2017|30.09.2017|31.12.2016
----------------------------------+----------+----------+----------+----------
Last Price* | 0.49| 0.62| 0.56| 0.46
----------------------------------+----------+----------+----------+----------
Earnings per share | (0,05)| 0,00| (0,11)| 0,03
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | (10.35)| 195.86| (4.94)| 17.54
----------------------------------+----------+----------+----------+----------
Book value of a share | 0.73| 0.83| 0.88| 0.87
----------------------------------+----------+----------+----------+----------
Market to book ratio | 0.67| 0.74| 0.63| 0.52
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 2,187| 2,771| 2,497| 2,047
----------------------------------+----------+----------+----------+----------
Number of shares, piece | 4,499,061| 4,499,061| 4,499,061| 4,499,061
EBITDA = Earnings before interest, taxes, depreciation and amortization
EBITDA margin = EBITDA / Revenue
Operating margin = Operating profit / Revenue
Net margin = Net profit / Revenue
Return on assets = Net profit / Total assets
Return on equity = Net profit / Equity
Debt-to-equity ratio = Liabilities / Total assets
Earnings per share = Net profit / Total shares
Price-earnings ratio = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total shares
*http://www.nasdaqbaltic.com/
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |30.09.2018|31.12.2017|30.09.2017
---------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 42| 74| 312
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 1,611| 1,215| 1,773
---------------------------------------------+----------+----------+----------
Inventories (Note 4) | 2,409| 2,336| 2,554
---------------------------------------------+----------+----------+----------
Total current assets | 4,062| 3,624| 4,640
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 5) | 170| 170| 170
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 8)| 351| 182| 0
---------------------------------------------+----------+----------+----------
Other shares and issues | 0| 6| 0
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 6) | 6,391| 6,908| 7,055
---------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 38| 47| 52
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,950| 7,313| 7,277
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 11,012| 10,937| 11,917
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 464| 593| 708
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 2,647| 1,956| 2,400
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 2| 13| 5
---------------------------------------------+----------+----------+----------
Total current liabilities | 3,114| 2,562| 3,113
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 4,421| 4,422| 4,613
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 200| 200| 213
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 4,621| 4,622| 4,826
---------------------------------------------+----------+----------+----------
Total liabilities | 7,735| 7,184| 7,939
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 12) | 2,699| 2,699| 2,699
---------------------------------------------+----------+----------+----------
Share premium | 364| 364| 364
---------------------------------------------+----------+----------+----------
Statutory reserve capital | 288| 288| 288
---------------------------------------------+----------+----------+----------
Other reserves (Notes 8; 12) | 38| 9| 2
---------------------------------------------+----------+----------+----------
Unrealised currency differences | 0| 0| 0
---------------------------------------------+----------+----------+----------
Retained earnings (loss) | (112)| 393| 624
---------------------------------------------+----------+----------+----------
Total equity (Note 13) | 3,277| 3,753| 3,978
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 11,012| 10,937| 11,917
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand |Q3 2018|Q3 2017 9M 2018|9M 2017
-----------------------------------------------+-------+-------+-------+-------
Revenue (Note 14) | 3,709| 4,085| 11,369| 12,572
-----------------------------------------------+-------+-------+-------+-------
Cost of goods sold (Note 15) | 3,206| 3,457| 9,683| 10,100
-----------------------------------------------+-------+-------+-------+-------
Gross profit | 503| 628| 1,686| 2,472
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Distribution costs (Note 16) | 479| 501| 1,460| 1,574
-----------------------------------------------+-------+-------+-------+-------
Administrative expenses (Note 17) | 150| 110| 444| 531
-----------------------------------------------+-------+-------+-------+-------
Other operating income (Note 19) | 2| 187| 13| 238
-----------------------------------------------+-------+-------+-------+-------
Other operating expenses (Note 19) | 10| 121| 89| 278
-----------------------------------------------+-------+-------+-------+-------
Operating profit (loss) (Note 11) | (135)| 84| (294)| 328
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Finance income (Note 20) | 0| (0)| 1| 4
-----------------------------------------------+-------+-------+-------+-------
Finance costs (Note 20) | 77| 70| 212| 215
-----------------------------------------------+-------+-------+-------+-------
LOSS BEFORE INCOME TAX | (211)| 14| (505)| 117
-----------------------------------------------+-------+-------+-------+-------
Corporate income tax | 0| 0| 0| 0
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
NET LOSS FOR THE FINANCIAL YEAR | (211)| 14| (505)| 117
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Other comprehensive income (loss) | 0| 0| 0 | (40)
-----------------------------------------------+-------+-------+-------+-------
Currency translation differences | 0| 0| 0| (40)
-----------------------------------------------+-------+-------+-------+-------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL | | | |
YEAR | (211)| 14| (505)| 77
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Basic earnings per share (Note 13) | (0,05)| 0,00| (0,11)| 0,03
-----------------------------------------------+-------+-------+-------+-------
Diluted earnings per share (Note 13) | (0,05)| 0,00| (0,11)| 0,02
Torfinn Losvik
Member of the Management Board
+372 569 90 988
[email protected]
Attachment
* Skano 2018 3rd Quarter interim report (https://prlibrary-
eu.nasdaq.com/Resource/Download/067f7255-5a8f-4412-b9d2-85113e1fa1a5)