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SKN: Financial result, 12 months 2012

Spekuliantai.lt | 2013-02-27 | NASDAQ OMX biržų naujienos | perskaitė: 1266
Raktiniai žodžiai: Skano Group AS, SKN
SKN: Financial result, 12 months 2012

Skano Group Quarterly report 27.02.2013

Financial result, 12 months 2012

Pärnu, 2013-02-27 15:30 CET (GLOBE NEWSWIRE) --

MANAGEMENT REPORT

FOURTH QUARTER IN SHORT

Consolidated net sales of the fourth quarter of 2012 was 4.9 mil. euros,
representing a 2% increase on the fourth quarter compared to the same period in
2011. At the same time, consolidated EBITDA amounted to 178 thousand euros (83
thousand euros in Q4 2011).

The sales in Skano Pärnu fibreboard factory (incl. Isotex) increased as
compared to the respective period last year by 10%, the operating loss
decreased 10% and operating loss amounted to 80 thousand euros.

The turnover of Skano Püssi fibreboard factory was 822 thousand euros and
operating loss 139 thousand euros. The priority of the management of the
enterprise is continuously to ensure the sales of the production of Skano Püssi
fibreboard factory in order to guarantee the maximum production capacity and
efforts are taken in this direction on an on-going basis. In addition to
efforts regarding the sales volumes we are constantly working on raising the
production efficiency of the factory. We have raised the maximum speed of the
production line and thereby lowered the cost price of products.

The turnover of Skano furniture factory in Pärnu decreased by 5% and the
operating profit by 26% as compared to the same period last year, and the
operating profit was 120 thousand euros.

The turnover of Skano furniture retail chain increased by 12% as compared to
the same period last year being 707 thousand euros and the operating profit was
34 thousand euros containing loss from currency exchange rate of hryvnia 32
thousand euros. The sales of Skano Group AS 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 2012 was 4.9 mil. euros (4.8
mil. euros in same period of 2011) representing a 2% increase on the fourth
quarter compared to Q4 2011. The Group’s gross margin in the fourth quarter of
2012 was 15.9% compared to 14.9% in the fourth quarter of 2011. Consolidated
operating loss amounted to 46 thousand euros (loss 134 thousand euros from main
activities in same period 2011). The consolidated operating margin of net sales
was -1% (-3% from main activities in Q4 2011).

Consolidated net loss amounted to 110 thousand euros (compared to net loss 210
thousand euros in Q4 2011), and the net margin was -2% (-4% in Q4 2011).

POSITION OF FINANCIAL STATEMENT

As of 31.12.2012 the total assets of Skano Group AS amounted to 15.5 mil. euros
(31.12.2011: 16.0 mil. euros). The liabilities of the company accounted for
51.6% (31.12.2011: 51.8%) thereof, i.e. 8 mil. euros (31.12.2011: 8.3 mil.
euros).

Receivables and prepayments have increased by 0.1 mil. euros i.e. 7% increase
with 12 months. The reason of increase of receivables is small sales in
December 2011, which essentially lowered the amount of receivables at the end
of December.

Inventories increased by 0.1 mil. euros to reach 3.3 mil. euros on 31.12.2012.
(31.12.2011: 3.2 mil. euros). Property, plant and intangibles decreased by 0.7
mil. euros mainly as a result of depreciation.

Short-term loans increased by 0.4 mil. euros and amounted to 1.8 mil. euros in
31.12.2012 (31.12.2011: 1.4 mil. euros) as a result of re-classification part
of long-term loan into short-term loan. Supplier payables, tax liabilities,
other payables, including payables to employees, and provisions amounted to 1.9
mil. euros (31.12.2011: 2.1 mil. euros). Current and non-current liabilities
decreased by 0.3 mil. euros to 8.0 mil. euros (31.12.2011: 8.3 mil. euros).


DIVISIONAL REVIEW:

NET SALES BY BUSINESS SEGMENTS

th EUR % of net sales
-----------------------------------------------------------
Q4 2012 Q4 2011 Q4 2012 Q4 2011
-----------------------------------------------------------
Skano Fibreboard 2,606 2,414 52.8% 50.1%
-----------------------------------------------------------
Skano Furniture factory 1,930 2,026 39.1% 42.1%
-----------------------------------------------------------
Skano Furniture retail 707 631 14.3% 13.1%
-----------------------------------------------------------
Elimination (312) (255) (6.2%) (5.3%)
-----------------------------------------------------------
TOTAL 4,931 4,816 100.0% 100.0%
-----------------------------------------------------------



NET SALES BY GEOGRAPHICAL SEGMENTS

th EUR % of net sales
---------------------------------------------------
Q4 2012 Q4 2011 Q4 2012 Q4 2011
---------------------------------------------------
Russia 1,444 1,297 29.3% 26.9%
---------------------------------------------------
Finland 1,174 1,454 23.8% 30.2%
---------------------------------------------------
Estonia 674 506 13.7% 10.5%
---------------------------------------------------
Great Britain 456 526 9.2% 10.9%
---------------------------------------------------
Nederland 268 179 5.4% 3.7%
---------------------------------------------------
Ukraine 257 282 5.2% 5.9%
---------------------------------------------------
Latvia 134 95 2.7% 2.0%
---------------------------------------------------
Sweden 116 135 2.4% 2.8%
---------------------------------------------------
Lithuania 108 103 2.2% 2.1%
---------------------------------------------------
India 74 17 1.5% 0.4%
---------------------------------------------------
Denmark 39 39 0.8% 0.8%
---------------------------------------------------
Kazakhstan 38 74 0.8% 1.5%
---------------------------------------------------
Other countries 149 109 3.0% 2.3%
---------------------------------------------------
TOTAL 4,931 4,816 100.0% 100.0%
---------------------------------------------------

Regarding the markets, turnover has increased in Russia, Estonia, Latvia and
Nederland. The percentage of turnover has decreased in most in Finland.



PROFIT BY BUSINESS SEGMENTS

th EUR Q4 2012 Q4 2011
-----------------------------------------
Skano Furniture factory 120 162
-----------------------------------------
Skano Furniture retail 34 59
-----------------------------------------
Skano Fibreboard (220) (347)
-----------------------------------------
Elimination 20 (8)
-----------------------------------------
TOTAL (46) (134)
-----------------------------------------
Net financial costs (61) (73)
-----------------------------------------
Income tax (3) (3)
-----------------------------------------
NET PROFIT (110) (210)
-----------------------------------------

SKANO FIBREBOARD

The net sales of Skano Fibreboard in the fourth quarter of 2012 amounted to 2.6
mil. euros and operating loss to 220 thousand euros. In the same period last
year, the turnover of the division totaled to 2.4 mil. euros and the operating
loss from main activities 347 thousand euros. Sales in Finland, which is one
the most important markets to us decreased by 31%. Such a decline in the fourth
quarter was due to high comparison basis in the fourth quarter of 2011 when an
aggressive marketing campaign was launched in Finland. In spite of the decline
in Finland, overall sales of Skano Fibreboard increased by 192 thousand euros
i.e. 8% mainly due to increased client base.



NET SALES BY GEOGRAPHICAL SEGMENTS

th EUR % of net sales
---------------------------------------------------
Q4 2012 Q4 2011 Q4 2012 Q4 2011
---------------------------------------------------
Russia 594 403 22.8% 16.7%
---------------------------------------------------
Finland 463 669 17.8% 27.7%
---------------------------------------------------
Great Britain 456 526 17.5% 21.8%
---------------------------------------------------
Estonia 366 290 14.0% 12.0%
---------------------------------------------------
Nederland 268 179 10.3% 7.4%
---------------------------------------------------
Sweden 116 135 4.5% 5.6%
---------------------------------------------------
India 74 17 2.8% 0.7%
---------------------------------------------------
Latvia 46 15 1.8% 0.6%
---------------------------------------------------
Denmark 39 39 1.5% 1.6%
---------------------------------------------------
Ukraine 39 25 1.5% 1.0%
---------------------------------------------------
Germany 17 7 0.7% 0.3%
---------------------------------------------------
Other countries 128 109 4.8% 4.6%
---------------------------------------------------
TOTAL 2,606 2,414 100.0% 100.0%
---------------------------------------------------

The biggest growth has been in sales to Russia, Estonia and Nederland. The
percentage of sales into Finland decreased significantly.



th EUR Net sales Profit
--------------------------------------------------------------------------
Q4 2012 Q4 2011 Q4 2012 Q4 2011
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,285 1,224 (74) (47)
--------------------------------------------------------------------------
Püssi Fibreboard factory 822 814 (139) (260)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 477 375 (6) (41)
--------------------------------------------------------------------------
Not allocated 22 1 (1) 1
--------------------------------------------------------------------------
TOTAL 2,606 2,414 (220) (347)
--------------------------------------------------------------------------

The net sales of the Pärnu Fibreboard factory and interiors boards line
increased 10% in the fourth quarter of 2012 compared to the same quarter of
2011 and amounted to 1.8 mil. euros.

The turnover of Püssi fibreboard factory amounted to 822 thousand euros and
operating loss amounted to 139 thousand euros. The main question is still weak
sales volumes of Püssi Fibreboard factory. In the fourth quarter Püssi factory
was operated at 70% of its capacity.

It is also important to note that due to high fixed costs, the factory must be,
for a profitable outcome, operated at as high capacity as possible, which shall
ensure a lower average cost of the product. Presently, the cost price
considerably higher than the optimum is greatly caused by technological
standstills and reconstruction of equipment in order to ensure better
efficiency.

We are still confident that purchasing of the Püssi was a very good decision in
the medium term and after introducing of significant technological and
procedural changes in the factory we succeed in reducing the cost price more
than we had expected before the purchase of the factory.


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 9 stores in Tallinn (2), Pärnu, Riga, Vilnius, Kiev, Donetsk, Kharkiv
and Dnipropetrovs’k at the end of the fourth quarter.

RETAIL SALES BY COUNTRIES

th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q4 2012 Q4 2011 Q4 2012 Q4 2011 31.12.12 31.12.11
-----------------------------------------------------------------
Estonia 292 197 41.3% 31.2% 3 3
-----------------------------------------------------------------
Latvia 88 80 12.4% 12.7% 1 1
-----------------------------------------------------------------
Lithuania 109 97 15.4% 15.4% 1 1
-----------------------------------------------------------------
Ukraine 218 257 30.9% 40.7% 4 6
-----------------------------------------------------------------
TOTAL 707 631 100.0% 100.0% 9 11
-----------------------------------------------------------------

The furniture retail sale has reached to the profitable sales level, and it
results with profit 34 thousand euros in the fourth quarter 2012. Loss from
currency exchange rate of hryvnia was 32 thousand euros.



FURNITURE PRODUCTION

The net sales of the Furniture Factory in the fourth quarter amounted to 1.9
mil. euros and profit to 120 thousand euros. In the same period last year, the
turnover of the factory totaled to 2.0 mil. euros and the profit 162 thousand
euros. As compared to the previous year the turnover of the factory has
decreased 96 thousand euros and the operating profit has decreased 42 thousand
euros.

FURNITURE FACTORY SALES BY COUNTRIES

tuh EUR % käibest
-------------------------------------------------------------------
IV kv. 2012 IV kv. 2011 IV kv. 2012 IV kv. 2011
-------------------------------------------------------------------
Venemaa 850 894 44,0% 44,1%
-------------------------------------------------------------------
Soome 711 785 36,8% 38,7%
-------------------------------------------------------------------
Kasahstan 38 74 2,0% 3,7%
-------------------------------------------------------------------
Eesti 16 19 0,8% 0,9%
-------------------------------------------------------------------
Teised riigid 25 0 1,3% 0,0%
-------------------------------------------------------------------
Tütarettevõtted 290 254 15,1% 12,6%
-------------------------------------------------------------------
Kokku 1 930 2 026 100,0% 100,0%
-------------------------------------------------------------------


FORECAST AND DEVELOPMENT

SKANO FIBREBOARD. The main production line of Pärnu Fibreboard factory is
operating at reduced capacity in the first quarter of 2013. Production lines of
Isotex interior finishing boards use one or two shifts as necessary. Due to low
demand Püssi factory is operating at approximately of 60-70% of its capacity in
the first quarter of the year 2013.

We expect significant sales growth for H2 2013, mostly from CIS and Finland.
Russian and CIS sales volumes have been growing steadily over the past years
and we expect this to continue in 2013. In 2012 our sales in Finland saw a
sharp decline, largely due to us choosing the wrong distribution partner. We
have changed our distribution partner at the end of 2012 and plan to
significantly add to our marketing efforts in Finland in 2013. We have also
signed a strategic cooperation agreement in Finland, which if implemented
successfully, will allow us to increase the output of Püssi factory
significantly in second half of 2013. We also expect this to help us our Pärnu
factory reach higher capacity utilization and as a result of this, expect the
whole production process to become more efficient, lead to lower average
production price and higher sales volumes in H2 2013

SKANO FURNITURE RETAIL SALES. We expect retail sale in the first quarter of
2013 to remain the same level compared to the same period of last year.

SKANO FURNITURE FACTORY.

In the first quarter of 2013 we expect small decrease in sales of the furniture
factory compared to the same period in 2012.



FINANCIAL HIGHLIGHTS

th EUR 12 m 2012 12 m 2011 12 m 2010
------------------------------------------------------
Income statement
------------------------------------------------------
Revenue 19,080 17,330 13,929
------------------------------------------------------
EBITDA 1,040 3,436 1,430
------------------------------------------------------
EBITDA margin 5.5% 19.8% 10.3%
------------------------------------------------------
Operating profit 74 2,759 887
------------------------------------------------------
Operating margin 0.4% 15.9% 6.4%
------------------------------------------------------
Net profit (201) 2,565 771
------------------------------------------------------
Net margin (1.1%) 14.8% 5.5%
------------------------------------------------------

-------------------------------------------------------
Balance sheet (31.12)
------------------------------------------------------
Total assets 15,471 15,950 9,115
------------------------------------------------------
Return on assets (1.3%) 16.1% 8.5%
------------------------------------------------------
Equity 7,482 7,693 5,331
------------------------------------------------------
Return on equity (2.7%) 33.3% 14.5%
------------------------------------------------------
Debt-to-equity ratio 51.6% 51.8% 41.5%
------------------------------------------------------

-------------------------------------------------------
Share (31.12)
------------------------------------------------------
Closing price 1.24 1.62 1.44
------------------------------------------------------
Earnings per share (0.04) 0.57 0.17
------------------------------------------------------
Price-earnings ratio (31) 2.84 8.47
------------------------------------------------------
Book value of a share 1.66 1.71 1.18
------------------------------------------------------
Market to book ratio 0.75 0.95 1.22
------------------------------------------------------
Market capitalization 5,579 7,288 6,479
------------------------------------------------------



EBITDA = Earnings before interest, taxes, deprecation 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 31.12.2012 31.12.2011
----------------------------------------------------------------

----------------------------------------------------------------
Cash and bank 158 206
----------------------------------------------------------------
Receivables and prepayments (Note 1) 1,792 1,674
----------------------------------------------------------------
Inventories (Note 2) 3,303 3,177
----------------------------------------------------------------
Total current assets 5,253 5,057
----------------------------------------------------------------

----------------------------------------------------------------
Investment property (Note 3) 185 185
----------------------------------------------------------------
Tangible fixed assets (Note 4) 10,010 10,692
----------------------------------------------------------------
Intangible fixed assets (Note 5) 23 16
----------------------------------------------------------------
Total fixed assets 10,218 10,893
----------------------------------------------------------------

----------------------------------------------------------------
TOTAL ASSETS 15,471 15,950
----------------------------------------------------------------

----------------------------------------------------------------

----------------------------------------------------------------
Debt obligations (Note 6) 1,845 1,380
----------------------------------------------------------------
Payables and prepayments (Note 7) 1,923 2,137
----------------------------------------------------------------
Short-term provisions (Note 8) 12 11
----------------------------------------------------------------
Total current liabilities 3,780 3,528
----------------------------------------------------------------

----------------------------------------------------------------
Non-current debt obligations (Note 6) 3,973 4,490
----------------------------------------------------------------
Non-current provisions (Note 8) 236 239
----------------------------------------------------------------
Total non-current liabilities 4,209 4,729
----------------------------------------------------------------

----------------------------------------------------------------
Total liabilities 7,989 8,257
----------------------------------------------------------------

----------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699
----------------------------------------------------------------
Issue premium 364 364
----------------------------------------------------------------
Statutory capital reserve 288 288
----------------------------------------------------------------
Currency translation (21) (11)
----------------------------------------------------------------
Retained profits 4,353 1,788
----------------------------------------------------------------
Net profit (loss) for the year (Note 10) (201) 2,565
----------------------------------------------------------------
Total equity 7,482 7,693
----------------------------------------------------------------

----------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 15,471 15,950
----------------------------------------------------------------



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

th EUR 4th q 2012 4th q 2011 2012 2011
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
RETURN ON SALES (Note 11) 4,931 4,816 19,080 17,330
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Cost of production sold (4,148) (4,097) (16,050) (14,119)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Gross profit 783 719 3,030 3,211
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Marketing expenses (638) (683) (2,389) (2,383)
--------------------------------------------------------------------------------
General administrative expenses (161) (184) (546) (532)
--------------------------------------------------------------------------------
Other income 32 60 163 2,621*
--------------------------------------------------------------------------------
Other expenses (62) (46) (184) (158)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Operating profit (loss) (Note 11) (46) (134) 74 2,759
--------------------------------------------------------------------------------
Financial income and financial (61) (73) (258) (187)
expenses
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Profit (loss) before taxes (107) (207) (184) 2,572
--------------------------------------------------------------------------------
Prepaid income tax (3) (3) (17) (7)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (110) (210) (201) 2,565
--------------------------------------------------------------------------------
Basic earnings per share (Note 10) (0.02) 0.05 (0.04) 0.57
--------------------------------------------------------------------------------
Diluted earnings per share (Note 10) (0.02) 0.05 (0.04) 0.57
--------------------------------------------------------------------------------
Currency translation differences (10) (18) (10) (27)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (120) (228) (211) 2,538
--------------------------------------------------------------------------------

* The other income 2011 includes the gain from a bargain purchase 2,455 th.
euros.


The planned time of publishing of iterim report of the first quarter 2013 is
week 20 (13.-17. May 2103).




MartinKalle
CFO
+372 447 8331
[email protected]
www.skano.com


1. Skano 2012 4Q vahearuanne ENG.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=420544)

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