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
7331
Manused
Esitamise kuupäev ja aeg
31.05.2019 11:08:56
Teate sisu eesti keeles
Pealkiri
SKANO GROUP AS 2019. majandusaasta esimese kvartali vahearuanne
Teade
JUHTKONNA ARUANNE
Skano Group AS auditeerimata 2019. majandusaasta esimese kvartali tulemused
Skano Group AS konsolideeritud müügitulu oli 2019. aasta 1. kvartalis 3,83
miljonit eurot, mis on 3% langust 2018. aasta sama perioodiga võrreldes .
Puitkiudplaadi müügitulu 6% tõusu tingisid uued kliendid Euroopas ja suurem
müügitulu arengumaade klientide juures. Mööbli hulgimüügi müügitulu langes 10%,
mille peamiseks põhjuseks oli vähenenud nõudlus Venemaa suunal. Languse
põhjuseks on endiselt geopoliitilistest põhjustest tulenevalt kohalike tarbijate
nõrgenenud kindlustunne, mis mõjutab nende ostuotsuseid. Mööbli jaemüügi
müügitulu suurenes 18%, peamiselt tänu kõikides Baltikumi kaupluses tehtud
aktiivsele turustustegevusele.
Skano Group EBITDA oli 2019. aasta 1. kvartalis negatiivne 76 tuhat eurot (2018
1. kv: negatiivne 23 tuhat eurot). Kiudplaadi tootmiskulud moodustasid 1.
kvartalis 85% müügitulust, mis on paranemine 2018. aasta 1. kvartaliga
võrreldes, kui sama näitaja oli 99%. Kuid, varude mahu vähenemine 1. kvartalis
2018 päädis brutomarginaali langusega (13% 1. kvartalis 2019 võrreldes 17% .
kvartalis 2018). Mööbli hulgimüügi kasumlikkust mõjutas 1. kvartalis 2019
negatiivselt müügitulude langus 2018. aasta 1. kvartaliga võrreldes, samas kui
mööbli jaekaubanduse kasumlikkus jäi samale tasemele aasta varasemaga võrreldes.
Puhaskahjum 2019. aasta 1. kvartalis 323 tuhat eurot (2018 1 kv: puhaskahjum
281 tuhat eurot).
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR |
------------+-----------+
I kv 2019 | I kv 2018
------------------------------------------+-----------+
Kiudplaadi tootmine ja müük 2 893 | 2 723 |
------------------------------------------+-----------+
Mööbli tootmine ja müük 718 | 800 |
------------------------------------------+-----------+
Mööbli jaemüük 392 | 332 |
------------------------------------------+-----------+
Elimineerimine (175) | (144) |
------------------------------------------+-----------+
Kokku 3 829 | 3 711 |
Kasum ärisegmentide lõikes
------------+
tuh EUR I kv 2019 | I kv 2018
-----------------------------------------------+-----------
EBITDA ärisegmentide lõikes |
-----------------------------------------------+-----------
Kiudplaadi tootmine ja müük 2 | 37
-----------------------------------------------+-----------
Mööbli tootmine ja müük (68) | (32)
-----------------------------------------------+-----------
Mööbli jaemüük (22) | (20)
-----------------------------------------------+-----------
Elimineerimine 12 | (8)
-----------------------------------------------+-----------
Kokku EBITDA (76) | (23)
-----------------------------------------------+-----------
Põhivara kulum ja amortisatsioon 176 | 191
-----------------------------------------------+-----------
Kokku ÄRIKASUM/-KAHJUM (252) | (214)
-----------------------------------------------+-----------
Neto finantskulud 71 | 66
-----------------------------------------------+-----------
Tulumaksukulu 0 | 0
-----------------------------------------------+-----------
PUHASKASUM/-KAHJUM (323) | (281)
Skano Fibreboard: kiudplaadi müük
Puitkiudplaadi müügitulu oli 2019. aasta 1. kvartalis 2,89 miljonit eurot, mis
on 6% kasvu 2018. aasta sama perioodiga võrreldes (2018 1. kv: 2,72 miljonit
eurot). 2019. aasta 1. kvartalis müüsime oma tooteid 28 riigi klientidele.
Müügitulu kasvas arengumaade turgudel Aasias ja Aafrikas ning tänu uutele
klientidele Euroopas. Meie suurimal turul, Soomes, jätkub müügitulu langus
vaatamata stabiilsele turuosale pehme tihedusega puitkiudplaatide segmendis,
viidates seega muude materjalide suuremat kasutamist ehitussektoris.
Tootmiskulud moodustasid 1. kvartalis 85% müügitulust, mis on paranemine 2018.
aasta 1. kvartaliga võrreldes, kui sama näitaja oli 99%. Kuid, varude mahu
vähenemine 1. kvartalis 2018 päädis brutomarginaali langusega (13% 1. kvartalis
2019 võrreldes 17% . kvartalis 2018). Püsikulud olid samas 48 tuhat eurot
madalamad 2019. 1. kvartalis 2018. aasta 1. kvartaliga võrreldes. EBITDA
tulemuseks seega 2019. aasta 1. kvartalis positiivne 2 tuhat eurot (2018 1. kv:
EBITDA positiivne 37 tuhat eurot).
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR |
------------+ |
I kv 2019 | I kv 2018
---------------------------+-----------+
Euroopa Liit 2 093 | 2 198 |
---------------------------+-----------+
Venemaa 328 | 298 |
---------------------------+-----------+
Aasia 164 | 37 |
---------------------------+-----------+
Aafrika 143 | 42 |
---------------------------+-----------+
Lähis-Ida 86 | 73 |
---------------------------+-----------+
Teised 80 | 74 |
---------------------------+-----------+
Kokku 2 893 | 2 723 |
Skano Furniture Factory: mööbli tootmine ja hulgimüük
Mööbli hulgimüügi müügitulu oli 2019. aasta 1. kvartalis 718 tuhat eurot, mis on
10% langust eelmise aasta sama perioodiga võrreldes (2018 1. kvartal 800 tuhat
eurot). Müügitulu languse peamiseks põhjuseks on endisel Venemaa klientide
nõudluse langus, kus meie edasimüüjad kogevad jätkuvalt kohalike tarbijate
ebakindlust, mis tuleneb geopoliitilisest olukorrast. Meie edasimüüja Soomes
vähendab oma tegevushaaret. Ühtlasi omandas Skano käesoleva aasta alguses
müügiõiguse Soome edasimüüja klientide juures väljaspool Soomet, mis tõi kaasa
müügitulu kasvu mitmes Euroopa Liidu riigis.
Tootmise kulud olid 2019. aasta 1. kvartalis 632 tuhat eurot, mis on 192 tuhat
eurot vähem võrreldes 1. kvartaliga 2018. Alustasime 2019. aasta esimeses
kvartalis tegevusplaaniga leida allhankijad mõnedele tootmise esmafaasi
tegevustele, mis annab seeläbi võimaluse vähendada tootmise isikkooseisu.
Tegemist on jätkuva protsessiga, mis peaks viima tootmiskulude jätkuva
vähenemiseni, samas kui optimeerime pooltoodangut, ning mis omakorda peaks
parandama kasumlikkust.
Samas viis madalam müügitulu ning varude mahu vähendamine negatiivse EBITDA
tulemuseni 209. aasta 1. kvartalis, olles negatiivne 68 tuhat eurot (2018 1. kv:
EBITDA negatiivne 32 tuhat eurot).
Mööbli hulgimüügitulu geograafiliselt
tuh EUR tuh EUR |
------------+-----------+
I kv 2019 | I kv 2018
----------------+-----------+-----------+
Venemaa | 253 | 361 |
----------------+-----------+-----------+
Soome | 201 | 234 |
----------------+-----------+-----------+
Skano jae | 173 | 141 |
----------------+-----------+-----------+
Teised riigid 92 | 64 |
----------------+-----------+-----------+
Kokku | 718 | 800 |
Skano Furniture: mööbli jaemüük
Mööbli jaemüügi müügitulu oli 2019. aasta 1. kvartalis 392 tuhat eurot, mis on
18% kõrgem võrreldes sama perioodiga aastal 2018 (2018. aasta 1. kvartalis 332
tuhat eurot). Peamiselt tingis müügitulu kasvu Kõigis Baltikumi kauplustes väga
hästi toiminud turunduskampaania. Samas viis turunduskampaania brutomarginaali
vähenemiseni, mistõttu jaekaubanduse EBITDA oli 2019. aasta 1. kvartalis
negatiivne 22 tuhat eurot (2018. 1. kv: negatiivne 20 tuhat eurot).
Kogu mööbliäri (tootmine ja hulgimüük ning jaekaubandus) EBITDA 2019. aasta 1.
kvartalis oli negatiivne 90 tuhat eurot (1. kv 2018: EBITDA negatiivne 52 tuhat
eurot).
Mööbli jaemüügitulu geograafiliselt
tuh EUR tuh EUR | Kaupluste arv |
------------+-----------+------------+------------+
I kv 2019 | I kv 2018 | 31.03.2019 | 31.03.2018
-----------------------------+-----------+-----------+------------+-------------
Eesti | 256 | 204 | 4* | 4
-----------------------------+-----------+-----------+------------+-------------
Läti | 40 | 74 | 1 | 1
-----------------------------+-----------+-----------+------------+-------------
Leedu | 96 | 54 | 1 | 1
-----------------------------+-----------+-----------+------------+-------------
Kokku (toimivad kauplused) | 392 | 332 | 6 | 6
* Pärnu mnt kauplus lõpetas tegevuse 28. veebruaril 2019, rendileping lõpetati
alates 31.mai 2019 (vt ka lisa 22)
Bilanss ja rahavoogude aruanne
Seisuga 31.03.2019 olid Skano Group AS varad kokku 10,1 miljonit eurot
(31.03.2018: 11,8 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.03.2019 7,5 miljonit eurot (31.03.2018: 8,4 miljonit eurot), milledest Skanol
oli laenukohustisi 4,7 miljonit eurot seisuga 31.03.2019 (31.03.2018: 5,7
miljonit).
Nõuded ja ettemaksed olid kokku 1,4 miljonit eurot seisuga 31.03.2019
(31.03.2018: 2,3 miljonit eurot). Varud seisuga 31.03.2019 1,9 miljonit eurot
(31.03.2018 2,3 miljonit eurot). Investeeringud finantsvaradess (ehk Trigon
Property Development aktsiad) suurenesid 187 tuhandelt eurolt seisuga
31.03.2018 summale 410 tuhat eurot seisuga 31.03.2019. Materiaalne ja
immateriaalne põhivara kokku seisuga 31.03.2019 6,1 miljonit eurot (6,8 miljonit
seisuga of 31.03.2018).
Kontserni äritegevuse tulemuseks oli 2019. aasta 1. kvartalis raha sissevool
summas 56 tuhat eurot (2018 1. kv: raha väljavool summas 657 tuhat eurot).
Investeerimistegevusest tulenevalt toimus 2019. aasta 1. kvartalis raha
väljavool summas 0 tuhat eurot, võrreldes raha väljavooluga 3 tuhat eurot 2018.
aasta 1. kvartalis. Finantseerimistegevuse tulemuseks oli 2019. aasta
1.kvartalis samuti raha väljavool summas 33 tuhat eurot (2018 1. kv: raha
sissevool 646 tuhat eurot). Netorahavoo tulemuseks oli 2019. aasta 1. kvartalis
raha sissevool summas 23 tuhat eurot, mis on paranemine võrreldes raha
väljavooluga summas 14 tuhat eurot 2018. aasta 1. kvartalis.
Tuleviku väljavaade
Skano Fibreboard
Puitkiudplaadi segmendis jätkame müügitegevuse suunamist erinevate
kasutusvõimaluste põhiseks, millel on suurem rahvusvaheline haare võrreldes
traditsioonilise tuuletõkkeplaadi ja isolatsiooniplaadi müügiga senistele
traditsioonilistele turgudele nagu Soome, Venemaa ja Eesti. Meie
turundustegevused keskenduvad meie toodetud puitkiudplaatide kasutamise
positiivsetele omadustele, mis on toodetud värske kuuse puiduhakkest, võrreldes
konkurentide sünteetiliste materjalidega.
Skano Furniture Factory
Aasta alguses sõlmitud kokkulepe Soome edasimüüjaga, võtta üle tema poolt
hallatud Euroopa kliendid on suurendanud meie kliendibaasi ning viitab meie
poolt toodetud mööbli müügitulu kasvu potentsiaalile. Lisaks sellele ootame
toodete kasumlikkuse paranemist tulenevalt tootmise allhankeprojekti
käivitamisest, mis ühtlasi vähendaks ka tootmiskulusid. Nende initsiatiivide
kombinatsioonina peaks tooma müügitulu kasvu ning parandatud kasumlikkust,
eesmärgiga saavutada positiivne EBITDA.
Skano Furniture jaemüük
Mööbli jaekaubanduses ootame tulemuslikkuse tõusu tänu uue kaupluse väljapaneku
juurutamisele, mida on ellu viidud juba Tallinna Järve kaupluses ja uues Riia
kaupluses Decco keskuses ning viiakse lähiajal ellu Vilniuse ja Tartu
kauplustes. Lõpetasime 2019. aasta 1. kvartalis tegevuse Tallinnas Pärnu mnt
kaupluses selle kehva tulemuslikkuse tõttu ning selle kaupluse rendileping
lõppeb 31 märts 2019.
Töötajad
Seisuga 31.03.2019 töötas Kontsernis 208 inimest (võrreldes 221 inimesega
seisuga 31.03.2018). Töötajate keskmine arv oli 2019 1. kvartalis 205 (1.
kvartalis 2018: 222).
2019. aasta esimese kolme kuu jooksul olid tööjõukulud koos maksukuludega kokku
0,9 miljonit eurot (2018 esimese kolme kuu jooksul 0,9 miljonit eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 51 tuhat eurot 2019. aasta 1. kvartalis ning 40
tuhat eurot 2018. aasta 1. kvartalis.
Finantssuhtarvud
tuh EUR
| |
Kasumiaruanne | I kv 2019 | I kv 2018
-------------------------------------------+------------+-------------
Müügitulu | 3 829 | 3 711
-------------------------------------------+------------+-------------
EBITDA | (76) | (23)
-------------------------------------------+------------+-------------
EBITDA rentaablus | (2%) | (1%)
-------------------------------------------+------------+-------------
Ärikasum/-kahjum | (252) | (214)
-------------------------------------------+------------+-------------
Ärirentaablus | (7%) | (6%)
-------------------------------------------+------------+-------------
Puhaskasum/-kahjum | (323) | (281)
-------------------------------------------+------------+-------------
Puhasrentaablus | (8%) | (8%)
| |
| | |
Bilanss | 31.03.2019 | 31.03.2018 |
-------------------------------------------+------------+------------+
Koguvarad | 10 094 | 11 845
-------------------------------------------+------------+-------------
Koguvarade puhasrentaablus | (3%) | (2%)
-------------------------------------------+------------+-------------
Omakapital | 2 588 | 3 487
-------------------------------------------+------------+-------------
Omakapitali puhasrentaablus | (12%) | (8%)
-------------------------------------------+------------+-------------
Võlakordaja | 74% | 71%
| |
| | |
Aktsia | 31.03.2019 | 31.03.2018 |
-------------------------------------------+------------+------------+
Aktsia viimane hind (EUR)* | 0,41 | 0,54
-------------------------------------------+------------+-------------
Puhaskasum aktsia kohta (EUR) | (0,07) | (0,06)
-------------------------------------------+------------+-------------
Hind-tulu (PE) suhtarv | (5,74) | (8,66)
-------------------------------------------+------------+-------------
Aktsia raamatupidamisväärtus (EUR) | 0,58 | 0,78
-------------------------------------------+------------+-------------
Turuhinna ja raamatupidamisväärtuse suhe | 0,72 | 0,70
-------------------------------------------+------------+------------+
Turukapitalisatsioon tuh EUR | 1 854 | 2 429 |
-------------------------------------------+------------+------------+
Aktsiate arv tk | 4 499 061 | 4 499 061 |
-------------------------------------------+------------+------------+
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |31.03.2019|31.12.2018|31.03.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2)| 78| 54| 60| 74
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 403| 1 142| 2 318| 1 215
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 4) | 1 939| 2 255| 2 343| 2 336
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 3 420| 3 452| 4 721| 3 624
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 180| 175| 170| 170
-----------------------------------+----------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 0| 0| 187| 182
-----------------------------------+----------+----------+----------+----------
Finantsvarad õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 9) | 410| 422| 0| 0
-----------------------------------+----------+----------+----------+----------
Muud aktsiad ja osad | 0| 0| 0| 6
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 6 053| 6 223| 6 724| 6 908
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 30| 34| 43| 47
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 6 675| 6 855| 7 124| 7 313
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 10 094| 10 307| 11 845| 10 937
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisas 9) | 629| 652| 1 240| 593
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 551| 2 418| 2 486| 1 956
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 15| 15| 10| 13
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 3 195| 3 085| 3 736| 2 562
-----------------------------------+----------+----------+----------+----------
| | | 0| 0
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisas| | | |
9) | 4 102| 4 112| 4 421| 4 422
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 210| 210| 200| 200
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 4 311| 4 321| 4 621| 4 622
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 7 507| 7 406| 8 358| 7 184
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 12) | 2 699| 2 699| 2 699| 2 699
-----------------------------------+----------+----------+----------+----------
Ülekurss | 364| 364| 364| 364
-----------------------------------+----------+----------+----------+----------
kohustuslik reservkapital | 288| 288| 293| 288
-----------------------------------+----------+----------+----------+----------
Muud reservid | 55| 45| 18| 9
-----------------------------------+----------+----------+----------+----------
Realiseerimata kursivahed | 0| 0| 0| 0
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | (819)| (496)| 113| 393
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 2 588| 2 901| 3 487| 3 753
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 10 094| 10 307| 11 845| 10 937
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMIARUANNE
tuh EUR |I kv 2019|I kv 2018
-----------------------------------------------------------+---------+---------
Müügitulu (Lisa 14) | 3 829| 3 711
-----------------------------------------------------------+---------+---------
Müüdud toodangu kulu (Lisa 15) | 3 481| 3 291
-----------------------------------------------------------+---------+---------
Brutokasum | 348| 420
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Turustuskulud (Lisa 16) | 428| 454
-----------------------------------------------------------+---------+---------
Üldhalduskulud (Lisa 17) | 160| 153
-----------------------------------------------------------+---------+---------
Muud äritulud (Lisa 19) | 22| 3
-----------------------------------------------------------+---------+---------
Muud ärikulud (Lisa 19) | 35| 30
-----------------------------------------------------------+---------+---------
Ärikasum (-kahjum) (Lisa 11) | (252)| (214)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Finantstulud (Lisa 20) | 0| 1
-----------------------------------------------------------+---------+---------
Finantskulud (Lisa 20) | 71| 67
-----------------------------------------------------------+---------+---------
KASUM ENNE TULUMAKSUSTAMIST | (323)| (281)
-----------------------------------------------------------+---------+---------
Ettevõtte tulumaks | 0| 0
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
ARUANDEAASTA PUHASKAHJUM | (323)| (281)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Muu koondkasum (-kahjum) | 0| 0
-----------------------------------------------------------+---------+---------
Muu koondkasum (-kahjum), mida võib teatud juhtudel | |
reklassifitseerida kasumiaruandesse | |
-----------------------------------------------------------+---------+---------
Valuutakursi muutuste mõju | |
-----------------------------------------------------------+---------+---------
Kokku aruandeaasta koondkahjum | (323)| (281)
-----------------------------------------------------------+---------+---------
| |
-----------------------------------------------------------+---------+---------
Tava perioodi puhaskahjum aktsia kohta (Lisa 13) | (0,07)| (0,06)
-----------------------------------------------------------+---------+---------
Lahustatud perioodi puhaskahjum aktsia kohta (Lisa 13) | (0,07)| (0,06)
+---------+---------
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
Skano Group AS Interim Report for First Quarter of 2019
Teade
MANAGEMENT REPORT
SKANO GROUP AS UNAUDITED results for first quarter of 2019
Consolidated net sales for Q1 2019 were EUR 3.83 million, being a 3% increase
compared to the same period in 2019. Fibreboard sales increased with 6%, driven
mainly by new customers in EU and increased sales to existing customers in the
emerging markets. Furniture wholesale sales dropped by 10%, of which the main
reason was the reduced demand experienced in Russia. The reduced demand is still
caused by declining consumer confidence, affecting purchasing behavior due to
geopolitical reasons. Furniture retail sales were up 18%, mainly due to more
active marketing campaign activities in all Baltic shops.
Skano Group recorded EBITDA of negative EUR 76 thousand for Q1 2019 (vs negative EUR
23 thousand Q1 2018). Skano Fibreboard production cost was 85% of sales in Q1,
which is an improvement from 2018 Q1 when production cost of sales was 99% of
sales. However, the drop in inventory in Q1 led to reduced gross margin (13%
compared to 17% in 2018 Q1). Furniture wholesale profitability was negatively
influenced by the reduction in sales during Q1 2019 compared to Q1 2018, while
furniture retail profitability remained at similar level as last year. Net loss
for Q1 2019 was EUR 323 thousand (Q1 2018: loss of EUR 281 thousand).
Divisional review of first quarter
Revenue by business segments
EUR thousand |
----------+---------+
Q1 2019 | Q1 2018
---------------------------------------------+---------+
Fibreboards production and sales 2,893 | 2,723 |
---------------------------------------------+---------+
Furniture production and sales 718 | 800 |
---------------------------------------------+---------+
Furniture retail 392 | 332 |
---------------------------------------------+---------+
Group transactions (175) | (144) |
---------------------------------------------+---------+
TOTAL 3,829 | 3,711 |
Profit by business segments
----------+
EUR thousand Q1 2019 | Q1 2018
-----------------------------------------------+---------
EBITDA by business units: |
-----------------------------------------------+---------
Fibreboards production and sales 2 | 37
-----------------------------------------------+---------
Furniture production and wholesale (68) | (32)
-----------------------------------------------+---------
Furniture retail (22) | (20)
-----------------------------------------------+---------
Group transactions 12 | (8)
-----------------------------------------------+---------
TOTAL EBITDA (76) | (23)
-----------------------------------------------+---------
Depreciation 176 | 191
-----------------------------------------------+---------
TOTAL OPERATING PROFIT/ LOSS (252) | (214)
-----------------------------------------------+---------
Net financial costs 71 | 66
-----------------------------------------------+---------
Income tax 0 | 0
-----------------------------------------------+---------
NET PROFIT/ LOSS (323) | (281)
SKANO FIBREBOARD: fibreboard sales
Fibreboard sales in Q1 2019 were EUR 2.89 million, which is 6% more than same
period in 2018 (2018: EUR 2.72 million). We sold our products to customers in 28
countries during Q1 2019. We recorded sales increase in emerging markets in Asia
and Africa while also securing new customers in EU. Finland, our largest market,
continued to experience sales decline despite Skano keeping its market share
within soft density fibreboard, thus reflecting the growth of other materials
for use in the construction sector. Production cost was 85% of sales in Q1,
which is an improvement from 2018 Q1 when production cost of sales was 99% of
sales. However, the drop in inventory in Q1 led to reduced gross margin (13%
compared to 17% in 2018 Q1). Fixed costs were however EUR 48 thousand less in
2019 Q1 compared to 2018 Q1. EBITDA ending up being positive EUR 2 thousand for Q1
2019 (Q1 2018 EBITDA was positive EUR 37 thousand).
FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS
EUR thousand |
----------+ |
Q1 2019 | Q1 2018
---------------------------+---------+
European Union 2,093 | 2,198 |
---------------------------+---------+
Russia 328 | 298 |
---------------------------+---------+
Asia 164 | 37 |
---------------------------+---------+
Africa 143 | 42 |
---------------------------+---------+
Middle East 86 | 73 |
---------------------------+---------+
Other 80 | 74 |
---------------------------+---------+
TOTAL 2,893 | 2,723 |
SKANO FURNITURE FACTORY: furniture production and wholesale
Furniture wholesale sales in Q1 2019 were EUR 718 thousand, 10% down on same
period last year (Q1 2018: EUR 800 thousand). The main reason for this decline in
sales was due to the reduced demand experienced in Russia, where our two
distributors still face declining consumer confidence due to geopolitical
reasons. Our Finnish distributor continued his downsizing of his operations in
Finland. Skano assumed the Finnish distributor's EU customers at the start of
this year, which has resulted in our increased sales to several EU countries.
Sales increase was also recorded to our own Baltic retail chain.
Production cost in Q1 2019 were EUR 632 thousand, which is EUR 192 thousand less
compared to Q1 2018. We started during Q1 2019 to look for subcontractors for
some of our early stage production, thus enabling us to reduce our production
staffing. This process is ongoing and should result in us reducing our
production cost further, while optimising the buying in of semi-finished
products, which should improve profitability.
However, the reduced sales and decline in inventory led to EBITDA for furniture
wholesale for Q1 2019 being negative EUR 68 thousand (Q1 2018 EBITDA was negative
EUR 32 thousand).
FURNITURE WHOLESALE SALES BY COUNTRIES
EUR thousand |
----------+---------+
Q1 2019 | Q1 2018
------------------+---------+---------+
Russia | 253 | 361 |
------------------+---------+---------+
Finland | 201 | 234 |
------------------+---------+---------+
Skano Retail | 173 | 141 |
------------------+---------+---------+
Other countries 92 | 64 |
------------------+---------+---------+
TOTAL | 718 | 800 |
SKANO FURNITURE: retail sales
Furniture retail sales in Q1 2019 were EUR 392 thousand, up 18% (2018 Q1 EUR 332
thousand) from same period last year. The sales increase was driven mainly due
to very well performing marketing campaign in all Baltic shops. However, the
marketing campaign had decreasing effect on Gross Margin, leaving EBITDA for
furniture retail for Q1 2019 to be negative EUR 22 thousand (Q1 2018 EBITDA was
negative EUR 20 thousand).
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2019 Q1
were negative EUR 90 thousand (Q1 2018 EBITDA was negative EUR 52 thousand).
RETAIL SALES BY COUNTRIES
EUR thousand | Number of stores |
----------+---------+------------+------------+
Q1 2019 | Q1 2018 31.03.2019 | 31.03.2018
------------+---------+---------+------------+-------------
Estonia | 256 | 204 | 4* | 4
------------+---------+---------+------------+-------------
Latvia | 40 | 74 | 1 | 1
------------+---------+---------+------------+-------------
Lithuania | 96 | 54 | 1 | 1
------------+---------+---------+------------+-------------
TOTAL | 392 | 332 | 6 | 6
* Operation in Pärnu mnt shop ended on the 28(th) February 2019, the lease
contract terminated from 31(st) of May 2019 (See also Note 22).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.03.2019 the total assets of Skano Group AS were EUR 10.1 million
(31.03.2018: EUR 11.8 million). The liabilities of the company as of 31.03.2019
were EUR 7.5 million (31.03.2018: EUR 8.4 million), of which Skano has borrowings of
EUR 4.7 million as at 31.03.2019 (31.03.2018: EUR 5.7 million).
Receivables and prepayments amounted to EUR 1.4 million as at 31.03.2019
(31.03.2018: EUR 2.3 million). Inventories were EUR 1.9 million as of 31.03.2019
(31.03.2018: EUR 2.3 million). Financial investments (i.e. Trigon Property
Development shares) increased from EUR 187 thousand as at 31.03.2018 to EUR 410
thousand as at 31.03.2019. Property, plant, equipment and intangibles were EUR
6.1 million as of 31.03.2019 (EUR 6.8 million as of 31.03.2018).
In 2019 Q1, the Group's cash flows from operating activities totalled cash
inflow of EUR 56 thousand (2018 Q1: cash outflow EUR 657 thousand). Investment
activities resulted in cash outflows in amount of EUR 0 thousand in 2019 Q1,
compared to outflows in amount EUR 3 thousand in Q1 2018. Financing activities
also resulted in cash outflows of EUR 33 thousand in Q1 2019 (2018 Q1: cash inflow
EUR 646 thousand). Net cash effect in 2019 Q1 cash inflow EUR 23 thousand, which
compares favourable compared to 2018 Q1 cash outflows of EUR 14 thousand.
Outlook
SKANO FIBREBOARD
In Fibreboard, we are continuing to push 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. Our marketing activities are focusing on the positive aspects of using
our boards, made from virgin woodchips from spruce, compared to competing
synthetic materials.
SKANO FURNITURE FACTORY
The deal signed, with effect from start of this year, with our Finnish
distributor to take over their export customers in Europe has expanded our
customer base and shows promising sales growth potential of our furniture. In
addition, we expect improved product profitability as we advance with our
production outsourcing while reducing our own production cost. The combination
of these initiatives should bring sales growth and improved profitability, with
the aim of achieving positive EBITDA.
SKANO FURNITURE RETAIL SALES
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 ended in Q1 2019 our shop
operations of our second shop in Tallinn due to its poor profitability, and the
rental contract of this shop will end 31(st) May 2019.
PEOPLE
On the 31st of March 2019, the Group employed 208 people (compared to 221 people
as of 31.03.2018). The average number of personnel in Q1 2019 was 205 (Q1
2018: 222).
For three months of 2019, wages and salaries with taxes amounted to EUR 0.9
million (three months 2018: EUR 0.9 million). Payments made to management board
members of all group companies including all subsidiaries with relevant taxes
were EUR 51 thousand in Q1 2019 and EUR 40 thousand in Q1 2018.
FINANCIAL HIGHLIGHTS
EUR thousand
+------------+
Income statement | Q1 2019 | Q1 2018
------------------------------------+------------+-------------
Revenue | 3,829 | 3,711
------------------------------------+------------+-------------
EBITDA | (76) | (23)
------------------------------------+------------+-------------
EBITDA margin | (2%) | (1%)
------------------------------------+------------+-------------
Operating profit | (252) | (214)
------------------------------------+------------+-------------
Operating margin | (7%) | (6%)
------------------------------------+------------+-------------
Net profit | (323) | (281)
------------------------------------+------------+-------------
Net margin | (8%) | (8%)
| |
+------------+-------------
| |
------------------------------------+------------+-------------
Statement of financial position | 31.03.2019 | 31.03.2018
------------------------------------+------------+-------------
Total assets | 10,094 | 11,845
------------------------------------+------------+-------------
Return on assets | (3%) | (2%)
------------------------------------+------------+-------------
Equity | 2,588 | 3,487
------------------------------------+------------+-------------
Return on equity | (12%) | (8%)
------------------------------------+------------+-------------
Debt-to-equity ratio | 74% | 71%
| |
+------------+-------------
| |
------------------------------------+------------+-------------
Share | 31.03.2019 | 31.03.2018
------------------------------------+------------+-------------
Last Price (EUR)* | 0.41 | 0.54
------------------------------------+------------+-------------
Earnings per share (EUR) | (0.07) | (0.06)
------------------------------------+------------+-------------
Price-earnings ratio | (5.74) | (8.66)
------------------------------------+------------+-------------
Book value of a share (EUR) | 0,58 | 0.78
------------------------------------+------------+------------+
Market to book ratio | 0.72 | 0.70 |
------------------------------------+------------+------------+
Market capitalization, EUR thousand | 1,854 | 2,429 |
------------------------------------+------------+------------+
Number of shares, piece | 4,4991,061 | 4,499,061 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |31.03.2019|31.12.2018|31.03.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents (Note 2)| 78| 54| 60| 74
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
3) | 1,403| 1,142| 2,318| 1,215
-----------------------------------+----------+----------+----------+----------
Inventories (Note 4) | 1,939| 2,255| 2,343| 2,336
-----------------------------------+----------+----------+----------+----------
Total current assets | 3,420| 3,452| 4,721| 3,624
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 5) | 180| 175| 170| 170
-----------------------------------+----------+----------+----------+----------
Available-for-sale financial | | | |
assets (Note 8) | 410| 422| 187| 182
-----------------------------------+----------+----------+----------+----------
Other shares and issues | 0| 0| 0| 6
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 6) | 6,053| 6,223| 6,724| 6,908
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 7) | 30| 34| 43| 47
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 6,675| 6,855| 7,124| 7,313
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 10,094| 10,307| 11,845| 10,937
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Notes 9) | 629| 652| 1,240| 593
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Notes | | | |
10) | 2,551| 2,418| 2,486| 1,956
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 11) | 15| 15| 10| 13
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 3,195| 3,085| 3,736| 2,562
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Notes 9) | 4,102| 4,112| 4,421| 4,422
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 11) | 210| 210| 200| 200
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 4,311| 4,321| 4,621| 4,622
-----------------------------------+----------+----------+----------+----------
Total liabilities | 7,507| 7,406| 8,358| 7,184
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Share capital (at nominal value) | | | |
(Note 12) | 2,699| 2,699| 2,699| 2,699
-----------------------------------+----------+----------+----------+----------
Share premium | 364| 364| 364| 364
-----------------------------------+----------+----------+----------+----------
Statutory reserve capital | 288| 288| 293| 288
-----------------------------------+----------+----------+----------+----------
Other reserves (Notes 8; 12) | 55| 45| 18| 9
-----------------------------------+----------+----------+----------+----------
Unrealised currency differences | 0| 0| 0| 0
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | (819)| (496)| 113| 393
-----------------------------------+----------+----------+----------+----------
Total equity (Note 13) | 2,588| 2,901| 3,487| 3,753
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 10,094| 10,307| 11,845| 10,937
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand |Q1 2019|Q1 2018
---------------------------------------------------------------+-------+-------
Revenue (Note 14) | 3,829| 3,711
---------------------------------------------------------------+-------+-------
Cost of goods sold (Note 15) | 3,481| 3,291
---------------------------------------------------------------+-------+-------
Gross profit | 348| 420
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Distribution costs (Note 16) | 428| 454
---------------------------------------------------------------+-------+-------
Administrative expenses (Note 17) | 160| 153
---------------------------------------------------------------+-------+-------
Other operating income (Note 19) | 22| 3
---------------------------------------------------------------+-------+-------
Other operating expenses (Note 19) | 35| 30
---------------------------------------------------------------+-------+-------
Operating profit (loss) (Note 11) | (252)| (214)
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Finance income (Note 20) | 0| 1
---------------------------------------------------------------+-------+-------
Finance costs (Note 20) | 71| 67
---------------------------------------------------------------+-------+-------
LOSS BEFORE INCOME TAX | (323)| (281)
---------------------------------------------------------------+-------+-------
Corporate income tax | 0| 0
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
NET LOSS FOR THE FINANCIAL YEAR | (323)| (281)
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Other comprehensive income (loss) | 0| 0
---------------------------------------------------------------+-------+-------
Other comprehensive income (loss) that can in certain cases be| |
reclassified to the income statement | |
---------------------------------------------------------------+-------+-------
Currency translation differences | |
---------------------------------------------------------------+-------+-------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEAR | (323)| (281)
---------------------------------------------------------------+-------+-------
| |
---------------------------------------------------------------+-------+-------
Basic earnings per share (Note 13) | (0.07)| (0.06)
---------------------------------------------------------------+-------+-------
Diluted earnings per share (Note 13) | (0.07)| (0.06)
+-------+-------
Torfinn Losvik
Member of Management Board
+372 569 90 988
[email protected]