Börsiteade
Nordic Fibreboard AS
LEI kood
54930002HOIXBD15OM06
Emitendi suuruskategooria
Väikekontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Poolaastaaruanne
Teate ID
7462
Manused
Esitamise kuupäev ja aeg
30.08.2019 14:05:46
Teate sisu eesti keeles
Pealkiri
Skano Group AS auditeerimata 2019. majandusaasta teise kvartali tulemused, Nõukogu ostsued ja kontsernisisene ümberstruktureerumine
Teade
Skano Group AS auditeerimata 2019. majandusaasta teise kvartali tulemused
Skano Group AS konsolideeritud müügitulu oli 2019. aasta 2. kvartalis 3,88
miljonit eurot, mis on 2% langust 2018. aasta sama perioodiga võrreldes.
Puitkiudplaadi müügitulu 2% tõusu tingisid uued kliendid Euroopas ja suurem
müügitulu arengumaade klientide juures. Mööbli hulgimüügi müügitulu langes 19%,
mille peamiseks põhjuseks oli vähenenud nõudlus Venemaal, Soomes ja Lääne-
Euroopas. Languse põhjuseks Venemaal on endiselt geopoliitilistest põhjustest
tulenevalt kohalike tarbijate nõrgenenud kindlustunne, mis mõjutab nende
ostuotsuseid. Mööbli jaemüügi müügitulu suurenes 9%, peamiselt tänu kõikides
Baltikumi kaupluses tehtud aktiivsele turustustegevusele.
Skano Group EBITDA oli 2019. aasta 2. kvartalis negatiivne 67 tuhat eurot (2018
2. kv: positiivne 237 tuhat eurot). Kiudplaadi brutomarginaali mõjutasid
negatiivselt uute klientide tootemiksist tulenevad tootmise probleemid ning
varude vähendamine. Tulemuseks brutomarginaal 15% 2. kvartalis 2019 (2018 2.
kvartalis 23%). Mööbli hulgimüügi kasumlikkust mõjutas 2019. aasta 2. kvartalis
2018. aasta 2. kvartaliga võrreldes samuti negatiivselt valmistoodangu varude
mahu vähenemine. Mööbli jaekaubanduse brutomarginaal oli 2019. aasta teises
kvartalis 32%, mis on pisut madalam võrreldes 2018. aasta teise kvartali 37%-ga.
Puhaskahjum 2019. aasta 2. kvartalis 300 tuhat eurot (2018 2. kv: puhaskahjum
14 tuhat eurot).
Ärivaldkondade ülevaade
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR |
-------------+------------+---------+---------+
II kv 2019 | II kv 2018 6k 2019 | 6k 2018
-------------------------------------------+------------+---------+---------+
Kiudplaadi tootmine ja müük 3 013 | 2 957 | 5 906 | 5 679 |
-------------------------------------------+------------+---------+---------+
Mööbli tootmine ja müük 632 | 778 | 1 350 | 1 578 |
-------------------------------------------+------------+---------+---------+
Mööbli jaemüük 468 | 430 | 861 | 762 |
-------------------------------------------+------------+---------+---------+
Elimineerimine (225) | (215) | (400) | (359) |
-------------------------------------------+------------+---------+---------+
Kokku 3 888 | 3 949 | 7 717 | 7 660 |
Kasum ärisegmentide lõikes
-----------+ --------+
tuh EUR II kv 2019|II kv 2018 6k 2019|6k 2018
--------------------------------------------+------------------+-------
EBITDA ärisegmentide lõikes | |
--------------------------------------------+------------------+-------
Kiudplaadi tootmine ja müük (10)| 170 (8)| 206
--------------------------------------------+------------------+-------
Mööbli tootmine ja müük (96)| 78 (164)| 45
--------------------------------------------+------------------+-------
Mööbli jaemüük (16)| (11) (38)| (30)
--------------------------------------------+------------------+-------
Elimineerimine 38| (0) 67| (8)
--------------------------------------------+------------------+-------
Kokku EBITDA (67)| 237 (143)| 213
--------------------------------------------+------------------+-------
Põhivara kulum ja amortisatsioon 162| 182 339| 373
--------------------------------------------+------------------+-------
Kokku ÄRIKASUM/-KAHJUM (230)| 55 (482)| (160)
--------------------------------------------+------------------+-------
Neto finantskulud 70| 69 141| 135
--------------------------------------------+------------------+-------
Tulumaksukulu 0| 0 0| 0
--------------------------------------------+------------------+-------
PUHASKASUM/-KAHJUM (300)| (14) (623)| (295)
Skano Fibreboard
Puitkiudplaadi müügitulu oli 2019. aasta 2. kvartalis 3,01 miljonit eurot, mis
on 2% kasvu 2018. aasta sama perioodiga võrreldes (2018 2. kv: 2,96 miljonit
eurot). 2019. aasta 2. kvartalis müüsime oma tooteid 29 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. Lisaks
Soomele vähenes müügitulu ka Rootsis, Lähis-Idas ning Portugalis.
Brutomarginaali mõjutasid negatiivselt uute klientide tootemiksist tulenevad
tootmise probleemid ning varude vähendamine. Tulemuseks brutomarginaal 15% 2.
kvartalis 2019 (2018 2. kvartalis 23%). . Samas oli püsikulud 2019. 2. kvartalis
44 tuhat eurot madalamad 2018. aasta 2. kvartaliga võrreldes. EBITDA tulemuseks
2019. aasta 2. kvartalis negatiivne 10 tuhat eurot (2018 2. kv: EBITDA
positiivne 170 tuhat eurot).
Kiudplaadi müügitulu geograafiliselt
tuh EUR | tuh EUR |
-------------+ +---------+ |
II kv 2019 | II kv 2018 6k 2019 | 6k 2018
----------------------------+------------+---------+---------+
Euroopa Liit 2 236 | 2 165 | 4 329 | 4 363 |
----------------------------+------------+---------+---------+
Venemaa 425 | 423 | 753 | 721 |
----------------------------+------------+---------+---------+
Aafrika 156 | 33 | 298 | 75 |
----------------------------+------------+---------+---------+
Aasia 80 | 120 | 243 | 157 |
----------------------------+------------+---------+---------+
Teised 77 | 116 | 157 | 190 |
----------------------------+------------+---------+---------+
Lähis-Ida 40 | 100 | 126 | 173 |
----------------------------+------------+---------+---------+
Kokku 3 013 | 2 957 | 5 906 | 5 680 |
Skano Furniture Factory: mööbli tootmine ja hulgimüük
Mööbli hulgimüügi müügitulu oli 2019. aasta 2. kvartalis 632 tuhat eurot, mis on
19% langust eelmise aasta sama perioodiga võrreldes (2018 2. kvartal 778 tuhat
eurot). Müügitulu languse peamiseks põhjuseks on endiselt 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. Müük meie oma Balti jaeketile oli
sarnane eelmise aasta tasemega.
Tootmise otsekulud olid 2019. aasta 2. kvartalis 563 tuhat eurot (moodustades
89% müügist), mis on 146 tuhat eurot vähem võrreldes 2. kvartaliga 2018 (otsene
tootmiskulu 2018. aasta teises kvartalis 708 tuhat eurot, moodustades 91%
müügist). Jätkasime 2019. aasta teises kvartalis tegevusplaaniga leida
allhankijad mõnedele tootmise esmafaasi tegevustele, mis annab seeläbi võimaluse
vähendada tootmise isikkooseisu ja pooltoodangu kulusid. Tegemist on jätkuva
protsessiga, mis peaks viima tootmiskulude jätkuva vähenemiseni, samas kui
optimeerime pooltoodangut, ning mis omakorda peaks parandama kasumlikkust.
Mööbli hulgimüügi kasumlikkust mõjutas negatiivselt ka valmistoodangu varude
taseme vähenemine 2019. aasta teises kvartalis võrreldes 2018. aasta teise
kvartaliga.
Samas viis madalam müügitulu ning valmistoodangu varude mahu vähendamine
negatiivse EBITDA tulemuseni 2019. aasta 2. kvartalis, olles 96 tuhat eurot
(2018 2. kv: EBITDA positiivne 78 tuhat eurot).
Mööbli hulgimüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR |
-------------+------------+---------+---------+
II kv 2019 | II kv 2018 6k 2019 | 6k 2018
----------------+------------+------------+---------+---------+
Venemaa | 204 | 277 | 457 | 638 |
----------------+------------+------------+---------+---------+
Soome | 97 | 213 | 298 | 448 |
----------------+------------+------------+---------+---------+
Skano jae | 211 | 213 | 384 | 354 |
----------------+------------+------------+---------+---------+
Teised riigid 120 | 75 | 211 | 139 |
----------------+------------+------------+---------+---------+
Kokku | 632 | 778 | 1 350 | 1 578 |
Skano Furniture: mööbli jaemüük
Mööbli jaemüügi müügitulu oli 2019. aasta 2. kvartalis 468 tuhat eurot, mis on
9% kõrgem võrreldes sama perioodiga aastal 2018 (2018. aasta 2. kvartalis 430
tuhat eurot). Peamiselt tingis müügitulu kasvu kõigis Baltikumi kauplustes väga
hästi toiminud turunduskampaania. Samas viis turunduskampaania brutomarginaali
vähenemiseni, mistõttu jaekaubanduse EBITDA oli 2019. aasta 2. kvartalis
negatiivne 16 tuhat eurot (2018. 2. kv: negatiivne 10 tuhat eurot).
Kogu mööbliäri (tootmine ja hulgimüük ning jaekaubandus) EBITDA 2019. aasta 2.
kvartalis oli negatiivne 112 tuhat eurot (2. kv 2018: EBITDA positiivne 67 tuhat
eurot).
Mööbli jaemüügitulu geograafiliselt
tuh EUR tuh EUR | tuh EUR | Kaupluste arv |
-----------+----------+-------+-------+----------+----------+
II kv 2019|II kv 2018|6k 2019|6k 2018 30.06.2019|30.06.2018
-------------------+----------+----------+-------+-------+----------+-----------
Eesti | 364| 263| 621| 467| 3| 3
-------------------+----------+----------+-------+-------+----------+-----------
Läti | 45| 65| 85| 139| 1| 1
-------------------+----------+----------+-------+-------+----------+-----------
Leedu | 59| 102| 155| 155| 1| 1
-------------------+----------+----------+-------+-------+----------+-----------
Kokku (toimivad | | | | | |
kauplused) | 468| 430| 861| 762| 5| 5
Bilanss ja rahavoogude aruanne
Seisuga 30.06.2019 olid Skano Group AS varad kokku 10,1 miljonit eurot
(30.06.2018: 11,3 miljonit eurot). Kontserni kohustised kokku olid seisuga
30.06.2019 7,8 miljonit eurot (30.06.2018: 7,9 miljonit eurot), milledest Skanol
oli laenukohustisi 4,7 miljonit eurot seisuga 30.06.2019 (30.06.2018: 5,1
miljonit).
Nõuded ja ettemaksed olid kokku 1,8 miljonit eurot seisuga 30.06.2019
(30.06.2018: 1,7 miljonit eurot). Varud seisuga 30.06.2019 1,7 miljonit eurot
(30.06.2018 2,6 miljonit eurot). Investeeringud finantsvaradess (ehk Trigon
Property Development aktsiad) suurenesid 177 tuhandelt eurolt seisuga
30.06.2018 summale 400 tuhat eurot seisuga 30.06.2019. Materiaalne ja
immateriaalne põhivara kokku seisuga 30.06.2019 5,9 miljonit eurot (6,6 miljonit
seisuga of 30.06.2018).
Kontserni äritegevuse tulemuseks 6 kuu jooksul 2019. aastal oli raha sissevool
summas 150 tuhat eurot (2018 6 kuud: raha väljavool summas 61 tuhat eurot).
Investeerimistegevusest tulenevalt toimus 2019. aasta 6 kuu raha väljavool
summas 31 tuhat eurot, võrreldes raha väljavooluga 18 tuhat eurot 2018. aasta 6
kuud. Finantseerimistegevuse tulemuseks oli 2019. aasta 6 kuu raha väljavool
summas 104 tuhat eurot (2018 6 kuud: raha sissevool 59 tuhat eurot). Netorahavoo
tulemuseks oli 2019. aasta 6 kuu raha sissevool summas 16 tuhat eurot, võrreldes
6 kuu raha väljavooluga summas 20 tuhat eurot 2018. aastal.
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. Lisaks suunatakse enam tähelepanu
tänase tooteportfelli kasumlikkuse suurendamisele.
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 paranemise müügitulu arengusse ning
kasumlikkusesse.
Skano Furniture jaemüük
Mööbli jaekaubanduses näeme, et tihe konkurents on avaldamas mõju müügitulu
jätkuvusele. Juhtkond on otsustanud lõpetada Läti ja Leedu kaupluste tegevuse
läbi vastavate kaupluste sulgemise lähikuudel, lisaks millele rakendatakse ka
kulude kärpe meedet Eesti jaekaubanduse administratsioonis. Need tegevused
peaksid viima kasumlikkuse paranemiseni.
Töötajad
Seisuga 30.06.2019 töötas Kontsernis 195 inimest (võrreldes 214 inimesega
seisuga 30.06.2018). Töötajate keskmine arv oli 2019 2. kvartalis 196 (2.
kvartalis 2018: 210).
2019. aasta esimese kuue kuu jooksul olid tööjõukulud koos maksukuludega kokku
1,8 miljonit eurot (2018 esimese kuue kuu jooksul 1,8 miljonit eurot). Kõigi
kontserni ettevõtete s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud
koos maksukuludega olid kokku 110 tuhat eurot 2019. aasta esimese kuue kuu
jooksul ning võrreldes 187 tuhat eurot 2018. aasta esimese kuue kuu jooksul.
Finantssuhtarvud
tuh EUR
+----------+ -----------+
Kasumiaruanne |II kv 2019|II kv 2018 6k 2019| 6k 2018
-----------------------------------+----------+----------+----------+----------
Müügitulu | 3 888| 3 949| 7 717| 7 660
-----------------------------------+----------+----------+----------+----------
EBITDA | (67)| 237| (143)| 213
-----------------------------------+----------+----------+----------+----------
EBITDA rentaablus | (2%)| 6%| (2%)| 3%
-----------------------------------+----------+----------+----------+----------
Ärikasum/-kahjum | (230)| 55| (482)| (160)
-----------------------------------+----------+----------+----------+----------
Ärirentaablus | (6%)| 1%| (6%)| (2%)
-----------------------------------+----------+----------+----------+----------
Puhaskasum/-kahjum | (300)| (14)| (623)| (295)
-----------------------------------+----------+----------+----------+----------
Puhasrentaablus | (8%)| (0%)| (8%)| (4%)
| | | |
+----------+----------+----------+----------
Bilanss |30.06.2019|31.12.2018|30.06.2019|31.12.2017
-----------------------------------+----------+----------+----------+----------
Koguvarad | 10 051| 10 307| 11 331| 10 937
-----------------------------------+----------+----------+----------+----------
Koguvarade puhasrentaablus | (3%)| (0%)| (5%)| (3%)
-----------------------------------+----------+----------+----------+----------
Omakapital | 2 297| 2 901| 3 475| 3 753
-----------------------------------+----------+----------+----------+----------
Omakapitali puhasrentaablus | (13%)| (0%)| (18%)| (8%)
-----------------------------------+----------+----------+----------+----------
Võlakordaja | 77%| 72%| 69%| 66%
| | | |
+----------+----------+----------+----------
Aktsia |30.06.2019|31.12.2018|30.06.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Aktsia viimane hind (EUR)* | 0,41| 0,36| 0,49| 0,62
-----------------------------------+----------+----------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,07)| (0,20)| (0,00)| (0,03)
-----------------------------------+----------+----------+----------+----------
Hind-tulu (PE) suhtarv | (6,18)| (1,81)| (160,15)| (21,83)
-----------------------------------+----------+----------+----------+----------
Aktsia raamatupidamisväärtus (EUR)| 0,51| 0,64| 0,77| 0,83
-----------------------------------+----------+----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 0,81| 0,56| 0,63| 0,74
-----------------------------------+----------+----------+----------+----------
Turukapitalisatsioon tuh EUR | 1 854| 1 611| 2 205| 2 771
-----------------------------------+----------+----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
-----------------------------------+----------+----------+----------+----------
Konsolideeritud finantsseisundi aruanne
tuh EUR |30.06.2019|31.12.2018|30.06.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2)| 70| 54| 54| 74
-----------------------------------+----------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 764| 1 142| 1 736| 1 215
-----------------------------------+----------+----------+----------+----------
Varud (Lisa 4) | 1 679| 2 255| 2 595| 2 336
-----------------------------------+----------+----------+----------+----------
Kokku käibevarad | 3 513| 3 452| 4 385| 3 624
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 187| 175| 170| 170
-----------------------------------+----------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 0| 0| 177| 182
-----------------------------------+----------+----------+----------+----------
Finantsvara õiglases väärtuses | | | |
muutustega läbi kasumiaruande | | | |
(Lisa 8) | 399| 422| 0| 0
-----------------------------------+----------+----------+----------+----------
Muud aktsiad ja osad | 0| 0| 0| 6
-----------------------------------+----------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 5 925| 6 223| 6 560| 6 908
-----------------------------------+----------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 27| 34| 39| 47
-----------------------------------+----------+----------+----------+----------
Kokku põhivarad | 6 538| 6 855| 6 946| 7 313
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku varad | 10 051| 10 307| 11 331| 10 937
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Võlakohustised (Lisas 9) | 550| 652| 653| 593
-----------------------------------+----------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 874| 2 418| 2 576| 1 956
-----------------------------------+----------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 10| 15| 6| 13
-----------------------------------+----------+----------+----------+----------
Kokku lühiajalised kohustised | 3 435| 3 085| 3 235| 2 562
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Pikaajalised võlakohustised (Lisas| | | |
9) | 4 109| 4 112| 4 421| 4 422
-----------------------------------+----------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 210| 210| 200| 200
-----------------------------------+----------+----------+----------+----------
Kokku pikaajalised kohustised | 4 319| 4 321| 4 621| 4 622
-----------------------------------+----------+----------+----------+----------
Kokku kohustised | 7 753| 7 406| 7 856| 7 184
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) | | | |
(Lisa 12) | 2 699| 2 699| 2 699| 2 699
-----------------------------------+----------+----------+----------+----------
Ülekurss | 364| 364| 364| 364
-----------------------------------+----------+----------+----------+----------
kohustuslik reservkapital | 288| 288| 284| 288
-----------------------------------+----------+----------+----------+----------
Muud reservid | 65| 45| 28| 9
-----------------------------------+----------+----------+----------+----------
Jaotamata kasum (kahjum) | (1 119)| (496)| 99| 393
-----------------------------------+----------+----------+----------+----------
Kokku omakapital | 2 297| 2 901| 3 475| 3 753
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Kokku kohustised ja omakapital | 10 051| 10 307| 11 331| 10 937
Konsolideeritud kasumi- ja muu koondkasumiaruanne
+----------+ --------+
tuh EUR |II kv 2019|II kv 2018 6k 2019|6k 2018
-----------------------------------------+----------+----------+-------+-------
Müügitulu (Lisa 14) | 3 888| 3 949| 7 717| 7 660
-----------------------------------------+----------+----------+-------+-------
Müüdud toodangu kulu (Lisa 15) | 3 428| 3 183| 6 909| 6 474
-----------------------------------------+----------+----------+-------+-------
Brutokasum | 460| 766| 808| 1 186
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Turustuskulud (Lisa 16) | 488| 528| 916| 982
-----------------------------------------+----------+----------+-------+-------
Üldhalduskulud (Lisa 17) | 160| 144| 320| 298
-----------------------------------------+----------+----------+-------+-------
Muud äritulud (Lisa 19) | 4| 9| 26| 12
-----------------------------------------+----------+----------+-------+-------
Muud ärikulud (Lisa 19) | 46| 49| 81| 78
-----------------------------------------+----------+----------+-------+-------
Ärikasum (-kahjum) (Lisa 11) | (230)| 55| (482)| (160)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Finantstulud (Lisa 20) | (0)| 0| 0| 1
-----------------------------------------+----------+----------+-------+-------
Finantskulud (Lisa 20) | 70| 69| 141| 135
-----------------------------------------+----------+----------+-------+-------
KASUM ENNE TULUMAKSUSTAMIST | (300)| (14)| (623)| (295)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
ARUANDEAASTA PUHASKAHJUM | (300)| (14)| (623)| (295)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Kokku aruandeaasta koondkahjum | (300)| (14)| (623)| (295)
-----------------------------------------+----------+----------+-------+-------
| | | |
-----------------------------------------+----------+----------+-------+-------
Tava perioodi puhaskahjum aktsia kohta | | | |
(Lisa 13) | (0,07)| (0,00)| (0,14)| (0,07)
-----------------------------------------+----------+----------+-------+-------
Lahustatud perioodi puhaskahjum aktsia | | | |
kohta (Lisa 13) | (0,07)| (0,00)| (0,14)| (0,07)
+----------+----------+-------+-------
Nõukogu otsused ja kontsernisisene ümberstruktureerumineSkano Furniture OÜ
omandi kontsernisisene ülekandmine
Skano Group AS nõukogu otsuse alusel kandis Skano Furniture Factory OÜ
30.08.2019 tehinguga Skano Group ASile üle 100% osaluse tütarettevõttes Skano
Furniture OÜ. Osaluse ülekandmine toimus ilma makseta ning ei oma Skano Groupile
ja selle tütarettevõtetele majanduslikku mõju. Omaniku vahetus tehti grupisisese
restruktureerimise eesmärgil, osapoolte tegevuses muudatusi ei toimu.
Skano Furniture OÜ juhtkond on otsustanud lõpetada Läti ja Leedu kaupluste
tegevuse läbi vastavate kaupluste sulgemise lähikuudel, lisaks millele
rakendatakse ka kulude kärpe meedet Eesti jaekaubanduse administratsioonis. Need
tegevused peaksid viima kasumlikkuse paranemiseni.
Torfinn Losvik
Juhatuse esimees
+372 569 90 988
[email protected]
Teate sisu inglise keeles
Pealkiri
SKANO GROUP AS unaudited results for second quarter of 2019, Supervisory Board resolutions and Group Internal Restructuring
Teade
SKANO GROUP AS unaudited results for second quarter of 2019
Consolidated net sales for Q2 2019 were EUR 3.88 million, being a 2% decrease
compared to the same period in 2018. Fibreboard sales increased with 2%, driven
mainly by new customers in EU and increased sales to existing customers in the
emerging markets. Furniture wholesale sales dropped by 19%, of which the main
reason was the reduced demand experienced in Russia, Finland and Western Europe.
The reduced demand in Russia is still caused by declining consumer confidence,
affecting purchasing behaviour due to geopolitical reasons. Furniture retail
sales were up 9%, mainly due to more active marketing campaign activities in all
Baltic shops.
Skano Group recorded EBITDA of negative EUR 67 thousand for Q2 2019 (vs positive EUR
237 thousand Q2 2018). Fibreboard gross margin was negatively influenced by
production problems caused by change in the product portfolio mix from our new
customers, as well as reduction of inventory, which led to gross margin being
15% in Q2 (2018 Q2: 23%). Furniture wholesale profitability was also negatively
influenced by the reduction of finished goods inventory level during Q2 2019
compared to Q2 2018. Furniture retail gross margin was 32% for Q2 2019 being
slightly lower compared to 37% for Q2 2018. Net loss for Q2 2019 was EUR 300
thousand (Q2 2018: loss of EUR 14 thousand).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q2 2019 | Q2 2018 6M 2019 | 6M 2018
---------------------------------------------+---------+---------+---------+
Fibreboards production and sales 3,013 | 2,957 | 5,906 | 5,679 |
---------------------------------------------+---------+---------+---------+
Furniture production and sales 632 | 778 | 1,350 | 1,578 |
---------------------------------------------+---------+---------+---------+
Furniture retail 468 | 430 | 861 | 762 |
---------------------------------------------+---------+---------+---------+
Group transactions (225) | (215) | (400) | (359) |
---------------------------------------------+---------+---------+---------+
TOTAL 3,888 | 3,949 | 7,717 | 7,660 |
Profit by business segments
----------+ ----------+
EUR thousand Q2 2019 | Q2 2018 6M 2019 | 6M 2018
-----------------------------------------------+-------------------+---------
EBITDA by business units: | |
-----------------------------------------------+-------------------+---------
Fibreboards production and sales (10) | 170 (8) | 206
-----------------------------------------------+-------------------+---------
Furniture production and wholesale (96) | 78 (164) | 45
-----------------------------------------------+-------------------+---------
Furniture retail (16) | (11) (38) | (30)
-----------------------------------------------+-------------------+---------
Group transactions 38 | (0) 67 | (8)
-----------------------------------------------+-------------------+---------
TOTAL EBITDA (67) | 237 (143) | 213
-----------------------------------------------+-------------------+---------
Depreciation 162 | 182 339 | 373
-----------------------------------------------+-------------------+---------
TOTAL OPERATING PROFIT/ LOSS (230) | 55 (482) | (160)
-----------------------------------------------+-------------------+---------
Net financial costs 70 | 69 141 | 135
-----------------------------------------------+-------------------+---------
Income tax 0 | 0 0 | 0
-----------------------------------------------+-------------------+---------
NET PROFIT/ LOSS (300) | (14) (623) | (295)
SKANO FIBREBOARD
Fibreboard sales in Q2 2019 were EUR 3.01 million, which is 2% more than same
period in 2018 (2018: EUR 2.96 million). We sold our products to customers in 29
countries during Q2 2019. We recorded sales increase in emerging markets in Asia
and Africa while also continuing sales to recently found 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. Gross margin was
negatively influenced by production problems caused by change in the product
portfolio mix from our new customers, as well as reduction of inventory, which
led to gross margin being 15% in Q2 (2018 Q2: 23%). Fixed costs were however EUR
44 thousand less in 2019 Q2 compared to 2018 Q2. EBITDA ending up being negative
EUR -10 thousand for Q2 2019 (Q2 2018 EBITDA was positive EUR 170 thousand).
Fibreboard sales by geographical segment
EUR thousand | EUR thousand |
----------+ +---------+ |
Q2 2019 | Q2 2018 6M 2019 | 6M 2018
---------------------------+---------+---------+---------+
European Union 2,236 | 2,165 | 4,329 | 4,363 |
---------------------------+---------+---------+---------+
Russia 425 | 423 | 753 | 721 |
---------------------------+---------+---------+---------+
Africa 156 | 33 | 298 | 75 |
---------------------------+---------+---------+---------+
Asia 80 | 120 | 243 | 157 |
---------------------------+---------+---------+---------+
Other 77 | 116 | 157 | 190 |
---------------------------+---------+---------+---------+
Middle East 40 | 100 | 126 | 173 |
---------------------------+---------+---------+---------+
TOTAL 3,013 | 2,957 | 5,906 | 5,680 |
Skano Furniture Factory: furniture production & wholesale
Furniture wholesale sales in Q2 2019 were EUR 632 thousand, 19% down on same
period last year (Q2 2018: EUR 778 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. Also 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 somewhat neutralizing sales decline from other
regions. Sales to our own Baltic retail chain was similar to last year's level.
Direct production cost in Q2 2019 were EUR 563 thousand (being 89% of sales),
which is EUR 146 thousand less compared to Q2 2018 (Direct production cost in Q2
2018 EUR708 thousand, being 91% of sales). We continued during Q2 2019 to look for
subcontractors for some of our early stage production, thus enabling us to
reduce our production staffing and costing for furniture components. 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. Furniture wholesale profitability was also negatively influenced
by the reduction of finished goods inventory level during Q2 2019 compared to Q2
2018.
However, the reduced sales and reduction of inventory levels led to EBITDA for
furniture wholesale for Q2 2019 being negative EUR 96 thousand (Q2 2018 EBITDA was
positive EUR 78 thousand).
Furniture wholesale sales by country
EUR thousand | EUR thousand |
----------+---------+---------+---------+
Q2 2019 | Q2 2018 6M 2019 | 6M 2018
------------------+---------+---------+---------+---------+
Russia | 204 | 277 | 457 | 638 |
------------------+---------+---------+---------+---------+
Finland | 97 | 213 | 298 | 448 |
------------------+---------+---------+---------+---------+
Skano Retail | 211 | 213 | 384 | 354 |
------------------+---------+---------+---------+---------+
Other countries 120 | 75 | 211 | 139 |
------------------+---------+---------+---------+---------+
TOTAL | 632 | 778 | 1,350 | 1,578 |
Skano Furniture: retail sales
Furniture retail sales in Q2 2019 were EUR 468 thousand, up 9% (2018 Q2 EUR 430
thousand) from same period last year. The sales increase was driven mainly due
to well performing marketing campaign in all Baltic shops. However, the
marketing campaign had decreasing effect on Gross Margin, leaving EBITDA for
furniture retail for Q2 2019 to be negative EUR 16 thousand (Q2 2018 EBITDA was
negative EUR 10 thousand).
Total Furniture operations of Skano (wholesale and retail) EBITDA for 2019 Q2
were negative EUR 112 thousand (Q2 2018 EBITDA was positive EUR 67 thousand).
Retail sales by countries
| EUR thousand | EUR thousand | Number of stores |
------------+---------+---------+---------+---------+------------+------------+
Q2 2019 | Q2 2018 | 6M 2019 | 6M 2018 | 30.06.2019 | 30.06.2018 |
------------+---------+---------+---------+---------+------------+------------+
Estonia | 364 | 263 | 621 467 | 3 | 4 |
------------+---------+---------+-------------------+------------+------------+
Latvia | 45 | 65 | 85 139 | 1 | 1 |
------------+---------+---------+-------------------+------------+------------+
Lithuania | 59 | 102 | 155 155 | 1 | 1 |
------------+---------+---------+-------------------+------------+------------+
TOTAL | 468 | 430 | 861 762 | 5 | 6 |
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. In addition more focus is being put to securing higher
profitability of current product mix.
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 potential of our furniture. In addition,
we expect improved product profitability as we continue with our production
outsourcing while reducing our own production cost. The combination of these
initiatives should bring improved sales development and improved profitability.
SKANO FURNITURE RETAIL SALES
In Furniture Retail, we see high competition causing some concerns to ongoing
sales revenue. Management decided to end the Latvian and Lithuanian shop
operations by closing during the coming months the respective shops in Riga and
Vilnius, while also now implementing cost cuts in the retail administration in
Estonia. These actions should result in improved profitability.
PEOPLE
On the 30th of June 2019, the Group employed 195 people (compared to 214 people
as of 30.06.2018). The average number of personnel in Q2 2019 was 196 (Q2
2018: 210).
For six months of 2019, wages and salaries with taxes amounted to EUR 1.8 million
(six months 2018: EUR 1.8 million). Payments made to management board members of
all group companies including all subsidiaries with relevant taxes were EUR 110
thousand during 6M 2019 and EUR 187 thousand during 6M 2018.
FINANCIAL HIGHLIGHTS
EUR thousand
+----------+ -----------+
Income statement | Q2 2019| Q2 2018 6M 2019| 6M 2018
----------------------------------+----------+----------+----------+----------
Revenue | 3,888| 3,949| 7,717| 7,660
----------------------------------+----------+----------+----------+----------
EBITDA | (67)| 237| (143)| 213
----------------------------------+----------+----------+----------+----------
EBITDA margin | (2%)| 6%| (2%)| 3%
----------------------------------+----------+----------+----------+----------
Operating profit | (230)| 55| (482)| (160)
----------------------------------+----------+----------+----------+----------
Operating margin | (6%)| 1%| (6%)| (2%)
----------------------------------+----------+----------+----------+----------
Net profit | (300)| (14)| (623)| (295)
----------------------------------+----------+----------+----------+----------
Net margin | (8%)| (0%)| (8%)| (4%)
| | | |
+----------+----------+----------+----------
Statement of financial position |30.06.2019|31.12.2018|30.06.2018|31.12.2017
----------------------------------+----------+----------+----------+----------
Total assets | 10,051| 10,307| 11,331| 10,937
----------------------------------+----------+----------+----------+----------
Return on assets | (3%)| (0%)| (5%)| (3%)
----------------------------------+----------+----------+----------+----------
Equity | 2,297| 2,901| 3,475| 3,753
----------------------------------+----------+----------+----------+----------
Return on equity | (13%)| (0%)| (18%)| (8%)
----------------------------------+----------+----------+----------+----------
Debt-to-equity ratio | 77%| 72%| 69%| 66%
| | | |
+----------+----------+----------+----------
Share |30.06.2019|31.12.2018|30.06.2018|31.12.2017
----------------------------------+----------+----------+----------+----------
Last Price* | 0.41| 0.36| 0.49| 0.62
----------------------------------+----------+----------+----------+----------
Earnings per share | (0.14)| (0.20)| (0.07)| (0.03)
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | (2.98)| (1.81)| (7.50)| (21.83)
----------------------------------+----------+----------+----------+----------
Book value of a share | 0.51| 0.64| 0.77| 0.83
----------------------------------+----------+----------+----------+----------
Market to book ratio | 0.81| 0.56| 0.63| 0.74
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 1,854| 1,611| 2,205| 2,771
----------------------------------+----------+----------+----------+----------
Number of shares, piece | 4,499,061| 4,499,061| 4,499,061| 4,499,061
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |30.06.2019|31.12.2018|30.06.2018|31.12.2017
-----------------------------------+----------+----------+----------+----------
Cash and cash equivalents (Note 2)| 70| 54| 54| 74
-----------------------------------+----------+----------+----------+----------
Receivables and prepayments (Note | | | |
3) | 1,764| 1,142| 1,736| 1,215
-----------------------------------+----------+----------+----------+----------
Inventories (Note 4) | 1,679| 2,255| 2,595| 2,336
-----------------------------------+----------+----------+----------+----------
Total current assets | 3,513| 3,452| 4,385| 3,624
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Investment property (Note 5) | 187| 175| 170| 170
-----------------------------------+----------+----------+----------+----------
Available-for-sale financial | | | |
assets (Note 8) | 0| 0| 177| 182
-----------------------------------+----------+----------+----------+----------
Financial assets at fair value | | | |
through profit or loss (Note 8) | 399| 422| 0| 0
-----------------------------------+----------+----------+----------+----------
Other shares and issues | 0| 0| 0| 6
-----------------------------------+----------+----------+----------+----------
Property, plant and equipment | | | |
(Note 6) | 5,925| 6,223| 6,560| 6,908
-----------------------------------+----------+----------+----------+----------
Intangible assets (Note 7) | 27| 34| 39| 47
-----------------------------------+----------+----------+----------+----------
Total non-current assets | 6,538| 6,855| 6,946| 7,313
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL ASSETS | 10,051| 10,307| 11,331| 10,937
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Borrowings (Notes 9) | 550| 652| 653| 593
-----------------------------------+----------+----------+----------+----------
Payables and prepayments (Notes | | | |
10) | 2,874| 2,418| 2,576| 1,956
-----------------------------------+----------+----------+----------+----------
Short-term provisions (Note 11) | 10| 15| 6| 13
-----------------------------------+----------+----------+----------+----------
Total current liabilities | 3,435| 3,085| 3,235| 2,562
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
Long-term borrowings (Notes 9) | 4,109| 4,112| 4,421| 4,422
-----------------------------------+----------+----------+----------+----------
Long-term provisions (Note 11) | 210| 210| 200| 200
-----------------------------------+----------+----------+----------+----------
Total non-current liabilities | 4,319| 4,321| 4,621| 4,622
-----------------------------------+----------+----------+----------+----------
Total liabilities | 7,753| 7,406| 7,856| 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| 284| 288
-----------------------------------+----------+----------+----------+----------
Other reserves (Notes 8; 12) | 65| 45| 28| 9
-----------------------------------+----------+----------+----------+----------
Retained earnings (loss) | (1,119)| (496)| 99| 393
-----------------------------------+----------+----------+----------+----------
Total equity (Note 13) | 2,297| 2,901| 3,475| 3,753
-----------------------------------+----------+----------+----------+----------
| | | |
-----------------------------------+----------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 10,051| 10,307| 11,331| 10,937
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
+-------+ --------+
EUR thousand |Q2 2019|Q2 2018 6M 2019|6M 2018
-----------------------------------------------+-------+-------+-------+-------
Revenue (Note 14) | 3,888| 3,949| 7,717| 7,660
-----------------------------------------------+-------+-------+-------+-------
Cost of goods sold (Note 15) | 3,428| 3,183| 6,909| 6,474
-----------------------------------------------+-------+-------+-------+-------
Gross profit | 460| 766| 808| 1,186
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Distribution costs (Note 16) | 488| 528| 916| 982
-----------------------------------------------+-------+-------+-------+-------
Administrative expenses (Note 17) | 160| 144| 320| 298
-----------------------------------------------+-------+-------+-------+-------
Other operating income (Note 19) | 4| 9| 26| 12
-----------------------------------------------+-------+-------+-------+-------
Other operating expenses (Note 19) | 46| 49| 81| 78
-----------------------------------------------+-------+-------+-------+-------
Operating profit (loss) (Note 11) | (230)| 55| (482)| (160)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Finance income (Note 20) | (0)| 0| 0| 1
-----------------------------------------------+-------+-------+-------+-------
Finance costs (Note 20) | 70| 69| 141| 135
-----------------------------------------------+-------+-------+-------+-------
LOSS BEFORE INCOME TAX | (300)| (14)| (623)| (295)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
NET LOSS FOR THE FINANCIAL YEAR | (300)| (14)| (623)| (295)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL | | | |
YEAR | (300)| (14)| (623)| (295)
-----------------------------------------------+-------+-------+-------+-------
| | | |
-----------------------------------------------+-------+-------+-------+-------
Basic earnings per share (Note 13) | (0,07)| (0,00)| (0,14)| (0,07)
-----------------------------------------------+-------+-------+-------+-------
Diluted earnings per share (Note 13) | (0,07)| (0,00)| (0,14)| (0,07)
+-------+-------+-------+-------
Supervisory Board resolutions and Group Internal Restructuring
Based on the resolution of the supervisory board of Skano Group AS, Skano
Furniture Factory OU has with 30.08.2019 transaction transferred its 100%
ownership of Skano Furniture OU to Skano Group AS. The transfer was done without
any payment taking place and has no effect on the financial performance of Skano
Group and its subsidiaries. The purpose of the ownership change is intra-group
restructuring, activity of the parties is not affected.
Skano Furniture OÜ management decided to end the Latvian and Lithuanian shop
operations by closing during the coming months the respective shops in Riga and
Vilnius, while also now implementing cost cuts in the retail administration in
Estonia. These actions should result in improved profitability.
Torfinn Losvik
Member of Management Board
+372 569 90 988
[email protected]