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SKN: Financial result, 3 months 2013

Spekuliantai.lt | 2013-05-17 | NASDAQ OMX biržų naujienos | perskaitė: 1310
Raktiniai žodžiai: Skano Group AS, SKN
SKN: Financial result, 3 months 2013

Skano Group Quarterly report 17.05.2013

Financial result, 3 months 2013

Pärnu, 2013-05-17 16:01 CEST (GLOBE NEWSWIRE) -- MANAGEMENT REPORT

FIRST QUARTER IN SHORT

Consolidated net sales of the first quarter of 2013 was 4.4 mil. euros,
representing a 4% decrease on the first quarter compared to the same period in
2012. At the same time, consolidated EBITDA amounted to minus 37 thousand euros
(147 thousand euros in Q4 2011). The result of Q1 2013 included also one-off
costs amounted to 92 thousand euros.

The sales in Skano Pärnu fibreboard factory (incl. Isotex) was 1,8 mil. Euros,
increased as compared to the respective period last year by 3%, the operating
loss of the first quarter was 135 thousand euros compared with the operating
loss 26 thousand euros last year.

The turnover of Skano Püssi fibreboard factory was 591 thousand euros,
representing 19% decrease in the first quarter compared to the same period in
2012. Operating loss amounted to 212 thousand euros compared with the operating
loss 237 thousand euros last year. Due to weak demand Püssi factory was
operating at approximately of 50% of its capacity in the first quarter of 2013.
Sales have dropped in all regions except for Russia due to weak economic
situation in Europe and cold spring that has put off construction season.
Profitability of Fibreboard division was affected by very fragmented production
portfolio where high number of small size orders caused low production
efficiency and high COGS. The priority of the management of the company 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.

The turnover of Skano furniture factory in Pärnu decreased in the first quarter
by 5% and amounted to 1 676 thousand euros. The operating profit of the first
quarter was 33 thousand euros as in 2012 the operating profit of the same
period was 120 thousand euros. Sales in the first quarter of 2013 decreased in
all regions (except for sales to the subsidiary) due to weak demand of foreign
markets. The company is seeking new sale’s possibilities in the current markets
but going into totally new markets is a substantial direction for us. For that
reason a Western Europe sales manager was hired from outside Estonia.

The turnover of Skano furniture retail chain decreased by 1% as compared to the
same period last year being 549 thousand euros and the operating profit was 59
thousand euros compared with the operating loss 5 thousand euros in the first
quarter last year. Current year operating profit contains also profit from
currency exchange rate of hryvnia 45 thousand euros. Retail sale increased in
Estonia but decreased in other regions. In order to better operate the Baltic
retail sales changes in the structure were made at the end of the first quarter
in 2013 where Estonia current retail sales manager started to run the whole
Baltic retail sales. 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 first quarter in 2013 was 4.4 mil. euros (4.6
mil. euros in same period of 2012) representing a 4% decrease on the first
quarter compared to Q1 2012. The Group’s gross margin in the first quarter of
2013 was 11.9% compared to 13.7% in the first quarter of 2012. Consolidated
operating loss amounted to 226 thousand euros (operating loss 99 thousand euros
from main activities in same period 2012). The consolidated operating margin of
net sales was -6% (-2% from main activities in Q1 2012).

Consolidated net loss amounted to 312 thousand euros (compared to net loss 164
thousand euros in Q1 2012), and the net margin was -7% (-4% in Q1 2012).

POSITION OF FINANCIAL STATEMENT

As of 31.03.2013 the total assets of Skano Group AS amounted to 15.5 mil. euros
(31.03.2012: 16.3 mil. euros). The liabilities of the company accounted for
53.8% (31.03.2012: 53.9%) thereof, i.e. 8.3 mil. euros (31.03.2012: 8.8 mil.
euros).

Receivables and prepayments have decreased by 0.2 mil. euros i.e. 9% increase
with 12 months. The reason of decrease of receivables was smaller sale of the
period and tighter debtor policy applied in the company.

Inventories remained at the same level compared to last year, amounting to 3.3
mil. euros on 31.13.2013. (31.03.2013: 3.3 mil. euros). Property, plant and
intangibles decreased by 0.6 mil. euros mainly as a result of depreciation.



Short-term loans decreased by 0.1 mil. euros and amounted to 1.4 mil. euros in
31.03.2013 (31.03.2012: 1.5 mil. euros). Supplier payables, tax liabilities,
other payables, including payables to employees, and provisions amounted to 2.3
mil. euros (31.03.2012: 2.5 mil. euros). Current and non-current liabilities
decreased by 0.5 mil. euros to 8.3 mil. euros (31.03.2012: 8.8 mil.
euros).DIVISIONAL REVIEW:



NET SALES BY BUSINESS SEGMENTS



th EUR % of net sales
-----------------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012
-----------------------------------------------------------
Skano Fibreboard 2,462 2,485 56.5% 54.5%
-----------------------------------------------------------
Skano Furniture factory 1,676 1,757 38.4% 38.6%
-----------------------------------------------------------
Skano Furniture retail 549 553 12.6% 12.1%
-----------------------------------------------------------
Elimination (326) (236) (7.5%) (5.2%)
-----------------------------------------------------------
TOTAL 4,361 4,559 100.0% 100.0%
-----------------------------------------------------------



NET SALES BY GEOGRAPHICAL SEGMENTS



th EUR % of net sales
---------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012
---------------------------------------------------
Finland 1,242 1,342 28.5% 29.4%
---------------------------------------------------
Russia 1,230 1,267 28.2% 27.8%
---------------------------------------------------
Estonia 621 564 14.2% 12.4%
---------------------------------------------------
Great Britain 373 455 8.6% 10.0%
---------------------------------------------------
Netherlands 215 133 4.9% 2.9%
---------------------------------------------------
Ukraine 185 204 4.2% 4.5%
---------------------------------------------------
Latvia 120 141 2.8% 3.1%
---------------------------------------------------
Sweden 96 126 2.2% 2.8%
---------------------------------------------------
Lithuania 95 133 2.2% 2.9%
---------------------------------------------------
Kazakhstan 41 0 0.9% 0.0%
---------------------------------------------------
Denmark 38 48 0.9% 1.1%
---------------------------------------------------
India 28 18 0.6% 0.4%
---------------------------------------------------
Csech republic 18 1 0.4% 0.0%
---------------------------------------------------
Other countries 59 127 1.4% 2.7%
---------------------------------------------------
TOTAL 4,361 4,559 100.0% 100.0%
---------------------------------------------------



Regarding the markets, turnover has increased in Estonia and Netherlands. The
percentage of turnover has decreased in most in Finland and Great Britain.



PROFIT BY BUSINESS SEGMENTS

th EUR Q1 2013 Q1 2012
-----------------------------------------
Skano Furniture factory 33 159
-----------------------------------------
Skano Furniture retail 59 (5)
-----------------------------------------
Skano Fibreboard (347) (264)
-----------------------------------------
Elimination (11) 11
-----------------------------------------
TOTAL (266) (99)
-----------------------------------------
Net financial costs (55) (67)
-----------------------------------------
Income tax (1) (7)
-----------------------------------------
NET PROFIT (322) (173)
-----------------------------------------

SKANO FIBREBOARD

The net sales of Skano Fibreboard in the first quarter of 2013 amounted to 2.46
mil. euros and operating loss to 347 thousand euros. In the same period last
year, the turnover of the division totaled to 2.49 mil. euros and the operating
loss from main activities 264 thousand euros. Sales have dropped in all regions
except for Russia due to weak economic situation in Europe and cold spring that
has put off construction season. The biggest drop in sales in the first quarter
compare to last year took place in Great Britain and Finland, 18% and 7%
respectively. Sales in Netherlands and Russia grew most, 62% and 11%
respectively. Profitability was affected by very fragmented production
portfolio where high number of small size orders caused low production
efficiency and high COGS.



NET SALES BY GEOGRAPHICAL SEGMENTS

th EUR % of net sales
---------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012
---------------------------------------------------
Finland 632 680 25.7% 27.4%
---------------------------------------------------
Russia 472 427 19.2% 17.2%
---------------------------------------------------
Great Britain 373 455 15.1% 18.3%
---------------------------------------------------
Estonia 354 362 14.4% 14.6%
---------------------------------------------------
Netherlands 215 133 8.7% 5.4%
---------------------------------------------------
Sweden 96 126 3.9% 5.1%
---------------------------------------------------
Latvia 64 68 2.6% 2.7%
---------------------------------------------------
Denmark 38 48 1.5% 1.9%
---------------------------------------------------
India 28 18 1.1% 0.7%
---------------------------------------------------
Ukraine 19 27 0.8% 1.1%
---------------------------------------------------
Lithuania 19 21 0.8% 0.8%
---------------------------------------------------
Other countries 77 120 3.1% 4.8%
---------------------------------------------------
Intragroup 75 0 3.1% 0,0%
---------------------------------------------------
TOTAL 2,462 2,485 100.0% 100.0%
---------------------------------------------------



The biggest growth has been in sales to Russia and Netherlands. The percentage
of sales into Finland decreased.



th EUR Net sales Profit
--------------------------------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012
--------------------------------------------------------------------------
Pärnu Fibreborad factory 1,235 1,230 (193) (75)
--------------------------------------------------------------------------
Püssi Fibreboard factory 591 733 (212) (237)
--------------------------------------------------------------------------
Pärnu interior boards factory (Isotex) 561 521 58 49
--------------------------------------------------------------------------
Not allocated 75 1 0 (1)
--------------------------------------------------------------------------
TOTAL 2,462 2,485 (347) (264)
--------------------------------------------------------------------------



The net sales of the Pärnu Fibreboard factory and interior board’s line
increased 3% in the first quarter of 2013 compared to the same quarter of 2012
and amounted to 1.8 mil. euros.

The turnover of Püssi fibreboard factory amounted to 591 thousand euros and
operating loss amounted to 212thousand euros. The main question is still weak
sales volumes of Püssi Fibreboard factory. In the first quarter Püssi factory
was operated at 50% 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.


S KANO 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 first quarter in 2013.

RETAIL SALES BY COUNTRIES



th EUR % of net sales Number of stores
-----------------------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012 31.03.13 31.03.12
-----------------------------------------------------------------
Estonia 251 191 45.7% 34.5% 3 3
-----------------------------------------------------------------
Latvia 56 73 10.2% 13.2% 1 1
-----------------------------------------------------------------
Lithuania 76 112 13.8% 20.3% 1 1
-----------------------------------------------------------------
Ukraine 166 177 30.3% 32.0% 4 5
-----------------------------------------------------------------
TOTAL 549 553 100.0% 100.0% 9 10
-----------------------------------------------------------------



The furniture retail sale has reached to the profitable sales level, and it
results with profit 59 thousand euros in the first quarter 2013. Profit from
currency exchange rate of hryvnia was 45 thousand euros. Retail sale increased
in Estonia but decreased in other regions. In order to better operate the
Baltic retail sales changes in the structure were made at the end of the first
quarter in 2013 where Estonia current retail sales manager started to run the
whole Baltic retail sales.



FURNITURE PRODUCTION

The net sales of the Skano Furniture Factory in the first quarter amounted to
1.7 mil. euros and operating profit to 33 thousand euros. In the same period
last year, the turnover of the factory amounted to 1.8 mil. euros and the
profit to 159 thousand euros. As compared to the previous year the turnover of
the factory has decreased 81 thousand euros and the operating profit has
decreased 126 thousand euros. Sales in the first quarter of 2013 decreased in
all regions (except for sales to the subsidiary) due to weak demand of foreign
markets. The company is seeking new sale’s possibilities in the current markets
but going into totally new markets is a substantial direction for us. For that
reason a Western Europe sales manager was hired from outside Estonia.



FURNITURE FACTORY SALES BY COUNTRIES



th EUR % of net sales
---------------------------------------------------
Q1 2013 Q1 2012 Q1 2013 Q1 2012
---------------------------------------------------
Russia 758 840 45.2% 47.8%
---------------------------------------------------
Finland 610 662 36.4% 37.7%
---------------------------------------------------
Kazakhstan 41 0 2.4% 0.0%
---------------------------------------------------
Estonia 16 11 1.0% 0.6%
---------------------------------------------------
Other countries 0 8 0.0% 0.5%
---------------------------------------------------
Subsidiaries 251 236 15.0% 13.4%
---------------------------------------------------
TOTAL 1,676 1,757 100.0% 100.0%
---------------------------------------------------




FORECAST AND DEVELOPMENT

SKANO FIBREBOARD. The main production line of Pärnu Fibreboard factory is
operating at a normal capacity in the second quarter of 2013 but the period
also includes yearly 3 weeks planned maintenance repair cycle which can be
executed only during warm months. Production lines of Isotex interior finishing
boards are also operated at a normal capacity. Due to low demand Püssi factory
is operating at approximately of 70% of its capacity at the beginning of the
second quarter but by the end of the second quarter we expect to run the
factory already at 80-90% of its capacity. The sales of Skano Fibreboard in the
second quarter will probably exceed the sales of last year.

In spite of weak demand of foreign markets and economic situation in Europe we
still are moderately optimistic about sales growth for H2 2013, mostly from
Russia and Finland. Russia’s sales volumes have been growing steadily over the
past years and we expect this to continue in 2013. Decrease of our sales in
Finland and in other regions in the first quarter was caused by deteriorated
economic situation in Europe, which we don’t expect to improve during 2013. We
have changed our distribution partner at the end of 2012 and plan to
significantly add to our marketing efforts in Finland in 2013 which should
increase sales from account of new clients. 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 our Pärnu factory to 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 second quarter of
2013 to exceed slightly the sale of last year.

SKANO FURNITURE FACTORY.In the second quarter of 2013 we expect small decrease
in sales of the furniture factory compared to the same period in 2012 because
of the deteriorated economic situation in the near region. For the second half
of 2013 we already expect small support from sales to new markets and namely to
Great Britain as after successful feedback from the local furniture spring fair
we have agreed with our new English partner the further action plan and
representation of our furniture in Great Britain. In addition to Great Britain
we also seek for possibilities to enter into other markets of Western Europe in
larger volumes.



SKANO GROUP AS.

At the beginning of May EAS Enterprise Estonia approved Skano Group AS
application for export development support for 2013 and 2014 amounting to 100
thousand euros.



FINANCIAL HIGHLIGHTS



th EUR 3 m 2013 3 m 2012 3 m 2011
---------------------------------------------------
Income statement
---------------------------------------------------
Revenue 4,361 4,559 4,024
---------------------------------------------------
EBITDA -37 147 280
---------------------------------------------------
EBITDA margin (0.8%) 3.2% 7.0%
---------------------------------------------------
Operating profit (266) (99) 129
---------------------------------------------------
Operating margin (6.1%) (2.2%) 3.2%
---------------------------------------------------
Net profit (322) (173) 102
---------------------------------------------------
Net margin (7.4%) (3.8%) 2.5%
---------------------------------------------------

----------------------------------------------------
Balance sheet (31.03)
---------------------------------------------------
Total assets 15,511 16,337 9,568
---------------------------------------------------
Return on assets (2.1%) (1.1%) 1.1%
---------------------------------------------------
Equity 7,170 7,529 5,448
---------------------------------------------------
Return on equity (4.5%) (2.3%) 1.9%
---------------------------------------------------
Debt-to-equity ratio 53.8% 53.9% 43.1%
---------------------------------------------------

----------------------------------------------------
Share (31.03)
---------------------------------------------------
Closing price 1.19 1.57 1.50
---------------------------------------------------
Earnings per share (0.07) (0.04) 0.02
---------------------------------------------------
Price-earnings ratio (17.00) (39.25) 75.00
---------------------------------------------------
Book value of a share 1.59 1.67 1.21
---------------------------------------------------
Market to book ratio 0.75 0.94 1.24
---------------------------------------------------
Market capitalization 5,354 7,064 6,749
---------------------------------------------------





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 31.03.2013 31.12.2012 31.03.2012
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash and bank 137 158 204
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,925 1,792 2,126
----------------------------------------------------------------------------
Inventories (Note 2) 3,347 3,303 3,336
----------------------------------------------------------------------------
Total current assets 5,409 5,253 5,666
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Investment property (Note 3) 185 185 185
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 9,896 10,010 10,471
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 21 23 15
----------------------------------------------------------------------------
Total fixed assets 10,102 10,218 10,671
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TOTAL ASSETS 15,511 15,471 16,337
----------------------------------------------------------------------------

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

----------------------------------------------------------------------------
Debt obligations (Note 6) 1,444 1,845 1,519
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,324 1,923 2,552
----------------------------------------------------------------------------
Short-term provisions (Note 8) 9 12 8
----------------------------------------------------------------------------
Total current liabilities 3,777 3,780 4,079
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,328 3,973 4,490
----------------------------------------------------------------------------
Non-current provisions (Note 8) 236 236 239
----------------------------------------------------------------------------
Total non-current liabilities 4,564 4,209 4,729
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Total liabilities 8,341 7,989 8,808
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699 2,699
----------------------------------------------------------------------------
Issue premium 364 364 364
----------------------------------------------------------------------------
Statutory capital reserve 288 288 288
----------------------------------------------------------------------------
Currency translation (11) (21) (2)
----------------------------------------------------------------------------
Retained profits 4,152 4,353 4,353
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (322) (201) (173)
----------------------------------------------------------------------------
Total equity 7,170 7,482 7,529
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 15,511 15,471 16,337
----------------------------------------------------------------------------




CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

th EUR 1st Q 2013 1st Q 2012
---------------------------------------------------------------

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

---------------------------------------------------------------
RETURN ON SALES (Note 11) 4,361 4,559
---------------------------------------------------------------

---------------------------------------------------------------
Cost of production sold (3,841) (3,934)
---------------------------------------------------------------

---------------------------------------------------------------
Gross profit 520 625
---------------------------------------------------------------

---------------------------------------------------------------
Marketing expenses (580) (600)
---------------------------------------------------------------
General administrative expenses (207) (110)
---------------------------------------------------------------
Other income 42 36
---------------------------------------------------------------
Other expenses (41) (50)
---------------------------------------------------------------

---------------------------------------------------------------
Operating profit (loss) (Note 11) (266) (99)
---------------------------------------------------------------
Financial income and financial expenses (55) (67)
---------------------------------------------------------------

---------------------------------------------------------------
Profit (loss) before taxes (321) (166)
---------------------------------------------------------------
Prepaid income tax (1) (7)
---------------------------------------------------------------

---------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (322) (173)
---------------------------------------------------------------

---------------------------------------------------------------
Basic earnings per share (Note 10) (0.07) (0.04)
---------------------------------------------------------------
Diluted earnings per share (Note 10) (0.07) (0.04)
---------------------------------------------------------------

---------------------------------------------------------------
Other comprehensive income:
---------------------------------------------------------------
Currency translation differences 10 9
---------------------------------------------------------------

---------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (312) (164)
---------------------------------------------------------------



The planned time of publishing of interim report of the second quarter 2013 is
week 34 (19-23 Augugst 2013)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION









th EUR 31.03.2013 31.12.2012 31.03.2012
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash and bank 137 158 204
----------------------------------------------------------------------------
Receivables and prepayments (Note 1) 1,925 1,792 2,126
----------------------------------------------------------------------------
Inventories (Note 2) 3,347 3,303 3,336
----------------------------------------------------------------------------
Total current assets 5,409 5,253 5,666
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Investment property (Note 3) 185 185 185
----------------------------------------------------------------------------
Tangible fixed assets (Note 4) 9,896 10,010 10,471
----------------------------------------------------------------------------
Intangible fixed assets (Note 5) 21 23 15
----------------------------------------------------------------------------
Total fixed assets 10,102 10,218 10,671
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TOTAL ASSETS 15,511 15,471 16,337
----------------------------------------------------------------------------

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

----------------------------------------------------------------------------
Debt obligations (Note 6) 1,444 1,845 1,519
----------------------------------------------------------------------------
Payables and prepayments (Note 7) 2,324 1,923 2,552
----------------------------------------------------------------------------
Short-term provisions (Note 8) 9 12 8
----------------------------------------------------------------------------
Total current liabilities 3,777 3,780 4,079
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Non-current debt obligations (Note 6) 4,328 3,973 4,490
----------------------------------------------------------------------------
Non-current provisions (Note 8) 236 236 239
----------------------------------------------------------------------------
Total non-current liabilities 4,564 4,209 4,729
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Total liabilities 8,341 7,989 8,808
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Share capital at nominal value (Note 9) 2,699 2,699 2,699
----------------------------------------------------------------------------
Issue premium 364 364 364
----------------------------------------------------------------------------
Statutory capital reserve 288 288 288
----------------------------------------------------------------------------
Currency translation (11) (21) (2)
----------------------------------------------------------------------------
Retained profits 4,152 4,353 4,353
----------------------------------------------------------------------------
Net profit (loss) for the year (Note 10) (322) (201) (173)
----------------------------------------------------------------------------
Total equity 7,170 7,482 7,529
----------------------------------------------------------------------------

----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 15,511 15,471 16,337
----------------------------------------------------------------------------



The planned time of publishing of interim report of the second quarter 2013 is
week 34 (19-23 August 2013).






CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME







th EUR 1st Q 2013 1st Q 2012
---------------------------------------------------------------

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

---------------------------------------------------------------
RETURN ON SALES (Note 11) 4,361 4,559
---------------------------------------------------------------

---------------------------------------------------------------
Cost of production sold (3,841) (3,934)
---------------------------------------------------------------

---------------------------------------------------------------
Gross profit 520 625
---------------------------------------------------------------

---------------------------------------------------------------
Marketing expenses (580) (600)
---------------------------------------------------------------
General administrative expenses (207) (110)
---------------------------------------------------------------
Other income 42 36
---------------------------------------------------------------
Other expenses (41) (50)
---------------------------------------------------------------

---------------------------------------------------------------
Operating profit (loss) (Note 11) (266) (99)
---------------------------------------------------------------
Financial income and financial expenses (55) (67)
---------------------------------------------------------------

---------------------------------------------------------------
Profit (loss) before taxes (321) (166)
---------------------------------------------------------------
Prepaid income tax (1) (7)
---------------------------------------------------------------

---------------------------------------------------------------
NET PROFIT (LOSS) FOR THE PERIOD (322) (173)
---------------------------------------------------------------

---------------------------------------------------------------
Basic earnings per share (Note 10) (0.07) (0.04)
---------------------------------------------------------------
Diluted earnings per share (Note 10) (0.07) (0.04)
---------------------------------------------------------------

---------------------------------------------------------------
Other comprehensive income:
---------------------------------------------------------------
Currency translation differences 10 9
---------------------------------------------------------------

---------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME (312) (164)
---------------------------------------------------------------

The planned time of publishing of interim report of the second quarter 2013 is
week 34 (19.-23. August 2013)






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


1. Skano 2013 1Q vahearuanne ENG.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=433122)

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