On 30 June 2020, the Supervisory Council of AS Nordic Fibreboard has approved
the company's 2019 audited annual report.
OVERVIEW OF OPERATING RESULTS
Revenue and operating results
Nordic Fibreboard recorded positive EBITDA of EUR 325 thousand for full year 2019
from continuing operations (vs positive EUR 428 thousand in 2018 from continuing
operations). 2019 full year EBITDA includes one-off profit EUR 327 thousand from
revaluation of investment property, whereas 2018 EBITDA included one-off
expenses of increase provision reserves by EUR 25 thousand. Fibreboard
profitability was substantially reduced due to the higher cost of its main raw
material, woodchips and to leakages in one of its driers, which resulted in
substantial higher consumption of energy during fourth quarter. Furniture retail
EBITDA became even more negative compared to the closure of stores.
Net loss for full-year 2019 was EUR 1 127 thousand from continuing operations
(2018: loss of EUR 360 thousand from continuing operations). Consolidated net
sales for 2019 were EUR 13.33 million from continuing operations, being a 6%
increase compared to 2018 (2018: EUR 12.53 million from continuing operations).
Fibreboard activities showed sales of EUR 11.75 million in 2019, this being 7%
sales increase from previous year, when sales was EUR 11.01 million, due to
securing new customers in display board and door core segments. We recorded
sales increase in emerging markets in Asia and Africa while also continuing
sales growth in EU due to securing new customers. Finland, our largest market,
continued to experience sales decline despite Nordic Fibreboard keeping its
market share within soft density fibreboard segment, thus reflecting the growth
of other materials for use in the construction sector, mainly in new build of
apartment.
Prior to the sale on 5 September 2019 of our furniture wholesale company Skano
Furniture Factory, sales in this unit were EUR 1.22 million, compared to the full
year 2018 sales of EUR 2.27 million. This report considers the wholesale of
furniture as a discontinued operations.
Furniture retail sales decreased by 1% compared to 2018 (from EUR 1.54 million to
EUR 1.52 million). Sales dropped because Pärnu mnt salon in Tallinn, Tartu, Riga
and Vilnius stores were closed in the second half of 2019. Furniture retail for
2019 were therefore negative EBITDA EUR 200 thousand (2018 result was negative
EBITDA of EUR 104 thousand).
GROUP'S REVENUE BY ACTIVITY
EUR thousand | % of net sales |
---------+--------+------+---------+
2019 | 2018 2019 | 2018
--------------------------------------------+--------+------+----------
Continued operations | | |
--------------------------------------------+--------+------+----------
Fibreboards production and sales 11,745 | 11,007 | 81% | 74%
--------------------------------------------+--------+------+----------
Furniture retail 1,515 | 1,536 | 10% | 10%
--------------------------------------------+--------+------+----------
Real Estate Management 111 | 0 | 1% | 0%
--------------------------------------------+--------+------+----------
Group transactions (38) | (15) | (0%) | (0%)
--------------------------------------------+--------+------+----------
Total 13,333 | 12,528 | 92% | 85%
| | |
--------------------------------------------+--------+------+----------
Discontinued operations 1,215 | 2,270 | 8% | 15%
--------------------------------------------+--------+------+----------
--------------------------------------------+---------------+----------
TOTAL 14,548 | 14,797 100% | 100%
--------------------------------------------+---------------+----------
GROUP'S REVENUE BY regions
EUR thousand | % of net sales |
---------+--------+------+----------+
thousand EUR 2019 | 2018 | 2019 | 2018
-----------------------------------+--------+------+-----------
European Union 10,244 | 9,820 | 70% | 67%
-----------------------------------+--------+------+-----------
Russia 1,545 | 1,531 | 11% | 10%
-----------------------------------+--------+------+-----------
Asia 544 | 294 | 4% | 2%
-----------------------------------+--------+------+-----------
Africa 523 | 168 | 4% | 1%
-----------------------------------+--------+------+-----------
Other 245 | 403 | 2% | 3%
-----------------------------------+--------+------+-----------
Middle East 232 | 312 | 1% | 2%
-----------------------------------+--------+------+-----------
TOTAL 13,333 | 12,528 | 92% | 85%
| | |
-----------------------------------+--------+------+-----------
Discontinued operations 1,215 | 2,270 | 8% | 15%
-----------------------------------+--------+------+-----------
-----------------------------------+---------------+-----------
TOTAL 14,548 | 14,797 100% | 100%
-----------------------------------+---------------+-----------
The Group's total sales have seen increases in some markets, such as European
Union, Asia and Africa, while we recorded substantial sales decline in Middle
East.
THE GROUP'S PROFIT/LOSS BY SEGMENTS
EUR thousand 2019 | 2018
---------------------------------------------+--------
Continued operations |
---------------------------------------------+--------
EBITDA by business units: |
---------------------------------------------+--------
Fibreboards production and sales 68 | 280
---------------------------------------------+--------
Furniture retail (200) | (104)
---------------------------------------------+--------
Real Estate Management 352 | 0
---------------------------------------------+--------
Group transactions 105 | 252
---------------------------------------------+--------
TOTAL EBITDA 325 | 428
---------------------------------------------+--------
Depreciation (668) | (558)
---------------------------------------------+--------
TOTAL OPERATING PROFIT/ LOSS (343) | (130)
---------------------------------------------+--------
Net financial costs (784) | (228)
---------------------------------------------+--------
Income tax 0 | (2)
---------------------------------------------+--------
NET PROFIT/ LOSS (1,127) | (360)
|
---------------------------------------------+-------+
Discontinued operations (271) | (532) |
---------------------------------------------+-------+
---------------------------------------------+--------
TOTAL (1,398) | (891)
---------------------------------------------+--------
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.12.2019 the total assets of Nordic Fibreboard AS were EUR 9.1 million
(31.12.2018: EUR 10.3 million). The liabilities of the company as of 31.12.2019
were EUR 7.5 million (31.12.2018: EUR 7.4 million), of which Nordic Fibreboard has
borrowings of EUR 4.6 million as at 31.12.2019 (31.12.2018: EUR 4.8 million).
Receivables and prepayments amounted to EUR 1.4 million as at 31.12.2019
(31.12.2018: EUR 1.1 million). Inventories were EUR 0.9 million as of 31.12.2019
(31.12.2018: EUR 2.3 million). Financial investments (ie Trigon Property
Development shares) decreased from EUR 422 thousand as at 31.12.2018 to EUR 397
thousand as at 31.12.2019. Real Estate Investments were EUR 1.12 million
(31.12.2018: EUR 0.18 million), property, plant, equipment and intangibles were EUR
5.2 million as of 31.12.2019 (EUR 6.3 million as of 31.12.2018).
In 2019, the Group's cash flows from operating activities totalled EUR 516
thousand EUR (2018: EUR 507 thousand). Investment activities resulted in cash
outflows in amount of EUR 153 thousand in 2019, compared to outflows in amount EUR
275 thousand in 2018. Financing activities also resulted in cash outflows of EUR
410 thousand in 2019 (2018: EUR outflow 252 thousand). Net cash effect in 2019 EUR
was negative 47 thousand, which is more negative compared to the 2018 outflows
of EUR 20 thousand.
In 2019, investments in non-current assets totalled EUR 133 thousand. In 2018, the
investments totalled EUR 270 thousand.
Performance of business units
NORDIC FIBREBOARD Ltd
Fibreboard sales for 2019 were EUR 11.75 million, which is 7% more than in 2018
(2018: EUR 11.01 million). We sold our products to customers in 39 countries
during the year 2019. Sales growth in the EU were mainly driven by securing new
customers in both the display board and the door core segments. Sales to Russia
showed a modest increase in 2019, reflecting the slight increase in business
confidence and business activity in that market. Middle East markets continue to
experience subdued economic environment. In Asia we secured new customers in new
countries, and in Africa we benefitted from a loss of a key competitor.
Fibreboard recorded EBITDA of EUR 68 thousand for full year 2019 (2018: EUR 280
thousand), the reduced profitability in 2019 compared to 2018 were due to extra
start-up costs being incurred as a result of working with new products for
customers in the door core and display board segment, as well as the
aforementioned increase in energy costs due to leakage in one of our driers.
THE SALES OF NORDIC FIBREBOARD LTD BY REGION
EUR thousand % of net sales
| |
2019 | 2018 2019 | 2018
--------------------------+--------+------+----------
European Union 8,656 | 8,297 | 74% | 75%
--------------------------+--------+------+----------
Russia 1,545 | 1,531 | 13% | 14%
--------------------------+--------+------+----------
Asia 544 | 294 | 5% | 3%
--------------------------+--------+------+----------
Africa 523 | 168 | 4% | 2%
--------------------------+--------+------+----------
Middle East 232 | 312 | 2% | 3%
--------------------------+--------+------+----------
Other 245 | 404 | 2% | 4%
--------------------------+--------+------+----------
Total 11,745 | 11,007 | 100% | 100%
Interior finishing boards
Interior finishing boards are 100% produced under Isotex brand. Interior
finishing boards are made of natural softboard, which is produced in Pärnu
fibreboard factory's main production line and the boards have milled tenons and
the surface is covered with paper or textile. This technology enables to produce
boards of different colours and patterns.
General construction boards
Wind-protection boards and boards for door cores are the largest product groups
at Pärnu softboard factory. The main product group of Püssi fibreboard factory
is boards for the pin board segment, which Nordic Fibreboard sells across
several continents.
SKANO FURNITURE FACTORY: FURNITURE PRODUCTION AND WHOLESALE
On 05.09.2019 Nordic Fibreboard AS sold its subsidiary Skano Furniture Factory
OÜ, thereby ending its production and wholesale of furniture. Nordic Fibreboard
AS became the mother direct company of Skano Furniture OÜ after the sale of the
Skano Furniture Factory OÜ. The main activity of Skano Furniture OÜ is retail of
own products and furniture of third-party furniture in the Baltics. Skano
Furniture Factory business activity was producing and wholesale of handmade
furniture of solid wood. Skano Furniture Factory factory was located in Pärnu.
Prior to the sale on 5 September 2019 of our furniture wholesale company Skano
Furniture Factory, sales in this unit were with intra-group transactions EUR 1.07
million, compared to the full 2018 sales of EUR 3.01 million. EBITDA for 2018
until 05.09.2019, was negative EUR 176 thousand (negative EUR 334 thousand for full-
year 2018).
The sales of the furniture factory by country
EUR thousand % of net sales
| |
2019 | 2018 2019 | 2018
--------------------------+-------+------+----------
Russia 627 | 1,217 | 36% | 40%
--------------------------+-------+------+----------
Finland 335 | 798 | 20% | 27%
--------------------------+-------+------+----------
Skano Retail 476 | 733 | 28% | 24%
--------------------------+-------+------+----------
Other countries 265 | 258 | 16% | 9%
--------------------------+-------+------+----------
Total 1,703 | 3,006 | 100% | 100%
SKANO FURNITURE: RETAIL SALES
Retail business was operated by a subsidiary Skano Furniture OÜ and its
subsidiaries in Latvia and Lithuania. As of 31.12.2019 there were two stores
left, one store in Tallinn and one store in Pärnu, both stores were closed
31.01.2020. Latvian and Lithuanian stores were closed 30.09.2019. The closure of
these stores meant that the group was leaving the furniture retail sector.
Furniture retail sales 2019 decreased by 1% compared to 2018 (from EUR 1.54
million to EUR 1.52 million).
RETAIL SALES BY COUNTRY
EUR thousand % of net sales Number of stores
| | |
2019 | 2018 2018 | 2017 31.12.2019 | 31.12.2018
---------------------+-------+------+---------+------------+------------
Estonia 1,152 | 962 | 76% | 63% | 2 | 4
---------------------+-------+------+---------+------------+------------
Latvia* 137 | 272 | 9% | 18% | 0 | 1
---------------------+-------+------+---------+------------+------------
Lithuania* 226 | 302 | 15% | 20% | 0 | 1
---------------------+-------+------+---------+------------+------------
Total 1,515 | 1,536 | 100% | 100% | 2 | 6
* Latvian and Lithuanian stores were closed on 30.09.2019.
Total Furniture operations EBITDA for 2019 was negative EUR 200 thousand (in 2018
negative EUR 104 thousand).
FORECAST AND DEVELOPMENT
Nordic Fibreboard Ltd
In Fibreboard, we are pushing for sales of our various applications which have
more global reach than our traditional sales of windboards and insulation boards
sold mainly in our traditional markets of Finland, Russia and Estonia. The
industrial segment offers more potential as customers are becoming more
conscious of using environmentally friendly materials, such as our fibreboards.
We see further upside potential in sales growth of display boards, especially in
the dynamic Asian market.
Pärnu Riverside Development
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
FINANCIAL RATIOS
EUR thousand
| |
Income statement | 2019 | 2018
------------------------------------+------------+------------
Revenue | 13,333 | 12,528
------------------------------------+------------+------------
EBITDA | 325 | 428
------------------------------------+------------+------------
EBITDA margin | 2% | 3%
------------------------------------+------------+------------
Operating profit | (343) | (130)
------------------------------------+------------+------------
Operating margin | (3%) | (1%)
------------------------------------+------------+------------
Net profit | (1,127) | (360)
------------------------------------+------------+------------
Net margin | (8%) | (3%)
| |
-------------------------------------------------+------------
Discontinued operations (271) | (532)
-------------------------------------------------+------------
------------------------------------+------------+------------
TOTAL NET PROFIT | (1,398) | (891)
------------------------------------+------------+------------
| |
Statement of financial position | 31.12.2019 | 31.12.2018
------------------------------------+------------+------------
Total assets | 9,045 | 10,307
------------------------------------+------------+------------
Return on assets | (12%) | (3%)
------------------------------------+------------+------------
Equity | 1,542 | 2,901
------------------------------------+------------+------------
Return on equity | (73%) | (12%)
------------------------------------+------------+------------
Debt-to-equity ratio | 83% | 72%
| |
| |
Share | 31.12.2019 | 31.12.2018
------------------------------------+------------+------------
Last Price* | 0.41 | 0.36
------------------------------------+------------+------------
Earnings per share | (0.31) | (0.20)
------------------------------------+------------+------------
Price-earnings ratio | (1.32) | (1.81)
------------------------------------+------------+------------
Book value of a share | 0.34 | 0.64
------------------------------------+------------+------------
Market to book ratio | 1.20 | 0.56
------------------------------------+------------+------------
Market capitalization, EUR thousand | 1,845 | 1,611
------------------------------------+------------+------------
Number of shares, piece | 4,499,061 | 4,499,061
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 = Last price / Earnings per share
Book value of a share = Equity / Total shares
Market to book ratio = Last price / Book value of a share
Market capitalization = Last price * Total number of shares
*http://www.nasdaqbaltic.com/
Consolidated statement of financial position
| | |
EUR thousand | 31.12.2019 | 31.12.2018 |
-----------------------------------------------+------------+------------+
Cash and cash equivalents | 7 | 54 |
-----------------------------------------------+------------+------------+
Receivables and prepayments (Note 5) | 1,394 | 1,142 |
-----------------------------------------------+------------+------------+
Inventories (Note 6) | 894 | 2,255 |
-----------------------------------------------+------------+------------+
Total current assets | 2,296 | 3,452 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
Investment property (Note 7) | 1,121 | 175 |
-----------------------------------------------+------------+------------+
Available-for-sale financial assets (Note 9) | 397 | 422 |
-----------------------------------------------+------------+------------+
Property, plant and equipment (Note 8) | 5,212 | 6,223 |
-----------------------------------------------+------------+------------+
Intangible assets (Note 8) | 19 | 34 |
-----------------------------------------------+------------+------------+
Total non-current assets | 6,749 | 6,855 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
TOTAL ASSETS | 9,045 | 10,307 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
Borrowings (Notes 10) | 4,547 | 662 |
-----------------------------------------------+------------+------------+
Payables and prepayments (Notes 11) | 2,665 | 2,418 |
-----------------------------------------------+------------+------------+
Short-term provisions (Note 12) | 20 | 15 |
-----------------------------------------------+------------+------------+
Total current liabilities | 7,232 | 3,095 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
Long-term borrowings (Notes 10) | 92 | 4,102 |
-----------------------------------------------+------------+------------+
Long-term provisions (Note 12) | 179 | 210 |
-----------------------------------------------+------------+------------+
Total non-current liabilities | 271 | 4,311 |
-----------------------------------------------+------------+------------+
Total liabilities | 7,503 | 7,406 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
Share capital (at nominal value) (Note 13) | 2,699 | 2,699 |
-----------------------------------------------+------------+------------+
Share premium | 364 | 364 |
-----------------------------------------------+------------+------------+
Statutory reserve capital | 288 | 288 |
-----------------------------------------------+------------+------------+
Other reserves | 84 | 45 |
-----------------------------------------------+------------+------------+
Retained earnings (loss) | (1,894) | (496) |
-----------------------------------------------+------------+------------+
Total equity (Note 13) | 1,542 | 2,901 |
-----------------------------------------------+------------+------------+
| | |
-----------------------------------------------+------------+------------+
TOTAL LIABILITIES AND EQUITY | 9,045 | 10,307 |
*The notes to the financial statements presented on pages 25 to 72 are an
integral part of these consolidated financial statements.
Consolidated statement of profit or loss and other comprehensive income
EUR thousand | 2019| 2018
--------------------------------------------------------------+-------+------
Continued operations | |
--------------------------------------------------------------+-------+------
Revenue (Note 24) | 13,333|12,528
--------------------------------------------------------------+-------+------
Cost of goods sold (Note 15) | 11,538|10,479
--------------------------------------------------------------+-------+------
Gross profit | 1,796| 2,049
--------------------------------------------------------------+-------+------
| |
--------------------------------------------------------------+-------+------
Distribution costs (Note 16) | 1,698| 1,898
--------------------------------------------------------------+-------+------
Administrative expenses (Note 17) | 658| 498
--------------------------------------------------------------+-------+------
Other operating income (Note 19) | 351| 14
--------------------------------------------------------------+-------+------
Other operating expenses (Note 20) | 134| 89
--------------------------------------------------------------+-------+------
Operating loss | (343)| (422)
--------------------------------------------------------------+-------+------
| |
--------------------------------------------------------------+-------+------
Finance income (Note 21) | 19| 22
--------------------------------------------------------------+-------+------
Finance costs (Note 21) | 803| 243
--------------------------------------------------------------+-------+------
LOSS BEFORE INCOME TAX |(1,127)| (643)
--------------------------------------------------------------+-------+------
Corporate income tax | 0| 2
--------------------------------------------------------------+-------+------
| |
--------------------------------------------------------------+-------+------
NET LOSS FOR THE FINANCIAL YEAR FROM CONTINUING OPERATIONS |(1,127)| (645)
--------------------------------------------------------------+-------+------
| |
--------------------------------------------------------------+-------+------
Net loss for the financial year from discontinuing operations| (271)| (246)
--------------------------------------------------------------+-------+------
NET LOSS FOR THE FINANCIAL YEAR |(1,398)| (891)
--------------------------------------------------------------+-------+------
| |
--------------------------------------------------------------+-------+------
Basic earnings per share (Note 14) | (0,31)|(0,20)
--------------------------------------------------------------+-------+------
Diluted earnings per share (Note 14) | (0,30)|(0,20)
+-------+------
*The notes to the financial statements presented on pages 25 to 72 are an
integral part of these consolidated financial statements.
Consolidated statement of cash flows
EUR thousand | 2019| 2018
-----------------------------------------------------------------+-----+-------
Cash flows from operating activities | |
-----------------------------------------------------------------+-----+-------
Operating profit (loss) |(343)| (423)
-----------------------------------------------------------------+-----+-------
Adjustments: | |
-----------------------------------------------------------------+-----+-------
Depreciation charge (Notes 7; 8) | 669| 558
-----------------------------------------------------------------+-----+-------
Profit from revalution of real estate investment (Note 7) |(327)| 0
-----------------------------------------------------------------+-----+-------
Loss from disposal of non-current asset | 2| 0
-----------------------------------------------------------------+-----+-------
Non-monetary transactions: reserve for share option | 39| 37
-----------------------------------------------------------------+-----+-------
Loss from disposal of available-for-sale financial assets | |
(Notes 9; 21) | 25| 2
-----------------------------------------------------------------+-----+-------
Expenses of doubtful receivables | 1| 0
-----------------------------------------------------------------+-----+-------
Change in trade and other receivables (Note 5) |(651)|(1,532)
-----------------------------------------------------------------+-----+-------
Change in inventories (Note 6) | 581| 83
-----------------------------------------------------------------+-----+-------
Change in trade and other payables (Note 11) | 617| 653
-----------------------------------------------------------------+-----+-------
Discontinued operations | 131| 1,374
-----------------------------------------------------------------+-----+-------
| |
-----------------------------------------------------------------+-----+-------
Cash generated from operations | 744| 752
-----------------------------------------------------------------+-----+-------
Interest payments (Note 21) |(221)| (240)
-----------------------------------------------------------------+-----+-------
Corporate income tax paid | 0| (2)
-----------------------------------------------------------------+-----+-------
Net other financial income and expense (Note 21) | (7)| (3)
-----------------------------------------------------------------+-----+-------
Net cash generated from operating activities | 516| 507
-----------------------------------------------------------------+-----+-------
| |
-----------------------------------------------------------------+-----+-------
Cash flows from investing activities | |
-----------------------------------------------------------------+-----+-------
Purchase of property, plant and equipment and intangible assets | |
(Notes 8) |(133)| (30)
-----------------------------------------------------------------+-----+-------
Purchase of real estate investment (Note 7) | (20)| (5)
-----------------------------------------------------------------+-----+-------
Acquisition of available-for-sale financial assets (Note 9) | 0| (240)
-----------------------------------------------------------------+-----+-------
Net cash used in investing activities |(153)| (275)
-----------------------------------------------------------------+-----+-------
| |
-----------------------------------------------------------------+-----+-------
Cash flows from financing activities | |
-----------------------------------------------------------------+-----+-------
Repayment of loans received (Note 10) |(306)| (246)
-----------------------------------------------------------------+-----+-------
Loans received from related parties (Note 10) | 304| 120
-----------------------------------------------------------------+-----+-------
Repayment of loans received from related parties (Note 10) |(284)| (120)
-----------------------------------------------------------------+-----+-------
Finance lease payments | (96)| 0
-----------------------------------------------------------------+-----+-------
Change in overdraft (Note 10) | (28)| 137
-----------------------------------------------------------------+-----+-------
Change in factoring (Note 10) | 0| (143)
-----------------------------------------------------------------+-----+-------
Net cash (used in)/from financing activities |(410)| (252)
-----------------------------------------------------------------+-----+-------
| |
-----------------------------------------------------------------+-----+-------
NET CHANGE IN CASH | (47)| (20)
-----------------------------------------------------------------+-----+-------
Effect of exchange rate changes on cash and cash equivalents | 0| 0
-----------------------------------------------------------------+-----+-------
OPENING BALANCE OF CASH | 54| 74
-----------------------------------------------------------------+-----+-------
CLOSING BALANCE OF CASH | 7| 54
*The notes to the financial statements presented on pages 25 to 72 are an
integral part of these consolidated financial statements.
Consolidated statement of changes in equity
| | | Statutory | | |
| Share | Share | reserve | Other | Retained |
EUR thousand | capital | premium | capital | reserves | earnings | Total
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
31.12.2017 | 2,699| 364| 288| 9| 393| 3,753
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Share options | | | | | |
12M 2018 | 0| 0| 0| 37| 0| 37
-----------------+---------+---------+-----------+----------+----------+-------
Other changes | 0| 0| 0| 0| 2| 2
-----------------+---------+---------+-----------+----------+----------+-------
Net profit/loss | | | | | |
for 12M 2018 | 0| 0| 0| 0| (891)| (891)
-----------------+---------+---------+-----------+----------+----------+-------
Other | | | | | |
comprehensive | | | | | |
income for | | | | | |
12M 2018 | 0| 0| 0| 0| 0| 0
-----------------+---------+---------+-----------+----------+----------+-------
Total | | | | | |
comprehensive | | | | | |
profit/loss for | | | | | |
12M 2018 | 0| 0| 0| 0| (891)| (891)
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
31.12.2018 | 2,699| 364| 288| 45| (496)| 2,901
-----------------+---------+---------+-----------+----------+----------+-------
| | | | | |
-----------------+---------+---------+-----------+----------+----------+-------
Share options | | | | | |
12M 2019 | 0| 0| 0| 39| 0| 39
-----------------+---------+---------+-----------+----------+----------+-------
Net profit/loss | | | | | |
for 12M 2019 | 0| 0| 0| 0| (1,398)|(1,398)
-----------------+---------+---------+-----------+----------+----------+-------
Other | | | | | |
comprehensive | | | | | |
income for | | | | | |
12M 2019 | 0| 0| 0| 0| 0| 0
-----------------+---------+---------+-----------+----------+----------+-------
Total | | | | | |
comprehensive | | | | | |
profit/loss for | | | | | |
12M 2019 | 0| 0| 0| 0| (1,398)|(1,398)
-----------------+---------+---------+-----------+----------+----------+-------
Balance at | | | | | |
31.12.2019 | 2,699| 364| 288| 84| (1,894)| 1,542
+---------+---------+-----------+----------+----------+-------
* More detailed information about share capital is disclosed in Note 13.
*The notes to the financial statements presented on pages 25 to 72 are an
integral part of these consolidated financial statements.
PROPOSAL FOR COVERING OF LOSS
| EUR thousand |
---------------------------------------------------------+------------+
Retained earnings at 31.12.2018 | (496) |
---------------------------------------------------------+------------+
Net loss in 2019 | (1,398) |
---------------------------------------------------------+------------+
Statutory capital reserve | 288 |
---------------------------------------------------------+------------+
Issue premium | 364 |
---------------------------------------------------------+------------+
Retained earnings / (accumulated losses) at 31.12.2019 | (1,242) |
The audited Annual Report of Nordic Fibreboard AS for 2019 is available on
issuer's home page www.nordicfibreboard.com (http://www.nordicfibreboard.com) .
Torfinn Losvik
CEO & Chairman of the Management Board
Phone: + 372 56 99 09 88
E-mail: torfinn.losvik@nordicfibreboard.com
|