Skano Group
Financial results, 12 months 2014

DGAP-News: Skano Group

2015-02-27 / 15:29

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Pärnu, 2015-02-27 15:29 CET (GLOBE NEWSWIRE) -- 

THE FOURTH QUARTER IN SHORT

Consolidated net sales of the fourth quarter of 2014 was 4.66 mil. euros,
representing a 4% decrease on the fourth quarter compared to the same period in
2013. At the same time, consolidated EBITDA amounted to minus 1,008 thousand
euros (EBITDA minus 2 thousand euros in Q4 2013). 2014 fourth quarter result
includes also one-off non-monetary write-down of Püssi fibreboard factory
assets amount to 925 thousand euros, without the write-down EBITDA would have
been minus 83 thousand euros. 

The sales in Skano Fibreboard OÜ Pärnu factory (incl. Isotex) was 1.5 mil.
euros, decreased as compared to the respective period last year by 10%, the
operating loss of the fourth quarter was 145 thousand euros compared with the
operating loss 143 thousand euros last year. Sale and profitability of Pärnu
factory in the fourth quarter was affected by the fire accident in
mid-November, which caused stoppage until the beginning of January 2015. 

The turnover of Skano Fibreboard OÜ Püssi factory was 1.2 mil. euros,
representing 8% increase in the fourth quarter compared to the same period in
2013. Operating loss amounted to 1,051 thousand euros compared with the
operating loss 180 thousand euros last year. Without the write-down of Püssi
assets operating loss in the fourth quarter would have been 126 thousand euros. 

Sales mainly decreased due to a fire in Pärnu fibreboard factory on the 17th of
November, which caused a partial deficit in sale of Pärnu factory's production.
As our main foreign markets Russia and Finland are still weak due to the
general economic situation in Europe we have been continuously expanding the
list of our target markets and made considerable efforts in product
development. Remarkable sale to SAR in Q4 was a good sample of entering into
new markets. In the fourth quarter we also conducted product testing and tuning
of production process in both factories in order to achieve a lower production
cost. 

The priority of the management of the company is continuously to ensure the
sales of the production of both factories in order to guarantee the maximum
production capacity and efforts are taken in this direction on an on-going
basis. 

In July 2014 Skano Fibreboard OÜ acquired full control over Suomen Tuulileijona
OY. Suomen Tuulileijona OY is the wholesaler of Skano fibreboard products in
Finland. The acquisition has no significant impact to our position in the
Finnish wholesale market but was done to secure our ongoing sales in Finland. 

The turnover of Skano Furniture Factory OÜ in Pärnu decreased in the fourth
quarter by 14% and amounted to 1.5 mil. euros. The operating loss of the third
quarter was 61 thousand euros as in 2013 the operating profit of the same
period was 93 thousand euros. Profitability was impacted by low sales volumes.
Sales in the fourth quarter of 2014 decreased mostly in Russia due to weak
demand by 24% as compared to 2013, also sales to Finland decreased 5%. In
addition to seeking new sales possibilities in the current markets the company
has made considerable effort to enter into totally new markets like UK and
France. Today sale in new markets is not covering the gap from our main
markets. 

The turnover of Skano Furniture OÜ retail chain increased 3% as compared to the
same period last year being 662 thousand euros, operating loss was 304 thousand
euros compared with the sales 640 thousand and operating profit 5 thousand
euros in the fourth quarter of 2013. 2014 fourth quarter operating loss
contains also a loss from a drop of currency exchange rate of hryvnia 137
thousand euros and cost of write-down of receivables against Skano Ukrainian
subsidiary 216 thousand euros. Skano Furniture OÜ exchange rate loss and
write-down cost amounting to 331 thousand euros is non-monetary and will be
eliminated from the consolidated results as they are intragroup transactions
against another group company (realized loss from currency exchange rate 20
thousand euros in the same period of 2013). 

Retail sale increased everywhere in Baltics but decreased in Ukraine due to
escalated conflict. The sales of Skano Furniture Factory OÜ own furniture still
forms a considerable part of the retail sale and it enables the furniture
factory to operate much more profitably than it would be possible without its
own retail chain. 



INCOME STATEMENT

Consolidated net sales of the fourth quarter in 2014 was 4.66 mil. euros (4.86
mil. euros in same period of 2013) representing a 4% decrease compared to Q4
2013. The Group's gross margin in the fourth quarter of 2014 was 15.1% compared
to 14.7% in the fourth quarter of 2013. Consolidated operating loss amounted to
1,228 thousand euros containing a write-down cost of Püssi factory assets 925
thousand euros. Without the write-down cost operating loss would have been 303
thousand euros (operating loss 225 thousand euros from main activities in same
period 2013). The consolidated operating margin of net sales was -26.3% (-4.6%
from main activities in Q4 2013). 

Consolidated net loss amounted to 1,302 thousand euros (compared to net loss
291 thousand euros in Q4 2013), and the net margin was -27.9% (-6.0% in Q4
2013). 

POSITION OF FINANCIAL STATEMENT

As of 31.12.2014 the total assets of Skano Group AS amounted to 13.3 mil. euros
(31.12.2013: 14.6 mil. euros). The liabilities of the company accounted for
60.2% (31.12.2013: 53.8%) thereof, i.e. 8.0 mil. euros (31.12.2013: 7.8 mil.
euros). 

Receivables and prepayments have decreased by 0.1 mil. euros i.e. 10% decrease
within 12 months. 

Inventories have been at the same level with 12 months, amounting to 3.0 mil.
euros on 31.12.2014. (31.12.2013: 3.0 mil. euros). Property, plant and
intangibles decreased by 1.2 mil. euros mainly due to one-off write-down of
Püssi factory assets. 

Short-term loans have increased by 0.1 mil. euros and amounted to 2.0 mil.
euros in 31.12.2014 which was result of increase of factoring liabilities of
Suomen Tuulileijona OY recently acquired and usage of bank overdraft
(31.12.2013: 1.9 mil. euros). Supplier payables, tax liabilities, other
payables, including payables to employees, and provisions amounted to 2.2 mil.
euros (31.12.2013: 2.3 mil. euros). 

Long-term loans have increased by 0.2 mil euros and amounted to 3.6 mil. euros
in 31.12.2014 (31.12.2013: 3.4 mil. euros). The increase was caused by
restructuring of the loan between short- and long-term payment schedule. 

Current and non-current liabilities have increased by 0.2 mil. euros to 8.0
mil. euros (31.12.2013: 7.8 mil. euros). 



DIVISIONAL REVIEW

NET SALES BY BUSINESS SEGMENTS

                                 th EUR        % of net sales 
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                            Q4 2014  Q4 2013  Q4 2014  Q4 2013
--------------------------------------------------------------
Skano Fibreboard OÜ           2,763    2,826    59.3%    58.2%
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Skano Furniture Factory OÜ    1,467    1,708    31.5%    35.2%
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Skano Furniture OÜ retail       662      640    14.2%    13.2%
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Suomen Tuulileijona OY          839        0    18.0%     0.0%
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Elimination                 (1,070)    (317)  (23.0%)   (6.5%)
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TOTAL                         4,661    4,857   100.0%   100.0%
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NET SALES BY GEOGRAPHICAL SEGMENTS

                      th EUR        % of net sales 
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                 Q4 2014  Q4 2013  Q4 2014  Q4 2013
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Finland            1,351    1,311    29.0%    27.0%
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Russia             1,151    1,342    24.7%    27.6%
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Estonia              660      771    14.2%    15.9%
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Great Britain        403      369     8.6%     7.6%
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Latvia               233      170     5.0%     3.5%
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SAR                  184        0     3.9%     0.0%
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Ukraine              162      222     3.5%     4.6%
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Sweden               103      153     2.2%     3.1%
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Lithuania            100       82     2.1%     1.7%
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Kazakhstan            56       48     1.2%     0.9%
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Netherlands           48       85     1.0%     1.7%
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Germany               38       84     0.8%     1.7%
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Other countries      172      220     3.7%     4.5%
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TOTAL              4,661    4,857   100.0%   100.0%
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Regarding the markets, turnover has increased in Finland, Great Britain, Sweden
and Lithuania. The turnover has decreased in most in Russia and Ukraine. 

PROFIT BY BUSINESS SEGMENTS

th EUR                   Q4 2014  Q4 2013
-----------------------------------------
Skano Furniture factory     (61)       93
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Skano Furniture retail     (304)        5
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Skano Fibreboard         (1 199)    (327)
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Suomen Tuulileijona OY      (18)        0
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Elimination                  354        4
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TOTAL                    (1 228)    (225)
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Net financial costs         (73)     (61)
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Income tax                   (1)      (5)
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NET PROFIT               (1 302)    (291)
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SKANO FIBREBOARD

The net sales of Skano Fibreboard in the fourth quarter of 2014 amounted to 2.8
mil. euros and operating loss to 1,199 thousand euros containing a write-down
cost of Püssi factory assets 925 thousand euros. In the same period last year,
the turnover of Skano Fibreboard totaled also to 2.8 mil. euros and the
operating loss from main activities 327 thousand euros. 

The drop in sales in the fourth quarter compare to last year took place in
Estonia and Sweden, but the main reason behind the modest sale was the fire
accident in Pärnu factory in the middle of November, which caused deficit of
the product. 

NET SALES BY GEOGRAPHICAL SEGMENTS

                                                th EUR        % of net sales 
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                                           Q4 2014  Q4 2013  Q4 2014  Q4 2013
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Finland (incl. to Suomen Tuulileijona OY)      857      826    31.0%    29.2%
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Russia                                         541      537    19.6%    19.0%
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Great Britain                                  393      400    14.2%    14.2%
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Estonia                                        322      432    11.7%    15.3%
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SAR                                            184        0     6.7%     0.0%
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Latvia                                         100       85     3.6%     3.0%
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Sweden                                          89      153     3.2%     5.4%
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Netherlands                                     48       85     1.7%     3.0%
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Ukraine                                         42       37     1.5%     1.3%
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Germany                                         38       84     1.4%     3.0%
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Lithuania                                       26       20     1.0%     0.7%
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Other countries                                123      167     4.5%     5.9%
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TOTAL                                        2,763    2,826   100.0%   100.0%
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th EUR                                     Net sales      Operating Profit
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                                        Q4 2014  Q4 2013  Q4 2014  Q4 2013
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Pärnu Fibreborad factory                 1 ,024    1,099    (139)    (116)
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Püssi Fibreboard factory                  1,220    1,128  (1 051)    (180)
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Pärnu interior boards factory (Isotex)      497      587      (5)     (27)
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Not allocated                                22       12      (4)      (4)
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TOTAL                                     2,763    2,826  (1 199)    (327)
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The net sales of the Pärnu fibreboard factory and interior board's line
decreased 10% in the fourth quarter of 2014 compared to the same quarter of
2013 and amounted to 1.5 mil. euros. 

The turnover of Püssi fibreboard factory amounted to 1.2 mil. euros growing 8%
compared to the same quarter in 2013 (turnover 1.1 mil. euros in Q4 2013).
Output of Püssi Fibreboard factory grew in the fourth quarter but the main
challenge is still to secure Püssi Fibreboard factory with sufficient sales
volumes and efficiency. 

SKANO FURNITURE

FURNITURE RETAIL SALES

Skano Group AS retail business is operated by a private limited company Skano
Furniture OÜ and its subsidiaries in Latvia, Lithuania and Ukraine. Skano has
totally 10 stores in Tallinn (2), Tartu, Pärnu, Riga, Vilnius, Kiev (2),
Kharkiv and Dnipropetrovs'k at the end of the fourth quarter in 2014. 

RETAIL SALES BY COUNTRIES

                th EUR        % of net sales    Number of stores 
-----------------------------------------------------------------
           Q4 2014  Q4 2013  Q4 2014  Q4 2013  31.12.14  31.12.13
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Estonia        326      308    49.2%    48.1%         4         4
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Latvia         133       85    20.1%    13.3%         1         1
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Lithuania       74       62    11.2%     9.7%         1         1
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Ukraine        120      185    18.1%    28.9%         4         4
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TOTAL          662      640   100.0%   100.0%        10        10
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Retail sale amounted to 662 thousand euros in the fourth quarter of 2014 and
operating loss 304 thousand euros (sales 640 thousand euros and operating
profit 5 thousand euros in Q4 2013). Current year fourth quarter operating loss
304 thousand euros contains also loss from drop of currency exchange rate of
hryvnia 137 thousand euros and cost of write-down of receivables against Skano
Ukrainian subsidiary 216 thousand euros. Skano Furniture OÜ exchange rate loss
and write-down cost amounting to 331 thousand euros are eliminated from the
consolidated results as they are intragroup transactions against another group
company (realized loss from currency exchange rate 20 thousand euros in the
same period of 2013). 

FURNITURE PRODUCTION

The net sales of the Skano Furniture Factory in the fourth quarter amounted to
1.5 mil. euros and operating loss to 61 thousand euros. In the same period last
year, the turnover of the factory amounted to 1.7 mil. euros and the profit to
93 thousand euros. As compared to the previous year the turnover of the factory
has decreased 14%. In the fourth quarter the sales decreased in Russia by 24%
and in Finland by 5% due to colder economic and political environment and
weaker demand for durable goods. 

FURNITURE FACTORY SALES BY COUNTRIES

                      th EUR        % of net sales 
---------------------------------------------------
                 Q4 2014  Q4 2013  Q4 2014  Q4 2013
---------------------------------------------------
Russia               610      805    41.6%    47.1%
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Finland              462      485    31.5%    28.4%
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Other countries      116      111     7.9%     6.5%
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Subsidiaries         279      307    19.0%    18.0%
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TOTAL              1,467    1,708   100.0%   100.0%
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FORECAST AND DEVELOPMENT

SKANO FIBREBOARD. Sales of Skano Fibreboard in Q1 2015 will remain at the same
level compared to sales of the same period last year. One reason behind
stagnated sale's growth in the first quarter is the fire in Pärnu fibreboard
factory on the 17th of November as the factory was restarted in the first half
of January 2015. One and half month production break caused a partial deficit
in sale of Pärnu factory's production including in January 2015. Total direct
fire damage to buildings and equipment amounts up to 80 thousand euros and the
process about damage compensation with the insurance is still pending. 

Further escalation of conflict in Ukraine impacts negatively to fibreboard
sales in our main markets Russia and Eastern Europe. Despite of geopolitical
developments we are taking actions to enter into new export markets. 

In addition to production portfolio the management's priority is to improve
energy efficiency in the production process, where 2015 first quarter
investment and improvement program is aimed. Although we have achieved in 2014
significant progress in the production cost compared to prior year, we expect
also higher production efficiency in 2015 compared to 2014. Further progress in
production efficiency is achieved primarily due to lower energy consumption and
technological improvements as a result of which amount of poor quality products
and production outage would decrease. 

SKANO FURNITURE RETAIL SALES. We expect total retail sale in Q1 2015 to
decrease compared to the sale of the same period last year as we expect bigger
negative impact to sales from Ukraine due to political and economic
instability. 

SKANO FURNITURE FACTORY. In the first quarter of 2015 we expect remarkably
smaller sales of the furniture factory compared to the same period in 2014
because of the deteriorated economic situation in the near regions. In Finland
sales are down due to general weak economic conditions, in Russia due to weak
currency, predictable broad-based economic downturn and low consumer
confidence. 

Sales to new markets in Q1 2015 are not covering the lag from our main markets.
In 2015 our goal is to compensate with sales in new markets partly the gap from
our main markets in Russia and Finland. In addition to seeking sales
possibilities in new markets, we are refreshing our existing furniture series,
developing new furniture series and alternative sales channels. 



FINANCIAL HIGHLIGHTS

th EUR                 12 m 2014  12 m 2013  12 m 2012
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Income statement                                      
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Revenue                   20,330     19,186     19,080
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EBITDA                     (312)        438      1,040
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EBITDA margin             (1.5%)       2.3%       5.5%
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Operating profit         (1,199)      (467)         74
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Operating margin          (5.9%)     (2.4%)       0.4%
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Net profit               (1,481)      (706)      (201)
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Net margin                (7.3%)     (3.7%)     (1.1%)
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Balance sheet (31.12)                                 
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Total assets              13,329     14,722     15,471
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Return on assets         (11.1%)     (4.8%)     (1.3%)
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Equity                     5,300      6,805      7,482
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Return on equity         (27.9%)    (10.4%)     (2.7%)
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Debt-to-equity ratio       60.2%      53.8%      51.6%
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Share (31.12)                                         
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Closing price               0,85       1,22       1,24
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Earnings per share        (0.33)     (0.16)     (0.04)
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Price-earnings ratio      (2.58)     (7.63)    (31.00)
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Book value of a share       1.18       1.51       1.66
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Market to book ratio        0.72       0.81       0.75
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Market capitalization      3,824      5,489      5,579
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EBITDA = Earnings before interest, taxes, depreciation and amortization

EBITDA margin = EBITDA / Revenue

Operating margin = Operating profit / Revenue

Net margin = Net profit / Revenue

Return on assets = Net profit / Total assets

Return on equity = Net profit / Equity

Debt-to-equity ratio = Liabilities / Total assets

Earnings per share = Net profit / Total shares

Price-earnings ratio = Closing price / Earnings per share

Book value of a share = Equity / Total shares

Market to book ratio = Closing price / Book value of a share

Market capitalization = Closing price * Total shares



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

th EUR                                    31.12.2014  31.12.2013
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Cash and bank                                    432         355
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Receivables and prepayments (Note 1)           1,232       1,368
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Inventories (Note 2)                           2,962       2,974
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Total current assets                           4,626       4,697
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Investment property (Note 3)                     407         408
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Tangible fixed assets (Note 4)                 8,267       9,505
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Intangible fixed assets (Note 5)                  29          26
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Total fixed assets                             8,703       9,939
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TOTAL ASSETS                                  13,329      14,636
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Debt obligations (Note 6)                      2,030       1,919
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Payables and prepayments (Note 7)              2,198       2,255
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Short-term provisions (Note 8)                    15          14
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Total current liabilities                      4,243       4,188
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Non-current debt obligations (Note 6)          3,563       3,413
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Non-current provisions (Note 8)                  223         230
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Total non-current liabilities                  3,786       3,643
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Total liabilities                              8,029       7,831
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Share capital at nominal value (Note 9)        2,699       2,699
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Issue premium                                    364         364
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Statutory capital reserve                        288         288
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Currency translation                            (16)           8
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Retained profits                               3,446       4,152
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Net profit (loss) for the year (Note 10)     (1,481)       (706)
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Total equity                                   5,300       6,805
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TOTAL LIABILITIES AND EQUITY                  13,329      14,636
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

th EUR                                    4th Q  4th Q 2013       2014      2013
                                           2014                                 
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RETURN ON SALES (Note 11)                 4,661       4,857     20,330    19,186
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Cost of production sold                 (3,955)     (4,140)   (16,727)  (16,204)
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Gross profit                                706         717      3,603     2,982
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Marketing expenses                        (841)       (723)    (3,077)   (2,612)
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General administrative expenses           (150)       (208)      (622)     (763)
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Other income                                 59          54        103       152
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Other expenses                          (1,002)        (65)    (1,206)     (226)
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Operating profit (loss) (Note 11)       (1,228)       (225)    (1,199)     (467)
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Financial income and financial             (73)        (61)      (281)     (233)
 expenses                                                                       
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Profit (loss) before taxes              (1,301)       (286)    (1,480)     (700)
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Prepaid income tax                          (1)         (5)        (1)       (6)
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NET PROFIT (LOSS)  FOR THE PERIOD       (1,302)       (291)    (1,481)     (706)
--------------------------------------------------------------------------------
                                                                                
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Basic earnings per share (Note 10)    (0.29)           0.06  (0.33)       (0.16)
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Diluted earnings per share (Note 10)     (0.29)        0.06     (0.33)    (0.16)
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Other comprehensive income:                                                     
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Currency translation differences             16           6       (24)        29
--------------------------------------------------------------------------------
                                                                                
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TOTAL COMPREHENSIVE INCOME              (1,286)       (285)    (1,505)     (677)
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The planned time of publishing of interim report of the first quarter of 2015
is week 22 (25-29 May 2015) 




         Martin Kalle
         CEO
         +372 447 8331
         martin.kalle@skano.com
News Source: NASDAQ OMX



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2015-02-27 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English       
Company:     Skano Group   
 
 
             Estonia       
ISIN:        EE3100092503  
 
 
End of News    DGAP News-Service  
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328149 2015-02-27