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
7826
Attachments
Submission date and time
28.02.2020 18:31:37
Content of announcement in Estonian
Title
Nordic Fibreboard AS 2019 IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
JUHTKONNA ARUANNE?
Nordic Fibreboard AS konsolideeritud müügitulu oli 2019. aasta 4. kvartalis
jätkuvatelt tegevustelt 3,23 miljonit eurot, mis on 14% tõusu 2018. aasta sama
perioodiga võrreldes (2019. aasta 4. kvartalis 2,83 miljonit eurot).
Puitkiudplaadi müügitulu oli 2,78 miljonit eurot, mis oli 16% kasvu võrreldes
eelmise aasta sama perioodiga. Müügikasv tulenes uute klientide lisandumisest
märkmetahvlite ja uksesisude segmentides. Mööbli jaemüügi müügitulu vähenes
seoses salongide sulgemisega Tartus (novembris 2019), Vilniuses ja Riias.
Allesjäänud kauplused Tallinas ja Pärnus suleti 31.01.2020.
Nordic Fibreboard konsolideeritud EBITDA oli 2019. aasta 4. kvartalis
jätkuvatelt tegevustelt positiivne 141 tuhat eurot (2018. aasta 4. kvartalis
jätkuvatelt tegevustelt positiivne 190 tuhat eurot). 2019. aasta 4. kvartali
EBITDA tulemus sisaldab ühekordset tulu 324 tuhat eurot kinnisvarainvesteeringu
ümberhindlusest Pärnu Riverside Development OÜ-s.
Kiudplaadi tootmise ja müügi EBITDA 2019. aasta 4. kvartalis oli negatiivne 119
tuhat eurot (2018. aasta neljandas kvartalis negatiivne 69 tuhat eurot).
Kiudplaadi kasumlikkust mõjutasid negatiivselt ühe kuivati lekked, mis põhjustas
neljandas kvartalis oluliselt suuremat energiakulu. Kuivati remonditööd toimuvad
2020. aasta esimeses kvartalis ning peale seda peaks energiatarbimine
normaliseeruma. Mööbli hulgimüügi 2019. aasta 4. kvartali EBITDA oli negatiivne
66 tuhat eurot (2019 4. kvartalis negatiivne 24 tuhat eurot). Kahjumi
suurenemise põhjuseks oli müügi vähenemine ning vähenenud müügimarginaal, mis
tulenes kaupluste sulgemisega seotud allahindluskampaaniatest Pärnu ja Tallinna
salongides. Pärnu Riverside Development OÜ 2019. aasta 4. kvartali EBITDA oli
322 tuhat eurot, mis sisaldas ühekordset tulu kinniavarainvesteeringu
ümberhindusest.
Nordic Fibreboard AS 2019. aasta 4. kvartali konsolideeritud kahjum jätkuvatelt
tegevustelt oli 75 tuhat eurot (2018. aasta 4. kvartalis kasum 11 tuhat eurot
jätkuvatelt tegevustelt.
Nordic Fibreboard AS konsolideeritud müügitulu oli 2019. aastal kokku 13,33
miljonit eurot, mis on 6% tõusu 2018. aasta sama perioodiga võrreldes (2018:
12,53 miljonit eurot). Puitkiudplaadi müügitulu 2019 aastal oli 11,75 miljonit
eurot, mis on võrreldes eelmise aastaga tõusnud 7% ning mis tulenes uute
klientide lisandumisest märkmetahvlite ning uksesisude segmendis. Mööbli
jaemüügi müügitulu 2019. aastal oli 1,52 miljonit eurot, mis oli 1% suurem kui
eelmisel aastal. Kinnisvara haldusest saadud müügitulu oli 111 tuhat eurot,
kinnisvarahaldusega tegelev ettevõtte loodi 2019 aastal, seoses sellega 2018.
aasta kohta võrdlusandmed puuduvad.
Nordic Fibreboard AS konsolideeritud kahjum jätkuvatelt tegevustelt 2019. aastal
oli 1,13 miljonit eurot (2018. aastal jätkuvatelt tegevustelt 360 tuhat eurot),
suurimaks kahjumi põhjuseks on Skano Furniture Factory OÜ müügist tulenevalt
tehtud mahakandmised 540 tuhat eurot.
Müügitulu ärisegmentide lõikes
tuh EUR | tuh EUR |
-------------+------------+----------+----------+
IV kv 2019 | IV kv 2018 12k 2019 | 12k 2018
-------------------------------------------+-----------------------+-----------
Jätkuvad tegevused | |
-------------------------------------------+------------+----------+----------+
Kiudplaadi tootmine ja müük 2 775 | 2 404 | 11 745 | 11 007 |
-------------------------------------------+------------+----------+----------+
Mööbli jaemüük 390 | 441 | 1 515 | 1 536 |
-------------------------------------------+------------+----------+----------+
Kinnisvara haldamine 63 | 0 | 111 | 0 |
-------------------------------------------+------------+----------+----------+
Elimineerimine (1) | (10) | (38) | (15) |
-------------------------------------------+------------+----------+----------+
Kokku 3 226 | 2 835 | 13 333 | 12 528 |
| | | |
-------------------------------------------+------------+----------+----------+
Lõpetatud tegevus 0 | 594 | 1 215 | 2 270 |
-------------------------------------------+------------+----------+----------+
-------------------------------------------+-----------------------+-----------
KOKKU 3 226 | 3 429 14 548 | 14 797
-------------------------------------------+-----------------------+-----------
Kasum ärisegmentide lõikes
tuh EUR IV kv 2019|IV kv 2018 12k 2019|12k 2018
--------------------------------------------+-------------------+--------
Jätkuvad tegevused | |
--------------------------------------------+-------------------+--------
EBITDA ärisegmentide lõikes | |
--------------------------------------------+-------------------+--------
Kiudplaadi tootmine ja müük (119)| (69) 51| 280
--------------------------------------------+-------------------+--------
Mööbli jaemüük (66)| (24) (200)| (104)
--------------------------------------------+-------------------+--------
Kinnisvara haldamine 322| 0 352| 0
--------------------------------------------+-------------------+--------
Elimineerimine 5| 283 104| 253
--------------------------------------------+-------------------+--------
KOKKU EBITDA 141| 190 308| 428
--------------------------------------------+-------------------+--------
Põhivara kulum ja amortisatsioon 177| 135 652| 558
--------------------------------------------+-------------------+--------
KOKKU ÄRIKASUM/-KAHJUM (35)| 55 (344)| (130)
--------------------------------------------+-------------------+--------
Neto finantskulud 39| 42 783| 228
--------------------------------------------+-------------------+--------
Tulumaksukulu 0| 2 0| 2
--------------------------------------------+-------------------+--------
PUHASKASUM/-KAHJUM (75)| 11 (1 127)| (360)
| |
--------------------------------------------+----------+--------+--------
Lõpetatud tegevus 0| (397)| (271)| (532)
--------------------------------------------+----------+--------+--------
--------------------------------------------+-------------------+--------
KOKKU (75)| (386) (1 398)| (891)
--------------------------------------------+-------------------+--------
* Lõpetatud tegevus, tütarettevõte müüdi 05.09.2019
** Neto finatskulud sisaldavad erakorralist kulu, kahjum Skano Furniture Factory
OÜ müügist 540 tuhat eurot
NORDIC FIBREBOARD LTD
Puitkiudplaadi müügitulu tõusis 2019. aasta 4. kvartalis 16% võrreldes 2018.
aasta sama perioodiga, (2019. aasta 4. kvartal 2,78 miljonit eurot versus 2018.
aasta 4. kvartal 2,40 miljonit eurot). Müügitulu kasv tulenes oluliselt Aasia ja
Aafrika arenevatelt turgudelt ning Euroopa Liidu klientidelt seoses uue toote
turuosa kindlustamisega. Meie suurima turu, Soome, müük oli jätkuvalt
langustrendis, hoolimata sellest, et Nordic Fibreboard hoiab oma turuosa pehme
tihedusega puitkiudplaatide segmendis, mis näitab, et ehitussektoris
kasutatavate alternatiivsete materjalide kasutus, peamiselt kortermajade
uusehitistes, on kasvanud. Puitkiudplaadi EBITDA 2019. aasta 4. kvartalis oli
negatiivne 119 tuhat eurot (2018. aasta 4. kvartal: negatiivne 69 tuhat eurot),
mille üheks suuremaks põhjuseks oli ühe tehase kuivati lekkest tingitud
tavapärasest oluliselt suurem energiakulu.
Puitkiudplaadi müügitulu 2019. aastal kokku oli 11,75 miljonit eurot, mis oli
7% tõusu võrreldes eelmise aastaga (2018. aastal 11,01 miljonit eurot). See on
tingitud peamiselt uute klientide lisandumises Euroopa Liidu piirkonnas
märkmetahvlite ja uksetööstuse täitematerjalide segmentides. Venemaa turuosas
oli 2019. aasta jooksul märgata tagasihoidlikku tõusu, mis peegeldab ettevõtjate
usalduse ja ettevõtlusaktiivsuse kasvu turul. Lähis-Ida turgudel valitseb
endiselt nõrk majanduskeskkond, kuid Aasia turul oleme leidnud uusi kliente ning
Aafrika turu tõus toimus suurelt osalt sealse konkurendi turult kadumisest.
Puitkiudplaadi EBITDA oli 2019. aastal 51 tuhat eurot (2018. aastal 280 tuhat
eurot), kasumlikkuse vähenemine 2019. aastal võrreldes 2018. aastaga tulenes
ühelt osalt uutele klientidele uute toodete väljaarendamise tegevustest
uksetööstuse täitematerjalide ja märkmetahvlite segmendis ning teiselt osalt ühe
tehase kuivati rikkest põhjustatud oluliselt suuremast energiatarbimisest.
SKANO FURNITURE FACTORY : MÖÖBLI HULGIMÜÜK
2019.aasta 4. kvartalis mööbli hulgimüüki ei olnud, sest mööbli hulgimüügiga
tegelenud tütarettevõte müüdi 05.09.2019 kontsernist välja.
SKANO FURNITURE : MÖÖBLI JAEMÜÜK
Mööbli jaemüügi müügitulu oli 2018. aasta 4. kvartalis 309 tuhat eurot, mis on
13% madalam võrreldes sama perioodiga aastal 2018 (2018. aasta 4. kvartalis 441
tuhat eurot). Peamiselt tulenes müügitulu langus Riia, Vilniuse ja Tartu
salongide sulgemistest. Kaks viimast allesjäänud mööblisalongi suleti
31.01.2020. Nende kaupluste sulgemine tähendab kontserni väljumist mööbli
jaemüügisektorist.
PÄRNU RIVERSIDE DEVELOPMENT: KINNISVARAHALDUS
Pärnu Riverside Development OÜ omab kinnisvara Pärnu linnas asukohaga Suur-Jõe
tänav 48. Kinnisvaraobjektil on mõned üürnikud ning kinnisvarahaldusest saadud
müügitulu oli 2019. aasta 4. kvartalis 62 tuhat eurot, 2019. terve aasta
müügitulu oli 111 tuhat eurot. Neljanda kvartali EBITDA oli 322 tuhat eurot, mis
sisaldas kinnisvarainvesteeringu ümberhindlusest saadud ühekordset tulu 324
tuhat eurot. 2019. aasta terve aasta EBITDA oli 352 tuhat eurot.
BILANSS JA RAHAVOOG
Seisuga 31.12.2019 olid Nordic Fibreboard AS varad kokku 9,1 miljonit eurot
(31.12.2018: 10,3 miljonit eurot). Kontserni kohustised kokku olid seisuga
31.12.2019 7,5 miljonit eurot (31.12.2018: 7,4 miljonit eurot), milledest
kontsernil oli laenukohustisi 4,6 miljonit eurot seisuga 31.12.2019 (31.12.2018:
4,8 miljonit).
Nõuded ja ettemaksed olid kokku 1,4 miljonit eurot seisuga 31.12.2019
(31.12.2018: 1,1 miljonit eurot). Varud seisuga 31.12.2019 0,9 miljonit eurot
(31.12.2018 2,3 miljonit eurot). Kontserni põhivara kokku seisuga
31.12.2019 6,6 miljonit eurot (6,8 miljonit seisuga of 31.12.2018). Bilansimahu
muutus 2019. aastal tulenes ühe tütarettevõtte müügist kontsernist välja.
Alates 1. jaanuar 2019 jõustunud uue arvestuspõhimõtte standardi IFRS 16 mõju
tõttu suurenesid kontserni varad ja kohustised 31.12.2019 seisuga 180 tuhat
eurot. Samuti suurenes kasumiaruandes uue arvestuspõhimõtte mõjul
amortisatsioonikulu 77 tuhat eurot ja intressikulu 4,5 tuhat eurot
rendilepingutelt.
Kontserni äritegevuse tulemuseks 2019. aasta jooksul oli raha sissevool 443
tuhat eurot jätkuvatelt tegevustelt (2018. aasta jooksul jätkuvatelt tegevustelt
507 tuhat eurot). Investeerimistegevustelt tulenevalt toimus 2019. aasta jooksul
jätkuvatelt tegevustelt raha väljavool summas 173 tuhat eurot võrdluseks 2018.
aasta jätkuvatelt tegevustelt raha väljavool 275 tuhat eurot.
Finantseerimisetegevustelt oli raha väljavool jätkuvatelt tegevustelt 2019.
aastal 316 tuhat eurot ( 2018. aastal jätkuvatelt tegevustelt raha väljavool
252 tuhat eurot). Netorahavoo tulemuseks jätkuvatelt tegevustelt oli 2019.
aastal raha väljavool summas 47 - tuhat eurot (2018. aastal jätkuvatelt
tegevustelt samuti raha väljavool 20 tuhat eurot).
TULEVIKU VÄLJAVAADE
NORDIC FIBREBOARD LTD
Puitkiudplaadi müügist planeerime müügi kasvu märkmetahvlite ja uksetööstuse
täitematerjalide segmentides uute klientide ja turgude arvelt. Jätkatakse oma
toodete uute kasutuselevõtu võimaluste otsimisega rõhudes meie toodete
keskkonnasõbralikkusele. Hiljutine lahkumine mööblitegevusest annab juhtkonnale
rohkem aega keskenduda puitkiudplaadi segmedi kasumlikkuse suurendamisele.
PÄRNU RIVERSIDE DEVELOPMENT
Jätkatakse Pärnus Suur-Jõe tn 48 oleva kinnisvara haldamist ja arendamist.
TÖÖTAJAD
Seisuga 31.12.2019 töötas Kontsernis 126 inimest (võrreldes 216 inimesega
seisuga 31.12.2018). Töötajate keskmine arv oli 2019 4. kvartalis 125 (4.
kvartalis 2018: 212).
2019. aasta kaheteistkümne kuu jooksul moodustasid tööjõukulud koos
maksukuludega kokku 2,5 miljonit eurot jätkuvatelt tegevustelt (kaksteist kuud
2018 2,3 miljonit eurot jätkuvatelt tegevustelt). Kõigi kontserni ettevõtete
s.h. tütarettevõtted juhatuse liikmetele arvestatud tasud koos maksukuludega
olid kokku 173 tuhat eurot 2019 aasta kaheteist kümne kuu jooksul ning 187 tuhat
eurot kaheteistkümne kuu jooksul 2018 aastal.
FINANTSSUHTARVUD
tuh EUR
| | |
Kasumiaruanne |IV kv 2019|IV kv 2018 12k 2019| 12k 2018
-----------------------------------+----------+----------+----------+----------
Müügitulu | 3 226| 2 835| 13 333| 12 528
-----------------------------------+----------+----------+----------+----------
EBITDA | 141| 190| 308| 428
-----------------------------------+----------+----------+----------+----------
EBITDA rentaablus | 4%| 7%| 2%| 3%
-----------------------------------+----------+----------+----------+----------
Ärikasum/-kahjum | (35)| 47| (344)| (130)
-----------------------------------+----------+----------+----------+----------
Ärirentaablus | (1%)| 2%| (3%)| (1%)
-----------------------------------+----------+----------+----------+----------
Puhaskasum/-kahjum | (75)| 11| (1 127)| (360)
-----------------------------------+----------+----------+----------+----------
Puhasrentaablus | (2%)| 0%| (8%)| (3%)
| | | |
----------------------------------------------+----------+----------+----------
Lõpetatud tegevus 0| (397)| (271)| (532)
----------------------------------------------+----------+----------+----------
----------------------------------------------+---------------------+----------
KASUM/KAHJUM KOKKU (75)| (386) (1 398)| (891)
----------------------------------------------+---------------------+----------
| | | |
Bilanss |31.12.2019|31.12.2018|31.12.2019|31.12.2018
-----------------------------------+----------+----------+----------+----------
Koguvarad | 9 045| 10 307| 9 045| 10 307
-----------------------------------+----------+----------+----------+----------
Koguvarade puhasrentaablus | (1%)| 0%| (12%)| (3%)
-----------------------------------+----------+----------+----------+----------
Omakapital | 1 542| 2 901| 1 542| 2 901
-----------------------------------+----------+----------+----------+----------
Omakapitali puhasrentaablus | (5%)| 0%| (73%)| (12%)
-----------------------------------+----------+----------+----------+----------
Võlakordaja | 83%| 72%| 83%| 72%
| | | |
| | | |
Aktsia |31.12.2019|31.12.2018|31.12.2019|31.12.2018
-----------------------------------+----------+----------+----------+----------
Aktsia viimane hind (EUR)* | 0,41| 0,36| 0,41| 0,36
-----------------------------------+----------+----------+----------+----------
Puhaskasum aktsia kohta (EUR) | (0,02)| (0,09)| (0,31)| (0,20)
-----------------------------------+----------+----------+----------+----------
Hind-tulu (PE) suhtarv | (24,74)| (4,18)| (1,32)| (1,81)
-----------------------------------+----------+----------+----------+----------
Aktsia raamatupidamisväärtus (EUR)| 0,34| 0,64| 0,34| 0,64
-----------------------------------+----------+----------+----------+----------
Turuhinna ja| | | |
raamatupidamisväärtuse suhe | 1,20| 0,56| 1,20| 0,56
-----------------------------------+----------+----------+----------+----------
Turukapitalisatsioon tuh EUR | 1 845| 1 611| 1 845| 1 611
-----------------------------------+----------+----------+----------+----------
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 = puhaskasum(-kahjum) / aktsiate arv
Hinna-tulu (PE) suhtarv = aktsia viimane hind / 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 |31.12.2019|31.12.2018|31.12.2017
--------------------------------------------+----------+----------+----------
Raha ja raha ekvivalendid (Lisa 2) | 7| 54| 74
--------------------------------------------+----------+----------+----------
Nõuded ja ettemaksed (Lisa 3) | 1 394| 1 142| 1 214
--------------------------------------------+----------+----------+----------
Varud (Lisa 4) | 894| 2 255| 2 336
--------------------------------------------+----------+----------+----------
Kokku käibevarad | 2 296| 3 452| 3 624
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kinnisvarainvesteeringud (Lisa 5) | 1 121| 175| 170
--------------------------------------------+----------+----------+----------
Müügiootel finantsvarad (Lisa 8) | 397| 422| 182
--------------------------------------------+----------+----------+----------
Muud aktsiad ja osad | 0| 0| 6
--------------------------------------------+----------+----------+----------
Materiaalne põhivara (Lisa 6) | 5 212| 6 223| 6 908
--------------------------------------------+----------+----------+----------
Immateriaalne põhivara (Lisa 7) | 19| 34| 47
--------------------------------------------+----------+----------+----------
Kokku põhivarad | 6 749| 6 855| 7 313
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku varad | 9 045| 10 307| 10 937
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Võlakohustised (Lisas 9) | 4 547| 652| 593
--------------------------------------------+----------+----------+----------
Võlad ja ettemaksed (Lisas 10) | 2 665| 2 418| 1 956
--------------------------------------------+----------+----------+----------
Lühiajalised eraldised (Lisa 11) | 20| 15| 13
--------------------------------------------+----------+----------+----------
Kokku lühiajalised kohustised | 7 232| 3 085| 2 562
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Pikaajalised võlakohustised (Lisas 9) | 92| 4 112| 4 422
--------------------------------------------+----------+----------+----------
Pikaajalised eraldised (Lisa 11) | 179| 210| 200
--------------------------------------------+----------+----------+----------
Kokku pikaajalised kohustised | 271| 4 321| 4 622
--------------------------------------------+----------+----------+----------
Kokku kohustised | 7 503| 7 406| 7 184
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Aktsiakapital (nominaalväärtuses) (Lisa 12)| 2 699| 2 699| 2 699
--------------------------------------------+----------+----------+----------
Ülekurss | 364| 364| 364
--------------------------------------------+----------+----------+----------
Kohustuslik reservkapital | 288| 288| 288
--------------------------------------------+----------+----------+----------
Muud reservid | 84| 45| 8
--------------------------------------------+----------+----------+----------
Realiseerimata kursivahed | 0| 0| 0
--------------------------------------------+----------+----------+----------
Jaotamata kasum (kahjum) | (1 894)| (496)| 393
--------------------------------------------+----------+----------+----------
Kokku omakapital | 1 542| 2 901| 3 753
--------------------------------------------+----------+----------+----------
| | |
--------------------------------------------+----------+----------+----------
Kokku kohustised ja omakapital | 9 045| 10 307| 10 937
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 16 kuni 32.
KONSOLIDEERITUD KASUMI-JA MUU KOONDKASUMIARUANNE
tuh EUR |IV kv 2019|IV kv 2018 12k 2019|12k 2018
---------------------------------------+----------+-------------------+---------
| | |
| | | |
Müügitulu (Lisa 14) | 3 226| 2 835| 13 333| 12 528
---------------------------------------+----------+----------+--------+---------
Müüdud toodangu kulu (Lisa 15) | 2 928| 2 452| 11 538| 10 480
---------------------------------------+----------+----------+--------+---------
Brutokasum | 298| 383| 1 795| 2 047
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
Turustuskulud (Lisa 16) | 381| 479| 1 698| 1 898
---------------------------------------+----------+----------+--------+---------
Üldhalduskulud (Lisa 17) | 248| 150| 658| 498
---------------------------------------+----------+----------+--------+---------
Muud äritulud (Lisa 19) | 327| 1| 351| 14
---------------------------------------+----------+----------+--------+---------
Muud ärikulud (Lisa 19) | 31| (292)| 133| (205)
---------------------------------------+----------+----------+--------+---------
Ärikasum (-kahjum) (Lisa 11) | (35)| 47| (344)| (130)
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
Finantstulud (Lisa 20) | 19| 22| 19| 14
---------------------------------------+----------+----------+--------+---------
Finantskulud (Lisa 20) | 59| 56| 803| 243
---------------------------------------+----------+----------+--------+---------
KASUM ENNE TULUMAKSUSTAMIST | (75)| 13| (1 127)| (358)
---------------------------------------+----------+----------+--------+---------
Ettevõtte tulumaks | 0| 2| 0| 2
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
ARUANDEPERIOODI PUHASKASUM/KAHJUM | (75)| 11| (1 127)| (360)
---------------------------------------+----------+----------+--------+---------
| | | |
---------------------------------------+----------+----------+--------+---------
ARUANDEPERIOODI KASUM/KAHJUM LÕPETATUD| | | |
TEGEVUSTELT | 0| (397)| (271)| (532)
---------------------------------------+----------+----------+--------+--------+
ARUANDEPERIOODI PUHASKASUM/KAHJUM | | | | |
KOKKU | (75)| (386)| (1 398)| (891)|
---------------------------------------+----------+----------+--------+--------+
| | | |
---------------------------------------+----------+----------+--------+---------
Tava perioodi puhaskahjum aktsia kohta| | | |
(Lisa 13) | (0,02)| (0,09)| (0,31)| (0,20)
---------------------------------------+----------+----------+--------+---------
Lahustatud perioodi puhaskahjum aktsia| | | |
kohta (Lisa 13) | (0,02)| (0,09)| (0,31)| (0,20)
+----------+----------+--------+---------
* Konsolideeritud raamatupidamise vahearuande lahutamatuteks osadeks on
aastaaruande lisad lk 16 kuni 32.
TORFINN LOSVIK
Juhatuse esimees
+372 569 90 988
[email protected]
Content of announcement in English
Title
NORDIC FIBREBOARD AS unaudited consolidated interim report for the fourth quarter and twelve months of 2019
Message
MANAGEMENT REPORT
Consolidated net sales for Q4 2019 were EUR 3.23 million, up 14% when comparing
sales of continued operations for the same period last year (Q4 2018: EUR 2.83
million). Fibreboard sales of EUR 2.78 million were up 16% due to new customers in
the display board and door core segments. Furniture retail sales declined as a
result of closure of its shops in Tartu (shop closed in November 2019), Vilnius,
and Riga. The remaining retail shops in Tallinn and Pärnu will close on
31.01.2020.
The Group recorded EBITDA of EUR 141 thousand for Q4 2019 for its continuing
operations (vs Q4 2018: EBITDA of EUR 190 thousand from continued operations). The
Q4 EBITDA result for 2019 includes one-off operating income of EUR 324 thousand
from revaluation of its property subsidiary Pärnu Riverside Development.
Fibreboard activities in Q4 2019 resulted in EBITDA being negative EUR 119
thousand (Q4 2018: negative EUR 69 thousand). Fibreboard profitability was
negatively impacted due to leakages in one of its driers, which resulted in
substantial higher consumption of energy during Q4. The replacement of elements
in the drier is taking place in Q1 2020, which should result in energy
consumption going back to normal levels. Furniture Retail EBITDA for Q4 2019 was
negative EUR 66 thousand (Q4 2018: negative EUR 24 thousand). The reason for this
loss was caused by declining sales and reduced sales margin from the closure of
the Tartu shop and initiating closure sales from the remaining two shops, in
Tallinn and Pärnu. Pärnu Riverside Development recorded Q4 2019 EBITDA of EUR 322
thousand, which included a one-off operating income of EUR 324 thousand resulting
from the revaluation of the property
After depreciation and net financial costs, the Group's net result for Q4 2019
from continuing operation was thus a loss of EUR 75 thousand (Q4 2018: net profit
EUR 11 thousand from continuing operation).
Consolidated net sales for 12 months 2019 from continuing operations were EUR
13.33 million, being a 6% increase compared to the same period in 2018 from
continuing operations (2018: EUR 12.53 million). Fibreboard activities showed
sales of EUR 11.75 million in 2019, this being 7% sales increase from previous
year, due to securing new customers in display board and door core segments.
Furniture Retail sales in 2019 from its continuing shops in Tallinn and Pärnu of
EUR 1.52 million were 1% lower than previous year. Sales from our new property
subsidiary was EUR 111 thousand in 2019 (2018: no activities).
Group net loss for 12 months 2019 of EUR 1.13 million from continuing operations
(2018: loss of EUR 360 thousand from continuing operations) were substantially
influenced by the net loss of EUR 540 thousand recorded from the disposal of Skano
Furniture Factory.
DIVISIONAL REVIEW
REVENUE BY BUSINESS SEGMENTS
EUR thousand EUR thousand
| |
Q4 2019 | Q4 2018 12M 2019 | 12M 2018
-----------------------------------+---------+---------+----------+-----------
Continued operations | | | |
-----------------------------------+---------+---------+----------+----------+
Fibreboards production and sales 2,775 | 2,404 | 11,745 | 11,007 |
---------------------------------------------+---------+----------+----------+
Furniture retail 390 | 441 | 1,515 | 1,536 |
---------------------------------------------+---------+----------+----------+
Real Estate Management 63 | 0 | 111 | 0 |
---------------------------------------------+---------+----------+----------+
Group transactions (1) | (10) | (38) | (15) |
---------------------------------------------+---------+----------+----------+
TOTAL from continued operations 3,226 | 2,835 | 13,333 | 12,528 |
| | | |
-----------------------------------+---------+---------+----------+----------+
Discontinued operations | 0 | 594 | 1,215 | 2,270 |
-----------------------------------+---------+---------+----------+----------+
---------------------------------------------+--------------------+-----------
TOTAL 3,226 | 3,429 14,548 | 14,797
---------------------------------------------+--------------------+-----------
Profit by business segments
----------+ -----------+
EUR thousand Q4 2019 | Q4 2018 12M 2019 | 12M 2018
-----------------------------------+---------+--------------------+----------
Continued operations | | |
-----------------------------------+---------+--------------------+----------
EBITDA by business units: | |
---------------------------------------------+--------------------+----------
Fibreboards production and sales (119) | (69) 51 | 280
---------------------------------------------+--------------------+----------
Furniture retail (66) | (24) (200) | (104)
---------------------------------------------+--------------------+----------
Real Estate Management 322 | 0 352 | 0
---------------------------------------------+--------------------+----------
Group transactions 5 | 283 104 | 253
---------------------------------------------+--------------------+----------
TOTAL EBITDA 141 | 190 308 | 428
---------------------------------------------+--------------------+----------
Depreciation 177 | 135 652 | 558
---------------------------------------------+--------------------+----------
TOTAL OPERATING PROFIT/ LOSS (35) | 55 (344) | (130)
---------------------------------------------+--------------------+----------
Net financial costs 39 | 42 783* | 228
---------------------------------------------+--------------------+----------
Income tax 0 | 2 | 2
---------------------------------------------+--------------------+----------
NET PROFIT/ LOSS (75) | 11 (1,127) | (360)
| |
---------------------------------------------+---------+----------+----------
Discontinued operations 0 | (397) | (271) | (532)
---------------------------------------------+---------+----------+----------
---------------------------------------------+--------------------+----------
TOTAL (75) | (386) (1,398) | (891)
---------------------------------------------+--------------------+----------
* Discontinued operations, the subsidiary has been sold on 05.09.2019 which we
incurred a loss of EUR 540 thousand on sale of Skano Furniture Factory.
NORDIC FIBREBOARD LTD: FIBREBOARD SALES
Fibreboard sales in Q4 2019 were EUR 2.78 million, up 16% from Q4 2018. 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 houses. The increase in energy cost in the last quarter
caused by leakages in one of our driers had a negative impact on our
profitability, resulting in EBITDA for Q4 2019 being negative EUR 119 thousand (Q4
2018 EBITDA was negative EUR 69 thousand).
Fibreboard sales for 12 months 2019 were EUR 11.75 million, which is 7% increase
from year 2018 sales of EUR 11.01 million. 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 51 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.
SKANO FURNITURE FACTORY: FURNITURE PRODUCTION AND WHOLESALE
Furniture wholesale had no sales in Q4 2019, because the Furniture company was
sold on 05.09.2019.
SKANO FURNITURE: RETAIL SALES
Furniture retail sales in Q4 2019 were EUR 390 thousand, down 13% (2018 Q4 EUR 441
thousand) from same period last year. The sales decline was mainly due to
closure of Latvia, Lithuania and Tartu shops. The last two stores in Estonia
were closed on 31.01.2020. These shops closures marks the end of the furniture
retail business.
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 which resulted in rental income, ie sales,
of EUR 62 thousand in Q4 2019 (12 months 2019 sales were EUR 111 thousand). Q4
EBITDA was EUR 322 thousand, and included a one-off income of EUR 324 thousand due
to the revaluation of the property. EBITDA for 12 months 2019 was EUR 352
thousand.
BALANCE SHEET AND CASH-FLOW
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 the company 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
(31.12.2019: EUR 2.3 million). Fixed assets were EUR 6.6 million as of 31.12.2019 (EUR
6.8 million as of 31.12.2018). The decrease in balance sheet volume in 2019 is
due to the sale of subsidiary.
As a result of the adoption of IFRS 16 as of 1 January 2019, the assets and
liabilities amount has increased as date 31.12.2019 EUR 180 thousand. In addition
in the consolidated statement of comprehensive income in 2019 fixed asset
depreciation increased by EUR 77 thousand.
During 2019 twelve months, the Group's cash flows from operating activities
totalled cash inflow of EUR 443 thousand (2018 twelve months: cash outflow EUR 507
thousand). Investment activities resulted in cash outflows in amount of EUR 173
thousand during 2019 twelve months, compared to outflows in amount EUR 275
thousand during twelve months 2018. Financing activities also resulted in cash
outflows of EUR 316 thousand during twelve months 2019 (2018 twelve months: cash
outflow EUR 252 thousand). Net cash effect during 2019 twelve months cash outflows
of EUR 47 thousand, which compares to 2018 twelve months cash outflows of EUR 20
thousand.
OUTLOOK
NORDIC FIBREBOARD LTD
Fibreboard sales is continuing its growth due to our expansion into door core
and display board segments, which have secured more sales as a result of new
customers and new markets. We are continuing our search for additional
applications for our products, where our products environmentally beneficial
properties could be applied. The recent exit from our furniture activities will
provide management with more time and focus on the development of the growth and
profitability of the fibreboard business.
REAL ESTATE MANAGEMENT
We will continue to manage and develop the property on Suur-Jõe Street 48,
Pärnu.
PEOPLE
On the 31st of December 2019, the Group employed 126 people (compared to 216
people as of 31.12.2018). The average number of personnel in Q4 2019 was 125 (Q4
2018: 212).
For twelve months of 2019, wages and salaries with taxes amounted to EUR 2.5
million from continuing operations (twelve months 2018: EUR 2.3 million from
continuing operations). Payments made to management board members of all group
companies including all subsidiaries with relevant taxes were EUR 173 thousand in
twelve months 2019 and EUR 187 thousand in twelve months 2018.
FINANCIAL HIGHLIGHTS
EUR thousand
| | |
Income statement | Q4 2019| Q4 2018 12M 2019| 12M 2018
----------------------------------+----------+----------+----------+-----------
Revenue | 3,226| 2,835| 13,333| 12,528
----------------------------------+----------+----------+----------+-----------
EBITDA | 141| 190| 308| 428
----------------------------------+----------+----------+----------+-----------
EBITDA margin | 4%| 7%| 2%| 3%
----------------------------------+----------+----------+----------+-----------
Operating profit | (35)| 47| (344)| (130)
----------------------------------+----------+----------+----------+-----------
Operating margin | (1%)| 2%| (3%)| (1%)
----------------------------------+----------+----------+----------+-----------
Net profit | (75)| 11| (1,127)| (360)
----------------------------------+----------+----------+----------+-----------
Net margin | (2%)| 0%| (8%)| (3%)
| | | |
---------------------------------------------+----------+----------+-----------
Discontinued operations 0| (397)| (271)| (532)
---------------------------------------------+----------+----------+-----------
---------------------------------------------+---------------------+-----------
TOTAL NET PROFIT (75)| (386) (1,398)| (891)
---------------------------------------------+---------------------+-----------
| | | |
Statement of financial position |31.12.2019|31.12.2018|31.12.2019|31.12.2018
----------------------------------+----------+----------+----------+-----------
Total assets | 9,045| 10,307| 9,045| 10,307
----------------------------------+----------+----------+----------+-----------
Return on assets | (1%)| 0%| (12%)| (3%)
----------------------------------+----------+----------+----------+-----------
Equity | 1,542| 2,901| 1,542| 2,901
----------------------------------+----------+----------+----------+-----------
Return on equity | (5%)| 0%| (73%)| (12%)
----------------------------------+----------+----------+----------+-----------
Debt-to-equity ratio | 83%| 72%| 83%| 72%
| | | |
| | | |
Share |31.12.2019|31.12.2018|31.12.2019|31.12.2018
----------------------------------+----------+----------+----------+-----------
Last Price* | 0.41| 0.36| 0.41| 0.36
----------------------------------+----------+----------+----------+----------+
Earnings per share | (0.02)| (0.09)| (0.31)| (0.20)|
----------------------------------+----------+----------+----------+----------+
Price-earnings ratio | (24.74)| (4.18)| (1.32)| (1.81)
----------------------------------+----------+----------+----------+-----------
Book value of a share | 0.34| 0.64| 0.34| 0.64
----------------------------------+----------+----------+----------+-----------
Market to book ratio | 1.20| 0.56| 1.20| 0.56
----------------------------------+----------+----------+----------+-----------
Market capitalization, EUR thousand| 1,845| 1,611| 1,845| 1,611
----------------------------------+----------+----------+----------+-----------
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-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 shares
*http://www.nasdaqbaltic.com/
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR thousand |31.12.2019|31.12.2018|31.12.2017
---------------------------------------------+----------+----------+----------
Cash and cash equivalents (Note 2) | 7| 54| 74
---------------------------------------------+----------+----------+----------
Receivables and prepayments (Note 3) | 1,394| 1,142| 1,214
---------------------------------------------+----------+----------+----------
Inventories (Note 4) | 894| 2,255| 2,336
---------------------------------------------+----------+----------+----------
Total current assets | 2,296| 3,452| 3,624
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Investment property (Note 5) | 1,121| 175| 170
---------------------------------------------+----------+----------+----------
Available-for-sale financial assets (Note 8)| 397| 422| 182
---------------------------------------------+----------+----------+----------
Other shares and issues | 0| 0| 6
---------------------------------------------+----------+----------+----------
Property, plant and equipment (Note 6) | 5,212| 6,223| 6,908
---------------------------------------------+----------+----------+----------
Intangible assets (Note 7) | 19| 34| 47
---------------------------------------------+----------+----------+----------
Total non-current assets | 6,749| 6,855| 7,313
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL ASSETS | 9,045| 10,307| 10,937
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Borrowings (Notes 9) | 4,547| 652| 593
---------------------------------------------+----------+----------+----------
Payables and prepayments (Notes 10) | 2,665| 2,418| 1,956
---------------------------------------------+----------+----------+----------
Short-term provisions (Note 11) | 20| 15| 13
---------------------------------------------+----------+----------+----------
Total current liabilities | 7,232| 3,085| 2,562
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Long-term borrowings (Notes 9) | 92| 4,112| 4,422
---------------------------------------------+----------+----------+----------
Long-term provisions (Note 11) | 179| 210| 200
---------------------------------------------+----------+----------+----------
Total non-current liabilities | 271| 4,321| 4,622
---------------------------------------------+----------+----------+----------
Total liabilities | 7,503| 7,406| 7,184
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
Share capital (at nominal value) (Note 12) | 2,699| 2,699| 2,699
---------------------------------------------+----------+----------+----------
Share premium | 364| 364| 364
---------------------------------------------+----------+----------+----------
Statutory reserve capital | 288| 288| 288
---------------------------------------------+----------+----------+----------
Other reserves | 84| 45| 8
---------------------------------------------+----------+----------+----------
Unrealised currency differences | 0| 0| 0
---------------------------------------------+----------+----------+----------
Retained earnings (loss) | (1,894)| (496)| 393
---------------------------------------------+----------+----------+----------
Total equity | 1,542| 2,901| 3,753
---------------------------------------------+----------+----------+----------
| | |
---------------------------------------------+----------+----------+----------
TOTAL LIABILITIES AND EQUITY | 9,045| 10,307| 10,937
*The notes to the financial statements presented on pages 16 to 33 are an
integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR thousand |Q4 2019|Q4 2018 12M 2019|12M 2018
---------------------------------------------+-------+-------+--------+--------
Continued operations | | | |
---------------------------------------------+-------+-------+--------+--------
Revenue (Note 14) | 3,226| 2,835| 13,333| 12,528
---------------------------------------------+-------+-------+--------+--------
Cost of goods sold (Note 15) | 2,928| 2,452| 11,538| 10,480
---------------------------------------------+-------+-------+--------+--------
Gross profit | 298| 383| 1,795| 2,047
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Distribution costs (Note 16) | 381| 479| 1,698| 1,898
---------------------------------------------+-------+-------+--------+--------
Administrative expenses (Note 17) | 248| 150| 658| 498
---------------------------------------------+-------+-------+--------+--------
Other operating income (Note 19) | 327| 1| 351| 14
---------------------------------------------+-------+-------+--------+--------
Other operating expenses (Note 19) | 31| (292)| 133| (205)
---------------------------------------------+-------+-------+--------+--------
Operating profit (loss) (Note 11) | (35)| 47| (344)| (130)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Finance income (Note 20) | 19| 22| 19| 14
---------------------------------------------+-------+-------+--------+--------
Finance costs (Note 20) | 59| 56| 803| 243
---------------------------------------------+-------+-------+--------+--------
LOSS BEFORE INCOME TAX | (75)| 13| (1,127)| (358)
---------------------------------------------+-------+-------+--------+--------
Corporate income tax | 0| 2| 0| 2
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD FROM | | | |
CONTINUING OPERATIONS | (75)| 11| (1,127)| (360)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD FROM | | | |
DISCONTINUING OPERATIONS | 0| (397)| (271)| (532)
---------------------------------------------+-------+-------+--------+--------
NET PROFIT (LOSS) FOR THE PERIOD | (75)| (386)| (1,398)| (891)
---------------------------------------------+-------+-------+--------+--------
| | | |
---------------------------------------------+-------+-------+--------+--------
Basic earnings per share (Note 13) | (0.02)| (0.09)| (0.31)| (0.20)
---------------------------------------------+-------+-------+--------+--------
Diluted earnings per share (Note 13) | (0.02)| (0.09)| (0.31)| (0.20)
+-------+-------+--------+--------
*The notes to the financial statements presented on pages 16 to 33 are an
integral part of these consolidated financial statements.
TORFINN LOSVIK
Chairman of the board
Phone: +372 56 99 0988
[email protected]