Börsiteade
Nordic Fibreboard AS
LEI kood
54930002HOIXBD15OM06
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Muu oluline informatsioon
Teate ID
5969
Manused
Esitamise kuupäev ja aeg
02.03.2017 08:45:00
Teate sisu inglise keeles
Pealkiri
CORRECTION: Financial results 12 months 2016
Teade
CORRECTIONS:
1. Date of BALANCE SHEET (31.12) and SHARE (31.12) are corrected in the
FINANCIAL HIGHLIGHTS section.
2. English text editorial corrections. No changes made in Estonian
announcement.
IN SHORT
Consolidated net sales in 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). Consolidated net loss in 2016
amounted to 1.0 mil. euros (compared to net loss 0.4 mil. euros in 2015).
The turnover of Skano Fibreboard OÜ together with its Finnish subsidiary Suomen
Tuulileijona 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 decreased in Russia and Finland, two of our larger markets, due to their
general economic situation. We have been continuously expanding the list of our
target markets and made significant efforts in product development.
The turnover of Skano Furniture Factory OÜ was 4.2 mil. euros, including the
amount of 1.0 mil. euros sales to Skano group furniture retail companies (2015
respectively 4.8 mil. euros and 1.2 mil. euros). The sales decreased in 2016 by
11.8%. The decrease in sales has turned to small increase during Q4 2016. The
operating loss in 2016 was 658 thousand euros (in 2015 the operating loss was
634 thousand euros). 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 costs.
The turnover of Skano Furniture OÜ retail chain was 2,2 mil. euros (2015: 2.5
mil. euros). Operating loss in 2016 was 83 thousand euros (2015: 352 thousand
euros). Operating loss was negatively influenced by the weakening Ukrainian
currency hryvna, we had in 2016 in Ukraine a loss-making retail subsidiary
(closure of our Ukrainian operations is now in process, as earlier announced).
BALANCE SHEET
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 of 8.1 mil. euros
accounted for 67.4% of total assets (31.12.2015: 62.9%).
Receivables and prepayments of 1.0 mil. euros at 31.12.2016 were at same level
as of 31.12.2015 (31.12.2015: 1.0 mil. euros). Inventories have decreased by
0.6 mil euros last year, 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:
SALES BY BUSINESS SEGMENTS
th EUR % of sales
-----------------------------------------------------
2016 2015 2016 2015
-----------------------------------------------------
Fibreboards 12,170 12,696 69.5% 67.6%
-----------------------------------------------------
Furniture wholesale 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%
-----------------------------------------------------
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%
-----------------------------------------------
Turnover has increased in Portugal and in Great Britain. The decrease in
turnover was mainly because of lower sales in Russia and Finland.
OPERATING PROFIT BY BUSINESS SEGMENTS
th EUR 2016 2015
-----------------------------------
Fibreboards (96) 268
-----------------------------------
Furniture wholesale (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 Oy)
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.
SALES BY GEOGRAPHICAL SEGMENTS: FIBREBOARDS
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 WHOLESALE
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.
SALES BY GEOGRAPHICAL SEGMENTS: FURNITURE WHOLESALE
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
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 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.
SALES BY GEOGRAPHICAL SEGMENTS: FURNITURE RETAIL
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.
FORECAST AND DEVELOPMENT
SKANO FIBREBOARD: 2017 has started with increased sales in our largest market,
Finland. We are in process of adding more sales agents in Germany, the biggest
fibreboard market in Europe, which should help us grow sales further. 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 AND WHOLESALE: The cost cutting program in 2016
improves our cost competitiveness for 2017. Negotiations with agents from both
Norway and Great Britain are in process, which should improve our possibilities
for further sale in these markets. .
SKANO FURNITURE RETAIL SALES: We expect steady retail sales in the Baltics in
2017. The cost savings recently undertaken should improve the profitability of
the retail business. The Ukrainian subsidiary will be closed during 1Q 2017, as
earlier announced. At the same time, we are in process of entering into a
distribution agreement with an Ukrainian retail company wanting to sell our
furniture.
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 (31.12)
---------------------------------------------
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 (31.12)
---------------------------------------------
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
BALANCE SHEET
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
------------------------------------------------------
INCOME STATEMENT
th EUR 4Q 2016 4Q 2015 2016 2015
------------------------------------------------------------------------------
------------------------------------------------------------------------------
SALES 3,873 4,225 17,502 18,789
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Cost of goods 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 RESULT 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 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
CEO and Chairman of the Management Board
+372 569 90 988
[email protected]