Baltic States – CIS, Estonia, Markets and Companies, Woodwork

Skano said that the company's two main markets, Finland and Russia were still weak. Sales to Finland amounted to 2.076 million euros in the first quarter of this year versus 2.181 mln euros at the same time last year; it formed 40.6% of the company's total sales. Sales to Russia however fell from 1.275 mln euros to 773,000 euros and it forms now 15.1% of all sales versus 23.8% a year ago. Sales in Estonia grew from 679,000 to 792,000 euros.

At the same time, consolidated EBITDA amounted to 253 thousand euros (EBITDA 100 thousand euros in Q1 2014).

The group’s gross margin in the first quarter of 2015 was 23% compared to 15% in the first quarter of 2014. Consolidated operating profit amounted to 36 thousand euros (operating loss 125 thousand euros from main activities in same period 2014). The consolidated operating margin of net sales was 0.7% (-2.3% from main activities in Q1 2014).

Consolidated net loss amounted to 39 thousand euros (compared to net loss 186 thousand euros in Q1 2014), and the net margin was –0.8% (-3.5% in Q1 2014).