Market announcement
Nordic Fibreboard AS
LEI code
54930002HOIXBD15OM06
Size of the entity
Small group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10775
Attachments
Submission date and time
30.11.2023 10:32:20
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2023. aasta III kvartali auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2023. aasta 3. kvartalis
1,79 miljonit eurot (2022 3. kvartalis 2,79 miljonit eurot). Kontserni peamine
tegevusala on puitkiudplaadi tootmine ja hulgimüük, mis toimub Nordic Fibreboard
Ltd OÜ-s ning mille müügitulu 2023. aasta 3. kvartalis oli 1,78 miljonit eurot
(2022. aasta 2. kvartalis 2,78 miljonit eurot). Ülejäänud segmendiks on Pärnus
Suur-Jõe tänaval oleva kinnisvara haldamine läbi ettevõtte Pärnu Riverside
Development OÜ, mille müügitulu 2023. aasta 3. kvartalis oli 11 tuhat eurot
(2022. aasta 3. kvartalis 9 tuhat eurot).
Nordic Fibreboard 2023. aasta 3. kvartali müügitulu langust mõjutab jätkuvalt
ülemaailmne majanduslik ebakindlus, mis on toonud kaasa kindlustunde puudumise
ehitusmaterjalide, sealhulgas Ettevõtte puitkiudplaatide lõpptarbijate seas.
Nordic Fibreboard Ltd müük oli 2023. aasta 3. kvartalis 1,78 miljonit eurot, mis
on 12% langust võrreldes 2023. aasta 2. kvartaliga ning 23% langust võrreldes
2023. aasta 1. kvartaliga, millest on märgata, et müügitulu langus on raugemas.
Nordic Fibreboard konsolideeritud EBITDA oli 2023. aasta 3. kvartalis 238 tuhat
eurot, EBITDA marginaal 13% (2022. aasta 3. kvartali EBITDA 193 tuhat eurot
ning EBITDA marginaal 7%). Võrreldes 2022. aasta 3. kvartaliga tõusis Kontserni
brutomarginaal 19%-lt 2023. aasta 3. kvartalis 27%-le, mis näitab, et Kontserni
2023. aasta 3. kvartali kasumlikkus on võrreldes eelmise aasta sama perioodiga
tõusnud.
2023. aasta 3. kvartali finantskulud olid 79 tuhat eurot, millest 55 tuhat eurot
olid laenuintressikulud ja 24 tuhat eurot kahjum Trigon Property Development
(TPD) aktsiate ümberhindlusest. 2022. aasta 3. kvartali finantstulud ja -kulud
kokku olid 49 tuhat eurot, mis koosnes (TPD) aktsiate ümberhindlusest saadud
kasumist summas 79 tuhat eurot ning laenukohustiste intressikulust summas 30
tuhat eurot.
Kontserni 2023. aasta 3. kvartali konsolideeritud puhaskasum oli 37 tuhat eurot
(2022. aasta 3. kvartalis 117 tuhat eurot).
ÄRIVALDKONDADE ÜLEVAADE
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR
--------------+-------------+---------+---------
III kv 2023 | III kv 2022 | 9k 2023 | 9k 2022
------------------------------+-------------+-------------+---------+---------
Kiudplaadi tootmine ja müük | 1 775 | 2 782 | 6 358 | 9 015
------------------------------+-------------+-------------+---------+---------
Kinnisvara haldamine | 11 | 9 | 34 | 28
------------------------------+-------------+-------------+---------+---------
Kokku | 1 786 | 2 791 | 6 392 | 9 043
Kasum ärisegmentide lõikes
tuh EUR | tuh EUR
------------+-----------+-------+-------
tuh EUR III kv 2023|III kv 2022|9k 2023|9k 2022
----------------------------------------------+-----------+-------+-------
EBITDA ärisegmentide lõikes | | |
----------------------------------------------+-----------+-------+-------
Kiudplaadi tootmine ja müük 246| 201| 383| 1 114
----------------------------------------------+-----------+-------+-------
Kinnisvara haldamine (2)| (6)| (19)| (18)
----------------------------------------------+-----------+-------+-------
Elimineerimine (6)| (2)| (30)| (25)
----------------------------------------------+-----------+-------+-------
Kokku EBITDA 238| 193| 334| 1 071
----------------------------------------------+-----------+-------+-------
Põhivara kulum ja väärtuse langus (122)| (125)| (367)| (372)
----------------------------------------------+-----------+-------+-------
Kokku ÄRIKASUM/-KAHJUM 116| 68| (33)| 699
----------------------------------------------+-----------+-------+-------
Erakorralised kulud 0| 0| (406)| 0
----------------------------------------------+-----------+-------+-------
Neto finantstulud/-kulud (79)| 49| (128)| 149
----------------------------------------------+-----------+-------+-------
PUHASKASUM/-KAHJUM 37| 117| (567)| 848
NORDIC FIBREBOARD LTD OÜ: Kiudplaadi tootmine ja müük
Puitkiudplaadi müügitulu oli 2023. aasta 3. kvartalis 1,78 miljonit eurot (2022.
aasta 3. kvartalis 2,78 miljonit eurot). 2023. aasta 3. kvartalis peamiseks
müügutulu languse põhjuseks, võrreldes 2022. aasta 3. kvartaliga, oli Taani
põhikliendi kaotus, mistõttu kaotati müügist 30% võrreldes 2022. aasta 3.
kvartaliga. Lisaks vähenes 2023. aasta 3. kvartalis müük Soome 50% võrreldes
2022. aasta sama perioodiga. Kuid positiivse uudisena on suudetud taaselustada
suhted endiste ekspordiklientidega ning leitud uusi kliente nii Lähis-Idas kui
ka Euroopa Liidus, näiteks Bulgaarias ja Prantsusmaal. Selle tulemusena on müük
Lähis-Ida, Aasia, Aafrika ja teistesse piirkondadesse 2023. aasta 3. kvartalis,
võrreldes 2022. aasta 3. kvartaliga, parananenud. Müük Euroopa Liidu riikidesse
on 2023. aasta 3. kvartalis, võrreldes 2022. aasta 3. kvartaliga, vähenenud. Kui
aga vaadata Euroopa Liidu riike eraldi, siis müük Rootsi ja Lätti on tõusnud
ning Eesti müük on jäänud samale tasemele.
Puitkiudplaadi segmendi 2023. aasta 3. kvartali EBITDA oli positiivne 246 tuhat
eurot, mis on kvartaalne paranemine võrreldes 2022. aasta 3. kvartali EBITDA-ga
mis oli positiivne 201 tuhat eurot, kuid kui võrrelda 2023 aasta esimese üheksa
kuu EBITDA-d 2022. aasta sama perioodiga, siis on langus 66%. Languse põhjuseks
oli liiga kõrgelt fikseeritud elektrihind, mis sai 2022. aasta lõpus
elektrimüüjaga sõlmitud. Elektrileping lõpetati 31.03.2023 ning uus madalama
hinnaga elektrileping hakkas kehtima 01.04.2023.
KIUDPLAADI MÜÜGITULU GEOGRAAFILISELT
tuh EUR | tuh EUR
+-------------+-------------+---------+
| III kv 2023 | III kv 2022 | 9k 2023 | 9k 2022
---------------+-------------+-------------+---------+---------
Euroopa Liit | 1 537 | 2 723 | 5 855 | 8 425
---------------+-------------+-------------+---------+---------
Lähis-Ida | 68 | 47 | 96 | 73
---------------+-------------+-------------+---------+---------
Aasia | 48 | 0 | 102 | 69
---------------+-------------+-------------+---------+---------
Aafrika | 40 | 0 | 133 | 0
---------------+-------------+-------------+---------+---------
Venemaa | 0 | 0 | 0 | 427
---------------+-------------+-------------+---------+---------
Teised | 82 | 12 | 172 | 21
---------------+-------------+-------------+---------+---------
Kokku | 1 775 | 2 782 | 6 358 | 9 015
Pärnu Riverside Development: kinnisvara haldus
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud ning kinnisvarahaldusest saadud
renditulu oli 2023. aasta 3. kvartalis 11 tuhat eurot (2022. aasta 3. kvartalis
9 tuhat eurot).
Kinnisvarahalduse 2023. aasta 3. kvartali EBITDA oli negatiivne 2 tuhat eurot
ning puhaskahjum 2 tuhat eurot (2022. aasta 3. kvartalis EBITDA negativne 6
tuhat eurot ning puhaskahjum 6 tuhat eurot).
Konsolideeritud finantsseisundi ja rahavoogude aruanne
Seisuga 30.09.2023 olid Nordic Fibreboard AS varad kokku 8,9 miljonit eurot
(30.09.2022: 9,4 miljonit eurot). Kontserni kohustised kokku olid seisuga
30.09.2023 4,4 miljonit eurot (30.09.2022: 4,7 miljonit eurot), milledest
Kontsernil võlgnevusi tarnijatele oli 0,9 miljonit eurot seisuga 30.09.2023
(30.09.2022: 1,0 miljonit eurot) ning laenukohustisi 3,0 miljonit eurot seisuga
30.09.2023 (30.09.2022: 3,1 miljonit).
Nõuded ja ettemaksed olid kokku 0,8 miljonit eurot seisuga 30.09.2023
(30.09.2022: 1,3 miljonit eurot). Varud seisuga 30.09.2023 olid 1,0 miljonit
eurot (30.09.2022 0,9 miljonit eurot). Kontserni põhivara kokku seisuga
30.09.2023 oli 7,1 miljonit eurot (30.09.2022: 6,7 miljonit eurot).
Kontserni äritegevuse tulemuseks 9 kuu jooksul 2023. aastal oli positiivne
rahavoog summas 472 tuhat eurot (2022 9 kuud: positiivne rahavoog summas 617
tuhat eurot). Investeerimistegevuse tulemuseks 2023. aasta 9 kuu jooksul oli
negatiivne rahavoog summas 215 tuhat eurot, mis koosnes tehtud investeeringutest
tootmisvaradesse (2022 9 kuud: väljaminev rahavoog 93 tuhat eurot).
Finantseerimistegevusest liikus 2023. aasta 9 kuu kestel raha kontsernist välja
summas 213 tuhat eurot (2022 9 kuud: väljaminev rahavoog 111 tuhat eurot).
2023. aasta 9 kuu netorahavoo tulemuseks oli positiivne rahavoog summas 44 tuhat
eurot (2022 9 kuud: positiivne rahavoog 413 tuhat eurot).
TULEVIKU VÄLJAVAADE
Nordic Fibreboard Ltd
Üldine nõudluspilt on jätkuvalt keeruline ja lühiajaline väljavaade on ebakindel
makrotegurite, nagu intressimäärade tõus, ülemaailmne majanduslik ebakindlus
ning Ukrainas ja Iisraelis käimasolev sõjad, tulenevate vastumõjude tõttu. Kõik
on toonud kaasa ehitus-/renoveerimisturu aeglustumise ning ehitusmaterjalide
lõpptarbijate kindlustunde puudumise, sealhulgas ettevõtte puitkiudplaatide
kasutuse.
Põhitegevuse poole pealt tegeletakse jätkuvalt ettevalmistustöödega Pärnu tehase
puidukütte baasil oleva katlamaja uuendamiseks, et vastata uutele heitmenõuetele
mis jõustuvad 01.01.2025.
Pärnu Riverside Development
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
Valminud on kinnistu detailplaneering, eesmärgiga muuta kinnistu sihtotstarve
eraelamumaaks.
Finantssuhtarvud
tuh EUR
| | | |
Kasumiaruanne |III kv 2023|III kv 2022| 9k 2023| 9k 2022
---------------------------------+-----------+-----------+----------+----------
Müügitulu | 1 786| 2 791| 6 392| 9 043
---------------------------------+-----------+-----------+----------+----------
EBITDA | 238| 193| 334| 1 071
---------------------------------+-----------+-----------+----------+----------
EBITDA rentaablus | 13%| 7%| 5%| 12%
---------------------------------+-----------+-----------+----------+----------
Ärikasum/-kahjum | 116| 68| (33)| 699
---------------------------------+-----------+-----------+----------+----------
Ärirentaablus | 6%| 2%| (1%)| 8%
---------------------------------+-----------+-----------+----------+----------
Puhaskasum/-kahjum | 37| 117| (567)| 848
---------------------------------+-----------+-----------+----------+----------
Puhasrentaablus | 2%| 4%| (9%)| 9%
| | | |
| | | |
Bilanss | 30.09.2023| 31.12.2022|30.09.2022|31.12.2021
---------------------------------+-----------+-----------+----------+----------
Koguvarad | 8 897| 9 408| 9 389| 8 063
---------------------------------+-----------+-----------+----------+----------
Koguvarade puhasrentaablus | (6%)| 13%| 9%| 15%
---------------------------------+-----------+-----------+----------+----------
Omakapital | 4 517| 5 084| 4 698| 3 850
---------------------------------+-----------+-----------+----------+----------
Omakapitali puhasrentaablus | (13%)| 24%| 18%| 31%
---------------------------------+-----------+-----------+----------+----------
Võlakordaja | 49%| 46%| 50%| 52%
| | | |
| | | |
Aktsia | 30.09.2023| 31.12.2022|30.09.2022|31.12.2021
---------------------------------+-----------+-----------+----------+----------
Aktsia viimane hind (EUR)* | 1,00| 1,60| 1,74| 1,95
---------------------------------+-----------+-----------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,04)| 0,27| 0,18| 0,27
---------------------------------+-----------+-----------+----------+----------
Hind-tulu (PE) suhtarv | (24,78)| 5,83| 9,54| 7,30
---------------------------------+-----------+-----------+----------+----------
Aktsia raamatupidamisväärtus| | | |
(EUR) | 1,00| 1,13| 1,04| 0,86
---------------------------------+-----------+-----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 1,00| 1,42| 1,67| 2,28
---------------------------------+-----------+-----------+----------+----------
Turukapitalisatsioon tuh EUR | 4 499| 7 198| 7 828| 8 773
---------------------------------+-----------+-----------+----------+----------
Aktsiate arv tk | 4 499 061| 4 499 061| 4 499 061| 4 499 061
EBITDA = ärikasum(-kahjum) + kulum
EBITDA rentaablus = EBITDA / müügitulu
Ärirentaablus = ärikasum(-kahjum) / müügitulu
Puhasrentaablus = puhaskasum(-kahjum) / müügitulu
Koguvarade puhasrentaablus = puhaskasum(-kahjum) / koguvarad
Omakapitali puhasrentaablus = puhaskasum(-kahjum) / omakapital
Võlakordaja = kohustised / koguvarad
Puhaskasum(-kahjum) aktsia kohta = jooksva viimase 12 kuu puhaskasum(-kahjum) /
aktsiate arv
Hind-tulu (PE) suhtarv = aktsia viimane hind / jooksva viimase 12 kuu
puhaskasum(-kahjum) aktsia kohta
Aktsia raamatupidamisväärtus = omakapital / aktsiate arv
Turuhinna ja raamatupidamisväärtuse suhe = aktsia viimane hind / aktsia
raamatupidamisväärtus
Turukapitalisatsioon = aktsia viimane hind * aktsiate arv
*http://www.nasdaqbaltic.com/
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
tuh EUR |30.09.2023|31.12.2022|30.09.2022
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid | 46| 2| 470
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 776| 559| 1 345
----------------------------------------------+----------+----------+----------
Varud (Lisa 3) | 971| 1 672| 874
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 793| 2 233| 2 689
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 1 859| 1 859| 1 156
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 7) | 674| 644| 787
----------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 5) | 4 570| 4 670| 4 755
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 1| 2| 2
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 7 104| 7 175| 6 700
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku varad | 8 897| 9 408| 9 389
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 8) | 318| 290| 38
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 1 109| 1 014| 1 410
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 3| 18| 4
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 1 430| 1 322| 1 452
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisa 8) | 2 684| 2 875| 3 094
----------------------------------------------+----------+----------+----------
Pikaajalised võlad ja ettemaksed (Lisa 9) | 139| 0 | 0
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 127| 127| 145
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 2 950| 3 002| 3 239
----------------------------------------------+----------+----------+----------
Kokku kohustised | 4 380| 4 323| 4 691
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 45| 45| 45
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 4 022| 4 589| 4 203
----------------------------------------------+----------+----------+----------
Kokku omakapital | 4 517| 5 084| 4 698
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 8 897| 9 408| 9 389
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 25.
KONSOLIDEERTUD KASUMI- JA MUU KOONDKASUMIARUANNE
tuh EUR |III kv 2023|III kv 2022|9k 2023|9k 2022
---------------------------------------+-----------+-----------+-------+-------
Müügitulu (Lisa 13) | 1 786| 2 791| 6 392| 9 043
---------------------------------------+-----------+-----------+-------+-------
Müüdud toodangu kulu (Lisa 14) | 1 433| 2 387| 5 497| 7 134
---------------------------------------+-----------+-----------+-------+-------
Brutokasum | 353| 404| 895| 1 909
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Turustuskulud (Lisa 15) | 133| 278| 536| 919
---------------------------------------+-----------+-----------+-------+-------
Üldhalduskulud (Lisa 16) | 100| 90| 374| 315
---------------------------------------+-----------+-----------+-------+-------
Muud äritulud (Lisa 18) | 0| 33| 0| 33
---------------------------------------+-----------+-----------+-------+-------
Muud ärikulud (Lisa 18) | 4| 1| 18| 9
---------------------------------------+-----------+-----------+-------+-------
Ärikasum | 116| 68| (33)| 699
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Erakorralised kulud | 0| 0| 406| 0
---------------------------------------+-----------+-----------+-------+-------
Finantstulud (Lisa 19) | 0| 79| 74| 248
---------------------------------------+-----------+-----------+-------+-------
Finantskulud (Lisa 19) | 79| 30| 202| 99
---------------------------------------+-----------+-----------+-------+-------
Kasum (kahjum) enne tulumaksustamist | 37| 117| (567)| 848
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Aruandeperioodi puhaskasum (-kahjum) | 37| 117| (567)| 848
---------------------------------------+-----------+-----------+-------+-------
| | | |
---------------------------------------+-----------+-----------+-------+-------
Tava perioodi puhaskasum aktsia kohta | | | |
(Lisa 12) | 0,01| 0,03| (0,13)| 0,19
---------------------------------------+-----------+-----------+-------+-------
Lahustatud perioodi puhaskasum aktsia | | | |
kohta (Lisa 12) | 0,01| 0,03| (0,13)| 0,19
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 14 kuni 25.
Aigar Kallas
Juhatuse esimees
+372 5281299
[email protected]
Content of announcement in English
Title
Nordic Fibreboard AS unaudited results for third quarter of 2023
Message
MANAGEMENT REPORT
Consolidated net sales for Q3 2023 were EUR 1.79 million (Q3 2022: EUR 2.79
million). The main business area is Nordic Fibreboard Ltd, the production and
wholesale of fibreboard, which recorded sales in Q3 2023 of EUR 1.78 million, (Q3
2022: EUR 2.78 million). The remaining business area is Pärnu Riverside
Development, real estate management of the property owned in Suur-Jõe street in
Pärnu, who recorded sales of EUR 11 thousand in Q3 2023 (Q3 2022: EUR 9 thousand).
The decline in Nordic Fibreboard's Q3 2023 sales revenue continues to be
impacted by global economic uncertainty, which has led to a lack of confidence
among end users of building materials, including the company's fiberboard.
Nordic Fibreboard Ltd had sales of EUR 1.78 million in Q3 2023, down 12% from Q2
2023 and down 23% from Q1 2023, which shows that the decline in sales revenue is
abating.
The consolidated EBITDA of Nordic Fibreboard for Q3 2023 was EUR 238 thousand, the
EBITDA margin was 13% (Q3 2022: EBITDA was EUR 193 thousand and the EBITDA margin
was 7%). Compared to the Q3 2022 the Group`s gross margin increased from 19% to
27% in the Q3 2023, which indicates that the Group`s profitability in the Q3
2023 has increased compared to the same period last year.
Financial expenses for the Q3 2023 were EUR 79 thousand, of which EUR 55 thousand
were loan interest costs and EUR 24 thousand were losses from the revaluation of
Trigon Property Development (TPD) shares. Total financial income of EUR 49
thousand was recorded in Q3 2022, which consist of the profit from the
revaluation of shares (TPD) in the amount of EUR 79 thousand and the interest
expense of loan obligations in the amount of EUR 30 thousand.
Group`s consolidated net profit for Q3 2023 was EUR 37 thousand (Q3 2022: profit EUR
117 thousand).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 1,775 | 2,782 | 6,358 | 9,015
---------------------------------------------+---------+---------+---------
Real Estate Management 11 | 9 | 34 | 28
---------------------------------------------+---------+---------+---------
TOTAL 1,786 | 2,791 | 6,392 | 9,043
Profit by business segments
EUR thousand | EUR thousand
----------+---------+---------+---------
Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022
---------------------------------------------+---------+---------+---------
EBITDA by business units: | | |
---------------------------------------------+---------+---------+---------
Fibreboards production and sales 246 | 201 | 383 | 1,114
---------------------------------------------+---------+---------+---------
Real Estate Management (2) | (6) | (19) | (18)
---------------------------------------------+---------+---------+---------
Group transactions (6) | (2) | (30) | (25)
---------------------------------------------+---------+---------+---------
TOTAL EBITDA 238 | 193 | 334 | 1,071
---------------------------------------------+---------+---------+---------
Depreciation (122) | (125) | (367) | (372)
---------------------------------------------+---------+---------+---------
TOTAL OPERATING PROFIT/ LOSS 116 | 68 | (33) | 699
---------------------------------------------+---------+---------+---------
Extraordinary expenses 0 | 0 | (406) | 0
---------------------------------------------+---------+---------+---------
Net financial income/ costs (79) | 49 | (128) | 149
---------------------------------------------+---------+---------+---------
NET PROFIT/ LOSS 37 | 117 | (567) | 848
NORDIC FIBREBOARD LTD: Fibreboard production and sales
Fibreboard sales in Q3 2023 were EUR 1.78 million (Q3 2022: EUR 2.78 million). In Q3
2023, the main reason for the decrease in sales revenue compared to Q3 2022 was
the loss of a key customer in Denmark, resulting in a loss of 30% of sales
compared to Q3 2022. In addition, sales in Finland decreased by 50% in Q3 2023
compared to the same period in 2022. But as positive news, it has been possible
to revive relations with former export customers and found new customers both in
the Middle East and in the European Union, for example Bulgaria and France. As a
result, sales to the Middle East, Asia, Africa and other regions have improved
in Q3 2023 compared to Q3 2022. Sales to European Union countries have decreased
in the 3rd quarter of 2023 compared to the 3rd quarter of 2022. However, if we
look at the countries of the European Union separately, sales to Sweden and
Latvia have increased, and sales in Estonia have remained at the same level.
The EBITDA of the fiberboard segment for the Q3 2023 was a positive EUR 246
thousand, which is a quarterly improvement compared to the EBITDA for the Q3
2022, which was a positive EUR 201 thousand, but when comparing EBITDA for the
first nine months of 2023 with the 2022 with the same period, the drop is 66%.
The reason for the decline was the too high fixed electricity price, which was
signed with the electricity supplier at the end of 2022. The electricity
contract was cancelled on 31.3.2023, and a new less onerous electricity contract
came into force on 01.04.2023.
Fibreboard sales by geographical segments
EUR thousand | EUR thousand
+---------+---------+---------+---------
| Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022
-----------------+---------+---------+---------+---------
European Union | 1,537 | 2,723 | 5,855 | 8,425
-----------------+---------+---------+---------+---------
Middle East | 68 | 47 | 96 | 73
-----------------+---------+---------+---------+---------
Asia | 48 | 0 | 102 | 69
-----------------+---------+---------+---------+---------
Africa | 40 | 0 | 133 | 0
-----------------+---------+---------+---------+---------
Russia | 0 | 0 | 0 | 427
-----------------+---------+---------+---------+---------
Other | 82 | 12 | 172 | 21
-----------------+---------+---------+---------+---------
TOTAL | 1,775 | 2,782 | 6,358 | 9,015
Pärnu Riverside Development: Real estate management
Pärnu Riverside Development owns the property located at Suur-Jõe 48 in Pärnu.
The property has some rental tenants and rental income from real estate
management was EUR 11 thousand in Q3 2023, (Q3 2022: EUR 9 thousand).
The real estate management EBITDA for Q3 2023 were negative EUR 2 thousand and net
loss EUR 2 thousand (Q3 2021: EBITDA negative EUR 6 thousand and net loss EUR 6
thousand).
STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 30.09.2023 the total assets of Nordic Fibreboard AS were EUR 8.9 million
(30.09.2022: EUR 9.4 million). The liabilities of the company as of 30.09.2023
were EUR 4.4 million (30.09.2022: EUR 4.7 million), of which the Group has payables
of EUR 0.9 million as at 30.09.2023 (30.09.2022: EUR 1.0 million) and borrowings of
EUR 3.0 million as at 30.09.2023 (30.09.2022: EUR 3.1 million).
Receivables and prepayments amounted to EUR 0.8 million as at 30.09.2023
(30.09.2022: EUR 1.3 million). Inventories were EUR 1.0 million as of 30.09.2023
(30.09.2022: EUR 0.9 million). Fixed assets were EUR 7.1 million as of 30.09.2023 (EUR
6.7 million as of 30.09.2022).
During 2023 9M, the Group's cash flows from operating activities totalled cash
inflow of EUR 472 thousand (2022 9M: cash inflow EUR 617 thousand). Cash outflows
due to investment activities was EUR 215 thousand during 9M 2023, consisting of
investments into production assets (9M 2022: cash outflow EUR 93 thousand). Cash
outflows due to financing activities was EUR 213 thousand during 9M 2023 (9M
2023: cash outflow EUR 111 thousand). Net cash effect during 9M 2023 showed cash
inflows of EUR 44 thousand, (2022 9M: cash inflows EUR 413 thousand).
OUTLOOK
Nordic Fibreboard Ltd
The overall demand picture continues to be challenging, and the short-term
outlook remains uncertain due to headwinds coming from macro factors, such as
increasing interest rates, global economic uncertainty, and the ongoing wars in
Ukraine and in Israel. All have led to a construction/renovation market slowdown
and a lack of confidence among end users of building materials, including the
use of the company's fibreboards.
Main operation issue remains the ongoing preparation of upgrading the company's
wood-based boiler house in Pärnu so to meet the new emission requirements coming
into force in 01.01.2025.
Pärnu Riverside Development
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu. A detail plan for the property has been completed, with the intention of
converting the property into a private residential property.
Financial highlights
EUR thousand
| | |
Income statement | Q3 2023| Q3 2022 9M 2023| 9M 2022
----------------------------------+----------+----------+----------+----------
Revenue | 1,786| 2,791| 6,392| 9,043
----------------------------------+----------+----------+----------+----------
EBITDA | 238| 193| 334| 1,071
----------------------------------+----------+----------+----------+----------
EBITDA margin | 13%| 7%| 5%| 12%
----------------------------------+----------+----------+----------+----------
Operating profit | 116| 68| (33)| 699
----------------------------------+----------+----------+----------+----------
Operating margin | 6%| 2%| (1%)| 8%
----------------------------------+----------+----------+----------+----------
Net profit | 37| 117| (567)| 848
----------------------------------+----------+----------+----------+----------
Net margin | 2%| 4%| (9%)| 9%
| | | |
| | | |
Statement of financial position |30.09.2023|31.12.2022|30.09.2022|31.12.2021
----------------------------------+----------+----------+----------+----------
Total assets | 8,897| 9,408| 9,389| 8,063
----------------------------------+----------+----------+----------+----------
Return on assets | (6%)| 13%| 9%| 15%
----------------------------------+----------+----------+----------+----------
Equity | 4,517| 5,084| 4,698| 3,850
----------------------------------+----------+----------+----------+----------
Return on equity | (13%)| 24%| 18%| 31%
----------------------------------+----------+----------+----------+----------
Debt-to-total assets ratio | 49%| 46%| 50%| 52%
| | | |
| | | |
Share |30.09.2023|31.12.2022|30.09.2022|31.12.2021
----------------------------------+----------+----------+----------+----------
Last Price* | 1.00| 1.60| 1.74| 1.95
----------------------------------+----------+----------+----------+----------
Earnings per share | (0.04)| 0.27| 0.18| 0.27
----------------------------------+----------+----------+----------+----------
Price-earnings ratio | (24.78)| 5.83| 9.54| 7.30
----------------------------------+----------+----------+----------+----------
Book value of a share | 1.00| 1.13| 1.04| 0.86
----------------------------------+----------+----------+----------+----------
Market to book ratio | 1.00| 1.42| 1.67| 2.28
----------------------------------+----------+----------+----------+----------
Market capitalization, EUR thousand| 4,499| 7,198| 7,828| 8,773
----------------------------------+----------+----------+----------+----------
Number of shares, piece | 4,499,061| 4,499,061| 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-total assets ratio = Liabilities / Total assets
Earnings per share = Trailing twelve months (TTM) 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 shares
*http://www.nasdaqbaltic.com/
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONS
EUR thousand |30.09.2023|31.12.2022|30.09.2022
----------------------------------------------+----------+----------+----------
Cash and cash equivalents | 46| 2| 470
----------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 2) | 776| 559| 1 345
----------------------------------------------+----------+----------+----------
Inventories (Note 3) | 971| 1 672| 874
----------------------------------------------+----------+----------+----------
Total current assets | 1,793| 2,233| 2,689
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Investment property (Note 4) | 1,859| 1,859| 1,156
----------------------------------------------+----------+----------+----------
Financial assets at fair value through profit| | |
or loss (Note 7) | 674| 644| 787
----------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 5) | 4,570| 4,670| 4,755
----------------------------------------------+----------+----------+----------
Intangible assets (Note 6) | 1| 2| 2
----------------------------------------------+----------+----------+----------
Total non-current assets | 7,104| 7,175| 6,700
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL ASSETS | 8,897| 9,408| 9,389
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Borrowings (Note 8) | 318| 290| 38
----------------------------------------------+----------+----------+----------
Payables and prepayments (Note 9) | 1,109| 1,014| 1,410
----------------------------------------------+----------+----------+----------
Short-term provisions (Note 10) | 3| 18| 4
----------------------------------------------+----------+----------+----------
Total current liabilities | 1,430| 1,322| 1,452
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Long-term borrowings (Note 8) | 2,684| 2,875| 3,094
----------------------------------------------+----------+----------+----------
Long-term payables and prepayments (Note 9) | 139| 0| 0
----------------------------------------------+----------+----------+----------
Long-term provisions (Note 10) | 127| 127| 145
----------------------------------------------+----------+----------+----------
Total non-current liabilities | 2,950| 3,002| 3,239
----------------------------------------------+----------+----------+----------
Total liabilities | 4,380| 4,323| 4,691
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Statutory reserve capital | 45| 45| 45
----------------------------------------------+----------+----------+----------
Retained earnings (loss) | 4,022| 4,589| 4,203
----------------------------------------------+----------+----------+----------
Total equity | 4,517| 5,084| 4,698
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,897| 9,408| 9,389
*The notes to the financial statements presented on pages 14 to 25 are an
integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022
---------------------------------------+---------+---------+---------+---------
Revenue (Note 13) | 1,786 | 2,791 | 6,392 | 9,043
---------------------------------------+---------+---------+---------+---------
Cost of goods sold (Note 14) | 1,433 | 2,387 | 5,497 | 7,134
---------------------------------------+---------+---------+---------+---------
Gross profit | 353 | 404 | 895 | 1,909
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Distribution costs (Note 15) | 133 | 278 | 536 | 919
---------------------------------------+---------+---------+---------+---------
Administrative expenses (Note 16) | 100 | 90 | 374 | 315
---------------------------------------+---------+---------+---------+---------
Other operating income (Note 18) | 0 | 33 | 0 | 33
---------------------------------------+---------+---------+---------+---------
Other operating expenses (Note 18) | 4 | 1 | 18 | 9
---------------------------------------+---------+---------+---------+---------
Operating profit (loss) | 116 | 68 | (33) | 699
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Extraordinary expenses | 0 | 0 | 406 | 0
---------------------------------------+---------+---------+---------+---------
Finance income (Note 19) | 0 | 79 | 74 | 248
---------------------------------------+---------+---------+---------+---------
Finance costs (Note 19) | 79 | 30 | 202 | 99
---------------------------------------+---------+---------+---------+---------
Profit (loss) before income tax | 37 | 117 | (567) | 848
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Net profit (loss) for the period | 37 | 117 | (567) | 848
---------------------------------------+---------+---------+---------+---------
| | | |
---------------------------------------+---------+---------+---------+---------
Basic earnings per share (Note 12) | 0.01 | 0.03 | (0.13) | 0.19
---------------------------------------+---------+---------+---------+---------
Diluted earnings per share (Note 12) | 0.01 | 0.03 | (0.13) | 0.19
*The notes to the financial statements presented on pages 14 to 25 are an
integral part of these consolidated financial statements.
Aigar Kallas
Chairman of the Board
Phone: +372 5281299
[email protected] (mailto:[email protected])