Market announcement
Nordic Fibreboard AS
Category
Management interim statement or quarterly financial report
Attachments
Date
29.02.2024 16:16:10
Title
Nordic Fibreboard AS 2023. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE
Nordic Fibreboard AS konsolideeritud müügitulu oli 2023. aasta 4. kvartalis
1,31 miljonit eurot (2022 4. kvartalis 2,03 miljonit eurot). Kontserni peamine
tegevusala on puitkiudplaadi tootmine ja hulgimüük, mis toimub Nordic Fibreboard
Ltd OÜ-s ning mille müügitulu 2023. aasta 4. kvartalis oli 1,30 miljonit eurot
(2022. aasta 4. kvartalis 2,02 miljonit eurot). Ülejäänud segmendiks on Pärnus
Suur-Jõe tänaval oleva kinnisvara haldamine läbi ettevõtte Pärnu Riverside
Development OÜ, mille müügitulu 2023. aasta 4. kvartalis oli 12 tuhat eurot
(2022. aasta 4. kvartalis 11 tuhat eurot).
Nordic Fibreboard 2023. aasta neljanda kvartali müügitulu languse taga olid uus-
ehitiste ja renoveerimistööde aeglustumine talvise hooaja mõjul ning ülemaailmne
majanduslik ebakindlus, mis mõjutab nii lõpptarbijaid kui ka tööstuslikku suunda
omavaid ärikliente. Nordic Fibreboard Ltd müük oli 2023. aasta 4. kvartalis
1,30 miljonit eurot, mis on 35% langust võrreldes 2022. aasta 4. kvartaliga.
Nordic Fibreboard konsolideeritud EBITDA oli 2023. aasta 4. kvartalis 245 tuhat
eurot, EBITDA marginaal 19% (2022. aasta 4. kvartali EBITDA 661 tuhat eurot
ning EBITDA marginaal 33%). Võrreldes 2022. aasta 4. kvartaliga langes Kontserni
brutomarginaal 13%-lt 2023. aasta 4. kvartalis 9%-le.
2023. aasta 4. kvartalis teostati, välise hindaja poolt koostatud
eksperthinnangutele tuginedes, kinnisvarainvesteeringu objektide õiglase
väärtuse ümberhindlus, millest saadi kasumit 404 tuhat eurot (2022. aasta 4.
kvartalis kinnisvarainvesteeringute ümberhindamiselt kasum 697 tuhat eurot).
2023. aasta 4. kvartali finantskulud olid 237 tuhat eurot, millest 54 tuhat
eurot olid laenuintressikulud ja 183 tuhat eurot kahjum Trigon Property
Development (TPD) aktsiate ümberhindlusest.
2022. aasta 4. kvartali finantstulud ja -kulud kokku olid 150 tuhat eurot, mis
koosnes TPD aktsiatelt saadud dividendidest summas 24 tuhat eurot ning samade
TPD aktsiate ümberhindlusest saadud kahjumist summas 143 tuhat eurot ning
laenukohustiste intressikulust summas 31 tuhat eurot.
Kontserni 2023. aasta 4. kvartali konsolideeritud puhaskahjum oli 115 tuhat
eurot (2022. aasta 4. kvartalis puhaskasum 386 tuhat eurot).
ÄRIVALDKONDADE ÜLEVAADE
Müügitulu ärisegmentide lõikes
tuh EUR | IV kv 2023 | IV kv 2022 | 12k 2023 | 12k 2022
------------------------------+------------+------------+----------+----------
Kiudplaadi tootmine ja müük | 1 300 | 2 020 | 7 657 | 11 035
------------------------------+------------+------------+----------+----------
Kinnisvara haldamine | 12 | 11 | 47 | 39
------------------------------+------------+------------+----------+----------
KOKKU | 1 312 | 2 031 | 7 704 | 11 074
Kasum ärisegmentide lõikes
tuh EUR |IV kv 2023|IV kv 2022|12k 2023|12k 2022
---------------------------------+----------+----------+--------+--------
EBITDA ärisegmentide lõikes | | | |
---------------------------------+----------+----------+--------+--------
Kiudplaadi tootmine ja müük | 127| (23)| 510| 1 092
---------------------------------+----------+----------+--------+--------
Kinnisvara haldamine | 132| 690| 113| 672
---------------------------------+----------+----------+--------+--------
Elimineerimine | (14)| (6)| (44)| (32)
---------------------------------+----------+----------+--------+--------
KOKKU EBITDA | 245| 661| 579| 1 732
---------------------------------+----------+----------+--------+--------
Erakorraline muu ärikulu | 0| 0| (406)| 0
---------------------------------+----------+----------+--------+--------
Põhivara kulum ja amortisatsioon| (123)| (125)| (489)| (497)
---------------------------------+----------+----------+--------+--------
KOKKU ÄRIKASUM/-KAHJUM | 122| 536| (316)| 1 235
---------------------------------+----------+----------+--------+--------
Neto finantskulud | (237)| (150)| (366)| (1)
---------------------------------+----------+----------+--------+--------
PUHASKASUM/-KAHJUM | (115)| 386| (682)| 1 234
NORDIC FIBREBOARD LTD: kiudplaadi tootmine ja müük
Puitkiudplaadi müügitulu oli 2023. aasta 4. kvartalis 1,30 miljonit eurot (2022.
aasta 4 kvartalis 2,02 miljonit eurot). 2023. aasta 4. kvartali peamiseks
müügitulu languse põhjuseks, võrreldes 2022.aasta 4. kvartaliga oli Taani
põhikliendi lepingu lõppemine, mis tõi kaasa müügi vähenemise 24% võrreldes
2022. aasta 4. kvartaliga. Lisaks vähenes 2023. aasta 4. kvartalis müük Soome
23% ja Lätti 47% võrreldes 2022. aasta sama perioodiga. Positiivse arenguna on
ettevõttel õnnestunud taastada koostöö endiste ekspordiklientidega ning leida
uusi kliente nii Lähis-Idas kui ka Euroopa Liidus. Selle tulemusena on 2023.
aasta 4. kvartalis, võrreldes 2022. aasta 4. kvartaliga, müük Rootsi kasvanud
41% ning taastunud müük Aafrikasse ja Aasiasse.
Puitkiudplaadi segmendi 2023. aasta 4. kvartali EBITDA oli positiivne 127 tuhat
eurot, mis on kvartaalne paranemine võrreldes 2022. aasta 4. kvartali EBITDA-ga
mis oli negatiivne 23 tuhat eurot, kuid kui võrrelda 2023 aasta kaheteist kuu
EBITDA-d 2022. aasta sama perioodiga, siis on langus 53%. Peamiseks languse
põhjuseks võib pidada 2023. aasta alguses kehtinud erakordselt kõrgeid
elektrihindu, mis avaldasid ettevõttele olulist mõju. Olukord leevendus uue,
aprillist 2023 kehtima hakanud elektrilepinguga, mis tagas soodsamad elektriostu
tingimused.
Kiudplaadi müügitulu geograafiliselt
tuh EUR | tuh EUR
+------------+------------+----------+----------
| IV kv 2023 | IV kv 2022 | 12k 2023 | 12k 2022
---------------+------------+------------+----------+----------
Euroopa Liit | 1 120 | 1 871 | 6 974 | 10 297
---------------+------------+------------+----------+----------
Aafrika | 64 | 0 | 197 | 0
---------------+------------+------------+----------+----------
Lähis-Ida | 41 | 82 | 137 | 154
---------------+------------+------------+----------+----------
Aasia | 11 | 0 | 113 | 69
---------------+------------+------------+----------+----------
Venemaa | 0 | 0 | 0 | 427
---------------+------------+------------+----------+----------
Teised | 64 | 67 | 236 | 88
---------------+------------+------------+----------+----------
KOKKU | 1 300 | 2 020 | 7 657 | 11 035
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 4. kvartalis 12 tuhat eurot (2022. aasta 4. kvartalis
11 tuhat eurot).
Kinnisvarahalduse 2023. aasta 4. kvartali EBITDA oli positiivne 132 tuhat eurot
(2022. aasta 4. kvartalis oli EBITDA positiivne 690 tuhat eurot). 2023. aasta ja
2022. aasta lõpu seisudega teostati Pärnus Suur-Jõe tn 48 asuva
kinnisvarainvesteeringuobjekti õiglase väärtuse ümberhindlused, mille tulemusena
saadi 2023. aasta 4. kvartalis tulu summas 142 tuhat eurot ning 2022. aasta 4.
kvartalis tulu summas 697 tuhat eurot.
KONSOLIDEERITUD FINANTSSEISUNDI JA RAHAVOOGUDE ARUANNE
Seisuga 31.12.2023 olid Nordic Fibreboard AS varad kokku 8,5 miljonit eurot
(31.12.2022: 9,4 miljonit eurot). Kontserni kohustised kokku seisuga 31.12.2023
olid 4,2 miljonit eurot (31.12.2022: 4,3 miljonit eurot), milledest kontsernil
võlgnevusi tarnijatele oli 0,5 miljonit eurot seisuga 31.12.2023 (31.12.2022:
0,5 miljonit eurot) ning laenukohustisi 3,2 miljonit eurot seisuga 31.12.2023
(31.12.2022: samuti 3,2 miljonit eurot).
Nõuded ja ettemaksed olid kokku 0,5 miljonit eurot seisuga 31.12.2023
(31.12.2022: 0,6 miljonit eurot). Varud seisuga 31.12.2023 olid 0,7 miljonit
eurot (31.12.2022: 1,7 miljonit eurot). Kontserni põhivarad kokku seisuga
31.12.2023 olid 7,2 miljonit eurot (31.12.2022: 7,2 miljonit eurot).
Kontserni äritegevuse tulemuseks 2023. aasta 12. kuu jooksul oli positiivne
rahavoog 266 tuhat eurot (2022. aasta 12. kuud positiivne rahavoog 152 tuhat
eurot). Investeerimistegevuse tulemuseks oli 2023. aasta 12 kuu jooksul
negatiivne rahavoog summas 257 tuhat eurot, mis peamiselt koosnes tehtud
investeeringutest tootmisvaradesse summas 251 tuhat eurot ning
kinnisvarainvesteeringutesse summas 6 tuhat eurot (2022. aasta 12 kuud
negatiivne rahavoog 129 tuhat eurot). Finantseerimistegevusest liikus 2023.
aasta 12 kuu jooksul raha kontsernist välja summas 4 tuhat eurot (2022. aasta
12. kuu väljaminev rahavoog 78 tuhat eurot). 2023. aasta 12. kuu netorahavoo
tulemuseks oli positiivne rahavoog summas 7 tuhat eurot (2022. aasta 12 kuud
negatiivne rahavoog 55 tuhat eurot).
TULEVIKU VÄLJAVAADE
Nordic Fibreboard Ltd
Üldine nõudlus ehitusmaterjalide turul on tagasihoidlik ning lühiajalised
väljavaated jäävad endiselt ebakindlaks. Sellises keerulises turukeskkonnas
tegutsedes on tulevikutrendide prognoosimine keeruline ja turu stabiilsus on
tabamatu. Kõrged intressimäärad, jätkuv majanduslik ebakindlus ja
rahvusvahelised pinged mõjutavad nii tarbijate kui ka ettevõtjate ostuotsuseid
ja äriplaane. Sellest tulenevalt on ehitus- ja renoveerimisturul toimunud
aeglustumine, mis on mõjutanud nii tarbijaid kui ka ettevõtjaid.
Siiski on teatud turgudel märke klientide huvi taastumist ning ettevõte on
saavutanud kokkuleppeid uute klientidega mis annab lootust müügimahtude
mõningasele taastumisele. Praegu on ettevõte esmane fookus uute klientide
leidmisel, eesmärgiga laiendada kliendiportfelli. Samal ajal jätkab ettevõte
aktiivset panustamist tootearendusse, tagamaks oma tegevuse jätkusuutlikkust ja
kasvu turul.
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 | IV kv 2023 | IV kv 2022 | 12k 2023 | 12k 2022
---------------------+------------+------------+----------+----------
Müügitulu | 1 312 | 2 031 | 7 704 | 11 074
---------------------+------------+------------+----------+----------
EBITDA | 245 | 661 | 579 | 1 732
---------------------+------------+------------+----------+----------
EBITDA rentaablus | 19% | 33% | 8% | 16%
---------------------+------------+------------+----------+----------
Ärikasum/-kahjum | 122 | 536 | (316) | 1 235
---------------------+------------+------------+----------+----------
Ärirentaablus | 9% | 26% | (4%) | 11%
---------------------+------------+------------+----------+----------
Puhaskasum/-kahjum | (115) | 386 | (682) | 1 234
---------------------+------------+------------+----------+----------
Puhasrentaablus | (9%) | 19% | (9%) | 11%
Bilanss | 31.12.2023 | 31.12.2022
-------------------------------------------+------------+------------
Koguvarad | 8 505 | 9 408
-------------------------------------------+------------+------------
Koguvarade puhasrentaablus | (8%) | 13%
-------------------------------------------+------------+------------
Omakapital | 4 402 | 5 084
-------------------------------------------+------------+------------
Omakapitali puhasrentaablus | (16%) | 24%
-------------------------------------------+------------+------------
Võlakordaja | 48% | 46%
| |
| |
Aktsia | 31.12.2021 | 31.12.2020
-------------------------------------------+------------+------------
Aktsia viimane hind (EUR)* | 0,90 | 1,60
-------------------------------------------+------------+------------
Puhaskasum aktsia kohta (EUR) | (0,15) | 0,27
-------------------------------------------+------------+------------
Hind-tulu (PE) suhtarv | (5,93) | 5,83
-------------------------------------------+------------+------------
Aktsia raamatupidamisväärtus (EUR) | 0,98 | 1,13
-------------------------------------------+------------+------------
Turuhinna ja raamatupidamisväärtuse suhe | 0,92 | 1,42
-------------------------------------------+------------+------------
Turukapitalisatsioon tuh EUR | 4 049 | 7 198
-------------------------------------------+------------+------------
Aktsiate arv tk | 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 |31.12.2023|31.12.2022|31.12.2021
----------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid | 7| 2| 57
----------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 2) | 534| 559| 902
----------------------------------------------+----------+----------+----------
Varud (Lisa 3) | 728| 1 672| 390
----------------------------------------------+----------+----------+----------
Kokku käibevarad | 1 269| 2 233| 1 349
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 4) | 2 269| 1 859| 1 152
----------------------------------------------+----------+----------+----------
Finantsvarad õiglases väärtuses muutustega | | |
läbi kasumiaruande (Lisa 7) | 491| 644| 644
----------------------------------------------+----------+----------+----------
Materiaalne põhivara ja vara kasutusõigus | | |
(Lisa 5) | 4 475| 4 670| 4 915
----------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 6) | 1| 2| 3
----------------------------------------------+----------+----------+----------
Kokku põhivarad | 7 236| 7 175| 6 714
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU VARAD | 8 505| 9 408| 8 063
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Võlakohustised (Lisa 8) | 756| 290| 146
----------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisa 9) | 756| 1 014| 829
----------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 10) | 21| 18| 19
----------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 1 533| 1 322| 994
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisas 8) | 2 459| 2 875| 3 074
----------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 10) | 111| 127| 145
----------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 2 570| 3 002| 3 219
----------------------------------------------+----------+----------+----------
Kokku kohustised | 4 103| 4 324| 4 213
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 45| 45| 0
----------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | 3 907| 4 589| 3 400
----------------------------------------------+----------+----------+----------
Kokku omakapital | 4 402| 5 084| 3 850
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
KOKKU KOHUSTISED JA OMAKAPITAL | 8 505| 9 408| 8 063
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 26.
KONSOLIDEERTUD KASUMI- JA MUU KOONDKASUMIARUANNE
tuh EUR |IV kv 2023|IV kv 2022|12k 2023|12k 2022
---------------------------------------+----------+----------+--------+--------
Müügitulu (Lisa 13) | 1 312| 2 031| 7 704| 11 074
---------------------------------------+----------+----------+--------+--------
Müüdud toodangu kulu (Lisa 14) | 1 313| 1 890| 6 810| 9 024
---------------------------------------+----------+----------+--------+--------
Brutokasum | (1)| 141| 894| 2 050
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Turustuskulud (Lisa 15) | 137| 193| 673| 1 112
---------------------------------------+----------+----------+--------+--------
Üldhalduskulud (Lisa 16) | 141| 109| 514| 424
---------------------------------------+----------+----------+--------+--------
Muud äritulud (Lisa 18) | 404| 697| 404| 730
---------------------------------------+----------+----------+--------+--------
Muud ärikulud (Lisa 18) | 3| 0| 427| 9
---------------------------------------+----------+----------+--------+--------
Ärikasum (-kahjum) | 122| 536| (316)| 1 235
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Finantstulud (Lisa 19) | 0| 24| 0| 129
---------------------------------------+----------+----------+--------+--------
Finantskulud (Lisa 19) | 237| 174| 366| 130
---------------------------------------+----------+----------+--------+--------
Kasum (-kahjum) enne tulumaksustamist | (115)| 386| (682)| 1 234
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
ARUANDEPERIOODI PUHASKASUM (-KAHJUM) | (115)| 386| (682)| 1 234
---------------------------------------+----------+----------+--------+--------
| | | |
---------------------------------------+----------+----------+--------+--------
Tava perioodi puhaskasum (-kahjum) | | | |
aktsia kohta (Lisa 12) | (0,03)| 0,09| (0,15)| 0,27
---------------------------------------+----------+----------+--------+--------
Lahustatud perioodi puhaskasum (- | | | |
kahjum) aktsia kohta (Lisa 12) | (0,03)| 0,09| (0,15)| 0,27
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 15 kuni 26.
Enel Äkke
Juhatuse liige
+372 55525550
group@nordicfibrebaord.com (mailto:group@nordocfibrebaord.com)
Title
Unaudited financial report of Nordic Fibreboard AS for the fourth quarter and 12 months of 2023
Message
MANAGEMENT REPORT
Consolidated net sales for Q4 2023 were EUR 1.31 million (Q4 2022: EUR 2.03
million). The main business area is Nordic Fibreboard Ltd, the production and
wholesale of fibreboard, which recorded sales in Q4 2023 of EUR 1.30 million, (Q4
2022: EUR 2.02 million). The remaining business area is the management of the
property on Suur-Jõe street in Pärnu through the company Pärnu Riverside
Development OÜ, whose sales revenue in the 4th quarter of 2023 was EUR12 thousand
(Q4 2022: EUR 11 thousand).
The decline in Nordic Fibreboard's sales during the fourth quarter of 2023 was
primarily influenced by a slowdown in new construction and renovation activities
due to the winter season, along with global economic uncertainty affecting both
end-users and industrial-oriented business customers. Nordic Fibreboard Ltd had
sales of EUR 1.30 million in Q4 2023, marking a 35% decrease from Q4 2022.
The consolidated EBITDA of Nordic Fibreboard for Q4 2023 was EUR 245 thousand, the
EBITDA margin was 19% (Q4 2022: EBITDA was EUR 661 thousand and the EBITDA margin
was 33%). Compared to the Q4 2022 the Group`s gross margin decreased from 13%
to 9% in the Q4 2023.
In Q4 2023, a revaluation of the fair value of real estate investment properties
was conducted, relying on expert assessments prepared by an external appraiser,
resulting in a profit of 404 thousand euros. (in the Q4 2022, a profit from the
revaluation of real estate investments was 697 thousand euros).
Financial expenses for the Q4 2023 were EUR 237 thousand, of which EUR 54 thousand
were loan interest costs and EUR 183 thousand were losses from the revaluation of
Trigon Property Development (TPD) shares. Total financial income of EUR 150
thousand was recorded in Q4 2022, which consisted of the dividends received from
TPD shares in the amount of EUR 24 thousand and losses from the revaluation of the
same TPD shares in the amount of EUR 143 thousand and the interest expense of loan
obligations in the amount of EUR 31 thousand.
Group`s consolidated net loss for Q4 2023 was EUR 115 thousand (Q4 2022: profit EUR
386 thousand).
DIVISIONAL REVIEW
Revenue by business segments
EUR thousand | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022
-----------------------------------+---------+---------+----------+----------
Fibreboards production and sales | 1,300 | 2,020 | 7,657 | 11,035
-----------------------------------+---------+---------+----------+----------
Real Estate Management | 12 | 11 | 47 | 39
-----------------------------------+---------+---------+----------+----------
TOTAL | 1,312 | 2,031 | 7,704 | 11,074
Profit by business segments
EUR thousand |Q4 2023|Q4 2022|12M 2023|12M 2022
---------------------------------------+-------+-------+--------+--------
EBITDA by business units: | | | |
---------------------------------------+-------+-------+--------+--------
Fibreboards production and sales | 127| (23)| 510| 1,092
---------------------------------------+-------+-------+--------+--------
Real Estate Management | 132| 690| 113| 672
---------------------------------------+-------+-------+--------+--------
Group transactions | (14)| (6)| (44)| (32)
---------------------------------------+-------+-------+--------+--------
TOTAL EBITDA | 245| 661| 579| 1,732
---------------------------------------+-------+-------+--------+--------
Extraordinary other operating expenses| 0| 0| (406)| 0
---------------------------------------+-------+-------+--------+--------
Depreciation | (123)| (125)| (489)| (497)
---------------------------------------+-------+-------+--------+--------
TOTAL OPERATING PROFIT/ LOSS | 122| 536| (316)| 1,235
---------------------------------------+-------+-------+--------+--------
Net financial costs | (237)| (150)| (366)| (1)
---------------------------------------+-------+-------+--------+--------
NET PROFIT/ LOSS | (115)| 386| (682)| 1,234
NORDIC FIBREBOARD LTD: fibreboard production and sales
Fibreboard sales in Q4 2023 were EUR 1.30 million (Q4 2022: EUR 2.02 million). In Q4
2023, the main reason behind the decrease in sales revenue compared to Q4 2022
was the termination of the agreement with the primary customer in Denmark, which
led to a decrease in sales by 24% compared to Q4 2022. In addition, sales in
Finland decreased by 23% and sales in Latvia decreased by 47% in Q4 2023
compared to the same period in 2022. As a positive development, the company has
successfully reestablished cooperation with former export customers and has also
secured new customers in both the Middle East and the European Union. As a
result, in Q4 2023 compared to Q4 2022, sales in Sweden have increased by 41%,
and sales in Africa and Asia have recovered.
The EBITDA of the fiberboard segment for the Q4 2023 was a positive EUR 127
thousand, which is a quarterly improvement compared to the EBITDA for the Q4
2022, which was a negative EUR 23 thousand, but when comparing EBITDA for the
twelve months of 2023 with the 2022 with the same period, the drop is 53%. The
main reason for the decline can be attributed to the exceptionally high
electricity prices in early 2023, which had a significant impact on the company.
The situation was alleviated by the implementation of a new electricity contract
in April 2023, which provided more favorable terms for purchasing electricity.
Fibreboard sales by geographical segments
EUR thousand | EUR thousand
+---------+---------+----------+----------
| Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022
-----------------+---------+---------+----------+----------
European Union | 1,120 | 1,871 | 6,974 | 10,297
-----------------+---------+---------+----------+----------
Africa | 64 | 0 | 197 | 0
-----------------+---------+---------+----------+----------
Middle East | 41 | 82 | 137 | 154
-----------------+---------+---------+----------+----------
Asia | 11 | 0 | 113 | 69
-----------------+---------+---------+----------+----------
Russia | 0 | 0 | 0 | 427
-----------------+---------+---------+----------+----------
Other | 64 | 67 | 236 | 88
-----------------+---------+---------+----------+----------
TOTAL | 1,300 | 2,020 | 7,657 | 11,035
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 12 thousand in Q4 2023, (Q4 2022: EUR 11 thousand).
The real estate management EBITDA for Q4 2023 were positive EUR 132 thousand (Q4
2022: EBITDA was positive EUR 690 thousand). As of the end of 2023 and 2022, fair
value revaluations of the real estate investment object located at 48 Suur-Jõe
Street in Pärnu was conducted, resulting in an income of EUR 142 thousand in the
Q4 2023 and the income of the Q4 2022 was EUR 697 thousand.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT
As of 31.12.2023 the total assets of Nordic Fibreboard AS were EUR 8.5 million
(31.12.2022: 9.4 million). The liabilities of the company as of 31.12.2023 were
EUR 4.2 million (31.12.2022: EUR 4.3 million), of which the Group has payables of EUR
0.5 million as at 31.012.2023 (31.12.2022: EUR 0.5 million) and borrowings of EUR
3.2 million as at 31.12.2023 (31.12.2022: also EUR 3.2 million).
Receivables and prepayments amounted to EUR 0.5 million as at 31.12.2023
(31.12.2022: EUR 0.6 million). Inventories were EUR 0.7 million as of 31.12.2023
(31.12.2022: EUR 1.7 million). Fixed assets were EUR 7.2 million as of 31.12.2023 (EUR
7.2 million as of 31.12.2022).
During 2023 twelve months, the Group's cash flows from operating activities
totalled EUR 266 thousand (2022 twelve months: EUR 152 thousand). Cash outflows due
to investment activities was EUR 257 thousand during 2023 twelve months, mainly
consisting of investments into production assets of EUR 251 thousand and real
estate investments of EUR 6 thousand (2022 twelve months: cash outflow EUR 129
thousand). Financing activities also resulted in cash outflows of EUR 4 thousand
during 2023 twelve months (2022 twelve months: cash outflow EUR 78 thousand). Net
cash effect during 2023 twelve months cash inflow of EUR 7 thousand, (2021 twelve
months: cash outflow EUR 55 thousand).
OUTLOOK
Nordic Fibreboard Ltd
The building materials market is experiencing modest demand overall, with an
uncertain short-term outlook. Operating in such a challenging market
environment, forecasting future trends is difficult, and market stability is
elusive. High interest rates, ongoing economic uncertainty, and international
tensions are influencing the purchasing decisions and business plans of both
consumers and businesses. These factors have led to a slowdown in the
construction and renovation market, affecting both consumers and businesses.
However, there are signs of customer interest recovery in certain markets, and
the company has secured agreements with some new customers, providing hope for
some recovery of sales volume. Currently, the company's primary focus is on
finding new customers to expand its customer portfolio.
Meanwhile, the company continues to actively contribute to product development
to ensure the sustainability of its operations and growth in the market.
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.
FINANTSIAL HIGHLIGHTS
EUR thousand
| | | |
Income statement | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022
-------------------+---------+---------+----------+----------
Revenue | 1,312 | 2,031 | 7,704 | 11,074
-------------------+---------+---------+----------+----------
EBITDA | 245 | 661 | 579 | 1,732
-------------------+---------+---------+----------+----------
EBITDA margin | 19% | 33% | 8% | 16%
-------------------+---------+---------+----------+----------
Operating profit | 122 | 536 | (316) | 1,235
-------------------+---------+---------+----------+----------
Operating margin | 9% | 26% | (4%) | 11%
-------------------+---------+---------+----------+----------
Net profit | (115) | 386 | (682) | 1,234
-------------------+---------+---------+----------+----------
Net margin | (9%) | 19% | (9%) | 11%
Statement of financial position | 31.12.2023 | 31.12.2022
------------------------------------+------------+------------
Total assets | 8,505 | 9,408
------------------------------------+------------+------------
Return on assets | (8%) | 13%
------------------------------------+------------+------------
Equity | 4,402 | 5,084
------------------------------------+------------+------------
Return on equity | (16%) | 24%
------------------------------------+------------+------------
Debt-to-equity ratio | 48% | 46%
| |
| |
Share | 31.12.2023 | 31.12.2022
------------------------------------+------------+------------
Last Price (EUR)* | 0.90 | 1.60
------------------------------------+------------+------------
Earnings per share (EUR) | (0.15) | 0.27
------------------------------------+------------+------------
Price-earnings ratio | (5.93) | 5.83
------------------------------------+------------+------------
Book value of a share (EUR) | 0.98 | 1.13
------------------------------------+------------+------------
Market to book ratio | 0.92 | 1.42
------------------------------------+------------+------------
Market capitalization, EUR thousand | 4,049 | 7,198
------------------------------------+------------+------------
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-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 |31.12.2023|31.12.2022|31.12.2021
----------------------------------------------+----------+----------+----------
Cash and cash equivalents | 7| 2| 57
----------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 2) | 534| 559| 902
----------------------------------------------+----------+----------+----------
Inventories (Note 3) | 728| 1,672| 390
----------------------------------------------+----------+----------+----------
Total current assets | 1,269| 2,233| 1,349
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Investment property (Note 4) | 2,269| 1,859| 1,152
----------------------------------------------+----------+----------+----------
Financial assets at fair value through profit| | |
or loss (Note 7) | 491| 644| 644
----------------------------------------------+----------+----------+----------
Property, plant, equipment and right-of-use | | |
assets (Note 5) | 4,475| 4,670| 4,915
----------------------------------------------+----------+----------+----------
Intangible assets (Note 6) | 1| 2| 3
----------------------------------------------+----------+----------+----------
Total non-current assets | 7,236| 7,175| 6,714
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL ASSETS | 8,505| 9,408| 8,063
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Borrowings (Notes 8) | 756| 290| 146
----------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 9) | 756| 1,014| 829
----------------------------------------------+----------+----------+----------
Short-term provisions (Note 10) | 21| 18| 19
----------------------------------------------+----------+----------+----------
Total current liabilities | 1,533| 1,322| 994
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 8) | 2,459| 2,875| 3,074
----------------------------------------------+----------+----------+----------
Long-term provisions (Note 10) | 111| 127| 145
----------------------------------------------+----------+----------+----------
Total non-current liabilities | 2,570| 3,002| 3,219
----------------------------------------------+----------+----------+----------
Total liabilities | 4,103| 4,324| 4,213
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 11) | 450| 450| 450
----------------------------------------------+----------+----------+----------
Statutory reserve capital | 45| 45| 0
----------------------------------------------+----------+----------+----------
Retained earnings (loss) | 3,907| 4,589| 3,400
----------------------------------------------+----------+----------+----------
Total equity | 4,402| 5,084| 3,850
----------------------------------------------+----------+----------+----------
| | |
----------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 8,505| 9,408| 8,063
*The notes to the financial statements presented on pages 15 to 26 are an
integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand |Q4 2023|Q4 2022|12M 2023|12M 2022
-------------------------------------+-------+-------+--------+--------
Revenue (Note 13) | 1,312| 2,031| 7,704| 11,074
-------------------------------------+-------+-------+--------+--------
Cost of goods sold (Note 14) | 1,313| 1,890| 6,810| 9,024
-------------------------------------+-------+-------+--------+--------
Gross profit | (1)| 141| 894| 2,050
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Distribution costs (Note 15) | 137| 193| 673| 1,112
-------------------------------------+-------+-------+--------+--------
Administrative expenses (Note 16) | 141| 109| 514| 424
-------------------------------------+-------+-------+--------+--------
Other operating income (Note 18) | 404| 697| 404| 730
-------------------------------------+-------+-------+--------+--------
Other operating expenses (Note 18) | 3| 0| 427| 9
-------------------------------------+-------+-------+--------+--------
Operating profit (loss) | 122| 536| (316)| 1,235
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Finance income (Note 19) | 0| 24| 0| 129
-------------------------------------+-------+-------+--------+--------
Finance costs (Note 19) | 237| 174| 366| 130
-------------------------------------+-------+-------+--------+--------
PROFIT (LOSS) BEFORE INCOME TAX | (115)| 386| (682)| 1,234
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD | (115)| 386| (682)| 1,234
-------------------------------------+-------+-------+--------+--------
| | | |
-------------------------------------+-------+-------+--------+--------
Basic earnings per share (Note 12) | (0.03)| 0.09| (0.15)| 0.27
-------------------------------------+-------+-------+--------+--------
Diluted earnings per share (Note 12)| (0.03)| 0.09| (0.15)| 0.27
*The notes to the financial statements presented on pages 15 to 26 are an
integral part of these consolidated financial statements.
Enel Äkke
Member of Management Board
+372 55525550
group@nordicfibreboard.com