The Supervisory Board of Nordic Fibreboard AS approved on30th of April 2024 the
audited annual report for the year 2023. The supervisory board decided to
present the annual report and profit allocation proposal as prepared by the
management for the approval of the general meeting of shareholders.
OVERVIEW OF OPERATING RESULTS
Consolidated net sales for 2023 were EUR 7.71 million, which is a decrease of 30%
compared to 2022 sales of EUR 11.07 million. The sales revenue from the production
of fibreboard was EUR 7.66 million in 2023 (2022: EUR 11.04 million). ). The main
reason behind the decrease in sales revenue compared to 2022 was termination of
deliveries to a major customer in Denmark and along with global economic
uncertainty affecting both end-users and industrial-oriented business customers.
The sales revenue in 2023 from real estate management was EUR 47 thousand (2022: EUR
39 thousand).
The consolidated EBITDA of Nordic Fibreboard AS for 2023 was EUR 0.58 million
(2022: EUR 1.73 million). EBITDA margin was 8% in 2023, down 8 percentage points
from 2022 (2022: 16%). The 2023 EBITDA does not include extraordinary other
operating expenses but includes a one-time income of EUR 404 thousand from the
revaluation of the real estate investment in Pärnu Riverside Development OÜ and
Nordic Fibreboard Ltd OÜ (In 2022, income from revaluation of real estate
investment was 697 thousand euros in Pärnu Riverside Development OÜ). However,
the Group's gross margin fell from 23% for full year 2022 to 18% for full year
2023, the main reason for the decline in the gross margin was a significant
increase in the prices of the company`s input costs and a decrease in sales
volumes.
The consolidated net loss of Nordic Fibreboard AS for 2023 was EUR 0.68 million
(2022: net profit EUR 1.23 million). The net loss of 2023 included the loss from
the revaluation of the shares of Trigon Property Development AS (TPD) owned by
Nordic Fibreboard Ltd in the amount of EUR 153 thousand, the net profit of 2022
included EUR 129 thousand of dividends from the shares of Trigon Property
Development AS.
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |31.12.2023|31.12.2022
---------------------------------------------------------+----------+----------
Cash and cash equivalents | 7| 2
---------------------------------------------------------+----------+----------
Receivables and prepayments (Note 5) | 534| 559
---------------------------------------------------------+----------+----------
Inventories (Note 6) | 728| 1,672
---------------------------------------------------------+----------+----------
Total current assets | 1,269| 2,233
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
Investment property (Note 7) | 2,269| 1,859
---------------------------------------------------------+----------+----------
Financial assets at fair value through profit or loss | |
(Note 9) | 491| 644
---------------------------------------------------------+----------+----------
Property, plant and equipment (Note 8) | 4,475| 4,670
---------------------------------------------------------+----------+----------
Intangible assets (Note 8) | 1| 2
---------------------------------------------------------+----------+----------
Total non-current assets | 7,236| 7,175
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
TOTAL ASSETS | 8,505| 9,408
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
Borrowings (Notes 10) | 556| 290
---------------------------------------------------------+----------+----------
Payables and prepayments (Notes 11) | 756| 1,014
---------------------------------------------------------+----------+----------
Short-term provisions (Note 12) | 21| 18
---------------------------------------------------------+----------+----------
Total current liabilities | 1,333| 1,322
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
Long-term borrowings (Notes 10) | 2,659| 2,875
---------------------------------------------------------+----------+----------
Long-term provisions (Note 12) | 111| 127
---------------------------------------------------------+----------+----------
Total non-current liabilities | 2,770| 3,002
---------------------------------------------------------+----------+----------
Total liabilities | 4,103| 4,324
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
Share capital (at nominal value) (Note 13) | 450| 450
---------------------------------------------------------+----------+----------
Statutory reserve capital | 45| 45
---------------------------------------------------------+----------+----------
Retained earnings | 3,907| 4,589
---------------------------------------------------------+----------+----------
Total equity | 4,402| 5,084
---------------------------------------------------------+----------+----------
| |
---------------------------------------------------------+----------+----------
| | 9,408
| |
TOTAL LIABILITIES AND EQUITY | 8,505|
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMREHENSIVE INCOME
EUR thousand | 2023 | 2022
-------------------------------------------+--------+--------
Revenue (Note 22) | 7,704 | 11,074
-------------------------------------------+--------+--------
Cost of goods sold (Note 15) | 6,810 | 9,024
-------------------------------------------+--------+--------
Gross profit | 894 | 2,050
-------------------------------------------+--------+--------
| |
-------------------------------------------+--------+--------
Distribution costs (Note 16) | 673 | 1,112
-------------------------------------------+--------+--------
Administrative expenses (Note 17) | 514 | 424
-------------------------------------------+--------+--------
Other operating income (Note 19) | 404 | 730
-------------------------------------------+--------+--------
Other operating expenses (Note 20) | 427 | 9
-------------------------------------------+--------+--------
Operating profit (loss) | (316) | 1,235
-------------------------------------------+--------+--------
| |
-------------------------------------------+--------+--------
Finance income (Note 21) | 0 | 129
-------------------------------------------+--------+--------
Finance costs (Note 21) | 366 | 130
-------------------------------------------+--------+--------
Profit (loss) before income tax | (682) | 1,234
-------------------------------------------+--------+--------
| |
-------------------------------------------+--------+--------
NET PROFIT (LOSS) FOR THE FINANCIAL YEAR | (682) | 1,234
-------------------------------------------+--------+--------
| |
-------------------------------------------+--------+--------
Basic earnings per share (Note 14) | (0.15) | 0.27
-------------------------------------------+--------+--------
Diluted earnings per share (Note 14) | (0.15) | 0.27
A copy of Nordic Fibreboard AS audited annual report for 2023 is attached to the
announcement and is also published on NASDAQ Tallinn and Nordic Fibreboard web
page (https://group.nordicfibreboard.com/en/investor/financial-reports/annual-
reports (https://www.globenewswire.com/Tracker?data=U0yi7xiinAm-
N1fVcxHujZH6UQVWaTPL9fKoSVovP13TVdsrle-Ssjqt-
SE4FJZkYCilOC0fgxtSHXlpYXPkwdTYWdec66pKv0EfqaymjEGIhLYeHumn-LxnN-
XgPc_FlPIQnTU_m_OlHSn1oxLR_XzvBksZi6_rW56IBi2JLtSjKToNqzJMcrj73JR76WoVz7pufTaDIN
XQkS2NQedWtPgkoU-HLQq6MhBxgNIEYRwGlD1ryddVhIQRZGD-u2HG)).
The ESEF-compliant machine-readable annual report is generated only in Estonian
language.
Enel Äkke
Member of the Management Board
Phone: + 372 55 525550
E-mail: enel.akke@nordicfibreboard.com
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